it is not a credible political solution. davidnow, let me shift for a moment, if i could, to your own personal life and career. when you were a young boy, did you say, i want to be chairman of the federal reserve board? [laughter] david: no? alan: i could barely pronounce the words at the time. my aspiration was to be a musician. so i went to juilliard for a few years. david: your instrument was what? alan: i played the clarinet, tenor saxophone, bass clarinet, and a little flute. david: for all of those, you weren't good enough at any of them to be a professional, to make your whole career out of that? alan: let me put it this way -- i could have, but i would only be class b. i sat next to a 15-year-old by the name of stanley getz when i was 16. we both had the same saxophone teacher. and i said, my god, this kid is terrific. and i said to myself, if you can't be this good, why do you want to be second-best? david: why didn't you tell him he should go into economics and get rid of him? alan: i should have done that. david: you sh

it is not a credible political solution. davidt me shift, if i could, to your personal life and career. when you were a young boy, did you say i want to be chairman of the federal reserve board? alan: that is the last thing. i could barely pronounce the words at the time. my aspiration was to be a musician. i went to juilliard a few years. david: your instrument was what? alan: i played the clarinet, tenor saxophone, bass clarinet, and a little flute. david: you were not good at any of them to make your career? alan: let's put it this way, i could have, but i would only be class b. i sat next to a 15-year-old by the name of stanley getz. we both have the same saxophone teacher. i said, my god, this kid is terrific. i said to myself, if you can't be this good, why do you want to be second-best? david: why didn't you tell him he should go into economics and get rid of him? alan: i should have done that. i never thought of it. it would have been a good idea. david: you left juilliard and went to nyu? alan: yes. i did not think i woul

a-z. and that was, that was my school. david you break out of the mailroom to get into a real job? barry: so what happened, serendipity. most of my career is a cross between serendipity and curiosity. anyway, i had met a middle level executive at abc called leonard goldberg. he was a new york executive moving to los angeles to become the vice president of current programming, a very middle level job, but i thought he was really smart, and i really didn't have some yen for television, particularly. but you know, i was sparky, and i was interested. i knew i couldn't stay at william morris any longer. so he asked me to be his assistant. i said yes. the day that i left william morris and was going to start at abc, they fired the tsar of abc -- the czar of abc programming, and they reached out, and they picked my guy, leonard goldberg, to be head of programming. so i went from this little tiny thing, to moving to new york, to becoming the assistant of the head of programming at abc, and within six months, i was running the program de

it is not a credible political solution. davidt me shift, if i could, to your personal life and career. when you were a young boy, did you say i want to be chairman of the federal reserve board? alan: that is the last thing. i could barely pronounce the words at the time. my aspiration was to be a musician. i went to juilliard a few years. david: your instrument was what? alan: i played the clarinet, tenor saxophone, bass clarinet, and a little flute. david: you were not good at any of them to make your career? alan: let's put it this way, i could have, but i would only be class b. i sat next to a 15-year-old by the name of stanley getz. we both have the same saxophone teacher. i said, my god, this kid is terrific. i said to myself, if you can't be this good, why do you want to be second-best? david: why didn't you tell him he should go into economics and get rid of him? alan: i should have done that. i never thought of it. it would have been a good idea. david: you left juilliard and went to nyu? alan: yes. i did not think i woul

or and a little flute. davidwell for all of those, you weren't good at any of them to be a real professional, make your career and all that? alan: let's put it this way, i could have, but i would only be class b. i sat next to a 15-year-old by will the name of stanley getz. when i was 16, we both had the same saxophone teacher. and i said, my god, this kid is and terrific. and i said to myself, if you can't be this good, why do you want to be second-best? david: why didn't you tell him he should go into economics and get rid of him? alan: i should have done that. i never thought of it. will that would've been a good idea. david: so you ultimately left juilliard and went to nyu? alan: yes. i was actually very surprised. i didn't think i would be a good student. i did well in math in high school. i wasn't sure how i would do in college. it turns out that not only did i graduate summa cum laude, but i had only two "b's" in shop and gym. david: shop and gym. okay, so -- and david: i got "a's" in everything else. and

david: shop and gym, ok, so. alan: i got a'sn everything else, and no one was more surprised than i. david: you were called by many a maestro. did you think people were giving you too much credit to be such a great maestro of the economy? alan: i was getting too much of the credit for what was actually going on. i said, don't worry about it. it will come out on the other side. ♪ >> it is my intention to nominate dr. alan greenspan to a four-year term as chairman of the federal reserve. alan: i just wanted to say that i am deeply grateful to the president for this opportunity to serve my country in one of its most sensitive economic posts. david: so you graduate summa cum laude from nyu, given up your music career. what did you do when you graduated? alan: well, first of all, i went to the national industrial conference board. for the first time, i went into the business world. i wasn't really all that interested in it. and found myself fascinated. at a fairly young age, like 22, i was writing articles for the conference board ma

david: shop and gym, ok, so. alan: i got a's in everything else, and no one was more surprised than i. david: you were called by many a maestro. did you think people were giving you too much credit to be such a great maestro of the economy? alan: i was getting too much of the credit for what was actually going on. i said, don't worry about it. it will come out on the other side. ♪ >> it is my intention to nominate dr. alan greenspan to a four-year term as chairman of the federal reserve. alan: i just wanted to say that i am deeply grateful to the president for this opportunity to serve my country in one of its most sensitive economic posts. david: so you graduate summa cum laude from nyu, given up your music career. what did you do when you graduated? alan: well, first of all, i went to the national industrial conference board. for the first time, i went into the business world. i wasn't really all that interested in it. and found myself fascinated. at a fairly young age, like 22, i was writing articles for the conference board

i went to juilliard a few years. david: your instrument was what? : i play the clarinet, tenor saxophone, bass clarinet, and a flute. david: you were not good at any of them to make your career? alan: let's put it this way, i could have, but i would only be class b. at next to a 15-year-old named stanley guess -- guess. i said, my god, this kid is terrific. i said to myself, if you can't why do you want to be second-best? david: why didn't you tell him he should go into economics and get rid of him? alan: i never thought of it. it would have been a good idea. david: you left at juilliard and went to nyu? alan: yes. i did not think i would be a good student. i did well math in high school. i was not sure how i would do in college. not only did i graduate at the top of my class b's int had only towo shop and gym. i got a's and everything else. david: you were called by many a maestro. did you think people were giving you too much credit to be such a great i struggle of the economy? alan: -- too much of the credit for what actually was going on. i said,

david: yeah. it's the best. >> anthony: oh, i totally get why this would be a wonderland. >> david: yeah, everything'su, sizzler, a happy place, still. >> david: lots of memories. it's satisfying. we need more of this cheese bread. [ laughter ] ♪ i've slain your dreaded dragon. for saving the kingdom what doth thou desire? my lord? hey good knight. where are you going? ♪ ♪ climbing up on solsbury hill ♪ grab your things, salutations. coffee that is a cup above is always worth the quest. nespresso. tis all i desire. did thou bring enough for the whole kingdom? george: nespresso, what else? opportunlike here.rywhere. and here. see? opportunity. ev-er-y-where. about to be parents. meeting the parents. and this driver, logging out to watch his kid hit one out of the... (bat hits ball) opportunity is everywhere. all you have to do to find it is get out...here. ♪ cohigher!ad! higher! parents aren't perfect, but then they make us kraft mac & cheese and everything's good again. [ neighing ] [ neighing ] [ sigh ] it's bring your own phone, not pony. so i could've taken the bus? yeah. bring your phone. switch y

kim was a totally engaged mother. david'ssam lockhart saw the camm family all the time. >> great mom. a great mom. she would run those kids everywhere. and the kids, they were like, my grandkids. >> jill, jill. >> little jill, yeah. she --. >> tell me about her. >> she was a character. she really was. just a funny little girl. if she didn't have your attention, she'd get it. >> she was very -- i think she would have been very athletic. she was gifted in that way. >> and brad was the swimmer, right? >> he loved it. he was great at it. being a father, i thought, "this kid's good." >> reporter: there were gatherings with david's sprawling extended family, the lockharts -- the descendants of nine brothers and sisters on david's mother's side. >> the lockharts were so entrenched in this patch of southern indiana that they had a road named after them. lockhart road. where david's family lived. >> could not have been a better place for us to be when all of this terrible stuff happened. >> reporter: the awful news raced through two f

she slipped a disc. >> because of a severe painful back injury, david explained, nici had reluctantlyd to let her doctor put her on a carefully monitored prescription for percocet, a potentially addictive narcotic drug. >> at first, she had me keeping the pills and giving them to her. >> investigators wondered, had nici's old demons pulled her down again? they delved into nici's last known movements. >> when is the last time you saw nici? >> friday night when i got home from work. she was asleep in bed. >> david pietz told detectives that nici was sleeping when he arrived home late friday night. and by the morning, she was already gone. off to her special aa celebration, he assumed. >> i just remember thinking that must be where she must be when i woke up. >> when she didn't show up at the dinner party that night, he returned to their condo to look for her. he described how her purse, car keys and gray jetta were gone. but he said something else caught his eye and it would turn out to be a big clue for detectives. nici's vial of percocet was sitting out on the counter. the bottle was

the collaboration is a much better solution. davidartificial intelligence is a race to see how far we can get how fast. are we in danger of falling behind china? are we behind china already? reid: i think we are ahead. decades of r&d and technology and bringing the brightest minds of everyone in the world together to work on it here -- it gives us a lead in artificial intelligence. however, the chinese are being smart in saying we know this is where the industries of the future will be built, so we are investing in it. we should be doing that too. david: you started as a coo, not ceo. how much did that influence your subsequent career? ♪ david: let's talk about who reid hoffman is. you study philosophy. what did you take away from your experience that applies to you today? reid: surprisingly, philosophy has been more important to me than any background in business. it is precision in thinking, thinking about human nature, what an investment thesis is and how you measure that when you are trying to create something from nothing. those

then i would write to a memo to him. davidces socialize with each other, or not so much? justice kennedy: not so much because of workload. we are careful. if we see each other at a social event or dinner, it is not polite to go off in a corner and talk about something. [laughter] justice kennedy: so if we see weh other, we try -- but, have dinners together and lunches together. we have lunch together when we are sitting. famous 5-4of your decisions with citizens united. justice kennedy: it is true there is a problem of money in politics. i think we have to address it in some other way. the voters see money coming in from a wrong source, they should be disclosing it. they can vote against the candidate if they don't like it. ♪ ♪ your term on the court, you wrote over 300 majority opinions, but 92 majority opinions that were 5-4. justice kennedy: really? [laughter] david: that's right. 92. let's talk about some of the opinions you are well known for. some 5-4 and some not. let me talk about on gay and lesbians writes. you have b

the collaboration is a much better solution. davidartificial intelligence is a race to see how far we can get how fast. are we in danger of falling behind china? are we behind china already? reid: so, i think we're ahead. i think the depth of decades of r&d and technology and bringing the brightest minds of everyone in the world together to work on it here still it gives us a lead in artificial intelligence. however, the chinese are being smart in saying we know this is where the industries of the future will be built, so we're investing in it. we should be doing that, too. david: you started as a coo, not ceo, not a chief strategy officer. how much did that influence your subsequent career? ♪ david: let's talk about who reid hoffman is. you study philosophy. what did you take away from your experience am doing philosophy that applies to you today? reid: actually, surprisingly, philosophy has been more important to me than any background in business. the reason is, it's precision in thinking, thinking about human nature, what an inves

nexus, a dynamic of opportunity. david: did you meet steve jobs? bert: i did not meet steve jobs personally but i was on the you may at the time, not remember this, apple was under assault. there is a different board. fire the board, got rid of the ceo and invited to come back. david: you are living in the san byncisco area, a big success investment banking standards and i presume you are highly compensated. what propelled you to say, i'm going to give this up and start my own company? robert: the interesting thing that occurred, as an engineer, i realized way back in my goodyear tire & rubber days, the impact that software have on businesses. there are very few software companies that were efficiently run. why? most executives that started software companies wrote code or knew a market opportunity and they sold the code. i have run into this small company in houston, texas, the most efficient software company i've ever seen. they have very basic things they did extremely well. if you took those basic things and apply them to other software companie

a lot on that? you can explain why. david: gary? the negotiations with china, i think if it comes out where the united states has better trade deals, i think ultimately it will end up being a positive for the u.s. economy and a big positive for -- david: we'll be talking about trade in another segment. so hold your fire on that. i wanted, you still have deregulation thing going. that is still a positive, right? >> that is okay. i want to switch, i want to switch from that to happier news which always put as smile on charlie because i know he is a big fan. the big market mover after hours is disney. that's the big news earnings coming out. susan li has details. susan, quick question, what is the biggest takeaway from earnings so far? >> parks outperformed in the quarter. also their movies release some criticize being a weak quarter really for them, performing up 50% in the quarter. so far, over and over on the earn earnings call not surprised. people talking about integration of fox assets and three streaming services in the future h

david: thank you very much for doing that, and thank you for your time today. and, aremarkable career. thank you, michael. michael: thank you, david. [applause] ♪ i am a family man. i am a techie dad. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. ♪ nejra: jpmorgan's's secret punishment. america's biggest bank was shackled by washington for years after the crisis. bloomberg has learned about the restrictions. different advisors, different rules. the fed proposes a softer oversight regime for all but the biggest u.s. banks. and who is investing sustainably? a new report says high net worth millennials are putting the most into investments. welcome to

david: you started as a coo.ow much do that influence your subsequent career -- did that influence your subsequent career? reid: i was on the board when paypal was founded. wanted me to solve key --blems when i stopped stepped off. any major problem i need you to solve, solve it. relationshiphe with ebay, how is the financial what ise underlined, our relationship with mastercard, how are we going to bring our business operations? peter would hand me a different challenge. those learnings were central to the entrepreneur i became. bifurcation maybe artificial between operations and strategy. be artificial between operations and strategy. we know people were great at thinking, but not so good -- are at getting it done, and vice versa. happy people can do both together -- how many people cn an do both together? reid: most people think they are better strategist and they are -- strategists than they are. the thing is, how can i learn to become a better strategist? matter.hink the ideas you still need the inspiration

there is a reason they are goldman. davidad a little nudge from the government, these opportunity zones we have mentioned. they were in the new tax plan to encourage investments in lower income areas. they were encouraged by that. jason: absolutely. this makes a huge amount of sense. it is a very good real estate investment trusts on its own. manhattan and the five boroughs of new york city have been fast-growing. even before this amazon announcement. now, there will be 25,000 people or so coming into this area. it is a boom. david: they will make good money on that. they will also do good by not investing in bitcoin. compared the bitcoin bubble to other bubbles, saying it is the worst in history. it is compared to mississippi, all sorts of things. it went up faster and came down faster than anything else. alix: that graph is also. jason: -- awesome. jason: and when you think about the bubbles we have seen, like the dot-com bubble, this just blows it out of the water. and the timing is so interesting. we have been talking abo

david: thank you very much for doing that, and thank you for your time today. and, amarkable career. thank you, michael. michael: thank you, david. [applause] ♪ show me movies a grinch would love. [ bark ] nu uh, i'm picking the movie tonight. [ whimpers ] be sad, i enjoy it. show me grinchy movies. oh, goody. [ whimpers ] mmm, fine! show me movies max would like. see the grinch in theaters by saying... "get grinch tickets" into your xfinity x1 voice remote. [ laughing ] uh oh. something in my throat. 10 years after the crisis we speak to a guest and they say the sector has gone too far. european union rules of full impact from legislation. we will put down what the midterm elections could mean.

a david hockney painting becomes the most expensive work by a living artist ever sold at auction.afe house in paris. why would i

adjusting earnings looks like a crazy beat. davidusted, which is comparable to the 14 sense they were predicting? alix: a strong holiday season and the fourth quarter. it will be interesting with the guidance that they will be issuing as well. we talked about that earlier didn't about when they offer guided last quarter, that proved to be difficult for the stock. david: i don't see the revenue numbers yet. i also have not seen exactly what the same-store sales -- basically, we have the licensed comps up 3.7%. sales coming in at five .4 billion, a little bit light. i'm just trying to scroll through the report. they are updating their guidance for fiscal 2018. revising their guidance, they sales for the whole year now between 2.3 and 2.5%, raised the lower end of its comp sales guidance. sales for the whole year nowthat's a positive. they seeing that sales, .3% 2.7%, raising the estimate for the full year. also, a bigger vision for earnings on the high end, 4.30. pretty good news. the guidance going well for the fourth quarter as well.

david shannon, just 40, was dead. all it took was a look, in fact, for lead detective mike murphy to see what happened in david's bedroom was highly intentional. >> it was an execution. zaip david shannon was executed. the intruder came in while he was sleeping, placed a gun to his head, and shot him in the chest. >> and joan? the shock of it didn't help, of course, nor the fact that she was sound asleep when it happened. by the time she calmed down enough to talk to police, she wasn't very helpful. >> i did not clearly see the person who shot david. i'm not sure if i saw or just had a feeling of somebody just leaving the room. but i formed it as a shadow. >> did you actually see a shadow or did you tell the police you thought it was a shadow? >> it was a movement, like a shadow that left. >> she was worried about the safety of the children. she returned back to her bedroom. that's where she made the 911 call. >> the children. joan and david's eldest daughter daisy was out of town. but their two young boys, just 7 and 10, slept through

and china do a deal that address the systemic concerns we have about china, ip theft on our and. david: a lever being used to get more fundamental issues. out there where you are in silicon valley people are very nervous about that. lanhee: you talk about the use of the process to improve inbound investment. these are things i think people are concerned about and the broader question on china is, can you separate the economic questions from the strategic ones? we have a difficult strategic relationship with the chinese are we are having some issue with the way in which they are conducting intelligence in the united states, stealing intellectual property so these are questions that are broader than simply the question of tariffs which are a method to achieve an end. lanhee chen, thank you for being with us. a principal promised before christmas. reports are theresa may asked her cabinet to campaign on behalf of it and now she has votesdecember 11 to count and pull them together. british parliament will vote on the brexit deal december 11. this is bloomberg. ♪ emma chandra joins with mor

forward -- i will devote a lot of my time to the american -- what i call living the american dream. davidting a center of the american dream. what do you think the american dream is all about? michael: i think the american dream, which is so unique, is a chance to succeed based on your ability, you're willing to work hard, your knowledge, your insight, which is another most valuable qualities. now i can't tell you how depressed i am when i see that 26% of americans under 30 think they are going to have a better life than their parents. a long time ago, it was 90%. why do they feel that way? under 30% of americans think socialism might be better than free enterprise? you can see socialism in venezuela playing out. so something is missing. i think, as i have been focused on it, one, it is hope. what i see is a large percentage of americans don't see that hope. they have their student loans that are burdens for their entire life. even if you go bankrupt, you cannot get rid of your student loans. we have to eliminate student loans and find another way to finance college. two, someone trr pare

david: thank you very much for doing that, and thank you for your time today. and, amarkable career. thank you, michael. michael: thank you, david. [applause] ♪ i am a family man. i am a techie dad. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. >> i'm jonathan ferro with 30 startes of . this is "bloomberg real yield." coming up, the jobs report coming in hot. payrolls delivering a surprise. wage growth with a three handle. leaving treasuries under pressure, yields climbing ahead of next week's big slate of auctions. and the worst month for junk bonds since 2015. leaving some cracks in what was once a resilientk

david: thank you very much for doing that, and thank you for your time today. and, ay remarkable career. thank you, michael. michael: thank you, david. [applause] ♪ i am a family man. i am a techie dad. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. taylor: coming up on "bloomberg best," the stories that shaped the week in business around the world. politics moves markets. brazil elects a new president, while germany's leader announces plans to step down. >> we may be looking at months of uncertainty still here to come. taylor: central-bank decisions come down from england and japan. the latest u.k. budget proclaims an end to austerity. ibm makes a major investment in the cloud. >> this is, to me, all about resetting the ecl

a lot in this show. connell: we okay. >> i don't think david would like that. melissa: no, we have to a market down more than 200. connell: thank you for joining us, we'll see you same time tomorrow, it is time for david asman, bulls and bears starts right now. david: this is bulls and bears, i am david asman, joining me on panel, lindsey bell, kevin kelly could rick hunger and jonathan hoenig. author of a new book, a new textbook of americanism. president trump weighing in on aamazon's digged decision, heret we said, i think they are paying a very big price. they took the best deal, so folks is president right, did taxpayers maybe pay too big a price. >> this is money wash the down the drain, so frustrating to me, no matter what type of isle you are on. does not matter amazon cannot afford or can oford it, this cronyism, this is government picking winner and losers, that puts a burden, they estimate 50 thousands per job in subsidies. david: they say it could be 100 thousand. >> chicago was in running for this i am glad they did not get it, this is a terrible pr

the american public is hoping they will find a way out of it. davidocrats yeuld see i do i -- eye to e with republicans. washington has a tendency to throw money at problems. isn't part of the issue with infrastructure and how we will pay for it? >> if you want to create robust economic growth, you have to have a way for commerce to take place. if they airplanes are not flying and the roads are not available or the waterways are not working, economic growth will slow down. everybody should have a reason to want to do it. secondly, it is about money. it is money on the local level, the federal level, and the state level. it usually gets done when everybody is showing up and doing their part. this is a place where congress can really play a role. the highway system back in the day spurred us into a new era. everybody has now demonstrated and understands how difficult the situation we are in. everybody -- a great consensus says focus on that first and demonstrate that you can get things done. david: you said that you would like congress to get things don

david: they will figure out a special track. alix: a fun toy. david: who can afford this? uple inches off the ground. alix: the inside is so cool. it looks like a spaceship. david: the driver's forward and the passengers are aft. passengers to either side. the driver isa 1, in the middle of the car. david: virtual marathon. this sounds crazy. now it makes sense. there are too many people applying for the new york city marathon. so they have a lottery. you can run in the virtual marathon. app tracks you? >> yes. it tracks where you run. this is people running their own marathon, wherever they are, in over 25 countries. within four days of the marathon, if you measure it on this and you are part of the program, you can qualify for the next years new york city marathon. david: does it pick the fastest? >> people who have signed up. david: no matter how slow you are you get to run the marathon? >> it is not one of those qualifying marathons. there is a lottery. days.it is four >> you have to do it in one go. alix: i was going to try it but darn it i was so close. >> the new yor

david: thank you very much for doing that, and thank you for your time today. and, amarkable career. thank you, michael. michael: thank you, david. [applause] i ♪ jonathan: from new york city for our viewers worldwide, i'm jonathan ferro with 30 minutes dedicated to fixed income. this is "bloomberg real yield." coming up, the federal reserve teeing up aning to fourth rate hike in december. even as global growth concerns are increasing, fueling a bid into treasuries and crude oil falling into a bear market. we begin with of the big issue, the fed staying the course. >> i would expect the fed's projection of gradual increases in the target funds rate to stay on track.

david: thank you very much for doing that, and thank you for your time today. and, ale career. thank you, michael. michael: thank you, david. [applause] ♪ show me movies a grinch would love. [ bark ] nu uh, i'm picking the movie tonight. [ whimpers ] be sad, i enjoy it. show me grinchy movies. oh, goody. [ whimpers ] mmm, fine! show me movies max would like. see the grinch in theaters by saying... "get grinch tickets" into your xfinity x1 voice remote. [ laughing ] uh oh. something in my throat. ♪ jonathan: from new york city, i'm jonathan ferro. 30 minutes of fixed income. this is "bloomberg real yield." ♪ jonathan: coming up, the jobs report coming in hot. payrolls delivering an upside surprise. payrolls delivering a surprise. wage growth with a three handle. leaving treasuries under pressure, yields climbing ahead of next week's big slate of auctions. and the worst month for junk bonds since 2015. leaving some cracks in what was once a resilient market. we begin with the big issue, a hot payrolls report. >> the strong headline number. >> a solid job report.

a nickname, so be it. tennessee has an open seat. david: let's turn to the house. oking at some races that are deeply red. even the steve king race. e. o'brien: king is a unique situation. what he did was an appropriate and uncalled for. he was called up by the nrcc for doing that. hopefully that will not bleed over to other races. david: a lot of people are retiring on the republican side. e. o'brien: and defending seats gets very expensive. you have powers that have been around. you know everybody in the community a lot more. they know your name and you have a lot of credibility. david: what about the democrats? jeanne: i think they will pick up. they will get well over the 23 they need to take the house. i think it will be in the low to mid 30's. that is not historically unprecedented. that's in keeping with the party out of power of the white house. what i think is happening is so many of these contested -- there are about 60 contested races for the house. so many are these suburban districts for the president's rhetoric on the border is not playing well with th

there is no real incentives to make a huge move. david report cards come in -- thanks to romaine bostick. coming up, there will be a special edition of "real yield." sign up for the "balance of power" newsletter at bloomberg.com/politics. get the latest every single day. bloomberg users can interact with the charts shown using gtv . catch a funky analysis and say that catch up on k -- catch up on key analysis. this is bloomberg. ♪ >> stocks falling on a shortened trading days. i am romaine bostick. >> i am joe weisenthal. >> i am taylor riggs. are we having fun? joe: it is quiet and volatile. romaine: i thought we would have a quiet day. the three handle on the 10-year as we get lower and lower it really catches my eye.

david: thank you very much for doing that, and thank you for your time today. and aremarkable career. thank you, michael. michael: thank you, david. [applause] ♪ >> coming up, on bloomberg best, the stories that shaped decisions. voters flipped the house for the democrats. >> the question for democrats, will they legislate or investigate? two cities could get best headquarters. down -- decisions made in the la

a list. go ahead. david: go ahead, rich. >> i think it's really significant that peter navarro has been demoted. he's not being taken to the g20. he made some outrageous comments about a week ago that were borderline anti-semetic and just economically full of malpractice and he's been the hard liner on trade that's wispered in trump's ears and i think trump has looked at the mid-term elections and sees the trade is starting to cause some damage. president trump could not take wisconsin today, for example. david: i'd just like to amplify something that jonas said. knew this whole thing may not matter that much to china. sure it would be better if we can get a deal but their economy has some serious headwinds that don't have anything to do with the tariffs that the united states has put on them, and that may be the more important thing to the economy and to the stock market. david: there are also headwinds for american manufactures and even shipping companies. i mean shipping companies are talking about how th

david: thank you very much for doing that, and thank you for your time today. and, arkable career. thank you, michael. michael: thank you, david. [applause] ♪ >> from new york city, i am jonathan ferro. this is "bloomberg real yield." coming up, the federal reserve is not returning to read a fourth rate hike in december. even as global growth concerns are increasing, fueling a bit into treasuries and oil failed -- falling into a bear market. we begin with of the big issue, the fed staying the course. >> i would expect to the fed's projection of gradual increases in the target rate to stay on track. >> the economy is cooking, baby. you have fiscal policy going on, the lowest unemployment rate since the 1960's and the economy

a guy just dropped this off. he-he-he-he. davidnvestigations are piling on, and now the federal special counsel office is looking into whether acting attorney general matthew whitaker may have received come pain donations will working as a federal employee to former federal judge and independent council ken starr author of contempt a memoire of the clinton investigation good to see you ken thank you for being here. >> hey, david good to see you thank you. david: let's talk first about this new news about the investigation of mr. whitaker. could this actually force him out as acting attorney general? >> oh, i don't think so at all. it looks to me, from what i've seen, that this is one of those inadvertent failure to close down the campaign account in time. what will likely happen and i've been through this sort of thing and served as chief of staff to attorney general smith during the reagan years is he will simply pay this back but unless there's any showing of intent which i seriously doubt this will be cleaned up call it a bureau

kristin: there is a to 10 times more. davids, is this a thing the government would have one of them to have done before they went into bankruptcy? there is criticism they did not act fast enough. are they doing what they did not do before, and that is react to the market? they cannot win. they cannot do it fast enough and they do it too fast. there has been writing on the wall for this for some time. general motors was running for of their assembly plants on one shift. atembly plants have to run 80% capacity to be profitable and one shift is not 80%. are 3 million units of underutilized capacity in the auto assembly sector in the united states and a million of it is general motors. they had to do something. david: does this take care of the problem if they get this done for the future? given the capacity is taken off-line and give the projection what the sales would be, does this get up to the 80% number? kristin: i do not think so. because they planned has been unallocated, necessary language with -- under the contract, does n

a weaker dollar but opec is perhaps going to cut production now in 2019. davidill wait around a couple days and it will change again. now it is time for an update on what is making headlines outside the business world. we turn to taylor riggs with our "first word news." taylor: democrats have ended two years of republican control of both houses. democrats took control of the house of representatives. republicans held on to the senate. democrats will end up with more than the 23 seats they needed to flip the house. house majority leader nancy pelosi is expected to become the next speaker -- minority leader nancy pelosi is expected to become the next speaker. >> today is about restoring the constitution's checks and balances to the trump administration. tookr: republicans democratic senate seats in florida, missouri. ted cruz of texas nearly beat o'rourke. beto >> is my hope that with the bitterness and division we see nationally, that texas can be a model for how we can come together. stability -- with but with civility, respecting each other's humanity. taylor:

a guy just dropped this off. he-he-he-he. ♪ ♪ davidump slamming a federal judge's decision today to halt construction again on the $8 billion keystone oil pipeline. take a listen. >> political decision made by a judge. i think it's a disgrace. it's 48,000 jobs. i approved it. it's ready to start. ask they went, and i guess it'll end up going to the ninth circuit, as usual. david: well, the 1,184-mile pipeline expansion that could car ray rz -- carry as much as 840,000 barrels of oil a day from alberta to alaska, what does this mean going forward? >> well, it's just another sort of speed bump for this project which has been underway for over a decade. and by the way, the judge questioned the environmental outcome of all. we did an environmental study. the obama administration did under his presidency, and it was approved because, in fact, it looked okay. it wasn't going to have any dehe to have yous effect. we all know transporting this kind of oil by train is more dangerous to the environment. this is just -- by the way, this really te

that is a prescription for losing. davidident trump does not come across usually as a big tent kind of guy. if i can say that. he's aims to be someone who excludes rather than includes. is he really controlling? was elected, people said, not really a republican. is he really solidifying his support within the republican party? rep. faso: i think there is no doubt the president has strong support in the republican party. i have been pleased to support him on regulatory changes, things like moving the embassy to jerusalem, attending the iran deal, standing up for the country to get our nato allies to finally bear their share of defense cost in nato. i am all for the president. the president did a great job on renegotiating the nafta agreement. i am are many areas where in agreement. i think what we have to do is recognize that the tone sometimes is going to turn off some voters. if we are going to win in 2020, we have to address that. david: give some advice to people who are left behind in congress after you leave. you have b