matt winkler joins us. you have covered many wild rides. how does bitcoin compare? may not remember because you are too young. in the late 1990's, there was a magic two words called cash earnings. that was the arithmetic used to justify the valuations of so many dot.com companies that went public. one of them was yahoo! which came out in 1996 as an ipo. it appreciated 120 times its ipo price and then it fell almost 80%. sound familiar? much of the nasdaq was a losing bet right until the financial crisis and did not begin to recover until long afterwards. cash earnings, bitcoin, there is a comparison which i think is valid. where people cannot find standard ways to measure value, otherwise known as intrinsic worth, they do all kinds of mental gymnastics to do that, and bitcoin is a really good example of how everybody tried so hard to justify what it was doing when the closer they looked, they couldn't find it. even warren buffet said it's a joke. so we have been in this picture before and the dot.com bubble that burst in 2000 is a good example. emily: it took two dec

bloomberg'sten by editor-in-chief matt winkler. welcome back, matt.t been following it, but it sort of surprised me that china may be leading us a little bit on the cost of funding the government. will it for sciences we have been compiling data at bloomberg, china is feeding less on its debt than the u.s. is a income of which is unprecedented. been in could not have a better position in 2016 with rising gdp. in fact, record gdp. and low inflation, as already mentioned. relatively low interest rates and a very good fiscal outlook, actually. the budget deficit, the percentage of gross domestic product, was getting towards 2%. but all that changed in the past two years. one thing that happened for us, we got the street that -- this trade that trump initiated, which does not bode well for companies on either side of the atlantic or the pacific, and then you have to tax cut, which holely throws the big into the deficit outlook, it makes the u.s. look very weak especially if there, is a growth slowdown that everyone is talking about. the fed hashat that be

editor in chief emeritus, matt winkler, thank you so much. carol: it is a great read.er shoe to drop for facebook. the company was sued by the district of columbia over a privacy breach yesterday, and that is after reports from "the new york times" that they had more than 150 companies allowed to access more personal data from users than it disclosed. dan morgan of sin over -- ownsus joins us, and he facebook in his portfolio. every week, something comes out about facebook that makes me question its future. how do you see it? dan: when is this going to end? we started in march and thought thinks settled down. we went through the congressional committee testimony, and everybody critiqued that. and now we get this article breaking about sharing data with other tech companies. it is very disturbing, obviously something facebook cannot seem to address. behind could get this them, there is a many great opportunities for them going forward. until they do, continued negative headline news. curl pot, you like the stock. -- carol: ok, you like the stock. are you adding to it? d

carol: one of the stories in the magazine this year, matt winkler running about tesla specifically, thee best-selling car by revenue -- not individual units, but revenue. that is a stat that stood out. another status without, -- stat that stood out, general electric. jason: you have been doing this a long time. you have seen ge arguably at its peak, and now -- jim: this was a company that people sort of worship. this was back in the day when people look to the notion of a conglomerate -- i know that ge does not like the term "conglomerate," for multi-industry companies are generally conglomerates. this is a company that was in a lot of different businesses and told a lot of americans that we know how to run almost anything. we can run it by the numbers and be great at it. it worked for a long time. unfortunately, like all good things, like miracle cures, they are good until they are not. we discovered that a lot of what we did not look at, because we knew that ge was so great a lot of the things that we did not look at where the things that screw them up. the accounting -- they would sa