and of course in our view when we look at these things a lot of these costs are lowballed. i chose 10 of them to give you examples of what employers have defaced. these are the government's own calculations -- $3.7 billion, $677.9 million, the initial year, $245.1 million -- many of you are familiar with this, affirmative action -- $200 million, honestly i just picked these, but you could go on. these are the government own calculations. these are the kind of costs which does have an impact on ability to growth and hiring workers. i won't spend a lot of time on this but the fact of the matter is the department of labor the -- notoriously lowballed the cost of the regulation. this is the persuader rule, people who got to organizing campaigns have to worry about. that is ridiculous. everybody that has any sort of hr relationships with employees, and lawyers they are related to , organizing and have to comply with this. but if you don't comply you have to read the regulations to see that you do not comply with it. all of that costs money. we came up with the figure $89 -- $289

i won't spend a lot of time on but the fact of the matter is the department of labor lowballed the cost of the regulation. the persuader rule, people who got to organizing campaigns have to worry about. everyone with any sort of hr relationships with employees that are organizing have to comply with this but if you don't comply you have to read the regulations to comply. that costs money and lawyers and consultants have to supply regulations so we came up with $89 million, more than the department of labor but i can tell you the case came out of the federal district court in which they roundly trashed the department of labor calculations noting regulation was effective to its core. this regulation is held up with an injunction and we will see where that goes. the deck and being made on costs is an interesting decision of 150 pages but the judge looked at cost estimates and said they were badly off. same with overtime regulations that came out. dol estimated $67.9 million, we estimate 6 billion and that is a big differentiation, dol estimates it will take a manager 5 minutes a week to ma

of course, now view when we look at these things, they love these costs are lowball. i just picked about 10 here to give you some examples of the things employers have to face. we're talking real money. these are the government's own calculations. 3.9.7 billion,'s -- billion, 677 9 billion -- million,initiate, 201 87 billion. affirmative action, turner said he 2 million. affirmative action, turning million dollars. 10 of thenk these bigger ones. you can go on. these are the government's own calculations. these are the kind of cost employers have to occur -- incurred. incurr. -- the fact of the matter is that this department of labor notoriously low balls the cost and regulations. this was the so-called persuader role -- rule. people who got to organizing campaigns have to worry about. everyone with any sort of hr relationships with employees that are organizing have to comply with this but if you don't comply you have to read the regulation to figure out if that -- if you have to comply. that cost more. that costs money and lawyers and consultants have to supply regul

and of course in our view when we look at these things a lot of these costs are lowballed.of them to give you examples of what employers have to face, the government's own calculations -- $3.7 billion, $677.9 million, the initial year, 245.1 million -- many of you are familiar with this, -- $200ive action million, honestly i just picked these, but you could go on. these are the kind of costs which does have an impact on hiring growth and workers. i won't spend a lot of time on this but the fact of the matter is the department of labor the torah silly -- notoriously lowballed the cost of the regulation. this is the persuader rule, people who got to organizing campaigns have to worry about. that is ridiculous. everybody that has any sort of with employees, they are related to organizing and have to comply with this. but if you don't comply you have to read the regulations to see that you do not comply with it. all of that costs money. figure $89with the million, more than the department of labor but i can tell you the case came out of the federal district court in texas, in w

now that their lowball, their leading the charge with the post-brexit bounce. julie: a shocker. which small cap etf's are we talking about? >> this is the one everyone reaches for. let's go over the trading volume . it is unbelievable. it trades $2.5 billion a day. looking at the holdings of this etf, tracking the russell 2000, it tracks the top 25 small caps combined. the reason this is so popular is because the spread is one basis point. it is almost free to trade. if you were to buy or sell the basket of 2000 stocks it would cost 25 basis points. a lot of people will use this for the trading pop. it is pricey at 20 basis points at expense ratio with a lot of mid-caps. it is 40% mid-caps. a lot of people are using the small-cap which is smaller, tighter, and 14 basis points. this has led flows in the past three years. even though iw when is king -- iwm is king, this is eating into its market share. mark: a quick peek at the german 10 year, it is above zero. it is positive. check out my chart. we are at 0.003%. this is significant, highlighting the upward move

this is feeding back into stocks in europe and the united states where we are poised to break the lowballk for the s&p 500. in all talk about that moment. the s&p down by 24 points, more than 1%, being led by the interest-rate-sensitive groups. courtney collins has more fro midtown manhattan. courtney? ordinate: the nasdaq is moving lower him down for a second .traight day, down over 1% it is saying the biggest intraday drop in a month. this selloff is coming after the nasdaq hit 2 consecutive all-time highs of tuesday and wednesday here one stock moving the nasdaq lower is sky works, 5% biggest lagger, down over here the number two client is samsung. it could be feeling the fallout from the samsung recall of the note 7 yesterday after the devices could explode or catch fire when charging. the faa is suggesting that people do not bring those devices on airplanes of the u.s. luggage.hem in samsung had to recall all $2.5 million from when they were shipped. following ind be sympathy. i'm trying to find a bright spot, and that is a lexicon pharmaceuticals, up 18%. the biggest gain in 10 mont

look, i think the company can beat the estimates, and gave a lowball guidance.fair is spending a fortune to build out their international platform along with the distribution system. long term they had pay off, but short term are costing -- on top of that, i keep wonder if maybe furniture is we have those things that's better sold in person. you want to lie down or check it out, right? you know what made me think this, marvin ellison, he called out furniture as one of the company's strongest categories in the company's lates quarterly announcements. you know what? basically saying, look, you probably watch to try it on before you guy. in short, i think there are too many worries to jump into a battleground name. no need to be a hero especially in the end furniture is the -- something you can't get from browsen on one of these wayfair web sites. one other thought, we like recent at home. good business model, we like the bricks and mortar style, as much as we don't like web furniture, but it's one to watch. even though we know consumers are buying furniture, like

. >> here's where we'll be important when they go lowballing each other and she starts saying -- that'sre the debate moderator has to step in and say it's like a prize fight. break it up. charles: i guess the question is where sabill going to be this one? >> hole does not care what his peers think about him. his predecessor brian williams slow jam the news with allen and updates up with letterman. i think he is one of the last old-school newsman that are out there. with that said i wouldn't have said the same thing about candy crowley in 2012. don't you want haymakers? >> i don't think trump want haymakers. i think he wants temperament. if these boring you wince. charles: we will note a couple of hours and we have the main event coming up. donald trump arriving a short while ago ago and you can see the beauty of air followed by his vice presidential nominee governor mike pence. so here it is security of the nation and direction of our country, those are the debates for tonight. we'll debate those and maybe something that's may evolve on their own. we will be right back. sprint? 'd thing

lowball three, his wife alley and inexpert feel dresser examine what was left of the snake, she found baby jackrabbits inside the snake and extracted them. 3-1 pitch. >> everybody has to do a number of things when they do their job. you are used to talking to one person, but that is the seamless -- right? >> he's 88 years old. you know what the good thing is? i grew up and i used to be a thing bash i can remember myself, i've never been a sports fan are live without vince scully. used to go in the backyard in san jose and that was the big treat, if you dialed your radio around at night, they had a 50,000 watt and get half i radio -- if the radio at night, and you listen to him it was just incredible. if you get a tape of him 40 years ago, he still sounds close to the same now. >> for me, i'm not crazy about the gains -- >> how about when they cheat like they did last night with the giants? >> i prefer to hear -- it's more exciting to me to actually hear it will open through like that and it's more entertaining for me. >> that's because you got a good head for the game. some people, i

i try to lowball that to be conservative in my estimate. mark connolly: it's important to focus on how we move the state forward. it's because of the scale of how much it hurts the state. the rest of us. it's a great way to keep taxes low. >> we've got to move forward. dave: it has been three years since the state settled a major lawsuit over the treatment of granite state. granite state. agreeing to spend an additional july issued a scathing report seeing the state has failed to keep its promises leaving patients without treatment. m -- appropriately institutionalized. how will you approach this problem? starting with mr. marcia? seriously the fact that independent parties have looked at this and come to the conclusion that while there has been progress made, it's not the kind that has been aspired to. i can look at a number of issues but something i said a moment ago, it's hard to look at the evaluation of the independent party. part of the problem in the report. quantity of service. some of the best practices being employed. i am a guy -

. >> you lowballed it. >> as long as they can prove you wrong, they're happy. 550% increase of people coming from syria and that part of the world. we can't do it. i want to build safe havens, and we'll have other people build them, we'll have other people fund them. we'll lead the charge. barack obama has doubled during his fairly short period of years, he's doubled our national debt. doubled it. it's going to be close to $20 trillion when he leaves. $20 trillion. so we have to get rid of at least a good portion of that. so we're going to have other people. we're going to have the gulf states pay for this. because we're going to build safe havens. look, we all have big hearts. we just can't allow these people in our country until we find out what's going on. we can't do it. we can't do it. [ applause ] >> and i think that also, as you have said, that they also impact our health care system. they impact all the other costs. it's very, very important. you have illegal immigrants, i hate to say this in this room, you have a lot of vets in the room, but you have illegal immigrants that s

usually a campaign tries to lowball its candidate's performance.t wasn't the case today with trump's campaign manager, kellyanne conway. watch this. >> i can understand why the clinton camp is very nervous because donald trump's got great presence, stature. he's a brilliant debater. newt gingrich put it best. the former speaker recently said donald trump is the best debater he's ever seen. he's like the babe ruth of debating. he really shows up and swings -- and does a great job. >> the babe ruth of debating. well, that's not underselling your candidate. meanwhile, the pregame taunting has begun. mark cuban, the billionaire trump critic, tweeted he would be in the front row tomorrow night at the invitation of the clinton camp. trump countered by saying he'd bring in gennifer flowers to lighten things up. today kellyanne conway and mike pence both said flowers had in fact not been invited. in all fairness to both sides, the main attraction tomorrow is donald trump. and the question how he behaves, in fact even the clinton camp is selling the story t

there is a reason for twitter to lowball itself at this stage, having some talks. correct, for sure that number would come closer and closer together. what is interesting is that twitter is at least going through the actual process of being told ok, here's what we expect. we want to hear a bid for you. this was kicked off on friday from a sales force initial interest. there is perhaps some strategy there to say -- let's start the process and flesh out the interested buyers to see who's there. will google jump in at the end? google has an existing search partnership right now. maybe they jump in at the end, we will see. vonnie: this could get exciting. david: still ahead, options insight with building materials companies at 41% today. ♪ david: this is "bloomberg markets." vonnie: time for options insight. julie: joining me today for jim shooterght is of mk am holdings. i want to talk about the two big news events of the day. one of them that we have been talking about a lot is the debate coming tonight. as has been talked about throughout the day, interestingly my t

scarlet: talk about the popularity of these lowball etf's, only to run into trouble about volatilityle of days. ken: that may be true, they don't always perform day by day is you might like. but overall, the new smart data indexes, which include low volatility, dividend, fundamental indexes etc. action to perform quite well. for example how the dividend index provides 50% more dividend yield than the standard benchmarks. and by a large, the lower volatility indices do provide that low volatility over time. matt: you are hoping investors are not just trading in and out of these in the matter of hours, but actually thing about it and making investment decisions. of the problem retail investors have is jumping out too soon. scarlet: thank you. next, goldman sachs says investors are missing an opportunity in a certain group of stocks that are set to benefit from high rates. we explain more in today's chart of the day. this is bloomberg. ♪ scarlet: this is "bloomberg markets," i'm scarlet fu. julie hyman with her chart of the day. julie: i would walk into the chart of the day. let's take

deutsche bank came in with a very different lowball offer.nd the problem is that if you go back over the way these were litigated previously, everyone knew, don't say anything to the press. deutsche bank has been as naive as i think some would say wells fargo's been. they don't know the power of government. >> they're not dealing from a position of strength. we've talked often over the last few years about holes in the balance sheet. others have wondered. it is incredible to look at the balance sheet of this bank versus market cap in terms of, a, one is enormous and the other is so small. but if the german government is not going to come to its aid, does it have the wherewithal to understand the pressures from not just regulatory fines but more importantly eroding assets on its balance sheet? or is it taking moves it needs to? >> good question. one thing about the justice department the last go around, tony west, who's now the general council of pepsico, looked at the reserves. he looked at what they could pay and he arrived at a figure. now,

the high-yield, lowball trade pulled back some.een high beta groups, technology break out and again until basically friday. 7%, butull back, 5% to i think we will be making higher highs later in the year into early 2017. jonathan: let's talk into the high beta groups you just laid out. and evaluations of what we used to call the safer assets. the question i have been exploring on bloomberg radio and bloomberg tv is how you look at these markets and navigate things when the most risky assets currently are ones we used to perceive is the safest? doug: i think you grow your teeth and go for the more cyclical, higher beta trade. we've done a lot of work on the valuations of those safe havens. it is stunning to see how high they are on a relative basis with the market so close to a new high. utility stocksic trading at 22, 23 times trailing earnings. we look at a premium of low whole versus high beta. six weeks ago, you reached a ratio of almost two to one, in other words, double the multiple on safe havens versus the high beta. that's

that's steve moore for you -- >> and by the way, donald trump thinks i'm b you know, lowballing the numbers [laughter] steve, thank you very much, sir. >>> look at this, boeing going to make some change on the plane. could combat jet lag. now, i want to hear about that. >> jet lag's really bad, nausea, people have a long time recovering from it, so it has the dreamliner, right? that big plane. and they realize that it's made out of carbon fiber and plastic, not aluminum. they realized they could change the pressure, the air pressure inside the plane so to, basically, have more oxygen in there, that the material used to make the plane can take the change in the pressure inside the plane, and they could end jet lag as we know it. that's the word on the street. stuart: end jet lag as we know it? i thought it was all a problem with time zones. when i come back from australia, it's 17 time zones. [laughter] work around that one, if you can. >> that would be great. stuart: check that big board, high of the day. right now it's up 68 points at 18,153. a couple of big names, we check them all the ti