still with us is david lafferty and adam posen.lain something to us that is important. the difference between tax cut and tax reform? does that make with the economy, overall? adam: you put your finger on the word. everybody uses the word reform but a reform would be something that would be taxed based, lest based, lesty -- distortionary. more sustainable meeting over the long-term it would have a steady stream of more revenue and more competitive meaning it would allow u.s. companies, some of whom get unfairly treated and who behave unfairly as a result of the tax code -- it would mean we are more just in terms of fixing the tax code and therefore, seem more fair to the american people. that is reform. theyuts, depending on who are given too, could be a stimulus to the economy. could add to the indebtedness of the u.s. economy but unlike infrastructure, it wouldn't necessarily lead to direct benefits for the american people. i want to bring it to you. you outlined what we spoke before, talking about how september and october could

david lafferty, thank you for joining us today.is time for the latest bloomberg business flash, a look at some of the biggest business stories in the news right now. apple is in talks with potential partner day in to bid for toshiba's chips is this. -- business. familiar to people with the matter, apple is trying to secure a pie of toshiba's flash memory chips for its iphones and ipods. samsung also manufactures those chips. and the revolutionary new cancer treatment has been approved by the fda. cell therapy is working by changing immunity cells, which is been -- is then used to treat deadly cancers. this is the first of several such medicines being developed. bloomberg business flash update. ourl ahead, highlight from interview with berkshire hathaway ceo and chairman warren buffett. what he says about investing in bank of america. this is bloomberg. ♪ ♪ vonnie: this is bloomberg markets, i'm vonnie quinn. warren buffett of anchor america's biggest shareholder after buying 700 million shares. the move was promised earlier this ye