♪ carol: welcome to "bloomberg businessweek." i am carol massar. jason: i jason kelly we are here . at bloomberg's global headquarters in new york. carol: in this week's issue, the predatory lending machine crushing small businesses. jason: the shocking downfall of carlos ghosn. and alphabetok

have lost over $800 billion is the end of august. jason: that is staggering. putting silicon valley on edge. have we reached peak tech? joshua: these companies have grown so large and insinuated themselves so far into our lives, that there is not that much more of a place for them to go. with apple, cell phones are their main business. people do not buy phones as frequently anymore, and there is not as much reason to buy the new one, because they have gotten so good. jason: one of the signs we got of how apple may not be as enthusiastic about their phones as earnings going forward, they are not going to give unit growth numbers. investorsen you tell we are not going to tell how many phones we sell that is a signal to investors, we don't think we will be selling quite as many phones.

carol: we are trying to reconcile that earnings for all these companies, even though they were different stories we are seeing this dramatic slowdown, with so many of these names, all of a sudden. we have been here before. people have said big tech, they , are over. shame on us when we have rallied again. joshua: before you write a story about how big tech is troubled, you want to go back and look. , found stories from 2012, 2013 how, 2015, 2016, 2017 about we are in a bubble. there is an industrywide is slowing going on. it is difficult to avoid. have a lot of stories in the magazine where we talk about google. they are not just a young start up anymore and i feel like we

have been seeing that with a lot and i feeltech names like we have been seeing that a lot. joshua: it is the maturity of an industry that has been revolutionary. it is inevitable. people said, everyone knew these companies were going to slow down. they could not grow forever. it is the nature of public markets that you get too excited when things are good and too pessimistic when things are bad. jason: how much of that plays into it, you sometimes the stock market is measuring enthusiasm as much as anything else? joshua: part of that is coincidence. when you have companies that make products that are such a big part of our lives, everyone will have an opinion. there is a connection. as these companies start to hit leaner times, they will have to squeeze profits in ways they have not had to do before. carol: the other thing, as you get to be an older business as , you get more dominant,

everyone notices you and your power. that has been true for search and social media, especially with the role of meddling into elections and privacy issues. then comes the regulators. joshua: that is one of the things going on. investors and the companies, there is an anticipation that something will change. they don't know what, but that some regulation will come. an antitrust, some new privacy rules, and there is a fear that is going to make these companies less profitable and there is uncertainty about what that will look like. carol: how an obscure legal document turned new york's chewing up a -- small businesses across america. jason: and we have the shocking arrest of a larger-than-life figure in the world of business. here is joel weber.

ofl: he had a little bit compensation that was not accounted for to the tune of $44 , billion. executive forbal the globalist era. is one of his nicknames, mr. fix-it. thiss sort of be fell by massive company he had belt. it dissolves like he has met his maker. that tension is between japan, where nissan is based, and the -- and renault, which is based in france and the structure of , that seems to be unfolding and unraveling. jason: turning to the u.s. cover, and incredibly compelling story. not an upper, this investigation. joel: this is an interesting story about a type of small business loan cash advances that have come into their own after

the financial crisis. when small businesses could not get traditional loans from places like banks, they were getting cash advances from different companies. print, when, fine you sign a contract, there is something that is known as a confession of judgment. in most places this is illegal and they have outlawed it. new york state still recognizes it. what we are seeing happen is basically these small business loans have been weaponize. and this confession of judgment statement can be used against .ou the moment there is any lapse in payment, they could seize your assets and you could go into bankruptcy. carol: they could say something is wrong with the loan and there might not be. there is really no recourse for the borrower.

joel: that is frightening, how shady the underbelly of this industry is. there were cases they dug into where there were just wholesale changes after the fact. and is a frightening story and it is one of those ones we wanted to look at because it affects so many small business owners. jason: coming up, more on how lenders are using an obscure legal dock to seize assets from small businesses across america. carol: is it the end of the cult of carlos ghosn? jason: this is "bloomberg businessweek." ♪

♪ carol: welcome back to "bloomberg businessweek."

i am carol massar. jason: i am jason kelly. join us every day on the radio. carol: you can find us online and on our mobile app. shocking arrest of carlos ghosn over financial misconduct allegations sent politicians and executives scrambling to figure out the future of the largest automaker in the world. carol: we have what it all means 2 -- fouran's decade partnership. >> this guy is larger than life. he's the subject of a manga in japan as a superhero saving the auto industry. in the nissan was failing and years, over the next 20 ghosn took this moribund automaker and turned it into a world beater, or at least a

competitor. ison: remind us who ghosn and where he came up from. he came up through michelin. in the carssy figure industry at a time that was facing a edge extensional desk facing and as essential -- facing an existential crisis at the time. >> he came up through michelin and got hired by renault. they sent him to japan to try and fix nissan after they concluded the alliance. at the time, he gave himself a 50-50 chance of succeeding. he succeeded amazingly. nissan has grown dramatically. it now sells more cars than renault. it's market cap is twice the size. he has flipped this thing on its head. renault came in as a savior and

now nissan is kind of a bigger company in this alliance. wasn: even the alliance something of a novel concept. he came into it when it was early on. he became the primary architect of its success. what was different about this tie up? david: they are aligned, not -- they are allied but not merged. they work together and develop models together. but they still have two distinct corporate cultures and stocks. there is a lot of separation. ghosn sat at the top of this whole thing. he has been ceo, chairman of the two countries as well as mitsubishi at various times over the years. he was always the guy who kind of held the reins of power. in this alliance, there is very little in the way of real structure for the alliance itself. it is kind of these corporate

cross holdings, which are murky. ghosn sits on top of the whole thing. jason: he was the structure. carol: that is exactly where i was going to go. you spoke with an analyst who said this alliance is heavily bound up in the personality that is ghosn. but this guy put together this partnership and made it work, to make it something significant. now he is not going to be there. i am curious about where it goes at a time when the global auto world is changing and being by electric vehicles in different models. david: the ceo of nissan is kind of trying to rewrite the script. at his press conference on monday, he said, this alliance is bigger than one person. that was due to the

without specifically naming ghosn, he basically said, it is not just carlos ghosn. jason: we put the story to bed as events were unfolding. head to businessweek.com for the latest updates. carol: from cars to confessions, this week's u.s. cover story has to do with the confession of judgment, helping debt collections -- collectors shore up small businesses across america. >> it is called a confession of judgment. if you are a small business owner, you probably get calls all the time from people offering you loans. these guys, they are running companies called merchant cash advance companies. carol: a mouthful. zeke: these guys can get you $50,000 tomorrow if you need money, at a very high interest

rate. in the loan application, you may not necessarily notice this, but there is a clause or separate page called the confession of judgment. in order to get the loan, you have to sign this. what you say by signing this is in the future, if there is some sort of legal dispute, you will lose automatically. it is like when you sign an arbitration agreement as part of your cell phone plan. except you are not even saying, we will not go to court. you are saying the lender can go to court secretly, no need for you to have a lawyer. show this confession of judgment and the borrower loses. jason: how did this become a thing a lender can do? zeke: these have been around for hundreds of years and they are , used in less abusive context

at times. if there is a legal settlement and you have already negotiated. debt collectors slipped this clause in and said once because you have the signed, you go to court and you win this automatically. then you can seize borrower bank accounts and have their money sent to you directly. jason: there is not even a judge involved at this point. there is no judgment. the judge has already happened. this is cross-ice -- processed by a clerk. zeke: no need for proof. the lender sends you the money. these guys require daily payments. you get your $50,000 and you start paying back maybe $800 a day. at any point, if the lender decides you have missed too many

payments or does not matter, they can go to court. carol: they can even make stuff up. we have found a lot of abuses -- zeke: we have found a lot of abuses where it is pretty tempting to say, to go to court and file this. you can get all your money back with interest, immediately. carol: the court has become a high-speed debt collector for these merchants loaning capital. zeke: the courts may not even realize the role they are playing. it has gotten huge. there have been 25,000 or so of these cases filed. carol: coming up, why the new nafta has a long road ahead. jason: the democrats' top election lawyer is already gearing up for 2020. carol: this is "bloomberg businessweek." ♪

jason: welcome back. carol: you can listen to us on the radio in new york, boston, washington, d.c. >> and in the bay area and in london and our app. in this week's politics section the new nafta is scheduled to be , signed at the g20 conference at the end of this month. the united states mexico canada agreement, usmca is about to be become law. carol: it is a bit of a mouthful. the next challenge is to get the deal through congress and a hostile house that appears reluctant to give president trump the win he craves. >> we are hearing from house democrats that they don't like what they see in the labor provisions. in particular, they don't like the enforcement measures. are newr provisions

requirements that mexico allow the creation of independent unions. basically, address what has been one of the big concerns for democrats and labor unions in the u.s., which is the wage gap between mexico and the u.s. labor units argue if you have theyactive units in mexico will push for higher wages and that will close the gap. the second thing was a bigger fight over trade. 2016, remember back to donald trump kind of stall the democratic funder and a lot of states when he argued against trade pacts like nafta. carol: talk about bob lighthizer. he is the trades are -- trade czar. tell me about his role in all of this. >> robert lighthizer is

perfectly suited for the job. he served in the ronald reagan administration. he has been one of those rare, protectionist voices in the republican party. he has also argued with the new nafta that we should be trying to remake the politics of trade agreements in washington. he has tried very hard to solicit democratic support for -- and the support of unions like the afl-cio for this deal. his argument is, if we can get a new paradigm on trade, it will be better for the politics of trade in the long run, and a less toxic environment around trade. carol: i want to go back to the democrats, because you have a quote in your story this week. pascrell, thel new jersey democrat. he made a statement. he will be in charge of a house ways and means subcommittee. he said the deal is not a deal, you are going to see a lot of changes.

i wonder about the balance democrats have to take in moving forward that if they push too hard and pushed the president into a corner, we know the has pushed back already on trade. might he walk away from the deal altogether? shawn: thanks to pressure from the business community and capitol hill republicans and is -- but he probably wants to pull out of this thing. if democrats keep pushing too hard for changes he doesn't like, that may trigger that instinct in him. a big question as to what that would mean politically. looking ahead to 2019, people are already worried about the economy and warning that growth has peaked. if we get a withdrawal from nafta, it could cause a serious reaction in financial markets. carol: a profile of mark elias,

the democratic go to lawyer in election recounts. president trump labeled him the democrats best election stealing lawyer. jason: he suffered a rare loss in bill nelson's florida recount battle. but he set an important precedent that may boost his party's chances in 2020. bill: he is basically an election lawyer and deals with things that come up in elections like how campaigns raise money to how you count the votes. he is at a very prominent democratic firm. he has been a key figure in recounts going all the way back to 1996. he was the general counsel of hillary clinton's campaign and he kind of figures in a lot of different controversies we have had in elections and governments over the last 20 years. jason: we talk all the time about following the money. the money is flowing to him.

by one estimate, $90 million you found has gone to his firm from various national committees? that is going: back to 2007. -- youm which shows up do not get the name of the actual lawyer -- the firm shows up in sec records. the firm handles barack obama's campaigns.12 they represented the democratic national committee, super pac's. they do a lot of work for democratic political committees. carol: and tell us what bill nelson was doing in florida. bill: he got involved in the recount fight. he tweeted he was going to go down to florida and look at this close result. he filed a number of suits down

there, trying to overturn how local officials were interpreting election law. in other cases, it was the laws itself. he had one major victory, which was how they evaluate whether or not an absentee ballot and a provisional ballot is accurately cast and should be counted, in terms of matching signatures between what the voter registration looks like compared to what is on the ballot. that will probably result in a change in florida election law. carol: you write this may have boosted his chances in 2020. everyone is looking ahead to the presidential election in a couple of years. bill: after 2016, democrats put a lot of emphasis on things like redistricting fights and challenging election laws. elias has been involved in a number of those suits. the idea is to get more democrats to the polls and get more votes counted.

atwas interesting to look his opposite numbers on the gop side, because they have respect for him. they feel like he is a very good practitioner. for democrats they feel like , this is the new walking around money. how do you boost turnout on election day? they are putting all their emphasis on things like absentee ballots and early voting and access to the polls, so we kind of have this battle between the two parties how do we count the , votes? on the democratic side, mark elias is front and center among the lawyers who are battling this. jason: coming up, inside tesla's forgotten gigafactory. carol: unsheltered in the land of plenty. how thousands are living in the streets of america's richest cities. jason: this is "bloomberg businessweek." ♪

♪ jason: welcome back to "bloomberg businessweek." i am jason kelly. carol: i am carol massar. ahead, facebook's profit margin is shrinking. the social network is spending on security as promised, but way more and everything else. jason: as we kick off the travel season why not travel smart with , hacks from a to z. carol: first, we need to talk about tesla's forgotten

giga factory to in buffalo, new york. jason: elon musk took $750 million in subsidies to the rust belt. years of delays later, critics say he has not done enough. he hasn't even shown up to the factory. porter: one of the biggest trends in the tech industry is deals,of mega subsidy not just with amazon but also with foxconn in wisconsin, there -- governor scott walker agreed to this deal of $3 billion in incentives in incentives to get foxconn to come to the state. the big thing is whether these live up to their potential. people talk about job creation, that is the big metric. the big thing that is missing in all these arguments is whether or not this creates an economic ripple effect. carol: it is not just about jobs

, it is about second and third levels and businesses to support the manufacturing. you were there. you visited. i assume the factory on the tesla side was not buzzing with activity. are you did not get to see it? austin: we did see it. it is one production line. it is not fully automated. there was maybe a couple dozen people on the line. they sayss to tesla, they employ 380 people at the factory. from what our sources tell us, it has been mostly empty. this is roughly 10 times the size of the walmart supercenter. this should fit way more than one production line. there is a lot of empty areas. carol: what do politicians say about this factory in buffalo and the promises made?

austin: i have made multiple trips to buffalo for the story. there has been an evolution in what they think of tesla and also what they think of elon musk. they were so excited for this guy who was famous in california , and brings a lot of innovation to new industries, and yet he has still to this day never visited buffalo. for the state to give $750 million to him and for him not to go to that factory, that is something that everyone in buffalo seems to know. withare quite up to date the factory. at what point are they going to start living up to their promises? they have heard since 2014 this thing would be ramping up. year after year they have said, it will be next year, next year. a lot of this is to be determined. carol: what does tesla say? austin: tesla says they are making progress. this is a complex product to

make the solar roof and they are , trying to grow the business sustainably and they are conscious about how they grow their factory so they don't enter what elon has described before as production hell. they got really distracted with car manufacturing. they don't want to enter that same type of attention on the factory. they don't want to run into the thing types of issues with manufacturing so they are intentionally trying to ramp this up. jason: local governments lure big tech companies with tax breaks and incentives. but is the economic payoff worth it? carol: that is a question we are all thinking of. there are unintended consequences as well, like skyrocketing rents and lower wage growth. our reporter in seattle explains why economic circumstances are making homelessness worse in america's richest cities. >> a lot of homelessness in the u.s. right now is being caused by economic circumstances. a lot of the times when we talk

about this issue, we hear things like drug abuse. we talk about mental illness. there is this other dimension that really seems to be driving the crisis, especially in west coast cities like los angeles and seattle. carol: how do we make sense of a lot of wealth being created and the economy continuing to grow, and yet, the number of homelessness, we have seen growing around the country. we're talking about people who are working multiple jobs, but still cannot afford a home. noah: which we think is driving the crisis is this toxic combo of low-wage growth and skyrocketing rent. even places up and down the west coast where job growth has been so strong, housing prices have gone through the roof. you have this wider housing affordability crisis.

taken to its extreme, it is a continuum. when you have a widespread housing affordability crisis, inevitably, some people that will impact in a way that they can no longer stay in housing. the question after that becomes, how do nonprofits and the public sector in general respond? i found so interesting from doing the reporting in this story is how wide those reactions have varied. we do have cities in the u.s. that has made measurable and quite large progress on their homelessness challenges. houston has been a great example. since the homeless population in 2011, houston has been cut in half. it went up a little bit last year during the annual census, but they also had hurricane harvey. carol: when amazon was on its

quest for location for hq to, they wanted to avoid some of the same mistakes it made when it developed in seattle. what are these companies doing google or amazon or apple to help the situation , is the problem of homelessness? noah: here in seattle, earlier this year they fought a modest tax on employers that would have raised $50 million a year for homeless services. a couple months later, jeff bezos, the ceo, turned around and said he was going to make this $2 billion philanthropic pledge for homeless services. amazon is also giving to a local nonprofit that helps with homelessness. i think the broader point is that these companies are waking up somewhat belatedly to their impact on their communities and in a place like seattle, amazon

had political capital here they seemed to not use over the past many years they could have marshaled, for instance to push , through zoning changes that would have allowed for more housing and the kind of density that would have helped our affordable housing crisis and as an effect, probably with our jason: facebook's profit margin is shrinking but not for the reason you may think. carol: and women's entrepreneurship day. jason: this is "bloomberg businessweek." ♪

♪ jason: welcome back to "bloomberg businessweek." i am jason kelly. jason: i am carol massar. join us on the radio every day from 2:00 p.m. to 5:00 p.m. wall street time. you can also catch up on our daily show. just listen to our podcast at itunes and bloomberg.com. online.ou can find us

we are everywhere. mark zuckerberg has repeatedly told investors and congress facebook will spend so much to safeguard its network against foreign propaganda that it will seriously hurt the bottom line and. carol: we have heard that. shira ovide explains that facebook's profit margin is shrinking, but not for the reason you think. shira: a lot of technical hires. they have vr products. they have this video calling hardware they will advertise during the holiday season. they are building data centers to support their business there. they are spending money on programming to build out these web video portals they have started. facebook is spending more on everything. it is not just the billions of dollars they are spending on safety and privacy initiatives. carol: you talk about the cost

of revenue. what exactly is that? shira: it is the biggest bucket that has gone up this year. facebook's overall spending is up by $7 billion. $4 billion is a net cost of the revenue bucket, which has nothing to do with preventing russian style propaganda or weeding out hate speech. it is things like the cost to build computer data centers and buy equipment. carol: capital expenditures? shira: the cost of capital expenditures things like , developing new advertising products and vr headsets it is not this kind of social goods spending facebook would like us to talk about. carol: it is important to break it down. we like to dig through a financial spreadsheet and rate through the press releases really get away from , those big bank numbers and understand what the company is spending on. especially in this era, where facebook is under a lot of

scrutiny for kind of bad practices. shira: yes it is true. ,my issue is that facebook likes to talk about the spending initiatives they are doing to again, protect elections to , prevent hate speech and other kinds of abuses. they at least two audiences like congress and the press and the public, they do not talk about this other stuff, this boring cost of hiring technical talent and boring stuff like that. they talk about this with investors, but not of the audience that is on facebook every day for preventing these kinds of abuses. carol: there is a little bit of a faith play. we have had very prominent executives at facebook over the last year -- sheryl sandberg and mark zuckerberg coming out this., we got

we are going to spend money and fix it. but as you say, when you break it down, they are spending money, but not as much as everybody thinks. shira: the thing that has gone wrong at facebook is the business itself. this no longer looks like a fortress business model. facebook has acknowledged they are in this weird time where revenue growth is slowing and some of their promising businesses have not yet filled their potential. facebook messenger, things like stories which are these video

just about these kinds of social and political issues, it is now also on business issues. that is a real change for facebook a company that looks , like this inevitable winner and fortress company from the future. carol: we have this big story from the new york times questioning where they are focusing on and not reporting these important matters. how does this add another layer of problems? shira: that is an interesting development, that it seemed for a long time that facebook's leadership team was one of the best in technology. in the last few months, there have been questions about their --lity to lead and whether the new york times pointed out -- they have been more interested in obfuscating the truth and protecting the company than doing the right thing. there has been this leadership failure from the very beginning. it is at facebook the leadership , failures were not as obvious until all of these problems started to come to a head. jason: another issue facing management in silicon valley and around the world is gender inequality. isol: trying to change that a women's organization. as to empower women across the globe. this is through events around the world, including an annual summit in new york and the

united nations. here is wendy diamond, the ceo and founder. wendy all the people that are : part of our movement are really looking at this as a ground up approach and helping to alleviate poverty. if we empower women in business, what are they doing? they are dedicating their money to educate and provide for their families. when women are educated and they are in business and earn money, they have self-confidence and dignity. humano not allow indignity. when you look at the world today as a capitalist society, we need a hand up, not a handout. carol: do you see a difference? wendy 100%. : we just funded financial education in foreign countries. saudi arabia created a program this past year and educated and supported 60,000

women with an entrepreneurship program and funded 50 of them. carol: great stuff. i talked with someone who talked about the importance of entrepreneurship being taught in schools so that all kids are , taught they can be entrepreneurs from an early age. it is a different way of thinking but they have to do it. wendy: it is a new mindset. no one is working at factories for 30 years anymore. you need to be proactive and be able to contribute to what ever are doing in this world and be open to whatever. carol: what is the importance of functions like yours, especially in an environment where we are still seeking parity for women and men for equality in the work place, that we are still seeing the ceo dominated by men and not women? and the financial community women are still having a tough , time getting to higher

positions. : if everyone understood why it is so important to empower with men -- empower women in business, when women are on the boards of businesses they are 30% more profitable. we think about the world today, more people are going to realize and start talking about the importance and the success of why it is great to empower women in business and give women c-s uite positions and so forth. jason: coming up, travel hacks. celebrities, industry insiders, and million-milers share their checks to ease your trips. carol: the future of art is decorative. jason: this is "bloomberg businessweek." ♪

♪ carol: welcome back to "bloomberg businessweek."

i am carol massar. jason: i am jason kelly. you can also listen to us on the radio on a sirius xm, in new york, boston, washington, d.c. carol: in the bay area and in london and on the bloomberg business app. jason: auction houses are facing the fact that masterpieces are limited in quantity. furniture, not so much. end table,table -- anyone? our editor was warmed by the future. chris: we were going to be doing a story about the pursuit of all of the interesting things that came out of auction week in new york. carol: they were great, right? chris: there were not that many surprises. not a lot of weird, record breakers. everything you expected happened.

that is not interesting. this is a problem auction houses are facing. there is a finite number of masterpieces. sometimes someone will die and they will come to the market, but we are not making more of them at a huge clip. how do auction houses hope to grow and find other revenue streams? one of them is decorative arts. it is a broad term. when you say it, it's sort of implies less nice art. it can be furniture, it can be prints. it can be drawn is by artists. it can be anything from a meteor n that someone found on a ship that is 1000 years old. these alternate revenue streams are becoming increasingly important. carol: talk about the different auction houses that are getting involved. it is some of the traditional mainstays of the art world.

chris: now they bought that in-house and they have online salespeople. sotheby's acquired a company that sells home goods, so they have 70's home where you can go online and shop home stuff. this is something they never would have done before. carol: is there demand? chris: yes. people are really buying it. everyone has a house. you know in college when he used to put up a poster on the wall auction houses are looking at , that wall space and saying, why can't we own that? not have to sell them a $2 million thing, we can send them that sell them a $200 thing. that space is an opportunity. now people have more money out of the economy. jason: millions are getting ready for their planes, trains,

and automobiles this holiday season. carol: travel hacks, we have just what you need. >> travel hacks a-z is a really fun concept. we have a podcast which just launched last week. we are bringing on a particular guest of people from different disciplines, from people who travel in their job, more than i do. they are coming to share all of their favorite hacks and secrets and their best travel stories. carol: you did an alphabetical list. let's talk about this, and tell me some of your favorites. >> one of my favorite tips -- and i do not have kids -- samantha brown, the previous host on travel channel, she told me when she is traveling with her children that are twins she

, splits up with her husband at the gate. she will take all the luggage onto the plane first. she will let her kids play and run around and tire themselves out before they get on the plane. they skip the stressful part of being stuck in the narrow aisle. by the time they actually board they go straight to their seats , and they fall asleep. carol: you are fashionable and you say you can use a fanny pack? >> i love this trick. this comes from brooklyn decker who is a pretty chic lady. if you know you are flying one of those carriers or you are an over packer, this is her hack for bringing a third bag on the plane. item,ve your personal your carry-on, and your fanny pack. and there are some pretty chic

fanny packs now. i have seen some from designers. carol: tell me another one you like. -- the g google map your , way to goodies? what do you mean? >> i am a big google user. it comes from food writer matt gross who taught me something i did not know about google maps. you can use filters when you search the nearby area to screen for things like, i do not want franchise or chain restaurants. i don't want anything less than four stars. i do not want to see sushi because i am in montana. whatever filter you want to apply can help you hone in on exactly the right restaurant. carol: "bloomberg businessweek" is available on newsstands right now. jason: and online and our mobile app. what is your must-read? carol: the story about the giga factory two. who knew elon musk had another

facility in buffalo? they got some tax breaks and incentives to build a facility. elon musk has never been there. jason: luckily for us, austin carr takes us inside. it is a very different look and feel from what is happening out west. a story that everyone should check out, your must-read. jason: i love the profile of mark elias. he is one of the most powerful forces in the democratic party. he even earned a tweet from the president. carol: probably shaping or helping to shape what we see in 2020. you can find more stories at businessweek.com over the weekend. daily check out our podcast that is available on bloomberg.com and itunes. we talk with the president and ceo of the 9/11 the memorial and museum. along with the chairman at first data. we were live at the 9/11 summit on security. carol: we also caught up with the chief security officer at bridgewater associates.

the deputy commissioner of counterterrorism in new york city we talked all things , security. jason: more bloomberg television starts right now. ♪ [ phone rings ] what?!

ready for christmas? no, it's way too early to be annoyed by christmas. you just need some holiday spirit! that's it! this feud just went mobile. with xfinity xfi you get the best wifi experience at home. and with xfinity mobile, you get the best wireless coverage for your phone. ...you're about to find out! you don't even know where i live... hello! see the grinch in theaters by saying "get grinch tickets" into your xfinity x1 voice remote. a guy just dropped this off. he-he-he-he. david: when you were a young

boy, did you say, i wanted to be chairman of the federal reserve board? alan: [laughter] david: you were called by many the maestro for being such a great maestro the economy? alan: i always got too much of the credit. david: you made your key decisions in the bathtub in the morning? alan: i was writing speeches in the bathtub. david: were you surprised at the criticism? alan: nobody forecast the 2008 crisis. david: do you see any movement to solve the deficit and debt problem? alan: i see a lot of talk. >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright.