this is bloomberg. ♪ jonathan: i'm jonathan ferro. this is "bloomberg real yield." want to head to the auction block now, where the u.s. treasury continues to swell its issuance. they had its first sale of eight week bills. the $25 billion auction drawing a yield of 2.17% with a bid to cover ratio of 3.13%. amid the political turmoil, turkey attracted over $6 billion in bids in a sale of dollar bonds, the government offering $2 billion of five-year debt with a yield of 7.5%. in corporate, uber increased the size of its debut bond offering as orders for the private placement swelled. the sale included $1.5 billion of eight-year notes and $500 million of five-years. still with me, guy lebas and kathy jones. matt freund is also here. matt, let's start with you. is this uber deal going to start looking a lot like that tesla deal did from, say, 12 months ago? matt: i don't think so. so the uber deal, as you described, there is a large equity cushion below it. it was priced very well and placed very well. and we have seen the bonds really outperform over the last couple o

jonathan: yeah. i think the risk in bob: i thine back end is we could overshoot a bit. we had a flat curve for a long time. the structural bull flattener has been a popular trade for a couple years. as victoria said, we are only now starting to reintroduce term premium and it is still not sufficiently positive, in my opinion. so i can see some overshoot as we unwind some of the longer term, long-held views that real rates and nominal rates can't go higher. they can go higher. we do have a growth and an inflation impulse that's likely to get better before it gets a bit worse. at least the inflation impulse is likely to get better before it gets worse. jonathan: what we see on the screen is 12 months ago on the yield curve compared to where we are now. victoria, what does the picture look like 12 months out? can we do this again? victoria: i don't think we'll do it to the same extent. but yes, i think you will see the curve shift higher. it takes about 18 months for rate changes to flow through to the

>> jonathan: from new york city, for our viewers worldwide, i am jonathan power with three minutes dedicated to fixed -- 30 income. this is "bloomberg real yield." ♪ coming up, the fed determines to keep hiking, sending two year treasury yields to 10 year highs. a booming leveraged loan market getting even bigger, overtaking high-yield debt. and italian bonds ending the week on a better note. the eu striking a conciliatory tone. we begin with the big issue -- investors on edge. >> it is not a fantastic world out there. >> the market is vulnerable. >> you are seeing stocks and bonds act differently than they have in the past. >> it is very hard to be too optimistic at this point. >> investors got too complacent, they thought nothing could go wrong. >> the sugar high from the fiscal stimulus will absolutely fade. >> we fell in love as a community wrongly with the notion of a synchronized pickup in global growth. >> as long as credit is hanging in there, it looks like more of a technical equity correction. our thinking is we have not seen the top yet in this cycle. >> bonds are no longer that a

jonathan: yeah.market has moved a lot, but i would expect further volatility in italy over the next couple of weeks, creating some overall vol in european bond market. jonathan: final word, victoria? victoria: you have to take a longer-term look. you will see quantitative tightening. there is a lot of things going on but i think you have to take that 12-month outlook. let things calm down a little bit in e.m. they do have better fx reserves than they had before. we have brazil, turkey, a few countries specifically to look at. but look at the general 12-month plan. just like what we were seeing a moment ago, where to invest in order to reduce your risk. jonathan: that's a good place to wrap this up. to the rapidfire round. three questions. you know the drill. three quick answers. the 10-year, 3.23. as i ask this question, do we see 3.50 before we see 3% again? 3.50 before we see 3% again, yes or no, bob miller? bob: yes. victoria: no. sean: i think so. 3.50. jonathan: 10 year bund and u.s. treasury sp

this is bloomberg real yield. ♪ ♪ jonathan: i'm jonathan ferro, this is bloomberg real yield.t to head to the auction block or $230 billion in treasuries were auctioned through the week. i want to focus on the 30 year sale at $15 billion which actually went ok into a yield of 3.34% with some healthy demand. the ratio at the highest level since january. we then turn to china, the trade war with the united states has $3 billion of bonds which received totals more than four times the issue in size. u.s. participation, notably lower compared to last year. on the corporate side this week, bloomberg is said to have gathered enough orders to cover its plan private placement of junk bonds. all of that displayed -- despite some of the volatility displayed. the president of the united states, once again, taking on the fed chair jay powell. take a listen. trump: i think the fed is far too stringent and they are making a mistake. and it's not right. and despite that, we are doing very well. it's not necessary, in my opinion. and i think i know about it better than they do. believe me. me.

this is bloomberg. ♪ jonathan: i'm jonathan ferro. this is bloomberg "real yield."o the auction block, the u.s. treasury continues its issuance. may 25 billion dollar auction drawing a yield of 2.17% with a bit to cover ratio of 3.13. amid the political turmoil, turkey attracted over $6 billion in a sale of dollar bonds. a yield of 7.5%. incorporates, uber increase the size of its bond offering as orders swelled. it included $1.5 billion of eight-year notes and $500 million of five-years. guy lebas and is kathy jones. matt freund is also here. deal going to start looking a lot like that tesla deal from 12 months ago? >> i don't think so. the uber deal, as you described, there is a large equity cushion below it. it was priced very well and placed well. we have seen the bonds outperform over the last couple of days. -- wenk the uber story like it from an equity side, risk reward, but there is a lot and positive fundamentals there, especially on the shorter piece. jonathan: another example of the equity like attractiveness being captured in the debt market when it shou

jonathan: oh, come on. guy: come on, it is like 6%. jonathan: no currency hedge., i will go nominal italian. kathy: u.s. treasuries. matt: i agree with kathy, u.s. treasuries. jonathan: great to catch up with you all. my special thanks to guy lebas, kathy jones, and matt freund. from new york city for our audience worldwide, that does it for us. i will see you next friday at 1:00 p.m. new york time. that's 6:00 p.m. in london. this was "bloomberg real yield." this is bloomberg tv. ♪ alix: the weaponization of oil. disintegrating relations between the u.s. and saudi arabia raise questions about volatility and higher prices. and diamonds are forever, supply is not. pink diamonds are rare and supply could get tighter. we speak to rio tinto, one of the main producers. and crystal ball for earnings. we break down what to watch. alix: i'm alix steel. welcome to "bloomberg commodities edge." it is 30 minutes focused on the companies, physical assets, and training of the hottest

. ♪ jonathan: coming up. weak payrolls headline offset by solid revisions and a 48-year low unemployment rate. treasury bears having their moment and some. yields breaking out for multiyear high and junk bonds looking rock solid. spreads grinding down to fresh post-crisis heights. we begin with a big issue, the hot u.s. economy. >> this is a report that's consistent with being pretty close to full employment. >> the wage numbers are continuing to point in the right direction, so to me this is a perfectly good number. >> you have a 130 something and 80,000-plus revision. this is actually, the increase in the love for september is, what, 211, 215,000. that's an awful good number. >> what i see is a continued strong job growth. we saw pretty positive revisions to previous months and we are seeing the unemployment rate come down. continuation of a really strong u.s. economy. >> the economy is running hot. why? because of a trillion-dollar deficit and because, you know, corporate tax cuts, etc., etc. >> ultimately

♪ jonathan: from new york city for our viewers worldwide, i am jonathan ferro with 30 minutes dedicatedo fixed income. this is "bloomberg real yield." ♪ jonathan: coming up, junk debt a shelter from the global equity market storm. the fed indicating a market correction will not be enough to shape policy. the optimism supported by strong u.s. gdp. a better than expected 3.5%. we begin with the big issue the , riskiest part of fixed income, a bastion of stability in a volatile world. >> credit conditions and lending standards remain extremely generous. >> what we have been saying a long time on credit is it is too extensive to buy but too early to short. >> a basket of highly leveraged equities are underperforming. yet the fixed income credit markets are not that worried about it. it is a really interesting disconnect and quite unique. >> high yields should be compared to equities. certainly on a risk-adjusted basis, maybe even on an absolute basis, high yields are looking more attractive. >> if you start see lending standards tightened and credit spreads widening on a sustained basis, yo

jonathan: high-yield u.s.?e think we are clearly bouncing along the bottom. , a story thatu has not been told is how strong the fundamentals in the high-yield market are. the high-yield market today is approximately the same size it was three years ago. i think the other panelists are right, there has been some inappropriate risk making it into the market in the last couple months, but for the most part the underwriting discipline has been really solid. in fact, the problem is supply is down. when you look at high-yield, we view it -- there is some concern about poor covenants, some underwriting standards getting stretched, but we are much more concerned about what is going on in the triple b space in the ig market, parts of the loan market, than we are in the high-yield market, where fundamentals are good. jonathan: you are pointing out supplies. jpmorgan pointing out that the supply of high yield on corporate is the smallest since 2009. of course, very different from 2018. the loan story, leveraged loans this

. ♪ jonathan: from new york city for our viewers worldwide, i am jonathan ferro.his is "bloomberg real yield." ♪ jonathan: coming up, risk appetite try to stabilize following a week of outflows. the federal reserve taking a presidential beating. still looking to deliver more rate hikes, leaving most wall street strategists committed to curve flattening going at the 2019. we begin with a big issue. a messy week on wall street. >> we will see more talks about u.s. treasuries. >> for us, fixed income is the biggest risk in the financial portfolios. >> what to watch is going to be more credit than treasuries. because of we continue to see rates rise, what we may see is people bail out of certain sectors of credit. >> we think that means you ought to be cautious in high-yield, high grade, those are places where you need to be careful. >> there is no new information that came out about the fed. if the market suddenly got it, that is a markets issue. the fed has been clear. >> at some point when it starts biting hard and we see the corrections and you see the corrections

a one hit wonder when one of it was a good hit that i like to bring in jonathan crane of a very own jonathan green sports desk there i ask about your music career are you going to have one hit more than me in my music room to grow beyond the shower room yet this time i didn't have the neighbors i think the neighbors must love it before we get into more details would turn our attention now to a safe set of hands here the olympic stadium in berlin really yosh and has been in solid form for has had this season keeping a clean sheet and every second game he's played has the league's best but they were counting on him to extend that run against freiburg. andre due to his head his hottest striker rooney yosh dion is one of the bond is leaders best keepers and butlins a lympics stadium is a fortress with a capital club passon lost this season by in munich came here and lost and freiburg grew up next to try their luck but lynch showed no mercy dude with an excellent solo goal after just seven minutes. it was goal number six of the season for duda making the slow but the most dangerous midfielder in

go ahead, jonathan. >> melissa, that makes me so cautious right now. danielle pointing out, tremendous optimism, tremendous confidence people have in the market and economy, those are good things, that happens after a major run-up in stocks. back in 2010, 2011 and 2012. that didn't exist. people were not saying good-bye to their bosses. that confidence happens now is a lagging indicator. you want to be cautious. melissa: that could mean the stock market run was artificial. we're saying it was fueled by cheap money. it wasn't fueled by real sincerity in the economy. gary talk to me about this idea what is going on in the employment market? it is puzzling. a lot of people on sidelines coming in. they can't find enough people. what do you see in all of that? >> danielle said there is skills gap. i read about a shortage of airline pilots. shortage of technology companies and shortage in the medical industry. that is part of it. that is something we have to deal going forward. that starts with guess, what? education. i'm reading in elementary schoolkids are

i, too, like jonathan, don't quite know what it is yet. i'm chasing that. >> aaron blake, going to end on the reporter's notebook. with what aare you chasing in t story? >> what her plans are for the future are significant here. obviously those don't include a 2020 presidential campaign. i think that was always pretty farfetched from the beginning. she was associated with the president. but, you know, this is somebody who like we've talked about is extremely savvy. has proven that throughout the first two years in the trump administration. she certainly has to have some plans beyond being u.n. ambassad ambassador. maybe she goes and makes some money for a few years. i wouldn't be surprised if this is geared toward something in the future, whether it's 2024, whether it's something back in the state of south carolina. she has a future on this stage. i think that's what we've seen, clearly, for the last two years. >> all right. jonathan swan, ashley parker, going to let you go back to chasing those leads. thank you for spending time with us.

jonathan ferro. this is bloomberg. ♪ jonathan: i am jonathan ferro.e open. ♪ jonathan: pockets of pain in em, inflation surging in turkey. a four-year high. the president wrapping up with russia on saudi arabia. italian bombs finding relief. deficit reduction. in the markets, 30 minutes away. futures better. 11 on the s&p 500. 4/10 of 1%. euro dollar, 115.28. up to basis points on the session. in emerging markets, pockets of pain. overshadowing easy concerns. nist --g's opinion, columnist on why it is too soon. >> be careful. higher your prices.

liz and jonathan are both fox contributors. stocks slammed today.ake a look at the dow ended down a whopping 608 points in the nasdaq and correction territory down four by 5%. the dow and s&p 500 are now negative for the year. as concerns grow about orbiter earnings. let's bring in the panel and a lot of problems are affecting the market. the bomb threat today all over the east coast. worries about china, what's happening with the world economy and of course earnings. what is most heavily weigh on the market. >> the tariffs beginning to recognize will affect profit margins, going to infect investing decisions because you don't know what the rules of the game are peer disrupting global supply chains and the fact that we haven't resolved the thing at begin to weigh on the market. get a big deal with china but not on the horizon. >> we've heard from larry kudlow and others that there's no progress in talking to chinese about the many issues we have done. not just unfair tariffs. i do think watching the fed carefully, the fact that they gone back from t

oh i'm happy to welcome to the day tonight from chapel hill north carolina jonathan weiler jonathan is professor of global studies in u.n.c. jonathan it's good to have you on the day cars coffees instead but what do you what do the answers to those questions i mean what do they reveal about people well so the these questions about our cultural preferences of course we all have different cultural preferences we off different fruits a we all have different. tastes when it comes to what kinds of clothes we want to wear it cetera and under most circumstances under normal circumstances those kinds of preferences would just be normal you know it takes all kinds sorts of ways of thinking about humanity or what's happened in the united states really over the last generation or so has been a sorting process where people have very different personality types very different views of the world very different views of diversity and inclusion of sort of themselves out into the republican and democratic parties minute anselmo in a way that have really intensified greatly the political divide in the u

. >> en este barrio vive jonathan martÍnez. el 2 de mayo trae a la memoriael dolor.de las farc lanzaron un cilindro de gas lleno de explosivos.. >> nosotros toda la poblaciÓn civil, campesinos, gente trabajadora. >> esa explosiÓn causó la muerte de 119 personas. casi la mitad de ellos eran niÑos. los heridoss >> compaÑeros que cuando sentimos todo venirse encima, estos compaÑeros que estÁbamos ahÍ, fallecieron tres. >> lo que siguiÓ fue la huida de centenares de familias. muchos de ellos se encontraron refugio en el barrio dos de mayo de quito. dicen haber sido abandonados a su suerte. >> como que te dije ahorita, no tenemos nada, no tenemos cuartos, no tenemos casa, no tenemos nada. en medio de la turbulencia de sus vidas algo que cambiÓen la vida de jonathan, siempre le gustÓ bailar. >> tenemos chicos bailando entonces esos chicos tienen futuro. >> hablando con unos amigos, se les ocurriÓ una idea. >> surgiÓ la idea con otro compaÑero de montar una academia de baile. >> fue asÍ como en el 2014 naciÓ el grupo los black boyz chocÓ. la noticia empezÓ a regarse por el

jonathan: response. or your answer. ms. spanberger: i think the first thing we can ask ourgs and our community members when trying to answer this question is -- what stops people from starting small businesses? what stops people from taking that entrepreneurial jump that so many people want to do? i've asked this question in our communities, and i had a conversation with a woman she . she and her husband started a small firm, and they were growing their tech firm and decided that they wanted to have a child. but this was before our health care system was strengthened, before preexisting protections were in place. so she left the company they were growing to go to a larger employer, so that she could have insurance that protected her preexisting conditions and would allow for her to have a child insured. so since that point in time, since they were able to go out on their own, since the establishment, they have grown their business. they employ i believe it's currently 12 employees, and they've been able to pursue their drea

robert, jonathan and the panel are back.rt costa, you are tweeting about this today what you're seeing in turnout in georgia. this is the variable, right? the known/unknown. midterms are predictable and we talk about what we think is going to happen because we make predictions and assumptions about turnout. but if democrats can grow the pool, can move turnout to a general election presidential-like year, they could have better odds in races like the one in texas and perhaps even georgia. >> yet the politics in a state like texas, it's so entrenched. and that state has moved republican over the past few decades with karl rove and george w. bush. and beto o'rourke in a tough position. a lot of republicans in texas said, wait a minute, is this guy really for us. could we support him for re-election. he's slowly made his way back to president trump and has recovered his political capital in texas with the gop. >> are there any voters, any, you know, we look at independents, we look at women. we look at this group that swung for

i agree, jonathan, a lot of companies talked about tariffs. they could stock about the strong dollar. connell: many of them did. melissa: not that much. connell: we have to run, appreciate it, suzanne, liz, jonathan, as always we'll see you guys later on. melissa: a nation on edge. another suspicious package addressed to cnn as the accused bombing suspect appears in court for the first time. what the fbi is saying about this potential threat. daniel linsky, director of kroll investigations and former boston police department chief is coming up. connell: migrant caravan we're waiting for update from the department of homeland security and the pentagon as the president prepares to send 5,000 troops to the border. can the troops block the caravan of migrants crossing that border? dan henning from the journal addressing that. melissa: president trump wrapping up campaign blitz as voters prepare to hit the polls in just eight days. what his impact could mean for the republican party's majority. blaise ingoglia, former gop chairman, coming up. ♪ and

drew and jonathan scott. got a new children's book and talking all about it to our brook anderson. >> these two were adorable and these photos brought up all kinds of stories. >> isn't our mom beautiful? >> she's gorge. >> if i asked your mother who was quieter? >> she would say we traded off. jonathan would be the leader and then it would change and he would follow me around. when it came to mischief, she would say more jonathan. >> jonathan and drew are a couple big kids at heart. they wrote "big brothers, big plans," a book for their littlest fans. >> who's idea was this? >> we have so many kids who love our show. at 5 years old i was playing in the mud. today kids are brilliant. >> drew and wife linda tied the knot last year. so since he's now a children's book author, are they planning on kids of their own soon? >> big family? how many kids? >> maybe 13 or 14. >> good. >> you might want to talk to linda. >> we don't know exactly. two or four. we'll see. we would love twins. for us growing up we had built

jonathan: coming up, from the global equity market. the fed indicating a market enough to won't be shake policy and the optimism supported by strong u.s. -- 3.5%. we begin with a big issue, but risk is part of a fixed income. and bastion of stability in a volatile world. >> credit conditions remain extremely generous. it's too expensive to buy, but it's too early to short. >> if you look at highly leveraged equities, they are underperforming. yet the fixed income credit markets aren't really that worried about it. it's a really interesting disconnect and quite unique. >> high-yield should be compared to equities and somehow made even on an absolute basis, more attractive. >> if you start seeing lending standards being tightened, credit spreads widening on a sustained basis, you know you are going to create that same feedback loop into equities and you are going to head into a recession. we don't think that's a story for the next few quarters. >> u.s. recession still looks a long way away to me and you would normally see credit starting

before i get to jonathan i want to ask you another question, rabbi. the president and the first lady are visiting the community tomorrow, but the mayor of pittsburgh spoke to our anderson cooper earlier tonight, suggested that trump choose a different time to visit the community. as you mentioned, the mourning starts tomorrow. that the priority is -- tomorrow is the first funeral. do you agree with the mayor? >> yeah, i do agree with the mayor. and i would just ask the president please, please if it's not too late, put it off a week. any president that would come in, any president would be a distraction. and president trump, you know, he's so divisive and there's such strong feelings on all sid sides, it will be a distraction. and that upsets me the most because the focus has to be on the victims and has to be on comforting the family and also the city. the city needs time to grieve. so please, if you're listening, wait till next week. that's what i would say. >> thank you for that. dr. winkle, you knew three of the victims. and one was injured, who i

list sees deputy director of british influence a political think tank jonathan good to see you again here on al-jazeera your reading of the speech specifically on breaks it. well obviously she's very rattled by by the opposition to check is her proposal by boris johnson and she is holding out the possibility there might not be a price to tool that's very interesting as she's saying the people have to come together but they can't come together on the back of this speech because this speech is offering nothing but delusion she's saying correctly identified that the e.u. is offering her two options neither which she can accept well those are the only two options on the table she's saying that the e.u. has to come with counter-proposals they have come we can't. either see border between great britain northern ireland or there are full soft brakes of the single mother the customs union those are her in two options her problem is that she has no power and no leverage because she gave it all up when she triggered article fifty prematurely she correctly identifies that if she were to say to

, once again, thank you for the latest on the aid effort, jonathan head in palu. attack on the prime minister's plans for brexit, telling the conservative conference that her strategy agreed at chequers in the summer was a "constitutional outrage" that would "cheat" the voters. the chequers plan is designed to tie the uk to a common rulebook with the eu — for trade in goods — which mrjohnson says would be "humiliating" for one of the world's biggest economies. the prime minister rejected the criticism to the break—up of the uk. and said that mrjohnson‘s own plans would lead to the break—up of the uk. as our political editor laura kuenssberg reports. deep breath. was he ready? was the party ready? this conference hadn't seen anything like this. is this a leadership bid, mrjohnson? brexiteer—in—chief, now the prime minister's critic—in—chief. what is he up to, your son, then? honestly, i think he's doing a truly useful and important thing here today. boris is the one they do want to hear and they want to hear that vision directly from him. wondering how big a crowd

crane is in the studio to talk me through it jonathan al cossar is the first player check this since nine hundred sixty three to score six goals in his first three outings talking about this twenty five year old loney from barsa online from fossil evidence he carries on the way yes kr. yes they're going to want to make it permanent at the end of the season dortmund by the way to have that option our coach to send father said he was a very very good transfer a bit of an understatement i think because he's got some stats to show you just how much of an impact he has had. when you mention the six goals amazingly they have come when he hasn't even started a game that we can see here six go astray appearances eighty one minutes play that's fourteen minutes go really really incredible stats and this is a guy who was in messi and suarez this shadow. is not really a front runner in the spanish court either though his form has earned him a call up on the east end re case that he's struggling for danes time which i think is why father is easing him in gently but surely it's not going to be to

we have jonathan and michelle back with us to react to this jonathan is already shaking his head beforeven explain what we're talking about in full. this is prop c what they call it. they want to raise $300 million for homeless programs by taxing businesses. benioff people might recognize from the "time" magazine purchase. he is in with this. dorsey is with the mayor saying this is not the way to go about it. your view, jonathan? >> not the way to go about it. the homeless problem in seattle and much of the west coast is caused by government regulation. the solution to tax successful businesses. connell, you see exactly what you see from another assault on business, higher minimum wages, loss of jobs, exodus of companies that made that area of the country the so prosperous the last few years. connell: michelle what is a suggestion that might be a better than this one? if you think what is argued in san francisco, left of center politics versus way left of center politics that is the argument they're having here. any idea because it's a serious problem in san francisco? >> it is absolute

jonathan: that's exactly right.e all talking about at the start of the year, late 2017, the very large deficit in the u.s. and how that was a big headwind for the dollar in the medium-term. that is still likely to be the case, if you take a view over the next two to three years. ultimately, the twin deficits from the u.s. are certainly going to weigh on the dollar from that perspective, but for it to be a more material headwind, we need the rest of the world to be looking better. in terms of europe, we need some of the italian problems to go away, we need china to look more stable as well, and those conditions have not happened yet. that is why the dollar is still well supported. but over the medium term, the deficits, the budget and current account, can percent a meaningful headwind for the dollar. yousef: the yen is the other currency we are looking at for with the broader central banks theme. maybe we will get something interesting from them, even though the 46 economists surveyed by bloomberg don't expect much i

still with us is jonathan of credit suisse. toathan, i feel like we need set up for tomorrow because we look at a stock market that closed at its lows. some would argue it is a bearish sign because there is a lot of pent-up demand to sell. what do people do or look for hitting ready for tomorrow? said this before, is this a low point? i don't know. would i be by now? yes. if it was down to two or 3%, i would be buying more. we are talking about the price of the market, there is no discussion on new information on what made the stock market less valuable. season, expectations are almost 21% according to my math. if you get a typical beat, you are close to 25% year-over-year. of that,es added some but the underlying revenue numbers are solid. there is good news on the fundamental side of it. ultimately, it will win out so i'm a buyer. said, marketsg can continue on a downtrend for a long time because of the cascading effects and people looking at what their neighbors are doing and panicking any motion. are there certain things yo

david: on the privatization dialogue with jonathan. have to build things that we do, bridges, roads and stuff like that you got it deregulate before hand. >> first of all -- >> i'm very hopeful about this president and infrastructure fixed to america. that's what he did. you couldn't build trump tower without pain them mom. it was very hard to get that done compared to some highway across this country. that said if we have the infrastructure of european countries and china and all these places where you go to the airport in shanghai like a couple years ago, it's not just deregulating. other countries pay for partially with taxes -- first-class services. they have something in the budget to pay for. if you think it's going to magically happen and not cost money. >> you don't necessarily has to raise taxes. a lot of highways in this country used to pay a toll for and with the toll is paid off don't have to pay more. >> self-confessed duracell prescribed king of debt. this country already is deep ad hoc. record that across the board. taki