coming up chris dodd with us as we talk about dodd-frank here five years on. ♪ this is a great place to work. not because they have yoga meetings and a juice bar. because they're getting comcast business internet. comcast business offers convenient installation appointments that work around your schedule. and it takes- done. - about an hour. get reliable internet that's up to five times faster than dsl from the phone company. call 800-501-6000 to switch today. perks are nice. but the best thing you can give your business is comcast business. comcast business. built for business. tom: good morning everyone. bonnie quinn -- vonnie quinn and brendan greeley with us. vonnie: apple shareholders seem hard to please. the stock is taking a hit even though they posted their best third-quarter profits ever. the sale forecast missed estimates and so did iphone sales, even though they rose to 35%. tim cook defended the company's performance. >> what is going on with iphone -- the 35% growth is almost three times the market. if you look at it in a narrower regional level,

scarlet: former senator chris dodd this morning. isk: coming up, m.i.t.aking 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 the police department. foundral investigation systemic racism in the city's police force and courts. startt says it will closing some of its 24-hour supercenters for a few hours each night. the retailer wants to use time to better stocked shelves and organize doors for the peak shopping rush. effect about 40 stores. about

we will hear from the bill's authors, former senator chris dodd and barney frank. remarks from jack lew. later, nigerian president gives a speech at the u.s. chamber of commerce. >> it's almost as if they were matter and antimatter. >> it breeds inequality. i will say that a third time. >> it is always to the right and almost always in the wrong. >> the makers robert gordon and morgan neville talk about the documentary, best of enemies on the 1968 debates between william buckley and gord woodall -- and gore for doll vidal. >> today there someone saying the numbers -- talking about hot topic number two. whereas then, that was not the norm on tv at the time. i don't think these guys did not need that -- i don't think these guys needed that. >> he was a distinguished news man who was embarrassed by this. he was moderating, but he disappears for five or more minutes. today you can have a moderator not jumping in every 30 seconds. everybody at abc just stood back and let the fire burned. >> sunday night at 8:00 eastern on c-span skua day. >> next a conversation on the d

we have a terrific program today including both senator chris dodd and former congressman barney frank along with treasury secretary jack lew. i will begin with the discussion of a report that better markets its releasing today on the cost of the crisis and a copy of that report is on every chair and it's available on our website www.bettermarkets.com, but before i begin let me start with a few quick housekeeping matters. first, the treasury secretary is delivering his address starting at 4:00 and will close out event. once he's finished we asked you stay in your seats until the secretary has departed. second, if you haven't already done so, please turn the ringers off on your cell phones and we'll know who you are when you forget to do that. for those of you here in the audience, you will notice there are index cars in your chairs and if you have a question you'd like to ask either chris dodd or barney frank and pass it to a friend on either side of the studio. some may ask why begin a fifth-year anniversary vent by talking about what happened more than five years ago? the answer is q

former: that was democratic senator chris dodd speaking on the dodd-frank law.t: now that we have dodd-frank, the end of big to decisions. we will never have to bail out the big bank again. still ahead on the "bloomberg market day," health care stock used to be investment safety in a storm, but the affordable care act changed all of that. details, coming up. ♪ matt: welcome back. we are more than one hour into the market day. scarlet: we will get you caught up on the action in the world and we will set up in europe and london. second way ofng a declines for european stocks. if you look at the stock i could -- at the equity benchmark for the region, every industry group the commodity and producers and technology companies that have been meeting the losses. why? it is about those falling commodity prices impacting minors and in terms of tech, apple, having an impact on companies in europe. that supplies the world's most viable company like arm holdings for example. that take a look at the map. a little bit of a mixed picture across the region but the 100 leading t

we will hear from barney frank and chris dodd and a bit. while we wait a look at some of the activities today. the state department, u.s. and cuba renewing a diplomatic relationship beginning at midnight last night. the flag was raised at the qm embassy. also raised over at the state department added to the collection of flags at the state. here's a look. [silence] >> the qm flag going up at the state department it was also raised at the qm embassy in washington. it was announced secretary of state of john kerry would be in havana on august 14 with raising the u.s. flag at the embassy there. all of our coverage today of able at c-span.org. the secretary of state and the qm foreign minister speaking shortly on u.s.-cuba relations taking some questions over at the state department. that is yet to get underway and you can fold it over on c-span2. on c-span, rather. >> i'm president and ceo of better markets and ottawa and when you're today and welcome the audience watching on c-span. thank you for joining us and thank you c-span for covering t

join me in welcoming senator chris dodd. [applause] former congressman barney frank. [applause] and our moderator ylan mui. very quick introductions. ylan mui: all right. >>ry quick introductions, not that they need much. senator chris dodd, after serving six years in the house of representatives served 30 years from connecticut from 1981 through two thousand 11. he is the longest-serving senator in that state. i think it is fair to say he was in every major national policy debate. capping off that long career was his work in the hundred 11th congress in 2009 and 2010. during those two momentous years, center dot led the fight for two hispanic -- historic pieces of legislation. first the affordable care act after senator ted kennedy fell ill and passed away in august 2009. senator dodd picked up the legislation and carried it to the end, and it is quite a remarkable: -- a congressman. that's not enough. he is chairman of the center banking committee, led the fight for financial reform and got the legislation done on the senate side. congressman barney frank served for

we will hear from the bills authors, former senator chris dodd and former senator barney frank. then the remarks from secretary jack lew. united states officially reestablished diplomatic ties with havana and washington dc today. we will have more on that later. >> it is almost as if they are enter and matter -- matter and antimatter. >> freedom breeds. >> i confess that anything complicated confuses me. >> filmmakers robert gordon and morgan neville talk about their documentary -- best of enemies. on the debates between conservative william f buckley and liberal gore vidal. >> there is not someone today -- very unlike today. today there is someone saying if the numbers are dwindling talk about hot salacious topic number two. where i don't think that was the norm in tv at the time or it -- time. >> howard cap was the mention for moderator. today you would not have a moderator not jumping in every 30 seconds. >> sunday on c-span's q&a." >> next a conversation on the dodd frank regulations. we talk of the passive -- passage of the legislation and its limitation. this is hosted by

though some people have said that former senator chris dodd is in line for that job as well.t will be a contentious hearing because some in congress want to make their voices heard on this issue. >> okay. michael thank you. let's go to mike viqueira live at the white house. mike this is really the culmination of negotiations that have been going on for sometime remind us how we got to this point. >> reporter: it has been a long time coming. castro taking over havana ousting the dictator in 1961 when things went south with the united states breaking off relations. fast forward to december 17th. rapidly unfolding represents. talks brokers by pope francis in secret, then president obama december 17th announcing that he was going to go towards full normalization. this concur rent with the release of an american hostage who has been held for quite sometime, the united states in return releasing the remaining members of the so-called cuban five that were held in the united states. since then there have been negotiations going on behind the scenes, in front of the cameras, four roun

still ahead, former senator chris dodd will join us.s since the landmark financial law that bears his name was signed into law, plus we'll talk movies to him. he is after all the chair of the motion picture association. do i ask him about "train wreck?" do i go there? >> sure. >> no i don't. we'll be right back. carpenters and even piano tuners... were just as simple? thanks to angie's list now it is. start shopping online... ...from a list of top rated providers. visit angieslist.com today. iran keeps their nuclear facilities. military sites can go uninspected. restrictions end after 10 years. then iran could build a nuclear weapon in two months. iran has violated 20 international agreements and is the leading state sponsor of terrorism. ♪ ♪ ♪ it took serena williams years to master the two handed backhand. but only one shot to master the chase mobile app. technology designed for you. so you can easily master the way you bank. no fifth grader's ever sat at the cool table. but your jansport backpack is permission to park it wherever you

maria: welcome back we heard from senator chris dodd on dodd-frank legislation, basically he told usgs were so bad, back in 2007 a harsh strictest regulatory environment was needed your thoughts on that. >> that is just like a raging apologist, you know, i know if he is angry hung overor what that guy looked like he had some kind of a problem with being asked about socializing the system you can faremonger say we need to stabilize things i-couldic blandz news for about a this is no icon of mine there is a lot of problems associated with what he did totally entrenched with who got paid on wall street, there is no guy in connecticut that was paid in political points as much as he was by wall street banks so again, understand who you are listening to free market capitalists with myself would be a little o fenceded a bariflte minute. >> he said a severe law was required he is basically saying, that it -- he made things tougher for banks. >> i should hope so i mean he basically -- created a situation where other than -- some banks were allowed to still exist kind of in middle of all this

the dodd frank act was named after its authors, and senator chris dodd and barney frank. it was a massive bill that required federal agencies to write hundreds of new rules. here are some of the things that the dodd frank act did. it was signed into law by president obama on july joint first, 2010. it created the consumer financial protection bureau. it attempted to an too big to fail bailouts of financial firms. in eliminated loopholes of financial products, providing shareholders a say on executive compensation, and enforce regulations on the books. here are some polls that show just exactly the scope of this bill. a summary of the bill by a law firm shows that the bill was 22,290 six pages long. it has had 119 congressional hearings, and there have been 139 bills issued in congress to amend or repeal the act. the stats also give you a sense of exactly how much regulatory muscle has been used to implement this bill. it shows that the pages published over time actually total the same amount as 34 copies of moby dick. clearly this bill is one that has resulted in many new

they will be joined by chris dodd.are always on twitter. ♪ announcer: this is "bloomberg surveillance." tom: apple enjoys a modest miss as the piggy bank tops $200 million. tim cook says wait for the iphone upgrades. gold is below $1100. commodities cannot find a global bid. coke and pepsi -- actually neither as coca-cola deals with a kale punch watermelon. it is a watermelon-ginger world. please drink something. this is "bloomberg surveillance ," from new york. i'm tom keene. joining me vonnie quinn and brendan greeley. it is like a normal day greece-three. brendan: do you have a kale blender? tom: we tried this juice thing a whole three years ago. brendan: it did not work. tom: i made it the lunch. vonnie: you secretly were -- tom: vonnie will have

chris. also says that a ceo of a bank told him they are better off without dodd-frank.nk that there are many fans of dodd-frank on the side of a business that is a lot of securities trading. there may be those with different opinions but i think he notion that we have never again going to bailout a large financial is probably a bit naive. the government will do to protect the financial markets in their entirety. stephanie: david einhorn and howard marks would say the mistake to that sentence is never say never. we have to leave. they would says he would rather work in my golf than a bank -- work at mcdonald's than a bank. matt: as ceo maybe. tom: i do understand his general sentiment that i am never ever going to review him on tv for sure. stephanie: probably not in private either. thanks for joining us. matt: coming up, internet casinos. a bet on online gambling in connecticut. sounds like it should pay off. we will have the details coming up next. ♪ matt: the owner of connecticut top casino is stepping up its wager outside the state. its online gaming site went live t

world is looking at hillary and they're looking at barack obama but the two people that won were chris doddoe biden. they knew more about foreign politics and domestic policy. you could tell they would know what to do from the first day in the office. but it didn't matter. that year democrats were chasing a superstar. and they got him instead of two men who actually were well equipped to be president from the first day. >> so when i say people don't give me a good reaction they don't think he's going to run is my point. i heard otherwise. >> i think that there is an element within the democratic party now and elizabeth warren stayed on the shelf. bernie sanders, they seen all this movement towards bernie sanders. at least there is a part of a wing of a wing moving in that direction. the biden folks are looking seriously. and depending on how the clinton campaign prevails going forward, if, you know the numbers can get close, it may be worth his interest to get in this thing to shake it up a little bit. >> joe? >> yeah. let's go to howard. howard hillary's favorability numbers have been drop

i know last year when i asked him on the fourth anniversary, he and chris dodd were both on if there was one regret. he said they left too many regulators on the table. >> alphabet soup. >> we'll talk tomorrow about that. >> i want to know his take on the criticism coming from the left, from the elizabeth warrens of his own party on dodd frank regulation. >> i agree. >> heading to the close. 19 minutes left of the trading session with the dow up 11. we are coming back here. s&p was in record territory, no longer. the nasdaq with any positive gain will be closing in record territory. >> next up we'll take a look ahead to ibm earnings which will be out in less than half an hour after the closing bell. big blue in the midst of a turnaround. >> hillary clinton wants investors to pay more tax on capital gains. her new plan. john harwood will join us. >>> last month of rocket falcon nine was seen as a setback for spacex and elon musk. >> musk offered few details on the rocket's failure until today when he began a conference call with the media a short time ago. julia boorstin has been on t

the primary authors of that law were chris dodd and barney frank, both democrats come also expected tohave that life for you at 2:30 this afternoon on c-span two. >> tonight on the communicators we will speak with the wall street journal's information age correspondent. why he things washington is a danger zone for innovation. >> if you go back to earlier technologies like railroads and the telephone monopoly, those were regulated as common carriers. regulators set prices. they set terms. they set rules. we all know what happened. there was very little innovation and railroads and in tracking -- trucking and telephones until they were deregulated. those common carrier statutes were undone by congress when it was so clear that innovation was being suppressed and that the u.s. was falling behind in its competitiveness. that was the backdrop for the bipartisan consensus in the 1990's that the internet would be different. this was during the clinton administration. it clear consensus -- democrats and republicans -- that unlike those earlier technologies, the internet would be largely unreg

. >> senator chris dodd, representative barney frank thank you so much for coming here today. [ applause ] >>> tonight on the communicators. fcc commissioner michael o'reilly on key issues about the fcc like regulating the internet and the public's influence. >> when an item is made for an open meeting and it's present today the commission level that document should be made available publicly. i think that would provide an opportunity for everyone to comment on what we're thinking. it would also allow people to hone in on issues they may see as problematic. now we have people who raise concerns regarding our items. they often don't know what's being put forward. they're doing rifle shots in many different scattered structures. you know and that's problematic. i'd rather people target exactly where they'd like to see fixes and not spend time on things that don't need attention. >> tonight on the communicators on c span 2. the c span cities tour work ing with our cable affiliates visits cities across the country. this weekend we're joined bide comcast to learn more about the life and histo

the dodd frank law and the fifth anniversary being signed by president obama and former senator chris dodd of connecticut and barney frank of massachusetts at the newseum live at 2:30 on c-span2. >>> tonights on the communicators. we'll speak with the wall street journal's information age columnist and why he thinks washington is a danger zone for innovation. >> i think if you go back to earlier technologies like railroads and the ma bell telephone monopoly, those were regulated as common carriers, regulators set prices and they set terms and they set rules and we all know what happened. there was very little innovation and in telephones until they were all deregulated and all of these common carrier statutes essentially undone by congress when it was so clear that innovation was being suppressed and that the u.s. is falling behind in its competitiveness. that was the backdrop for the bipartisan consensus in the 1990s that the internet was going to be different. this was during the clinton administration. a clear consensus, democrats and republicans that unlike those earlier tobacco techs,

chris dodd voted for it. teddy kennedy voted for it for god's sakes. in the house, back then, barbara boxer voted for it. harry reid voted for it. little dickey durbin he voted for it. charlie wrangle voted for it. chuck schumer voted for it. why did they vote for it? why? because it's the right thing to do. and it was the right thing to do when they voted for it. and believe me, when you name the north star, when you describe the tax codes correctly and you believe in what you're doing, you can win that really easily. we are at a stage in our history where we need to redefine the north star go through the tax codes correctly. we need a low rate, broad base, flat tax, conceptually clean. there is plenty time to compromise in the middle of the legislative process. you doesn't have to compromise before you even started. describe the north star and let the race be run on the north star and then when you get to the lidgetive process you can -- legislative process you can compromise. there are couple others quickly. every other year we should only be allowe

the -- what's his name from delaware, joe -- joe biden he voted for it. [ laughter ] chris dodd voted for it teddy kennedy voted for it for god's sakes. in the house back then, barbara boxer voted for it. harry reid voted for it. little dicky durbin, he voted for it. charlie rangel voted for it. chuck schumer voted for it. why did they vote for it? why? 'cause it's the right thing to do. and it was the right thing to do and they voted for it and believe me when you name the north star when you describe the tax codes correctly and you believe in what you're doing, you can win that really easily. we are at a stage in our history we need to redefine the north star, go through the tax codes correctly, we need a low-rate, blood-base flat tax, con separately clean. there's plenty of time to compromise in the middle of the legislative process. you don't have to compromise before you've even started. describe the north star and let the race be run on the north star. then when you get the legislative process, you can compromise. you know, there are a couple of others i would just quickly, i th

the paper this morning mentioned chris dodd.ssador to cuba. i think that will be taken care of but from my point of view that's the last thing on my mind. i'm glad you asked that question. >> okay. mr. secretary, we appreciate your time your perspective, and all your thoughts on cuba. we hope to continue this conversation with you as things progress there. thanks. >> thank you. >> if not you, who? what is that? >> there's a great drink called yoo hoo. you don't remember it? >> chocolatey water. >> if not you, who. >> i got it. >> taking all the good things out of chocolate milk and leaving what's left. >> if you do something, it happens. >>> coming up on this jobs thursday, a new trailer for universal's steve jobs movie hit the internet yesterday. we're going to show you the first look. pretty awesome. michael fassbender as apple founder. next. a new season brings a new look. a chance to try something different. this summer, challenge your preconceptions and experience a cadillac for yourself. take advantage of our summer offers

. >>> by the way, chris dodd will be joining us on "morning joe" tomorrow. >> up next a-list actors aren't ground breaking special effects, but it could be the most important movie you see this summer. keep it right here on "morning joe" for more. it took tim morehouse years to master the perfect lunge. but only one attempt to master depositing checks at chase atms. technology designed for you. so you can easily master the way you bank. my school reunion's coming fast. could be bad. could be a blast. can't find a single thing to wear. will they be looking at my hair? won't be the same without you bro... when you go this summer, go to the new choicehotels.com and when you stay twice get a free $50 gift card. book now at choicehotels.com if you have moderate to severe rheumatoid arthritis like me... and you're talking to a rheumatologist about a biologic this is humira. this is humira helping to relieve my pain and protect my joints from further damage. this is humira helping me reach for more. doctors have been prescribing humira for more than 10 years. humira works for many adults. it targ

dodd her death. after houston died bobbi chris taken nas struggled at one point hospitalized for anxiety.tv series and addressed rumors drug and alcohol abuse following her mother's death in an interviewable with oprah winfrey. >> i'm getting through it, you know? i'm doing as good as i possibly. >> reporter: bob aif was the only child of whitney houston and bobby brown. known as chrissy, the sole heir to her mother's estate. her father survives her. she claimed to be married to nick gordon but her father's lawyers say the two were never truly married. bobbi kristina brown was 22 years old. brandi hitt abc news los angeles. >>> bobbi kristina pat houston said she passed away yesterday surrounded by family in a statement on behalf of the family she said she is finally at peace in the arms of god. we want to again thank everyone for their tremendous amount of love and support during these last few months. we continue to get reaction to bobbi kristina's brown passing. we'll bring that to you. we have coverage all morning long. >>> our other major story this morning, coast guard crews working

chris is special counsel and policy adviser of the commodity futures trading commission, including the time of the implementation of title vii of dodd/frank and worked for the house committee. next will be j.w.whitt at george mason university. senior scholar on federal markets. previously j.w. was on the staff of the financial services committee in washington, d.c. he has written extensively on corporate law with his academic work appearing in the journal on regulation, journal of corporate law, and university of pennsylvania journal of business law and other journals. our concluding panelist will be mark calabria director of financial regulation studies at the kato institute. previously mark spent seven years on the staff of the senate banking committee where he drafted significant portions of the housing and economic recovery act of 2008. that's the act that established a new regulatory regime for fannie mae and freddie mac, just in time to put them into conservatorship. mark also worked at the department of housing harvard's joint center for housing studies, the national association of home builders and the national association o

and president obama will have to recognize dodd-frank it must be amended if/to accomplish the most important purpose. thanks very much. >> thanks, peter. chris. >> thank you alex and peter for inviting me here today. it's a pleasure and honor to be here. i am going to briefly discuss the vocal role and their derivatives what i want everybody to have a political context because both are highly politicized getting through congress and once they were put into implementation in the agency process. step four directed regulators to make substantial changes to restructure the capital market without understanding consequences of the actions. some have been good and some have been bad. some of the good things you have the risk management procedure that is totally change the industry which i'll go into later. the bat was.frank is micromanaging trading behavior in impacting liquidity. as a result we no longer have freely functioning capital markets but what we do have and i hope to demonstrate today is the capital markets and show them by washington regulators terrified of risk. the volcker world is put into place by third-degree amendment on the senat

chris was special counsel and policy adviser at the commodity futures trading commission, including the time of the implementation of title vii of dodd-frank. he's also worked for the house committee on financial services and its subcommittee on capital markets and government-sponsored enterprises. next will be j.w -- [inaudible] who is assistant professor of law at george mason university. scholar at the her cay da center working group on financial markets and also directs the corporate federalism initiative. previously j.w. was on the staff of the financial services committee in washington d.c. he's written extensively on corporate law with his academic work appearing in the al journal on regulation, the delaware journal of corporate law university of pennsylvania journal of business law and other journals. our concluding panelist will be mark calabria, the correcter of financial regular -- director of financial regulation studies at the cato institute. mark spent seven years on the staff of the senate banking committee where he drafted significant portions of the housing and economic recovery act of 2008. that's the act that estab

president obama will have to recognize that dodd frank must be amended in this way if it is to accomplish its most important purpose. thanks very much. >> thanks, peter. chris. >> thank you, alex and peter, very much for inviting me here today. it's a pleasure and honor to be here. so i'm going to briefly discuss the volcker rule and the new derivatives rules. and i want everybody to have a political context. because both were highly a politicized. getting through congress and once they were put into implementation in the agency process. dodd frank directed regulartory changes to make substantial changes to the structure of the capital markets without understanding the consequences of those actions. some consequences have been good and some consequences have been bad. some of the good is that you have risk management procedures that have totally changed the industry and the way it operates, which i'll go into later. the bad is dodd frank is micromanaging trading behavior. and that is impacting liquidity. as a result, we no longer have freely functioning capital markets, but what we do have is a capital market that has been centrally planned by washington re