avoided so long that we are forced to tighten policy abruptly, which -- aba boarding what running andg sustainable expansion. to keep the economy moving along the growth path it is on with conditionsnd solid in labor markets, we would like to avoid a situation where we have left so much accommodation weplace for so long, that overshoot these objectives and then have to tighten abruptly and risk damaging that performance. the sentence in your statement about gradual increase, the committee says it will carefully monitor progress, actual and expected progress in inflation. that will read like some kind of code to a lot of people on wall street. what do you mean when you say carefully monitor and specifically, with regard to what you do next, you need -- do you need to see inflation actually rise it this point in order to raise interest rates again? ms. yellen: we recognize that inflation is well below our 2% goal. the entire committee is committed to achieving our 2% inflation objective over them medium term. sureas we want to make that inflation does not persist at levels above our 2% o

the algorithm looks at last rating, andgs, ceo we begin to piece together what is a full and there itthis company? emily: what about twitter? >> twitter declined in the ratings this year. if you read the reviews, they are enjoying a jack dorsey return halo. employees are revitalized and excited to have him back. emily: we will see where twitter ends up next year. that does it for this edition of "bloomberg west." we will see you tomorrow. do not miss this week's episode of "studio 1.0" with troy carter. ♪ sure, tv has evolved over the years. it's gotten squarer. brighter. bigger. it's gotten thinner. even curvier. but what's next? for all binge watchers. movie geeks. sports freaks. x1 from xfinity will change the way you experience tv. tand that's what we're doings to chat xfinity.rself, we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experienc

slack andg user of has sent to me 50 to 100 bug reports. he has a whole bunch of ventures on slack.e is a rock star and a movie star and he is running a bunch of businesses. when there is an issue, he himself gets frustrated and lets me know. he is a pretty helpful investor. emily: i have to ask you a question about yahoo!. what do you think about what is going on at yahoo!? can anything be saved? stewart: it would be a good outcome. it would be pretty hard to place sufficient attention to it -- it sufficient attention to giving -- given what else is going on at the company. they have a lot of things to extricate themselves from. pretty big project. it would be great to see that going to a good home. emily: you would like for it to be spun out on its own? stewart: that would be the best outcome, but i am not going to do it. emily: stewart butterfield, always great to have you on the show. thank you for stopping by. data -- beta is an investor in howdy. has oracle come out from under the dark cloud question mark we will dissect the latest earnings report next on "bloomberg west." wit

terrorism andgs, the economic dislocation in russia, have dominated russia this year. they do have very strong interests to try to reach some kind of arrangement with the west. so many narratives going on between russia and the west. it,s: if we think about putin and erdogan didn't meet. putin did not meet with erdogan. if anything, the tourism sanctions are really going to have quite an impact if and when they come to their. >> absolutely. it is obviously an issue. you wonder whether 2016 is that year which citigroup is talking about that politics replaces economics about the driver of markets. manus: putin said that turkey is making money for syria. any kind of rhetoric stepping back doesn't seem to be on the agenda. putin said terrorists are using money from turkey. these are quite aggressive headlines. to me, that sounds like a stepping up of rhetoric against turkey. ambivalent, oris equivocal, i should say in the whole of what is going on in the middle east and i guess -- and i.s. quite clearly, the russians are very hacked off, for understandable reasons. i don't

netflix andgs like the christmas specials that are coming out. sports is going to be a big thing. if you are the great distribution media working with a great content company, it's a brilliant possibility. with regard to behavior, maybe they will have to go direct to consumer with espn. if they have to change the espn future toee disney is a good one? brand they have the top live far in the world for sports and could easily be used in a direct to consumer methodology. they have made so much money as a cable channel that it hasn't been a priority, but i could see it being a big business for denny -- four disney, absolutely. .mily: i love mondays david kirkpatrick is here with us for the show. we will see you after this quick rate. wishes planning to raise as much as $1 billion in new funds. money could sharply boost the valuation of uber's largest u.s. rival. t was valued at $2.5 billion when it announced the previous funding round in march. uber filed to raise it $2.1 billion, bringing it to a $62.5 billion violation. coming up, is a drone at the top of your holiday wish list? bew

the last day or two w, investors fomc, andg past the the u.s. economy is doing fine, no reason to have the extreme pessimism that some have voiced, and if you do that, there is only one way for it to go. the ecb is not going to be more hawkish than we think, and the fed, if they are at all right, they will deliver more than the market sees. ok, you are staying with us, andrew levin and steven englander. before we go to break, here is janet yellen today speaking about the risks to the global economy. : the risks to the global economy, and those risks persist, but the u.s. economy has shown considerable strength. ♪ scarlet: i am scarlet fu. what did you miss? the obama administration is bolstering aviation security and tightening screening for bees that and immigration administrations, and jeh johnson is an a bulletin, which interim threat for the terrorism advisory system. mr. johnson: we are in a new phase of the global terrorism threat which has implications on the homeland, particularly with the rise in the use by terrorist groups of the inter

andg back to the metaphor, -- sorry, i am from the israel american council. the notion that we are dealing with a multi-actor world, and the notion that they want to invest in the asia-pacific. i'm interested to hear what have been some of the discussions in the committee, dealing with the middle east issue. i will berker: honest, not much. china, relative to the middle east issue. of course, i know they just firstced building their naval base. , if you will, in the region. not much. i think most of us look at china that is 99.9% self interested. the use their role today in the world very differently than what has been the role of the united last 60-70 years. it is a very different role. them asy have not seen a major contributor, if you will, to solving the problems. there has been almost no discussion. i hope it changes. certainly, well, i hope it changes. >> be careful what you wish for. thank you for your time. you mentioned you were in egypt, and mentioned the challenges. whether you have any conclusions about how it might involve or adopt. i was not hap

we're just conducting operations andg our air force, our air defense systems, our intelligence. burden forserious the budget. of the pines we intended to spend on military training -- as some of the bonds --some of the we intended to spend on military training and exercises we just channeled into our operations in syria. we had to add a little bit of money, but it is an insignificant figure for the budget. we have a large-scale military maneuver. east, thousands of percent now. thousands of troops moving from one place to another. hundreds of aircraft used. we will just use some of those funds for our exercises in syria. can continue this for a long time and this will be not that much of a burden for our economy and other issues you mentioned. this is really a problem. facen, economic issues we today. i already told you what we're going to do. so, what can iy. say? this comes back to the economy. andeed import substitutions it is not in and in itself. nd need to -- it is not an e in itself. we need to enhance our economy and business climate, generate demand. this is in importan

andg very respectful requested is not a crisis. request versus demand. those things change the dynamic a little bit. >> sunday afternoon at 2:00, race and the criminal justice system with white house senior adviser valerie jarrett and others. at 6:30, mark warner, former versus -- former vice president al gore, and author anne-marie slaughter. >> i think helping is not actually taking the burden off. you are still figuring out what needs to be done and you are him to help. if we're going to get to where , fully equal coparents pulled -- four equal coparents. first -- our full schedule, go to c-span.org. coming up next, a discussion on improving the u.s. prison system. that come a look at what can be done to address the israeli-palestinian conflict. later, leaders from several muslim organizations discuss ways to improve anti-muslim attitudes in the u.s.. >> we are back with jeff smith, ,uthor -- author of this book "mr. smith goes to prison." how did you end up in prison? >> in 2004, i was running in congress in a 10 way primary. -- the front runner fath

policy, imes to gun believe we will make the biggest gains in reducing gun violence ideas andg two key values. one has to do with our standards for legal gun ownership. this is something we will delve into and a panel following my discussion, but currently, i believe there is good evidence that our standards were legal gun ownership are too low. secondly, the idea and accountability and value our gun at the and large, federal level and in many states, including south carolina, are written by people with interest in reducing accountability. reducing accountability, background checks is the most glaring example, not the only one. we will talk about how we address accountability more to reduce access in high risk context. this isr way we will do to address social norms, particularly in high risk context. finally, very focused law enforcement that is geared inard deterrence, which is public health terms, prevention. let's start with thinking about the standards. we published a study in 2012 when we looked at a large database of surveys of inmates at state prisons and we look at the 13 stat

oil andg news on big big tobacco.to break, a reminder that we will have live coverage of janet yellen's address to the economic club in washington. then we will cover the ecb news conference. ♪ ' . . betty: 11:00 a.m. in new york, 4:00 in london, at midnight in hong kong. markets. --limit bloomberg markets." we are live from bloomberg world headquarters in new york. good morning. i am betty liu. she's ready for liftoff. fed chair janet yellen might talk about what happens after the first interest rate hike in nine years. closing in on a record. the s&p is not far from being in uncharted territory. its stands in each way -- way? and, what ever happened to yahoo!'s turnaround? what it means for the company, employees, and ceo marissa mayer. we are 90 minutes into the training session. julie hyman has the latest on the markets. we are just drifting here. julie: waiting for yellen. betty: waiting for janet yellen. julie: looking at the average is, -- averages, things are a little more negative than stocks looked earlier a

andg involved in honors classes. we also looked at sex-based discrimination. there are some schools in this country that still are, and perhaps appropriately so, we have boys schools and girls schools in new york city. they do very well and there are those who oppose that. we try to sit back as the , and making sure those policies are applied uniformly across the board, which is always a challenge, is what the role should be. q it's now time for audience &a. have two rules here, number one is to identify yourself and your organization affiliation, and second is to ask a question, not to give a speech. as we are exley getting one questionether, i would like you to think about, you mentioned about lack and brown kids in l.a. being part of the desegregation map. is partof desegregation of what i call color coding classrooms. just raise your hand and we will have our person come. there is a question in that. >> thank you. director of the center on the future of education in georgetown university. this is a question for stephanie. you made a compelling case on ,he

carol: welcome to "the bloomberg tv andge," on bloomberg bloomberg radio.hnson. in the studio, our own drew a bloomberg news. the valley's ceo has a medical leave. what is going on? yeah, over the holiday he was admitted to the hospital in new jersey with severe pneumonia. this is not your regular, run of the mill pneumonia. this is a serious medical condition. he is hospitalized. our understanding is he was discharged for morris town medical center in new jersey. we do not know what his condition is at this time. they have appointed a three-member executive management team to's in for him -- to sit in for him or it also a board to oversee that executive management team. carol: that's pretty serious in terms of structure. reporter: convoluted is one way to put it. and frankly it could not come at a worse time for valeant when we think of everything this company has been through. their stock peaked back in august. revelations about one of their andly chain agreements criticisms of drug pricing sent the stock down 60%. it has recovered a little bit, but still

andg you to ask more rest like have you ever tried to overthrow the government or is the current information enough? do we need to ask additional questions or more computer auditing? to be need to look at perceived loyalty? >> i think it will wire changes. i have seen postmortems where he looked at what they were doing digitally, and there were half a dozen warning signs that any one of which alone may have seen minor or for nine, but when you put them all together, there was that ifa pattern someone had had that entire set of actions and behaviors, they might have reached a conclusion that something aberrant is going on here. i think we need to think of the threat across the spectrum. >> having some technical problems with about -- broadcast. coming to us on the discussion about security clearances. we will work to fix the problem. we heard from the audience that will be the last question. we will work to get back to the wilson center. stay with us shortly. we are going to bring you the last of the questioning from the wilson center on security clearances later in the program. you can check

asjylyn: if you are an investor and you were thinking you were andg to drill these wells produce this in a reasonable timeframe, it is not what happened. they are saying, you know what, where the market stands now, we are not getting to these anytime soon. scarlet: her story is available on bloomberg.com. much more on bloomberg markets in the next when he minutes. what did to the south african president do yesterday to incite outrage? atlassian stand out as a winner? speak with the co-ceo on the first day of trading. ♪ scarlet: this is your global business report. those ragan may be turning the corner. we will hear from the ceo on how -- volkswagen may be turning the corner. we will hear from the ceo. first, let's start with volkswagen in germany. change within the 12 volkswagen group brands. >> 12 quite excellent brands, should add. up the core of the volkswagen group and we are happy and glad nothing will change in the coming years. scarlet: glencore has unveiled an update to its strategy. it plans to scale back operations and sell more assets. a publicalso offering offering on its

reporter: a lot has to do with oil andge behind $100 $40 oil has already been done.ch we have seen on the energy sectors is over with and we can see the benefit from consumers spending more money on cheaper gas. betty: where does this come from? dani: an analyst at wells fargo. if it stays in the $40 range, we might see something closer to an 8% growth. so there definitely is an impact, but the idea is it's not going to be a negative year. betty: does that sound right to you, john? definitely jibes with me. i think cheap oil is good for just about every other sector except for energy. airlines, tire makers, automobile companies, housing. it flows everywhere even into consumer discretionary to some degree. it's interesting, guys. can we pull up the s&p -- the major sectors? worst performers year to date. but consumer discretionary stocks -- energy is on the right-hand side. 's questionnaire and, surprisingly, up 9%. do you think it has to do with the lower gas prices? john: i most certainly think it does. it shows up. you have homebuilders, manufacturers, retailers, s

it -- andg to use converted into electricity for domestic use and export. thatwould be important is if iran comes out of isolation, it is not going to be dependent on its oil export revenue as much as it was before. saysy information forecast that prior to 2000 11, the net revenue from its oil export was about $92 million -- $92 billion per year. to $65mber dropped billion after that. also, one thing that is important is the low cost of and the form iran of its upstream investment regulation creates incentives and upper -- opportunities for investors to invest in iran. iran has accessed by land to neighboring countries and could potentially be a transit point for the energy action -- production and the oil and gas production for countries like azerbaijan. my other fellow panelists mentioned in detail the middle east oil being transferred by isis and terrorist groups. iran could potentially be a transit point and this could make iran a significant point for import and export of crude oil to these countries. the other issue that would be important is that ira

academic andg is behavioral deficits inducements. off.e end up being worse and we are not doing enough to notice the, to deal with it, to eradicate it. there's a lot i think we have to take a hard look at. and i will do that. but it will be in partnership with young people like you and the groups you recognize and represent. thank you. [applause] hillary clinton: i see a hand way back there. black and white. >> thank you, secretary clinton. it is an honor. i'm from alabama. i know it is important for candidates to focus on undecided voters in swing states. but for liberals and conservatives -- for liberals in conservative states, we sometimes feel left out. the democratic party in your campaign would go into those conservative states and really push, and give us hope and encouragement. but your platforms will be heard there. i ask you, please don't leave us to the republicans. [laughter] [applause] hillary clinton: i have been down am twice already in this campaign. best to help my rebuild the democratic party in places where it hasn

avoided so long that we are forced to tighten policy abruptly, which -- aba boarding what running andg sustainable expansion. to keep the economy moving along the growth path it is on with conditionsnd solid in labor markets, we would like to avoid a situation where we have left so much accommodation weplace for so long, that overshoot these objectives and then have to tighten abruptly and risk damaging that performance. the sentence in your statement about gradual increase, the committee says it will carefully monitor progress, actual and expected progress in inflation. that will read like some kind of code to a lot of people on wall street. what do you mean when you say carefully monitor and specifically, with regard to what you do next, you need -- do you need to see inflation actually rise it this point in order to raise interest rates again? ms. yellen: we recognize that inflation is well below our 2% goal. the entire committee is committed to achieving our 2% inflation objective over them medium term. sureas we want to make that inflation does not persist at levels above our 2% o

mentioned dry powder, we talked about the numbers we saw out of jefferies, one of those firms known for andg strong in distress energy specifically. the fact that jefferies has -- five nowt there their positions and they did it toward the end of the first quarter -- the end of the third quarter, they took a big hit then. prices have only gone one direction -- further south. now they are positioned with dry powder. so you could have looked ugly september october, but if you were sitting in cash today and prices were going down, you could have a strong 2016 in energy. lisa: this is one argument for why banks having smaller balance sheets is a benefit. they are in a better position to and make money in place that are more distressed. he has had investors with him for so long he does not feel pressure to employ his money because he has that wing on him. if you were a bank six years ago and you bought all of these positions waiting to roll out of them, you have to get out. today you have investors sitting, waiting for first quarter, third quarter of next year. are sitting here with wider imbalanc

do, andg what you working hard at what you do are the two best things that you can do.out being right. the ride, do your analysis, but the effective. so many times we get lost in being right, and not being effective, and we actually leave it up to the effective people that are wrong. it would be try to be effective within the bounds of reasonable offenses, as well as being right and figuring it out. foron't go into a field money, go to a field because you have a passion for what that field entails in terms of activity. to say a slightly differently, i say, do what you love, love what you do. you are bound to be successful. biggest advice is be aware that there will be setbacks, and it is all about how you respond to them. when i was 18, i thought life was a linear progression from one stage to the next. it takes a more interesting path than that. >> do what you enjoy, find what you want to spend your time doing, and then focus on it. that does not mean trying to become the ceo when you're 18. actually spend that time, head down, really trying to learn and understand the

. >> so fresh andg 40 this weekend helping us melt away some of this snow! see graphics. >> after the frenzy of black friday and cyber monday shopping, siouxlanders gave back on tuesday. many non-profits were looking for a financial boost on giving tuesday. the one-day charitable giving promotion launched three years ago. the salvation army was one of the charities hoping for a holiday boost. "we're just asking folks to think about those in need this holiday season," said major von vandiver witht the salvation army. "and to remember that in the many blessings that they have that there are many folks that need help this holiday season." an estimated 46-million dollars were donated on giving tuesday last year. here's ben with weather. << << some northwest iowans, mainly east of sioux city, will see the last of any snow early this morning exits to the east. once the snow moves out, the clouds will follow close behind it and provide most of the area some sunshine this afternoon with highs in the low to middle 30s. winds will also diminish as the day progresses a

are approaching what the fed considers to be the natural rate , turn in the labor market of for jobs andgduating from college. what we have not seen is a huge pickup and wages. americans are taking home paychecks and they were not previously taking home pe paychecks, so that is a positive. the fed, and janet yellen has said this over and over again, encouraged to see a pickup in the paychecks. that would be helpful for the american consumer, which is the powerhouse for the economy. host: take a look at this .eadline "goldman sachs 2016 looks like a dud for the economy." she says she sees progress, but others say we may not see as much growth as predicted. guest: i think, as always, there is a range of forecasts as to what the economy will look like next year. they see the long run growth at 10%, something slightly above that next year, and above 2015 next year. stronger see economic growth. host: we are talking with jeanna smialek, economic reporter for bloomberg news. she has covered the treasury, and economic indicators for bloomberg. she will take your questions and comments this morni

avoided so long that we are forced to tighten policy abruptly, which -- aba boarding what running andg sustainable expansion. to keep the economy moving along the growth path it is on with conditionsnd solid in labor markets, we would like to avoid a situation where we have left so much accommodation weplace for so long, that overshoot these objectives and then have to tighten abruptly and risk damaging that performance. the sentence in your statement about gradual increase, the committee says it will carefully monitor progress, actual and expected progress in inflation. that will read like some kind of code to a lot of people on wall street. what do you mean when you say carefully monitor and specifically, with regard to what you do next, you need -- do you need to see inflation actually rise it this point in order to raise interest rates again? ms. yellen: we recognize that inflation is well below our 2% goal. the entire committee is committed to achieving our 2% inflation objective over them medium term. sureas we want to make that inflation does not persist at levels above our 2% o

andg wearable electronics heads-up displays and perhaps s can allow humans to be better in combat. to have to make a big decision on whether we are comfortable going that way. right now there is a program in no it is ad alice, system designed specifically to have enough automation to allow you to reduce the number of crew in the cockpit. it will be long before our combat infantrymen are using wearable electronics. ingredient is what we call advanced human machine combat teaming. human working with unmanned systems can make collaborative decisions. the apache helicopter is designed for this. the trident missile for the navy. at a large number of very very advanced things. different kinds of electronic warfare networks. improving collaborative autonomy will help transform our versions. theirmore motherships, offspring were to execute the mission. we developing new types of network enabled semi-autonomous weapons. every weapon system is going to have to be hardened to defend against cyber attacks. we are modifying existing systems. we are looking to all sorts of and jamming. this is a