kaplan! >> jimmy: oh, wow. dr. kaplan. wow. oh, my goodness. wow. dr. kaplan. congratulations, dr.re. mike birbiglia, "the new one" begins a week from tonight on broadway. we'll be right back with bebe rexha. thanks, mike. ♪ >> dicky: portions of "jimmy kimmel live in brooklyn" are brought to you by google pixel 3. warning, california. a handful of billionaires have spent over $70 million on campaigns to undermine our public schools. and electing a former wall street banker named marshall tuck to superintendent of public instruction is all a part of the billionaires' plan to take money away from neighborhood public schools and give it to their corporate charter schools. that's why tony thurmond is the only candidate endorsed by classroom teachers for superintendent of public instruction. because keeping our kids safe and improving our neighborhood public schools is always tony's top priority. ♪ >> dicky: portions of "jimmy kimmel live in brooklyn" are brought to you by google pixel 3. >> jimmy: i'd like to thank julia louis-dreyfus, mike birbiglia, tom holland and apologize to matt

failed to find convincing evidence that kaplan or committed sexual assault that certainly has not stopped the protests and i thank god. i. was. i was warning you going inside me. how do you know what. there was even been an internal revolt among facebook employees i found out that one of the company's top executives is one of kavanagh's closest friends and even attended his sexual assault hearing last week samir khan picks up the story it may be the number one news story. in the us right now but weighing in on the cabin or case can prove fatal in today's political climate facebook's vice president joe kaplan a close friend of kavanagh's made the grave mistake of attending the hearing to support his friend and kaplan's crime was caught on camera facebook employees were curious complaining about it on a private message board he knew that this would cause outreach internally but he knew that he couldn't get fired for it this was a protest against our culture and a slap in the face to his fellow employees according to kaplan they'd been friends for over two decades he attended his wedding the

in on the cabin or case can prove fatal in today's political climate facebook's vice president joe kaplan a close friend of kavanagh's made the grave mistake of attending the hearing to support his friend and kaplan's crime was caught on camera facebook employees were curious complaining about it on a private message board he knew that this would cause outreach internally but he knew that he couldn't get fired for it this was a protest against the culture and a slap in the face to his fellow employees according to kaplan they'd been friends for over two decades he attended his wedding their kids grew up together but friendships no excuse when confronted by liberal outrage so kaplan groveled apology i want to apologize i recognize this moment is a deeply painful one internally and externally given the level of hysteria facebook went even further apologizing on. behalf of the whole company our leadership team recognizes that we've made mistakes handling the events of the last week and we're grateful for the feedback from our employees believe it or not all this was nothing compared to what

but that's why i want to ask david kaplan again. you seem to say if he got on to the supreme court like clarence thomas he may be -- this may not have any effect on his judicial thinking and processes, but talk a little bit about how this justice is very different than gorsuch, for instance. gorsuch took over from like-minded scalia. but kavanaugh would take over from what's been considered a swing voigt ate and that's anth kennedy. isn't it consequential who sits on the court and whether his temperament and non-partisanship can be vouched for, david kaplan? >> i don't think anybody has any doubt that brett kavanaugh is a conservative. he's been a part of the conservative political movement for several decades. he worked in the bush white house. he often was in effect a hatchet man within the party. don't mistake him for someone who's lived in the ivory tower his whole life and assuming he takes justice kennedy's seat, the court is going to shift right. those predictions are correct. are chief justice roberts, a conservative as well

kaplan apologized for the appearance recognizing this moment is a deeply painful one.ebook employees flooded internal forums with comments about kaplan's appearance at the hearing. many critical. facebook has been involved in several controversies, russians using the mat form to persuade voters in 20916 election, how it handles personal information, significant data breach, and charges it suppresses conservative news. that's an allegation the company denies. >> shannon: while we have you here, you cover the state department for us. and the secretary of state now on his way to north korea, the plan for the weekend. >> he is on his way, sunday he will meet with kim jong-un. he said the mission of the trip is to, quote, make sure that we understand what each side is truly trying to achieve. there are lots of requirements to this, each side has to develop sufficient trust so they can take the actions necessary to get to the end. he also says, he and north korean officials will develop options for the location and timing for the second summit between president trump and kim

. >> reporter: oakland city council member rebecca kaplan says she's sick of the scandal surrounding free warrior tickets. we broke the story of elected officials taking tens of thousands of dollars in tickets, enjoying warrior games from a luxury box overlooking the arena. most recently several council members came under fire for reportedly accepting free vip tickets to an event featuring michelle obama to the tune of $1,000 per ticket. >> i'm proposing that we give that up, that they will stop coming to the elected officials at all. >> reporter: kaplan submitted an ordinance today. her plan to put the tickets up for sale and use the money made to fund a program to hire the homeless to clean up oakland. it would be called green teams. nina parker who pitched the plan at a city council meeting over the summer. >> i have in place now had a lot of folks that have lived 24/7 in their encampments. what a wonderful thing to be able to pay those people to work where they live. no one can keep it cleaner than the people that live there. >> reporter: the only hurdle has been a lack of fundin

david kaplan worked at "newsweek" for 20 years. his cover stories included profiles of justices william brennan and clarence thomas, not to mention george steinbrenner who's not on the court, but he did get a cover story. george lucas, mayor giuliani. and he interviewed a majority of the supreme court justices for this book. i don't know if it was 5-4 cooperating or 6-3 -- [laughter] you'll tell us. he's the author of three previous books, "the silicon boys" about culture of silicon valley, "the accidental president" about the 37 days following the 2000 election which was also the basis for the hbo drama "recount." his last book was called "mine's bigger," a biography of the largest private sailing yacht in the world which won the gerald loeb award for the best title -- no, the best business book of the year. [laughter] david also practiced law on wall street and was a white house intern. a lot information to unpack there finish a lot of information to unpack there. i always hesitate to use the cliche that our next guest needs no i

dallas president robert kaplan spoke to bloomberg about trump' s comments and his forecast for 2018. >> i have been saying 2018 was going to be a strong year. we have a substantial amount of fiscal stimulus. the budget bill, which increased government spending. we have been forecasting 2019 growth would be weaker than 2018. and 2020 would be weaker still as fiscal stimulus wears off. we still have this hand would -- headwind of an aging population and slowing workforce growth. might look is pretty consistent. i have been expecting some moderation of growth because i have been believing the fiscal stimulus is going to wayne as we head into next year. >> one of the stories, donald trump's criticisms. janet yellen very strong in the financial times saying trump does have the potential to undermine the fed. how much should we worry about that? >> so i think people outside the fed, as appropriate, should feel free to comment. in my position, i will not other than to say my job is to do economic analysis and make jealous -- judgments without regard to political considerations or influence.

this was a protest against the culture and a slap in the face to his fellow employees according to kaplan they'd been friends for over two decades he attended his wedding their kids grew up together but friendships no excuse when confronted by liberal outrage so kaplan groveled an apology i want to apologize i recognize this moment is a deeply painful one internally and externally given the level of hysteria facebook went even further apologizing on behalf of the whole company our leadership team recognizes that we've made mistakes handling the events of the last week and we're grateful for the feedback from our employees believe it or not all this was nothing compared to what an american pastor said in one of his sermons if he dare to mention the cabin our king regardless of where you stand politically regardless of how you read the situation. just step back from all that the twitter already were so incensed there was talk of not only boycotting his church but all churches the pastor apologize explaining that he wanted nothing but he's on no way intended to make any kind of statements ab

. >> you have joel kaplan going because he's a friend.nd now's a heretic and they want to figuratively burn him at the stake. it isn't just about the women's issue. if you look at other statements that have been made. it's about the fact that he violated the the corporate culture or left-wing ideology facebook seems to have. liz: facebook's joel kaplan admitting he made a mistake attending the hearing in what is being described as an intense facebook meeting. what is your take now that joel kaplan is apologizing. >> this is what the old soviet union used to do. we'll bring you in, force you to confess your crime. they will ostracize you, for us out, embarrass you, make life for you. i find it outrageous this guy want go sit at a hearing of a friend of his. he's not advertising he's from facebook. he just happens to be there. and that upsets people to such a degree that they have to have a town hall to get over this. it seems like you have a bunch of snowflakes melting out there. and you have to cool it down and help their self is steep. w

have more on the economy with robert kaplan. that is in the next hour. helping his friend take the white house, tom waits for his windfall. discussing the state of colony capital next. this is bloomberg. >> first word brought to you by a theme. it is time to break free from conventional thinking. we are a theme and we are driven to do more. >> we think it is time for the financial world to stop acting the same way. the same way. ♪ emma: the shrieking reserve,xchange reserves tumbled by $32 billion in april. the $20 billion erosion would get a month of short-term debt. david? david: we are going to turn to bloomberg businessweek where we covered three must-read stories from this week's issue of bloomberg businessweek. first up, waiting for a trump windfall after his friend take the white house. he is still waiting for his reward. and alibaba's bargaining chip, taking matters into its own hand. market, thehe vintage timepieces the newest emerging market to watch. here i am, surrounded by businessweek people. >> we got you. let's talk about tom barrick. thi

kaplan said he should have talked to zuckerberg and andberg first.nsidered his appearance a big mistake. but zuckerberg told his employees the company should embrace diversity. he said it should, not that it does. i think that -- i doubt there is anyone at facebook who is embarrassed, but you should be. that is awful. let's go to wonderful people. social media superstars. president trump's most of loyal supporters diamond and silk joining us in new york. great to have you with us. you are friend at facebook. oh, my goodness. i was actually pleased to hear zuckerberg say we have got to be more diverse in our views. then let sheryl sandberg grab him around the neck and bring him under control. i think it's just terrible. >> it's sad you can't have a personal opinion without being attacked for having that opinion. we stand with brett kavanaugh. i cry with him, not her. i'm so happy they are confirming him. shame on the left for taking the #metoo movement and politicizing it and using it as a weapon against somebody and character aas state inned them. th

initially kaplan said this was a personal matter and took a personal day off.r mark zuckerberg answering questions at an employee meeting, even saying kaplan had not broken company rules by attending but sheryl sandberg who wrote "lean in" seen as a leader for women's rights reportedly isn't happy with kaplan's attendance. reports suggest she thinks it was a mistake for limb him to a the testimony, given his role at the company but employees want her to be more public with her views. i want to read out her latest -- i guess her latest quote. we support people's right to do what they want in their personal time but this was by no means a straightforward case. as you see, there is still a lot of debate inside facebook and across the country. back to you. neil: so the flipside would be if he were at an event with senator dianne feinstein, that would not be a problem? >> i would probably think that is less controversial at this point, yes. neil: that's not fair or balanced. susan li, thank you very, very much. >>> we are looking at what's going on right now on capi

we are very pleased to welcome david kaplan this morning to talk about david's new and would you say timely book the most dangerous branch inside the supreme court constitution. we arranged at this talk back in the spring we knew only that it would be beautifully timed and scheduled because after all this monday was the first monday in october in the supreme court session of course began per routine. so that we have to turn people away from this evening. i'm even told that they have to advise of the book at the very last minute. all of us are fortunate that this book is so timely in every sense of the word. and of course what could be a more appropriate setting than to meet in the home of eleanor and franklin roosevelt. president roosevelt had his own problems with the court. and his own reasons for thinking it was the most dangerous branch. for those of you that don't know the history of the house and are first-time visitors with apologies to those who have heard this before this is a home that was the wedding president of sara delano roosevelt. it was really conceived as two separa

aqueous reports mark zuckerberg and coo sheryl sandberg said kaplan made a mistake appearing at that hearing. he was once a senior advisor to george w. bush. brett cavanagh was the staff secretary. kaplan sense he's friends with brett kavanaugh for years, this image of a senior facebook executive sitting behind brett cavanagh surrounded by) and family, he testified allegations he assaulted christine blasey-ford angered facebook. he apologize for the appearance recognizing this moment is a deeply painful one. the times reports facebook employees flooded into forms with comments about his appearance at the hearing. facebook has been involved in several controversies, russians using the blackboard to swing voters in the election, how it handles personal information, significant data breach, charges it suppresses conservative news, and allocation the company denies. heather: shannon: is the secretary on his way to north korea? >> he is on his way. he will be meeting with heather:. mike pompeo said the mission of this trip is to make sure we understand what each side is trying to achieve.

kaplan and kavanaugh served in the bush administration. of him as a moral supporter and his collize at facebook turned on him. it's crazy. >> it is crazy. mark zuckerberg came out and said they appreciate all voices. what i will say about mr. kaplan. while he did say he should have talked to sheryl sandberg and mark zuckerberg about going. he is getting beat over the head with this decision. by said i went in my personal capacity. sheryl sandberg spoke to the staff about sexual harassment. if you stand up for judge kavanaugh even if you are a personal friend for a long time, think they want to say you must be supportive of sexual harassment. this is the face of the silicon valley and the left of this country take the me too movement and turning it into a political tool. charles: suber and other fast-growing tech companies. i don't know sandberg has been effective so far. these conservative complaints about the way they are treated by these search engines, they must have validity to them. >> sheryl sandberg had emails coming out showing she

plus, exclusive interviews with the south african president and dallas fed resident robert kaplan. up next, more highlights from the earnings report. could tesla's result be a turning point for the troubled company? >> they are profitable. first time they've been profitable since the third quarter of 2016. emma: this is bloomberg. ♪ emma: this is "bloomberg best." i'm emma chandra. plenty of earnings information to digest this week. let's continue our review of results with a profit beat from swiss banking giant ubs. >> ubs reported income for the third quarter that beat the highest analyst estimate coming in at 1.25 billion swiss francs. ceo sergio ermotti has hit key financial targets for the second time this year. >> we have to look at ways to become more efficient. we are doing that. the real story for us is how we free up resources for cost initiatives. to reinvest in our business. that is the reason why we expect our cost base to stay flat, excluding variable compensation. that is performance related and grow our top line. growing the top line is sustained by two secular tren

michael mckee encumber say should robert kaplan of the dallas fed. the dallas fed. it is an interview. it is with chair yellen who does not mince words. for armer chair watched presidential tweets as she raised rates. she goes on to say, i have some reason to believe it might be a mistake to replace me. think about the history of this. we should not feel the financial stability glass is half-full. it is an extraordinary interview over lunch. the idea she is framing the ahistorical nature of our politics. they have no sense of the politics, of the history of the fed, do they? john: we have a president who may be goes out side the lane of monetarythorities into authorities in a way we have not seen. the fed is a resilient and independent institution. i think they will it ignore this noise. they will focus on fundamentals and keep raising rates and whether that brings along tweets , hikes untily rate we get a rate of adjusted -- rate of justin inflation isrease where janet yellen taking shots at the bar? the inflation rate is around 2% and it is creepin

maimed that conflict kaplan. constitution because by the trick of leave the statutes and brain are effectively becomes that give real already on that you i'm sorry to i'm sorry i'm sorry to interrupt but i just i want to go to gabriel for a question because i want to step back for a minute and take the wider view here when it comes to the region i want to talk specifically about the e.u. stance in europe's leaders have shown little sign a budging from their position that catalonia is independence is a matter for madrid is that stance going to remain well in my opinion that are here couple of die lemme sanaa of course related i'm in. the spanish state in itself and of course the spanish government house here a political problem and it's not sufficient just to throw the law as a as a nonce because it all has to be a swell you know adaptive shape a bill. towards the political things going on and of course as a huge there's an important part of the governance society that wants to have a referendum maybe they want to

eastern legal affairs correspondent david kaplan examines the judicial power of the supreme court. on afterwards at 9:00 p.m. journalist beth macy reports on the opa crisis in america. she's interviewed by jerry connolly of virginia. the nick bunker break counselor early life of benjamin franklin. we wrap up at 11:00 p.m. eastern with mit's deborah bluhm's report on the science behind and development of food safety regulations in the united states. that happens tonight i'll book tv. forty-eight hours of nonfiction fiction authors and books every weekend. television for serious readers. the full schedule is available on our website, but tv.org. >> host: robert, were showing the book, pu pope francis. >> the book is written mainly by economists. were writing it in response to the encyclical that came out a few years ago on the care of our common home. it's known as the pope's environmental encyclical. were trying to engage the pope in dialogue, a word he uses 25 times. hopefully fill in some blind spots that he has. we all have blind spots. that is kind of the aim. to fill in the bli

susan glasser, jack quinn, stuart kaplan are all here with me. we're going to get into it when we're going to get into it when we come back. ain! ahhhh! i can breathe again! ughh! vicks sinex. breathe on. -we're in a small room. what?! -welcome. -[ gasps ] a bigger room?! -how many of you use car insurance? -oh. -well, what if i showed you this? -[ laughing ] ho-ho-ho! -wow. -it's a computer. -we compare rates to help you get the price and coverage that's right for you. -that's amazing! the only thing that would make this better is if my mom were here. what?! an unexpected ending! buy it once and buy it well. the men who know things know this. worthwhile and well made are the qualities that attract them. because they know that a sea of mediocre will never yield an ounce of great. we understand these men - we make their shoes. allen edmonds. real shoes. save 15 percent off your first pair at any allen edmonds store or go online at allenedmonds.com. i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said goi

i thought kaplan was very important. steve talked to him this morning.lked about 2.75 to 3% as the fed neutral rate so right now we're at 2.25%. that implies three more rate hikes, maybe one in december and two more next year if the market comes to believe that that is in fact the consensus at the fed, i think that will go a long way towards calming some of the rate fears down obviously the market is not sure about that right now there are people arguing that the fed will be much more hawkish. i personally would follow kaplan and listen to what he had to say. >> curious, mike, what you think needs to lead at this point. does it have to be banks does it have to be industrials >> the banks have to stop going down they have to find some kind of a footing there in that sector deutsche bank down another 4% today on earnings, so it seems to be a global phenomenon right now with the financials. i do thinkthat honestly -- unfortunately, i think it's the same old leadership probably has to assert itself get reminded of what microsoft is able to do on an organic b

you see the angry faces and then kaplan behind them. kaplan is a long-time friend of kavanaugh.k zuckerberg and sheryl sandberg will lead today's all hands meeting at facebook. >>> you think elon musk would have learned not to tweet so crazeily. he's making fun of the securities and exchange commission online. he's already in trouble with the sec and now mocking the same organization. i talked to a silicon valley, one of their most serious leaders about musk's behavior, may yard webb says ceos have to remember you have to behave like a ceo every hour of every day. >> we learned early in my career once you're a leader there is a different standard. >> yes. >> but in today's world, that's 24/7, by anybody walking by you, anywhere. there used to be places you could relax, whether that was at a ball game or anywhere else. >> maynard and i will sit down and talk about leadership this sunday on "press" after "meet the press" sunday at 9:00 a.m. maynard was chairman of the board at yahoo! helped hire marissa mayer. he has a lot of great advice for all of us. >> the long history of it,

maimed that conflict kaplan. institution because that effectively the statutes and brain are effectively becomes that you have reporting on this that you i'm sorry that i was signing up but i just i want to go to gabriel for a question because i want to step back for a minute and take the wider view here when it comes to the region i want to talk specifically about the e.u. stance in europe's leaders have shown little sign of budging from their position that catalonia is independence is a matter for madrid is that stance going to remain. well in my opinion there are here couple of and of course related i'm in. the spanish state in itself and of course a spanish government house here a political problem and it's not sufficient just to throw nor as a as an answer because law has to be as well adaptive and shaper bill towards the political things going on and of course as a huge there's an important part of the cut in society that wants to have a referendum maybe they want to vote yes maybe they want to vote no but

facebook says kaplan was making a personal choice, not representing the company, but you can see where politics publicly mixes. as we were talking earlier, this is more than just left/right. this is men and women. this is allegations versus denials. >> many layers. >> many layers and tough for some of those employees to see their boss supporting a man they do not support and don't trust. >> it's hard to separate the two visually when you see someone connected to something. >> it is. >> he went to college with him? >> they went to college together, cavanaul kavanaugh an in each other's weddings and clearly kaplan believes kavanaugh. >> life before both of their careers. 6:15. >>> if you're waking up to learn your facebook account has been cloned, don't call victim to the hoax, that's a message from security experts. some users are finding post book on messenger or news feeds warning their accounts are hacked or copied. it recommends forwarding the message to friends. experts advise ignoring the message. if you want to check whether your account has been cloned just search your name on n

and to legal affairs analyst david kaplan whoseew book warms the supreme court has become too power. plus, the oscar-winning actor anthony hopkins, from nnibal the cannibal to king lear.

author robert kaplan is here to answer some of the questions you sent in.come and thanks for participating. fo it's a great pleasurme to be here, jeff. >> brown: good. i want to go right to the first question bec sse it helpset up what you are after. >> okay. why did you chooseto frame your argument in terms of the form of memoir of a road trip? >> memoir, policy --on i've nevera book like this. the first part is a memoir about my father who inspired me to travelthbecause he spente '30s traveling in 43 of the the second chapter is about a great forgotten american writer rnard devoto who traveled all over the country, wrote all about the settling of the west, but though he was a continentalist, he believed in america's international destiny world war ii, and putting deo to together with my father made me want to take my own road trip. >> brown: so you did d so and the next two chapters were about traveling literally from new england to san diego, and what i do there is reflect on everything i've a seng the way and try to understand what it means for america'

kaplan is a long-time friend of kavanaugh. mark zuckerberg and sheryl sandberg will lead today's all hands meeting at the company. >>> you think elon musk would have learned to tweet more carefully but he's been making fun of the securities and exchange commission online. as part of the settlement with the sec, musk agreed to step down as tesla's chairman. now he's mocking that same organization. i talked to a silicon valley, one of their most serious leaders about musk's behavior, former yahoo! chairman maynard webb says ceo's have to remember you have to behave like a ceo every hour of every day. >> we learned early in my career once you're a leader there is a different standard. >> yes. >> but in today's world that's 24/7, by anybody walking by you, anywhere. there used to be places you could relax, whether that was at a ball game or anywhere else. >> maynard and i sat down for a conversation about leadership this morning right after "meet the press" sunday. he's also on the board at sales sports. he's at yahoo! and yahoo!

allegations on first blush the white house certainly blocked access to millions of documents from judge kaplan on this record i know that and ensured that ninety percent of his e-mails and memos were available so the facts do not support the allegations levied judge cavanaugh's character as read many of the facts actually support judge kavanagh's strong unequivocal that although democrats and senate minority leader chuck schumer was equally convinced of the opposite i disagree with senator grassley statement that there was no hint of misconduct. and third we are reiterating our call given how limited. this these documents were and how limited the scope of this investigation was. we are reiterating our call that the documents with proper redaction be made public why shouldn't all of america see the facts the report which opens the way for a vote on cavanagh's nomination in the full senate when republicans hold a seat majority that could now take place as early as saturday to washington then where we join id to view correspondents. who joins us from the u.s. supreme court to welcome. what have y

maimed that conflict kaplan. situation because that effectively the statutes and brain are effectively becomes that give reporting on this that you i'm sorry to i'm sorry i'm sorry interrupt but i just i want to go to gabriel for a question because i want to step back for a minute and take the wider view here when it comes to the region i want to talk specifically about the e.u. stance in the europe's leaders have shown little sign of budging from their position that catalonia is independence is a matter for madrid is that stance going to remain. well in my opinion there are here couple of and of course related i'm in. the spanish state in itself and of course a spanish government house here a political problem and it's not sufficient just a throw nor as a as an answer because law has to be as well adaptive and shaper bill towards the political things going on and of course as a huge there's an important part of the governance society that wants to have a referendum maybe they want to vote yes maybe they want to

the committee is comprised of myself, eric rosengren, and rod kaplan from the data -- rob kaplan from the dallas fed. so we are really beginning the process now to assess the priorities that the committee should be focused on. i do not have anything for you on that today, but maybe in the future. >> i would love to have a future visit. presumably there is some reason why you have the committee, right? the communications subcommittee has been in place at the fed now for some time. it takes on a range of issues. early committees took on economic projections or the consensus statements. so the mandate eve also as circumstances evolve. >> all right, thank you for that. in moving in the day today -- i know i would be remiss and you would be remiss, given recent events, what do you think of the market movements this month, this week, the past 24 hours? how should we think about that as monetary policy things? the monetaryth policy things, which i think are very solid. rapid growth, strong labor market, inflation in line with the goal. that is a positive. that said, changes in financial cond

michael mckee sat down on friday with dallas fed president robert kaplan. ♪ >> what do you make of whaton in markets lately? >> well, i'll avoid in this position commenting too much on market changes, other than to say some amount of volatility in the markets, an up and down, i think is typical. the one thing i would comment on is i watch earnings reports and talk about 30 ceos a month. i think the story is consistent. input costs are higher across the board. labor, materials, steel, um, and companies are struggling to know whether they can pass the savgins on or whether they can get margin erosion. i see in the earnings reports a consistent story. >> is there a level change, where something would cause you to believe that the fed should slow down, take a pause, not move in december? >> am looking for is what impact and what this all indicates about the strength of the underlying economy, and also the impact on financial conditions. it's not a market move up or down per se, it's still what is my outlook for the economy, what is my assessment of financial conditions in the economy that m