romaine: we are going to have more with professor michael spence ahead.will be back in a moment. this is bloomberg. ♪ ♪ romaine: a new issuer has launched a vegan climate etf with the ticker cleverly titled vegn. the holding strategy might not be what you are expecting. here to discuss is james seyffart, bloomberg intelligence analyst. what exactly is in this etf? this etf,n you see what you expected see is beyond banana, those types of things. what you actually see is microsoft. it is an exclusionary portfolio, so it is mostly beta. guy: what is being excluded? thing most being animal products and animal testing. you are excluding disney because of their parks. you are also asked looting things that use fossil fuels, burn fossil fuels, military and defense, tobacco. when you do that, you end up going overweight tech, underweight health care and consumer staples. nicely, you're getting a tilted exclusionary beta portfolio, for the most part. etf, as basically an esg far as we are concerned. romaine: is beyond meat in this thing? weight, but a small it is

the brent/spence bridge is part of interstate 75 and fear of failing is justified.sportation advocate says it's one of the busiest freight corridors in the nation. he's working to get leaders to agree on funding a new bridge. explain to me the significance to the economy? >> it connects michigan to miami. a huge freight corridor. $450 billion worth of goods goes over the bridge every year. >> $450 billion goes over the bridge every year? >> more than a billion dollars a day. >> is there any way to quantify with the log jam does for that number? >> just under a billion dollars is wasted when it comes to time and fuel. people caught in the traffic. >> a billion dollars? >> a billion dollars. >> president obama stood below it. >> behind us stands the brent/spence bridge. >> and prurch taesident trump t about it. >> yes. this is part of the greater problem we face with infrastructure in the country. a lot of major projects can't be built. the point is it's the poster child of what's wrong with infrastructure in this country. as a matter of fact, when the last transporta

nobel economist michael spence of nyu is still with us.ur thoughts on brexit now. three years in the process has been dragging on. really, i would like to get your thoughts, if you could consider a parallel universe where the u.k. crashed out with no deal three years ago, how would it look now? michael: well, i think it would look like the british economy would suffer to some extent. there'sthink substitutes for their trading relationships with the eu. but more importantly, i think again, british citizens get to decide this so they may want to be independent of government structures in the eu. but, britain's influence globally would certainly be in the process of diminishing because they have a significant role to play in europe if they smalln and they are and relatively isolated if they stay out. from most points of view, including the economic point of view, brexit either three years ago for now viewed retrospectively would probably be viewed as an a mistake, except among people who do not really care about the economic cost of it in ter

also noro his words have encouraged loggers and prospectors to push further into the region i think spence of indigenous peoples more are now organizing to protect their lands. small group the villagers camped out at nice on the lookout for signs of trespassing in the lush rain forest they call home this is what environmental monitoring looks like in some parts of the amazon. this is one of 7 bases installed across the men pregnant terri indigenous territory in the stakes of power in northern brazil locals here say a lack of inspection by government agencies is forcing them to conduct their own operations to stop loggers and perspectives from encroaching on their land in the past brazil's president shire both narrow has described rain forest protection of an obstacle to the country's economic development many here fear that such comments are imposing businesses to disregard environmental protection. you see you can this team discovered this bridge during an inspection that took place a month ago. we're monitoring as. it stretches 8 kilometers along the biological reserve. on the other side

good question, spence. i think the question for many is "why not?"to do a slow, glamorous selfie. but i think there will be the influencers out there who will be very excited by the prospect of having a slow—mo selfie just for that added glamour on instagram. and certainly it doesn't feel like apple is leading the charge these days. i mean, there've been several iphone launches recently where we've said, you know, they're still playing catch—up with companies like huawei and samsung. i think that's true, but i think that is perhaps how apple has been for some time. there has never really been too much of a problem for them, apart from the initial iphone, which changed everything, everything since then has been kind of iterative. the problem will be that if you're a sort of person who, like most normal people, wants to purchase a phone that lasts three orfour years, the new iphones do not have 5g. many people will look at that and think, i'm going to have 5g. even if i don't have it today, i might have it in a year or two. this phone doesn't have 5g.

for today from disbarred 0 is that we can make the world a new this is what thomas paine and thomas spence taught us we are not we don't have to be ruled by a few and we are capable of self-government i think these are the lessons for our times now even though this pod was executed in london because you say clearly napoleon the british prime minister then henry addington they came together to destroy the light of revolution in haiti we see today in fact your book begins with the zapatistas opposing the w t o whereas the hope up the hope is is all around us this neoliberal onslaught was is. it's in response to the zapatista to the movement of women not throughout the planet it's in response against poverty the feminization of poverty it's a movement against. against the hopes and liberation and demands for a wife not just to vote but to live and to live well to live happily with a roof with clean water we with good food we have a place to play in a way there are modest plants from africa to indonesia from australia to to the great lakes of north america have collusion and been destroyed by

province of british columbia they are trying a somewhat different approach — as the bbc‘s sylvia lennan—spencehat it seems. the entire place as purpose—built as a home for those suffering with dementia. if you look at previous models of care, the focus much more on the hospital like setting and when you think about it, no—one wants to live out the rest of their life in a hospital setting so it's really bringing that homelike setting to the long—term—care sector. the seven acre site is surrounded by fencing, so residents can walk around freely. reassuring news for the daughter of a new arrival. i it's going to be very critical to encourage our mother to get out of just critical to encourage our mother to get out ofjust sitting somewhere, being bored most of the time. and getting out of doing things that she really enjoys. around 12 people can live in each home, the cheapest accommodation starting at all than 7000 canadian dollars a month. so this isn't cheap the people behind it so they want to create not just a ca re it so they want to create not just a care home but a community. a chance for

sylvia lennan—spence explains. you could call this the silver—haired generation going for gold.s taking part in all sorts of events. the aim is to encourage the elderly to remain active and to help them socialise. all in all, it seems to be working. translation: i didn't do too badly. i'm happy. each time they organise an event, i love to participate because it is a different atmosphere. yes, i used to do sport, but since i arrived here, no. it is only today i started doing sport again. i enjoy it. carers and family members were also invited along to offer their support. some of the events are notwhat you'd describe as official olympic sports, but everyone gets a medal, everyone's a winner. now it's time for a look at the weather with sarah keith lucas. good afternoon. the past few weeks have been very dry across the southern half of the uk. and there's not much rain in the forecast, certainly over the next week or so. this is the picture out there in surrey taken by one of our weather watchers recently. beautiful blue skies. a similar story across much of the country. dry for m

sylvia lennan—spence reports. for harriet the monkey, it has been quite the summer.. she sneaked out of my daddy's bag, and she goed in the garden shed. she was taken out of daddy's bag to get some photos. the next day we were on a tour bus, and ijust had the thought, and said where's harriet? it is a question that savannah's kindergarten class was desperate to answer, so they went to the top and wrote to the queen. she's been to europe, africa, egypt, fiji three times. we put in a lot of photos of harriet‘s adventures around the world, and all the children signed it and put it in an envelope and posted it off. a week later, the palace replied, sending pictures of harriet enjoying a cream tea, meeting staff, and making friends with a toy corgi. after her round—the—world trip, harriet is now back home in adelaide, but already preparing for her next adventure. we love a story with a happy ending, don't we? let's have a look at what you have been saying this morning about the prospect of the latest huawei smartphone device. their top end device is going to be launched l

councilman luke spence gave me a tour around, even a

. >> michael spence won the nobel prize for developing a theory about what education actually is. why do we over fund these left- wing universities who are a credentialing function? that's move the credentialing function by self. i know they do things like this in germany and i'm not sure it's a good idea. but-- inspired by being one of the few conservatives at law school. we have the federal society and law schools. she's alive as well, she didn't get killed off by anybody. this is a debating club that brings conservative ideas to law school. libertarian and conservative ideas. yale was the only time i heard about school yet and thomas, federal society events and not in class. one thing we could do is rather than complain about bureaucrats and how much money the university is spending, create programs to bring speakers and visiting faculty to at least expose some students to conservative ideas and get a debate going. for those of you who donate to schools the best thing you can do, we want to support alma mater's but you don't have to give a blank track check to say spend on a la

mike spence a fascinating individual. i want you to watch his body language here.his is from his meeting this week with the president of iceland. >> oh, so 1991 when, when the soviet union was collapsing and the representatives of the three baltic nations, estonia, latvia and lithuania came here. >> jimmy: it's like he has the sun in his eyes. he's on some kind of neighborhood watch. i've been analyzing him for about two years now. mike pence is not from this planet, okay? mike pence is an alien who has come to earth to study our ways, to integrate and potentially rule us. now think about it. he was governor of indiana. isn't that exactly the kind of thing an alien would do to fit in here? and he hasn't quite figured out normal human interaction. here he is with the british prime minister this week. >> you have a gigantic chicken of our own here on the opposition benches. i'd be, i'd be asked to -- >> jimmy: that's how someone who doesn't know when how to laugh would laugh. it's a laugh sound, not a laugh. and he does a lot of stuff like that. he calls his wife "mo

it's about making sure, and i met your councilman spence, a month or so ago, taking a tour. it's about making sure that people can move back to communities and know that you have a viable opportunity to live that american dream. it's about making sure that the american dream still exists for people. we got big challenges in this country. remember how united in the days after 9/11 people felt. we need that same purpose and that compassion and that unity to bridge some of these deep divisions. to actually make it understand we share more in common than what separates us. and address what's the big challenge to get everything else going. that really is to know that you do have a fair shot at the american dream. in 16 weeks i have been here, this is my 12th trip i think. my 70th stop. i think i have learned something about iowans. i know a lot of people say, i understand iowa. i'll never say that. what i have learned is iowa nice. and iowa nice is you guys don't take this obligation of being the first in the country as something that you're just given. you take it seriously. you

he was advocating for people spence abuse. i saw him grow into his element as his political activists branched out for people of injustice around the world. i was shocked when he broke the news he was moving to the philippines. iphilippines. it was his calling and he need today go. he has been a human rights activist in the province since the end of 2010. while he has been creating a family life with his wife and daughter, he is also been fighting the good fight for indigenous people. helping them protect their land. time has felt like it stopped since his brother gave me the news that brandon was shot four times. i prayed for him to hold on and he survived cardiac arrest. he went on a ventilator to breathe and his visittal signs fluctuated but he is on an up turn and has positive results. >> supervisor yee: next speaker. >> my name is johnathan bautista and i'm a san francisco state university student. i am a member of league of filipino students. i'm here to talk about brandon lee who was shot by the u.s.-backed regime. a ma

councilman luke spence gave me a tour around, even a little bit before that the first time i came was long before i got into this. it was probably sometime early april, may 2018 and had a great lunch with senator korn box, others and everybody said if you're ever going to learn anything about iowa , you have to meet this woman named jan bauer and i was a little nervous but she's been teaching me all the way along so i appreciate both your warm welcome, all your names and your endorsement for sure. >> about this time of year you get people from all over the country and they visit you and try to make some attenuated connections iowa so i'm not going to tell you that my great great grandparents settled in henry county in 1850. they did. i'm not going to tell you my mom was born in on somewhat, yes she was because that's not why we gather, right ? we gatherfor the sake of our country .for the sake of our country and in this world for the sake ofwhat we're going to pass on to that next generation we gather to make sure donald trump is a one term president. it is not the only reason though

i think he is due to shake hands with mike spence of the united states. may be pivotal. they have so far held in with the so—called rebel alliance. the snp now publicly have a rather different position to the other members of the rebel alliance. they are much more amenable to an early general election because they think they would hoover up in scotland. however there are discussions going on between the snp and the rebel alliance and i think it is not at all impossible that over the course of the next few days they may become much cooler, shall we say, on an early general election because if there is an early general election. he could overturn the legislation if he wins and then we could leave without any deal. they have said clearly the one thing they want to avoid is leaving with no deal. publicly they are saying, yeah, we wa nt publicly they are saying, yeah, we wantan publicly they are saying, yeah, we want an early general election but privately there is a lot of head scratching. the question that gets asked most by people away from westminster is w

sylvia lennan—spence explains. you could call this the silver haired generation going for gold.derly to remain active and to help them socialise. all in all, it seems to be working. translation: i didn't do too badly. iam happy. each translation: i didn't do too badly. i am happy. each time they organise an event, i love to participate because it is a different atmosphere. yes, i used to do sport, but since i arrived here, no. it is only today i started doing sport again. i enjoy it. carers and family members were also invited along to offer their support. some of the events are not this bribed as official olympic sports, but everyone gets a medal, eve ryo ne sports, but everyone gets a medal, everyone is a winner. the victoria derbyshire programme is coming up in a few minutes withjoanna gosling, but right now let's look at their weather with phil avery. how are we set for the weekend? it depends where you are, the high pressure dominating the scene at the moment will continue across england and wales. but we have something more unsettled coming in for scotla nd more unsettled

i wish this weren't true, but a fellow named michael spence won a nobel prize in economics about what education actually is. i can see the merits, steve would say, why do we overfund these left wing crazy people at universities who are really just performing credentialing functi functions, let's move the funks somewhere else. i know they do things like this in germany and other countries. i'm not sure it is a great idea. my little effort at reform is inspired by being one of the few conservatives at yale law school. something called the federal society in law school, one of the head of the berkeley federal society over there, she just graduated. and she's alive too. she didn't get killed off by anybody. and so the federal sciences are debating club, brings conservative ideas to law schools, libertarian and conservative ideas. i have to say, yale, that was the only exposure, that's the only time i ever heard about scalia and thomas actually was at federal society events and not in class. so, to me, one thing we could do with reform is rather than complain about bureaucrats and how much

laureate michael spence and boston fed president eric rosengren giving their views on central bank policyivided over the u.s. economy, their comments this week will be scrutinized closely. in australia, the serve bank governor speaks on tuesday evening -- the reserve bank governor speaks tuesday evening as market expectations for the next rate cut in australia. let's put the central bank watch in context there next guest, qic is one of australia's biggest money managers. beverly morris qic director of rates and inflation dundas from brisbane. can your members such a diverse range of use? -- views. >> yes, last week's rate decision was clearly not unanimous. we had to fed governors who did not want to see that rate cut being delivered last week. on the other end of the spectrum, we had governor bullard who actually voted for a 50 basis point rate reduction. clearly there is a range of views on the committee. our markets, obviously they do not-they will need to discern through the signals. tokets are used to having listen to hawkish and dovish members expressing their views. markets have go

. >> robert speisman >> maynard spence junior. >> george edward spencer the third. >> my uncle, markrola. our family misses you. i wish i got a chance to meet you. love you. >> my brother, joseph michael g giaconni >> i can't believe it has been 18 years and you haven't sent me a rainbow lately. i'm waiting. send it to me. >> robert andrew spencer. >> mary perando >> frank spinelli. >> william spitz >> joseph patrick spor junior. >> klos spockamp >> sranaya srinuan >> michael stablee >> timothy stackpoll. >> lawrence stack. >> richard james stadelberger >> gregory stajk >> alexandru stand. >> karina stand. >> mary stanley. >> anthony starita. >> jeffrey stark. >> derek james statkevicus >> patricia statz >> craig william staub >> william starkman. >> eric thomas steen. >> william r steiner. >> alexander robbins steinman. >> edna stevens. >> andrew stergiololis >> andrew j stern. >> normal laying steurle >> martha james stevens. >> michael james stewart. >> richard h stewart junior. >> sanford stoller >> douglas joel stone. >> lonnie j stone. >> jimmy neville story. >> timothy stout.

i had a great conversation this week with michael shawn spence.oing the work in state houses and local legislatures. what can americans know that you all are doing on the policy front if you just lost faith in mitch mcconnell? >> it's such a great point. we have been active now for almost seven years. we have passed background checks in 21 states. we passed red flag laws in 17 states. we passed bills to disarm domestic abusers in 28 states. in 2018 we passed stronger gun laws in 20 states, nine of which were signed by republican governors. lawmakers listened and they're listening to constituents. we need the senate to do the same. >> last question here. there have been democratic lawmakers who have been critical of the former congressman for saying that. can some people read that as a genuine reaction what is happening here. this is going to hurt democrats because it's going to cater to republicans who said all along that what voters should fear here is confiscation. democrats want to confiscate guns. your reaction to that moment, yes, to that cli

spence jr. >> george edward spencer iii. >> robert andrew spencer. and my uncle marka.marollo.family misses you, i wish i got a chance to meet you. love you. and my brother joseph michael giacconi. i can't believe it's been 18 years and you haven't seven me a rainbow lately. so i'm waiting. send it soon. >> robert andrew spencer. >> mary rubina sperando. >> frank spinelli. >> william spitz. >> joseph patrick spor jr. >> clause sprockamp. saranaa srinuan. fitzroy rose. >> michael f.stabile. lawrence t. stack. timothy m. stackpole. >> richard james stadelberger. eric stahlman. >> gregory stajk. >> alexandra stan. corina stan. mary stanley. anthony starita. jeffrey stark. >> derek james statkevicius. patricia j.statz. craig william staub. william stekman. eric thomas steen. william railroad steiner. alexander steinman. edna stephens. andrew stergiopoulos. andrew stern. norma lang steuerle. martha jane stevens. >> michael james stewart. >> richard h. stewart jr. >> sanford m. stoller. douglas joel stone. lony jay stone. >> jimmy nevill storey. timothy stout. thomas strada. james j.

. >> in a spence they have no choice, chris, because brexit is already hurting britain's economy. this dream of breaking the eu, which donald trump seems to share with the brexiteers and share with the far, far, far right in europe. >> and with vladimir putin. >> and with russia, right. of breaking the eu. it will also break the economies of europe and will break ultimately the economies of great britain and the united states. >> once you start to pull all of that apart you undermine the economies of all these countries that have built their economies not only on globalization but on european union over all these years. and you start to tear it apart. and then a country with a relatively mediocre economy like russia all of a sudden becomes that much more powerful. i don't understand why most americans don't understand that putin has a very clear grand design which is to undermine western democracy and undermine western alliances and nobody does that more effectively than donald trump and now boris johnson. >> i think they don't understand it, mehdi, in part because there is this s

i want to go back to 2010 and michael spence at nyu wrote a brilliant short essay on what we cannot seeve regulation. what is the thing of the regulation, the good intent of 2008, 2009, 2010 that has not worked out? analogy,i like that because i often talk about the titanic and the icebergs. it is what is below the water that you cannot see that sinks you. pieceseraction of the that we have not worked through, i cannot say it is this one or that one, but the volcker rule has not an effective in reducing risk -- been effective in reducing risk but has reduced liquidity in markets. the fed is starting to work on that. we need to look through the affects of the different pieces. tom: the fed communication strategy, i was in the fed , and thehe other day whole mystery of this is the dots seem so quaint. are the dots a past? if the dots are the past, what is the future? randall: the dots are definitely the past. the fed chair has been wanting to make them the past for a long time. effectively said, please do not pay attention to the dots because that is not where the consensus was. eventuall

sylvia lennan—spence explains. you could call this the silver—haired generation going for gold.e because it is a different atmosphere. yes, i used to do sport, but since i arrived here, no. it is only today i started doing sport again. i enjoy it. carers and family members were also invited along to offer their support. some of the events are notwhat you'd describe as official olympic sports, but everyone gets a medal, everyone's a winner. coming up, reeta will be here for the bbc news at one, now it's time for a look at the weather with sarah keith lucas. good afternoon. the past few weeks have been very dry across the southern half of the uk. and there's not much rain in the forecast, certainly over the next week or so. this is the picture out there in surrey taken by one of our weather watchers recently. beautiful blue skies. a similar story across much of the country. dry for most places through the afternoon with some long spells of sunshine on offer. one or two showers around across northern and western scotland courtesy of a weak weather front here. but high pressure domi

still very silly there and the sun is shining on the lib dems as far as drew spence? very sunny.mbitious. it was an ambitious speech thatjoyce vincent made this afternoon to the party faithful, it went down very well, as you would expect. herfirst as leader and she said her number one priority would be stopping brexit. there is a change in how the party will go about that. they say if they get into government they would provoke article 50 without holding any second referendum. that is if they won the schmeichel win a majority. that is a big f but she told members that winning a majority ina told members that winning a majority in a general election was absolutely her intention... we need to seize the opportunity right now so let me be clear that micro applause. let me be clear, there is no limit to our ambition for our party and country and today i am standing here as your candidate for prime minister... cheering and applause here they love that in the hole. joe swinson, as you would expect, had harsh words for her political opponents and she talked about an election campaign is

over the next couple weeks and months, as spence ably we'us ste the other phone calls put into the secured we'll get more and more location. i information. >> willie geist. >> it's willie geist in new york. there's so much flying around this week. there's so much information and so much to sort. there's been so many smoke screens thrown up by your colleagues across the aisle. boil it down this morning. ha is this story about to you? >> what this story is about is the president using the power of his office to threaten a strategic partner in an incredibly delicate position for a political gain, to smear a political opponent. lying about it, covering it up. having the white house and the juts justi justice department involved in that cover-up. but now they're caught. what is this is about is the slow unraveling of that cover-up and the exposure of that wrongdoing. we all know that this is the president's course of conduct. we all know that that database has other documents in it that they were hiding to avoid embarrassment. he's clearly not bound by any of the traditional norms or rules. i

another tweet from mike spence 2016 presidential election. jedediah: favorite one from becky.mission scandal. alternative from the word becky. becky is loaded. it is a loaded name. everyone knows aunt becky. ed: a year and a half ago or more roy moore in trouble with allegations with underaged women there was a state senator who stood up for him and said roy moore is a good man and this is not a big deal and that state senator's man was ed henry. i literally got i'm not related to him i got like 100 tweets saying you are a shameful man. you are supporting roy moore. i'm like not me, not me. not me. jedediah: this is the advantage of having the name jedediah. there is not a lot of jedediahs out there. my mom knew that ahead of time. you spared me madness. i appreciate that. pete: there is a mayor pete running around out there. we have heard of that guy. jedediah: you guys are a little different on policy. slightly. a couple nuances there. we will turn to some headlines for you now. the father of the infamous assault charge. fred couch accused of choking girlfriend at texas home

pull spence from edf speaking earlier.ing they have been driving home, that the customers are not going to be footing that bill. investors and shareholders are not impressed by edf‘s. .. investors and shareholders are not impressed by edf's... by what has happened here. the share price has dropped over 6% today as investors reacted to the news today that it will overrun. this is several years and also several billion pounds more than what was expected. enough is enough as far as the investors are concerned, and shareholders are selling out now. there is the impeachment enquiry in the us and the uncertainty around brexit in the uk can we have seen the oil price full, can we put that down to fears of global recession and a trade impact really gripping investors once more? that's definitely something we need to think about. the demand for oil, there are concerns about future demand for oil and that it will be lower. what we have seen today, we have seen the inventory data coming out, which showed there is a 2.5 million barrel

signed, nick spence. so i want to thank say thank yo, nick. i will eight never forget you walked across the gym after we got through with aest mooing with the students at with -- with all the students at your high school. i'd like to recognize some very special guests also who've driven here today from west virginia and they're in the senate chamber today. from charleston, west virginia, we've kelly wy maine r. they are in town representing the west virginia kids cancer crusade at the cure fest here on the national mall. when ali was just 6 1/2 years old, she was diagnosed with cancer. we're so proud to have ali here in the chamber with us today. she's the currently 21 years old, healthy as can be. they say healthy as a horse. i'm going to say healthy as can be. and a student at bridge valley community and technical school, majoring in health care. nick, i know you are at home watching this now. i really want to thank you for sharing your story with me. it really touched me how brave you are for speaking up and advocating for others than yours