without mike milken, t.d gulf, unical and phillips petroleum. >> he said if you really want to take over gulf, it's going to cost you $13 billion. i said, yeah, i get it. and he said, i can get the $13 billion. >> he's the guy that t. boone pickens goes to and most people haven't heard of him. >> that's the way he likes it. he doesn't care about publicity and pride. he just cares about doing deals and having power. >> he was this shadowy howard hughes-like figure that you never saw, you just heard. "it's milken." >> it was milken's genius that created an entire market and fueled this takeover phenomena. >> we romanticize these characters. the fact of the matter, these are fat cats, first cousins to the financial manipulators, the robber barons of the late 19th century. >> they're trying to make a buck by doing nothing and putting people out of work. >> economists agree that some unemployment, some hardship is unavoidable in making the united states lean and mean again. but the takeover specialists call it co

was that they're starving they are kids asking for milken fades it's hard to get to them. rescuers continue to pull people from the water thrown to the island. however with dozens missing and many villages still underwater be warned of a number of the dead will continue to rise. beyond germany's foreign minister who has called for the united nations security council to give greater attention to the link between climate change and international peace and security moss was inaugurating germany's two year rotating membership on the council and he's made climate change one of his key priorities here's what he had to say climate change is real it is having a clovelly impaired. and it is increasingly becoming a threat to international peace and security this is why the debate about the policy consequences of climate change belongs here in the security council it must become ruthin for us to take the link between climate and security into account in all conflict situations i'm joined now by our correspondent oliver salat in new york city all over this was his first ever appearanc

of these before with a corporate debt collapse in one thousand nine hundred seven after the mike milken and introduced all junk by. phenomenon and that topped out and all the corporate debt you know collapsed along with the algorithmic kind of dysfunction between chicago and new york and they had a computer generated crash but we know that looks like and it is swift and it is powerful and it can drop quickly twenty two percent in a day as was the case on october nineteenth one thousand nine hundred seven well i think you're going to see the end of the that whole facade and all the stock buybacks because i think debt will no longer be easy to generate they've been borrowing for zero percent buying back the shares but popping up the share price taking that companies private i think twenty nine thousand will be the end of that but it will be an end of a lot loris as well so i think we'll see that that come apart sounds all very fantastically interesting well we're going to take a break and when we come back much more coming your way on this new year's day january one thousand nine hundred

rating it's because you commercially immoral and we see very few of those mike milken made immorality chic and profitable by creating original issue junk bonds of the one nine hundred eighty s. and that lesson has been picked up though globally let's all create junk because nobody's going to stop us well the result is though a huge pushback and i want to say the fake cash point comes where the accounting from these corporations that are all triple a or double layer above a plus in china they have defaulted on bond payments even though their cash balances allegedly way bigger so fitch ratings is asking like how are these companies the faulting when they have way more cash allegedly so it looks like it may be fake cash but this is the thing about totalitarianism is like you know the emperor never you know nobody could ever point out that the emperor has no clothes and that sort of society well you know in a second break but confucius said capitalism is great on the way but that's a great of the way to. go take a. stay right there don't go away. from . the stand. alone one has. a good i'

look at what was happening in the american economy in the early '80s it was a timee of like michael milken and leveraged buyouts and performing financial engineeri engineering. i think it was back more than a grandut operational thing that drove him. >> you almost wonder now if he wasn't watching the stock a little more closer if there would be a different solution, a different scenario. >> people certainly wondered that a few years ago when the stock had been done by 50% in two years and they still claiming he had capacity. it's hard to believe he would allow that to happen. >> let's talk about the latest generation. you mentioned his daughter and her path could have in a way mirrored the brother. at one point she was running the theater very hands-o hands on ad expanding internationally and then at one point her father publicly was criticizing her business acumen and almost ready to buy her out and then she cups running out so what have we learned about her drive? >> she is her father's daughter. i think we've all learned that if nothingerer else. you should not underestimate h her. she'

the milken institute says provo and its surrounding areas are seeing big-time job growth, thanks if partg focus on technology. >> you have definitely not been sanguin about this topic >> we are looking forward to this next year and looking at potential half a billion dollar infrastructure deal. here's why >> every year i say are we going to get this deal they say yes, and nothing has happened >> it's a little like shark week is it going to be infrastructure week infrastructure week was starting last week. >> with that, the head of the infrastructure committee has come oe options to help fund this bill the key thing is everyone supports infrastructure, but it's just how do you fund it >> okay. because, well, first off, we need an operating government to get that done. assuming the government will at some point reopen here, all we hear about is so much other stuff besides infrastructure, so what you are saying is if i'm hearing you right, catherine, is that there are some wheels grinding behind the scenes >> absolutely. one of the key things is the federal highway bill, which is a multi-ye

economics at citigroup and former senior economist at the new york fed, now chief economist at the milken institute. right away, i need to know your reaction. the markets are definitely winners here. >> i'm pleased because i think the fed's previous messaging gave a lot of investors, a lot of folks in general, the impression that they were somewhat out of touch, and they assumed that the economy was strong enough, that the balance sheet reduction could remain on auto pilot, they could continue with advanced forward guidance in terms of interest rates and were of a mindset that interest rates were set to go much higher. that's all been taken away. they have also removed the language suggesting that the economy is strong which i think is absolutely right. i read some other folks' research where they are questioning that. i think it's absolutely right. look what's happening to housing. look at this morning's pending home sales data. it's not an aberration. it's been weakening for nine months. look at what's happening in the manufacturing sector. it fell more in the month of december than any

again, i follow michael milken's career. it's an 18 year odyssey to remake himself.security charges. rudy giuliani even put it out there. it's kind of interesting that he makes this call to goldman as this is going on, whether he stands a chance with president trump to get a pardon. the president has been mum on that. there's clearly people on wall street like michael millen and 18 years he's real building his reputation it looks like he's done a pretty good job of it. back to you. neil: all the stuff you associate with that period of time. -- >> technically a flood and from what i understand it's something that he wants. you know, you and i and journalists will debate forever whether he deserves it, whether he was the evil guy. two schools of. they said he was a very bad guy. his creation of the junk bond market in the leveraged finance buyouts is bad for the economy, bad for the mark out. i more or less subscribe to this at to this that this guy was a visionary. he brought a lot of great companies public. and by the way, they reduce discharges. he only went away fo