president is again defending his administration's actions. president trump: the united states will not be a migrant camp, and it will not be a refugee holding facility. it won't be. you look at what is happening in europe, you look at what is happening in other places. we can't allow that to happen in the united states, not on my watch. mark: homeland security secretary kirstjen nielsen also discussed the policy, telling a law-enforcement conference in new orleans that border agents are not being cruel by separating some children from their parents. former first ladies michelle obama and laura bush have joined in the criticism of the trump administration's zero tolerance regarding families trying to enter the u.s. illegally. aday mrs. obama retweeted message from mrs. bush promoting a column she wrote in which she described the policy of separating children from their parents as cruel and immoral. mrs. obama added, "sometimes truth transcends party."

iraqi shiite forces in syria are accusing the united states of targeting troops inside syria with an airstrike. the iraqi group known as popular mobilization forces says u.s. at aaft fired two missiles group of fighters deployed along prevent-syria border to bridging by the islamic state. british prime minister theresa may suffered a defeat today on her tbytes bit of deflation in problem -- her key brexit legislation in parliament. it forces are back to the negotiating table rather than leaving the eu with no deal. will return to the house of commons on wednesday for what is expected to be an extremely close vote that could determine the outcome of its bit talks. -- brexit talks. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton.

this is bloomberg. julia: live from bloomberg world headquarters in new york, i am julia chatterley. scarlet: i am scarlet fu. joe weisenthal is on assignment. julia: crude spikes ahead of opec's meeting. scarlet: the question is, what you miss? opec discusses the contours of an upper increase as russia versus for a big hike whi iran insists no changes needed. --me game over immigration children separated from parents at the u.s.-mexico border from as president trump blames democrats. handicapping the outcome of the election on financial markets and the economy on the election. the author of the new book

"midterm economics" joins us in the next hour. bonds are clawing their way back following a post crisis retreat. topping $20 billion in 2018. tracy maitland of advent capital management, which has a $9 billion in assets under management. great to have you with us. tracy: thanks for having me. julia: we don't often talk about convertible bonds, and that is part of the problem. why are we seeing such growth as we are discussing, and why don't we talk about it? why is it a forgotten asset class? tracy: it is often overlooked asset class. you don't see it in the press very often, "the wall street journal," and yet it is a growing asset class. the result of tax reform, interest costs of convertibles

that are actually lower than straight bonds because of the taxes that actually increases the cost of the coupon because we don't get to do about as much anymore. we saw the lower convertible coupon as encouraging companies to think about issuing convertibles again. also, the increase in volatility can issuing convertibles as a way for a company to release additional capital. it is a much more interesting financing tool for issuers today. scarlet: i can see the appeal for issuers. what kind of demand is there for convertible bonds at this stage of the cycle? tracy: i would say that the man is great -- the demand is great -- convertibles returned 14% last year. this year is the best for the fixed-income class outperforming the high yield court fixed income, bank loans. also doing better than the s&p

500. as we saw with that performance, you see convertibles increasing demand as a result. scarlet: i notice you compared it to the s&p 500. in a way it is its own asset class and you can compare it to the fixed income or equity, because at some point it may turn into equity. tracy: that's correct. some people consider its own asset class convertible securities. we are happy to be in either one of those three buckets depending on what you are trying to accomplish. julia: how big is the market now? billion globally. it is large enough for institutional investors to invest in it. even though it is smaller than the high-yield market, it is more liquid than the high-you mark -- high-yield market. julia: how does liquidity compare, and why? tracy: dealers have the ability to short stocks to hedge themselves.

they can hedge with straight bonds. lots of different ways you can hedge yourself with the convertible securities. as a result, they are much more liquid than high-yield typically. scarlet: that being the case from what is the profile of these investors? there is a perception that hedge funds were in and out of the market quickly. is that the case? tracy: not anymore. hedge funds, you would be lucky if you found 20 convertible hedge funds standing after the crisis in 2008. most of the investor today are large institutional investors. you have large mutual fund complexes in us convertibles as well. it is institutional and private investors as opposed to hedge funds. julia: what if they never reach the convertible premium? why accept the lower coupon with the sweetener that it could convert to equity, but may never actually get there? tracy: terrific question. the convertibles maintain a

yield advantage. the stock goes up and you still can sell that convertible because of the yield advantage. even though the stock went up, you don't have to convert it in order to make a profit. julia: it is an option -- tracy: 100% right. scarlet: when you talk about the size of the market, you also talk about the growth of the issuers and how they are not limited to publicly traded companies. there was a lot of small technology companies and even big technology company that have not yet gone public that are ping the affordable bond market. why is it such an attractive way of financing for the? spotify, uber, all issuers of the convertible marketplace. they are growing so rapidly that issue theng, let's

convertible in this way we are able to raise capital as a bridge to financing the ultimate ipo. we are excited to see this companies issuing in a convertible marketplace. it is the only way to get that type of exposure. if you are the fixed income investor, you cannot have that exposure to these types of companies. it is a way to diversify the investors investing in your portfolio. julia: not to dilute ownership early on, but you don't want the dilution. tracy: pre-ipo convertibles. typically the longer they don't go public, the sweeteners added for the investor, so the interest rate will go up a certain amount of time, inc. two or increasing over a certain amount of time, so they have an incentive to go public sooner rather than later. julia: the company ipo's, what happens to the funds that they added beforehand? tracy: the great thing about convertibles is that the options

are with the investor. the stock does not go up that much from it matures, you get your money back. if the stock goes up and you can sell it in the open market if it goes public, or you can keep it. the option is that the choice of the investor. scarlet: how does that change or stay the same if you are talking about takeovers as well? i read that takeovers make the market attractive. explain that. you calledhave when the chain-all-control provision, which has improved the last decade or so. the company gets taken over, investors predicted two-way system bps to be that if you are taking over by a private equity firm, you point from triple b to c. particularse in situation for -- you will not reason that the daca situation. the other way you benefit -- if it is taken over you have a wretched theater, convertible to

10.3 shares. that makes up for any potential loss in the credit downgrade. julia: how are you invested at this moment, in terms of sector? how are you invested? tracy: the convertible market is predominantly technology companies. 40% technology companies. met tech companies, someone and so forth. we are not exactly where the index is, for the broad, diversified portfolio, so we have exposure to technology, health care, oil and gas. we have a broad, diversified portfolio. julia: interesting. you pick and choose between the different sectors. tracy: you have over 1000 issuers to choose from. by the way, this year you have over $50 billion of new issuance so far this year in the public market alone. that is honest and 75 new issues

to consider -- almost 75 issues to consider. scarlet: tracy maitland of at an capital management, thank you very much. tracy: great, thank you for having me. scarlet: coming up, google seems to have the answers, but can it also tell you when you are going to die? this is bloomberg. ♪

scarlet: google is trying to break into the medical field, and it might be able to with new ai technology. the company says they can predict outcomes like the duration of your hospital stay and even your odds of dying. here with us is our tech reporter. talk us through how medical experts are excited about this research and how far along they

are in being able to pinpoint those details. this is a field a lot of tech companies are moving into confusing software and ai to make predictions about medical disease and outcomes and misdiagnoses. i think a lot of experts -- they say that google is the most advanced in ai research, and this paper was exciting for them because it demonstrated away to go through and bill the software algorithm and basically parse these data points that have pdfs, and itot of get theintensive to predictive models on. there is a lot of potential. google, a lot of medical experts it is use of hot tickets from being clinically actionable and hospitals. julia: loveless if it is not a similar predicting about someone's probability of dying,

but going through the data and working out how best to treat them. i think that if someone goes into hospital, and having to wait for information that takes years to accumulate, that is a good thing. is this part of what they are trying to achieve here, too? we have existing models where the existing production's miss the prior surgery that someone has. this is a way to identify those. google is doing a lot of work in india now with ai algorithms like in the tech -- they are looking at dermatology, pathology. all of these parts of the medical field where ai and image analysis can be much more powerful than current humans. scarlet: we are talking about google specifically. how ahead of the competition is other -- microsoft will for instance? mark: this ismark: google's

strategy to get providers to use their cloud service. they have made early steps with this but i imagine they would put a lot more tools around because service, that they are still quite far behind. amazon and microsoft are further ahead in the market. amazon is pushing aggressively into the health market. microsoft as well. google is moving cautiously. one of their sister companies had a similar program in the u.k. with publicly available data. that got a lot of pushback about privacy and it was slapped by regulators. everyone is moving cautiously, and they claim they are anonymized data records, but when they move into the medical field, it is much more sensitive than typically internet software. julia: i was there when this was very much part of the discussion, and we looked at this and we were actually giving them this kind of data from the big players like google, just increases and accelerates the monopolistic power that they have on data.

will they be limited on this front by regulators? mark: the potential for these companies to have a lock on data -- with the ai tools, the hospital networks wrote on this trove of data but they don't have the expertise to put it to use. medical experts have proposed thesees that don't have tightly controlled in the online advertising from a few committees having most of the data. bergen, thank you so much. a fascinating story with all consequences. julia: plenty more questions on the next subject. what'd you miss? public anger is growing over the white immigration policy. kevin cirilli has disgusted with

the former press secretary. -- has discussed this with the former press secretary. >> if one of these families go to ports of entry and claimed asylum, they will not be separated. we have people crossing illegally and the policies we will prosecute if you cross the border illegally -- marc, this isarc, bad for business, bad for policy. no republican or democrat agrees that separating families from their children is good for policy. for going graham, the son of billy graham -- no one knows if angelical's better than mike pence. he is against this. how do you fix this? marc: no one wants to see this happen, and they said it on the sunday show yesterday -- it is heartbreaking when it happens. when he got to do is secure the border at the illegal points of

entry. there is a story years ago that talked about in early 2016, the problem with the obama administration is they threw away the safeguards so all the children coming in were being front back out into the middle of the country. in many cases, they were falling victim to sex trafficking and working in sweatshops, not being placed with actual family members. there is a crisis both ways, and as the secretary of homeland security said this morning and new orleans, we can't just assume that everyone who is coming here has a family is actually a family and that there was not trafficking and other cans of things -- kevin: you cannot control a seven-year-old, you cannot control driving in a car. they had a legislative obligation this week to fix this. house speaker paul ryan the right person to do it, or is he totally weekend at this point? marc: when you to see if we can get the republicans on board with a piece of legislation that

deals with the many issues, and one of the presence platforms has included nearly doubling the capability of our border and customs control to have family detention centers and to close the loopholes like to catch and release where we are being forced to either detainees children because we cannot send them back. sowing confusion over the weekend by mixing up the immigration bills could be put to the floor next week. this is one of the reasons some representative issa say they are frustrated with the president and they're going ahead with the discharge petition. is the president hurting his own cross? -- cause? marc: i think the white house clarified that that he stands with both pieces of the compromise legislation. he is going to the house tomorrow to meet with house republicans to talk about immigration. i know it is the president's expectation that congress does its job -- pass a piece of legislation that can make its way to the senate and can be signed into law that closes

loopholes and funds border that i personnds the lottery and other factors creating the immigration crisis we see on the border. shery: do you expect one of those bills to pass and be signed by the president? will this affect the midterms? marc: i'm not sure this is going to be a defining issue in the midterms. obviously, the president wants to have something passed into law that he can sign. he wanted it last year as well. ultimately it will come down to house republicans being able to reach a compromise on what they -- kevin: they can't compromise, marc! the freedom caucus cannot compromise with what speaker ryan is doing. if the speaker totally weak now? the freedom caucus is not listening -- marc: the one thing i would say to republicans is it is not just the issue of immigration, it is immigration across the board -- sometimes we have to take 90% of what we want and say yes. it doesn't mean you cannot champion the last 10%.

but let's not stop progress because it neither side can get 100% of what they want. scarlet: that is former press secretary under vice president mike pence and former special assistant to president trump marc lotter. you want to stay with us for more on midterm elections with jason schenker. shares in this company have been searching today. this is bloomberg. ♪

scarlet: our stock of the hour is winning one battle after losing a war. surging following a steep slump in 2018. julie hyman has the details. popped at the price, after 3:00 p.m. julie: this was clear after the headlines cannot. reuters is reporting that the firms who may be interested include companies like sycamore

partners. we saw that big surge in the shares. biggest since january 2015. what i like is the title on the bloomberg intelligence report in reaction to this. gamestop possible buyout gives time, nonsolution. which i thought was fascinating, because gamestop has been trying to give it to what is the new wave of gaming come although it is not that new, digital gaming. you are downloading your games. if you look at the bloomberg, we have a look at the company's revenue stream, and digital at this point -- you can barely see it on here -- digital is this blue bar right down in the corner, only about 2% of the company revenue at this point. still, new software, preowned video games, hardware, the biggest portions of their business will bloomberg theyligence analyst says are trying to make this pivot but it is much smaller than it is industry-wide, and it will

take time for them to do this. we will see if investors are patient, or the private equity firms are more patient. julia: outside of the public eye, five they going to be more flexible and reshape this business so they don't have to account for quarter the earnings every three months? buy more time and patience on the part of a company like this? the company has low leverage and strong free cash flow command the stock has gone down a lot. over the past several years. classiculd make it a candidate for something like this. something us we should point out -- i know this is something scarlet excellent -- the short interest on the stock. the short interest on this one has been climbing 44% afloat shorted, an unusually high number. you got to guess what is going on today -- julia: pain trade. scarlet: julie hyman, thank you

so much. we are moments away from the market close. look at the major indexes with four minutes ago until the close. the nasdaq is little changed. this is bloomberg. ♪ retail.

under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations.

every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.

julia: what'd you miss? em take the heat. i am julia chatterley. scarlet: i'm scarlet fu. joe weisenthal is on assignment. julia: we want to welcome you to our coverage every weekday from 4:00 to 5:00 eastern. scarlet: please begin with our market minute. -- we begin with our market minute. you see stocks taking the weakness -- the nasdaq finishing little changed. technology stocks continue to be a little more resilient than anything else. caps continue to outperform. looks like a bit of us news -- a snoozy monday for investors. scarlet: this happens when the world cup is on. dow industrials falling 102 points on the day.

let's get to individual movers. we talked earlier about gamestop . julie hyman mentioned it was surging on a report of our private equity deal. it reminded us that the short interest on the stock is pretty high. acquired david -- rented-- rent-a-center acquired. and intel declined after north and puts a rare sell. oor server growth. julia: let's look at what is going in the bond market, and what is not going on in the bond market, frankly. look at that. this is why we cannot talk about risk off in any way, shape, or form. we saw the yields potential softer in france and germany. that fits with what we saw in the european equity session. very little, aka zero

followthrough in the u.s. session. let's look at -- scarlet: let's look at more arrows. green arrows in crude oil. we have the friday opec meeting in vienna coming up. four straight weeks of losses -- brent posted declines in three of the last four weeks. there is news that opec is debating production of 400 barrels a day, a far cry from what russia proposed, an increase of 1.5 million barrels per day. i also include natural gas because on friday it rose above three dollars, but east off the levels -- eased of those levels. there is resistance at the three dollar range it comes with the hot weather in the northeast. temperatures may be below normal in parts of the midwest to texas. as well -- take a look at the obvious energy-related energy.

-- currency-related energy. let's call it as it is. the loonie fell 1.5% in the prior to training sessions. -- prior two training sessions. not much as a result of what scarlet was saying. .n increase in supply a quick look at dollar-ruble. i will show you that in a few seconds. touch week on the commodity-related currencies just waiting for further updates on the u.s.-china protectionist stand up that we see in particular. look at what happened on the session or the euro. partly over concerns with the germany coalition ending the session relatively unchanged. reports of the weekend that some kind of compromise over and immigration standoff between two

of the members of the german coalition will be reached. the performance on the one-day session for what we saw in emerging markets, that played out in the bond market as well. the colombian peso as well -- after the elections over the weekend. some relief for the argentinian peso, higher by 2.3% after a tumultuous several weeks. those are today's market minutes. scarlet: for more on how the markets fared today we are joined by james swanson, chief investment strategist of mfs. you heard julia use the word standoff a number of times. we can use that money comes to trade as well. i want to get a sense of how you are thinking about trade, given the back and forth and the announcement of tariffs that have not yet come into effect. what does it mean for our you position yourself when it comes to big cap u.s. stocks vs. other

countries? >> well my first of all thing people want to be overexposed to the u.s. the u.s. does not have a high percentage of the gdp traded. number two, the very careful, because these tariff discussions involve different industries and companies. it is not the stuff of recession. i don't think investors need to be out of the market here. julia: if they are not being out of the market would do you prefer the smaller caps on versus the larger caps? it is a news what given the point in the cycle we are at, but it feels like a benefit whether it is the tax for the fact that they produce less can export less, and are insulated to a greater extent. particularly adding to that we have a very strong dollar. 42% of the s&p is exporting things to other countries.

in the dollar, that is going to be more expensive. that is the other thing in addition to tariffs. the market is not going to like that if that continues. julia: do you think that continues to be supported, the dollar strength? perhaps it moves sideways for the second half of the year. , i think the dollar is still moving upwards, because the u.s. economy is stronger. that is the main driver, and that is going to disappoint investors are basically buying the big multinationals. is fine tone -- tech my favorite sector. we saw this a couple years ago with a strong dollar. the s&p weekend and we are coming into seasonals but are not good for timing, anyway. scarlet: talk about what the stronger dollar means for europe and the emerging markets. certainly european economic data has rolled over, and a lot of people are saying that the growth we are counting on to continue 2018 is not apparent anymore. james: it means more stimulus

from the central bank. the ecb is going to go slower on this whole program of ending purchases in the bond markets. it means easy monetary conditions in europe, which means lower rates. i think you are going to see that persist for a a while. meantime, we have a central bank that is raising rates and that will strengthen the dollar. julia: what about the emerging markets? we were just mentioning that we continue to see pressure even this session with a kind of average overall performance generally. do you think -- we have started to see this to some degree, the separation of those that have energy concerns, whatever it is. are there opportunities in the end? is it a case of stick to what you know? james: no, i would be in emerging-market equities particularly. a dollar hurts some of these countries, and there are dollar shortages going on. basically this is not threatening the viability of

these companies. the u.s. consumers still strong. i think you want to be selective but own em equities here. scarlet: when we look within the united states, which you say you favor over internationals, partly because of earnings season, dominance of technology, and our economy is more insulated from the global trade swings, one area you do like his health care. you see them benefiting from that pricing power in almost all industry categories. talk to us about the pricing power the industry enjoys. james: the lifting of the affordable health care act restrictions by this administration has freed up some pricing power in medical facilities and pharma across the board. you saw pricing into this period, and the pricing power is coming back to that sector. second health care is my favorite place to visit to -- pivot to.

tech and then health care. julia: what about after that? james: i like the banks year. the regional banks will be making more loans. constructional, commercial loans. that will help the net interest margin, which really has not been a big part of the cycle. a big favorable thing for the banking sector here. scarlet: not to mention the loosening of regulations, which will help the smaller regional banks. julia: makes perfect sense. what would you avoid at this moment? james: i am not really enthused about owning utilities. there is a lot of disputation there. it has been beat up too much. with this cycle going on, you don't want to seek out utilities yet. the day will come and the to actes tend defensively. i would stay away from them, and i'm still leery of the consumer stables sector. the sox have had a run -- the

stocks have had a run. julia: jim swanson, chief investment strategist at mfs in boston for the coming up, the opec debate. we will tell you when you need to watch for and what you can expect. this is bloomberg. ♪

mark: i am mark crumpton with "first word" news. attorney general jeff sessions says law enforcement officials do not want to separate parents from the children. he told an association in new orleans that enforcing immigration laws that results in the separation of families is necessary. we haden. sessions:

hundreds of thousands of unaccompanied minors -- young people who came without adults and their parents, coming through our borders, which has led to a resurgence of the terrorizing3 gang high schools. sessions added, "we cannot and will not encourage people to bring children by giving them blanket immunity from our laws." the trump administration is asking the supreme court for an emergency order that would allow the government to withhold law enforcement grants from century cities in most of the country. the administration says an issue might injunction by a federal judge in chicago was too sweeping and should have been limited to that city. chicago contends the trump administration is placing unconstitutional conditions on the grants. in colombia, the president-elect has appealed for unity after winning a runoff election. when he takes office in august

at age 42, he will be colombia's youngest president in more than a century. in his remarks as president-elect, he vowed to work tirelessly to heal divisions and govern on behalf of all colombians. he promised an attack on corruption and called the searching cocaine production, "a threat to national security." barry trotz has resigned as coach of the washington capitals after leading them to the stanley cup. the team announced the resignation today. the 55-year-old went into the season without any certainty about its future when the ownership and general manager opted not to give him a contract extension. in a statement, the team thanked him for his efforts the past four years. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. shocked i am shocked --

that he left. not so much that they were having contact problems -- julie is nodding vigorously -- repeat stanley cup. all yours. julia: is there any way to resurrect it? scarlet: resurrect what? julia: him leaving? scarlet: no, he has resigned. julia: never ends. new regime in town. anyway, let's talk about oil. [laughter] scarlet: new regime. julia: exactly. opec members are discussing a compromise agreement that would see oil production increased between 300,000 and 600,000 barrels a day. that is according to people briefed on the talks. joining us with the latest is david marino, weston following the developments. oil, let's talk about that? >> let's talk about oil.

scarlet: no barry trotz? >> it's over, finally. [laughter] julia: the russians came in hardin said we should increase which million barrels, fits the amount we expect to be taken up a lot of those expect to be taken off the market because of venezuela and iran. >> it's a compromise. name of the weakest compromise week. they will have to fight with iran, venezuela -- julia: iraq. >> anyone who does not want resumption of supplies. where they start to talk -- it may have 600,000. scarlet: how big a deal is 300,000 to 600,000 barrels a day? how much do the non-opec partners produce? -- opec by rhizopu

itself produces 30 million a day. scarlet: this is symbolic. david: symbolic, and oil prices at the margins. it has an effect on price. people are paying attention. julia: what about the united states? the president has been vocal about what opec is doing at this stage. i am not so sure he will be happy with the compromise that is on the lower end of the spectrum of what we could possibly do here. how do we feel about the prospect of formalization of what has become the opec plus with the likes of russia tying up with opec? david: there is only so much the u.s. to do. president trump can tweet. russiathe end, opec and will make their decision, and we will see what it's the markets, and the prices will move based on the supply that is actually there. scarlet: i'm gradually brought up opec plus. we are using that catchall term

-- the countries are working alongside such as russia. what are the odds that russia would want or could we will join opec as a permanent member? i don't know if it is in russia's best interest to join the organization. it is the biggest producer in the world. do we want to be limited formally by a larger group? i can't imagine it will be any easier to come to a negotiated, close to unanimous agreement. scarlet: more leverage on the outside? julia: works on the top side. it works less on the downside. scarlet: david marino, thank you so much. bloomberg will have special coverage of the opec meeting from the beginning on june 21 new york fed president john wayne to speaking right now -- john williams is speaking right now on his first official day on

the job. before he took the role, he ran the san francisco fed. he sees strong growth in the job market and inflation is near its goal and that the bank must show strong leadership. we will continue to monitor these headlines. the message so far is pretty positive. mounting, protests over the trump administration's family separation immigration policy. the latest from the border, next. this is bloomberg. ♪

scarlet: time for the bloomberg "business flash." a billionaire says as that market prices are highly dubious. he was speaking at a global event and called the interest rate positively crazy and said

that the prices are not sustainable in the long-term. he said the next recession will be really frightening. jp morgan chase has agreed to pay $65 million to settle aarges it tried to rig benchmark for interest-rate derivatives. it uses traders of manipulating the rate, trillions of dollars of derivatives. goldman and citigroup have paid penalties over similar claims. the world's top advertiser, procter & gamble, wants women to produce half of it ads by 2023. it is teaming up with a program which requires a least one woman director among the final candidates to produce commercials. the company says achieving economic equality good attitude 50 chile dollars to the world economy. -- could add up to $50 trillion to the world economy. julia: the trump administration

is under fire for its policy that separates parents trying to cross the southern u.s. border from their children. the issue has ignited nationwide protests and has seen pressure on republicans. jen epstein is in brownsville, texas, at the border. great to have you with us. what have you been seeing and what is the situation and conditions like for these children? jen: press access has actually been limited. there were two tours a couple days ago. casat a facility called padre were boys over the age of 10 are being held, and there is another facility where parents and children are sometimes being separated from one another. it has gotten a lot of media coverage. but what i did do today was hear from a bunch of democratic led by af congress,

representative who represents the brownsville area. they had visited and that the there are younger children and young girls -- visited another facility where there are younger children and young girls as well as young voice. they have the perspective of seeing a few people -- they saw a few young women under the age of 18 who had given birth just since coming into the country, and their babies in the same facility as them, at least until they turn 18. they are being held -- it sounds like -- a little bit of a disconnect in information, considering i'm getting information from members of congress where getting it from staff, and so on, but it sounds ofe there is a certain level this organization -- dis organization and chaos as to who people actually are. something thato is difficult for every person

who is involved with it. julia: it is a tough subject as well. scarlet: give us the sense of scale. how many facilities are there like this, and across how many different areas? dozens if not hundreds -- i don't have an exact count -- throughout the southwest u.s., and then there are some places where children in as a either coming company miners were on a company uners -- or a company mi -- -- there isminors talk of a facility being built uphouston that is kicking protest there, a former warehouse in downtown houston. hascility like casa padre 1500 boys in it, but the other facility for babies and women, young women, teenage girls i

should say, has about 80 people in it. it really depends on the needs and what is available. quickly, whatry exactly is the current policy? when was it put in place? there seems to be confusion on all sides, a blame game going on here. what is the policy and when was it put in place? jen: certainly what happened since the beginning of april when the trump administration declared that it was going to get much tougher on the border, doing what they call a zero-tolerance policy, arresting anybody who enters the country illegally. the numbers seem to have gone out. a piece of that is what we have heard on the ground here is it is much more difficult to get asylum, and so people are ending

up -- scarlet: you have got to wrap it up there. jen epstein at the border. . . retail.

under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver.

mark: i am mark crumpton with first word news. former first lady michelle obama and laura bush have joined in criticism of the trump administration policy regarding families trying to enter the united states illegally. today, mrs. obama retweeted a message from this is bush -- whereush with a column she described separating children from parents as immoral and cruel. human rights u.n. chief is urging the trump administration to end its zero-tolerance policy. >> the american association of pediatrics has called this cruel

practice government sanctioned child abuse. which may cause irreparable harm with lifelong consequences. the thought that any state would seek to deter parents by inflicting such abuse on children is unconscionable. today, president trump defended the policy saying the u.s. will not be what he called a migrant camp or refugee holding facility. again quoting, "not on my watch." christopher wray says the bureau is determined not to repeat mistakes identified in a harshly critical what shock report on the handling of the hillary clinton email investigation. wray and is spectral -- inspector general testified before the senate judiciary committee. the justice said department has "a serious credibility problem." red square was reopened to world

cup fans today. fans from all over the globe were enjoying the famous moscow site and said they felt safe with the presence of heavy security and metal detectors. red square had been closed since before saturday's taxi crash that injured eight people. global news 24 hours a day on powered bytwitter, more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. scarlet: some news. carl icahn has released an open letter to shareholders of sandwidge. he is encouraging shareholders to vote for seven nominees. tomorrow, to results of the proxy fight will be announced. carl icahn releases a letter to sandridge shareholders. today'st a recap of

action or lack of action. the dow unchanged. the nasdaq and s&p 500 softer following moves in asia. a flow monday when it comes to catalysts -- a slow monday on it comes to catalysts. there's still time for negotiations. julia: small caps outperformed. "what'd you miss?" the 2016 prompted many to get out of the political prediction business. if you look of economic data, it was a foreseeable outcome. by a guest who has turned his attention to the midterm elections. what should we have seen about the 2016 election we did not and translate that to the midterms. >> i think the most important

thing was if you look back at the 2014 election, more people voted for "american idol" then voted in that election. implications for donald trump were quite clear, that there might be the potential for a groundswell of support. as we look at this election, important thing to keep in mind is what might not change is perhaps the most important set of things to look at. fed policy, the president's control over tariffs, higher labor costs. those things might not go away no matter who wins. scarlet: can anyone take anything from the special elections the last couple of months? democrats were looking to regain seats. can they look at that as an indication of what will happen in the midterms? >> i think are some risks in the house. most important things to look at the numbers. people like to talk about the potential of impeachment. there are 35 seats in the senate

class. 26 are democrats up for election in only nine republicans. even if folks were to talk about impeachment things, you need a 2/3 majority in the senate. even if all the people up for election in the midterms came back as democrats, it could push impeachment through the house to the senate but even if every one of the senators came back as democrats, you would be nine votes short. highly unlikely. most things are unlikely to change. if you were to see more democrats come in, there is a spending in the tax bill, that you could see the national debt raise quicker if more democrats come in. julia: how about midterms relative to general elections every four years, how does that

impact things? >> it is very low. if you look at to the difference between the 1934 midterm in 1932, most of these elections have double-digit drop-offs in voter participation rates in the midterm. this is pretty consistent. that is a really big risk. julia: it is polarized now. this that bring people back to the table because the field has changed -- feel has changed? >> it is easier to tweet about something that it is to go to the polls and vote about it. scarlet: you would think during the presidential election, you have a couple of battleground states where it really makes a difference. if you live in new york, not so much. midterm elections, the stakes are high no matter where you live. buthat is generally true, you don't have the pull of the presidential election. there is less interest in midterms generally. while you might see more

interest, at the end of the day the unemployment rate is very low and that is the most critical thing that determines what happens in an election. scarlet: let's talk about the economics and financial markets and how they will affect the midterm elections and the elections will affect the financial markets and trade tariffs. this is your specialty. what is the one thing we need to keep in mind? >> the most important thing is if we look at the last 100 years of midterm elections, the number to watch is the unemployment rate number. there have only been three one-term presidents. hoover, carter, george h.w. bush. some historians would put forward in that category -- ford in that category. they are the only presidents that had unemployment rise from november to the next election. if unemployment rates rise, that would mean the likelihood of

president trump being elected is much lower. julia: if they don't? >> the likelihood of being reelected is extremely high. scarlet: jason schenker, author of the new book "midterm economics." a reminder to tune in tomorrow. lloyd blankfein will be joining john micklethwait live from the economic club of new york at 12:00 new york time. from new york, this is bloomberg. ♪

there should be power in numbers, but that is not generally the case with depression. nearly 7% of adults in the united states have at least one episode inssive 2016. yet most suffer in silence.

his silencee broke on his own depressanion in a recent column. he said the decision to come out of the depression closet usually an effort to of say it is a medical condition. whyoke to him earlier about he chose to speak out now. joe: i have been thinking about talking about it for years. as i have seen other people, especially on twitter, talk about their own depression, i have been impressed at the courage that took the cousin is still such a stigmatized disease. in the wake of the kate spade and anthony bourdain suicides, when there was another raft of andern about depression

what it is and what it does, i thought now was the time for me to tell my story so that is why i did it. julia: why do you think the stigma exists? joe: i think for a long time, people did not think of depression as a disease. they saw it as some kind of character failing. a weakness. people did not -- you would be it." "snap out of "pull yourself together." all that sort of thing. when you could not, you were led to feel if there was something wrong with you or you were a failure. knownk even though we now ,t is a disease, a chemical something happening chemically in your brain, it is still hard to break through that perception that it is not something you should just be able to snap out of. julia: you were 54, getting

divorced. it was a life decision you said was the right one, but you have been married for more than half your life. a huge change. and that was your trigger effectively. you describe periods when you were very depressed and then you would be elated at the same time. you recognize there was something bipolar about it. joe: that is right. one of the things that was hard for me is it came so late in life. i am not somebody who has been depressed all his life. i never had any symptoms or problems until i was 54. it was very hard for me to believe at first that i had an ongoing problem. especially, you know, i did not recognize, many people do not recognize when they are in a manic phase because it is so exhilarating. you feel like you are on top of the world, that you can do no wrong. and then usually, you have three or four months of normalcy and

then you sink into depression. for me, that had to happen two or three times before i acknowledged i had a problem i needed to deal with and needed to take drugs i did not want to take. i have two acknowledge i will have to keep taking these drugs for the rest of my life, and even with these drugs there is no guarantee it will not happen again. julia: the interesting thing reading your article is you did seek help. it took medication. your ex-wife was supporting you. you had people around you. what if you don't? as you said, you struggled with the disbelief, the fact he never had a problem until the middle of your life. what if you don't have that kind of support? is there enough support even now for people to accept? joe: there is not. i have gotten a town of emails from people -- i have gotten a time of emails from people orher depressed themselves

relatives, spouses, fathers and whoers of people depressed talk a lot about how they do not know where to turn order to go to. psychiatric help is expensive. the meds can be expensive if you don't have the right health insurance. just diagnosing can be difficult because if you have not had this before, if it has not happened before, you don't really know what is going on. you know that your head is in a fog and you are sad. and sometimes if it is really bad, your thoughts are not very good. suicidal come confused -- suicidal, confused, crazed a little bit. but you don't necessarily associate that with depression because it is new. even deciding i need to go to

the doctor, i need help, i think even that is difficult at first. julia: you were afraid. you were making mistakes at work. you were recognizing it was tough to do your job and it was making it impossible to accurately do your job. this is a double-edged sword because you can recognize your struggling at work, but at the same time you are fearful to tell work. joe: a lot of the point of my , look,was to sort of say you are better served talking about it then not talking about it. if you try to push through, maybe you will get away with it but maybe you want. in my case, i'm a journalist and you are not supposed to make mistakes. i made mistakes because i was not thinking straight. i have been better served going to my boss and saying i have a problem and need to go on

sick leave? yes, i would have been better served. i think most people in big corporations would be better served. i don't know that is the answer for everybody. but a big company with an h.r. department and progressive values, it is clearly the right thing to do. julia: bloomberg opinion columnist joe nocera, brave to come forward. now more high profile people are talking about it. hopefully, people are getting the help they need. scarlet: what amazes me is he was self-aware enough to know this is what was going on and push himself to do something about it. i think a lot of times when it happens, people would be like that is just right now but not a chronic problem. julia: tough love. more love than tough, but at times you need to be pushed to get help and sometimes get out of red in the morning. from new york, this is bloomberg. ♪

scarlet: "what'd you miss?" some of the biggest power plays in sports and entertainment are taking the fan experience to a new level. i set down with the men of the center of the collaboration, president of the san francisco 49ers. newlso serves in a consultancy. we discuss how this partnership is reshaping the sports and entertainment landscape. >> it is an interesting time to be in the world of sports. it is growing dramatically. $30 billion being spent on new stadiums and arenas. all of these sports teams are becoming massive conglomerates. they are sports and entertainment companies and they play basketball, football, or baseball.

for us, we are here to announce .wo new partners bring aeally trying to solution to a facility operator or owner that we can plug and the so they can rethink whole sports fan experience landscape. scarlet: one of your stated goals is to identify new revenue opportunities for sports arenas. they are booked solid for all sorts of events. there are premium services on offer. give us an example of what new revenue opportunities we might be looking at in three to five years. >> if you look at these facilities, they are no longer just arenas. the 49ers stadium has a full-time school inside of our venue. teachers, restaurants,

we have anters, innovation lab inside levi's stadium. for us, whatever vertical that touches the world of sports. physical therapy, sports performance. all of the things in or around a venue. security, operations. for us, they were important because they will become the world's largest facility operator. we are excited to announce we will be working on an nhl project in seattle, our first client. we will do a massive renovation of the arena. a $700 million renovation. we are putting capital in that which makes us different from any other provider. we are not just a consultant. we put capital in the buildings and take risks because we believe we have a package that is different from anyone else. scarlet: do the economics of stadium building or refurbishing

change with the tax law? >> absolutely. the economics of everything has changed over time. costing 200re only million dollars and taxpayers were putting money into those venues. that is no longer the case. the appetite for taxpayers putting money into billion-dollar stadiums is going away. you have to be creative about how eufinance these projects -- how you finance these projects. if you take an nfl stadium, it makes no sense to spend $1.4 billion and play 12 games. a convention center, a restaurant, a place you can hold weddings, have schools. do everything possible because you want to maximize that footprint. scarlet: you mentioned the would seattle franchise for the nhl. rejuvenate the

surrounding neighborhoods. tell us more about the seattle surrounding the arena. >> the rejuvenation of key arena will do so much for that area. but the the nhl games, conferences that exist and will continue to come. i think the best partnerships are public-private partnerships inside a municipality to drive economic growth. when i think about what levi stadium has done in the bay area, we have driven over $500 million in economic growth in only four years because we are able to bring the world's largest events which fills up your hotels, restaurants, creates sales tax that would not otherwise be there. this is a tremendous partnership where we are putting in all the capital but the city does benefit. scarlet: the arena and atlanta features everyday pricing for

concessions. does that work anywhere else? does it not need to work anywhere else to get people to come? >> i think that model works everywhere. you have to find a value-based product for every fan. certainly, buildings are caught up with premium seats and clubs. but if you lose touch with your average fan, i want everybody to be able to experience an arena or stadium. tickets are part of that. parking is part of that. food and beverage is part of that. you don't need to be one-size-fits-all but you do need to have a value offered. scarlet: what about the u.s. and europe? >> probably 50% of the u.s. markets are overturning every day. in the nfl, atlanta, minnesota, dallas, san francisco. now lam vegas all within the last five years -- now l.a. and vegas all within the last five years. in the european league, aliens

of dollars are being spent on stadiums. chelsea is trying to build a new one. right now, stadium renovation and building and design is bigger than it has ever been. scarlet: that was my exclusive with the c.e.o. of elevate ventures any president of the san francisco 49ers. julia: coming up, what you need to know for the trading day. this is bloomberg. ♪

scarlet: "what'd you miss?" u.s. stocks clawed back from earlier losses to remain little changed. coming up, don't miss this. housing starts for may come out at a claim 30 eastern time. julia: mario draghi speaking tomorrow. scarlet: that does it for "what'd you miss?" julia: "bloomberg technology" is next. scarlet: have a great evening. this is bloomberg. ♪

emily: i'm emily chang. this is "bloomberg technology." coming up, google making a big retail push, this time into china .cory: -- the investment and what it means for the e-commerce landscape. paris,p manufacturers in how actions against china could cost the u.s. semiconductor industry. and a coal war is brewing in space and president trump just

upped the