. >> this is gary cohen. second and -- second-in-command goldman sachs. >> we have seen the tenure move about 25 basis points in this move. we have seen normal reaction through growth markets. these are growth markets. they are not developed markets. >> what about what some markets are calling consolidation? >> consolidation is a typical charting pattern. they talk about charting forms . what you tend to see big movements, and then you need to get used to that level of price. you need price activity around that level which is called a consolidation. we had a 30% plus move in the u.s. industries inequity. in equity. you need to get used to those 30% higher prices and the decide if the world likes those prices, if those prices are too high, if they to cheap? than the market recalibrate itself based on the consolidation, and that is normal. >> fairpoint. need another reason to relax? we're going to bump it up a notch. ceo lloyd blankfein. >> i spend 98% of my time wallowing in anxiety over the two percent worst

>> at goldman, when obama ran, he was the hillary person, gary cohen is under two as the obama guy but they all became obama guys as soon as he won and distanced themselves from john mccain. you think a capitalist program would support pro market but they believe that barack obama is a moderate. a term that the head of black rock used back in 2008 -- >> they'd been burned so many times on this. you would think they'd to slow. >> they think hillary is the answer, both larry fink and worry blank. larry fink just hired cheryl mills. a democratic operative, good lawyer, but not somebody that you would want on the board of directors of the largest money management firm in the world. >> aren't they assuming, when you talk about the -- not so much about the affair but break down old barriers between institutions of the '90s. many critics say that precipitated the big fall. who is to say that would be hillary clinton's champion cause? she might go the other way. >> i posit in my comment today that they are missing this boat. this is not the democratic party of bill clinton and not only hillary

gary cohen is president of aig.the nest, just acquired by google. >> lloyd blankfein, an important conversation to look forward to. ♪ >> this is "bloomberg surveillance." tom is in switzerland. we will join him shortly. we do have an betty liu. she has her book with her. we know he will talk about. >> that was a surprise. >> this is a shameless plug. >> theriault. thank you. -- now we're getting serious. lloyd blankfein will be on in one hour. tim reynolds is the ceo of luke capital. he will be talking about bonuses on wall street, his take on bank earnings and the rays that jamie dimon at jpmorgan is getting. i want to thank jim reynolds because he was in my book it he gave created by sun being a cl and working smart. the ceo of shake shack will also be on. >> he is bringing some samples? >> hopefully. he will join us to talk about how he works smart. also, what they're doing overseas. they're expanding and they opened up restaurants in moscow. they have frozen fries and now french fries. >> their fries were good.

. >> gary cohen the director of medicare and medicaid over sight testified about the empation of the healthcare law. he defended his previous testimony about the website's readiness. see his entire testimony here on c-span friday morning and c-span.org. e at >> thank you mr. chairman and mr. cohen. you know i'm going to bring this up. i need to you address september 13, i asked you a question will the enrollment be ready this year. you said consumers will be able to go online and get a determination of what subsidies they are eligible for and look at the plans that are available where they live. they will be able to see the premium net of subsidy they will have to pay and they will be able to choose a plan and get enrolled. do you recall that exchange, sir? >> i recall that very well. knowing what you know now, would you like to revise that answer in any way? >> clearly it was wrong but it was also what i believed and what i understood based on what i had been told. i'd like to answer your question if you would permit me. i knew that i was going to be asked that question obviously wh

gary cohen is the director for consumer information insurance oversight at the insurance for medicare and medicaid services. he served as general counsel for the california benefit exchange and service the director of the division of insurance oversight and the ceo for two years prior to becoming that director of the ceo. i will now swear the witness. mr. cohen you are where the committee is holding an investigative hearing and in doing so you'll testify in her oath. do you have any objection? you're entitled to be advised by counsel. do you desire to be advised by counsel? do you swear you are about to give the whole truth, and nothing but the truth? under oath and subject to the penalties under united code and we now give a five-minute summary of your written statement. >> thank you and good morning chairman murphy and ranking member to get. i appreciate the opportunity to update you on the insurance marketplace as we talk about the millions of americans who many for the first time are able to purchase high-quality affordable health coverage. when i appeared before the subcommittee

burgess emmer republican of texas, had a -a-tete with the head of the centers for medicaid services, gary cohen. here is a little bit of that. [video clip] coming you know i am going to bring this up. i ask you a yes or no question come will be ready this year. you said consumers would be ready to go online and get a determination of what tax subsidies they are eligible for, they will be able to look at the plans that are available where they live, they will be able to see the premium net subsidy they will have to pay and it will be able to choose a plan and get enrolled in coverage beginning october 1. you recall that exchange? >> i recall it very well. >> knowing what you know now, would you like to revise the answer in any way? >> clearly, it was on, but it was also what i believe and what i understood based on what i have been told -- i would like to answer your question, if you would permit me. asked i was going to be that question when i came here on september 1990 they was close to october 1 and i was careful to get a thorough briefing from the people responsible for overseeing the build

. -- gary,s very common cohen. about what some markets are calling consolidation? >> consolidation is a typical charting pattern. they talk about charting forms were you tend to see big movements, and then you need to get used to that level of price. you need price activity around that level, we had a 30% plus move in the industry. you need to get used to those 30% higher prices and the decide if the roles like those -- if the world likes those prices, if those prices are too high, if they are too cheap. then we calibrate on the consolidation, and that is normal. >> need another reason to relax? we're going to bump it up a notch. ceo lloyd blankfein. timespend 90% of my wallowing in anxiety over the worst possible event. of course these things might happen, if you ask me what is going to happen, i would say that it would be very abnormal if we did not have consolidated moves in the market. >> we have heard a lot from goldman sachs, but let's hear from someone who's is it is to bet against stocks and markets -- whose business it is to bet against stocks and markets.

cohen,e to gary president of goldman sachs.talk to lloyd blankfein, the ceo, who used the word consolidation. in the context of what we see happening now, what is consolidation mean? consolidation is a typical charting pattern. the talk about charting forms. what you tend to see is that you have big movements. you need to get used to that level of price. you need price activity around those levels. it is called a consolidation. we had a 30% plus move and some of the u.s. indices and equities. to get used to those 30% higher prices, you need to decide, does the world like those prices? are those the right prices? are they too high? are they to cheap? then the market recalibrate itself based on the consolidation and that is normal. >> do you hear people talk about the fact that this is normal? let's be honest, it is normal. we have had five years of almost crazy markets. >> the fed will not talk specifically about the stock market. they said they do not make policy for stockmarket investors. the last time we had a 10% theection -