mark: how about treasury? >> bob rubin would be the last person.e was one of the architects of the deregulation of wall street that is what wall street is about. not lloyd bentsen either. not a verya very nice man, but not my secretary. i think we will get people who represent the working families. mark: we flew in together, and i took a picture of you loading your own back in the gate check. >> waiting for you to help me. [applause] live on bbg television and streaming on your phone, tablet, and at bloomberg.com, now on apple tv and amazon fire tv. -- [laughter] mark: do you have time to do all that stuff and run for president? >> i tried to live a normal life. i tried to get home whenever i can, to see my kids and my grand children and my wife. it is a pretty crazy world, but i try to make it normal. mark: you could make some campaign money and say go figure my dry cleaning. with that make more sense? >> that is one of the major issues. mark: we like people to get to know you. >> picking up my dry cleaning is one of the important issues? i am mor

mark: how about treasury? senator sanders: bob rubin would be the last person.e was one of the architects of the deregulation of wall street . that is what wall street is about. not lloyd bentsen either. a very nice man, but not my secretary of the treasury. these guys come from the moneyed interests. i think we will get people who represent the working families. mark: we flew in together, and i took a picture of you loading your own bag in the gate check. mark: i was waiting for you to help me -- senator sanders: i was waiting for you to help me. mark: you are doing the normal stuff people do. do you have time to do that and run for president? senator sanders: i tried to live a normal life. try to get home. it is a crazy world running for president, but i do try. mark: you could take some campaign money and say to a young person, pick up my dry cleaning. senator sanders: the american people -- mark: we want people to get to know you. senator sanders: i realized picking up my dry cleaning is an important issue, but i'd rather talk about levels of inqcome inequal

joe: let's talk about the treasury etf. cited about this chart because it has a fun diagonal line. what's going on here? guest: what is the most powerful moves in the history of the bond market. said wall street economist rates are going up in 2015, sell bonds. quite the opposite happened. we had one of the worst years in interest rates and we have been trading this market for over 200 years. one of the most powerful sentiment unwinds. he is smiling because he loves it is much as i do. we hit a new all-time high at the beginning of this year. i think this key level here, the support level you mention, that is the 61.8% of not she retracement of that entire 2014 move, 100 $15. that helps. the market recognizes these levels. the problem i see is the downtrend from the all-time high. i would be fading there tactically and going forward what we want to see is if tlt can take out that level, start 125, that would signal to us that the market thinks interest rates are going to get slammed. alix: we have to end on apple here becaus

joe: let's talk about the treasury etf. what is going on here?s is one of the most powerful moves coming into the bond market. every economist said interest rates were going up. quite the opposite happened. we had one of the worst years in interest rates and we have in trading this for years. one of the most powerful sentiment unwinds we have seen in your. we had a monster move and hit an all-time high at getting of this year. ,he support level you mentioned that is the retracement of that entire 2014 move. the market recognizes these levels. the problem is the down trend in the all-time high. i would fade it there tactically and go forward, what we want to 124, 125,rt trading that would signal the market thinks interest rates are going to get slammed. to hit on apple because they have been hitting a resistance level. talk about the numbers. this is a split adjusted chart. the low in that correction was the extension of that, it takes us to 100 $30 and that is where the market started going up and february. i felt it has been dead money ever sinc

as if it affects the treasury market that volker has something to do with it. >> i'm talking about treasuries. >> i think you asked the right question, is it something in the leverage rules. >> it used to be no matter how many treasuries you had you didn't have to have capital against them. now you kind of do. so that in my mind, if i was running an institution that would make me have less of them. >> right. i think that it is very important for us to maintain the deep and liquid treasure markets. it is something that is part of what makes our dollar the world's reserve currency. it's part of our economic back bone. i don't see a weakness in the treasury market right now but i can assure you a day doesn't go by that i don't ask questions about it. >> xm bank, i've talked about ideas where institutions like xm are required to sell off some of their portfolio on a regular basis so there's better transparency as to how their assets are priced. do you support approaches like that? >> i'm not familiar with that. i'd be happy to look at it. i think the xm bank does important work for leveling the p

we'll have to think hard about what we do about that. treasury is developing a my ira account that may be an example in this area. illinois just did something legislatively. it's something we need to think about. otherwise, people are going to be possibly falling behind in income disparity but also very much falling behind in wealth and retirement disparity. >> thank you. >> we'll work with that. yeah. >> thank you. senator? >> thank you, mr. chairman. mr. cordray, thanks for being here. in our office, we talked a little about q.m. and i know we were all working on this issue way back when. the bad old days when so much was happening. we were concerned about sharing where everybody's focus was, trying to figure out a way to get that right. one of the things we've looked at in legislation is dealing with qualified mortgages. and there seems to be this focus to only deal with it at community banks. only smaller institutions. i guess if you look at a qualified mortgage that's held on portfolio that means the institution's keeping 100% of the risk, a

we think about it is, what is the abundance of available transactions that could occur in that moment of time. and just to give folks a frame of reference. you know precrisis, the u.s. treasury market you are typically able to trade a clock of $500 million without having a material impact to the price. the long term average is about 190 million, year to date in 2015, that number is now at $120 million. the real question is, what are the expectations that the marketplace has of liquidity in the u.s. treasury market. that's really what the fundamental issue is here, when we think about treasuries, do we expect to move the market at 120 million either side transaction? probably not that's why many are having conversations around this, because, you know, i will tell you it makes the discussion even more complicated than it has been so far, is that in fact liquidity is in the eye of the beholder right? with regard to certain asset classes and certain investors who are likely to buy long term holder holders, they don't expect deep market depth they manage their positions accordingly and in fact they value earning the liquidity premium that they are paid by the marketplace by holdi

we think about it is, what is the abundance of available transactions that could occur in that moment of time. and just to give folks a frame of reference. you know, precrisis, the u.s. treasury market, for example, back to that definition, you are typically able to trade a block of $500 million without having a material impact to the price. the long term average is about 190 million, year to date in 2015, that number is now at $120 million. the real question is, what are the expectations that the marketplace has of liquidity in the u.s. treasury market. that's really what the fundamental issue is here, when we think about treasuries, do we expect to move the market at 120 million either side transaction? probably not, that's why many are having conversations around this, because, you know, i will tell you, it makes the discussion even more complicated than it has been so far, is that in fact liquidity is in the eye of the beholder, right? with regard to certain asset classes and certain investors who are likely to buy long term holders, they don't expect deep market depth, they manage their positions accordingly, and in fact they value earning the liquidity premium that they

the big high-yield bond etf -- i would not worry about treasuries all that much.08. they traded at an 8% discount. things got ugly. you cannot trade the underlying bonds either. it is just a bad day. you will eventually find a buyer , the discount will come back up and they are like rubber bands, they snap back to the nab value and keep trucking. they have been around for over 10 years now. it is never pretty on a bad day but no one loses their money. the bonds are custodians. there is a safety and trading them. when everyone wants to sell everything it is not easy to sell the etf for the bonds. stephanie: when everyone wants to sell everything the street is no longer there to cushion the blow even if they want. that falling knife has gotten sharper in the last five years. matt: thank you very much, eric. our bloomberg etf editor. julie is ok. just so you know. she has recovered. she talks a lot, 12 hours a day. stephanie: like a rotten apple or a bad year of corn, the entire commodities complex has been soft come at best. just because one commodity is challenged

>> reporter: we're going to talk about that treasury information eamonn javers brought us. what real data dependency means as we get ready for a couple days of testimony by the head of the fed after the break. [ radio chatter ] ♪ [ male announcer ] andrew. rita. sandy. ♪ meet chris jackie joe. minor damage, or major disaster, when you need us most, we're there. state farm. we're a force of nature, too. ♪ we're a force of nature, too. or building the best houses in town. or becoming the next highly-unlikely dotcom superstar. and us, we'll be right there with you, helping with the questions you need answered to get your brand new business started. we're legalzoom and we've already partnered with over a million new business owners to do just that. check us out today to see how you can become one of them. legalzoom. legal help is here. i built my business with passion. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from s

about it. >> the vice chairman said they are watching with the economy does and what the markets and by that he means treasurying in response to what they're saying and doing. i wonder if as time as passed and the argument grows that they're behind the curbve they become less concerned about the reaction to the first move to the initial point you were making. >> it's a good question. we published a study last september that looked at past fed cycles. it really has a lot to do with underlying economic conditions at the time the fed takes action. i think we're in a potentially positive scenario where because inflation isn't that strong. and we've seen it at the long end of the rates. >> what about the treasury market? i guess you have to take a view there or they have to as to whether they could incite an overreaction. is the risk of that diminishing over time? >> the potential for a negative surprise in the treasury markets, i think has diminished. this has been very well communicated. i don't think there's a lot of participants that are off sides and i think we've had continuous calibration calibration. i thi

the biggest banks, the primary dealers that do is this with the fed reduced their holdings of treasury's by aboutlion in a week ending july 1. they pulled their treasury down -- holdings down below it. this exacerbates the move in treasuries. alix: thank you. up, we start the countdown. greek proposal happening in a matter of hours. stay tuned for full coverage. ♪ alix: we are moments away from the closing bell. am joe weisenthal. ♪ alix: u.s. stocks rallying along with european markets as great contagion subsides. joe: the question is, "what'd you miss?" a wild week, chinese stocks posted the biggest today gains since 2008. joe: the world is swimming in oil. parses -- prices may fall further. alix: it has been an intense and crazy week. the stock market was all over the place. hold that level, rose above it. we have seen the best day gain in two months for the s&p but the nasdaq is looking at a weekly loss on the week. we're looking at

speak if you can about what you think in terms of the u.s. treasuriesre working there in the futures on the treasuries market. >> as far as the futures pits being closed, the revenue impact cost us about $50 million a year to operate the trading floors. with the futures pits going down did bare minimum trade we think it was important that we consolidate the volume on to one particular execution. now that the trading floors are doing so on the options, it is different. we still generating a tremendous about of revenue from the options trading on the floor. as it relates to the bond market, are you looking for the activity in general? pimm: contract volumes and what that tells you about the people and what they are betting on right now. >> when we look at the fed fund rates they are basically down to zero. no one is looking for any giant earnings increases come september. when you look at the altar bond, we are seeing a big uptake and the trading over there. and some of our other interest rates products. people are positioning themselves because they beli

about. yield isar treasury below 30%, that is all part and parcel of this concern and that is why the bloombergommodity index is so important. scarlet: we have so much more coming ahead because alix steel is your anchor, but we want to look at some of the other stories crossing the bloomberg terminal at the top our. -- at the top of the hour. that hillary clinton says raise onuld be a capital gains which would add complexity to the tax system. she also praised the dodd frank financial reform legislation. hillary clinton: calls for new regulations regarding disclosure of executive compensation is required, and many roles as yet have to be put in place. that includes a requirement to publish the ratio between ceo pay and the paychecks of everyday employees. there is no excuse for taking five years to get this done. plan ofe capital gains mrs. clinton is the third major tax proposal of the campaign along with tax credits for apprenticeships and a profit-sharing with employees. scarlet: meanwhile, mrs. clinton was critical of a news report saying it that the justice department had opened up an inve

obviously, when you're talking about somalia, al shabaab has a presence there and it's had a very harmful influence on the people of somalia. >> reporter: as a result, treasuryhas imposed stricter controls on money transfers to somalia, where there's a weak central bank and limited financial oversight. >> any time you're talking about funds transfer mechanisms-- whether it's wires, whether it's the baking system-- any funds transfer can be exploited by bad actors, including terrorist groups. and obviously, when you're talking about somalia, al shabaab has a presence there. >> reporter: but, according to ryan allen, an associate professor at the university of minnesota's humphrey school of public affairs, treasury's strict anti-money laundering rules are having the inadvertent effect of pressuring banks that normally help facilitate remittances to somalia. >> because of the expectations on the due diligence, the banks run a risk. if the money should fall into the wrong hands, despite their best efforts even, they can face some really significant penalties, you know, in the millions of dollars kinds of penalties. >> reporter: with that in mind, these intermedi

we talked about that and you have experience in the treasury department. what about that angle to all of this. >> jenna, this is a largest wind fall for terrorist organizations in modern history. we are talking about a 50 billion cash advance and another 110 billion after that. and you know we continue to hear from the administration that the pullk. money is invested in schools and hospitals as if iran hasn't been a sponsor of terrorism since the 1970s. and there is a lot of a concern here. and you are talking about hesbollah and palestinian and islamic jihad. njim let's say the deal is successful and there is a great deal and the public and administration is happy. and iran doesn't get a nuclear weapon and they get release to the arm's embargo. and it doesn't change the state of current affairs and then what? >> if you don't like iran endpajing in terrorism, you don't want them to have nuclear weapons. that is obviously a worse out come and so the core objective is preventing iran from acquiring the nuclear weapons. >> what about that. what leverage does i

about. iran and the u.s. aren't in isolation. we heard jack lew tell the house panel that rouhani's future in iran may depend on being able to pull off this deal in a successful way. the treasury secretary talking about how sanctions have been successful in bringing iran to the negotiating table, and pointing out that rouhani as a reformed leader needs to put his money where his mouth is and show he is following through on this. so we're hearing from top officials that they believe iran does have incentive to commit to its end of the bargain, and you hear secretary carter and others promising that if iran reneges on its deal that the u.s. will know and will be able to act on it stephanie. >> that's a great point libby. i want to bring in our guest on that. if this deal were to be scuttled by congress; that this would basically empower the hard liners in iran. would it be the end of the rouhani administration in some ways? >> the rouhani administration will definitely be very weak. this was one of the main promises like you mentioned when he was elected that he will resolve this nuclear case and open up to the world, which is what the administration is desperately trying to do.

about 1.4%. you to treasuries and the 10 year prices are rising right now. napping a two-day losing streak here. it is down up to about 2.38% right now. slower than expected, which show the economy is not as strong as many were hoping. -- it had been down by nearly 1%. gold futures right now are trading at 1163, down by .5% there. is up, rising 1.5%. a few moments ago, it was up off of the jobs growth. more people need to use fuel to get to work. it is now trading because you have got to get fuel to get that there. olivia: bigger market moves and we have seen in the u.s. in asia. the hang seng kicked up slightly but another session for the shanghai deposit saw the index close below a key level. this report was filed from hong kong. >> 26% now. we are below this level. -- we are caught in a vicious cycle. the selling pressure, unmet march -- unmet calls. it feeds into more panic when they see it happening. the short-term, generally agreed. despitel continue efforts from regulators to smooth in the unwinding of margin debt going on. olivia: here are some of the

the euro is trading at about 10. treasuries at 2.30%. it is far from armageddon. there are a lot of unanswered questions. greek banks may not open tomorrow. there is a slim possibility they will. but people are looking at this and saying it does not look that. it is bad for greece -- erik: but does not -- matt: but it is not look bad for everyone else. stephanie: who was on the other side of the table? >> schaeuble. >> he wanted a temporary exit and maybe bring them back in. i do not know how feasible that is. varoufakis resigning opens a little room but the other side of the table is so offended by the way this has happened, it will be difficult negotiations. stephanie: are you surprised it is not more than armageddon scenario? . people were changing their plans yesterday, saying i have to get back to work tomorrow. >> i am surprised and relieved. having armageddon out there would be tough. it reduces the latitude for greeks. this can happen and no one is bombing out italy and spain then europeans will think we can let the greeks go. matt: we appreciate you getti

treasury secretary? musicala broadway producer with us. great to see you. waslast time we talked about musical. "the last ship." it closed down unfortunately. this is getting a lot of buzz, why? >> because it's really good. the buzz is warranted. it is an amazing show that really it tells the story that none of us knew was there to be told. the guy who wrote it and stars in it says he picked up a biography of alexander hamilton and he wondered why nobody has told the story. betty: and in a hip-hop way. >> he was an immigrant and he felt as a second-generation american, lynn has tapped into a whole world of music from hip-hop to sell such a broadway -- to salsa and broadway. he understands stephen sondheim and rodgers and hammerstein. betty: we talked about the issue of the older audience. how do you sell this to younger audience question mar? >> that's the most important question to any producer. how do you sell it to the people who want to buy it? the notion of it in hip-hop has to be carefully dealt with. hip-hop is probably a limited market. what i think wins the day here is there i

zarate, i've enjoyed reading "treasury's war," i haven't finished it but i recommend all read the book he's written about how treasury has been important to our negotiations. i agree with the comment senator menendez made about the iaea and the needing to dig more into their situation, whether it be you know, agreements they may have with iran as they do with other members or to get comfort level with how they inspect. i don't want to leave this room with an unstated -- what i think would be an inaccurate impression that we don't trust the iaea or they don't know what they're doing. if i can, just, to remind everybody of a painful history in march of 2003, the iaea issued an opinion that they said to date, the iaea has found no evidence or plausible indication of the revival of a nuclear weapons program in iraq. that was in march of 2003. the administration at that time immediately jumped out, trashed the iaea, said they were wrong. and said that the united states needed to initiate a war that has proven highly costly in american lives, in treasure, and in instability in the region because the administra

treasury uses when talking about effective ways to deal with governments that they don't li like. they have been very effective. tell us about this. the banking sanctions mean, if it's medicines or spare parts or automobiles, money to purchase these things to sell in iran cannot be transferred to other businesses. >> you know one of the sanctions that we got two years ago almost, was we could not use the swiss system. >> the international banking transfer system. >> transfer system. so no matter what we wanted to buy we couldn't. because we couldn't transfer the money. and in reality, the iranian banks were cut off from the international banking system. and that makes the situation quite serious. so what iran is saying is that, lift the sanctions and okay, we're going to forget about the nuclear program but lift the sanctions. the problem that we have is that we have some people in the u.s, within the u.s. congress, we have leaders of the republican party, and others, the israeli lobby, that would want iran's nuclear program closed down more or less, they don't have a problem with

zarate, i've enjoyed reading "treasury's war," i haven't finished it but i recommend all read the book he's has n about how treasury been important to our negotiations. r. kaine: i agree with the comment senator menendez made about the iaea and the needing to dig more into their situation, whether it be, you know, agreements they may have with iran as they do with other members or to get comfort level with thaw howe they inspect. i don't want to leave this room with an unstated -- what i think would be an inaccurate impression that we don't trust the iaea or they don't know what they're doing. if i can, just, to remind everybody of a painful history new york march of 2003, the iaea issued an opinion that they said to date, the iaea has found no evidence or plausible indication of the revival of a nuclear weapons program in iraq. that was in march of 2003. the administration at that time immediately jumped out, trashed the iaea, said they were wrong. and said that the united states needed to initiate a war that has proven highly costly in american lives, in treasure, and in instability in the region bec

to change the structures of europe -- he talked about a common european treasury.f you want to do that, you need to get all the countries together and write a completely new treaty and have them all sign it. like having 50 u.s. treasuries rather than a treasury in washington, d.c. brendan: you are right. but there is no way this is going to happen. everybody agrees the structure is unwieldy. they do not really have a constitution. it is hard to understand even if you are really into it. even they do not completely understand how it works. but it is going to be hard to fix. the ideas he had, which seem to make sense, are going to be hard to pull off. pimm: they are fixing the plane while they are flying the plane. well done. i will see you later this afternoon. we have much more ahead on the bloomberg market day. ♪ mom has always been one of those people who needs to keep busy. if she's not working in her garden, she's probably on one of her long walks with bailey. she was recently diagnosed with a heart condition. i know she's okay, but it concerned me she's alone

martin dempsey will be on capitol hill tomorrow morning to talk about u.s. treasury against isys. they will testify before the senate armed services committee at 9:30 am eastern. this after pres. obama said today that he plans to give more support to the effort but has no immediate plans to send more us troops into iraq. the obama administration is taking steps to better protect the tens of thousands of unaccompanied immigrant children who cross the border each year. year. reportedly hhs is increasing the number of doctors available to treat unaccompanied minors. the senate homeland security committee is holding a hearing on the immigrating children and live coverage here on c-span2 at 10:00 a.m. eastern. >> on the next washington journal, a discussion on the hurdles that are keeping fourth party presidential candidates from running competitive campaigns. our guest, a a visiting fellow at the american enterprise institute. and the changes to overtime pay and asked by the white house last week affecting employees and hiring. elizabeth polito with the national federation of independ

and we're going to have to think harder about what we do about that. treasury is developing a myra account. it's something we need to think about. because otherwise, people are going to be falling behind in income disparity, but also falling behind in income and wealth disparity. >> in our office, we talked a little bit about qm. and i know we were all working on this issue way back when. in the bad old days when so much was happening. we were all concerned about a 5% risk sharing if you remember. that's where everybody's focus was and trying to figure out a way to get that right. one of the things that we've looked at in legislation is dealing with qualified mortgages. and there seems to be this focus to only deal with it at community banks, only smaller institutions, and i guess, if you look at a qualified mortgage that's held on portfolio, that means the institution's keeping 100% of the risk. and i guess i've wondered why we've tried to differentiate, if you will, between smaller institutions, holding qualified mortgages but larger institutions being unable

and when you talk about electronic trading in the treasury market, you know i suppose the high frequency traders can take place. we don't trade in the treasury market. when you get off into the corporate world, there's a number of global issues that could be traded in that fashion but the majority of the those in the fixed income world are so limited in scope to their size that you can't have a high volume of transactions. if you're on a particular platform and there's a million bonds being offered at a particular price and you lift a million bonds, that's what you get. you can't go out and do $100 million worth of that bond because there's only a million bonds there. so i think the adoption of electronic trading over the last number of years has been tremendous. i think it lends itself well to the treasury market and global issues. but when you start to get off the majority of the fixed income market, it works but the fear of high frequently trading on that type of security which is the majority of the market just doesn't exist. >> >> just to add, we've been spending a lot of time talki

the report talked about eight joint treasury being a possibility within 10 years.e keys. a monetary union without a fiscal union is going to struggle. we have had this crisis and we will have more until these problems are solved. he is saying politicians, sort this out. the monetary union in particular is not delivering what it could if it were working properly. anna: thank you very paul gordon joining us from bank for committee 7:41 in london. let's get a view at the markets. ulster mccaig joins us here on set. good to see you this morning. it seems as if we are set for a lackluster start to trading. maybe a bit of a positive uptick but not much. i we kind of in limbo until we see the next leg of this story develop? ulster: we have seen the traders come in. there has been a stagnation on the back of uncertainty about what is going on with greece. some of the actions incorporated by the chinese government raise an eyebrow or two. the fear of jail time for short-sellers, not something we have seen replicated over here. brings into question how much of a free market

treasury. we've talked about 2 1/4 now. it was resistance. becomes support. look at where it basically closed today. a lot of things hurt inflection points right now. >> we're talking about usa, usa here. you just mentioned the tlt, u.s. treasuries. the dollar's doing fine here, right? and then you have this flight to quality in u.s. equities. so this is what's going to happen here when we see asian equities flying all over the place. we saw european equities close on the lows today. obviously they're going to hopefully catch a bounce tomorrow morning or overnight. but you're really going to have to see this stuff hold here because if you think back to the whole crisis playbook and i know that sounds like so long ago, we used to see these bounces off these levels and they really do have to hold. sometimes they can go for a couple days, but countertrend rallies in bear markets can be very violent but i'm not so certain it makes sense to chase them all the time. >> we chased a little actually. >> you did. >> one thing we did was we have our hedges on all the ti

and you're just considering what larry summers, the former treasury secretary, has been talking about for years. just theyed that we have zero interest rates right thousand. if you're going to be borrowing money. now is the time to do it. >> one of the suggestions is revenue neutral, is to bring back building america's bopds. those bonds were very successful in getting state local government to invest because the federal government paid 35% of the debt service. these are taxable bonds. so the federal government gets taxes from the bonds that are sold. that would free up tens of billions of dollars for the private sector to get in and invest in economic opportunities to rebuild our transportation infrastructure and even other parts of our infrastructure as well. and that's a revenue-neutral idea. so you don't need to be a rocket scientist to solve this problem. you need to have a type of courage that made this country great. >> ed, what i will point out, though, is i did a little digging around just trying to find out why high-speed rail works in places like japan and germany. one of t

treasury. we talk about improving the learning curve on this, and the education in terms of financial a great dealbringsf knowledge to the subject matter and clearly i would have self funding. we have self funding for although the regulators of commercial banks. investment banking, we don't. that is a mistake. you can starve these agencies. elizabeth is a good person. scarlet: former senator chris dodd this morning. isk: coming up, m.i.t. taking a gamble with a new online class in poker theory. that story is next. ♪ m.i.t. is rolling the dice on a new online course that teaches students how to be better poker players. the this applied very common knowledge of data is key to whether or not -- lose your shirt. i don't know if that is a poker phrase. you are looking at the numbers and the numbers don't lie. scarlet: mark is out, we will be back with more of the bloomberg market day. ♪ scarlet: welcome back to the bloomberg market day. let's get straight to our top stories. an african-american officer from arizona is now the new top cop in ferguson, missouri. on draper anderson -- andre anderson takes over

about $29 billion. looking at treasuries, they are dropping today.ond day in a row, the 10 year yield is up to more than 2.4%,little more than thanks to greece's prime minister singh he's ready to accept most conditions for that tsipras saying he's ready to accept most conditions. finally, we want to get to oil. it is trading down today, its lowest level since may 19 trading, $57.42 in changes. earlier data shows that crude stockpiles climbed 2.4 million barrels. analysts did project the climb. stephanie: thank you, ramy. let's look at the top stories. plansare big expansion for europe's biggest airports. the airport commission called for a third runway at heathrow in london. they say it would be better to expand heathrow than gatwick. the panel spent three years studying the issue. a drug scandal has prompted an executive to quit and toyota. the chief communications officer, toyota's first for an executive to move to japan, was arrested two weeks ago. police say a package addressed to her and labeled necklaces actually contained oxycontin. craft a s

he and the energy secretary and treasury secretary talked to legislators about the deal to make iran give up its nuclear weapons ambitions. however, some members of congress who came out in between the sessions said that they had real scepticism that the plan could work or they were hoping that the president and his team would make a stronger argument for trying to make this deal go through, not just through congress but on the international stage as well. >>> even as john kerry was holding those secret talks thousands of people were gathering in new york's times square for a stop iran rally. the crowd demanded that congress veto the deal. >> reporter: the crowd was large, the speakers were many and the message was clear. >> we are here as americans to speak with one voice to say stop iran now reject this deal and let's speak loud enough that they hear us in washington right now. >> reporter: the stop iran rally was billed as bipartisan, interfaith and grass roots. it consists of jewish and pro-israel deal. >> we must always make sure that the security of israel never depends on the

treasury. we talk about improving the learning curve on this and education in terms of financial matters. actually brings a great deal of knowledge to the subject matter. clearly, i would have preferred self funding at the fcc. we have self funding for the regulators and commercial banks, but when it comes to investment banking and so forth, we do not. i think that is a mistake because you can starve agencies. you have seen in the federal trade but i think elizabeth is a good person. brendan: obvious to come with execution of the law that bears her name, the biggest challenge is what they call the blob in bc -- the financial lobby. how do you work against the power of that that is constantly working to ship that legislation moving forward? are great question and you exactly right. i was involved in the health-care bill but the health care bill has financial insurance and pharmaceutical industries. they like affordable care act. i do not have anybody on the other side of frank -- besides frank on the financial sector who loves the bill. i think people are respecting it and doing things sho

. >>> treasury secretary jack lew spoke about the safeguards in place if iran does not comply. let's listen. >> if iran violates its commitments once we have suspended the sanctions, we will be able to promptly snap back both u.s. and under.n. sanctions. and the united states has the ability to effectively force the reimposition of those sanctions. >> you have been listening to this hearing with me. and a lot of the questions are technical about the sanctions, how this process of snap-back sanctions would work but as you are watching this hearing, is it really about the details? or are the political lines drawn? >> i think there are still some members and also a big portion of the public who are on the fence, and after this we can all make better decisions. but the negotiators had two years, and the u.s. congress has had four days. >> although the administration would say they have been briefing congress all along throughout the negotiations, which is a fact. >> exactly. but at the finaling a agreement, the last weeks that the -- very much of the details came along, congress ha

you're conside what larry summers, the former treasury secretary has been talking about for years. we have zero interest rates right now. now is the time to do this. >> of the suggestions -- it's revenue neutral. bring back building america's bonds. the very successful during stimulus in getting states and local government to invest, the federal paid 35% of the debt service. but these are taxable bonds. so the federal governmt gets taxes from the bonds that are sold. that would free up tens of billions of dollars for the private sector to get in and invest in economic opportunities to rebuild our transportation s of our infrastru as well. that's a revenue neutral idea. so you don't need to be a rocket scientist to solve this problem. you need to have the type of courage that made this country ed, i'll point out some digging trying to find out why high-speed rail works in places like japan and germany. ja has seven for-profit companies, the private sector is doing it there. how do we get more input from the private sector. >> europe gets a lot of private sector investment because th

about the debt. the debt has continued to grow under republicans. the treasury said the debt to be frozen, but that is an accounting gimmick. none of the politicians are talking about it. but later this year, we have to lift the debt ceiling, come to a spending deal, and it will. and the disability program is going to go bankrupt. they have to find out some way to bail that out. all of this stuff that will happen in this congress. you see republicans and democrats cooperating on growing the government and the debt to the long-term detriment of the country. guest: except for one president clinton left us with the surplus, people have been screaming about the debt and the sky has not fallen. president reagan said do not worry about it, it is big enough to take care of itself. he used humor to deflect the issue. right now, it is so cheap to borrow money. we have a decaying or. -- if the structure. we should repairing roads and bridges, building fast trains, using this moment to use all of almost free money out there to give our society the jumpstart it needs if we

but that's not clear at looking at the addendum to your report where it talks about the disruptions and a nominal treasury markets do not indicate notable deteriorations and you said there was not elsewhere problems in the liquidity of the market and you talk about that. i think there's a problem and other people think there's a problem, and we had hearings on this, and it was told to this committee there have been dramatic changes to the income market in recent years. is kitchen right that there is dramatic changes to it or is your staff and you right that there is not a problem in the deterioration in the marketplace? let's find out what is happening first of all. >> it's not clear what is happening in the markets -- >> what is causing the problem, though? >> the report that you mentioned was just released and looked at a 12-minute window -- >> overall he was saying there has been a deterioration and other panelists say there is a problem, and your staff is saying there isn't any? >> it's not clear whether there is or is not a problem. by some matrix liquidity looks adequate, and by creating volumes --

trading watching this sell-off i am wondering where the opportunity is, we don't -- >> talking about dollar treasurysn we had 3 point point reversal yesterday not forget that right 00 day modifying average this is he sell-off in china fibonacci pullback, 50% retrace meant people salivating don't be surprised at efforts to rally markets. >> i love that, 200-day moving monkey, you are saying my new case is global slowdown, central planning gone bad but held 200-day, i mean -- i mean good god! the reason why we are slicing through this right now people coming to the raisings that tail wagging dog is globally growth slump period. >> was that greece yesterday the fact we did not keep going. >> i think, you know what i think we hit point in greece the sense less important. >> yes. >> i really belief there was a point yesterday investors said you know what greece were, potato figure it out sit it out, stay in, i really -- listen obviously,how they react meeting on sunday, now instead of 19 it is 28, you can't figure it out with 19 bring everyone. >> manager -- >> it is ridiculous. >> charles thank you. >> t

about this. i don't know if i will vote to approve or disapprove of the iran deal. and she had some real questions for the treasury secretary, jack lew, about if the deal is jekted by congress does that really leave the u.s. out in the cold. the u.s. is very powerful. the u.s. is the banking center the dollar is the reserve currency doesn't that do something? and secretary lou said yes, it is a gray area. so she is looking for what happens if congress votes yes or no. some republicans seem to be trying to push the military leaders to admit that they don't like this iran deal. they are not going there, paul. we're hearing the joint chiefs of staff and the secretary saying they do support the deal. and urge a vote for it. >> we also heard about that rather pointed question about whether iran would be able to come up with a nuclear bomb by christmas. that was quite a moment. we're going to take a quick break and we'll be right back. >>> welcome back to al jazeera america. our live coverage of the senate armed services committee hearing on the iran nuclear deal started earlier this morning. we have been with it throug

about the debt. the debt has continued to grow under republicans. the treasurythe debt to be frozen, but that is an accounting gimmick. none of the politicians are talking about it. but later this year, we have to lift the debt ceiling, come to a spending deal, and it will. and the disability program is going to go bankrupt. they have to find out some way to bail that out. all of this stuff that will happen in this congress. you see republicans and democrats cooperating on growing the government and the debt to the long-term detriment of the country. guest: except for one president clinton left us with the surplus, people have been screaming about the debt and the sky has not fallen. president reagan said do not worry about it, it is big enough to take care of itself. he used humor to deflect the issue. right now, it is so cheap to borrow money. we have a decaying or. -- if the structure. we should repairing roads and bridges, building fast trains, using this moment to use all of almost free money out there to give our society the jumpstart it needs if we want t