. >> they started with david chang. >> david tried the burger. he called it a game changer, reached for his mobile phone and posted it before i could stop him. that broke the door open for people who follow great chefs like david. >> and martin, the chief culinary artist for hotels, night life and food brands, including the influential burger. >> mind boggling in a way because you didn't expect something so real in front of you. this is real meat. >> this partnership with chefs and restaurants is paying off for both sides. after putting the burger on the menu for the first time, they saw a lift in sales of 26% in the first few weeks. >> a big marketing push behind it. i think people are very excited. i think they were curious. it draws a lot of people to the restaurant. >> the marketing made them curious, but the taste had them coming back. it is now one of the top three best sellers. >> up to 75% of consumers we are seeing at great burger chains are hard for meat eaters. it's driven great business for them. it's the core customer that keeps comi

david: does it change any of the recommendations you make? rom a fundamental perspective. with think about volatility and risk and there -- we think about volatility and risk and the risk profile. alix: the other issue in the market is the passive funds. it really wants to make money off of the passive funds but you are not in it. can you walk me through your thinking? david k: what stocks are overrated or overly positioned as opposed to the funds that are the active funds. -- only 5% weighting, so there will be diverted between the weighting of the stock and the index. there are changes taking place with how classifications take place. alix: david kostin, so great to get your perspective. david kostin of goldman sachs. in the markets, and little bit of a risk on, s&p futures up by about six. european stocks up for tents. and the other asset classes, that gets my attention. euro-dollar still moving higher. .ou had that spike yesterday now there is a pause in the dollar as we wait to see what happens with the fed. sterling no continuing to clim

david: it changes the political situation. thanks to emma for that report.en are having a breakout moment. my 2018 is shaping up to be the year of the woman. this is bloomberg ♪ . . . . comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows.

david: a lot of changes, thanks, phil, very much. melissa: president trump making comments during a speech at the u.n. general assembly today. take a listen. >> we allow foreign goods all over the world to flow freely across our borders, yet, other countries did not grant us fair and reciprocal access to their markets in return. we we are systematically renegotiating broken and bad trade deals. melissa: here is gary kaltbaum, from kaltbaum capital management. a fox news contributor. and courtney from payne capital management. courtney, start with you. is he right? markets don't like hearing it. we don't know how much progress he is making. he is taking a tough stand. is he right? >> i think what is kind of interesting we finally had a week where china and the u.s. were not going to talk trade. now we're talking about the u.s. and canada. but it is actually not the first time that we've seen this. in the past the u.s. and canada has had trade negotiations gone down to the wire where they have to hammer out details. in all honesty i do

david: your point is that businesses when they make decisions should take into account political risk as well? condoleezza: and constantly surveying the landscape for how those risks are multiplying in changingd: what would you like people to think of as your major accomplishment? condoleezza: my government career. i hope people think i represented the united states well and hope people think that i represented our values, especially that we stand for people who have no voice themselves. that people who are suffering in jail cells and putting their lives on the line for the very rights that we almost take for granted. you can say what you think, worship as you please come and be free from the secret police. we advocated for that and we believe no corner of the earth should live in tyranny. my academic career, i hope that people think that i helped a new generation of kids come up many generations of kids, find themselves and recognize that it was never my job to tell them what to think, to tell them what i thought in a rigorous and systematic way, and that may be a few leaders that i trained will take that to their leadership. david: you have seen great leaders around the world and the unite

david: your point is that businesses when they make decisions of significance should take into account political risk as well? condoleezza: and should be constantly surveying the landscape for how those risks are multiplying in changingyou look back on your extraordinary career, what would you like people to think of as your major accomplishment? condoleezza: my government career. i just hope people think i represented the united states well. i hope people think that i represented our values, especially that we stand for people who have no voice for themselves. that people who are suffering in jail cells and putting their lives on the line for the very rights that we almost take for granted. you can say what you think, worship as you please, and be free from the secret police. we advocated for that and we believed no corner of the earth should live in tyranny. my academic career, i hope that people think that i helped a new generation of kids find themselves and recognize that it was never my job to tell them what to think. it was my job to tell them what i thought in a rigorous and systematic way, and that may be a few leaders that i trained will take that to their leadership. david: you have obviously seen great le

some small, many life-changing. david perez: it was hard to watch. garvin: and when david perez's elderly fremont neighbor needed help fixing his roof, he put a call out for help. and we were there to witness the response. and in the middle of it all, watching it all, a little stunned, was the homeowner, richard dubiel. richard says he'd been losing his faith in his fellow man over the years. and these folks had turned out weren't just repairing his roof, they were repairing his soul. richard dubiel: because i was getting pretty discouraged about what people want to do and what people do to each other that's not good. and now, i can see that it's not always that way. garvin: with so many hands, the work went quickly, and it was just afternoon, that the last shingle was ready to be laid. and they asked richard to finish what he had started. all: woo! garvin: his roof now ready to handle any water that may fall. be it rain in the winter or tears today. david: it's a little emotional. just all the people that came out and helped and just got it done so

david w.: blackstone changed the business over time. he will buy sovereign wealth funds?so pimco, they are at. and how they want to build the business? >> that's right. pimco has tried to expand beyond the fund manager. a big push in private equity. it will be interesting to see how they leverage his relationship around the world to will up -- to build up client base. david w.: no sooner did they get the basic ceo job filled, now, who is the number two? game of thrones? do we have -- note, going past you guys. i killed it right there. [laughter] i read the books. by the way. someonethinking about going out into the bow and arrow in the wilderness? this is a fun read. talking about whether or not the next president will also come from investment banking like david solomon did. and will be interesting to see if it makes the trading side of the business nervous, that there is power within all of the investment banking world at goldman. alix: who has the call? is it a board? david w.: there is a management committee getting together to decide? alix: and david solomon has grea

david: when it gets to that point, you have to start to get worried a little. rachel, thank you so much buried our concert -- much. rachel chang. david, we saw the three acai -- csi 300 go down and reversed earlier gains in the morning sessions. as we await to see whether or not president trump will put further imposition on tariffs on $200 billion worth of goods is interesting to see the chart. this really shows you the divergence between u.s. and chinese tech stocks. the nasdaq 100 is the blue line and the china indexes the white line. you can see chinese tech stocks have been hit hard amongst all of the trade tensions. tencent in hong kong is down over the course of this week. let's take a look at the markets. ofare seeing a little bit weakness coming through -- i should say a lot of weakness coming through. the australian market is down 9/10 of 1%. the strength you see in the japanese is weighing on the overall nikkei index. it has been mentioned in terms of president trump saying he could be targeted with tariffs. the earthquake is impacting as well. we are seeing the weakness in singapore and taiwan is well. the aussie d

what is your understanding of his role in the senate today and has he changed? david: so, i think what we're seeing here is jeff flake's personality separate of politics coming out. i think he is sincere about what he is saying. this is two human beings being dragged through the mud on both sides. it gives him great, great angst to see that happen because he has a good heart. a did maintain the whole time very high score on our scorecard. devoted as a very economic conservative. trump conservatives don't like his pro-immigration position so they view him as having stopped being a conservative. reality is i think he always had that position. we don't score on that. it is not one of our issues. i think what is really happening is he is free of politics right now. i don't think he has a plan for what he's doing next. i think he is very sincerely trying to make sure the process is fair. people have told me he shared with them he believes judge kavanaugh, so i think in the end he would like to vote for confirmation. to he is using his leverage see a fair process occurs. al

that is why so many people, no matter their ideology are ready for change. davidhat mean you run in favor of obamacare? would you describe some things that republicans tried to get done, a lot they did not try to get done -- a lot they did not manage the done, is obamacare popular with voters in your district? >> without question the affordable care act was a positive step in the right direction. but it has flaws. costums are going up, the of prescription drugs are skyrocketing but instead of rolling up their sleeves, leaders in washington have done their level best to sabotage the affordable care act. to sabotage families like colleen goleman and her daughter ella, who was diagnosed with a melanoma at the age of seven. she battled back and was able to prevail and is now a cancer survivor. but in the last two years of trying to undermine the colleen,e care act, her mother, and ella are constantly worrying about whether they will be able to -- whether they will lose their coverage and if so how will they get back? because ella has this pre-existing condition. they

changes that takes place within the food stamps in particular during this time. might deviate, this is about 50 years, so china figure out how to do that in 10 minutes is tricky. david, this is about 50 years, so trying to figure this out how to do in 10 minutes is tricky. just as sarah said in her story, there is the orientation towards global markets that changes the way prices need to be managed in the u.s. in order to take it opportunities and trade. it also creates a new kind of risk. it is an opportunity and also creates volatility that makes farming a little more risky. then there is structural changes that david mentions that are ongoing through the middle part of the 20th century that really rural the character of america and also affect how farms matter -- manage in the new world. beginning in the 1970's we have growing interest from consumers and they are not all urban. it is from the point of view of those who are consuming the food and fiber that is produced that shows itself in a growing concern about environmental impacts of agriculture. an interest in new types of food was coming up new in the 1970's and 1980's. have termed by the simple food policy,

david: there was passion. alix: and it changed. re is something along those lines. the governor's race here in new york is not a sign of that, although. david: people thought it would go to the bernie sanders wayne, wing, andight -- that might discourage people from voting. today on balance of power, i will be speaking with california governor jerry brown about climate change. later, i will have an interview with former secretary of state john kerry. he has a new book out. alix: it is fascinating. present inng for 2020? david: coming up, the cars are of 2009. what he has learned over the last decade. this is bloomberg. ♪ s is bloomberg. ♪ this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move wi

kennedy was with the conservatives in this area and replacing him would not be a change. davidank you to ilya shapiro from the cato institute from washington. more breaking news, president trump talking on air force one right now. suggesting they want more tariffs on china going beyond the $200 billion that have been imposed. now he is going after the new york times and says he wants jeff sessions to investigate the new york times to pursue possible legal action after the anonymous op-ed piece. president trump now saying that jeff sessions should investigate the new york times. and bring legal action to the anonymous editorial. shery: saying it is national security. president trump talked about another two under $67 billion of chinese tariffs ready to go on top of the $200 billion they are reconsidering but have not imposed get. the public comment time has ended 20 $200 billion and they could be imposed at any time. let's break this down. anothers this mean, $267 billion of chinese tariffs ready to go. this will take time. we are not even finished with the $200 million? >> abso

change in her brexit stance. thatd -- were waiting on and we had cable moving lower on that announcement. davidhat is a sailing turn. -- term. if she thinks she is getting where she wants to go, it is great to stay on tack but if you are a sailor and are not staying in direction, then you might have to change your tech. alix: the papers' humiliation overnight, how can theresa may respond? guy: there was some speculation that the whole sulzberger story was some sort of fabricated creation to give theresa may a better shot running into the .arty conference coming up the fact she is making the speech takes her look a little more rattled by that response from the rest of the e.u. maybe this is not a premeditated story, maybe she is dealing with the situation on the half. -- hoof. what she has said that she will suggest -- stick to what she has suggested is a reasonable one. it is hard to see any other options improving her position, so she is likely to stick to what she had said and double down on the checkered plan. david: my question is, how could she have been surprised? normally one does not go

the standard of conduct for some but on everyone and that is a real key that will start to change my race. davidwhat about the male-female breakdown in the senate race? theever the standards are democrats will people do, a lot of women seem to be very hurt and angry by this development and the way it has been handled. a -- when iuld be go back home, they are mad at both sides but not at the spectacle. after i watched the hearings yesterday, i believe something happen to dr. ford but i look at judge kavanaugh and see somebody who witness after witness says he was not there and it did not happen. both credible witnesses. i do not think what she alleges happened with dr. kavanaugh. it doesn't. happened but why would the democrats make this such an issue? i do not think they agree that president trump has won. that is the problem. the process should be the process and americans want us to work together which is not happening. david: focusing on that poll, you say the only poll that counts in november, how do you plan to be sherrod brown -- beat sherrod brown? why would people say they will vote for

. ♪ david: you are watching "balance of power," i'm david westin. tax changesin the upcoming midterm elections and also in the state of the u.s. economy overall. welcome someone with a special perspective on how the new taxes and was working in practice, mark weinberger is ceo of the he sees the changes the ceo of his own multinational company and as someone who advises companies around the world. welcome back to bloomberg. let's start with what happened with the corporate tax cuts. we heard it was going to be a lot of investment in capital plant and equipment, a lot of productive investments, did it happen from where you sit? answer isrger: the some has happened and we've seen the expenditure of 20% or the last year and it's going to increase more. we've seen a lot more hiring obviously and benefits go up, the just announced a 3% increase in benefits which is a significant increase on top of the wage growth in the job hiring. you have seen the littlest money come back from overseas than we expected originally and more share buybacks perhaps. but here's the iss

david: we have climate, technology, but what has changed is trade.e saw that at the united nations, trade restrictions, china, iran and the whatever. how much is the u.s. hurting itself? >> i think the u.s. will get hurt. that anythingg you do to china has a minimal impact on the country, and only on a long-term basis. a lot of people in china don't buy american products. there are 500 million people in china who have not come out of poverty and are not affected by this. the government social programs do better in down times because they don't get cut, where as anything you have in the private sector may go down in value and less.ension may be they don't have that. i think it is fundamentally different. it is very worrisome. whether you are republican or democrat, this is a failure of our government, and maybe we should look in the mirror, a failure of ourselves not to demand more from our elected officials. david: does the trump administration have a point when it comes to china? >> everybody agrees china has done things that aren't fair. administra

david: is it strengthening or weakening? it moved south i know. >> path has changed but strengthened to the same, not a category 5. lightly, ite taken will be a very strong storm. david: thank you. finally, brussels, we are covering the story for the european parliament, they voted to censor one of the members, hungry. what is going on -- hungary, what is going on. openedpean parliament the door or what could be a sanction of the government for breaching democratic rules and the european union. two thirdsent got needed for the vote, which says hungary poses a clear risk of a serious breach of principles, including the rule of law. we have to keep in mind that this is just at the level of commendation, something that has to be approved by the european member states. david: does this have any teeth? a more extreme sanction, you cannot vote, that needs unanimity of the are being country leaders. is there a practical effect on hungary if this goes forward? >> this is something that has to be supported by european member states. although, today is a litmus test, this is a

that it will not change much. davidally big news is we ended the hamptons season in a big way with the new ceo of goldman sachs spinning some discs out at earnings -- the earnings -- there he is. jason: there he is spending and a lot of jr. bankers in the ground. they would go up and ask for a picture and they would be dancing and then tried to feel out, can they get a job? i think he loves it. he gave a nice interview that was definitely worth reading. david: thanks to bloomberg's jason kelly. tune into jason kelly on bloomberg businessweek on bloomberg radio. every single day. coming up, confirmation hearings for supreme court nominee brett kavanaugh begin on capitol hill. more on what ♪ i am watching next. -- more what i am watching next. ♪ g next. ♪ david: this is not going to surprise alix. what i am watching is the confirmation hearings for brett kavanaugh. lenknerus now is travis , managing partner at keller lenkner. have you with us. a kennedy clerk and a supreme court clerk like yourself but a former clerk to j

later, david bernhardt talks about changes to how the endangered species act is being implanted. monday night on "the communicators," a roundtable discussion on social media regulation and censorship with the tech freedom president and public knowledge senior vice president. >> we can have a debate about what twitter should do. i want to emphasize it is not a political question, not a question of policy what the government's role should be. we can have an ethical debate about that, just like we can have debates about how we behave towards each other. perfectly valid conversation. i would be upset if that happened. i don't think that is going to happen. twitter and facebook have been reluctant, especially twitter, to take down users. it has been extreme examples, like alex jones. president is the continue to be allowed to use the platform just illustrates how much twitter has erred on the side of allowing people to use their platform in spite of what their terms of service strictly say to abuse other users. we're not heading towards a world in which people are regularly taken down

. ♪ ♪ david: you graduated as as valedictorian and decided you want to go to princeton. why? jeff: i wanted to be a physicist. i changed david: phi beta kappa? jeff: phi beta kappa. david: then you win into the highest calling of mankind, finance. [laughter] jeff: yes, i worked at a quantitative hedge fund, d. e. shaw & co. i used a lot of his ideas and principles, hr, recruiting, what kind of people to hire. david: a very good, well-known hedge fund. you were a star there. quittingelled you aim this and will start a company selling books over the internet from seattle? where did that idea come from? jeff: this is 1994. nobody has heard of the internet, very few people. i came across the fact the world wide web was growing at something like 2300% a year in 1994. anything growing that fast, even if baseline usage is tiny, it is going to be big. i looked at that and said there has to be, i should come up with a business idea on the internet, then let the internet grow around this and keep working on it. i made a list of products on might sell, forced ranking them. i picked books because they are super unusual in one resp

. ♪ david: you graduated as as valedictorian and decided you want to go to princeton. why? i jeff: i wanted to be a physicist. i changedkly. david: phi beta kappa? jeff: phi beta kappa. david: then you win into the highest calling of mankind, finance. [laughter] jeff: yes, i worked at a quantitative hedge fund, d. e. shaw & co. i used a lot of his ideas and principles, hr, recruiting, what kind of people to hire. david: a very good, well-known hedge fund. you were a star there. what propelled you aim quitting this and will start a company selling books over the internet from seattle? where did that idea come from? jeff: this is 1994. nobody has heard of the internet, very few people. i came across the fact the world wide web was growing at something like 2300% a year in 1994. anything growing that fast, even if baseline usage is tiny, it is going to be big. i looked at that and said there has to be, i should come up with a business idea on the internet, then let the internet grow around this and keep working on it. i made a list of products on might sell, forced ranking them. i picked books because they are super unusu

david: are you making changes in the way you produce vehicles? really not. change our thinking. we are more of an exporter and -- in that regard. lincoln is a hot product in china. we make that in louisville, kentucky. the 25% tariff has made the price of our lincoln not as attractive. we have had to move people in that factory to other operations because of that trade problem. >> with all that is happening in the world today, there is a lot of support for the price of oil. lack of supply, i would say. this option of supply. -- disruption of supply. venezuela, libya. on the fx side, they have agreed -- you have strong support for oil prices. demand remains quite high. yes, i announced that in june. i'm not sure it is good news to have prices too high. when prices are too high, you open the door to competitors. competition. n.e demand will fall agai i am not so supportive of it. >> will opec and opec allies, will they be able to make up for the production lost in iran? read russia, they were y to increase the production to replace part of the production which

next, deputy interior david bernhardt talks about changes in the endangered species act. the public pass until september 24th to comment on changes. ans event is just under hour. >> thank you andrew. i want to thank everyone for coming today. and those watching online and on c-span. congress passed the endangered species act to help promote conservation of species. when the federal government deems an animal or plant threatened with extinction, it is placed on the list of endangered species. unfortunately, the goal of the law to protect species, has not worked. species have been recovered after being listed. " as a doctor, if i had met 100 patients and only three recovered i would deserve to lose my medical license." congress needs to take action to better achieve goals. something for the national and the service, , those agencies can do a better job implementing law. that includes promoting transparency and consistency of how the law is enforced. better implementation of the law would result in better species protection. fish and wildlife and the fisheries should be comm

the insurance industry is better this because they are aware of climate change. david: thank you.g up, dimon squares up and back down. we discussed the jpmorgan's chief food with the president. -- feud with the president. this is bloomberg. ♪ >> this is "bloomberg daybreak." i' kailey leinzm. coming up, mike mayo, wells fargo securities head of large caps bank research. ♪ now to your bloomberg business flash. shares of age and am rose the most in six years after posting quarterly sales that be estimates. the fashion retailer offer discounts to clear out inventory, plus a boost from the swedish krona. it has faced increasing come petition from online stores. and abu dhabi's sovereign wealth fund pushing ahead with what could be the largest oil ipo in a decade. the investment committee will offer a stake of 25% in the spanish oil company. the offering could raise $3.5 billion. bloomberg has learned that they want an ipo rather than a sale, after bidders were never down to the carlyle group. and the largest beverage company may be getting into the cannabis tricks business. according

david is outside the stadium. plenty of changest the way through the team, what do you think he would have learned from tonight's friendly? a lot, if you think about the fact england avoided losing four matches in a row for the first time in history and also kept a clean sheet, so after the highs of the summer it will have been a relief for gareth southgate after defeats against croatia, oldham and staying to have got a win under the belt. he will have learnt about some of his players because there were nine changes to the starting line—up so nine changes to the starting line—up so many players who had badly —— barely played any minutes, some none at all, and it's incredible to think perhaps international football is a breeding ground for players. gareth southgate is looking for attacking spark. when they play croatia and spain they will be looking for improvement. in the meantime a win isa win. improvement. in the meantime a win is a win. live tonight in leicester, thank you for that. northern ireland recovered from their opening

change a life. learn more at worldvision.org. david: welcome back. report showing how apple users' data was stolen and sent to china. it secretly recorded users' data and browsing history before sending it to a server in china. am was told about the app a month ago but only decided to remove it today. >> i'm a huge mac fan. apple is normally very good about preventing any kind of malware. you can probably count on two hands the number of times something was snuck by. this app masqueraded as another app. the question is who is getting it? the chinese army or some other company. david: why did apple wait a month before doing anything about it? >> stock price, optics, hearings coming up. responsible disclosure. people discovered it. they could have got an update done. it could have been removed from the store. david: you probably have an idea about this. but how much data could they have collected over the course of a month. >> you think about how popular the app was. i tell you, tons and tons of data. david: data and possibly hundreds of millions of pe

david: let's start with miami, in terms of climate change and the ocean coming up and taking upbeat fromy but a more immediate problem. >> we are talking about the aquifer in disdain. the water so permeable and makes it cheap to access the water and makes it very vulnerable. waterr away you have table rising and you increase -- likelihood of that tocsin tocsin breaking into the aquifer. toxin breaking into the are prefer to that is about saltwater -- breaking into the aquifer. that is about saltwater. david: i thought about this as being taking upbeat from property. the groundwater is not so far below and that's what makes it so cheap. miami, most000 in places have been replaced by sewers but not in miami. alix: they say anytime you talk about water contamination, that is bad. a broader investment topic, dissemination -- adapting over the last decade or longer. >> the caribbean islands, it is expensive to do. david: middle east, saudi arabia and that israel investing in it. >> they say it may be $13.5 billion to solve the miami-dade area in terms of making sure they have clean water. tha

david: thank you so much. that's lee zeldin from capitol hill. we have an update at the executive change sachs, stephen sure will become cfo, john waldron will take the president, as a solo .resident he worked with david solomon in investment banking and they are doubling down in investment banking but they have to work on their trading. .heir stock is up just a smidge live from new york, this is bloomberg. ♪ oomberg. ♪ you are watching balance of power, i'm david westin. senator chuck grassley posted -- -- the votee judge on judge kavanaugh by a week. it is pretty likely that he will and theas kavanaugh, term begins on october 1 -- justice kavanagh, and to talk about what that could mean for supreme court decisions, we welcome samuel ice kickoff -- issachecoff. know about judge kavanaugh's decision-making, particularly in regulation and economic matters, the as that's important to the bloomberg audience. webecomes much edition that associated with the reagan period of the republican party of trying to scale back government and the independence of administrative agencies and generally tr

changes our politics. i mean, not that david's wrong or made a mistake or -- you're evil, somehow morly unacceptable, that changes the entire conversation. >> woodruff: david, you're saying thiwhole thing yesterday was moving in a d partisanirection, that no matter what theyere saying, you're saying, i mean, that neitherory was -- i mean, she gave, as both of you said, an incredible, comgpell performance, but you're saying it's still huge at the party line. >> i looked at my twitter feed, the commentary, the political reactions, and 100 correlated. if you supported clinton in them achment thing, you were against kavanaugh, if you were against clinton you were for kavanaugh. you get wrapped up in the emotion and you begin to want to fight, but, you know, i think you've got to step back. this is about the truth m one rules is truth before justice. if we don't know what the tuth, is we can't fight for justice. you can never put justice before truth. have to figure out what actually happened, and a lot of people were not doing that, anwd ook at these two people, and i found them both very compelling. now, my

david: are you making changes in the way you produce vehicles? produce them, how many you produce, where your supplying chain is already? jim: no, really not. the trade did not change our thinking on that. we are more of an exporter in that regard. so lincoln is a hot product in china. we make that in louisville, kentucky. and so the 25% tariff has made the price of our lincoln not as attractive. we have had to move people in that factory to other operations because of that trade problem. >> with all that is happening in the world today, there is a lot of support for the price of oil. lack of supply, i would say. this disruption of supply. iran, venezuela, libya, and even on the effects side, i would say they have agreed, but that pressure has not increased as much. so today you have strong support for oil prices. but the demand remains also quite high. so yes, i announced that in june. i'm not sure it is good news to for high prices too high the world economy, even for the oil industry. you know, when prices are too high, you open the door to co

david: another way the financial system has changed is the growth of some money managers.lackrock is over a trillion dollars. you a lot of, money outside of the banking system outside of regulatory structures you talk about. hank: we still do, but not as much as we did. you named a couple, and there are a couple more. moreld like to see protections. we have ordered the liquidation of authority to wind down an institution which is failing. i wish we had that to deal with lehman brothers. we don't have the authority we need as broadly as we need them system.of the banking the thing that would be most concerning would be some authorities we used to stop the , the stabilization fund and treasury we used to guarantee the money markets. trillion a run on $30 , in the moneyon markets and the money markets were funding short-term borrowing from many of the biggest companies in the world. when the money markets began to implode, the commercial paper market dried up. big companies started cutting back on short-term funding. this would move quickly to suppliers and a smaller industri

david: are you making changes in the way you produce vehicles?u produce, what your supply chain is already? jim: no, really not. the trade did not change any of our thinking about that. matter of fact, we are more of an exporter in that regard. and so lincoln is a really hot product in china. we make that in louisville, kentucky. and so the 25% tariff has made the price of our lincoln mkc not as attractive. and we have had to move people in that factory to other operations because of that trade problem. ♪ patrick: with all that is happening in the world today, there are a lot of supportive elements for the price of oil. in particular, lack of supply, i would say. disruption of supply, iran, venezuela, libya, and even on the opec side, they have agreed to increase production, but that production has not increased so much. so today you have strong support for oil price, but the demand remains also quite high. despite the high price, which is a little bit of a surprise. so yes, i announced that in june. i'm not sure it is good news, by the way, to h

how many signals you need to hear he is looking to make a change there. daviddicial watch." tom, great to see you, thank you very much. melissa: here we go. we have breaking news president trump right now about to board air force one. he is making his way back to the white house after touring south carolina and seeing first-hand the damage that was caused by hurricane florence. he is moving there. he is at myrtle beach, moving from the helicopter brought him to the location to get on to air force one. david: surrounded by cabinet members. the department of homeland security secretary. that is the head of fema shaking hands with right now. you always wonder whether he is going to say something. there is a wave. melissa: it has been a long day there. david: sure has. melissa: as they toured so many neighborhoods and handed out food and talked to people and got the lay of the land. a lot of people will criticize the president, taking resources and going down there but if you saw looks on the faces that were cheered up by his visit. david: absolutely. melissa: you

big movement jimmy cliff was on this show a while back it was couldn't hide is just changed over prime minister david cameron and there's always a political angle in this photograph. i don't think what i would trying to do is to document something that people could see and it could inspire younger people and i think that was really one of my main aims to say look you know can look through this photo but you can do better so i wanted them to do things better than me and i know dick. than. anything the inspiration for all these images that take the inspiration to the young people but it was do better than me i don't know whether it's turning back to the seventy's but it's that's being blamed by black people as being blamed for a crime that the government saying that they should ban and music and that's to blame for crime would would you think of well i don't think that's sensible you know and because they'll get it anyway i mean you had a very successful community radio station which went to taken over by corporate as it were would you be playing drill music i don't think so. but what what we did was t

no rate decision is out, change at 75 basis points. david: checking their it gdp growth estimate. they see more growth, greater uncertainty around brexit. that is a surprise. uncertainty is going up, not down. alix: more options bet on an interest rate cut in 2019, interesting. increased global risks from trade and emerging markets. detail ining further what they say about that. any other rate hikes will be gradual. david: the turkey central-bank coming out now. they have raised the one week repo rate to 24%. lira rosee time, the after that decision, so it strengthened the lear as they repo rate.e alix: it feels like president ertl one said i don't like higher interest rates. you have to lower them. they are going all the way to 24%. let's go to istanbul, yousef gamal el-din is there. we just saw this cross. explain what happened. >> this day looked like it would take on historic portions. for the central bank to reassert credibility. the rate at 24% for the one week repo rate. that is the upper side of estimates. widelyges were varying to 25% and more. the average was 21%. ing wa

david solomon is set to take the ceo. other management changesar is expected -- stephen take theexpected to head of the company. david solomon is to take over for lloyd blankfein. these gentlemen were being seen as candidates already. the shares are not much changed. these are guys that were already there, part of the management. this is a succession that has been well telegraphed, or leaked, one would say come on the street. vonnie: we know these characters. reno john waldron as cohead of investment banking. then he became the chief of the investment banking division. these are all guys who know each other and have worked together for a long time. shares little changed on this news. julie: the headline is saying that they will be sold president and cfo. we are not seeing a copresident situation as we did at the bank in the past. they copresident structure was to tee up a successor to lloyd blankfein. that is no longer necessary at this time. goldman sachs, by the way, the stock has been performing really poorly recently. as we talk about this, t

] >> it's worth noting that our cochair of the festival, david rubenstein was supposed to conduct this interview today. due to scheduling changes, become of senator mccain's funeral, he was unable to do so. but i have david's questions here today and i just happened to be a big admirer of ulysses s grant and ron's books so i think we will have a fantastic time at the book festival. before we talk about grant, we need to ask a question about alexander hamilton. how could we not? lin manuel miranda first approached you and said he wanted to create a hip-hop musical based on your book, what was your reaction and did you think it would become a cultural phenomenon? >> people say when you are writing the alexander hamilton biography, did you have any idea it would be turned into a hip-hop musical. i always think the question answers itself. when i first met lin manuel miranda in the fall of 2008, he was co-storing incostarring in musical, the height. it asked me to be this historical advisor to this yet nonexistent show. i said you mean you want me to tell you when something is wrong. he said yes, i want historians to take this seri

david: 21 straight month of japanese export growth. 1130ar-yen has averaged 1 and change.loomberg. ♪ >> i'm paul allen with the "first word headlines." north and south korea have started the second day of talks in pyongyang. kim jong-un and moon jae-in made no comments as they entered the media room, and they are talking away from the cameras, alone with no aides. the two sides could be signing a military agreement. there are no details yet. china has confirmed it will retaliate against president trump's latest tariffs, targeting $60 billion worth of u.s. imports inner spark to washing -- in response to washington's measures. the measures take effect on monday. beijing is still open to negotiating a resolution. president trump has threatened tough action should china impose the new tariffs. >> [speaking foreign language] >> we keep stressing that dialogue is the only way out of the trade dispute, but what the u.s. is doing now shows no since are ready and goodwill -- no sincerity and goodwill. paul: the u.s. justice toartment has told -- register as foreign agents. they ar

you're not going to see any change for now. david: thank you so much.joined by michael mckee. principalshah, the global investors is still with us from london. showse a chart here that overall trade flows are having a downturn since the commodity crisis of 2015. >> that is something people are worried about in terms of the global economy. if this continues, if the president ramps up sanctions and china retaliates, if he does the car sanctions he keeps threatening against canada and europe, you could see trade flows really fall. that is bad for the overall economy. the imf warning that it could take a significant hit out of growth in 2019. david: what are we seeing in terms of global zynga has growth? growth?l synchronized ,> you see the u.s. is leading which is what you expect where the u.s. is the perpetrator. we could see a slight change in that. we expect the u.s. will start to feel some negative impact from its own trade war at some point in 2019. maybe from the inflationary side. maybe from the center -- maybe from the senses -- aix: the backdrop h