mr. rosenberg explaining his idea to be surveillance team. the bond market operates differently, meaning the intermediaries, the broker-dealers operate with their capital at risk as they were providing liquidity. post financial crisis, this becomes more problematic, because we want to take the financial risk out of the broker dealers. we do not want them to have proprietary trading. sometimes there is a fuzzy line between principal trading and proprietary trading. models, where the intermediary is matching buyer and seller rather than putting their own capital at risk, is more the way of the future, more of a balanced approach to having liquidity in the bond market. from your perspective, you can say that. but it is such a huge risk. how does it come about, this change? rosenberg: it is really about the structure of bps. one of the things we talk about, what are the impediments about moving toward an agency like model? why do bonds develop as a principal model? one of the issues was that bonds were issued in a very scattershot manner. there i

mr. rosenberg was my boss, i said can i talk with you? you spoke my language, he spoke, came to the same area, i said i need to $35. he said why? nothing made sense to me the whole week. if it didn't make sense to me i don't do good for you. nothing was encompassed, nothing made sense. we got to do things differently. in a concentration camp you and i would never have met each other. that doesn't mean that you listen to me and guess what, he loved my ideas and from then on, i started as a floor boy and was promoted to be a supervisor. the union through me out. i was not boss. i had different job. you are on the other side and that doesn't make sense to me either but i continued to work their, to know how many taylor's, 565 tailors and they were mostly italian and a few jews. i became in charge. it took me, the way i was doing things, always trying to to learn and try to become better than my teachers and i got ahead. i became this adventure and my boss asked me to go sit in the park with him. i am going to ask you only the birds will hear

mr. rosenberg, this is a huge deal. what does it mean for american investors?ook at the reaction in the bond market, and it is a risk-off move. to sometestament concern around the global growth picture that china coming after the x or data is making the move on the currency, a lot of ramifications, i think the initial concern is what this is the saying about global growth? part of, and aa big part even before today's news, about a deflationary fear. global commodity prices, you see it in something that happened last your with the slowdown in china, the collapse in iron ore prices. oila contributes to the , but from the demand-side overall, particularly in the month of july, we saw a big increase in to play shery fears. this will only -- in deflationary fears. this will only feed into it. brendan: can we get jeffrey rosenberg a victory lap? 2015,eading july 31, market shares from blackrock, china's latest exports, deflation. part of your job is to play armchair psychologist with the chinese government to figure out why they are doing what they are doing. when yo

mrs. rosenberg, if you say things, president obama would like to turn over -- the castro family -- [indiscernibleguest: can you help me? host: i could not really decipher the question, can you rephrase it? caller: president obama, do you think that president obama would like to turn over the base to the castro family? host: thank you. we understand. guest: i think the question is whether i believe or there's a belief that the obama administration would withdraw from guantanamo bay as a base. i think that is the question. we need to create the distinction, when obama talks about closing guantanamo, he is not talking about the 45- square-mile database in -- navy base in cuba that has a seaport and an airport and a school and restaurants for families. he is talking about getting out of the detention center. closing the prison which occupies a significant piece of that base. closing guantanamo has become shorthand for closing the detention center. there's been some open questions and suspicion about the fact that now that they have renewed diplomatic relations with havana, are they interested in actu