alan greenspan. the former chair of the federal reserve. just before the decision tomorrow of the fomc. our thanks to david westin and former fed chair alan greenspan. a couple of headlines in the last two minutes, president trump orders meat processing plants to remain open, according to a source. the president will use the defense production act to designate meat processors as essential and critical. hillary also word clinton will endorse joe biden this afternoon. the new york times reported that hillary clinton will endorse joe biden this afternoon. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. the fomc beginning their meeting today ahead of the rate decision tomorrow and the statement which investors will be awaiting. spoke to alan greenspan about his view on the coronavirus crisis. he is concerned about demographics these days. joining us for a look ahead to the fomc decision day, a wrapup of where we are right now in the economy, we have ed yardeni. numbers this week, they will not be pretty. how swift and

ofing up, in the second hour balance of power, an exclusive interview with alan greenspan, former chairral reserve. that does it for "balance of power" on bloomberg television and radio. ♪ vonnie: it is 1:00 in new york, 6:00 in london, and 1:00 a.m. in hong kong. i'm vonnie quinn. welcome to bloomberg markets. in just a moment, will be hearing from the former chair of the federal reserve alan greenspan, this coming on the first day of the fomc meeting. 24 hours before the central bank decision and economic guidance. newstors eagerly awaiting from the fed. will have a lot to say on that in just a few moments. let's get a quick check on the markets. we had been seeing a nice bounce today. that got erased. we are sort of in the middle with the s&p 500 around 2880. stronger. the bank of japan supporting its economy. vix at

since the intervention is fed days so say in 1907 when the plunge protection team and alan greenspan came to the rescue of the bad bets made on wall street in chicago. and ever since and we've had more and more and more unfair system it starts up a little bit unfair and as we see like a little change of direction way back then in history becomes a huge gap we see that with the wealth and income gaps and we see that with every single crash and the subsequent bailouts gets worse and worse towards the very wealthy and the connected so when we've already covered the trillions going to the banks instantly and the fact that the ordinary person is struggling to read well you know waiting desperately for the stimulus checks to arrive to them the measly little ones you know when the fed is buying these collateralized loan obligations you have to realize that 81 percent of them are owned just by j.p. morgan wells fargo bank of america and citibank just those 4 banks own 81 percent of it so those are the guys getting bailed out by the fed in the meantime u.s. housing j.p. morgan chase to raise

coming up in the 12:00 hour or 1:00 hour, alan greenspan in conversation.. ♪ there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. ♪ alix: oil chaos. prices flirting with single digits while bps ceo says the worst of the virus driven crisis is yet to come. european bank risk. loss could hitit $11 billion this year. look through earnings. goldman-s has u.s. stocks could look past bad news as companies report. industrial and tech heavyweights on deck. welcome to "bloomberg daybreak" on this tuesday, april 28. i'm alix steel. take a look at us and be futures. we are right around the house of the session. pote

since the intervention of the fed days so say in 1907 when the plunge protection team and alan greenspan came to the rescue of the bad bets made on wall street chicago. and ever since and we've had more and more and more unfair system it starts off a little bit unfair and as we see like a little change of direction way back then in history becomes a huge gap we see that with the wealth and income gaps and we see that with every single crash and the subsequent bailouts gets worse and worse towards the very wealthy and the connected so when we've already covered the trillions going to the banks instantly and the fact that the ordinary person is struggling to well you know waiting desperately for the stimulus checks to arrive to them the measly little ones you know when the fed is buying these collateralized loan obligations you have to realize that 81 percent of them are owned just by j.p. morgan wells fargo bank of america and citibank just.

continuation of that janet yellen put the ben bernanke he put an inventor of the central bank put alan greenspanthe idea that they're in the business of keeping the dow jones going higher and not in the business of protecting the purchasing power of average americans but my question is that. progressives they have been saying that the solution to this capitalism problem is socialism but the capitalists are saying capitalism doesn't exist anymore free markets on excess anymore so where does that leave us dr michael hudson we're not in a capitalism anymore and we're certainly not of socialism anymore what system are we is exactly used to be called state socialism in the late 19th century when you had germany had the trying to reweigh integration between the government the military and the industry and the bank. and you have something similar today the question is socialism for whom will it be socialism for the one percent socialized lockwood's or will it be socialized socialization or the 99 percent you socialize again and spend money into the act on the make them maintain living standards in wage

since the intervention of the fed days so say in 1907 when the plunge protection team and alan greenspan came to the rescue the bad bets made on wall street chicago. and ever since and we've had more and more and more unfair system it starts off a little bit unfair and as we see like a little change of direction way back then in history becomes a huge gap we see that with the wealth and income gaps and we see that with every single crash and the subsequent bailouts gets worse and worse towards the very wealthy.

it burned down i don't know what happened officer i don't know what happened and we say this alan greenspan when he left the bank central bank you know he said you know what all my economic theories i have to say now were wrong so now the cranston who by the way is as big as a house too many carbohydrates i think you need to go on quito that's he is now issuing them a culpa and saying actually i'm a fraud everything i did was a far odd and whatever he's doing now sweeping toilets or cleaning toilets or whatever he's doing now it's too much so there is a distribution problem with that free money and free money keeps on going to the same people they hoard it they hide it they don't they don't circulate that we see that the money velocity numbers. and now we're there we say thank central banks including the i.m.f. and bank of international settlements are being presented with this coded 1000 pandemic and they're saying all they know how to do is give money to the banks because that's what their mandate is right so here we have a situation whereby this money is sitting there idle it's not worki

hour, thein the 1:00 former chairman of the federal reserve system, alan greenspan.omberg. ♪ ♪ this is bloomberg "surveillance." nissan and a warning for the fiscal year, it expects to take a loss, laming the attack of the coronavirus pandemic. annualis delaying its report. before the coronavirus, they were struggling with plunging sales. next month apple expects to reopen many of its retail stores after closing all locations outside of china because of the coronavirus. deirdre o'brien did not specify which stores and regions would reopen, but said some stores in the u.s. would resume operation in may. jcpenney is testing whether private credit markets may be a source of funds. they could use that for leverage. they are negotiating for a potential bankruptcy loan. concerned with taking on more exposure. that is your bloomberg business flash. francine: this is what european stocks are doing. they are on the up on earnings. banks a bunch of reporting and also bp and novartis. corporate's are having a tough time right now but it will gradually get better as economies re

our interview with alan greenspan will become an about 1:00 p.m. in new york.want to give you headlines outside the business world. viviana hurtado is here with first word news. states receiving new guidance on how to build testing capacity, plus retailers including walmart and cvs say they will open hundreds of new test sites to speed up testing so states can reopen their economies. scientists in china joining a growing consensus that they say the virus cannot be eradicated. instead, they expect the pathogen to return in waves. chinese medical researchers say the big problem, the coronavirus can be spread undetected because it infects some people without causing obvious symptoms. the head of sweden's central bank saying a record $30 billion bond purchase program will probably get bigger. bloomberg speaking with the governor. >> the main objective for us presently is to ensure the credit supply is really working, and that rates don't go up, and that in order to avoid rates going up, we are buying mortgage backed securities, buying commercial paper, and doing al

tune into bloomberg television later today for an extrusive interview with alan greenspan, former federaleserve chairman. that's at 1:00 p.m. eastern time. any charts we used throughout the show, go to gtv under terminal. browse the features, check it out. just to recap some of these numbers from jp morgan, they built reserves by $6.8 billion. the majority of that coming to their credit card business. $2.4 billion of that was for companies, primarily oil and gas. you had clients drawing down $50 billion on existing deposits. all of that giving you a window into what people and companies are doing in the middle of the virus. this is bloomberg. ♪ ♪ viviana: you are watching "bloomberg daybreak." straight risen for six sessions, capping a 43% gain. the rally was triggered by the electric carmaker's first quarter delivery report earlier this month. wedbush says china production and demand for tesla appear poised for a significant rebound. bankruptcyseeking loan that would keep the satellite service afloat. the company is waiting for aliens in proceeds from the government spectrum auction

coming up later today, we will be hearing from former treasury secretary fed chairman alan greenspan.berg. ♪ from london, i'm guy johnson, with vonnie quinn in new york. this is "bloomberg markets." gsk areee -- sanofi and teaming up to create a vaccine for the coronavirus. they aim to start human trials later this year. supply the adjuvants. going us to discuss all of this, gsk ceo emma walmsley. thank you very much indeed for your time today. we greatly appreciate it. the big question surrounding vaccines seems to be at the moment, a, getting a suitable candidate, but how does it get scaled into sufficient quantities that are really going to make a difference. how are you going to achieve the latter part of the? thanks, and first of all, on behalf of gsk, a big thank you to all of the frontline health care workers battling this, and the scientists in our own company and around the world who are trying to stop it in its tracks. today say, we announced what we think is an unprecedented partnership of two of the world's biggest companies in vaccines, leaders in vaccines , with proven t

it'd clinton and federal chair alan greenspan held a triumphant rose garden events. >> as china's citizensience economic days, so will the firms that trade in their expanding markets. china's progress towards prosperity and accession into the wto will create new n opportunities for american businesses and farmers. >> i believe that chairman greenspan has established a pretty good record of knowing what's in americans' economic interests. >> laura: i can't even listen to that! to be fair, it wasn't just the clinton administration. two years later, george w. bush echoed his predecessor's naive sentiment. >> china is on a rising path. and america welcomes the emergence of a strong and peaceful and prosperous china. >> how does that all work out for us? and obama echoed bush literally. >> the united states welcomes a prosperous china. we want china to do well. >> laura: did they share notes? do they pass notes along? it's crazy. how did we lost millions and millions in manufacturing jobs. we saw a trade deficit balloon, intellectual property ripped off left and right. and meanwhile china broke

alan greenspan sees a economic rebound in the third quarter. there is hope. joining us tonight, senator chuck grassley, republican greg stuebe in florida, on the fight to reopen as democrat led house is not reopening. the states are reopening. dr. bob lahida on hope and optimism on curse and vaccines to stop covid-19. the democrats, their pushback falling apart. the democrat led house getting blasted for delaying coming back to work. also the pushback against the joe biden campaign. it is now getting blasted for trying to pressure reporters with false ander erroneous talking points that said "the new york times" said they pushed tara reade's allegation was wrong. the times is pushing back. where is the i believe her movement now? you remember who that included? that included joe biden. more on the justice department case against lieutenant-general general michael flynn. it is eroding and eroding fast. the mystery of the whereabouts of north korean leader kim jong-un. he has not been seen in weeks. thank you for joining us. i'm elizabeth macdonald. this is "th

communist properly, with china's position in the wto secured, clinton and federal reserve chair alan greenspana resin for dominic triumphant rose garden -- >> as china's citizens experience economic gains, so will the american firms that prayed in their expanding markets. into the wto will create new opportunities for american businesses and farmers. >> i believe that chairman greenspan has established a pretty good record for knowing what is in america's economic interest. >> laura: i can't even listen to that. to be fair, it wasn't just the clinton administration. just two years later george w. bush echoed his predecessors naive sentiments. >> china is on a rising path. and america welcomes the emergence of a strong and peaceful and prosperous china. >> laura: how to that all work for us? and then obama of course echoed bush, like literally. >> the united states welcomes the rise of a prosperous, peaceful, and stable china. we want china to do well. >> laura: well -- [laughs] after they share notes? today passed notes along? it's crazy. so what did america get out of china's inclusions into

alan greenspan insists it's not a bubble.ut when it hits, the question is -- and it hits in september of 1988 with the collapse of lehman brothers. when it hits, bush decides that he needs to intervene and need to intervene vigorously. and what you see in 1988 and there's immediate legacy over the next decade, decade or so is bush refuses to go along with the sort of libertarian right wing. he develops a massive program, tarp, troubled asset relief program to try and buy up these assets that are collapsing as a result of the financial crisis. the right wing opposes him, when i say the right wing i mean in congress, and it was a very, very difficult fight to get congressional approval of this tarp program. he and cheney, himself a fairly conservative republican, are strongly in favor of this. and they succeed mostly with democratic support. this also happens in the middle of the 2008 campaign and actually this is more in the book of dick cheney than anyone else. you get descriptions of this crucial white house meeting where ob

alan greenspan insist it's not a bubble. > when it hits, bus decides that he needs t intervene and need t intervene vigorously. > he develops a massiv program, tarp, troubled asse relief program to try and bu up these assets that ar collapsing as a result of th financial crisis. > he and cheney, himself fairly conservativ republican, are strongly i favor of this. > you get description of this crucial white hous