this is "market makers," with erik schatzker and stephanie ruhle. erik: there is no more suspense. hillary clinton is in and she will announce on sunday she is running for the presidency. stephanie: how much longer before we see a major downturn in the market? we will have a debate. erik: ready to watch the season premiere of "game of thrones?" we will meet the author of the game -- the "game of her own -- "game of theirrone's" cookbook. stephanie: what a way to start off with a great show and erik's haircut. erik: the top business stories of the day. general electric getting back to its roots. sawing off the bulk of its finance unit to refocus on the industrial businesses. ge will sell almost 27 billion dollars of real estate assets and most of it is going to blackstone. some going to wells fargo. ge announced the share buyback of about $50 billion which would tie apple for the largest of all time. the ceo spoke on a conference call earlier. >> this is an excellent time to sell financial assets. we think the performance in the australian consumer value demonstrated our platforms m

this is "market makers," with erik schatzker and stephanie ruhle. stephanie: calling out to the federal reserve. stan druckenmiller warns that when it comes to interest rates, they're waiting too long. erik: double trouble for google. european regulators say the company has abused the dominance of internet search and they are opening an investigation into android. stephanie: unexpected excitement and the ecb press conference. mario draghi is interrupted by a screaming protester that demanded the bank and its dictatorship. erik: welcome to "market makers." i erik schatzker. stephanie: i stephanie ruhle. -- i am stephanie ruhle. that is crazy. erik: i love that he said more or less will somebody find my introductory remarks or i will have to improvise. stephanie: getting glitter out of someone's hair? it's a long process. erik: we will start with the top stories of the morning. you just heard it. a tense moment at the ecb conference as mario draghi was speaking. a protester jumped onto the table and started shouting. >> it would be good to continue the

this is "market makers," with erik schatzker in stephanie ruhle. welcome back to "market makers." i'm erik schatzker. stephanie: i'm stephanie ruhle. i'm excited to get to our special guest. i want to give you guys news. president obama's chief economist says everyone wins if greece start growing again. the chairman of the council of economic advisers spoke to bloomberg tv in berlin germany. he said not fixing the greek problem is a risk the world should avoid. >> greece is struggling right now. that is part of the problem. you need economic strength in order to make those repayments. that's why coming together in figuring out how to strengthen their economy is in everyone's interest. people need to get down to work. there is not a lot of time. they are further behind than they should be. stephanie: u.s. officials are not convinced by european promises that the fallout from a greek euro exit would be contained. shares of under armour are lower in trading today. the company forecast full-year sales that missed analyst estimates. under armour is makin

>> live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. erik: aol makes a play to groep ad dollars. will a new platform be enough. you will hear from tim armstrong in a bloomberg exclusive. stephanie: the imf revises the forecast. the u.s. economy will not grow as fast. a stronger dollar will help europe and japan. we will speak with an imf economists. erik: strictly a list. the man who plans parties for everyone from beyonce to bill clinton. good morning. it is "market makers" on bloomberg television. i'm erik schatzker. stephanie: i'm stephanie ruhle. we are also going to be talking to the winner of the masters. before we get to that, how about news. we will take you to the bulletin. the top stories of the morning. it is a good day for jp morgan shareholders. profits beat analysts estimates climbing to 12%. it is the first time that has happened. since 2010. the of jp morgan's investment bank said high volatility help to drive the quarter. shares in the company are up in early trading. good news for wells fargo. they beat estimate

erik: i'm erik schatzker. stephanie: erik was mean to me during the break.ross to bear. news in the drug industry. scarlet: the dealmaking does not end these days. my lan -- mylan proposing to buy perrigo. mylan says it sees meaningful accretion. combination of cash and stock, $205 perrigo would get. this is a profile for mylan a generic drug maker. it has made 18 deals historically worth $16.4 billion. this was bad to that here and it would be one of the larger ones. $205 a share. do we have the overall value of the deal? . not yet once we get that we can tabulate and see where it falls in the list of previous deals. look at how the shares are performing. this is mylan's shares, soaring on this announcement. mylan is the acquirer and yet the stock is rising, up more than 9%. perrigo is getting a pop as well up 7%. shares halted from trading. other headlines from mylan the board will offer an opportunity to serve as cochair that must be the ceo of perrigo. yes. he's the ceo of perrigo and he has been offered the opportunity to serve as cochairman. we keep an

>> this is market makers with erik schatzker and stephanie ruhle. stephanie: comcast and time warner cable meet with the justice department to save the deal. erik: we will see why activist investors may target starwood. stephanie: elon musk almost sold the electric car company to the internet giant. it is monday morning here on market makers. i'm stephanie ruhle. matt: erik schatzker is upstairs moderating a panel was some of the worlds top bankers. stephanie: you were on my seat on friday. matt: it was quite comfortable. stephanie: i was interviewing the one and only mary j. blige. matt: i'm going to kick it off with the tough stories we are following you at home in china the government has taken another step to try to start the economy you it cut the amount of money leonard should set aside before the start of the financial crisis. today -- last week china reported its lowest economic growth in six years. a chinese stocks were down anyway today after regulators moved to cut the leverage trading levels there. once the fourth two steps back. the gree

this is "market makers," with erik schatzker and stephanie ruhle. matt: dick costolo has nothing to tweet home about. at the twitter ceo feels the heat at the revenue misses estimates and the company ups the forecast. olivia: the company says they are considering strategic alternatives to boost shareholder value. matt: life in the fast lane. people that are trying to revive the superbike racing culture in the u.s. new -- join us on "market makers." i matt miller. olivia: i'm olivia. we are in for eric and stephanie and they will be back with you tomorrow morning. we have breaking news coming up on housing. let's get to julie hyman who was in the newsroom. julie: the pending home sales for the month this shows some progress for the housing recovery, especially after we did not have a strong number. again we were estimating that 1% gain and that was the average of the economist we surveyed. the advance in february with about 3.1 percent, so it doesn't really slow down from february but it had a worse than estimated number. remember in terms of economi

this is "market makers," with erik schatzker in stephanie ruhle. stephanie: oil prices may have collapsed but not the oil business. we will see why energy companies are doing better than expected. george soros says the rich should pay more taxes when it comes to building his own fortune, the billionaire sings a different tune. he did index investing before it was cool. we will talk to my favorite princeton alumni, founder of the vanguard group, jack bogle. welcome to "makers -- looking to "market makers." bill: it is bill cohan with stephanie ruhle. stephanie: as you know, my husband went to princeton. bill: duke alum. stephanie: the last time he was on the set, bill cohan said duke would take it all the way. bill: when you are right you are right. stephanie: how often do you and the president of goldman sachs agree on anything? we have a great two hours. i'm thrilled to be back. i'm a little bit tired. i had a big weekend in washington for the white house correspondents. i've been in l.a. for a few days. bill: did you go to the vanity fair party?

i am erik schatzker. stephanie: i am stephanie ruhle. erik: breaking news -- but last big piece of economic data before the jobs report, julie hyman is in the newsroom with the headlines for us. julie: the expectations were not very high going into the report, but the number is coming in that are than the estimates with a rise of .2%. this is the fastest rise we've seen since last july, and we have seen this downtrend as of late, a drop of .3% was what was estimated, however, there is a dark spot, and that is the revision. the month earlier revision for january, the number revised lower to .7% drop from .2%, so that may be a watch if you look at all things considered. the fact is we broke this losing streak and it might be viewed as a positive sign by economists and the market as well. erik: julie, thank you very much. let's not forget the jobs report and special coverage here on bloomberg television. stephanie: and the top business stories of the morning. first-time claims for jobless defense have fallen to their lowest level in nine wee

stephanie: he is erik schatzker. i am stephanie ruhle. tell them who they were -- who we were. erik: maybe they know. risk your crews are running out of time in nepal. crews are digging out survivors from the earthquake that killed more than 4000 people. anyone still alive has been trapped for more than 48 hours. the quake measured 7.8 magnitude. many are homeless. many in villages that are hard for rescue workers to reach. >> it is in the best of times a one or two days walk. that is the best of times. we do have teams in the area deployed. there are many casualties and injuries. in the far remote lying villages. erik: as of now helicopters have rescued one 80 climbers stranded on mount everest. at least 19 climbers and support staff were killed in the quake. deutsche bank has unveiled lands for a strategic overhaul. they are planning to reduce annual costs by an additional $3.8 billion. they will shrink their securities business and reduce its footprint overseas. yesterday deutsche bank said legal costs cut first-quarter earnings in half

you are watching "market makers. " i'm erik schatzker. stephanie: and it's thursday. e of my favorite days of the week. do you like thursday? erik: middle friday. stephanie: i have never heard it called that. thursday night in new york nothing better. shares of party city big on their first day of trading. it's private equity earning -- owners did not sell any stock in the ipo and we are waiting. the first trading for virtue financial. is the first high-speed trading firm to go public. the ipo delayed from last year. and atetsy is the first big public company hitting the market today. we are waiting for that. and earlier the blackstone ceo said that his private equity firms likes apple, google, or another company. i am screwing up. erik: i'm sorry. when you think of an investor like state, you think, oh, he is an investor to read he likes apple. no, he thinks blackstone is like those companies. unique at the top of those. like apple. you know the best. you know where to come. stephanie: when david rubenstein can make the christmas video for carlisle, him doing a hip of

. ♪ announcer: live from bloomberg headquarters in new york this is "market makers" with erik schatzkernie ruhle. stephanie: comcast may have too much to overcome if he wants to save the merger with time warner cable. erik: amazons head is in the clouds. stephanie: and extreme makeover. we will see what happens when one of new york's museums spends 400 million talks -- spends 400 million bucks on a facelift or it welcome. i'm stephanie ruhle. erik: i'm erik schatzker. stephanie: let's get to the news. i am talking about the top business stories of the morning. something went wrong when the u.s. counterterrorism forces launched an attack earlier this year. the white house says an american and italian being held by al qaeda were accidentally killed. president obama said this about one hour ago. president obama: as president and commander in chief, i take full responsibility for all our counterterrorism operations, including the one that inadvertently took the lives of those komen. i profoundly regret what happened. on behalf of the united states government, i offer my deepest apologies to

>> live from bloomberg headquarters in new york this is "market makers" with erik schatzker and stephanie ruhle. erik: big oil gets even bigger. shaell's deal may just be the start of it. stephanie: congress is starving the taxman. lawmakers have slashed the irs budget. that makes it harder to get help and easier to evade taxes. erik: and monica lewinsky, can the star, bill and hillary. we are talking about clinton's, the musical. good morning everybody on this thursday here in new york city. you're watching "market makers" on bloomberg television. i'm erik schatzker. stephanie: i'm stephanie ruhle. i am british sure monica lewinsky is not my favorite anything -- i am sure monica lewinsky is not my favorite anything. not my favorite intern or dress owner or mistress. maybe my favorite beret wea rer? no. wholesale inventories for february are out and who better to break down those numbers than scarlet fu? scarlet: we have an increase in wholesale inventories of 3/10 of 1% for the month of february from january. slightly higher than what economists have been looking for. the previous month

with erik schatzker and stephanie ruhle. stephanie: welcome to make a "market makers." the milken global institute, day two. erik: i'm erik schatzker this is stephanie ruhle. yesterday, an extraordinary collection of politicians, money managers academics -- stephanie: global influences. people say davos happens once a year, spend a few days and you have a lot to learn. erik: back to new york city and scarlet fu. scarlet: consumer confidence number from the conference board, and unexpended decline to 95.2 economists were looking for a pick up to 102.2 march saw the highest reading. instead of building on

stephanie ruhle and erik schatzker are at the milken conference in california. rlier erik spoke to jes staley former ceo of j.p. morgan investment bank. they began by discussing the unintended consequences of bank regulation. jes: perhaps the biggest response has been a virtual explosion in debt capital markets. the amount of corporate debt issued directly to mutual funds and pension funds and whatnot have doubled in size since 2008. erik: banks know longer holding that inventory? jes: in part because the banks no longer holding those laws but also because the markets themselves have evolved. erik: demand for yield. jes: demand for you because we have zero long-term interest rates. if you look at the doubling of the corporate debt market, 77 80% of that is funded by mutual funds. retail investors and institutional investors are looking for the yield to put money in mutual funds and the mutual funds up for the money to work supporting the corporate debt market in the united states and abroad. erik: why is that a problem? if i look at the way the banks were funded

this is "market makers," with erik schatzker and stephanie ruhle. erik: there is no more suspense. will announce on sunday she is running for the presidency. stephanie: how much longer before we see a major downturn in the market? we will have a debate. erik: ready to watch the season premiere of "game of thrones?" we will meet the author of the game -- the "game of her own -- "game of their

>> live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. erik: california faces tough choices and new technology may be the only way for the state to survive its record drought. stephanie: he is betting on education technology. we will be speaking with billionaire mark cuban about startups that could revolutionize the field. erik: fedex goes after tnt. we will ask ceo fred smith mike yeo to get approval for a deal that ups was denied. good morning on this tuesday, everybody. you are watching "market makers ." erik:stephanie: my boyfriend is that, you were missed. big news today, we have fred smith today. before that, let's get to the top stories in the morning. as i mentioned, fedex will be expanding into europe. the operator of the world's largest cargo airline has agreed to buy struggling dutch the just ask company tnt express. the price, a cool $4.8 billion in cash. more than two years ago, fedex competitor ups had to scrap its own bid to buy tnt. european regulars moved to block the deal. fedex executives don't think they will ha

. ♪ >> live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and nie ruhle. stephanie: ganging up on greece. erik: google sales and profit come up short, but investors don't care. stephanie: how much do we really know about the british trader linked to the flash crash? erik: welcome to market makers. i matt miller. stephanie: i am scarlet fu. tgif. erik: think goodness it is friday. i will take it off with the bulletin here. frustrations boiled over today in latvia at the eu's meeting on greece. eu finance ministers hurled abuse. they have been waiting for greece to come up with a plan for economic reforms. that has to happen before greece can get the last of the bailout money and avert a default. their caucus did not seem to shaken up about the experience. >> we have not had full conversions yet otherwise we would have had white smoke coming out of the chimney, but we are confident we can have that. it is our view that we have no right not to achieve this agreement. matt: insiders and outsiders have accused him of dragging his feet for some time no

erik schatzker and stephanie ruhle are there joined by steve schwarzman, chairman and ceo and cofounder of blackstone. erik: thank you. steve is sitting right here. thank you for spending time with us. in some respect, this celebrates a culture of risk taking. your firm is in the business of taking risk, high returns for low risk. where do you feel best about taking risks today? >> there are a variety of different places. if you are buying fixed income instruments, that is a good place to be. if you are buying real estate in a variety of places, that is a good place to be. if you are finance energy company is that have a need for money, and you can make a satisfactory arrangement, that is a good base to be area there are always many good places to be. .: how many satisfactory places have you found an? you have said the collapse in prices in oil with amazing and extraordinary opportunities. yet there have not been that many transactions. >> let happen is the public markets for energy have really valley. just really rallied. they financed a number of companies that would have turned to pr

erik: i'm erik schatzker this is stephanie ruhle. yesterday, an extraordinary collection of politicians, money managers academics -- stephanie: global influences. people say davos happens once a year, spend a few days and you have a lot to learn. erik: back to new york city and scarlet fu. scarlet: consumer confidence number from the conference board, and unexpended decline to 95.2 economists were looking for a pick up to 102.2 march saw the highest reading. instead of building on that we saw a drop to 95.2. somewhat consistent with weaker than expected data. in terms of the financial markets, u.s. stocks have just fallen to session lows. notg down by a lot but you see declines by .2% for the s&p 500. little changed for the dow, nasdaq losing .5%. the dollar index falling to session lows with dxy at 96196. 10 year yield higher. two year yield little changed at 55 basis points. erik? erik: here we are, back at the milken conference. i want to tell everyone about who is coming up, colony capital's tom. stephanie: at 10:30 we will sit d

i'm erik schatzker.ee years ago, morgan stanley 's james gorman told me he would put money on a fed hike this year. as it turns out, they were betting on a 2016 increased. now those same economists have come around to the view of a fed liftoff in december. here with me, alastair newton, lisa abramowicz, and carl riccadonna. you know some of these families as well. the cynics want to somehow believe it was influenced by gorman. carl: never bet against the boss. i think the bed -- the fed and a lot of the policymakers have done a pretty good job of at least initiating the dialogue of one and done, or two and down. -- and done. getting off of popping to assess the implications of one move. as the fed is getting better at telegraphing message, they saw, ok, they will do something this year but not a lot. erik: that said most market economists are still producing a fed increased before december. karl: the cap is kind of split between the june and september meeting. i would not be surprised if we saw a little

this is "market makers," with erik schatzker and stephanie ruhle. erik: he spends more time in the surf than he does on wall street. wait till you hear what the higher seed -- highest paid ceo and america is. explaining the saudi strategy. why they refuse to cut off oil prices by cutting production. eureka. you'll see an innovation that change your life if you are like those who like a lot of calories for breakfast. meet the creator of the krone. happy friday. i'm erik schatzker. stephanie is going to be here a little bit later. we are going to begin this hour with breaking economic news. two pieces of key data coming out with economic and decatur street and the university of michigan consumer confidence. -- university of michigan consumer confidence. >> it comes in and the second-highest since 2007 easily beating estimates of 95.9. the forecast was for monday for -- 94. a big jump in expectations going higher. people think the economy is getting better. here's what is really going to concern the fed. inflation expectations dropped significantly. the

erik: next goal is to get you physically fit. that is what the maker of those fitness has in store. good morning, it is "market makers." imac schatzker ruhle. i do care about physical fitness, but as you know fitness trackers are sort of my -- my nightstand is a graveyard of trackers. erik: me to. stephanie: maybe this will help us get our groove back. breaking economic news to get to. the philly fed index is out.

i erik schatzker. step

think you so much, erik schatzker and stephanie ruhle at the milken conference.g the private equity role for women. ♪ betty: last week, emily chang sat down with sheryl sandberg who said that corporate america is not really worth the price we pay. cheryl: i think when they realize not taking diversity seriously is harming their performance is when things will change. betty: private equity is one area where women are sorely underrepresented. they comprise about 11% of senior managers in private equity. madeleine joins us now with more. the thing about blackstone, steve schwarzman as i mentioned, has just put in place his new maternity leave policy, extending it from 12 weeks to 16 weeks for his female employees. that is one step in the right direction, but private equity is terribly behind other sectors in terms of employee high-level women. matalin: we have seen private equity only has about 10% on average which is considerably below. and private equity firms primarily recruit from banks. there is something happening at the recruitment level where there are not e

eric: i'm erik schatzker.shares of qualcomm are up today after an investor urged the company to consider been a off its chip unit. they say splitting off could make it a takeover target. they have invested more than $2 billion in qualcomm. more than 11% in the last year. here in new york city, the state attorney general is questioning more than a dozen big retailers about the way they make schedules. they may in fact break the law. plenty of demand over the weekend for the new apple smart watch. they pushed the delivery day into july. almost three months. the one and only hillary clinton has hit the road for iowa. she is driving there, kibbe -- kicking off her campaign tomorrow and wednesday. it is the site of the first new york mayor, bill de blasio, who says he is waiting to hear more present. mayor de blasio: it is time to see a clear vision. >> he are technically not yet endorsing her. mayor de blasio: not until i see in actual division of where i want to go. stephanie: de blasio was clinton's can made --

with me to discuss is erik schatzker. erik: 80% of california posts water is used for agriculture. agriculture. the amount of water used to produce just the almonds and walnuts that california exports in one year would supply all the homes and businesses in los angeles for more than four years . that gives you a sense of where the water is going. matt: what will we do without walnuts and almonds? erik: california has to make a tough choice, or you choose nuts or popcorn. the value of los angeles's entertainment industry, $47 billion. at california almond picker gets paid eight dollars an hour. someone who works in the entertainment industry gets paid an average of $117,000 a year. there is a difference in the quality of these industries from economic point of view. it is not just a tough choice for california, have a look at the map. a serious drug problem in nevada texas, -- a serious drought problem in nevada, texas, oklahoma. matt: very interesting stuff. looking forward to "market makers." thank for joining us. ♪ matt: mark cuban will be joining us later today at 11:00 a.m. on

>> live from bloomberg headquarters in new york, this is market makers with erik schatzker and stephanie ruhle. : stephanie: shares are bouncing back. erik: iranian oil sends prices plunging. stephanie: a new cloud-based payment system is turning ipads into cash. i'm thrilled you are here. a i think you look fantastic today. how was your easter? brendan: i tie-dyed eggs. stephanie: we don't tie-dyed eggs in my house. we have a proper easter hunt. brendan: week tie-dyed them and looked for them. that is what we did in boston. we have breaking economic news in non-egg related news. scarlet fu is in the newsroom with the headlines. scarlet: here we have a read that is on key with what economists have been looking for. 56.5 is the read. anything above that signals expansion. it does signal a slowdown of 56.9 but it was in line with what economists had anticipated. the service sector has remain immune. this shows the divergence between the manufacturing center. -- manufacturing sector. certainly moving in the other direction whereas services has stayed stable. it is higher so that reflects se

with us now to remind us of the anniversary is erik schatzker will be sitting down with intel's futuristking about the future of moore's law and here is why. don't you love your iphone and how thin it is and how powerful it is? that you marvel at the slenderness of the brand-new apple laptop? if that is going to continue moore's law has to continue. the processing power of integrated circuits or computer chips has to keep doubling every two years or so if we are to live in a future of thinner and more powerful and less power-hungry devices. the power that moore's lorentz into is there are physical limits. intel believes it can extend moore's law for another 10 years. we don't face any problems in the near future. it is about the width of adtomstoms. electrons need to move through this and if it is too narrow there will be no competition taking place. researchers at places like intel and ibm are looking into alternative tech ologies -- technologies. things are happening right now like grafting for example which is a layer of pure graphite one-atom thick. i am excited as you can tell. bett

erik schatzker: the fund has turned around. of the reasons you saw a smile on his face is because he is performing and that's what a man wants to do. he wants to prove that he has still got it. gross told me that a few months ago, he put on a curve flattening trade anticipating the short-term interest rate would rise or that long-term interest rates american ones, would come down. he is taking the trade off. partly for that reason. it's doing a whole lot better now. betty: up early on his interview with bill gross. we are seconds away from the economic numbers. we have a lot to go through at a: 30. -- 8:30. a hint of where wage growth is headed for the first quarter. of by .6% -- up by .6%. we want to know where consumers are spending with lower oil prices. the numbers are out now. employment cost index up 0.7% slightly hotter than what economists had anticipated. scarlet: employment cost index coming in that .7% -- at .7%. it was revised down to .5% -- you have a bigger increase than what economists had anticipated. personal i

we want to get back over to the milken conference where erik schatzker is standing by with blackberryn chen. erik: thank you very much. great to see you here at the milken conference. the question we always have to ask you because you are doing a lot of work at a black berry is where do things stand with your turnaround? john: we are starting phase two. phase one is about generating cash and making ourselves profitable. phase two is making ourselves profitable and sustain that and stabilize revenue. erik: you have $3 billion in the bank in a rolling out new product. you are even making acquisitions . i don't think anybody would have protected that a year ago. what is next? john: i'm building a very robust software business based on security and privacy. we are investing heavily into that and we will generate cash and make ourselves profitable and keep our revenue at least stabilized because it has been dropping for the last couple of years. erik: how long is it going to take for revenue to stabilize? john: the next three or four quarters, we will happen. >> -- erik: so a year from now

in new york this is "market makers" with erik schatzker and stephanie ruhle. bigger. shaell's deal may just be the start of it. stephanie: congress is starving the taxman. lawmakers have slashed the irs budget. that makes it harder to get help and easier to evade taxes. erik: and monica lewinsky, can the star, bill and hillary. we are talking about clinton's, the musical.

earlier today, erik schatzker set down with canada's minister of natural resources, greg redford. : what would the government use for its next budget? rickford: the federal government takes the responsible approach in assessing its revenues. we are more interested in the average cost over the course of that time period than relying too heavily on an excessively high price or like what we are doing now on one of the lower ranges on price per barrel. erik: the government did change his view on oil for fall. but not nearly as far as it ended up getting. federal revenues are to a degree dependent on where that price of oil is. rickford: there is no question that this has limited or reduced our fiscal flexibility. without question. and certainly in the instances to provinces. like we have seen in. alberta. some very tough choices have had to be made. my own view is that it will probably increase somewhat. but as to how much and what range it will fit in right now i think it is too difficult to say. and as i said before, we can't fixate on that immediate price. we have to model on the lo

erik schatzker is at the milken conference.lier he spoke to jeff gundlach and asked him about the low interest rate environment we all have been talking about. jeff: i am worried that the things we all think we have learned -- i have been in the business for over 30 years, so i think i have learned something -- what i've learned has been informed that the only secular decline in interest rates. we are like summer and -- and sex. -- incects. a chinese philosophers and you cannot talk about ice with a summer insect. my guess is the historical norms we have educated ourselves on might not hold during an opposite type of secularly rising interest rate environment. the average default rate on high bonds has been 4% per year. maybe during secularly rising interest rates it will be 8% but i think it will be higher. the rollover of bonds to talk about is simultaneous with rising rates generally -- that is not a prediction, but a premise and the consequence of the premise would be that high yield bonds would probably suppress people in

this is "market makers," with erik schatzker and stephanie ruhle. from pier three in san francisco, this is “bloomberg west,” where we bring you another republican is throwing his hat in the ring. this time it is marco rubio. the florida center will announce his campaign in a rally at miami. we will have much more on how the various candidates are using technology in just a moment. russia has lifted the ban on the delivery of missile systems to iran. the delivery is for 300 errors system missiles canceled in 2010. however, russian president vladimir putin lifted the ban after a recent agreement on iran's nuclear program. in the meantime, secretary of state john kerry is meeting with congressional members today and tomorrow, urging them to not rush to judgment on an iran deal until it is finally completed. that is the position at goodbye maine senator angus king. >> i have reservations on whether some of my colleagues will be able to do this in a responsible way or whether it is certainly of bludgeon to the president no matter what. i don't buy that.

visited our studios today with stephanie ruhle and erik schatzker. check this out. >> what we aiming at from a european point of view is that it has a very dominant -- if that decision you do not get the answer you want, you get google shopping. every time you do a search, then we have a problem. that is why we have it lined up. stephanie: when i do a google search today versus three years ago, i have to do a lot of scrolling down before i get what i think is unbiased. eric: google has extruder market share in europe. it is the predominant search provider in america. google accounts for 95% of search traffic in europe. >> more than 90%. it is a very dominant position. a monopoly. that is why it is earned. .: would you be bringing the case against google if the numbers were more like what they are here? >> you would look at what we are aiming at. american authorities have taken a different path. .: would your case the easier -- easier if a complaint was sought against google? >> no. >> the current cfo of morgan stanley. this morning, and earnings call

in the next hour, erik schatzker sits down with bill gross. his thoughts on the fed, what he is buying, what he is potentially shortening. you don't want to miss out. ♪ alix: welcome back. twitter shares are falling today. investors are still reacting from the premature early's release yesterday and a weaker 2015 sales forecast. what is next? dick costolo is in san francisco with brad stone. brad: thanks for joining us. yesterday not the most glorious day in twitters 20-months as a public company. what went wrong particularly from a revenue standpoint? costello: we have a great advertising business. we had a slight miss due to direct response ads. brad: define that. costello:costolo: i am looking to reach this many people with this kind of message. where a direct response ad is more i want to achieve this kind of a jet to -- of objective. i want people to click on my website link and fill out a form. our direct business didn't scale as fast as we thought it would based on what we have seen over the last year of growth. that is what we are work

: and we want to talk about that release before the bell and also bill gross pit we will have erik schatzkerhat interview from their headquarters. it should be a great show. shameless plug. join us. mark: "street smart" at the top of the hour, and after the break, more. ♪ mark: if you are into fish or hunting, you probably know asp pro shops, a chain of stores in the united states and canada -- you probably know bass shops. julie hyman got an early look. julie: i have no idea what i am doing. let's just keep that in mind. i love that. i need some fishing lessons, too. i was in the right place. tell me what to do. >> there you go. julie: all right. if you teach a woman to fish, will she buy fishing poles for a lifetime? that is the goal of the outdoor sporting goods giant bass pro shops, or ambitious project, transforming a sports arena into a store that feels like a theme park. the end result is that over 535,000 square foot facility with hotel rooms, and an underwater themed bowling alley and a museum. all centered around and into a replica. >> it is entertainment, retail. that is something

>> live from bloomberg headquarters in new york, this is market makers with erik schatzker and stephaniehares are bouncing back. erik: iranian oil sends prices plunging. stephanie: a new cloud-based payment system is turning ipads into c

. >> live from bloomberg headquarters in new york, this is "market makers," with erik schatzker and stephanies figured they deserve a break today, so it is pumping up raises for 90,000 employees. look for real costs for mickey d's. stephanie: we will tell you about the high-profile ceo's on controversial issues. erik: and businesses at the top of our bloomberg bracket. good morning, everybody. welcome to "market makers"

i'm erik schatzker. stephanie: i'm stephanie ruhle. i did need glasses because i'm getting old. the housing market. it looks like we might have some this morning. i was looking to see whether existing home sales would climb back from that elusive 5 million a month number, and they have. scarlet: you're right. an

this is "market makers," with erik schatzker and stephanie ruhle. the surf than he does on wall street. wait till you hear what the higher seed -- highest paid ceo and america is. explaining the saudi strategy. why they refuse to cut off oil prices by cutting production. eureka. you'll see an innovation that change your life if you are like those who like a lot of calories for breakfast. meet the creator of the krone. happy friday.

. ♪ >> this is market makers with erik schatzker and stephanie ruhle. nd time warner cable meet with the justice department to save the deal. erik: we will see why activist investors may target starwood.

i'm erik schatzker. stephanie: i'm stephanie ruhle. i did need glasses because i'm getting old. eric: some good news out of the housing market. it looks like we might have some this morning. i was looking to see whether existing home sales would climb back from that elusive 5 million a month number, and they have. scarlet: you're right. an increase to 5.1 9 million. a lot better than what economists are looking for. a 3.1% advance. the all-important spring buying. we arty have increases for pending home sales. existing home sales are lagging behind. we were down slightly. a little bit of an uptick following latest home cell numbers. not changing all that much. still changing when it comes to the dx why. very quickly here, let's pull up the 10 year yields. it is yielding at session high. the eu says they may have pose unfair prices by -- from some european countries to others. it expects there to be a solution with the help of the russian government. here is what comcast plans to do in today passes crucial meeting with the justice department on their merger with time warner cable

i'm erik schatzker. stephanie: you like manischewitz? i'm stephanie ruhle. wine, but i do like matzoh.

olivia: as our canadian quarter erik schatzker likes to say what else do you see?as he said, the interest rate spread for them dropped away 2% for the first time, so clearly they want long rates to go up at some point, and we are seeing mortgage banking bounce back a little bit, but maybe not as the part production revenue was not as good. tom: not specifically on jpmorgan, but what will be the body count over the next 1, 2, 3 years for the major banks? do you see 50,000 jobs go 100,000 jobs go? michael: it is difficult to put a number, but you had the immediate cost cuts after the crisis and now you get into the more secular software technology is replacing people. tom: michael moore, thank you so much. olivia: much more on wells fargo out at 8:00 a.m. we will be right back. ♪ tom: good morning, everyone. let's get to a smart international relations morning must-read. he resulted yesterday. olivia: my morning must-read is from the "new york times" this morning -- so this is a guy who is a guy who was backed by saudi arabia. critics say to they false presentation o

this is "market makers," with erik schatzker and stephanie ruhle.thing to tweet home about. at the twitter ceo feels the heat at the revenue misses estimates and the company ups the forecast. olivia: the company says they are considering strategic alternatives to boost shareholder value. matt: life in the fast lane. people that are trying to revive the superbike racing culture in the u.s. new -- join us on "market makers." i matt miller. olivia: i'm olivia.