you do not need me to say that right now, matt winkler. tt: what is so troubling is that turkey was an economic star for the past 10 years, and suddenly that is gone. when you see something like this, it gives you a lot of pause to wonder, what is really happening inside this country? it has been one of the few bright spots in the middle east consistently over the 21st century, and even that part of the story is now unraveling. jon: talk to me about what is happening politically in turkey. everyone knows about the tension between the president and the central bank. but what about the rest of the government itself? matt: the government unfortunately is becoming increasingly fragmented, because the economy itself is fragmented. erdogan sword because the economy was just getting stronger through the first a kid of the 21st century. suddenly, that is not happening. so you have political tension exacerbated by this economic distress. then when you have terrorism or whatever we are seeing now unfold, that only makes it worse. ,avid: across the wi

matt winkler says hang on. don't count your gold bars yet f history is any indicator, gold has yet to find a bottom. he joins us to explain us. his new column, great piece. tell us why this -- we shouldn't be looking for a bottom yet here in gold? matt: two long-term trends are continuing unabated. one is inflation is way hent. everybody knows that. the second is since really the 1980's there's been ever more coordinated central bank authority. monetary authorities globally are more coordinated than they have ever been. those are two big threats to gold's rise. also represents stability in the financial system. then the third thing is that when you look at the federal reserve and you look at its relationship with the markets and its stability of assets, the volume tillity -- volume till -- volatility in the market, under janet yellen, is well below what it was under ben bernanke. betty: guys, can we pull up that volatility chart in our bloomberg? it shows that. it was quite high. we can see here in the green th

david: matt winkler? matt: i could not resist the japan story.torically, the bank of japan and the government have not always been in sync with each other. what you are seeing right now is actually the bank of japan and abenomics literally coming together. i think that is what the market is most interested in, because markets do not like uncertainty. they like certainty. what you are getting is something more certain about fiscal monetary policy. stephanie: shouldn't that be a positive? matt: yes, i think it is. the stock market rallied, the end is lower. that is what the fiscal policy is trying to do. so is the monetary policy. david: i want to take us back to oil. glencore has four supertankers part in malaysia. 8 million barrels of oil. to ownp to seven dollars a barrel of oil tomorrow as opposed to today. so there are 8 million barrels parked on the ocean. stephanie: this is when glencore is asking themselves, why didn't we just trade? now we are storing oil off singapore. david: if you look this morning, the value has gone up. stephanie: the

budget deficit down, read matt winkler's column today in bloomberg.people don't feel it. people feel the country is headed in the wrong direction, his popularity is low, people feel that the economic recovery has been very uneven. so, it's a real contradiction that he faces tonight. he'll try to emphasize the former. >> margaret, foreign policy, national security will be an unpredictable terrain for the president the remainder of his term, on domestic policy, what is the best case for the white house, what the president can get done through executive order or through legislation this year? >> there's a handful of things that the white house really wants to get done going forward. and on the domestic front, they include things like not -- probably not major gun control reforms, but at least perhaps some areas involving poverty and a meeting of the minds of the republicans on poverty. you heard house speaker paul ryan and republican presidential candidates signaling that over the weekend. and a little bit on, similarly, this issue of criminal justice re

we have a special guest, a man who always walks on the sunny side of the street, matt winkler.to cover, but first let's get you to vonnie quinn with first word news. vonnie: thank you so much. round overt flew age top of a u.s. air

alix: that was matt winkler. in case you missed anything, you can see our commentary at view go.y-gritty details about the president's speech tonight. kevin is live on capitol hill. what will be the buzzwords wall street will be looking for? kevin: what wall street will be looking for tonight is to see what president obama says about continuing the implementation of dodd frank. while the american economy has been performing better overall than its global counterparts, there's been concern about wage stagnationwage for the middle class. this is a huge 2016 part of the story. look for president obama to try to set the tone. he feels he will be able to get wages to increase. alix: looking for some kind of concrete plan. the gun debate is going to be a huge topic. we saw president obama get emotional last week. what do we expect to hear from them? is unablesident obama to pass any kind of universal gun reform legislation. it is not going to happen this year. politically speaking, the democrats view this as an opportunity -- alix: you are back. we are having technical difficulties. we