>> coming up on "bloomberg best" the stories that shape the weekend business. oil saudi arabia's new minister to impeachment battles and brazil to the bank of england's latest rate decision. >> interesting. leftere are no big deals here. >> earnings season continues. we will look back at who delivers and who disappointed. >> there is a limit to how big you can get through deals at a certain point. >> remains -- >> and we replay the week's best interviews from the world's most influential people.

$3 trillion is not what it was 10 years ago or 20 years ago. >> many of the problems they face are more like the problems of an airline. >> most stupid statement of energy i have ever heard. north k a look at orea's energy economy. straight ahead on "bloomberg best." hello and welcome. youris "bloomberg best," weekly review of the most important business news, analysis and interviews. theday by day look at week's top headlines begin with a shakeup in saudi arabia's cabinet that could have major implications for the global oil market. saudi arabia appointing a new oil minister over the weekend. the chairman of the state oil ho hasy replacing -- w

held the post for two decades. for thethe question market is whether anything has changed in terms of policy coming out of saudi arabia. has it? >> i think if anything it is probably more -- policy. he was the architect of the agreement and 2014 to abandon the support of high oil prices and go for market share. he's probably a very similar to nahimni but the rhetoric will be more various -- very in line with the prince mohammed. been saying that what saudi arabia needs to do is protect market share is not going to freeze or reduce productions unless other big producers agree to do so.

i think we're going to continue to see very high saudi oil producer. what does this tell us about the possibility of a real deal coming out of opec? iti think what it tells us is we're not going to have a deal on opec, the second meeting in vienna. the deputy crown prince has been adamant that he does not care about high oil prices. he wants supply and demand to dictate the price. he wants production to remain high. weeks in vienna, we are not going to have any agreement to restrain production. >> switzerland's second-biggest bank credit suisse reporting to a loss. shares up today. as large isn't estimated in the chief executive says he is confident he'd be able to deliver planned job in cost cuts this year. >> is there anything that

analysts should worry about and what we found out today? >> the worry is it is going to be more of a slog. i think they were projecting confidence in their plan because they had to change the plan back in march. so, i think they wanted to project that this was, they're back on track. it's just going to be more of the cutting story, but a slog is better than a surprise, which is what you got a couple months ago. tiom: who will they end up merging with? is there a list of banks you talk about in london? who is going to put them out of their misery? he even said today they are not going to be merging with deutsche bank. the problem is they are shrinking the investment bank. they are trying to build up and wealth management. and it's tough, they are having enough trouble with their own

getting their own ship in order. to have a merger on top of that would certainly complicate things. more focusedhey're on showing some progress after a couple missteps with their turnaround. >> today could be the last day in office for president dilma rousseff. brazil's senate is scheduled to hold a vote. as the impatient of t -- the im peachment has looked more likely, more investors have poured into brazilian investments. a it is somewhat of counterintuitive point. up 30% this year. investors are betting we have had five months of uncertainty. let's get this behind us. let's move on. >> hour many -- how many more hours do we have to go on until

it vote takes place? >> the process is moving slowly. surprisingly. started at 10:00 a.m. there are 70 senators scheduled to speak. we are right now on senator 20. still a long way to go into we get to the vote. votes.we have the final 55 are in favor of impeaching president rousseff. so, she will not be going back to our office today. there has been a majority of senators saying that they are backing impeachment. that vote has now been placed. they just need a simple majority of 41 senators. we have 55 senators that they voted voted for the rousseff impeachment. this paves the way for president mr. temer. >> she has merely been suspended. this goes to the full trial in the senate, but she -- she is now off the stage.

and it is difficult to see now how she comes back onto the stage. she is now basically off the stage. mark: vice president michel worstis inheriting the economy brazil has seen in decades and has just announced morales asme enrique the new finance minister. can you give us further details of the appointment we have heard? >> he has announced almost the entire cabienet. brazil had 30 ministries. and now it is a little over 20. reilles being the main one. and foreign minister. it is in line with what we have seen in the past week or so. vonnie: what we know about the finance minister? a harvard graduate and a kkr minister?

>> he was the longest-serving central bank president we had. very respected. he has already made some statements that he will try to stabilize the debt, and that is important thing, stabilizing the debt trajectory and make sure everyone knows brazil can pay its debrts. and getting it going -- growing again gradually. rate decision that many people expect to remain unchanged. that decision on change. the bank of england holding at 0.5%. voting 9-0 to keep rates there. mark: interesting, interesting. the bank of england voting 9-nil. thanks england -- america merrill lynch said they could've had a cut -- that didn't happen. the fourth consecutive period. its growth forecasted it lowered its 2016 gdp forecast

to 2.2%. that has been a great surprise. the economy is clearly slurring ahead of the referendum. the bank of england has a tricky judgment call -- the economy is clearly slowing. what the economy would do if they would vote against staying in the e.u. > >> the mpc can't duck it. he tried very well, triple on and delicate knife edge, people criticized him for using words rather than numbers. but the numbers are pretty obvious and he ended up basically admitting that brexit would probably trigger recession. sharing app has received a strategic investment from apple. alibaba is also an investor in bb which operations 400 cities in china. >> this is a huge deal. we have reported earlier that

didi was looking to raise $2 billion. that is what our sources told us. singleaking didi's largest deal investment ever. that comes as a huge surprise for us. this came out of left field. didi "?oes apple want ? >> their sales are slowing. there is worries about the chinese consumer. they have come under a lot of regulatory issues as well. movies were shot down with tightening of search policies. this might be a way for tim cook to get a better idea of the landscape in china. it is very much a strategic investment. apple and didi can work together. also, this could be helping some of the automotive goals of apple. they have been hiring automotive experts and maybe working on a self-taught in car. >> this makes sense on a couple fronts. is allows apple pages

spread throughout china. it does build goodwill with the chinese government. look at all the cash apple as overseas that they cannot bring back to the u.s., including china since they generated $58 billion in revenue last year. let: we will be back to global politics later. a controversial candidate claims a presidential victory in the philippines. t boone pickens shares his opinion of hillary clinton's energy platform. up next, highlights from the week's top company news from dollars to doughnuts. ♪

this is "bloomberg best ." i'm scarlet fu. let's continue our top business story starting with the resignation that rocked the

online financial sector. >> lending club founder and ceo has resigned after an internal review to determine the company's business practices were violated. stock is extending its drop since the company's ipo to 65%. >> there are two things that happen. one of them as he failed to disclose personal investment in the fund. had a 2% interest in a fund that lending club also has invested in. it was his responsibility to show he was part of that as well. that was number one. number two was that he helped create $22 million of loans which he thought -- we found that was to jeffries and a lot of the criteria is of the loans were not met. jeffries eventually sold back those loans to lending club and resold them again. >> one of europe's wealthiest families is branching out from coffee to donuts. the holding company for the ryman family of austria has agreed to buy krispy kreme billion. for $1.4

this holding company wanted krispy kreme right out? >> they must think there is some opportunity to grow sales of coffee. krispy kreme has had trouble over the last couple years increasing their beverage attachment rate. but they do have very high brand awareness for such a small chain. and jab must see some pretty good potential there to be able to grow that coffee size business. >> we are seeing a lot of companies like krispy kreme shifting toward beverages. has krispy kreme been trying to do that, and how successful have they of been? >> it is a higher margin. they have struggle. part of it is the location. dunkin' donuts and starbucks has a convenience model and they want to be in every corner. krispy kreme is more of a destination model. that may be some of the issue with what they have in terms of increasing the beverage attachment rate. >> shares of office depot and

staples feeling a little bit like that picture there. dead gloomy. plunging in premarket trading. the company's called off their planned merger following a ruling by a federal judge. did they not see this coming? >> i think they probably did. >>i think we can say that for two reasons. one was very logo. one was very low growth. obviously, they have failed. the regulators have come out, the judgment has gone against them. the other thing that was key is that the spread on this deal was going intous 50% yesterday. so the market was giving it fairly low chance of getting it done. jonathan: where do these two companies go without? >> they do not go anywhere.

there is not another deal for them to do. this industry is at maximum consolidation. we saw a similar situation in telco. but the regulator made it clear if they tried to do it, they would smash them appear it is the same thing here. they have to continue as they are. experience in some connection issues. his expansion plans in europe. e.u. regulators rejecting or blocking the deal that would have seen ck hutch buy 02. they would merge that would three. it would create the uk's biggest mobile carrier which they say may hinder competition, reduced choice and lead to higher prices. surprisingly expressed his disappointment. looking at options, including a legal challenge. italy asg at wind in

well. it does not bode well. >> a deal similar to what we see in this 02 deal. they want to combine three's i talia assets with wind telecom. the difference is the italian government has said before that it will not oppose this merger. has agreed to buy a 34% stake in mitsubishi motors. $2.2 billion of shares will be sold by the scandal hit company. carlos ghosn says the deal is a win-win. withm confident that good due diligence, we would have a much clearer assessment about the risk. but at the same time we are doing the due diligence, we are also going to deal into the issues, because obviously there are risks but there are also a lot of opportunities. francine: carlos ghosn led

renault's rescue of nissan. >> there has been a lot of confidence shown in ghosn. he has a great track record in combined traditional -- in combining traditional japanese companies which renault was. he was able to turn the company around in a matter of years and bring them to where they are today. so there is a lot of confidence he can work the same kind of deal with mitsubishi motors. francine: what does nissan see in mitsubishi motors that it likes? >> they have a tie up to supply i vehicles that sell in japan. at the same time, litigation motors has great sales and china thailand and -- in indonesia. there is good electric field goal technology mitsubishi motors has pioneered. jonathan: bayer expected to be

expiring a potential bid for monstanto. at one point, monsanto went after syngenta. then they missed out. chem china came in. now with that the prospect of this. how does this happen? >> what is heaven here is what twice,anto, not once but at least. both times it looked like it was getting quite close. they were offering, they were talking price. both times, eventually we do not want to do this deal. quite enough for the last talks broke down. syngenta sold itself to chem china. monsanto, their currency was quite weak. so, they were left out of the mix. quite annoyed about it. they have come out more recently and said we are going to be just fine. it sounds like bayer is taking a look at them and they thought this is the right time to do it. >> one big question is what

monsanto thinks of all that. any indications of how open they might be to a deal? >> certainly how they behave throughout the's agenda process -- syngenta process they see themselves as an acquirer and not a target. unless there is a substantial premium offered, in a consideration their shareholders like, it is unlikely they would rush to sell themselves. >> it was the biggest insider trading case in the u.k. today, a form at deutsche bank broker was sentenced to 4.5 years for the crime -- a former deutsche bank broker. explain for us in very straightforward terms what is happened? >> i can. so, today was the commendation of eight poin -- eight and a half year investigation. they arrested seven men. raids.ries of dawn

they are alleged to have made $10 million together in stocks including skye, scottish and newcastle. today is the culmination of that. mark: what does this mean for the regulator? >> i think it is a significant result for the regulator. this was a wider investigation, and they now have five out of eight, five convictions out of eight individuals at that were charged. they are started prosecuting insider trading in 2009. it is a short time they have managed to grow quite a profile in that they have 30 convictions overall. ♪

scarlet: you are watching "bloomberg best." busy week for

earnings with companies like disney, toyota and elegant reporting. here is a review of the big beats and major misses. disappointing after the bell yesterday. those results fell short of expectations. the company is trading down and the premarket and we are looking for unlikely to open sharply lower today. you have been negative on tuesday. you are not surprised. >> we started the hashtag save the force. thereality is, think one of reasons that disney has rallied in recent weeks has been the incredible string of box office success. i have never seen anything like it in the history of the movie business. >> which is a worse place you want to make money because it is so unpredictable. >> i don't not know if it is en route predictable as much as it is not repeatable. bloomberg should be investing purely on the belief that movie success is sustainable. the reality is 50% of disney comes from its cable network. was premisedng

from the very beginning on the belief that the tide on media is flowing out. there will not be winners as that tide goes out. more people decide to cut the cord or shave the court or never subscribed to the multichannel bottle. everybody, and disney has the largest cost exposure in the industry. francine: toyotas missed fourth-quarter estimates and has forecast is first profit loss in five years. by 35%.ings could fall its annual income will probably decline due to yen strength. is it the only company saying such a thing? >> it is the first big one that is making the eyn argument. -- the yen argument. other exporters are going to be in the same situation. toyota is suffering from a few other things. u.s. demand has stalled and they did have a few disruptions, including the earthquake that

affected their production as well. but it is mostly the yen. francine: do we expect to see other effects of the stronger yen? >> yes. toyota is not the only one in this situation. : allergan is getting its own injection. shares are up on news that the botox maker said it plans to buy back $10 billion -- after the company completed sale of its generic business to -- >> shares of allegan have declined 30% since pfizer walked away from the proposed takeover. why buybacks instead of another merger? >> allegan has been one of the most prolific acquirers out there. they have done deal after deal after deal to get to be one of the pharmaceutical giants. i think they are probably taking a pauase. they had levered up substantially. they are continuing to pay down debt. i think they are also going to

say we need to focus on the company. this has been a ton of growth through m&a that they have done. it is an opportunity for them to take some of the cash and i think they've probably looked around the landscape inside the best thing to buy is our own stock. there is a limit to how big you can get through deals, unles you are taken out by somebody like pfizers. mark: could they be taken up by somebody else? >> the fact they were willing to do the pfizer deal at one point suggest that maybe they would be again. at the same time, they are now also so large the potential acquirer has to be truly massive. pfizer was one of the only companies out there with the appetite inability to do this kind of deal. easyjet reporting a pretax loss of 24 million pounds for six months ending march. losses less than expected. line.ear profit in why are you raising the dividend

when life looks this tough? >> i think we have done a rigorous balance sheet review. we do that on an annual basis. we have enough cash to do this. and we would not be raising our we did noto 50% if believe in the long-term success of this airline and it really does underline the confidence we have in our growth prospects ongoing. so, we can do this. it is the right thing for now. we have returned over one billion pounds to shareholders since 2011. we have done a couple of specials. we have now raised it to 50%. it is the right thing to do. german: let's dig in to insurer allianz. profit did drop to 17%. >> in asset management, outflows, the outflows actually now at market level and pimco i

think is fully on track with -- in the field of active fixed income management. the costs will naturally be better in the following quarters as we have still some special arentive plans which booking in the first half of the year in which we will not -- in the second half of the year. the cost-income ratio will see a natural improvement. confident as iry said already last quarter that pimco will return to positive net inflows in the second half of the year. it is very much in fashion ion the banking industry, we are not announcing any special cost-cutting programs in our businesses in pnc or life business. >> softbank is rising the most in three months. even posting, after posting a

massive drop in earnings. profit diving by almost a third. what can we read into the softbank results? sprint seems to be such a drain on them. >> that's right. sprint remains a thorn in their side. but the recovery seems to be on track. the company has made real progress. and they're really working on cutting down costs. but it is a process that even they have acknowledged themselves will take several years. year, he says he sees the light at the end of the tunnel. when all is said and done, it is not clear whether sprint will be tagh a $22 billion price softbank paid for it in 2013. those shares are worth half that much. scarlet: take a look at jcpenney. >> this is the market reaction

after it said it missed on revenue. lowering its gross margin growth for the year. this was supposed to be a turnaround story. kohl's posting numbers. did not match the estimates. what is going on? >> first of all, there is the weather issue. but it is much more than that. trom called out last night at their full price business was doing fine but once it goes on markdown, there is a price transparency on the internet. so, if you can give the consumer what they want, they are still buying. >> we have seen a number of retailers, target saying they want to move into the online. are they having success in that and trying to hold off amazon a bit? >> i think they are losing share more slowly by doing so. scarlet: up next, interviews with some of the world heaviest hitters in banking, private equity, economic policy and energy. all straight ahead on bloomberg

best. ♪

scarlet: this is "bloomberg best ." it is time to replay the week most interesting bloomberg interviews, several of which took place at the salt conference in las vegas. let's start with austen goolsbee, the former head of the council economic advisers. he shares some opinions about the disconnect between markets and the fed. fed kindn my view, the of establish this fantasyland, but a credible fantasyland in which for 30 quarters in a row yearve been saying, "next conditions are going to be really strong and we are going to raise." the data comes in. well, we are not going to raise

yet. we are going to wait until next quarter when i forecast says it is going to be great. now we're back on that cycle. >> why is this? you advise the new york fed? are they saying, we have been wrong a lot, we should adjust our position? >> that is what they should. the new york fed has been better than most of the regional feds on that front. i think it is because, and the this, iot alone in think it is because most of the forecasting models are fundamentally about reversion to the mean and we predict the future will look like the past looked. they're basically saying in the model, implicitly, when house prices go up, the data from the us people will spend money and the economy will come booming back. and what happened in 2006 is the thing that is abnormal, not now.

>> if you are running a company and you had a model that kept generating the wrong numbers, get a new model. is anybody in the fed operation working on a new model? >> yes, they are. look, it is not to say, the job of forecasting the economy is a able, horrible job. fundamentally there are a lot of things that are not repeating history. know aou probably couple weeks ago talked about the killing fields in the hedge fund industry. >> the hedge fund industry has grown to -- $3 trillion. it is gone from modest size 10 or 15 years ago and it is probably the same size as the private equity industry. people are investing because they want higher rates of return. with low interest rates and low public equity returns, people

think and hedge funds you can get better rates of return. some of these hedge funds have a had problems. people will realize you have smart people, highly motivated, investing their own money alongside investors. it is likely they will do 30 well over a long time. erik: is there too much money chasing opportunities? >> a lot of the money is being invested outside the united states. what it wasis not 10 or 20 years ago. it does seem like a lot but not compare to the size of the total money under management. you have $75 trillion of assets under management so $3 trillion is not that big. to whatu have a preview the other funds are experiencing in the way of redemption is. i you surprised by what you see? the size and scale of redemptions and the losses they have experienced lately? >> the last five quarters you have seen more withdrawals -- in four of those five quarters.

there has been money taken out. but this has happened before. i suspect when returns come back, they will thrive again. i could not say that i'm surprised. it does seem surprising that so many macro people got it wrong. but many of them will probably do pretty well in the future. >> in terms of the types of companies you have invested in lately, we have seen you identified and backing the likes of uber, airbnb, true growth stories, baa is another one. what have you learned and how do you implement that strategy as you look at a broader biotite portfolio? buyout portfolio? >> investing is not about size. it is about inside. what we are looking for today is a change in the economy will we can get extraordinary growth? when interest rates are low, the

discount rates imply that growth is worth a lot. to findbeen trying areas were we can sort through those disruptions in order to create the value suggested by growth. for example, we were lucky enough to sit in san francisco. as the economy has moved from a which was economy about, could you come up with the best search algorithm? to a new era where tech and the old economies are coming together in company's like uber position towe can be the preferred an investor for companies trying to bridge that old and new world. when we showed up at uber, many of the problems they face for more like the problems of an airline. or airbnb, some of the regulatory issues around hotels. so, we could bring something to do these companies as they grew. >> of course, we spend a lot of time thinking about brexit. we have a working group. and we work through the educations. but there will be outcomes -- we

work through the implications. and prepare and prepare for it. but look, i think that there's still growth in the world economy. i think europe is better than it was. i think the u.s. up and down, but still growing. is ok. think the macro there is geopolitical risk, which you worry about. around oil, saudi arabia and other parts of the world, things like the migration crisis in europe that can triggered unexpected results in elections and things like that. but that's i say that is the way of the world. francine: what is your plan b for brexit? >> look, we are not ready yet to discuss that publicly. but i think we will cope with that. you have been pretty outspoken about donald trump. you're attracted to donald trump because he will change.

my question to you, don't we need to know what he is going to change to? has he really told us? >> i understand the question. i, too, have some doubts. but i also know if i do not get donald trump with change, not knowing change, what it is, i am going to get hillary clinton. ok, now, tell me, who are you going to vote for? there's no way you can vote for her. she has a ready told you. the other day she said, march 16 -- i want to shut down all caoal mines. the most stupid statement on energy i ever heard. today you are pushing 95 million barrels a day. and 70% of that goes to transportation fuel, and she wants to shut down fossil fuel. say she can't do it, nobody can do it.

. let's just say it happens. she shuts off fossil fuel, you will stop the world. 70% of the oil goes to transportation. >> she herself is that she went too far. she did not mean to say that. >> she did not say that on fossil fuels. she said that on the coal mines. ♪

scarlet: you are watching "bloomberg best." investors were keeping a close watch on politics this week. in addition to brazil's impeachment debate, there was a presidential election in the philippines. and greece's creditors met to discuss the debt crisis. we explore all the implications on bloomberg television. >> now we saw thousands of protests in athens over pension reforms for greece.

euro area finance ministers are debating possible debt relief measures. explain the significance of today's meeting. >> the first one, we are going to determine whether there is any progress to get any greek d ebt relief. so, a good finance minister will try to assess whether his european ministers are looking to offer some debt re profiling on greece. this is where we should focus greecet, is whether will be asked to legislate a set of contingency measures around 3.5 billion euros on top of thee 5.4 billion euros that have already passed through the greek parliament. given that the government has only questioned a lot of its credit lies through current legislation, the finance ministers have said it is almost impossible for the current coalition government to legislate this safety net of measures. >> does that mean we could be

facing another referendum or an election, repeat of last summer? >> it could be back to greece part 2. i do not expect the days meeting to have any sort of agreement. we are looking towards me 24 to 24.h something then -- may >> the tough talking mayor rodrigo duterte appears ready to be the next president of the philippines. >> international observers -- in the philippines. ls course duterte leading pol right now with 90% of votes counted. the question is whether he can gain an investment -- confidence in the investment community. we are seeing a drop -- [inaudible] the stock exchange. p.a.]n

>> correct. nothing is really change in terms of the real economy. a littleing to grow bit higher depending on which estimates you look at. overtaking overseas --perhaps the end of this year or the beginning of next year. and i think the huge infrastructure gap that needs to be filled out has started. the government has yet to spend 5% of gdp. towe are at that level, 5% 7%, that is going to be a huge effect on the real economy. i think that will also reflect -- >> tell us about that 6% growth we see on the philippines this year. that is the fastest pace we have seen since the 1970's. could this election derail that? ofthere is still a lot

tailwinds in the philippines. you have built on many years of budget consolidation, very low inflation, record low interest rates. all of that should help. what the market is looking for for the current president or the incoming president is the continuation really of the previous policies keeping the ma cro economy balanced and allowing the private sector to just fill in the void and allow the economy to grow. we still need to fill in the bl anks. we do not exactly know what the incoming policies will be. kim jongkorean leader on announce the country's first five-year plan since the 1980's. tom mackenzie travel to pyonyang congress.he party he looked at the economic changes. old economy still dominates in north korea. vast factories churning out basic products. like this copper cable maker in pyongyang. the company exports some

commodities, though far fewer than china has banned most imports in line with u.n. sanchez. it makes money by sending laborers abroad and relies heavily on agriculture -- imports in line with u.n. sanctions. up,buildings have sprung there are more cars on the road and there are -- is a growing choice of restaurants. we got to ride and his city taxi, operated by one of the countries government controlled cab firms. the transport system has seen minor upgrades. we are inside the pyongyang metro. it is big, lots of people using it, but they are still relying on these very old german trains. they have introduced dprk trains. they say that is the sign of economic development. insengers can also now swipe rather than relying on paper

tickets. streets, therey is evidence of a more significant technological upgrade. yang'sing -- pyong residents can choose from a number of different smartphone brands. we visited the store. model costs around $400 and comes preloaded with an android operating system and a host of apps including five versions of angry birds. as is often the case in north korea, things are not always what they seem. blockedional calls are on cell phones and the only surfing you can do is on the government controlled internet -- intranet. ♪

mark: this is a lovely function you know it will. earnings analysis. this is the earnings analysis for the stoxx 600. we are looking at the prices. >> we have got a cracking fun ction. ectr. the trade relationships. . this shows you the trading relationships. >> if you want to know more, just view ecfc go. then you have all the forecast there. we are looking at gdp growth. under 6%. cpi, unemployment. scarlet: there is a function for just about everything on the bloomberg. 30,000 in all. keep watching bloomberg television to learn about. our favorites. here is another fountain you will find useful quic go. it will take you to our quick teaks. akes. this week's focuses on the mountain problem of student debt. ♪ to higher comes

education american is second to none. world-class professors. exclusive liberal arts schools with manicured lawns. and the highest prices on the planet. that is why there is more than $1.3 trillion of student debt in the u.s. expert thinks it is more student debt than every other country in the world combined. and americans cannot afford it. there is a long list of people who think the u.s. student loan situation is broken. how to reform it is where the roads diverge. here's the situation. students who ball for college in 2014 took out an average of $29,000. in the past decade, student that has more than tripled, rising an average of 14% year. that debt burden is rippling over into other areas of american life with fewer young adults buying homes, new cars, getting married, or starting businesses. here's the argument. what is the real problem? the4 cost of college or the

loans? one school of thought first championed by elizabeth warren and now backed by hillary clinton says part of the solution is letting students refinance their loans at lower interest rates. >> a 7% interest rate. we have not had interest rates that high in your. it makes no sense. tom: president obama has greatly expanded his program. eresident obama: to off millions of students the opportunity to cap their loan payments to 10% of income. >> making it cheaper makes it easier for schools to raise fees. countries like france and differentlyt way than america. they of higher taxes to make public universities cheap or fre e. a solution that is not even on the horizon in the u.s. and would not help millions of students currently indebted to the government for years to come . yo also find our quick

takes at bloombergu -- you can also find a quick takes at bloomberg.com. that wraps up "bloomberg best." i'm scaralelet fu. thanks for watching. ♪

>> welcome to the traditions of the best with all due respect for it it was a big week for the republican party. a health -- high-profile meeting between donald trump and party leaders and original shortage of press coverage. ryan, ryan previous, and donald trump behind closed doors. the donald visits d.c. >> mr. trump goes to washington. >> mr. trump goes to washington. >> why didn't we think of that? mr. trump goes to washington.