brian moynihan: it is solid.rter, allirst of last year wishes and a quarter out. -- all of last year it was shifted a quarter out. >> sequential increase or decrease? brian moynihan: we will figure it out. the whole quarter is made in september. we are ok. [laughter] >> a couple questions about regulation. the treasury department has proposed reforms for banking and can be accomplished without congress pretty if secretary mnuchin got everything done outside of legislation, what would it mean for your bottom line? brian moynihan: it would be good and good for society and good for america. , there arek about three or four things important of what is going on. everything specifically to -- erik: specifically to you? brian moynihan: the rules that were going on now have been pulled back and there are rules that have to be changed and actually legislation. if you look across, what the secretary did got input from investors, analysts companies and said here's a set of principles whiffed a fix for the key ones are capit

brian moynihan tells bloomberg the probability of getting tax reform is high.ore on that opposition throughout the program. matt: we are less than half an hour away from the start of european, equity index trading and equity trading as well. take a look at futures, gains across the board, stoxx 50 up .44%. , continentale cap index futures are putting up stronger gains then we see in london. take a look at bunds, we could see a signal of a risk off day, i have the three-day chart c can see the trend but if i take it down to a one-day chart and zoom a pop can see that we had in yields as investors sold atds and we see the yield .37. guy: we have been talking about it, is this the eighth day higher? it is. prices continue to move higher. unfortunate unless you happen to be one of the european refineries that is making a lot of money out of this trade. it is a derivative of this horrible story that is taking place in texas and louisiana with texas -- gasoline continues to rally. as we havell today, talked about and we talk about later on, they are shutting the colo

the ceo is brian moynihan.epeated an interview that he made days into donald trump's presidency. washington should focus on reforming the u.s. tax code. interview,anging moynihan spoke about his plan for an eu hub in ireland after brexit. >> we just moved our operations in europe to dublin. dublin has a tax rate which is half of what the u.s. tax rate is. you are trying to get competitive. there are two basic principles. so that people did not shift money outside of our country. 30 is ago when people talk about tax reform, the global economy was not what it is. i can get raw materials, i can build whatever it is and i can sell it outside of the united states. 30 years ago, much more demand was in the united states that means money is going to be out there endlessly make it more equivalent to bring it back. >> them accredited the republicans agree on a need for tax reform. the question is when is it -- democrats and republicans agree on a need for tax reform. the question is when is it going to happen? >> i have

. -- senator moynihan. did that come about? it was a connection that marty was very pleased to have, but it didn't come through him. the president was on a plane with senator moynihan going to a democratic function in the city. he said, "please tell me, who would you pick for the supreme court?" and senator moynihan said, "well, mr. president, i'm not a lawyer, so you shouldn't be asking me that question." the president said, "i value your judgment. who would you pick?" senator moynihan said ruth bader ginsburg. why? because the long-term dean of harvard law school thinks she is very good. and this is the dean that said i could not have a harvard law degree because i didn't stay there for my third year. life is -- so many chance things occur and you don't know whether they will turn out to be good or bad, but this one was certainly good. there was a celebration of the court of the 50th anniversary of the building. so the building was completed in 1935, and this was 1985. dean griswold was solicitor general.

coming up at 3:00 p.m., an interview with brian moynihan. from new york city as we are counting on to that interview and the cash open, futures stable and positive, you are watching bloomberg tv. ♪ ♪ is bloomberg daybreak. i'm emma chandra. ceos official, the expedia has been named the new chief executive of uber. this is concluding a surge to replacetravis kalanick. calls it anshahi opportunity of a lifetime. the central bank in russia trying to keep a crisis from spreading. a government-backed fund set up by the government of russia -- which a month ago was the largest private lender. the rescue prompted the central bank to provide funding to other banks to contain the crisis. and economic confidence in the euro area has risen to the highest level in decades according to a european commission index of industries and consumer sentiment. european central bank policymaking next week will decide whether to pare back the stimulus. that is your bloomberg business flash. jonathan: the euro is in focus. breaking another level since the first time

plus, brian moynihan. what he says about the prospects for tax reform, next.s is bloomberg. ♪ david: welcome back to "bloomberg markets: balance of power." mark crumpton has the first word news. mark: nearly 2 million texans have been evacuated due to harvey that's according to elaine duke. and there in shelters goal is to move people from shelters as quickly as possible. happened crested yet and may peak by saturday. full people are dead and 14 others injured after a five-story building collapsed in india's financial capital of mumbai today. another 25 people are trapped in the debris. helped pull 13 people out of the rubble. buildingsof mumbai are more than 100 years old. they are reportedly at risk of collapse following the heaviest rainfall the city has witnessed in more than 15 years. local disaster management officials say heavy flooding in the indian state has killed over 500 people. beeneds of thousands have housed in relief camps across various states in northeastern india following the seasonal monsoon rains. the u.s. state department is telling russ

brian moynihan tells bloomberg the probability of getting tax reform is high. more on that opposition throughout the program. matt: we are less than half an hour away from the start of european, equity index trading and equity trading as well. take a look at futures, gains across the board, stoxx 50 up

ceo brian moynihan sits down with erik schatzker at 3:00 p.m. eastern. find all of our charts on tv , functionality, charts, and much more. more to come, this is bloomberg. vonnie: it is 1:00 in washington. i am julia chatterley. welcome to bloomberg markets, balance of power. we focus on the economy. here are the top stories we're watching at this hour. one day after visiting storm-ravaged texas, president trump is traveling to missouri to take on a storm of the political sort, convincing americans to support tax reform. is the u.s. out of words for the latest north korean provocation? president trump seems to think so. we will talk about what that means for american strategy toward north korea and kim jong-un. executive david olson wants donald trump to pardon michael milken. we will speak with him on his request later this hour. let's kick off with the bloomberg first word news with mark crumpton. mark:

said,nator moynihan "well, mr.sident, i'm not a lawyer, so you shouldn't be asking me that question." said, "i value your judgment. who would you pick?" moynahan said ruth bader ginsburg. why? because the long-term dean of harvard law school thinks she is very good. and this is the dean that said i could not have a harvard law degree because i didn't stay there for my third year. so many chance things occur and you don't know whether they will turn out to be good or bad, but this one was certainly good. there was a celebration of the court of the 50th anniversary of the building. inthe building was completed 1935, and this was 1985. dean griswold was solicitor general. he was to make a speech about great advocates before the court. by 1985, he realizes that he can't have a list that is all men. so after he finishes with thurgood marshall, the next person he mentions is ruth bader ginsburg. justice sotomayor: when i went through my nomination process, i was told that everyone should d a marty ginsberg as a muse. [la

here is what warren buffett told david westin about brian moynihan.iney currently, they had a lot of trouble in the past. some were expensive to solve, some were time-consuming, but i knew he would get the job done. take you to the bank of america financial center where brian moynihan joins our editor at large, brian moynihan is ceo and chairman of the of a -- of b of a. >> thank you so much, scarlet. brian, good afternoon. brian: good afternoon. nice to see you. were: as my colleagues just mentioning, warren buffett has just become your largest shareholder, imagine from your point of view that is a good thing. let's start off with the issues of the moment. i think our thoughts and prayers should be with our friends in texas, now you see the storm moving to louisiana and other places. it is not over at all and we have been working hard to make sure they are safe here to let's make sure our teammates in america and no -- america know we are pulling for them. ,avid: what has it meant hurricane harvey, so far for bank of america? have you had to do a dam

brian moynihan saying it will be hard to reach 2% growth here, and warren buffett said the recent marketrder to find bargains. ♪ yvonne: a busy eco-day for all of us in the u.s. as well as asia. china pmi coming up a couple of hours ago. we saw some pretty good industrial production numbers for the month of july. one of those economic tigers in the region, 2.7% economic growth for south korea right now. fundamentally.d a lot of talk about how much kobe -- can can wg wgo be? justs it going to rile not the market but also the economy? we're expecting economic forecast also. betty: it's interesting with south korea, in some ways it's allows the economy and the markets to remain resilient in the face of asernal factors including, we've been discussing the last several days, these geopolitical tensions with north korea. that continues to allow south as one of those tigers in asia. in the meantime, let's get to first word news with haslinda amin in singapore. >> good morning, the floods in texas have halted shipments of liquefied petroleum gas which account for more than 90% of u.s. exports to

the conversation with moynihan .. ♪ francine: this is "bloomberg surveillance" with tom and francine from london and new york. texas is still being lashed by rain. thought thatmp the response hurricane harvey would serve as a model. the flooding has crippled the heart of u.s. energy production and has put as much as 30% of america's mining power at risk. let's get more on all of this from the business perspective, without forgetting the tragic loss of life. our energy correspondent is with us. still with us is peter schaffrik . javier, first of all, let me go into the chart you very kindly showed me. this is a spread between gasoline prices for october and november and you see a sharp spike up. >> that is indicating the market is expecting a very strong tightening of the gasoline market in the united states, particularly in the new york area. that is happening because the united states relies on gasoline produced in texas and louisiana and the refineries had to shut down because of flooding related to harvey. the sit

daniel patrick moynihan of new york wrote more books than most candidates had read. today's guest former house speaker newt gingrich has written even more books than senator moynihan but remember there are more house members then there are senators. speaker gingrich is to talk about his latest book sublight. he will speak for 20 minutes and then take questions from the audience before he signs the book. proceeds from today's event benefit the national press club journalism institute the club's nonprofit journalism training. before we begin please turn off for silence your cell phones. i would like to acknowledge the members that they headline team responsible for organizing the event and if you are in audience please stand be recognized. lisa matthews, roy rousseau beale pierced frank masson no and staff liaison lindy underwood. thank you all. [applause] i first met speaker gingrich 40 years ago at a town hall meeting he was holding outside atlanta. cuomo never did run that speaker gingrich did in 2012 and for a while led opinion polls for presidential nominations. i

are joined by brian moynihan. manus: the eu calls for frexit. secure this is bloomberg. ♪ frexit approaches to this is bloomberg. ♪ -- the deadline to secure is the brexit approaches. this is bloomberg. anna: welcome back. 821 in paris. that's have a quick look at the markets. we are expecting the equity markets to go higher. a turnaround during the session in the u.s. yesterday and the asian session looks more risk on than it did this time yesterday. we are expected to be of by 1% at the state of european trading and seeing the opposite moves from that, the reverse of that in the bond markets, that would be the expectation at least. the dubai market showing a little bit of life. manus: juliette saly is standing by with your bloomberg business flash. juliette: it is official. uber.w ceo of concluding a monthlong search to replace the ceo. he called his job the opportunity of a lifetime. he is facing a long list of challenges, clearly losses of hundreds of millions of dollars and two women of justice investigations. russia's slow-motion banking c

y.craz "snl's" bobby moynihan. >> have you been getting any fatherly tips from him? >> of course.the stars." >> again, girlbe numr two. >> another baby girl. >> the pro announcing the birth the morning via a sweet tweet which reads, elena and i are so pleased to welcome our new baby girl, zlata into the world. >> i'm the one who is, like, freaking out, stressing out, but she is perfect. s.> a big congratuonlati two girls. >> best gift in the world. still to come -- uh-oh, is wild miley back? >> wow! >> what she revealed on her trip back to her hometown ranch. >>> plus, tom cruise's love of extreme stunts goes next level. we're going to take you behind the scenes of the new "mission: impossible" movie. >>> and we're there as the "will & grace" cast returns to the set and lets a few secrets slip. >> it was, like, oh. >> the a-lister who is going to hook up with both will and grace. closed captioning provided by -- bounty is more absorbent,mom" per roll so the roll can last 50% longer than the leading ordinary brand. so you get more "life" per roll. bounty, the quicker picker upper z

. >> on daddy duty -- "snl" alum bobby moynihan >> how are you surviving life as a new father?ife man, it's life. crazy. >> have you been getting any fatherly tips from him? >> of course, i mean, i think i get tips from everyone. >> early this morning with a >> and finally, big news from "dancing with the stars." >> another baby girl. >> the pro announcing the birthday this morning via a sweet tweet which reeds, elena and i are so pleased to welcome our new baby girl, zlata into the world. >> i'm the one who is, like, freaking out, stressing out, but she is perfect. >>> a big congratulations. two girls. >> all right. still to come, uh-oh. is wild miley back? wow. >> we love you. >> what she revealed on her trip back to her hometown ranch. >>> plus tom cruz's love of extreme stunts goes next level. we're going to take you behind-the-scenes of the new "mission: impossible" movie. >>> and we're theres a the "will & grace" cast returns to the set and lets a few secrets slip. >> it was, like, oh. >> the a-lisser who is going to hook up with both will and grace. >>> closed captioning

. >> scarlet, that is brian moynihan. i want to take this moment to recognize that we have been carrying this interview on bloomberg television and bloomberg radio, live around the world. scarlet: thank you so much, erik schatzker. bank, some comments from of america's ceo on the trading environment worried solid, so far in this quarter. julia: we are ok. we are ok. [laughter] interesting, the things he had to say about regulation, as well. let's put our capital that use, particularly in light of the stress test results, and just a tie back to what he said about loan demand read the said loan a man's are strong. capitalow us to use our . that was interesting, and in line with what we just heard from president donald trump, the point you made about competitiveness. and the 12 and a half percent corporate tax rate in ireland, compared to what we have in the united states. when you make those two comparisons, and they are moving stock over the dublin, and if you want to talk about a lack of competitiveness in the united stat

one of our exclusive conversation with bank of andica's ceo brian moynihan this strategy to implementke machine learning and artificial intelligence to the business. that is coming in the next 60 minutes

we sat down with brian moynihan, bank of america and ceo. are going to pay. brian: i am sure people will pass for that. >> $80,000 a year? brian: i assume they will, because that is how they get it. with our customers and clients that do tens of millions of dollars of volume in this stuff, this is kind of -- to me, it is not the biggest issue i could worry about. alix: joining us from london is caitlin's all of bloomberg news. we heard something similar from morgan stanley. they said we are huge when it comes to markets. we will get more business. are they emerging the winners of this debate? ate: it is too early to say. there is a lot to be done before january, when method 2 comes in. still room to maneuver for the different banks to say what their final levels are. the banks ceo's to be saying, they are going to pay for it, because that is the only way they will be getting it. maybe there is a war of words going on at the moment. we do know investors are looking again at their research budget. it will be interesting to see who does come ou

daniel patrick moynihan of new york wrote more books than most candidates had read. today's guest former house

as former very simple senator daniel patrick moynihan said when he was an assistant for richard nixon. poverty is simply you don't have enough money. people are not poor because of the toothpaste they used to brush their teeth, this hope they used to wash their face -- the soap they use to wash their face. the cause of poverty is that people don't have enough money. isn the solution to poverty to see that people earned more money. if we pursue the policy that increased income increases the capacity for people to earn more then opend a opportunities for them to get a job -- host: brian is calling from missouri. he's on the line for democrats. what's on your mind? caller: thank you, sir. i appreciate you, c-span. i cannot speak for the 1960's, but i can speak for the 1970's. i grew up around st. louis. the race relations wasn't that bad. divisions started during the 1980's when they started the drug war and the right-wing wing hate media sponsored by fox news and all the people with them is what divided this country. we have turned the corner, though. charlottesce in white andre were mo

brian moynihan sits down with erik schatzker. that is not to miss. our interviews on the bloomberg with the function tv , which i am showing you there. that is the conference room at ahead of donald trump's speech today on tax reform. tax reform discussed on the program. scarlet: is 2:00 p.m. in new york. i'm scarlet fu. julia: i'm julia chatterley. welcome to "bloomberg markets." ♪ we are live in bloomberg world headquarters in new york. here are the top stories we are covering. president trump wants to take on the u.s. tax system. he will deliver remarks this hour, likely touting cuts for the middle class and small businesses. what can actually get done, though an illinois representative ways in. returns, making landfall the second time in louisiana as rain and flooding recounted on the region. we speak to a man who puts the $100 million. and warren buffett says it is harder to find bargains. much more that interview, just ahead. we begin with bloomberg's first word news with

brian moynihan welcomed the move saying he appreciated the continued support. >>> goldman sachs will overhaul its bond trading unit next month. they have succumbed to pressure from investors who have given vague explanations for the trouble in the business. >>> uber has said it is cooperating with a preliminary investigation into possible bribery law violations the company confirmed that the u.s. justice department started a probe into whether it's managers broke u.s. laws against bribing foreign officials. it is not known whether the dodge is focused on one or more countries where the ride service operates the news came before uber's board announced the hire of dara khosrowshara. >>> let's get more on the impact of hurricane harvey where houston, texas has imposed a kur vie from midnight to 5:00 a.m. for ann indefinite period to prevent robbery and looting. america's fourth largest city is bracing for more rainfall and water levels to rise after officials were forced to release water from two dams. >>> president trump visited texas to survey the damage which is forecast to run into

patrick moynihan, live for us in mexico city. thank you, sir. >> interesting transcripts to read. >> yeah. including the one with malcolm turnbull of australia. very interesting. the leaks here have to scare this administration. >> yeah, whether you support the president or not, it is -- it is disturbing that a discussion with the foreign leader could be like this. >> sure. >>> next, a young woman who encouraged her boyfriend to kill himself in a series of text messages sentenced to 15 months in prison. we have more on the landmark case. o) unlimited is only as good as the network it's on. and only one network can be the best... verizon. just named number one in the nation by rootmetrics, the largest independent study. in call, data, speed, and reliability. and awarded number one overall network for the eighth time in a row. because only verizon has the best network and the best unlimited. or a little internet machine? [ phone ringing ] hi mom. it makes you wonder... shouldn't we get our phones and internet from the same company?

in 1969, the head of the urban league and daniel patrick moynihan organized a tour of urban america for white journalists and visited 6 pounds and buckley had some community organizers and radicals for the first time and writes he sees a little but of himself except for the background. they are sassy and cynical about what bureaucracies can do and the. he says "-end-quotes chamber and this is interesting it is stuck in the back of his head for 35 years or so and he's writing this column. i got out the magazine and the column but it was in his memory and by now life is a lot different. they got keen% of the vote that would elect people to office. we ask people to come down to the microphone to add to the discussion. buckley aimed to be an insider yet he knew he would always be something of an outsider and wouldn't be completely and fully an insider. >> wherever they happened to live they were sort of in exile. they were southerners and catholics and they spend their winters in south carolina and now they are surrounded again but a different kind of congregation. they go to britain, they

pat moynihan said it was the most -- i don't know if we can get t back to something like that. it was only 30 years ago. that was my optimistic side. i think it might be possible. >> thank you. how we doing on time, guys? what do we have? one minute? [laughter] i before you get up and go, am sorry we did not get to everybody questions here, but i am glad you are lighting up. before you get up and go, i think you need a great round of applause for our panel. [applause] >> and -- hold on. i love wheno, panels come in here and talk to high school students as adults, not condescending. the panel did it. they were educating you. have a nice day. [applause] [chatter] >> >> c-span where history unfolds daily. in 1979, c-span was created as a public service by america's public television companies and is brought to you today by your cable or satellite provider. >> the net roots nations conference continues today. we start coverage today on c-span2 hearing from wisconsin and in illinois congresswoman live that 9:00 eastern. washington journal is next. we take a look at today's news and

pat moynihan said it was the most -- i don't know if we can get t back to something like that. it was only 30 years ago. that was my optimistic side. i think it might be possible. >> thank you. how we doing on time, guys? what do we have? one minute? [laughter] i before you get up and go, am sorry we did not get to everybody questions here, but i am glad you are lighting up. before you get up and go, i think you need a great round of applause for our panel. [applause] >> and -- hold on. i love wheno, panels come in here and talk to high school students as adults, not condescending. the panel did it. they were educating you. have a nice day. [applause] [chatter] >> oldest month, members of the house and senate are back in their districts. here's a look at what they are up to bring the recess. norma torres is on a five day, six city tour of manufacturers inner-city. there are a few photos of her visit to a factory. everything from space telescopes to ufc fights. and i want, chuck grassley is on -- in iowa, chuck grassley is there for day one of the state fair. he also posted a pi

pat moynihan said it was the most -- i don't know if we can get t back to something like that. it was only 30 years ago. that was my optimistic side. i think it might be possible. >> thank you. how we doing on time, guys? what do we have? one minute? [laughter] i before you get up and go, am sorry we did not get to everybody questions here, but i am glad you are lighting up. before you get up and go, i think you need a great round of applause for our panel. [applause] >> and -- hold on. i love wheno, panels come in here and talk to high school students as adults, not condescending. the panel did it. they were educating you. have a nice day. [applause] [chatter] >> later today the net root conference in atlanta. a group of activists and organizers. today is the third and final day of the conference. at the closing session this afternoon the former vice president al gore is among the speakers. start at 4:30 p.m. eastern. we will have that life here on c-span. tomorrow on c-span stephen long the president of the senate leadership fund a super pac that works to elect republicans to

pat moynihan said it was the most -- i don't know if we can get t back to something like that. it was only 30 years ago. that was my optimistic side. i think it might be possible. >> thank you. how we doing on time, guys? what do we have? one minute? [laughter] i before you get up and go, am sorry we did not get to everybody questions here, but i am glad you are lighting up. before you get up and go, i think you need a great round of applause for our panel. [applause] >> and -- hold on. i love wheno, panels come in here and talk to high school students as adults, not condescending. the panel did it. they were educating you. have a nice day. [applause] [chatter] >> joe, thank you so much. members of month, the house and senate are back in their home states and districts. here is a look at what they are up to during the august recess. senator rand paul took a tour of an industrial hemp farm in kentucky that is working on a the stateroject with university. he posted pictures to facebook, calling the owners great example s of the farmer. a congressman is visiting local dairy queens

maybe we have another part in dublin because brian moynihan often stays in dublin.digital age may be the case that we no longer have to have a place, because we get it all done with digits anyway. david o: it is interesting, with the growing use of the internet and so forth, how the forces really do work. we all like to work on futures around the world. working forare their clients and their colleagues. i think that is more the case to the growing use of the internet. at the end of the day, brexit will imply it is more. generally popular. decisions will have to be made, and silver will be a key month for all of the management -- a december will be a key month for the management to make decisions. transitional relations play could way enough, and firms will have to have a cliff edge policy, which means more companies make most quicker. jonathan: that is the drink, isn't that? take it to the beach, drop it somewhere. also, i get cold so often, that is like my dream come true. jeffriesvid owens of and geoffrey yu of ubs. coming up, we will be talking with charlie falco

brian moynihan cautioned that it would still be a struggle to hit that target. >> if you think aboutthe period of time in the 1990's and 2000's when you had economic growth, you had a population growing at 1.5% per year. it is now 0.75%. that difference is a lot of people and a lot of demand for houses, food, cars. we've got a solid economy. without population growth, you are going to see this thing fight to get between 2% and 3%. francine: let's bring in stephen isaacs. both for joining us. stephen and vasileios. what can we learn from donald trump? what is priced into the market? are we going to get tax reform? stephen: i think it is very difficult that we get there. the bar has been raised very high if we judge from the prior experience. i think to a certain extent all the trump euphoria, at least as far as the dollar is concerned, and u.s. yields, has been priced out. the question that we will have to address going forward is the question about valuation relative to fundamentals in the dollar and in yields. and of course, the question of what the fed is going to do. we should sta

from 1995 to 1997 as the chief democratic tax counsel of the senate finance committee under senator moynihand from 1992 to 1995 as legislation counsel to the joint committee on taxation. prior to his tenure in government, mr. talisman worked in the office of strauss, howard and field from 1984 to 1982 where he specialized in transactional tax planning. mr. talisman currently serves on the board of advisers to the tax policy center, in which chair of the formation of tax policy committee, american bar association tax session. he also currently serves as an adjunct tax professor at georgetown university law center where he teaches tax policy. mr. talisman holds a bachelor's degree from the university of virginia and a injujuris doctor from the school of law. next up is pamela olson, deputy tax leader and was national tax services leader of pwc. prior to joining pwc, ms. olson led the washington tax practice and served as assistant policy for tax policy at the u.s. department of treasury from 2002 to 2004. ms. olson has also previously served as a senior economic adviser to two presidential cam