paul miller is an attorney specialising in employment law, and he joins us. what does it mean for mcdonald's employees. >> this is a determination by general counsel to determine that yes, there's merit to the claim. there'll be a lot of litigation to follow. at the end of the press is the question of whether unions will grow the memberships by tens of thousands. >> the question of whether it's a joint employer can be more to the question of whether or not they are joint employees for the purpose of representative elections, and that is you. >> if it's mcdonald's the corporation, there's more possibility - let me get this straight. is the franchise responsible or the corporation. >> the franchise argued we are a small unit. we can't afford a union, and they could beat back a unit in elected. now that you are mcdonald's, beam in calve are and -- people in california, and people in new york can be part of the bargaining unit. >> what does that mean for mcdonald's corporate? >> they'd have to negotiate with all the employees, and they can go for benefits, wages,

paul miller is head of fdr capital markets. joins us now, paul, great to have you with us. >> you are welcome. >> obviously arc big part of your thesis has to do with where the ten-84 yield is going. let's stay it stays where it is, 23.35%. what happens to the banks? >> i this i the banks factor sell off and further growth down the road. the banks need a higher yield, a higher ten year. a lot of people factor into their models, 100. 2300 year basis growths on that number. i'm on the side that rates will stay lower longer than people think. because i don't think the economy is firing on all pistons right now. not that it's doing bad, no long growth. it's not good fundamentals for the banks. however, a lot of people have to be exposed to this sector. that's why you have seen these names factor in. better fundamental also that's out there. if the rates do go up, kroeng these banks can earn what a lot of people are expecting. however, any time you see these ten 84s come in, these banks will tread off. >> you say dead water, i say de

an interview with paul miller.ne of the points he makes, unfortunately, most people buy high and sell low. whether that is a mutual fund or equities. i think an evaluation driven investor. we love the discounted price. the returns are better than cash. we also do not want to lose people. we are not risk seeking, we are risk avoiding. liz: let's talk about what works today. one day before the holiday. expert traders saying the day before a holiday on low volume, low volatility. there should not be this kind of rally. the media names. all in the green. financials. pharmaceuticals. internet names except for juniper and whether the. these are great numbers. nicole: some of the names that have not done this well, they turn it around and really continue to do well. we have had some great performers that are worth noting. tesla up over 50%. alcoa up 40%. netflix, savanna, they spoke. seller, seller performers. really some big movers this year. the dow not moving so much. they hit a record today. adam: bob at the cme. one

at the our capital markets analyst paul miller is on the phone from virginia.s this it for citigroup or do they still have high legal cost? >> is the bulk of it and i think that is the reason you see that stock trade up-to-date. they put a decent number out there and make-- it really wasn't that much, $7 billion. it's really 40 billion dollars cash and it's a big chunk behind them. we wait for bank of america. they are talking about 13-$17 billion number and those guys cannot-- they have not negotiated well either side. we have to wait and see what that is, but once that gets done you will side-- probably citrate up. you did the legal stuff behind them and that is great, but then you have to earn money and that's another step. liz: some of them are doing that. you saw cities revenue be estimates. do you think it's an easier time with everybody-- that there's very little volatility and that's how bankers make their money. can they find other ways to holland that revenue going forward are financials a good bet? >> we like wells fargo. we think companies-- j.p. mo

attorney heather hansen says -- paul miller disagrees. why do they have a right to do it?ation it's not a protected class. >> not a protected class. >> not under the law. >> news to my kids. >> to different than no shoes no shirt, no service. is that discrimination in if say you can't come in unless you pay with a credit card, is that'ím discrimination. >> i wouldn't -- what drew you think of that. >> the devil is in the detailsle how thaw implement it, whether they implement it fairly that sign. >> no stroller, no high chairs. what if a child is seven years old, doesn't have a stroller or high chair or booster seat -- >> or a wheel. >> that's a horse of a different color. if the policy is about noise and providing a dining experience, even adults can be loud. where do we draw the line? any the company has the right to draw the line. it's a private company. private property. >> people at the restaurant not like kids, too loud. >> a lot of people don't want to have a restaurant experience with kids there. that's non. they're loud -- >> any kid at any time can act up. >> an

paul miller, what is the most incriminal -- incriminating. >> the fact you have him talking about lifeance with his child dead no more than five hours is up believable. unbelievable. when you look at the facts, look at is this way. you have an individual who is too stupid for words. a person who leaves a child in a car for excess of seven hours, just because they forgot, makes him one over the stupidest human beings on the planet. >> event went back to the car, opened it up, and put something in and it went back exam. >> then you have a fellow who is a deviant. he is at work, sending text messages of his neighborhood body to underage girls and other individuals. so an a diseaseat and a more ron. a person who talks about that life insurance with the police and even asked them, how do you go about cashing in on a life insurance policy? you can't make this up. but you know what the defense is going to say, john. >> reasonable doubt. >> aside from that, they'll say reasonable doubt because he may be a deviant, he may be a more ron, but you have to be a monster to allow this child to die in

our contribute in editor with us andskype says it is a -- paul miller is with us from greater dcaa pauli suspect you are not so inclined to agree with bill. do you see positive signs? >> we do see positive signs. i went into the second quarter thinking more pessimistic than i should have been, that there are some signs of lending going on. the margins are still very skinny, you have some liquidity out there. jpmorgan said utilizations are up two percentage points from the first. wanted to dou skype only because you know i disagree with you on this golden age. but let's talk about fixed income. fixed income numbers are still low. they are lower than they were last quarter, lower than they were a year ago, and the leveraged financed state used to be where you would sit inside a bank. stephanie, fixed income except for people like you,ho are knowledgeable about it, is basically a black box. we will never really know how they make money in fixed income. but i look at it more on a macro basis. me, all the macro factors are here. i have been saying this for a while now. between the fact that

joining us paul miller, good morning to you, jeff sonenfeld is back with us from the yale school of manageul, first of all, we send our best to jamey wright diamond and the diamond family, of course, you think about the if i recall and the conversation invarably turns to succession, what are your thoughts this morning in terms of how this could impact the bank? >> you know, he does say it's kurable. i don't think it's that big a point right now. at some point jamey wright will step down. i think that bench is very deep. they have lost people over the last year or two to different other entities. i think what they got right now is more than ample to take care of that company him i'm not too concerned about it. you could maybe see the stock trade down. i don't think it will have much of an impact in the immediate future right now. >> is there a jamey wright diamond premium on this stock? >> you know, i definitely think there is a jamey wright diamond premium. a lot of people like to put the logo, superman logo on anybody. jamey wright did put it together. he did take it through the crisis, p

likely to need bengay for old aching muscles, the washington wizards. 36-year-old paul pierce, 38- year-old andre miller who i'm told both played in the aba with dr. j. >> no, they did not. >> hopefully the wizards have obamacare. i think pierce and miller will both need medical assistance if they play more than 10, 15 minutes a game. finally the athlete most likely to self-promote, who else but robert griffin, iii. fans wanted rg3 to be quieter this offseason. he was, still this is the only d.c. athletes that tweets about his new logo, then sends an instagram about the tweet about the new logo, then hits you up on facebook about the tweet about the instagram about the new logo. >> we lawsuit about doing an interview and he -- thought about doing an interview and then he had the new logo. >> we'll be back in hey pal? you ready? can you pick me up at 6:30? ah... (boy) i'm here! i'm here! (cop) too late. i was gone for five minutes! ugh! move it. you're killing me. you know what, dad? i'm good. (dad) it may be quite a while before he's ready, but our subaru legacy will be waiting for him. (vo) the longest

joining us now, david miller, managing director, and media analyst as well as paul.with you because you are very well respected in this field. they limit the number of movies that are allowed to be shown that are foreign made in china. is that number going to grow to a level that we might see hollywood saying we will make more money there than we do in our own market? >> there is a quota system right now, but when you look at the numbers, we are measuring the stocbox office around the world. when we look at china, this is a marketplace growing at 30% per year for the past 10 years, and when you look at a movie like "transformers: age of extension," in the opening weekend $90 million, roughly half of the international marketplace coming from chinese box office. worldwide is approaching 600 million through this past weekend, china has committed 212 million to that total. it is a third of the worldwide total on transformers coming from china. hollywood definite the is taking notice of this, we are seeing strategic partnerships going on, like studio eight, and as we see

after g william miller, the fed chairman, you needed a paul come in. >> we will come back and talk to komal sri-kumar, particularly on what janet yellen will do. we will look for those minutes this afternoon on bloomberg television worldwide. >> we have a little discussion coming up. are you going to go with lyft or uber? they're coming to new york and taking on the taxis. what it means for you. this is "bloomberg surveillance." ♪ >> good morning, "bloomberg surveillance." an important interview on television, israel's ambassador to the u.n., one of the most expressed tipple mats. look for that interview at 3:00 p.m. on "street smart." good morning worldwide, i am tom keene with adam johnson and a special treat, stephanie ruhle joins us today. she will be on air for 18 hours today. scarlet fu is off today. steph, you get a started with uber. >> anybody who watches "market makers" knows i am an uber enthusiast. there's a new player in new york's taxi and car service war. car summoning start up lyft plans to launch in new york city this week, taking on rival uber, one of the biggest u.s

paul played video games. when they get back on the field tomorrow it will be fun to watch the outside line backers leading the young guy like ron jackson and gabe miller because it's hard to think of ryan kerrigan as a time-tested vet, but he is. >> it actually has flown by. if you think about like four years of college, four years of college felt like a longer time going into my fourth year as a pro. it's still not where i want to be. i feel i need to be a more productive player. i need to be that every week. i can't be two sack game one game and no sack game the next. i have to be consistently productive. >> let's go to baseball because a lot of folks think that the nationals were exposed last night and the braves and other teams may have seen some weaknesses they hadn't seen before. the worst thing was this, jayson werth hurt himself with an awkward move at second base. he has a sprained right ankle and that's significant. but the loss last night. let's look this way. soriano had his worst night of the year. nate mclouth made a horrible decision in right field and i don't think matt williams had his best game either. >> a loss is a loss is a loss.

chairman miller and representative duckworth and myself along with iva paul and vfw. we are going to introduce 2182. here is what i would say is different. this is a well-intentioned bill. we are going out. this is the silver lining. there is no silver lining when your son is not coming home. you've asked for a solution. i would ask each of you as 2182 starts to move and senator walz does it in the senate, let's together make sure it doesn't end up as this act. the secretary had the authority. the american people through us said do this and they did not do it. i would only state to each of you as my colleague mr. o'rourke said, this is how democracy can work best. this idea of wringing our hands of who could have anticipated this. really? this bill was started in 2007. here we sit in 2014. keep the faith. we have to. again, i would say this. the cameras, tv, stuff that's there, whatever, none of it means a damn thing. if we don't get results this time, shame on us because here's the thing. i'm not going to get to meet daniel or brian. you've got the right guys up, the

chairman miller and representative duckworth and myself along with iva paul and vfw. we are going to introduce 2182. here is what i would say is different. this is a well-intentioned bill. we are going out. this is the silver lining. there is no silver lining when your son is not coming home. you've asked for a solution. i would ask each of you as 2182 starts to move and senator walz does it in the senate, let's together make sure it doesn't end up as this act. the secretary had the authority. the american people through us said do this and they did not do it. i would only state to each of you as my colleague mr. o'rourke said, this is how democracy can work best. this idea of wringing our hands of who could have anticipated this. really? this bill was started in 2007. here we sit in 2014. keep the faith. we have to. again, i would say this. the cameras, tv, stuff that's there, whatever, none of it means a damn thing. if we don't get results this time, shame on us because here's the thing. i'm not going to get to meet daniel or brian. you've got the right guys up, the

paul and streams. maybe on the left article. when the obama said to the phones on the mr miller get rich. or die it's politically correct that i'm correcting fox so-called news as host steve doocy on this morning's episode of fox and friends do see claim that all the supreme court's abhi lobby decision actually did was allow employers to opt out of providing coverage for drugs that end of life . seriously ill. keep in mind the hobby lobby feeling had nothing to do with banning. birth control pills or anything like that it simply allowed employers who didn't want to pay for drugs that and lives to not have to pay for basically steve doocy is saying that hobby lobby that that decision gives employers like hobby lobby the freedom not to provide coverage for what are called a board of face and birth control and those abortion causing birth control is life has been repeated so many times by the conservative media that it's easy to forget that it's a lie the four types of birth control that hobby lobby objected to do not induce abortion they prevent pregnancies and since the scientific definiti

chairman miller and representative duckworth and myself along with iva paul and vfw. we are going to introduce 2182. here is what i would say is different. this is a well-intentioned bill. we are going out. this is the silver lining. there is no silver lining when your son is not coming home. you've asked for a solution. i would ask each of you as 2182 starts to move and senator walz does it in the senate, let's together make sure it doesn't end up as this act. the secretary had the authority. the american people through us said do this and they did not do it. i would only state to each of you as my colleague mr. o'rourke said, this is how democracy can work best. this idea of wringing our hands of who could have anticipated this. really? this bill was started in 2007. here we sit in 2014. keep the faith. we have to. again, i would say this. the cameras, tv, stuff that's there, whatever, none of it means a damn thing. if we don't get results this time, shame on us because here's the thing. i'm not going to get to meet daniel or brian. you've got the right guys up, the

paul pate. [applause] running for u.s. house of representatives in the second congressional district is dr. mary ann f. miller makes. [applause] running for iowa senate, senator robby smith. [applause] and brian schmidt. where are you brian? [applause] running for the iowa house is ross boston. [applause] mark ross. nor lynne munson. gary carlson. [applause] and linda miller. [applause] and running for the scott county board of supervisors carol earnhardt. [applause] and i am holds. [applause] this fall we will make history in iowa. not only as i went to elect the first woman united states senator johnny ernst but we will also elect i won's first women to represent us in the united states house of representatives. and i am proud to say that it will be the voters in this the second congressional district who will do so. please join me in welcoming our second congressional district candidate who will send dave loebsack packing back to iowa for good dr. mary ann miller makes. [applause] >> good evening. it's great to be here with you. prior to coming here brian schmidt i got to tell you your team at the clinton county

you have this tweet from zeke miller, which shows a --ter that ted cruz sent out fund raising over the hobby lobby decision. jindal -- or bobby and also senator rand paulrom kentucky -- hillary clinton said this -- and elizabeth warren out of massachusetts, a democrat up there -- and then "politico" has this story -- the dnc put out this statement after the supreme court decided yesterday, saying, -- doris in chicago is a democratic caller, you are up first to get what do you make about the decision? caller: i don't like it at all. this is on par with what conservative republicans have done in the past. they are trying to redefine rape and shaming and punishing women. conservativeber male catholic court made a ruling that punishes women. this ruling is for only one group of people. women are over 50% of our population. they have ruled that these women who want or need birth control can be discriminated on by these so-called religious zealots. this is a private for-profit corporation. 80% of their merchandise comes from china. china has a government program for abortions. and on top of that they have slave labor. what kind of religion supports that? hos