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as well as an understanding that al courage isd mor not a passive act. my partners and i took it personally and transformed the company. organization the around our core values and servant leadership. every business, every organization, every family must be true to its values and reason for being. our core purpose and reason for now, has always been to achieve the fragile balance between profit and humanity. the equity of the starbucks brand has never been stronger. our track record of creating shareholder value and social impact over the last 25 years has virtually been unparalleled. we have built one of the most respected and recognized brands in the world. today, the rules of engagement for business and business leaders have changed. we must do more for our people and communities we serve. most importantly, not every business decision is an economic one. ant success is not entitlement. ned evy daye ear rough e lens ofility. only in america can a poor kid from public housing have the privilege and honor to be the commencement speaker at the largest and

wage growth isd disappointing. we know the administration wants to do something about that. stimulate fiscally. is that a good idea for the u.s.? mr. boucher: clearly, yes. any form of physical boost -- fiscal boost will take some time, there will be a lag. vonnie: do you like the economic policies your hearing out of the u.s.? fiscal boost, bring back manufacturing and service jobs to this country that have gone together andd put infrastructure plan while cutting taxes, and we have a tightening federal reserve as well. what does that have to? -- add up to? mr. boucher: there is a disconnect in the timing of these issues. andave the fed in june september tightening. those are immediate effects on liquidity as far as the asset markets are concerned. if you are getting infrastructure running, that will take years. there is this timing is connect between the two sets of policies. it is something we will be looking at into 2019 before we see the trump effect. and: let's go back to read -- bread and circuses. how do we as investors find these areas of growth that can tfolio that

day, she isd of the directly trying to appeal to all these people who feel left behind by globalization, but also making it clear repeating assertions. -- that is one of the big things in this manifesto. that is the kind of language that is going to -- the corporations who require global talent uncomfortable. thank you for the update on the conservative party manifesto. steve mnuchin is continuing his testimony on capitol hill. do watch it on the bloomberg and tv . this is bloomberg. vonnie: welcome to bloomberg markets. ♪ here are the top stories on the bloomberg that we are following. u.s. stocks rebounding from the worst selloff of the year. technology in bank shares rally. trumpthe concern that the agenda may be in jeopardy. -- calling it a witch hunt on twitter. fbi comes a day after director mueller was appointed special --

state isd, the islamic claiming responsibility for a deadly car bomb attack.ed and 20 people wounded in the midnight explosion outside a popular ice cream shop. it comes during the holy month of ramadan where muslims fast during daylight hours. another car bomb exploded at a public office. 12 people were killed. in the u.k. prime minister theresa may is battling complacency just a week before the election. one poll shows the conservative's lead over labor has slipped to just five points. they argue that jeremy corbyn can't be navigated -- be trusted to navigate the right to negotiations. in recent days, may has backed health social care and insurance. economic sentiment in the euro area fell in may for the first time this year. executive and consumer sentiment remains close to its highest level in a decade. the decline was led by the weaker readings in the retail sectors. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am emma chandra. this is bloomberg. vonnie: thanks. president donald trump is bla

isding has a history that founded in mining, lumber, railroad. my family is third-generation lumber. i take particular interest in what that has done for the community and the changes in the lumber industry. we have seen environmental policies with forests or endangered species. my family has been in the lumber industry for 60 years. i see writing continuing -- redding continuing to grow its brand as an outdoor recreation met got. -- mecca. i lived in the east day. there is something about these midsized towns where we don't have traffic issues, air-quality issues, and we had this abundant lifestyle. i tell my parents generation, they lived where they got a job. the millennial generation lives where they want, then they will find a job. host: booktv and american history tv in redding, california, this weekend on c-span2. back to your calls about the revisions to the affordable care act. the american health care act, which the house passed yesterday. republican. good morning. caller: good morning. how are you? host: well. caller: the predictable l

channel view isd would like to assure all students, parents and community members that these award statementstative of the district's vision, mission and educational goals for our students ". >> principal mentioned it to us that there were other parents complaining about same kind of situation. >> now the family thinks that the teacher being suggest spent asked not enough and believe she needs to be fired. school officials say the teacher involved in this matter has been disciplined according to district policy and that the incident is still under investigation. >>> it is iconic philadelphia monument but the rocky statue will be out for the count this week. why it's being closed to the public for now. >>> mikmonica. in dodging raindrops this memorial day. i'll take it out for you so you know the best time to get out and grill is. stick wise. ♪ >>> there are more than 82,000 missing in action service members from between world war ii and now according to the pentagon. for their families its memorial day can be especially tough. not knowing what happened to their loved one and having no grave t

it really is, they have them on so there isdes, internal inconsistency in this period of insurance documents. in these old insurance documents, one of the things i did not care about was the exact way out of the house. one of the things they did care about, these old insurance documents, they cared about the material, what was it made of? why do you suppose they cared about what materials it was? because of fire. you all know that. they cared about how far it was from other buildings, right? why do you think they cared about that? fire, right? if one caught on fire, the other gets lost. so those are the things that mattered. fire, cost of rebuilding, general size. i am not overly concerned with the discrepancy between 34 by 18 feet or 34 by 16 feet. in the pacing it off, probably the guy was taller who pasted it off in 1809, right? they are referring to the same building, but that is some of the historical information we had. so for a good long period of time up to last year, this building here was considered the smaller of those two wings, and the interpretation you would be presented was t

and that is the forgotten man that we think donald trump isd h forgotten about the men and women that are not being well cared for were attended to by their own government. they are interested in the individualism or is he interested in the sort of big government collectivism but aimed more to protect those kind of people. and there is some evidence we can talk about. as we said, we see a little hope for the future because young people are living on very different frontiers if you will of individualism which is sometimes called network individualism. i have three children in their 20s and 30s and they'll spend more time on their own by themselves in their own rooms than i did in my teenage years were at their present age is. interestingly of course, they are connected to other people. they seem to be more interested. the second kind of hopeful aspect is on the business sidein people seem more interested in doing their own thing and joining the big new york company and working for 50 years if you go down the street to my office from the stanford business school, you meet young people a

given the moves and equities and what isd commodities, likely the path of the fed will choose when itbalance sheet? vincent: whatever path it is, it will be laid down on railroad tracks. they will announce everything pretty far in advance. this is an institution scarred by a taper tantrum. i think you work backwards. angst willly think have an elevated demand for access for a very long time. that currency demands will grow. it will probably be a $2.5 trillion balance sheet. it took them about three years to get that last $2 trillion of assets on the books. it will take longer to run them off. julia: why are they doing this, why does it matter? this is a trading position, i , it will be a problem of treasuries go down and rates go up. vincent: profits and losses do not matter to the fed. the value of the central bank has a hold on currency. i think part of it is, there is a sincere difference of opinion up the fed about what its balance sheet should be. members, some fmoc presidents in particular, who want to get back to before 2008, a smaller balance sheet, smaller imprint on the u.s.

which it isd in changing in america. i'm going to take a little bit of view on some of these which it is changing in america. comments,, consistent with complexity issues of the day, consistent with things we need to change the system to make it better, but a slight difference from a quality perspective. representlth care approximately 18% of our gdp.ry's i think it is a to say the health care as an industry is perhaps the most important part of our economy and growing fast. that was something that was confirmed with all speakers today. because of this, we have been building health care around the , a concept that came 10 years ago of what we needed to do within a society within health care to it increase and to increaseth care, quality, to decrease costs, and improve the visit and the accessibility for our country. what we learned this morning is that we have made tremendous progress with this initiative and that the next massive shift will continue to be towards out you-based health care. getting paid for products and

a fundamental issue that i don't know the answer to -- i apologize for my ignorance, i if there isd phd -- a reform that president bush is pushing for, will we get a macro stimulus? will we get the economic growth and is promised? this is a new age of humility for economists. i know that i don't know the answer to what we would get from a tax cut. i think a very interesting question is, when you know that you don't know -- when the experts know that they don't know what they would get from a policy, how do you proceed? if the goal is greater economic growth, i hope we can achieve that goal, but the tax reform, too many macroeconomists, remains an open question what we will actually gain. mr. levy: a follow-up for the two rons and abel. how do you proceed when you don't know what you don't know, and where does this leave trump politically, to be in the position of not necessarily knowing the full consequences of these sorts of proposals? and is there any chance to get a sort of bipartisan cooperation on tax reform down the line, that people have come to associate with, let's say, the rea

after robert mule ar mueller isd special counsel. >> a collision on the runway at one of the country'sirports, what authorities are saying happened, ahead. usaa gives me the peace of mind and the security just like the marines did. the process through usaa is so effortless, that you feel like you're a part of the family. i love that i can pass the membership to my children. we're the williams family, and we're usaa members for life. it's looking up, not down.ng fit's being in motion. boost® high protein it's intelligent nutrition with 15 grams of protein and 26 vitamins and minerals. boost® the number one high protein complete nutritional drink. come close, come close. fun in art class. i like that. [ music stops suddenly ] ah. when your pain reliever stops working, your whole day stops. awww. try this. for minor arthritis pain, only aleve can stop pain for up to 12 straight hours with just one pill. thank you. ♪ come on everybody. you can't quit, neither should your pain reliever. stay all day strong with 12 hour aleve. remember here at ally, nothing stops us from doing right by our c

company owns nearly 10% of isd, short hills, new jersey, speaking with robins in the next hour for moreat, but, apparently, bill, it gels with what's important to him, which is those esg factors, environmental social governance. cliff will elaborate on his long investors bancorp. idea joining us shortly. >> the friendly activist investor. now -- >> is that like a -- a big friendly giant? bfg -- big friendly activist invester. >> you work on that. >> i will. >> kate spade and coach, price tag 2.4 billion. courtney reagan's here. this was probably the worst kept secret on wall street. >> yes. >> negotiations forever, and we have victor luis here, teasing us on whether he was going to be buying kate spade or not. what took so long? just price, or do you have any other insights on this? >> so it's really interesting. this was very oddly telegraphed in the media for a number of months since just several days after christmas, and i think why you're seeing it here approach higher today is that investors are happy that coach did not overpay, so they paid 1850 a share for kate spade. that's a pr

[laughter] then there isd the fact that he put his order into place without consulting the agencies that actually have expertise and knowledge in this area. judge shedd: so, he offended the bureaucracy? that is the constitutional crisis that he didn't consult with the bureaucracy? i bet a lot of the bureaucracy is going to resist. a president is not required to talk to bureaucracy. mr. jadwat: i think the fact that he did it is relevant here. the fact that he did it is relevant to the question of whether his purpose was a stated one. judge shedd: i want to talk to you about public interest. the district court said this. there are heightened security risks. they said that it did not want to second-guess the conclusion that national security interests would be served by the travel ban. with those statements, this district judge was no fan of the order. he made two statements. he dealt with what i asked you about. the statement from the attorney general. when they say that is a problem -- we need a pause, that would diminish the risk. should that be done with -- dealt with? in what is in th

state isd, islamic claiming responsibility for a deadly car bomb attack.and 24 wounded in the midnight explosion outside of popular ice cream shop. daysme's -- it came 12 after ramadan. country's dictator, kim john nunn, is said to have overseen yesterday's launch. japan says the missile may have slashed down in an economic zone. the dictator panama, who was ousted, has died. he ran the country from 1983 to 1989 as onnd was once -- and was once considered a u.s. ally. was arrested when the u.s. invaded in 1989 and spent 22 years in u.s. and french prisons. he was 83. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. tom: thanks. equities, currencies and commodities. loads of economic data. record high in the s and p and nasdaq. flattening. clatter yield curve -- flatter yield curve. our next grain, there is dow almost to record highs. 123.yen was a stronger yen over the last two days versus the euro. , as prancing tells me, is a big deal. francine: it is a big deal because we had disappointed big yea

isd the indian people. he's an embarrassment from nonwhites. his behavior kissing white as.conflicted brown man, i was on the fence but when you put it in all-caps, you persuaded me. charles: ajit pai joins us now. i love that you read those out. it's always great to hear how it sounds going from twitter to the spoken word and the hypocrisy of it all. share again with us a little bit more of the hypocrisy and the vitriolic anger aimed at you on such a personal level. >> well, it has been pretty picture all at your dose or some of them are pg-13 tweets that were found. i understand people are passionate about the issue. my goal is to focus on the facts and law and has a simple as possible. that's why put out the video. i had a little bit of fun doing it. charles: it was fine, but also sobering. once they get around the idea that it was great on your part to be able to handle this in such a way that there's something ugly going on in this country for a long time. you've got to wonder where prayer that you can turn it around. >> absolutely. i go back to the speech was an obama

in this instan sense the fcc isd hands. but my second deep thought is unless something is fundamentally changed, unless congress takes actions to support many of the things that chairman pai is doing now, it's going to be very short-lived. let me go into a couple of details related to this. one in terms of economic and data. i have been studying with some students the spectrum policy, spectrum auction since 1997. one thing we discovered is that since 1997, of all of the licenses related to cellular services, half of them have been won by small bidders. half. so this means we have a policy which is giving dating credits to 44% of people winning the auctions for spectrum, scarce resource. and another 14% are being one and auctions are set aside only for small bidders. and almost 10% have one in auctions and using crisp if you look at combine told that means 50% of our spectrum since 1997 has been allocated to small firms. it is not clear that this is really being imposed, the intent to help small entities and to help competit