jonathan ferro: does david love china? we will find out next. when do chinese equity meet gravity? will discuss this after the break. jonathan: good morning. welcome back. another day and another pop on the shanghai composite. we have to do it. take out the chart. there are whispers that they could start a program with government bonds. if eggs the question. will gravity zero stocks come back into orbit? you saw the same report. considering we can call it qe when the rate has enough space to work -- >> absolutely, that is what the market is reacting to. it was there to lower key interest rates. there is so much more they can do in traditional areas. you have to think that that is the way they will go. i still firmly believe they are going to want stability and they do not want output. they want to encourage currency. there is stability. they do not want it just for the stake in short-term stimulus. jonathan ferro: they are expanding the balance sheet and assets. >> to me, the cuts are not focused on the market or the external accounts. the chinese surplus is going up and it increas

jonathan ferro: that is almost it. we are joined by guy johnson.ece, twitter, what do you have. -- do you have? guy johnson: aluminum demand. there is an awful lot of energy and we can link you back to the energy and global demand story. this is a component to many of the manufacturing processes. they use a lot of aluminum. i think that is interesting. we have another hearing of the flash crash crater. we have some good guests coming up. and a roth child joining us. we will look at this. there will be a real sense of things happening around here. what is happening in the eurozone? what does it mean in corporate boardrooms. >> most people expected the scotland moment with the sterling starting to fall out of that. guy johnson: the market thinks conservatives will form the next government. that is the most logical explanation. that is, probably, from a city of london, point of view, that is the outcome. there is a belief that this will not be tight. i was surprised by the bounceback yesterday. you go down and the market is looking at it. jonathan fer

vassilis karamis -- i am jonathan ferro. gains across the board. 600 had the worst week last week for the year. we combat. -- come back. ibex up by 0.4%. europe is old looking -- looking for a lift. rrr rating cut. it was aggressive. to the fx market. the aussie dollar is up. australia, there being export destination is china. their hunger for commodities improve. that means the exports improve as well. for me, the big important story taking place in the bond market. over the past week or so of what is about to happen in europe. greek and yields go higher. to get that, look at -- 0.0. at one point, we were even lower. money going to the core. no surprise, you might see. the bond rally is another. for me, the spread that is starting to lower a little bit. 1.4 5% on the 10 year in italy. a tough day for spanish and italian bonds on thursday. after the break, we will talk about that. rbs with extreme uncertainty. is in time for greece to get back to work? we will talk about the bond market when "on the move" returns. ♪ jonathan: good morning and welco

i'm jonathan ferro live from the city of london. a little bit later this morning. the last reading of u.k. unemployment before we go to the polls. we had a big debate last night. bloomberg politics anchor joins us for a little bit more. anna, the highlights? perhaps the highlight was there was someone absent. anna: good morning, john. david cameron -- no david cameron, no nick clegg. you get different reasons for that. there was an opposition leaders debate. that did include ed miliband of the labour party. he has the most chance of becoming a prime minister. the focus was the relationship between miliband and nicola sturgeon. how closely with they want to work together? they labour party has ruled out a coalition with the s and p -- the snp. the door has been open for some type of cooperation. >> tell me is it the case you would rather see david cameron go back then work with thesn snp. [applause] >> the difference is i thought tori all my life. unlike the snp.. we end up with a live them. you fought labor all your life. >> we fought to take david cameron off. do

guy: ben van beurden speaking to jonathan ferro earlier on. one derivative effect of this is that we have pushed the stoxx 600 into record territory. the last time we were here was the peak of thedotcom -- here was the peak of the dotcom boom. you have most of the energy sector higher this morning. let's talk about this transaction in a little more detail. let's bring in bloomberg news managing editor tim coulter. we just explained why shell wants this. why are they doing it now? tim: shell has wanted this asset for years. bg was always too expensive. it always traded at a large premium to its peers. that was their defense card. at a time of stable or rising oil prices, it was too hard for shelter justify it. caroline just said this is the highest price for bg shares since july 2014 only. once they stumbled, they became a vulnerable target. jonathan: the reason they -- guy: the reason they stumbled was for execution, but also management turbulence. tim: they were without a ceo for quite a while. the chairman stepped in. guy: he made a nice tur

i'm jonathan ferro. the ftse 100 coming off an all-time high. dax also often all-time high, down by about 40 points. stoxx 600, record high friday, coming back a little today. i want to get a little excited about london property. nowhere to go but up. that is the message from billionaire gopichand hinduja. guy johnson sat down with the billionaire for an exclusive interview. gopichand: properties in london will keep on growing. when i say prime properties, i'm referring to mayfair, i'm referring to -- all in all, the property prices say 800 pounds a square foot, then i found the same property went up to 2000. then i found the same property went up to 4000 pounds a square foot. whatever estimations have been gradually, it has been going up again. the real estate property is cyclical. you should have a holding power. if you don't have a holding power then you should not be in that business. if you have a holding power, it will always pay you more than any other business. your team has to be good. your model has to be correct. and, it is something

i'm jonathan ferro and this is "on the move."t is time to talk about some banks that behaved badly. deutsche bank is close to a deal to settle investigations into libor manipulation. according to people familiar with the matter, the deal would be with u.k. and u.s. authorities. hans nichols has the details from berlin. pons, put this into context. that is a lot of money. for a bank, in the context of some of these fines, maybe not much. hans bank they have said aside 3.6 billion euros for legal costs. you compare this $1.5 billion figure, and it is probably north of that. you compare that to what ubs did, ubs previously had the high water mark. ubs was $1.5 billion. rob a bank were about $1.1 billion. barclays was at $451 million. remember, barclays didn't plead guilty. they cooperated quite early. lloyds bank is down at $383 million. this is all on libor. deutsche bank has already paid more than 700 million euros. that gives you a sense. what does it do to the uncertainty? it wipes some of that away. i was talking to analysts. h

i'm jonathan ferro live from the city of london. this is "on the move."ou may have seen a tweet from a gentle and name phil gross, the bond king. because of the short of a lifetime. german 10 year bonds. really? is it time? the opportunity of a lifetime? just a matter of timing apparently. phil: you probably want to wait 12 or 18 months because that is when the eurozone and ecb quantitative easing program ends. one of the reasons for the overvaluation ofbunds has to do with mary o -- overvaluation of bunds has to do with marion drawdy -- mario draghi. jon: when do you go short german bunds? i will at the chief investment officer at street investment where he manage to point for a $20 worth of assets. rick, you can say you can short something. it is the timing. when with the right timing -- when would the right timing be too short german bonds? rick: you have got bank buyers who need liquid assets. there is a queue of people who are willing to buy these bunds. the catalyst is hard to see. in the meantime, they are using their opportunity. they are risking,

i am jonathan ferro. a busy day in the u.k.jintao want to miss at the bloomberg's business debate -- you will not want to miss the bloomberg's business debate. at 11 5 a.m. the conservative party's manifesto. for more, we are joined by bloomberg intelligence and still with us is stephanie flanders of jpmorgan. a question for you both, hedge fund. if i took you from mars and you do not have a clue of what was going on and i ask you will rates were, you probably would not, with 0%. unemployment around 5.5%, gdp running at 3%. cpi core at 1.2%. is that new? stephanie flanders: you cannot strip out what happened. you look at the economy in any normal time and you see interest rates should be higher than they are. but that core inflation rate, we are in a world where pretty much the holder developed world has below target inflation. and i do not think the kind of growth with had and economy, the u.k. economy is smaller now than it would be if we just carried on. there is an enormous shortfall will never seen in history between where

jon: i am jonathan ferro. but ring you up this deed falls -- let's bring you up to speed. trial and failing to acquire the company. it is a 33% premium on your screen. it is climbing 30%. samsung profit beats estimates. this is the new galaxy. it is another model to try to leeward back buyers. paying off so far, the bridgewater associates through march. according to a person familiar it was fueled by a person familiar with the euro. they found agreement on the agreement and a framework remains. they say the timing of sanctions is still under negotiations. we are joined now will stop -- we are joined now. how has the nuclear statement been received? jon: -- >> the reception they got was positive. people are celebrating and sharing. they are happy. there have been some here and not enough of them disagree about the semantics. there is the strongest indication of hope. i think that most people think a final we deal will be reached. >> they weren't celebrating with the turkish president in iran. >> that is obviously boring. it is an important business -- visit. they are trying

jonathan: hello. welcome back. this is "on the move." i'm johnathan ferro and we're in london. 78% of greece said the nation should reach a deal with creditors rather than a rupture. that is that comes in stark contrast to a bloomberg poll of investors where 52% believe greece will leave the euro. why optimism on one side and sudden pessimism on the other side? i was kind of surprised by that. hans: it could be a little bit lagging. it could be before because it was in mid april before vary factorice was taking a different role in the negotiationses. that could predate the idea that alexis tsipras is taking center stage in the negotiations. the idea that intense negotiations are going to start. you could have a preliminary agreement on sunday may 3. and then on may 11 you go ahead and vote for it but have it ratified by all the finance ministers. one showing look for in the talks on this are both sides talking about the same kiverpb deal? it is very clear from the european side that they want a complete and total deal, a complete completion to have program. and from the greek s

jonathan ferro has more. jonathan: i will just bring you the updates, shall i?ean indices for much of the morning. 0.75% in spain. just dropping lower in frankfurt, as well. off by 0.1%. yesterday, this looked a lot uglier. things are settling down just a little bit. grexit risk is once again on the horizon. some ugly stuff. i am going to go to the greek 10-year. yesterday was interesting to me. it was the first time we had that real risk aversion that we saw in 2012 in the bond market. a little bit of divergence. another record low this morning. 0.07%. the spanish yields was moved tire yesterday. -- the spanish yield was moved hiregher yesterday. that divergence, it is back in play over the last couple of days. the average yield in german, negative. remarkable stuff. the bond market is lower in germany. the fx market for london, the ftse is higher and the pound is higher. unemployment is coming out roundabout here. it is the lowest we have seen since summer 2008. more vacancies. that points to a tighter jobs market and some decent data for one side of the debat

. ♪ jon: welcome back i am jonathan ferro. talk about my favorite subject thomas central banks. the bank of england decides on interest rates today. prime minister david cameron on -- cameron is on track for to break a record, the first leader to serve with no change in borrowing costs. joining us now is jennifer and ben. this becomes quite a boring central-bank decision, how important is the election down the road? jennifer: the main thing to them is the uncertainty about business investments. in the thing is all elections create uncertainty, but with this particular election with no clear winner and no clear majority, you don't know how the coalition will turn out and you don't know what kind of business manager in will get or what kind of economic policies. until the hurdle is passed keep things as they are. jon: you go back to 1950, the lesson we had a full term minister without a hike. if you were to read into the economy that is one way to read and. jennifer: it speaks to what the promised or was doing at that point the

. >> i am jonathan ferro. this is on the move. more m&a sell getting a piece of bg. shell paring a 50% premium for the company. this will create a company twice the size of bp. what does it mean for consolidation? b.p. up by over 4%. outside of the corporate world we are focused on greece. tsipras meets putin. the greek prime minister is in russia. the economy remains stagnant. there is one lady in berlin that may not be so happy. let's get to our man in berlin. he is haunts nichols. let's start with you. tsipras, meeting putin. >> we have had two bits of information. mr. tipper us not be asking for financial support -- mr. tsipras may not be asking for financial support. we have an idea of what would be tolerable. russia imposes counter sanctions. this mainly would have to do with fruits and vegetables. 40% of russian strawberries come from greece. what they want is a little bit of relief. they might want some details. there was a possible asset swap. that wasn't on the table. they are open to this idea. we also have a softening of sanctions allowing greece to expor

how big a deal is this meeting, jonathan ferro? jon: don't expect any change the policy. 6 weeks into a bond buying program and there are question marks over that plan and whether they will run out of eligible securities by the end of the year. tom, you and i went back-and-forth about negative yields in germany. the 2s,3s, and 4s means the ecb cannot buy stuff and they have to go further along the curve. they could theoretically run out of eligible security. tom: when you wonder into the pubs at 3:00 p.m. is a basic assumption euro through parity ever weaker euroan. jon: i like to talk about different things in the pub but on the trading floor that is what people are talking about. when we see euro-dollar parity or a german 10 year yield of 0%, will they come at the same time. euro getting weaker but it is not a one-way bet. we are starting to see divergence on the south side. noise from hsbc saying the bull market on the dollar is over. bill gross of janus taking the same view. be that as a little bit more nuanced. brendan: is it

jonathan ferro? jonathan: the direction of travel not as clear as yesterday.it a fuse under the market with the rate that. today, a lot of divergence. gains on the dax but losses in italy. stoxx 600 it is the tech stocks leading the gains, up by 2.5% with sap, ibm overnight all beating estimates. a big week for tech earnings. that is the equity markets. once again, it is risk at the front and center of everyone's minds. no more than here on the greek equity market. asc down. the bank index increased down by 7%. areas bank off by 13.8%. you expect a lot of volatility but it goes to show that things are getting uglier for greece. the three-year note going through 29% for the first time since 2012. 10 year bond yield, 13.4. alexis tsipras seizing public sector funds to keep the country afloat. the ecb studying ways of reining back emergency assistance. and growing opposition to actually doing something about ela for greek banks. weaker euro in the fx market off by .5%. euro to 1.0692. grexit risk at the forefront, a weaker euro. we are approaching an endgame. fee

jonathan ferro has details. jonathan: 20,000.s if tr first time in 15 years.her here in europe. everything rolled over. this is sort of broad based. losses on the ibex sand spain over. grexit risk back on the table. we seem to talk about it every day. sounding more optimistic. they think the difference between the creditors is nair owing. -- narrowing. the yield on the 10-year, 13.44%. here is the story, though. as it kicks off in greece, look at the advantage germ gets. a yield on the 10-year, nine basis points. it was half of that last week. just five basis points. why do i say this is an advantage? because this morning they rose their forecast for growth. 1.8% this year from 1.5% previously. typically when you raise your forecast for growth, inflation expectations, growth expectations gain traction and yields should go lower higher rather. but in germany they are going lower. why? the mess in europe. the q.e. . does germany need that q.e. ? probably not but they get to take advantage of it. yields in germany remain near record lows. 1.5045. that's how much

i am jonathan ferro. moments away from the start of european trading. rally. the ftse 100 dropped 25 points. the stoxx 600 makes a fresh all-time high. your stocks a little bit weaker. dax futures up. this morning, strict your morning brief. we are watching the telecom space. nokia is in advanced talks. in luxury lvmh catches a euro tailwinds. the greek government denies the country is preparing to the vault area negotiations with the eurozone continues. u.k. inflation. inflation data is due out in 19 minutes time. consumer prices are expected to stagnate. in just 30 minutes, keep her right here on bloomberg for the u.k. election. from the british museum is coming right up ahead of the open. we are a little bit weaker. a little bit weaker yesterday on the ftse. we traded lower. it was i we will try to lower. manus cranny has a pretty -- it looks like will trade lower. manus: these equities have had the best quarter since 1998. slightly lower open as equities are any seven-year high. china lowered money market rates. i had the gdp figures tomorrow. will

stay with jonathan ferro. ♪ jon: good morning and welcome to "on the move" just minutes away from therading. equity markets headed for a second straight week of gains marking -- marching into uncharted territory. euro stock teachers higher and ftse futures higher. record highs, european stocks start the day at an all-time high. japan breaks 20,000 points for the first time in 15 years. chinese consumer prices rose above the meatiest estimate. a $1.5 billion settlement deutsche bank is said to be close to resolving a multiyear probe into interest rate manipulation. of course, we will bring you more of that exclusive interview with yanis or a fact this. -- jan us varoufakis -- yanis varoufakis. futures indicate we could extend those highs. caroline: let's see how we are opening up, a three-day rally is the biggest we have had since january. similar news for the ftse 100. stock 600 up 19% this year. emerging markets stocks have been up. you talk about

i am jonathan ferro. moments away from the start of european trading. an ugly end to last a week.k for the stoxx 600 since december of last year. looking at futures pointing to a rebound. futures of 26 points. your morning brief. china pulls the stimulus trigger. it reduces the amount of cash that lenders must set aside. commodity markets are rallying. greece is defiant. they said they would not renege on pledges of austerity. snap elections are possible. and lloyds on sale? the conservative party the tories reach for the playbook. the three things we will talk about during the morning. we talk about equity markets. selloff last week. futures pointing to a rebound for i wonder if the china rate cut has anything to do with it. here is manus cranny. manus: what happened and commodity gives a boost all the way around. the market is so long on oil the most bullish and the oil market in eight months. the eia is forecasting a drop in the united states of america. traders are bullish, the most bullish since august of last year. the number of

i am jonathan ferro from european headquarters.quities headed for six weeks of gain. compare and contrast with europe. stocks in germany down almost 2%. futures here in london, lower and lower across the board in your. now, i want to get straight to your morning brief. billion euros of debt repayment, and no relief insight. christine lagarde will not support -- payday. the final jobs report for the united kingdom ahead of election day is due. some of the things we are watching. i know some of you are screaming it to the wages. as i said, we have futures lower across the board. let us get your market open. caroline hyde? caroline: first, a weekly drop. currently we are opening up flat in the u.k.. greece reeling front and center. taking profit for the last couple of days. 2% across germany. locking in those

i'm jonathan ferro. minutes away from the start of european trading.highs on the ftse 100, on the dax and all-time high. china's exports plunged. overseas shipments dropped 15% last month a year earlier. gdp growth is poised to come in at its weakest since the global recession. the shanghai, adds another 1.2%. here in europe, we start with stocks topping $17 trillion. the chairman of volkswagen publicly criticizes the ceo. we ask the question, whose driving? coming up on the show we will bring you more of that exclusive interview with one of britain's richest men. his thoughts on u.k. politics and london property coming up in about 20 minutes. we have got futures pretty much dead flat. euro stoxx futures up about a point. dax futures down about four points. some pretty lofty levels over at the touchscreen. manus: thank you very much. $70 trillion worth of equities it is the bart chart. just go to bloomberg.com to pick up the nuances of that. 14 of 47 hit all-time records around the world. the question is, will shanghai continue its momentum? we get rea

jonathan ferro joins us from london. can greece make its own pension payments this month? >> that is a big question, isn't it? you still have to meet the payments for salaries, pensions. it is unknown whether they can do that. you have to navigate all of these things leading up to that eurozone creditors meeting on april 24, where they need to unlock more aid. it is groundhog day in europe. the fact that they 450 million euro payment to the imf was in doubt gives you a look at the scale of the mess that that country is in. olivia: there are a few things they could do here. when does greece actually run out of cash? >> it is not clear to anyone at all. the deadline on april 24 is key. if they don't unlock aid, they are up for monster redemptions. we are talking several billion euros. if they don't get the cash there is no reaching behind the sofa to come up with it. they just will not have the money to pay back the ecb. brendan: what is greece's strategy right now? it is really hard to figure out what is going on. what is the end game for them? >> i struggle to see what the

jonathan ferro. guy: and hans nichols. thank you for you as well.p next live from new york with tom keane. francine: i'm quite excited. we'll be talking about twitter. today we'll be speaking to twitter's c.e.o. dick costello later today. don't miss that interview. ♪ d us out of the great distortion? dick cotolo and twitter, timeline views are so last year. twitter is not football. and it is timeless a new generation of saudi royalty bushes the old out the door. good morning everyone. this is sursur. we're live from our world headquarters in new york. it is wednesday, april 29. where did the month employ? i'm tom teen. joining me brendan greeley. let's get straight to our top headlines. brendan? brendan: in baltimore, police used tear gas overnight to disperse a crowd that ignored a 10:00 curfew. it was relatively peaceful a day after the city was rocked by looting and violence. violence erupted in the wake of the funeral of a black man who died in plus custody. president obama: there's no excuse for the kind of violence we saw yesterday. it is coun

jonathan ferro is our man in london covering all of the action. another day, another record high. jon: phenomenal. we saw this on wall street. asset prices get a boost. what is remarkable is the speed at which it happened. the best quarter for equities since 1998. the gains just keep coming. i will not be flippant about this. i might be a little bit. the french 5-year note, the yield dropped below zero. quite remarkable stuff. olivia: why not by german seven-year treasuries and pay germany for the privilege. people don't know where to put their money. and they have more of it because mario draghi has opened up the tax. is this a currency related move? or is this japan in 2013 all over again? jon: it feels like that to a large extent. number one, it is the euro. european equities are having their best week -- knows the price because the euro is having its worst week since 2011. the euro is giving big support. number two -- and there will be some debate -- but this data has surprised to the update -- upside. there is no denying it. the data has surprised to the upside. number three,

now it's all about jonathan ferro. "on the move" is next. ♪ quirks good morning. welcome home. are talking about a weekend filled with news. a deutsche bank overhaul. the biggest lender plans to reduce costs and cut back leadership. the shares dropped the most since 2011. he may spin off the u.k. retail unit. the former chief executive resigns after losing a power struggle. of course, the aftermath of greek finance ministers with the day of reckoning inching ever closer. futures are higher. the dax futures are up. greece has the experience getting trickier. >> indeed. austerity eventually has the impact. ireland will see a growth rate of 4% and it is up. we see how it opens. you have the swedish central bank and the federal reserve. you have the bank of japan and

jonathan ferro.n the with the alleged boss offer the alleged flash crash trader. >> how did sarao come to you? >> he was i believe around the end of 2010. he went through. a stringent if you like procedures. we checked obviously his previous records and he was found to be honest person according to everything that -- he passed the knew mair cal -- numerical tests that we put people through and he passed the acuity test that pewut people through and he pass -- we put people through and he passed the passion test. even if you're not currently involved in the markets do you have a passion for the markets and he passed that test. >> did he stand out against the other applicants? >> we only take 1% of those that apply. because of the innovation that we have had over application, we provide a nonsponsored system where people can pay to learn to trade. but in order for us to sponsor people we sponsor about four or five people every three months to go on our training course and we go -- in order to qualify f

i'm jonathan ferro in london. moments away from the start of european trading.minating the stories. tesco's monster loss. it reports its biggest loss in its 96 year history. a full year net loss of 5.74 billion pounds. tesco says the market will remain challenging. nikkei closes above 10,000 point for the first time in 15 years in japan swings towards the first balance surplus in years. a u.k. trader accused of causing a flash crash in the u.s. five years ago to appear at an extradition hearing. we're talking about tesco. futures markets are dead flat. dax futures are high, up by 28 points. euro stoxx 50 futures, 13 points higher. i had to take you back to tesco. their epic annual loss. let's get to the bottom of this . we're joined by caroline hyde michael houston, and retail analyst charles allen. i will kick it up with caroline. the biggest loss and all they century at the company. bigger than almost everyone expected. caroline: you are right. that is what is going to be dragging shares lower.

i am jonathan ferro. minutes away from the start of european trading.oss the board for equities. dax futures are up a solid to 200 points. that is a strong movement. let's get straight to your morning brief. banks other pressure. studying ways to rein him emergency liquidity assistance of greek banks. cash crunch. prime minister alexis tsipras expects phones. greek bond yields surge in the highest since 2012. credit suisse beat estimates. trading picked up from a slow. outgoing ceo brady dougan. manus: futures are pledging higher. let's get your market open. caroline: trying to work out how this greek news good shape of the markets. so far, who cares? talk about raonic and the emergency liquidity that has they give it to greek banks. if the ecb does that, that's when the crunch really hits greece. the markets used to be shrugging it off. flat at the moment. friends is edging golf. stoxx 600 rallied 0.75% yesterday. -- france is edging up. what about alexis tsipras? save guy meteor cash

manus: jonathan ferro can have you. david buik. mark: fedex pushes into europe. dutch firm. we will break down the deal with fedex president. that is next. ♪ caroline: welcome to "countdown." we have news fedex will buy a dutch company. for almost 4.5 billion euros free it pushes expansion into europe. we are joined by the president off fedex in europe, david. great to have you here. talk to me about the deal. your offering 33% premium. why does it make financial sense? david: i think it is a great deal. bringing together of 2 tremendous brands. it is 2 great cultures. the fedex business is known for quality. and that is very much of the reputation that the other company has as well. we think it's a good fit. we really believe it is the customers that will be the big winners out of this. bigger global network as we put to the 2 entities together. we will have the very highly reputation that tnt network to align with what we operate and the tremendous business that fedex has been building in europe. we think it's a win-win for our customers. it will be good for em

i have a wager with them on whether jonathan ferro caucus will still be the finance minister of greekhere is a possible replacement. coming up, we will look at why people on wall street are so miserable. ♪ tom: time to go into the bloomberg terminal and it destroy randy krasner --randy krozner and the bloomberg terminal. krasner joined the fed on this day. but seriously tom porcelli of rbc capital markets, help us out. we just haven't made it back to the better time of the 1990's. tom p: we could spend a full hour talking about why that is the case. one thing we have been thinking about for quite a while, it's a paradigm -- parallel -- it's a paradigm shift from today. credit is not easy for individuals to obtain, and not only that, as things become a little easier for them to get it, they are not demanding it. there is incremental growth. tom: the real economy and immigration, a lot of this good time was point the about population growth. do you worry that we don't have the population growth to give us that move forward? randall: i'm glad you are focused on that, because the gdp is t