the fed perceived its job as helping the economy great jobs when things were bad and slowing the economy when things got better. makes sense. it's in everyone's interest, except short sellers to have a vibrant economy. we want to put as many people to work in order for our nation to be strong and allow people to participate in the progress, greatness, and profits of the greatest country on earth. so when times get tough, the fed swings into action with its admittedly cumbersome tools to get things moving because it doesn't have the ability itself to create jobs. that's something only the congress and president can do and of course private employers. what the fed can do is move interest rates down to levels where it's so cheap to borrow that it can impact not just business but everyone, ayou loing them to refinance, take loans, build things, expand business. puts more people to work. now, at the time when the great recession was taking hold, the fed did misread the economy and thought it was stronger than it looked. that's because he was just focusing on the housing market which was way t

, emerging economies, we've seen the economies leveraged up. the funds numbers are 250% of global gdp, our numbers are a lot higher than that. but inevitably, we've seen this long trend of ever more indebtedness. but we've seen productivity decline. how do you think about it? do you worry about the amount of debt that is growing and our capacity to to service that debt? >> well, there are two parts to the answer. the one is that in terms of the capacity to service the debt, debt service has not gone up anything like the amount the debt has gone up because interest rates are very, very low. and so the interest burden which is the servicing burden is not, has not, has not risen anywhere like the numbers which have doubled and so forth for debt. but interest rates are very low, and i don't think i'm revealing any secrets if i say that this this -- that at least one member of the federal reserve board thinks that interest rates will be higher five years from now than they are today. and that will make a difference to the amount of debt servicing. s

economy. nejra: joining us now is daniel morris, senior investment strategist at the mp para ball -- parabas investment partners. course, with bonds, higher inflation expectations generally not good for bonds, but it does seem to be at the long end. is this about putting on the s teepening? >> it is happening at the same time that you see higher yields in europe because we have the broader concerns about what the central banks are going to do in japan and europe. it is this confluence of two things, pushing yields higher. the other thing we have the thing about as a feedback loop in the sense that before, when it yields were low in europe, that would push treasuries down. what is that going to do to european yields? manus: it is a global perspective. the u.s. worries the rest of the world tends to tag along with it. these are 30 year, 10, and five-year break-ins. they are shifting this 30 years to the highest levels since may. is this u.s. move the beginning of a reconsideration of the overall

remember, we are a consumer-led economy in this country, meaning that two-thirds of our economy revolves around spending, not the exploitation of our raw goods, manufacturing them into finished merchandise and then selling or exporting them. that is a huge part of the economy, but it's not as important as spending. so low rates allow consumers to spend on homes, cars and of course themselves. all produce a stronger economy, which translates to higher profits for all the industries and for the people who cater them. not bad. the number of autos sold in the country almost doubled from the low of the great recession. we have much stronger retail sales. while home sales didn't spring back to live, a massive do much to help big industry, including one of the most important growth engines of the economy, non-residential construction. but even that kicked in by the end of 2014. so these portions of the economy and the stocks of companies that benefited for the most part went higher. because the fed kept interest rates down, that allowed corporations to issue debt that could let them expand and,

and didn't give the economy the jolt as expected. would hope this time with leadership in the white house and congress it could be intelligently designed and implemented to do what i described. most importantly you need a fiscal policy to lift productivity and raise potential growth in the u.s. to the benefit of workers. gary: a business person would have a better idea of how to spend that allocation. >> last night i was with mark lazory. i was a surrogate for mr. trump. we have $2 trillion off the shore in the united states. to the extents that we could implement a lower tax rate on it. let's call that 10%. that would be $200 billion that would come to the u.s. that could fund over a several year period. and need infrastructure spending. but as importantly, assume that of the $2 trillion abroad, a trillion comes back to the corporate sector. they could use that trillion dollars for capital spejtd and dividend spending and buyback. it would be energizing to the infrastructure and it would be energizing as well to the corporate sector

challenge to talk about the real economy versus the financial economy. in the real economy when we put people out of work with machines, the industrial revolution we save we took them off the farm. we created this enormous new consumer goods market that didn't exist. people used to own one or two suits of clothes and now at least in the developed world many, many. becomes a fashion and create an economy built on top of industrial economy. we also did things that were impossible. you spoke to those people in industrial revolution and said we are going to use the machines in dig a tunnel over to france, they would have been just oh, my gosh. what are the things we should be working on as a society? if we were to invest in a real economy, any prognostications about what we should be investing in? >> this is such a rich topic of what you know much more than i do but i will make a few comments. definitely until pretty recently i had been very worried as all of that was in silicon valley which is going to pick right up from wall street. because in part the big

economy. the largest single value contributes sector and we will place a high priority on getting the right solution with our european union partners. >> do you think it should be treated differently to any other sector? as you said it is britain's most important, surely it is are some degree of priority. >> manufacturing sectors for example, if we were to end up in a wto rather than a negotiated deal, manufacturing would know what that meant. financial services are not really covered effectively by wto rules. it is different when we have to deal with each sector according to its specific needs. we are still in the process of analyzing with people in the financial services sector and other sectors across the economy to understand the specific needs they have. one of the things that is already clear is the initial response of we must have this. when you drill down there are some really specific needs, some really specific issues that we have to understand and we have to factor into the way we c

be released tod help their economy. ministers meet and luxembourg monday to talk about the milestone. the nobel prize for physics goes to three british-born scientist who are now at american universities and received the prize for reviewing exotic matter like superconductors which conduct electricity with no loss to resistance. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. ahead, how was ireland attracting business and jobs as the u.k. prepares for brexit and we will hear from owen murphy. this is bloomberg. ♪ vonnie: you are watching bloomberg. ra: this is your global business report. the south african finance minister addressed a recent police probe and gives his outlook on the nation's economy. lvmh is adding a german suit maker to its galaxy of brands. there is a huge drop in real estate prices -- plate that real estate prices in manhattan. the south african finance minister says the police investigation is nothing but political mischie

there was $18.6 trillion economy. is that the economy. we break it down into consumption. investment 3 trillion. so what is missing in gdp this is a surprise factor the supply chain. it does not measure the supply chain. to bring the products to their final use. they just measure the value of finished goods and services. your close, your shoes the internet. all of the things that we are enjoying right now. that is all counted in gdp. but the spending by business to get you to that finished product is left out. and that as an achilles' heel in many ways. it has been measuring and now the government is measuring economic analysis $20.3 trillion. it's more than consumer spending which is 12.4. it's more than government spending. the eye part is fixed investment. now, what is gross output. it can be the equation of exchange measures total transactions. it's also a measure of high acts triangles. it is taken is taken from prices in production. when it was lecturing at the london school of economics and there is a picture of that triangle that he used. it's purely theoretical he

developing economies really need free trade, they need to be part of the world economy, they need torkets are there goods. eroding fiscal balances , the cost of supporting the social infrastructure and so on. debts that china would be a great example of that. debt is something that may not cause a conflagration in the medium-term -- david: how worried are people about tdebt? >> is high on the list for an obvious reason. debt makes the economy or company or household brittle. becauseces your growth you don't have to put up all the money for your investment. in a house, classic example, you are a money, the house price goes up, you are happy because you only put down 10%. what happens when the house price goes down? it's the same thing for an economy. you still own the money even if your wherewithal is decreased and you become brittle that way. mounts, household and corporate debt as well as corporate debt worldwide becomes more and more vulnerable. david: why the shale boom may hit hyperdrive next year >> sometime next year, we are going to basically sell more natural gas then we buy.

back to the american economy we deserve and can achieve. i find that troubling. entitlement programs with promises to pay for by taxing the rich and that it. >> host: some programs would increase productivity when expanding the itc. >> it might a one time bump in labor force participation at best. that won't affect long-term productivity. i find that disappointing, trump talks about growth but his policies don't add up in any coherent fashion. when you look at the us economy the most telling feature of it is unlike the postwar period in 2007, living every 35 years the american dream was visible to people, doubles every 75 years, there is nothing in these two candidates that addresses that. >> host: let's talk about the affordable care act, if you are comfortable voting in front of everybody close your eyes, if you think the affordable care act is on track to control healthcare costs and raise your hand think it is not on track. i ask that question every group i speak to end two votes is actually a lot. what has gone wrong that the perceptio

at this point in time china is in transition of their economy into a consumption oriented economy. as we experience in japan the problem they face is the huge debt in the air. and that is associated with strictly unprecedented investment to save the dash sell how they can adjust it down to an appropriate level. we spend almost let's say 15 years after we recognize too much debt on the balance sheet of the companies down to an appropriate level. i am going to imf and almost 40% as access and debt of the china corporations. if they start to address those issues then what will happen is those deaths to the balance of the government as it's happening in japan and then in turn the government will become -- so those kind of dynamics needs to be carefully monitored. for a short time i don't think they will have a landing but in the longer term perhaps it will take a little longer than you might expect and also the aging and the declining population is involved with what happened in japan. >> we have only got five minutes left so i'm going to ask mary and gary. on november the seventh some

economy grow a little hot. do you agree with this?they want to see they have a need to raise interest rates, and i think janet yellen and the fed are willing to wait a little longer, keeping rates lower for longer, to make sure there is not a misstep, a hike too early. ramy: do her comments put a dampener on raising? may be a better way to put that is to reassure the markets and the public that those rate rises will be slow. we feel that december will be the next rate hike from the fed. toy: i want to direct you the bloomberg. at in terms ofng the white line is the performance of the s&p 500. look at the percentage of members trading below the 50 day moving average. since juneits lowest or so. do you think we're in for a possible plunge further? >> we are in a state where we see that when we look to the price to earnings smal multiplee are expensive by historical measures. interest rates have been low. seeations are not enough to that plunge further, 10%, 20% more. we need that catalyst. we have two big events, the nlection and a fed

economy as well as for the eu economy. manus: challenges abound for the u.k. economy.hing from brexit to the immediacy of the results of brexit including inflation. we are waiting for cpi. pantheon macros say that u.k. year,ion will hit 3% next to reply 5% by the end of next year. would you agree with that? is it overly aggressive? here is the trajectory of real inflation. less cpi. there was a prodigious drop last year. we are moving sideways in terms of inflation expectations. 27 .20. i was very surprised in august when the bank of england came out with inflation peaking at two by 4%, hardly above target. that is what we would've predicted without breaks it. more than 3% at the end of next year and into 2018 is highly likely. way above wage growth. real incomes, real spending power will be shrinking. downward pressure on consumers. the impact, not just short-term impact but the medium-term impact of brexit will be felt strongly. perhaps at the very moment that we have been talking about. anna: in terms of the optics on how this appears, do we anticipate in early nove

economy. expected gdp between 1.5% and 2%.he interest rate yield curve has flattened, meaning short-term interest rates have flattened while the long-term remains flat. i think we are in a moderate growth environment with low inflation. what is interesting in that environment is we have a strong dollar. toy: the forecasts are 1.5% 2%. on my bloomberg terminal, i want to show our viewers 4423. weyou look at the quarter, had a 2.8 percent forecast for growth. can these views really exist in the same reality? >> sure, they can. it is a balance between the beginning of the year and the end of the year. we came off quite a bottom at the end of last year. oil prices were really low. oil companies were having trouble. there were areas struggling. we have seen quite a rebound in oil. theuld expect, you know, second half would probably come in at 1.5 or 2%, the average for the year. book,out of the beige they were talking about the job market being tight, but there was some slack in september. from your perspective, which side is it? >

that caused the economy to revive their. way that thea european economy has failed to do.the core of this, it is the euro. trying to have one monetary policy umbrella over a sub optimal area. francine: that is what we will be talking about next. what happens to as the merkel if she doesn't become chancellor next year. both stay with us. an exceptional rate of job creation is causing problems for the world's central banks. that is the view of our guests, richard jeffrey. we'll talk global growth. we will focus in on the eurozone. that is next. this is bloomberg. ♪ francine: welcome back to "the pulse." i am francine lacqua. my guest this morning saying very weak growth in western economies have created a dilemma for central banks. richard jeffrey. also with us, mark gilbert. you can find his columns on the bloomberg. what is wrong with the world, richard? we talked about central banks. you say the eurozone is not efficient. the you want a smaller group for the eurozone? -- do you want a smaller group for the eurozone? richard: if i could rewind it back, i would not have int

a mature economy, so it has to. how do the u.s. and this possible fed rate hike play yen, very quickly. >> if clinton wins, it will be good for the currency. people are afraid the trouble impact trade with china. a fed rate hike is largely priced in, so yes, it would weaken the currency further. rishaad: thank you very much indeed. holdingp next, the baht gains as thailand mourns its much loved king. this is bloomberg. ♪ having awe are back look at asian pacific equities, just a bit sluggish today as we are into the midmorning part of the day. let's get over to david. david: hong kong helping things along, providing a small tailwind. we are up .5%. we are coming off highs at the moment, but that is enough for the overall index, which is getting decent support out of the nikkei 225 and kospi. volumes not quite there yet. stocks fell, but you got a decent head across certain defensive sectors. have a look at australia. the market sums up sentiment across equity markets right now. you are still getting people coming in and bidding it

a growing economy is better than a sinking economy or one growing less quickly.eople wentve more economy is not growing as fast. growing economies don't necessarily get to where people live. not people working about their children and their opportunities. this is not about tpp. about what we're doing to address the concerns people have that government is to be meeting domestic needs. if we invested more in introduction -- more in infrastructure, training, sure wee, i'm not so would be is a place. this is a broad phenomenon. the hlicy has to reflect igh incomes that are not heavily taxed. thatgives people a sense it is not on the level. i don't think that is an excuse not to do tpp. win thethink you can argument by saying let's grow the economy more slowly. we have to focus on this long-term issues. steve: those are all long-term ideas. you have an urgent timetable to next month.ted how will you do that? sec. lew: the trade promotion authority was a harder vote. it was giving permission agreement.r an i can point to countries where labor standards are being raised

how much of ane: bellwether is singapore for the rest of the economies? it is a developed economy.bit of a canary in the coal mine in that things happen faster. in good times, intense to do better. in bad times, it tends to do worse. so the suspicion if you are a policymaker in indonesia -- if singapore is doing that badly, because it is dependent on exports, we may have those problems down the road as well. caroline: thanks. david roman in singapore. a key state to keep an eye on. up next, megamergers. guy: we will talk about the china deal. ♪ ,l guy: welcome back. you are watching "bloomberg markets." with the european open, how are things shaping up? we anticipated there would be a pop this morning. a great session yesterday for european stocks. the ftse 100 is back north of 7000. stockl talk about the movers in a moment. particularly good day for the cac 40. altis, upping is its stake for the french mobile company. that is one of your key winners. man group up 12.5%, biggest , becausedge fund assets under management are up some 6%. they are also doing a buyback of equity. of th

economy, the u.s. economy is primarily about two-thirds driven by the consumer. two things we had to address quickly -- going in the right directions. >> will you silence your cell phones and the second was jobs. we have unemployment at 10% and clearly swift action around the various types of --. we have employment that's bouncing between 4.95% and we saw while not off the charts numbers pretty good job numbers. it's fairly robust that we have consumer that's large of a covered company.

consumption delivered economy. so iis still going strong wanted to make sure that was still on track. you see reason to be a bit more cheerful? it is working? >> it is difficult. it is best not to be a hedgehog. they make these grand statements in china. you say that they have engineered this stability in the run-up to this drawing. thise not as convinced of going forward. >> my forecast is 6:95. stability at 6.7. since china has returned from the start of october, we have .7n it up through that level. .he key there we see that trend continuing. >> that has been on running story. is this that gained pace and momentum? that is part of the story as well. i expect that to continue. >> thank you very much. that is the head of asia joining us from hong kong. and higgins is of course our guest host here. the looks for the day ahead. is brexit related action. testifying today. finale third and 5 -- lynch versus donald trump debate. earnings from metro. exercise, the surprising guidance for its first debt field. cool, and

moderator: let's move to the economy specifically north dakota's economy which in the last year we've seen is very dependent on energy and oil and across-the-board budget cuts and things like that and some accusation that is maybe north dakota's too dependent on energy, too cozy with oil companies as some have alleged. and what can be done to fortify the state's economy from your seat in washington, senator hoeven, you start? sen. hoeven: again, i talked about this at the outset. the solution is not more government. it's stimulating the private sector. and empowering people, empowering our entrepreneurs and empowering ingenuity. and you do that by reducing the regulatory burden, reforming the tax code, to make it pro-growth and encourage and empower more investment. you make sure that you control government spending. we reduced -- i agree with robert. we have to reduce government spending. those are the steps that enable job creation. and investment. and for me, jobs has always been job one. but we have to understand that that comes from private sector investment. and you got to creat

overall fundamentals of the economy are strong.audi enacting the program, they are quite substantial, and excess of about $500 billion if not higher. off alle execution risk of these reforms which is causing a spate of concern in the markets. something similar happened when qatar came out with its first bond issue a couple of years ago. it did offer a premium because it was a bit of an unknown, and i think that is the issue with the saudi. clerics you are head of investment advisory. how many inquiries are you getting about this debt issue, and are you advising that clients should buy? reporter: clients looking for yield, it is very attractive. we have a constructive view on the local economy, macro economically as well as on the corporate sector. certainly this is a very attractive issuance for private clients, especially those who want to earn a better yield them what cash rates or operate -- cash rates are offering. when you look across the world and you are looking for yield pickup, what is attractive right now? ,uest: emerging

our economy should work for everyone. if your pay has stagnated for several years in a row and fixed items of spending keep going up, it doesn't feel like it's working for you. our democracy should work for everyone. but if you have been trying to say things need to change for years and your complaints fall on deaf ears, it doesn't feel like it's working for you. and the roots of the revolution run deep. because it wasn't the wealthy who made the biggest sacrifices after the financial crisis but ordinary working class families. and -- [ applause ] and if you are one of those people who lost their job, who stayed in work but on reduced hours, took a pay cut as household bills rocketed, or, and i know a lot of people don't like to admit this. someone who finds themselves out of work or on lower wages because of low skills integration, life simply doesn't seem fair. it feels like your dreams have been sacrificed in the service of others. so change has got to come. because if we don't respond, if we don't take this opportunit

a snapshot of the global economy. honeywell and general electric are both out with earnings this morning, ge cutting its 2016 forecast, honeywell reporting his first profit drop since 2011. and call it the draghi hangover, the euro falling to its lowest level since march. donald trump and hillary clinton trading in the boxing gloves for some humor at the al smith charity dinner in new york last night. they appeared on stage together just one night after facing off for the third and final debate ahead of the november 8 elections. that is what you need to know at this hour. i want to get back to the all-important earnings question of gdp and honeywell. on the phone we have nick heymann, an analyst with william baer. where there surprises in the gdp numbers for you? there was not really a big surprise. they lowered organic growth, which was 2% to 4% for the year. they lowered that to 0% to 2%, which makes more sense. on the order front, it was a little bit better than less worse, but there was really not a lot of favorab

it's the same thing for an economy.wn the money even if your wherewithal is decreased and you become brittle that way. as debt mounts, household and corporate debt as well as corporate debt worldwide becomes more and more vulnerable. david: why the shale boom may hit hyperdrive next year >> sometime next year, we are going to basically sell more natural gas then we buy. it won't be an annual average, we won't get there until 2018, but sometime in november, we will have more natural gas to sell to the world than we buy. this is a huge shift. this is the first time the shale revolution has kicked into gear and given us enough gas to push out there into the world more than we buy. david: a big reversal from where we were a decade ago. what happened in the interim? matt: 10 years ago, the government was saying we are going to be forever short. we would increase our imports and continually go up. billions of dollars building these really expensive import terminals to take lng. that flipped around 2008. we are not sure, we ar

then the biobased economy. when you're talking about these jobs many are in those rural small town areas. and we're just going to continue to see a growth if we stick with it. i'm confident given the results, the fact that we're seeing unemployment come down, given the fact that we are bet iroff in terms of unemployment since 2007, given the fact that this industry is creating new jobs it's phenomenal growth in just a year. based on this study i would think it would be wise for future administrations to continue investing in this new opportunity. >> you've been the point man for the administration on opioids that hit rural areas pretty hard. what can america do more to stop the addiction starting with hospitals and those? >> look, it starts with creating an economy so young people in particular see that their tomorrow can be better than today. if you think your tomorrow is not going to be any better then you might be tempted to look for an escape. number two on the opioid issue it is important and necessary to

the economy grew 2.2%. it is not consistent, is it?> it's clear that france is lagging behind compared to germany, where we have seen quite strong data. the french government still sees growth of 1.5% this year. we think they are going to struggle to hit 1.2%. that is growth heavily reliant on public spending. it is still in a difficult situation. unemployment is falling only marginally. we've seen them increasing according to the eurostat figures. it is a situation which is quite difficult for the french economy. if you take into consideration how many good things have happened in the past, qe, reduction of the cost of credit, the fall in the oil price, you do wonder what is happening going further. mark: how does the election change the dynamic? >> it creates uncertainty. there's an element whereby it's possible that we will see a little pressure on public spending or tax cuts. if anything, we could get a little more fiscal support. in the meantime, as we go through that period until the election, we might see further weakness. our e

the housing market is slowing along with its economy.tral market lost its benchmark rate on hold last month, waiting to see if the budget delivers additional stimulus. yousef: still to come, softbank finds a partner in saudi arabia for its tech fund. we will be breaking down the deal for you. stay tuned for that and plenty more. this is bloomberg. ♪ ♪ yousef: the top stories on "bloomberg markets: middle east ." -- a rising u.s. dollar. traders are still looking ahead to the next meeting in vienna where output will be coordinated. there has been a fourth successive week of gains in some analysis say that $70 per barrel is possible. tracy: janet yellen has said the fed may consider running a hot economy to repair the damage from the recession. she says it could boost areas including the labor market. decision tofter the reduce rates last month with a close call. of saudihe timing americans internet bond market may prove to be right. saudi arabia may sell bonds for five, 10 and 20 years -- 30 years. aacy: egypt is said to have citigroup to

coming up, has china's economy stabilize?atest economic data, we will bring it to in just a few moments. ♪ ♪ announcer: from our studios in new york city, this is "charlie rose." charlie: the campaign to retake mosul in iraq began early this morning. it comes more than two years after isis first took control of iraq's second-largest city in june of 2014. iraq's military says it has already inflicted heavy losses of life and equipment on isis. defense secretary ashton carter called it a decisive moment in the fight against islamic state. up to one million civilians may be caught in the crossfire of what could become a major humanitarian crisis. joining me now from washington, david ignatius of "

she wants to push the economy higher and she is curious about his participation test by running the economy alluded to in the fed minutes that there was this discussion about what if the neutral rate is below where we think it is and what if we let the economy run hot, there is a camp at the fed that is evaluating this and the few people or some participants said no, the old rules apply. we can do this experiment. the fact that the fed was considering this at the september meeting is instructive. the answers are not so much about the december meeting but about the conviction of the pace of tightening in the future, especially 17. scarlet: a lot of existential musings from the fed chair. does that mean the fed will not move in december, does that hold back the fed? is on a glide path to the december meeting and there are few things that could bump them off of that course. it would have to be a severe market or economic shock to push that. there is a broad consensus between the hawks and doves. everyone has a reason why they believe december is appropriate. there are few things like -- us off

but we do think one of the important things for the future, not only the us us economy but global economye trade. free trade creates jobs in the local communities, at u.p.s., and it's small and medium sized customers that will be able to participate because of things like the t.p.p. i think it's incumbent not only on myself or u.p.s. but many other companies to make sure that the other side of the story is told as well. because we're creating jobs. in fact, when free-throw -- free trade agreements are signed, there is about a 20% lift in volume to those countries. so we think that free trade is an important part of the global economy. regardless of who ends up and which administration is running the country, we'll be ready to work with hem. vonnie: the problem is it looks like no matter who runs the country, not just this country, that the world is getting a little bit more inward looking. do you anticipate that that might change, the popular sentiment will change to change that? or does the likes of u.p.s. have to get used to a new environment where countries are more -- less likely to d

economy, u.s. economy is primarily about two-thirds driven by the consumer. two things we had to address quickly is one we had to get -- >> please silence your phone. >> the second was jobs. we had unemployment around 10% and very clearly swift action in particular around the various types of qe in the u.s. did put floor into housing, got that obviously back and today we're at or above in most markets pre-crisis levels and we got unemployment that's going to bounce they 4.9 and 5% and while we saw not an off the wall charts number bath pretty good number and wage growth and sectors within the job growth and it's fairly robust. we got a consumer today that's largely recovered. confident. we look at what's going on in terms of saving and spending. and we see a good dynamic there. and so the u.s. economy being driven by the consumer is in reasonable shape. when we talk to corp operates around the u.s. there's not that same confidence and that the challenge is top line growth, challenge is of regulation, the challenge is over a lot of things we know and feel have

the things that will help our economy grow and job creation.hat means reducing the regulatory burden and making sure that we reform the tax code so that its programs and simpler and more fair. that means balancing the budget so we don't believe a death to our children and grandchildren and it also means supporting law enforcement and our military so that americans feel safer here at home and abroad. these are the things that will make the state and nation stronger. >> moderator: one minute opening statement. >> in 1997, glenn fox suffered a tremendous flood of 800 homes were badly damaged. almost the entire city had to be evacuated. at that time i was on the city council, and we were charged with getting the city back up and running. people were concerned about whether they should reinvest in the city. on the committee i was on, some of my fellows spent a lot of time debating trivia and i got so frustrated and angry that at one point i shouted stop talking and start moving dirt and that is the sense of urgency i want to bring to the united stat

there economy was investment oriented and now economy oriented.em they may face in the private sector and that's associated with a huge. [inaudible] to save the global economy. how they can adjust down to appropriate level, we spent almost 15 years after we recognize too much debt, according to imf, almost 40% is excess debt at china corporations. if they start to address issues and if this goes to the balance sheet of the government, then in turn the government will become equation. those dynamics need to be carefully. [inaudible] for the short term,, but in the longer-term perhaps it will take longer time than you might expect. also the aging and declining population is similar to what happened in japan. >> we've only got five minutes left so i will ask the inevitable question that we couldn't possibly avoid it. the presidential election. just describe what you think people here should be thinking about what difference it would make or might make if they're worried about either hillary clinton or donald trump emerges as the next president of the

with the future of our economy and our country on the line. who are republicans try to elect in florida? donald trump and marco rubio? seriously? three --t going to strengthen our economy with donald trump's racist bullying and marco rubio' a silence. people out offt poverty with demonizing immigrants and muslims. and we are not going to create an economy that was for everyone with misogynistic attacks. where do senator rubio stand on this? low,donald trump goes marco rubio is right there with him. marco rubio that he is going to stand up to donald trump if elected the president. really? really? come on. how exactly is marco rubio want to do that if he can't even stand up to donald trump as a candidate. donald trump boasts about sexual assault and marco rubio looks the other way. donald trump praises dictators and encourages russian cyber attacks. and marco rubio stands right by him. more than 160 republican leaders abandoned donald trump's bigoted campaign. but marco rubio right there with him. marco rubio continues to put his personal politi

economy.> in the u.k., the situation is uncertain.e and they have a very large current account deficit. it is unlikely that they can sustain the inward investment that has allowed them run that deficit, so there needs to be some adjustment of the exchange rate. and we have seen a starting to happen. of course, as reality of brexit sinks in, as it has been doing this week, the currency is appreciating further married and it will depreciate further still. david: the national hurricane center has issued weather warnings for florida, as hurricane matthew is working the u.s., having bashed the caribbean married hundred supply seven canceled. and thousands of passengers affected. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 100 20 countries. the find more stories on the bloomberg at top . i am david ingles. this is bloomberg. manus: david, thank you very a bit of breaking news. this is the netherlands deal, bidding for delta. a premium and $.30, over

do trade deals hurt or help the economy?t is a question that at desk they get asks in polling -- that gets asked in polling. , 45% agreements currently of voters say free trade agreements have then a good thing for the united states. 47% say they have been a bad thing. clinton supporters, 59% to 32% view free trade agreements positively. republican opposition to free trade agreements have increased dramatically in the last year. as recently as a may 2015, more republican voters say free trade agreements have been a good thing. 51% to 39%. we want to hear your thoughts on that question. our phone lines but regionally. -- our phone lines split regionally. we will get to your calls in just a second. ppp, we will be talking about it all morning. i want to get an update on the status of tpp. the president pushing for a lame-duck passage by congress of the tpp. behsudi.ined by adam prospects for congress bringing this up in the lame-duck session. it is going to be uncertain. it is a pretty -- it is going to be a very tight vote. p

king is >> first more generally speaking, the state of the economy and the global economy is quite challenging. you can see there is almost no consensus on why we are where we stand for tha so that would be m observation to this lack of growth we are experiencing the last is quite disturbing to see the ability to forecast and dissipate and is being reduced to the approximation as fast. so going into europe i would say the structural issues from that point of view the construct is now being challenged but eventually, there is no fiscal support and i would also argue political support is the start of the problem. i do think this is contributing to a further problem because as we know, the demography is working against the system and the deficit and we should talk more about that. so the confidence is undermined by the high unemployment rate and those invested in the stock market. people do understand. fear of the fear of people right now is the geopolitical problems that we are facing that are quite clear and in addition to that,pe people understand the next step will come to technology andent t