david westin and stephanie ruhle will sit down with ben bernanke he. eading to the vanity fair new establishment summit. emily chang will highlight what west."d on "bloomberg ♪ david: welcome back to the bloomberg market day. the vanity fair new establishment summit where emily chang is there on the ground talking to all the newsmakers and tech. you were talking to ed williams. emily: yes, we did speak with the cofounder of twitter. since namingerview jack dorsey permanent ceo of twitter. interesting to see his unfiltered take on how they arrived to this decision and what you think's about the fact that jack will be doing two jobs at the same time. musk does not recommend it. >> i don't think jack would recommend it either. he has his commitments at square. it is not ideal. we don't want anyone's time split. it did not change the fact that we feel a key is the best choice. -- feel like he is the best choice. >> they did talk to a lot of outside candidates he felt jack is the best person for the job despite that he has another very important job as well.

david westin joins me now.hat did steve ballmer say about jack's announcement, giving away one-third of his shares? david: he said it was very generous of him. he made it clear he does believe in the underlying asset. he does believe in jack dorsey. we asked him does he take the position after or before he knew jack was coming in, and he said he took it before. he to get on the strength of the asset. also, he has been clear he has been talking to jack dorsey. he has had at least one conversation. he did not want to get into details. he does not want to see it on the board -- a seat on the board, but he would like to be a friendly activist. betty: did he say what attracted into twitter in the first place? made isne point he everyone has a twitter handle. it is so universal. there is huge appeal across a lot of different platforms. at the same time, he thinks there is a lot of upside. he thinks it has not necessarily been all that it should or could be, so he sees it as a fundamentally strong asset, but there is

and hour, stephanie ruhle david westin spoke with doug macmillan and stephanie asked why wall streetuld own walmart stock. mr. mcmillan: we started to announce wage investment and they are big numbers. we started -- raise our starting rate -- starting wage rate to nine dollars, and extra we will be at $10, and that is a big pressure point. what we did today was described how we're going to win in the future, how we win bringing it all together. -- if ie: three years am investing today, why do i want to do something where it will take three years to get a payoff? mr. mcmillan: next year is where the pressure is. we have to get this position to serve customers in the longer term. we are building a technology company with an walmart, creating an additional company with the additions we have. w.: were you surprised at the reaction? mr. mcmillon: not really. question would be was the math in the multiple, and time will tell, but it was information that was out there. stephanie: if next year is a pressure point, why would i buy your stock today? why wouldn't i wait and see how you do on th

david: welcome to the second hour of bloomberg go, i am david westin. and stephanie ruhle. we are joined by brendan greeley. welcome to bloomberg go. david: i learned a valuable thing last week about willing -- will ask investors. there is one investor who will be joining us later, to say i am excited is an understatement. hood, paulrobin tudor jones will be with us. twitter has officially named jack dorsey their ceo. jack and i are sort of -- dorsey has been on the board the entire time. he is the cow founder -- the cofounder. since been acting ceo august. this company needs a strategy overhaul. can someone who has been there since the get-go do that? david: we are about to find out. brendan: i would argue no. -- if yout challenge are outside, how do you come in and make it make sense? investor nelson tells has taken a stake in general electric. ge is the largest under fund management. it is now one of the top 10 shareholders. peltz once the ge to take on debt and repurchase shares. hundreds haveina, been rescued from historic floodwaters. days of heavy

david: i am david westin. i notice you are in orange. what a surprise.g you would be in costume. stephanie: i would like to, but the man sitting with us today, bloomberg editor in chief matt winkler would not be willing to sit here while i am in costume. matt: no comments. david: let's start with the first

. >> that was david westin speaking to the carlyle group.interesting -- the ceo of the carlyle group. it was interesting to hear him do a round the world tour. with all the political turmoil and questions over leadership, the president of brazil might get impeached. i want to go back to what he said about the u.s. and how we tend to have a recession every seven years. there was a great article today a 15%aid economist see chance now of a recession in 2015. that was up from the 10% prediction in the past three months. a critic talking about how he does see a slowdown and wishes the fed would have hiked earlier because it would give them more ammunition going forward. the question of what can the fed do? we heard a president yesterday, who is extremely dovish, say negative interest rates may be something we can use in the future. we have heard a lot of chatter from morgan stanley, saying their clients are looking at the potential of qe4. on the one hand, we are looking at hikes and the other hand, do we need more stimulus? haslet: and monetary

speaking of walmart, ceo doug put a positive 10 on his company and his stock when he spoke to david westinnd stephanie ruhle. mr. mcmillon: part of what we announced with a $20 billion share repurchase program and it is our intent to invest that in the next couple of years. we believe in our stock price and you see it because we are putting our money where our mouth is. betty: gentleness with more is our bloomberg news reporter who covers walmart, shannon pettypiece. shannon: it is interesting that you mention the walton family. they are the largest owners of walmart and they are suffering big losses. the walton family is on the board. the son-in-law is the chairman of the board. the family is very involved in what is going on here, and you can assume they have signed off on everything happening with the company right now. a lot of these declines and earnings that we are going to be seeing the year, and with stagnant growth over the next couple of years is because the company is investing in employees by raising wages. it was a $9 million minimum this year, a $10 million -- $10 minimum nex

university of michigan alumni like david westin. david: go blue. stephanie: except last weekend.ff blau: they found a new way to lose. i have never seen anything like it. david: the last play of the game botching a punt. stephanie: tell us what you are seeing in a would noabu dhabi. we kind of study the trends around the world and having one of our partners from there, they suggested we take a look at what is happened and it is amazing the growth that has happened in the region. our partner is one of the sovereign wealth funds there. they started a project that would relocate the stock exchange and build four office towers and a four seasons hotel. they asked us to come in to bring our expertise to help them develop and curing the retail component. today, we are building over 2 million square feet of retail, restaurants between the four seasons and the rosewood hotel. we announced a first ever macy's and bloomingdale's in the region. it is incredible the buying power that is there. the average person in the u.s. spends 45 minutes in a mall. the average person in the region there

i'm david westin. stephanie: i am stephanie ruhle. david: it is a bank morning. stephanie: here to kick us off, our own christine harper, finance under, and stephanie mehta, editor of "bloomberg live." we have a big day. david: we do. i am looking forward to that interview. stephanie: tweet me your questions. i need some help. david: earnings just came out for morgan stanley. we go to matt miller. matt: we're looking at a big miss on morgan stanley earnings. profit was $.48 a share compared to $.83 earlier. but if you take out an accounting gain, it was 34% skim -- it was $.34. $.34 compared to $.63. obviously a big miss on the bottom line. we are also seeing a big miss on the top line. a $.5e looking for billion and we got $7.7 billion instead. so missing on the bottom and the top line. the reason morgan stanley says is a loss of private equity investments. that is no surprise to we have seen that across wall street. it is definitely affecting organ stanley, combined with a loss, more seriously than other banks. harper,e: christine when morgan stanley is saying

i'm david westin. stephanie: i am stephanie ruhle. david: it is a bank morning. us off, our own christine harper, finance under, and stephanie mehta, editor of "bloomberg live." we have a big day. david: we do. i am looking forward to that interview. steph

money for paying me three days a weekment and they were very, very nice about it my old friend david westin who is now one of your clegs here. >> was president of the news division. >> anchoring a. >> brilliant job of an anchor, looks better than you and me and smarter than both of us. >> there you go. >> he's doing a good job. he said you know how would you like to do this week. and. >> i know. >> don't think so. don't think so. rdz why not, the argue is, this is a perceived conventional wisdom, and maybe just that. you weren't that frommed in the american politics. >> that's true. that is true. >> rose: so you were not a perfect fit for you and you knew it. >> well, wait a second. at that point, at that point in time i think it was still feasible to say you don't have to do these sunday morning programs on domestic politics every single week of the year. you just don't have to. there are, after all, really important things going on in other parts of the world. there are really important things going on that have nothing to do with politics. and my feeling has always been that that should

david says i am david westin. and i am stephanie ruhle. we are going to have a huge day. is with us. ballmer, he is joining us. we have done big news from companies. for you, the biggest standout moment? jason: the google-amazon the extension to which the big tech companies drive earnings, but give a harbinger of what is to come. it is amazing. matt: png earnings out. $.98 is what we have got. seeing the shares moved down lower in the premarket. we were looking for $.95 and got $.98. sales missed a little bit. look at american airlines. the earnings are out. a beat on the third quarter. this should say to 77. that was the adjusted number. it is a beat. up about 2.2% in the premarket. both companies beating on the bottom line. let's go to first word ms. with vonnie quinn. vonnie: it has been called the worst accident in nearly three decades good a bus was hit, burst into flames. most of the passengers were elderly people. another shooting at a college campus in nashville. an argument over a dice game ended in gunfire. three female students passing by were wounded. donald t

welcome to "bloomberg ," i am david westin. stephanie: i am stephanie ruhle. ng christine harper. i'm tired. did you watch the debate? david: part of it. stephanie: if i wanted to the in a disrespectful fight, i would call my sister. we are going to go to vonnie quinn. republican presidential candidates try to break out of a crowded pack in colorado. the

. ♪ welcome the bloomberg , i am david westin -- >> we have a slew of earnings this morning, alibaba helping to us -- helping us to kick it off this morning tells us he is a cofounder of the investment firm and also the chairman of -- and the owner of the nba -- >>

. >> i'm david westin. here with us is jim chanos.and will share his skepticism. >> this guy knew enron was coming. he has warned us all about china. matt miller, you have something for us? >>

david: i'm david westin. it is tuesday. we have more coming up.f is chief barclays ceo, now executive at atlas merchant, bob diamond. great to have you here. xi jinping is at buckingham palace this morning. there is the queen going down through the color guard.

i am david westin. stephanie: i am stephanie ruhle. oined by erik: co-anchor, back from san francisco, erik schatzker. has $11 billion of credit management. also here is david kotok from cumberland advisors, which has about 2.5 billion dollars under management. collectively, we topped eight cool 13 plus the two and half dollars i have in the bank. to the first word before we get to richard and david. vonnie quinn has that. vonnie: china is talking more to keep thetaking economic slowdown from getting worse. time, china's central bank cut interest rates. in the third quarter, the chinese economy grew at the slowest pace since 2009. at least 24 people are dead after a fiery crash between a truck and bus near bordeaux in france. new developments in the race for the white house. former rhode island governor lincoln chafee is ending his bid for the democratic nomination. the latest bloomberg politics all shows ben carson leading all republicans in iowa at 28%, 9% more then donald trump. ted cruz is third. carson and cruz will join us on "wit

stephanie: there are a lot of fun facts about david westin. "disrespectful" is not one of them.r bill gross is suing his former employer, the company he founded, for hundreds of millions of dollars. erik, what do you make of this? pimco fors talk about a moment. the moment the lawsuit dropped yesterday, people were left wondering why. gross, more than a year after leaving pimco, filing a scorched-earth lawsuit like this? to shore upld like his tattered reputation. much of the narrative about his departure played out in the media and not some -- secondly, this is unquestionably about exacting revenge from his former colleagues, mom at el-erian, brett harris -- mohamed el-erian, brett harris, and the list goes on. raising questions about the way motives,pimco, their and whether they are the right people to manage trillions of dollars in assets. stephanie: but by waiting a year, did he set the stage for himself so that he would not be leaving the company and then exacting revenge? here i am, i am focus on the markets. now that he has that going, you?oooom, i am going to sue clearin

guess -- we have larry summers, kevin plank, and michael lewis all live with stephanie ruhle and david westin starting at 7:00 tomorrow morning. short" changed my life. i can't wait. scarlet: coming up, the european union striking down a transatlantic data agreement that may disrupt companies like facebook and google. we will head to the nasdaq to see how their stocks are trading. to thet's another blow coal industry -- citigroup is cutting back on financing for coal mining projects. scarlet: forget about buying a luxury watch -- how about making one for yourself? of all speak to the ceo swiss watchmaker offering a free course in the usa. ♪ scarlet: welcome back to the bloomberg market day. alix: let's check in our top business headlines. we begin with southwest airlines. for 42 years, they've made money by emphasizing short-haul trips in the u.s. starting in october, they will fly to six cities in latin america and the caribbean. the problem is southwest has run out of cities in the u.s. it wants to serve so it is going international for growth. scarlet: it has seen the south korean tech gia

scarlet: david westin -- you can watch his program from 7:00 until 10:00 on bloomberg television. tomorrow. tom stier is going to be a great interview. scarlet: coming up, after weeks freescussions, the largest trade agreement and generations is reached. how will it affects the combat how will it affect the economy? alix: and the ceo of air france says he will see his own employees after protests turned violent. scarlet: and many colleges are building huge financial -- huge athletic stadiums. how does it pay off? ♪ alix: welcome back to the bloomberg market day. up int: we are five days a row for the s&p 500, so we need to check in with julie hyman for the latest. we're not losing any steam. julie: we are at near session highs. i have to remark on this -- over the past several weeks i the unexpectedness of the move -- rising to the highs of the session across the board and up for the fifth straight day. young these five days, if look at what is going on, you can see it mirrors what is going on. energy is the best performing group and that is what i want to zero in on. and lookd th

paul o'neill and steve ratner joined david wesner -- david westin and that new role.have stopped doing qe's, but we didn't stop. we quit $4 trillion on the fed balance sheet -- we put $4 trillion on the fed balance sheet. we have basically destroy the flexibility of monetary policy by running this policy of zero interest rates for all of this time. it has had a transformative effect on our economy, because it has made savings and impossibility. to go forced people further up the risk chain in debt and equities and things because you cannot get a decent return. a you look at a return on money market account, it is three places behind the decimal pouint. >> secretary o'neill issued the critical world -- word, which is growth. a returntry to get monetary policy does not seem to be working well from where i sit. we cannot get out of any of these jams unless we grow the economy. >> there are things you would do to get growth we are not doing, like using fiscal policy or regulatory policy on the supply side. but congress is gridlocked and doing nothing. i would respectfully

david: i am david westin. i notice you are in orange. what a surprise. i was hoping you would be in costume. stephanie: i would like to, but the man sitting with us today, bloomberg editor in chief matt winkler would not be willing to sit here while i am in costume. matt: no comments. david: let's start with the first word, and for that we go to vonnie quinn. vonnie: the senate worked through the night to avoid a potential debt default. the government's borrowing authority has been extended march. the bank of japan will not add stimulus for now. the bank of japan kept this monetary policy unchanged. core prices fell in september for the second straight month. in syria, opposition activists say a government rocket attack has killed more than 40 people. the rockets struck a suburb of damascus. says the talks are only to resolve the conflict. a russian official says it is up to the syrian people to decide the future of resident bashar al-assad, who is backed by russia. that is a check on the market -- now for a check on the market with matt miller. matt: ta

. >> i'm david westin. here with us is jim chanos.e is a shrewd skeptic and will share his skepticism. >> this guy knew enron was coming. he has warned us all about china. matt miller, you have something for us? >> the nobel committee is out with the nobel prize in economics and goes to a professor, angus deaton. it looks like consumer demand consumption is the reason the committee awarded him the nobel prize. these headlines are coming across just now. very interesting stuff. consumer consumption is important. jail guy: sorry, jim, go -- yale guy got it. >> commodity prices have battled glencore. president obama says he is in considering any major changes to his approach in the area -- syria. russia has become a major military player in the conflict. last night, the president characterized vladimir putin's move as a sign of desperation. you think that running our economy into the ground and having to send thin -- troops ,n to prop up your only ally then we have a different definition of leadership. vonnie: he also indicated he believ

welcome to "bloomberg ," i am david westin. stephanie: i am stephanie ruhle. our authority on banking christine harper. i'm tired. did you watch the debate? david: part of it. stephanie: if i wanted to the in a disrespectful fight, i would call my sister. we are going to go to vonnie quinn. republican presidential candidates try to break out of a crowded pack in colorado. on dollars anded cents. jeb bush went after marco rubio after a four to newspaper called after noto resign showing up for a senate vote. this,n you signed up for this was a six-year term. you should be showing up to work. the senate is like a french work week you get three days where you show up or just resign and let someone else take the job. 2000 four, john kerry ran for president and missed 60%-70% of votes. in 2008, barack obama missed votes. the same newspaper endorsed him. this is a double standard between the mainstream media and the conservative media. said hisonald trump for casino bankruptcies taught him how to restructure debt. the house has passed a budget compromise that avert th

. ♪ welcome the bloomberg , i am david westin -- >> we have a slew of earnings this morning, alibaband .omcast are reporting helping to us -- helping us to kick it off this morning tells us he is a cofounder of the investment firm and also the chairman of -- and the owner of the nba -- seems place adjacent for role in the psyche of the community and baltimore is a city on the come back and they love their team and they are struggling right now, but they have such great ownership, i think the greatest will come back. stephanie: we have to break down these numbers. tom: i have the myths on ford coming out at -- i share versus the estimates, missing by two cents this morning and we are seeing revenue that actually beat $35.8 billion. we may hear more from ford as far as able year outlook. they did not hold her analyst meeting this fall so we may see more on outlooks from ford. comcast, i am seeing an in-line post of $.80 a share. revenue actually beat $18.7 billion, comcast in-line on earnings. ford is a miss and we have other earnings out this morning. merck was a beat. pfizer was a bi

tom: i did this for david westin., he talkedrs about the slick guys and the nerds, like howard marks. there is a great essay. let's read about the big university. up now, mr. brooks with his morning must-read. students have to find new things to love, like oboe. the great works of art and literature have a lot to say on how to tackle the concrete like hows of living, to escape the chains of public opinion or how to build loving friendships. you have written about this, you cannot just be the narrowness that our education system has become. william: it allows you to draw analogies, to pick ideas from one place and apply them in another. surprising ways you would not have thought. >> we have a tech guru talking about how people should not be getting a liberal arts education, should be focusing on the stem. a liberal arts education makes you more versatile. you went out of queens. when did they get nerdy for you? when i went to wharton. it required you to have a nonbusiness minor. tom: it has been eliminated. stephanie:

. ♪ david: welcome to the second hour of bloomberg go, i am david westin.phanie ruhle. we have covered a lot of earnings and in 30 minutes mario draghi will be back with a news conference. we will bring you that conference live and have full team coverage from new york to europe. nobody better to break it down than the house of bloomberg. we go to matt miller. matt: mcdonald's and it looks like a very good news. a $.17 fx translation. sales will be hurt by the strong dollar. the estimate is $1.27. stephanie: let's help matt out. that is not mcdonald's. comingreeport mac moran up with a loss per share of $.15, we were looking for a loss of nine cents. freeport missing on eps. mcdonald's crushing it. mcdonald's beating on global cop was a up 4%, the estimate gain of 1.9%. in my cutting into julie hyman's territory. ? david: i think we need first word. , i have had my's eye on it. as matt wanted out, earnings-per-share meeting the analyst estimate, $1.40 versus $1.27, and unexpected gains in earnings-per-share. unclear with the currency translation how that af

david: i'm david westin. it is tuesday. we have more coming up. helping us kick things off is chief barclays ceo, now executive at atlas merchant, bob diamond. great to have you here. xi jinping is at buckingham palace this morning. there is the queen going down through the color guard. xi yet.t see president this is a big visit, stephanie. stephanie: it is a big ceremonial visit. will it ben is, anything more than pomp and circumstance and an elaborate photo opportunity? david: i think david cameron hopes some cold hard cash will be online for some business deals. we will see. word --art with first not the vonnie quinn -- hold on, we're going to breaking news. are getting some sticky headlines on yum! brands. it is indeed going to separate into two publicly traded companies. last week we told you they added keith meister to its board. it is going to now. keith meister has said this could add as much as $16 a share to yum! brands share price or by $7the value of yum! billion. yum! is putting out this release and saying it does not have incremental

a public i have is service, i know david westin has seen this.is on the betting of draft kings of football that we've all during gamesd with with commercials. in other words, 99% of the participants in fantasy sports are the patsy at the table between the high-frequency outfits -- takes the fantasy sports model and brings it right over to some of the high-frequency trading. david come i don't know about you, but i am dazzled by these ads on tv. david: i see them constantly. stephanie: they're everywhere. david: you're right, this hits close to home to me. i have a 13-year-old son who goes on to the sites. i have gone over the numbers of the people few actually make money. tom: people are worried about this -- this is that about stephanie just paid for two years of tuition for the fourth grade because she went with the patriots. i don't go to fantasy, but a sad thing here is that fantasy leagues have been great for kids in terms of statistics, and adding gambling to the mix? david: you just beautifully promoted the fact that we will of a tom brady

i am david westin. stephanie: i am stephanie ruhle and erik schatzker is in the house. ain. david: there we go. erik: good morning, david. david: vice chairman at the blackstone, welcome. erik: where do we begin? lets the with the bank of england signaling that everybody can state lower for longer. they held rates at .5 of a percentage point and noted inflation in england may not top 1% until next spring. john, briefly, this is a marked change in tone for mark carney, the governor of the bank of england, because as recently as three weeks ago, there was a growing divide between mr. carney and miss yellen about the outlook for inflation. carney felt inflationary pressures were alive in britain and now they hold rates at a till one and i say expected, but it is this language that seems to be the important distinction between now and three weeks ago. john: language? that inflation -- it is the color, the context. in britain, a rate hike is about inflation and they thought it was alive and well and now they are in the camp as yellen and fomc and mr. draghi, inflationary pres

i am david westin. stephanie: i am stephanie ruhle.not waste time because guess who was in the house? bloomberg editor john interviewing some of the biggest leaders recently and globetrotting, including the president of iran and italy's prime minister matteo renzi. he should have done matteo renzi in the summer and turn it into a vacation. he just admitted that. be careful, mike bloomberg is watching. and we must recently assigned kayaking in the windy city, economist and chicago professor, austan goolsbee, also now at 32 advisers at the head of intelligence. how about some first news with bonnie. vonnie: great title. some of the headlines, turkey says it has chopped on an unmanned drone violating th space. they scrambled after the drone after it crossed into turkey from syria and no word on who the drone belong to. turkey accused russian jets earlier this month of flying over their borders. they have not seen a traffic jam like this in southern california lately. 700 vehicles stranded on a freeway after a flash flood caused a massive