welcome to aei and welcome to our program today. the value of our veterans, our conversation with representatives, mike levin and brad. i'm gary smith, i'm a senior scholar here as strategic studies and i'm director of aei's program on american citizenship. i amng toi skip a set of am going to skip a set of introductions since we will be talking the next two hours. so those joining us here in joining online or watching on c-span, if you want lengthier bios go to the website and go to the link for the page and you will see everybody's biographies. let me begin by giving a quick overview of the proceedings. we will first hear from representative mike levin, the recently a district that runs -- recently elected congressman from california's 49th district, a district that runs along san diego to southern orange county and quite frankly i have a niece that lives out there, i'm not sure why the congress and decided to move to d.c., but nevertheless, it is a patriotic act on his part. he is the chair of the subcommittee on economic opportu

i am a visiting fellow here at aei and we are here for a great conversation. it will be a conversation tonight about nationalism, nationhood, family and father had and this excellent new book which i absolutely love "my father left me ireland" by michael brendan dougherty. in some ways is very different from what we do, from what i'm used to. i'm a scholar here at aei and we are a private institute for public policy research. we do lots of social science studies and in fact social science studies get a bad name in "my father left me ireland" but in a way that highlights what we have in common to the section that goes after how nationhood in the modern day is often well i'll put it like this a nation today in a modern way of thinking is at best problematic. it is at best problematic a useful administrative unit. that section is tipped off by the author michael daugherty talking about singing to his newborn baby over and over again the same songs. the foggy dew, the wind that shakes the barley and even the patriots game which i tried to sing in that lullaby way.

i'm a scholar here at aei and fear of the american enterprise institute forar public policy research. we do lots of social science studies and in fact, social science studies get a bad name in "my father left me ireland," but in a way that highlights what we have in common. it is often as he puts it a nation today in the modern way of thinking is often come up with, at best problematic. it is best problematic as an administrative unit. that section is tipped off by talking up singing to his newborn baby over and over again in the same songs. the wind that shakes the barley and even the game i tried to sing in the global byway i also sing my children to sleep because they are of a pc and i don't have the vocal chordson mr. doherty does. the stories that we tell our children, this is another way of educating in addition to the public policy research type stuff that typically do here at aei and there are virtues and perils. my story quickly before we get to the author here is one of the perils learning about world war ii, charlie turned to me and said i'm a little confused. are the briti

. >> repory ngr:owy y, n loo ls tehing in theust wh how they are whether or not the kids aey he y fullchoo align our assessmentsss >> reporter: mayseor b powadenrp ifthe m bng nexteh. .eswith new vi for aatsterndne uc me at 11:30 on "the final 5."ts rraco in natm we have cominhe wf thrones fans. you know the series has been over but there's a l of talk about what com tlwe 'lday. i can't wait for that. hoheuse? wfr her arahthis s is in a bottle that washed ashoren it came 50 years agohe w wnhed . we'll tell youho w interesting story. meinagbotte le.e the sti e6: running around trying to stopm to no he it cald 2019. >> it's called bed mo thae,vi of nights it's fun. >>> thef death o a glacier commemorated in iceland. what the country is doing to wr storm. first trying to fierson behindhendon ndchelle p hot a track a few thehoouwet s and sh where comingn p ♪. ♪ . w itna n xfinity. w itna yo and y'u even get this. mike, you're on balloons. don't miss the xfinity best deal of the year's si. you'll get huge savings with a free speed upgrade for a don't miss the xfinity best deal of the year's si.

prison,en came out of aey were given something with piece of the jail door on it. to remind them. >> who came up with the idea of the pen? -- the pin? >> the national women's party. that was their way of commemorating it as the women came out. >> what were the expectations once the 19th amendment was passed and ratified, what were the expectations of these female voters? >> there were a lot of debates. the first question was what they even bother to register and turn out to vote? certainly, there were people that argued they would be uninformed voters and they would not be interested in politics. that they would simply follow their husbands in terms of voting. on the other hand, in 1920 -- others noted a real interest in women voting so the st. paul newspaper for example in 1920 wrote a whole article about how women were going to register to vote and how important that was. the second question was how they would vote. what would they do when they walked into the voting booth. there was an expectation or one they would follow the progressive movement. there were pro

aey are suffering from crisis. you have two different reactions fromom the government.he hardliners have criticized it improper,alling saying it was out of desperation. hardliners never supported thehe nuclear agreement. you arer what you do,, not going to get anywhere with the trump administration. heard the leading reformist president saying the visit was nationalto meet t the interest.. on his way to china, saying he talklked to emmanunuel macacron. >> is there any hope of negotiations resuming from where you arare standing? >> it is hard to gauge hope.e. we have seen a number of events thatat h he s seemingly givivene for optimism and hope. this is ananother event thahat s cause fofor hope and optimimism ththere could be a resolutioion. will this bebe different? we will l have to wait and see. position remains the same. they want sanctions lifted, oil sales increasased, banking restrictctions list ---- lifted. will remainposition the same unless they see some of those demands met. >> to talk about the other i am joined byd, our international affairs editor. the amaz

support aey would conservative administration over the alternative.xpect to see what's we get past october 31 if it gets past october 31 a set of expansionist policies, tax cuts, and greater spending and i think they certainly look to the u.s. over the last couple years that maybe there are some things that can be done in the u.k. to replicate what has been a successful performance here. thank you so much. up, and rough welcome for kraft heinz new ceo. the report earnings for the first time since he took the reins. the result list shares to a record low. that's coming up next. this is bloomberg. ♪ >> this is bloomberg markets. kraft heinz is feeling the heat from wall street. the company plunging at one point today nearly 16% to a record low after reporting earnings are the first time since february. the results were disappointing. it's a rough welcome for the new ceo of said the level of declined we experienced in the first half of this year is nothing we should find acceptable been forward. our customer reporter is here with the story. how justified

the "aey road" album is a special to fans as it represents the last studio recoro ng sessions tincludell four beatles together. half a century on, things were busier tn that day in 1969. the police had to intervene to control the fans blocking the road. and almost 50 years to the minute since the famous shot was taken, the four members of a tribute band re-created what has become an image that encapsulates what the beatles meant to so many. bbc news, abbey road. laura: the endurin appeal of the beatles and abbey road. who hasn't posed for that photo? i know i did with my siblings. lyou can find test on the day's news on our website, including the u.n. climate report. to see what we're working on at any time, check us out on twitter. i would love to hear from you. i am laura trevelyan. thank announcer: funding foris prn is made possible by... the freeman foundation; by judy and peter blum-kovler foundation, pursuing solutions for america's neglected needs; and by contributions to thipbs station from viewers like you. thank you. ...is just up here. that's where... man: she took me out to

the dow plunging more than 800 points by aey >> a major selloff here on wall street today. a recessio could be on the horizon. >> it's a very cks around and gets worse every time this particular indicator has turned negative, it's signaled a recession. >> reporter: the dangers of a recession, likely job losses, 401(k)'s and other retirement accounts dropping, and it could be harder for those with credit issues to borrow money. while tonight the economy is booming, some americans are already starting to feel a pinch. richard is a fourth generation farmer in iowa, watching the price of his corn and soybeans fall, he says because of the president's tariffs on china, despite a recent government bailout. >> you hurt farm, you'll hurt the whole world. the whole world rotates around agriculture, don't it? >> reporter: economists say theaminthe fede reserve for keeping interest rates high. ck we will win. the president pointing to signs the economy is strong, including the lowest unemployment rate in decades. >> our country now has the hottest economy anywhere in the world. >> repo

aey can take a little bit of breather.bout 8% of their revenue from china in the case of ford. vonnie: thanks to you. coming up in the next hour, simon derrick joins us. we count down to the european close. i want to point to stocks being higher now, so all of the trade woe tensions seem to have come out of stocks. the dow is up 0.2%. this is bloomberg. ♪ is bloomberg. ♪ vonnie: this is the european close. check european markets. the friday before a holiday weekend. we are getting a little bit of a bounce. coming in this session, down by four points. it is trying to make his way back that it has been lower. the idea that jackson hole biggest embolus for the market might be -- being a stimulus for the market might be in there somewhere. shops say it is not the place to be. they are all pulling back from u.k. stocks until there is more brexit certainty. we were above

i am a visiting fellow here at aei and we are here for a great conversation. it will be a conversation tonight about nationalism, nationhood, family and father

has reported aei 23% rise in first-half revenue to just over 401 billion yuan. $58 billion in today'sat exchange-rate. -- in today's exchange rate. that is as the privately held telecom giant tried to withstand u.s. efforts to curb its business. the company says there is difficulties ahead. >> talking about a 23% sales growth which sounds impressive but is down sharply from 39% pace seen in the previous quarter. >> remember huawei is a private company, it does not have to report financial details the way publicly held companies do. you are seeing a little performance art. huawei is coming out talking about what their financials are. because they want to signal that they are still growing. they want to signal it will fight against u.s. sanctions come you a -- sanctions, u.s. blacklisting and continue to supply customers as best as he possibly can at this point. >> samsung electronics sees a second half recovery in chip demand amid net income numbers beating expectations. a bit of a mixed picture when it comes to mobile numbers and chips. >> the big story has been the industry challenge

china will in a short period of time be over $100 billion in tariffs, so i think they want to make aey deal very badly. >> you've recently been saying china wants a deal but you are not ready for a deal and you like the tariff revenue that is coming in. >> only if it is a fair and good deal for the united states. otherwise i will not make a deal. we haveak billions coming in. i think we are going to get there. >> i think they want to make a deal. that they make a deal. came out late last night and said they want to make a deal and be under calm circumstances. it was a difference and beautiful statement. by the way, president macron told me every step he was making. he told me long before he came ine what was happening. i didn't think it was appropriate to meet yesterday, too soon. things have to be worked out first. president macron told me what was happening. who was coming and what time. >> president macron, did you seek president trump's permission or did you inform him he was coming? >> i did it on my own. i informed president trump. >> i tell you what, i've spent -- i think i will

aey will definitely shift to much easier stance if we break 100 on dollar yen. >> how low could we gon 10 year treasury yields? >> the 10 year, i would point to again, the august 15 chinese renminbi shock actually brought the 10 year yield from 2.5 to 1.5. over the past week, the 10 year treasuries lead bond market globally valued 30 basis points from 2.05 to 175. we can easily see it at 1.5. 1.5 is the key issue. nejra: we are watching that. martin malone from alpha book stays with us. discussed hsbc and the latest set of earnings next. manus: if you are traveling to work, the bloomberg radio team is on your mobile devices. ♪ manus: it is "bloomberg daybreak: europe." hsbc shares are falling today in hong kong after the ceo's tenure came to an end. the veteran is stepping down after 18 months on the job and will be replaced on an interim basis by the head of global commercial banking. for more, let's bring in bloomberg intelligence senior banks analyst jonathan tise. is this going to make things better for hsbc? there was a huge restructuring story, then it became a buyback returns s

aey also were playing with nuclear program that was not that far along and we had a pretty good idea they were playing with biological weapons as well, which are much more difficult to use, but nevertheless are deadly. faced with thes challenge of ringing the country together and fighting this conflict we are now in, brought to us in afghanistan via al qaeda. that. they do not stay under control, but then the president's attentions turned to iraq. be a nexis between the weapons of mass destruction that iraq has or could develop and terrorism. so the president started to ask his military authorities to give tendency,for such a which they do. theugust of 2002, i send president is receiving a lot of military information but we have not put it in a political context. and we wentas there into his private study. , if we, mr. president have to use military force to take out this regime, we become the government of this country. national law. there are 25 million people standing there. you are in charge. if you break it, you own it was the expression i used. and we talked about it for a whil

aey are seeing this respite buying opportunity because many blue stocks and the blue chips have beeny. the hang seng index has been down. they saw that as a buying opportunity. the government continued beating the warning drum. the financial secretary basically calling it an economic typhoon looming on hong kong. in hong kong, they have typhoon signals. 3, 8, 10. 10 is a batten down the hatches, do not go outside. eight means everything shuts down. 3-d means it is dangerous, but you can go to work -- three means it is dangerous, but you can go to work. he referred to it as a three. matt: thanks very much for joining us. stephen engle joining us out of hong kong. coming up, signs of life in the london housing market battered by brexit asking prices. they show their first annual increase in two years. we will dig into the moves with the court-martial director. this is bloomberg. ♪ welcome back to "bloomberg markets." this is the european open on a day when we are seeing markets rise substantially to kick off the week. ftse up 0.9%, 62 points. you see the dax gaining even more right now

much of my recen recent testimoy submitted to the health committee by health policy experts at aei and the brookings institution earlier this year. in my remarks this morning i will focus on two provisions of the lower healthcare cost act. mainly establishing a transparency organization to lower healthcare costs and ending surprise medical bills. >> first the provision established a nongovernmental entity that would assemble data for commercial insurers would have her understanding of the private healthcare market. i will echo previous comments by saying the federal government that already regulates many parts of the private healthcare market, yet much of her understanding of healthcare has come from public payers like medicare. as it was previously noted, this represents a sudan show problem. ensuring a vibrant and competitive private market requires that they are not flying blind. assembly national data on the private market in this manner would improve research and in turn improve policymaking. i would like to discuss the surprise medical billing a future that has received considera

aey have been branding currency manipulator. you could have done that 10 years ago. cannot do that now. the currency is basically plea strong. they want to contain it from weakening too much, basically to show to the world that they are sound. nejra: are wind where china is exporting deflationary forces to the rest of the world? roelof: we are at a tipping point. that is a concern. if you look at commodity markets, they have been down in and china current account surplus is basically gone which makes the currency manipulation case difficult to make. if the chinese economy does not juncture, yous are at risk of disinflation becoming deflation. nejra: i'm wondering what that means in terms of whether you would want to invest in chinese bonds. do you see yields, given how low we are in the u.s. and elsewhere? roelof: i'm not the expert in chinese bonds. we are not investing in chinese bonds for our clients. at 3% yield you could argue that at least their higher-yielding. matt: i wonder how much your clients are really interested in chinese assets in general? is this som

friend arthur brooks, happy to see you again, professor at the harvard kennedy school, and the former aeident, chris lu, back with us. hickenlooper expected to drop out. you think he'll have a senate race next? >> i hope he does because it is one of the three sets democrats need to get to 50 and he -- the latest poll shows he is up about 13 points over the incumbent senator so democrats i think are breathing a sigh of relief that this is a seat they can pull back. but i think you should expect there will be other 2020 candidates that will drop out. probably after september 30 which is when the next quarterly reporting period happens. >> arthur, john hickenlooper was probably one of the most moderate candidates in the democratic primary. he was the one who was warning, do not talk socialism. it will make us lose. what does it tell us that he is dropping out? he and the other centrists with the exception of joe biden seem to be struggling to crack 1% and 2% in the polls. does this help the elizabeth warren, bernie sanders case who party is way far to the left? >> you'll see people that are

aey killed the namesake of well-liked and well-respected person. throughout the territory the call went up, why is the army not protecting us? the army did build a major much larger military post. for people in bozeman looking to the army as a great place to sell their flour and their cattle and their vegetables, now we had a larger military fort right next to their town. death was aan's boon for the town he founded. bozeman's time was relatively short. during that time he did a tremendous amount of pioneering this new trail. possibly the most important contribution was as a promotable -- a promoter where you can easily start a new life in the west. >> we hear from a former yellowstone national park historian about his career and the park's connection to bozeman. collect one of our most beautiful vacation lands is yellowstone national park. that white area in northwestern wyoming. doesn't it touch your ?magination a little all the flowers and forest and mountains are reserved for you. >> established in 1872 by the united states congress. yellowston

raymond james washington policy analyst ed mills is here, and aei resident scholar and china global investment tracker author derrick fizzers. let's get to you first. derrick, is this another manipulative move by china or proof the collective global confidence has been all but lost in this asian superpower? that may be overstating it, maybe exactly what president trump would like people to think. what's the reality for our viewers? >> well, it's a very small currency change in valuation. it's less than a percent and a half. it's long overdue. china faces a slowing economy so objectively, it's tiny and the markets are wildly overreacting. i think part of the market reaction goes to your second point that they are losing confidence in the chinese ability to manage the situation. one of the worries we have about the yuan crossing seven of the dollar is where does it stop. last time china tried to manage a depreciation of the currency in august 2015 and january 2016, it triggered their version of a recession with a huge amount of capital outflow. liz: but then didn't they put restrictions on wealt

aey mentioned there was defect oh the long pricing in china, which is 90% of the benchmark rate.ow it is set. it is worth mentioning that the way the banks that, it is being the macro assessment framework, which means that the regulator would be closely monitoring how the banks are doing the rate, and how the lpr rate has a long pricing for top-tier clients. shery: there must be a reason the pboc is doing this at the moment. terms ofwe seeing in liquidity positions in the financial markets in china? becky: the liquidity is pretty mixed. the liquidity condition had actually been relatively tight. it had been in a relatively high range between 275 to 290 in the past few sessions. we think it is actually possible for the pboc to descend the dollar or by maintaining relatively wide interest rate gaps between china and the u.s. we do feel it is a good strategy. this would make chinese bonds staying very attractive to international investors. globally we have a record on top of negative yielding bonds and have about 140 basis points between china and u.s. 10 year treasury bond yields.

aey will throw out as high figure as possible and try to find middle ground. how these talks usually end up. you will not see bankers in jail but you will see a substantial amount exchanged. scarlet: meantime, the rhetoric is very heated. we spoke with the head of the ruling party in malaysia in february. here is what he told us at the time. >> they were complicit to the crimes. country, image of the the confidence of investors and the state of the economy, they must bear responsibility. scarlet: he even said there is the top of goldman sachs was not aware of what was going on. are people talking about the ceo or the higher-ups being named in any kind of lawsuit? >> there is a lot of anger in malaysia. in terms of legal developments and risk to senior executives, we have to turn our attention to what is happening in the united states. the department of justice has gone on record and said they are ready to prepare settlement negotiations with goldman. it has been nine months since they came up with the stunning indictment. it was the most information we have ha

experts including those at the brookings institution the center georgetown law, yell university, at aei scholars of booking note, the end network guarantee is the only option that would fully address the market failure gives rise to surprise bills. anna's economists at yale further emphasized, the resulting payments would be generated by market forces. i agree with these assessments. i really think this is a.worth emphasizing. within an in network guarantee, there are no more surprise bills to adjudicate after the fact we need not rely on an arbitrator to tell us which of either the provider or the insured is being more reasonable. to be simply do not happen and we have passed market actors that would figure out what an appropriate market prices. an alternative option would be adjudicated by ann arbor. while i understand the appeal of this process, i think in practice, arbitration represents an inferior version of setting a simple benchmark. the arbiter ultimately must decide what a reasonable price rate services. like any price center word. moreover, the processes los transparent and i