peter cook is on the hill to find out more about it though wall street has been eager to see. peter: thank you so much. everyone in the financial services and mistry is certainly eager to see what your goal is with the legislation. >> the goal is to give basic relief to the dodd frank act. a lot of the thrust is toward small banks in the country and the smaller to medium-sized banks. there are a number of other things in there. we believe we could improve legislation and we believe it is a good start. >> you want to tweak some things in dodd-frank. you decided not to pursue the fed but there are still changes here. call siu already audit the fed. some people would like to do away with the fed. if we did not have the fed, we would have to create something like it. we need strong oversight of the fed, to know what they are doing and why they are doing it and so forth. they are a creature of congress i doit on the other hand, not believe myself 500 and 35 members of congress ought to be in the board of the government, so to speak. step.f the a good first andlieve it is long neede

peter cook joins me now with more and we also have harvey geithner. t to start with you. how divided is the senate on this issue? peter: it is absolutely divided. even at this hour dark closed-door meetings happening. there are a lot of support for the house bill you mentioned that would end the book collection program -- bulk collection program. it is not clear it has the 60 votes needed to go forward. mitch mcconnell is a critical player. this is dividing republicans, democrats. it is a very complicated picture. i cannot tell you how exactly it will play out. emily: how would you like this to play out? >> we support the u.s. freedom act. we think it is time for the senate to and this unlawful and useless program. emily: do we really know how this will affect the security in the meantime until new legislation is put into business? harley: one the usa freedom act has six months to take effect. if it is passed, there is a six month waiting period. and second, the program we are trying to stop is where the nsa is collecting the phone records of americans

talk about doing battle with her on president later today with our chief washington correspondent peter cookjoins me for a preview of that interview. tpator warren is saying the is going to undermine part of dodd-frank. and you explain what that is that she is alleging and how likely it is she could derail the deal? peter: this is going to be an uphill fight for senator warren. they believe there is an opportunity not only in the senate but in the house of representatives to force this deal back to the drawing board. what she is talking about on dodd-frank -- this is been an area of contention with the white house between the president's team and the senator . she believes tpa, the transpacific partnership and the european deal to come, what allow for changes to dodd-frank based on international agreements. the white house insists that is not possible under these deals and that is where the debate is on that issue. she is saying she is trying to make an amendment to the fast-track bill saying there is no way to roll back regulatory rules under any trade deal approved under trask -- under fas

--rlet: with breeding in let's bring in peter cook. million fine is not hugely significant for these companies. yet this is very symbolically important, because of what takata has omitted two. peter: what secretary fox is talking about is a legislative proposal that this administration has been pushing on capitol hill to raise the fine level it is capable of imposing on a company takata like takata to $300 million. the max they can assign is $35 million. importantly, each individual instance of a recall, there is some flexibility there. it could be a stiffer penalty than $35 million, but we are not yet talking about $300 million. just to keep those dollar numbers and reference. but this is a very significant step. a cover the story from here on the hill, lots of lawmakers bringing pressure to try and resolve this. some of the questions again raised here about the replacement kits, they were having a hard time creating replacement kits for the limited recall of to this point. now they are expanding it to nearly 34 million cars. going to

we want to bring in peter cook who has more details. peter?ates back to 2011 and the case that they brought at that time for helping americans at credit suites -- .redit suites -- credit suisse now the fed is taking the additional step of saying that they cannot work in the banking industry, they are and from the banking industry under the fed guidelines and this is just one more punishment. of the folks identified by the fed have not yet turned themselves into face justice in the united states area they are still abroad, still the, if you will, so this is just one more step by the federal government to go after them and perhaps the most recognizable name for anyone who has followed the case is marcus walder, the head of north american offshore banking for credit suites -- credit suisse. all of these individuals worked in that department and helped americans evade their taxes. you will of course recall that they settled with the government, paid a hefty fine some years ago, tried to address the concerns that were brought forward by the justice

betty: thank you so much, peter cook, who will be watching janet yellen's remarks. will keep our eyes on the fed chair. we will take you to providence live. in just a few moments. ♪ betty: it is 10:00 in san francisco and 1:00 and hong kong. matt: i am matt miller joining bette today. data's day yellen's to shine. she is going to speak in a few moments. we will find out what she has to say about the economy while in today's report that showed inflation is rising more than expected. another round of talks on the greek crisis ends with no deals. greek finance minister may see a parallel currency. at the boxer sequel office. we will tell you why more studios are turning to the and remakes instead of being creative. ♪ betty: this is "bloomberg markets pick up the up breaking news on fed chair janet yellen. i want to get to peter cook, our chief washington correspondence with highlights of her speech. peter. headlines is

scarlet: let's go over to peter cook the breaking news. peter: we have the minutes from the federal reserve's april meeting, and they decided once again to basically maintain their current state of play. the fed will decide on a meeting-by-meeting bases as to when to start raising rates. there is a little bit more of withable in the likelihood june in terms of lift off. a few anticipated that the information that would accrue by the time the june meeting would likely indicate sufficient improvement in the economic outlook to lead the committee to judge that the conditions for beginning policy-firming had been met. that the minutes going to say that many participants thought it unlikely that the data available in june would provide sufficient confirmation of initiatives for raising the target range. they generally are not rule out this possibility. concerns about the first quarter slowdown weighing on policy makers. they debated whether the factors were transitory him a things like the weather, the shutdown of a west coast port. they also de

bloomberg's chief washington correspondent, peter cook. th elizabeth warren is coming up this afternoon. also in the next half hour, takata. we will have that story next. ♪ mark: it's 11:00 a.m. in san francisco. scarlet: this is the bloomberg market day. mark: u.s. regular letters are moments away from announcing a settlement with takata. elizabeth warned wants to make sure any trade deal doesn't weaken the dodd-frank bank regulations. we speak to her about her proposal. may --hile credits thatt -- critics may argue executives are underpaid, they make top dollars. good afternoon from bloomberg world headquarters in new york, i mark crumpton with scarlet fu. scarlet: we're looking at record highs for u.s. stocks, for the s&p dowell -- s&p 500 and the dow have been flirting with these marks. this is on the back of some confusing econ d

i want to get to peter cook, our chief washington correspondence with highlights of her speech. ter. headlines is that it is most likely that the fed will be raising interest rates is year. she is not move her timetable to 2016. the reason for that is that she thinks the economy is improving. she will say specifically in the speech that it will be appropriate in this year to ande the funds rate target begin the process of normalizing monetary policy. to do that, she needs to see continued improvement in the labor market. and she needs to be reasonably thatl and -- confident inflation is moving toward its target. she makes it clear in the faint starts to read -- fed starts to raise rates that it is a normalized process. maximum price facility -- stability it would be achieved cautiously which would mean several years before the federal fun rate would be back to its normal longer run level. , betty.aise its rates it may sit on its hands to decide when to move next. as to why she is so confident in the fed can raise rates this that she is convinced still but the slowdown and this co

joining a staffer preview is peter cook who is at the labor department. pointment. what is the outlook for this morning? peter co the expectation among economists we surveyed his for a bounce back, but the request and said washington come on wall street and across the country, that soft patch in the first quarter. today continue? are we going to see that continue today? they're going to be questions about the strength of the economy going forward. their political implications for those running for president. 220,000, the implement rate takes it down, i think it will be a sigh of relief in washington that things are still on track and maybe some decisions down the road for the federal reserve in terms of the timing of any rate left off. we could see 2015 in september back on track. olivia: peter, i want to move to the west coast. the president will be in oregon south dakota, kerley, the only state in the union he has not been to. he will go to nike headquarters because he's getting a lot of support from nike for the tpp transpacific trade partnership. how d

peter cook reports. the north carolina coast, the f-35 is being put to the test. >> the thoroughbred wants to go. you can feel the airplane rearing up. peter: this fifth generation stealth fighter has been hailed as the future of american combat aviation. the pentagon plans to buy 2400 four $400 billion. being $160 billion over budget and seven years behind has yet tohe f-35 fly in combat. this week, read pilots this marine pilots are trying to show that the future is now. the f-35 is finally ready for action. >> i watched every single take off and landing. it's a great site to see. >> with its ability to land --tically, the green version marine version is the most cap located. -- complicated. >> john davis is in charge of marine aviation. >> i'm confident that we are on the right track and this will be a real winner. --combat static this summer status this summer would be a huge step forward. just last month, congressional auditors concluded very poor engine reliability could progress.-35 one longtime c

peter cook is with us from washington. peter, a lot of courts have been looking at the issues, some finding illegal. this court finding it illegal. how significant is this? >> this is arguably the most important court decision reviewing the government surveillance programs and this will have an impact on the debate in congress over whether these programs need to be reformed going forward or extended. specifically, what the court found is the government's use of the ball collection of this phone data which has been authorized by the patriot act, section 215 said that it was illegal, that the law did not allow for this overarching sweep of americans phone data. it did not rule on the constitutionality of that issue. it specifically limited itself to whether the lower a lot or it to move forward and it said no. that is something that critics have argued for some time. certainly since the revelations from edward snowden. it is a big blow to those who want to extend the law. the court saying you cannot do that. if you want the p

looking at a possible splintering of the democratic party is peter cook and margaret. us start with you. what is this new american contract that bill de blasio and elizabeth warren are unveiling? bill de blasio as part of the unveiling that is happening here this afternoon on capitol hill. it is the left equivalent of the contract with america that new -- newt gingrich brought many years ago on capitol hill. needing that happen is addressing issues like income inequality. they are running to the left of president obama to some extent. stone that blasio, a a time where he still has issues in new york. he is trying to raise this issue is at a national level here in washington as part of a four-day swing. it is a pretty high profile event for a new york mayor who is still having problems in his home city. nobody is suggesting that bill de blasio has any intention of running a national campaign or anything like that, but senator hillary clinton is. can bill de blasio and elizabeth warren succeed in dragging hillary clinton to the left? margaret: hillary is running the de bl

now, there'll be some others in the room, but not the king. : washington correspondent peter cook joiningscarlet fu joins us nes,e talk about mega fi with one notable exception. we will have that story and more when bloomberg market day continues after a short break. ♪ and choose world choose, choose, choose. but at bedtime? ...why settle for this? enter sleep number... don't miss the memorial day special edition mattress with sleepiq technology. sleepiq tells you how well you slept and what adjustments you can make. you like the bed soft. he's more hardcore. so your sleep goes from good to great to wow! now we can all choose amazing sleep, only at a sleep number store. save $500 on the memorial day special edition mattress with sleepiq technology. know better sleep with sleep number. mark: san francisco, 2:00 p.m. in new york. scarlet: this is bloomberg market day. mark: they will not prosecute banks or the rigging of libor, the ranch mark interest rate. scarlet: vice president joe biden talking about an experience like being in a third world country at laguardia, and now there are calls

we will have the latest from peter cook, he is live in washington. and research groups are pressuring to make stocks more transparent. block, the head of is talking with stephanie ruhle. before we get into your specific details, i want to talk about shortselling. just last week, i was speaking thatll ackman, and he said shortselling is great for markets, but it is not a productive use of time. what do you think? word rain used the damage, and it is funny, because i used the same word to describe how difficult it is to publicly sell stocks. notdo the work, and i am passing judgment on herbalife, but you do all of this work and you know you are right, you have comeconviction, and you out and be to the market, and you get attacked, left, right, and center. that is brain-damaged. you have to have thick skin to do that. saying thatre you shorting is not going to be the muddy waters way of the future? way that we do our research is really about shortselling, and we don't like to prognosticate on the future. we are generally looking backward at information

olivia: peter cook, washington chief correspondent joins us now. peter, what changed?e had a few democrats go over to the white house after that vote and they had a conversation with the commander of chief and had a change of tune, this is happened before. this was a pretty embarrassing moment for the president of the white house on tuesday, but now we are back and have to preliminary votes today, and the democrats wanted to have votes on these, and the main vote will be at 2:00 today. that is once again to move on the fast-track trade authority legislation, he needs 60 votes, and based on the last 48 hours, it looks like the president is going to get that. pimm: peter, is this just symbolic that the democrats and the senate will just come out and say we are not going to vote on abbott the second time it is that but thete on second time is a charm? they are embarrassing their own president and i think that just highlights the democratic divide. by choosing on backing their president and fighting, to some agenda,the free trade they chose to fight it and embarrass their

bloomberg chief washington correspondent peter cook joins us with much more. ng's absence, but on the conversation so far? peter: it was interesting watching the optics in the oval office today as the president met with the crown prince, deputy crown prince today ahead of their meeting. we got a quick glimpse before the private conversations between the president and those two saudi leaders. it was clear the president welcomed them, was gracious, talked about the importance the crown prince has played in making sure americans stay safe. he leads counterterrorism efforts for saudi arabia. and for his part, the crown prince directly referenced the king in his brief comments in front of reporters. you wish to convey to greetings and appreciation of the custodian [indiscernible] great imports to the strategic and historic relationship between our two countries. peter: the crown prince stressing the importance of the relationship between the two countries. betty, both sides insist this is not a snub, but that these two men are the people leading the effort in saudi

pimm: thank you, peter cook, in washington. let's turn our attention to the markets.to julie hyman with a look at what is happening now. julie: i want to start with altera. we have been following the stock after "the new york post" said intel was in talks with the company. that is something we talked about last month. the thinking was altera have rejected a bid from -- had rejected a bid from intel. "the financial times" says they are near a $15 billion deal with altera. take a look at the terminal behind me. you can see the move. the more dramatic fashion, we are seeing the stocks like on -- spike on those headlines, as you might expect. we had "the post" report this morning. this has more of a price tag and is from "the financial times," so we are seeing more of a reaction. more broadly in the markets, we are seeing a pullback that started more sharply about 15 minutes ago with the major averages all down at least .6%. if you look at the intraday chart of the s&p and dow, you can see the following off we had happened in the last half hour or so. some investors are p

thank you so much, peter cook.istie's became the first auction house to sell over $1 billion of art in one week and they only needed three days to do it. ♪ alix: in just three days sold over $1.3 billion in art, smashing the record set one year ago. we spoke with a specialist about why luxury art is a hot commodity. sold over $1.3 billion inscarlet: -- >> it's at supply. it's all about supply chain industry. we cannot replicate what's available each season. if we could we would have another better season next season, but it won't ever happen. are once-in-a-lifetime opportunities and that really dictates the competition, desire, and high prices. >> you don't think are we will e another sale like this next spring? we wish that we could guarantee that, but we cannot. >> how has the demographic change? >> it is phenomenally diverse, truly global, and it really varies from artist artist. last week, you know, you saw tremendous asian bidding in some instances. we saw very interesting russian bidding in the impressionist

peter cook, thank you for bringing us those details.ht back with more bloomberg market day coverage for you. ♪ scarlet: new developments in american apparel's legal battle with its former ceo. doug charney filed suit. american apparel says the claims are without merit. the retailer sitting on a trove of documents with numerous complaints of abuse by doug charney. matt, tell us about these complaints. someone included allegations of physical abuse. matt: there is one instance of him throwing a medicine bottle at another employee using physical abuse, derogatory terms towards women, which doug charney denies. basically, when he was fired or ousted from the company, he has a breach of employment arbitration going on which he says could be worth up to $40 million, so the company has acquired all of these documents looking for e-mails and hr reports. there is a big trove of documents the company thinks could help them in this arbitration case. so they are prepared to bring those out. frank, talk to us about doug charney role in protecting am

tom: peter cook, thank you so much in washington.l speak with senator warren later today on bloomberg television. look for that. our route on twitter tears me to shreds. rick heitzmann with me. she said yeah, you're right, but so what? she is right. [laughter] i did not mean any offense. rick: it is a lot of growth for males. tom: barbara, i will see you on the seventh floor in hr here. [laughter] it really for me. brendan: all right, our twitter quest of the day, we asked -- can walmart hope to compete with amazon? let us know @bsurveillance. howard davidowitz is no way, not good enough. ♪ tom: good morning, everyone. tom keene and brendan greeley with you. brendan: it is another morning of icahn-apple activism, he is valuing the company at 240 billion dollars. "market makers" anchor erik schatzker will be speaking with dan ives gives the company a month at over $1 trillion. i want to call your attention to noted silicon valley investor rick heitzmann of firstmark capital. i want to show you his watch. that is not an apple watch. ri

scarlet: let's go over to peter cook the breaking news.om the federal reserve's april meeting, and they decided once again to basically maintain their current state of play. the fed will decide on a meeting-by-meeting bases as to when to start raising rates. there is a little bit more of withable in the likelihood june in terms of lift off. a few anticipated that the information that would accrue by the time the june meeting would likely

to our chief spoke washington correspondent peter cook.zabeth warren: [indiscernible] they have said basically the same thing. this is going to be a great deal for american workers. this is going to be a trade deal that is going to work for american families. , presidents, both democrats and republicans, have turned around and refused to enforce the provisions in the trade deal they said would be so great. the consequence of that is american workers -- punch right after another right to the gut. the president says, senator warren, i hear you, but this deal will be different. he has called you a politician like everyone else, that your arguments do not stand the test of scrutiny. has he crossed the line in his criticism of you? me, it's alln: for about what is best for this country. we talk about transparency. there has not been enforcement of these trade positions. wherek about these panels big corporations can go and have corporate lawyers decide whether or not we get judgments against taxpayers at home. but there are 13 in history that h

brendan: peter cook spoke to elizabeth warren yesterday.a thorn in the side of the president over trade. that interview is next. ♪ [beeping] ooo come on everybody, i think this is my grandson. [lip syncing] ♪little girl you look so lonesome oh my goodness. ♪i see you are feeling blue ♪come on over to my place ♪hey girl ♪we're having a party happy birthday, grandma! ♪we'll be swinging ♪dancing and singing ♪baby come on over tonight tom: let's go right to the bloomberg terminal. taking a look at a most interesting inflation series. this is a different inflation series. the cleveland fed median cpi. they decide should they take out sailboats clothing, cosmetics whatever. here is the old days, 30 years ago 4% down to 2.7%. here is that magical line that you will explain in a moment. we are there right now and persistent. is this a good place to be or do we want to be higher or lower? guest: what the fed is saying is they are looking at a slightly different measure which tends to run a little lower. you would be down here. with the fed is we hav

let us go to our men peter cook with all the latest political news. ter: the state department released the first batch of hillary clinton's personal e-mails when she was secretary of state but using a private e-mail server. it was related to the 2012 terrorist attack in libya that killed americans. she said she never use the server for classified materials but the fbi revealed e-mails with struggling to reveal the debts. she got a lot of advice from susan blumenthal even though she had no official government role. clinton commented on the e-mails. hillary clinton: i want them to release them all as soon as possible. they're in the process of doing it. i understand there is a certain protocol that have to be followed and they are following that. these that are being released today have been in the committee jurisdiction. it was given to the committee some months ago. now, finally those are getting released. i would like to see it expedited so we get the more out quickly. peter: clinton supporters says the e-mails correspond with the previous accounts of

i want to bring in peter cook for more of the details. dates back to 2000 11, the case the federal government brought against helpingweeps bankers americans of eight income taxes. all the individuals have been indicted by the justice department in 2011. the fed is taken the additional step of saying they cannot work in a banking industry. there are banned from the banking industry under the fed's guidelines. this is one more punishment. all five of the folks identified have not yet turned themselves into face justice in the united states. this is just one more step of the federal government to go after them. perhaps than a most recognizable, for anybody following this case, is marcus -- he was the head of american offshore banking for credit sweeps. the individual worked within that department helped americans evade their taxes. they settled with the government, paid a hefty , try to adjust the concerns brought forward by the justice department, by the u.s. government. there are still some left over issues and one of them is the status of

peter cook will help us looking at the new f-35, the new jet. about technology ina a bubble. can we summarize with the latest on fifa fall-out. brendan: washington has been watching china. china is thinking about blue water. all of the world's oceans. in a white paper china's military field plans for global naval presence. an admiral joins us now. this is what the navy has said -- do not take our control of the open seas for granted. if china has a blue water strategy, should we be worried? >> we should. they are ramping up defense spending. it has gone up 12%. they are the second largest defense budget in the world. they are looking at power projection both with aircraft carriers and marine amphibious carrying ships. this is a real concern. this is why the administration is pivoting to the pacific. brendan: what is the timeline? they only recently acquired an aircraft carrier. how long does it take them to do this? >> that is the good news. as we know in the united states building ships and building a capable global maybe is the work of a gener

senator warren spoke with peter cook earlier today from capital.sidents, democrat and republican, for more than 20 years on every deal have spent the same thing. this is going to be a great deal for american workers, this is going to be a trade deal and it will work for american families. and yet, both kinds of presidents have then turned around and refused to enforce the very provisions in the trade deals they said were going to be so great. the consequence of that is american workers just one punch after another right to the gut. so the president says, senator warren i hear you, but this deal will be different. he has called you a politician like everybody else and your arguments don't stand testing of scrutiny. has the president cross the line in criticism of you? sen. warren: for me this is all about the facts and what is best for this country. i'm out here trying to fight over these very specific he said -- pieces. we talk about transparency. there has not been enforcement of these trade provisions. i have talked about this special panel where

the chief washington correspondent peter cook has the details. ter: the minutes from the two-day meeting in april make clear the first rate increase is it likely to happen in jan even though janet yellen still thinks the economy will rebound. a few anticipated information that thereaccrue would be sufficient improvement. the minutes go on to say many participants thought it unlikely the data available in june would provide sufficient confirmation that the conditions had been satisfied. though they didn't rule out the possibility. they agreed the fed should take a meeting by meeting approach in the fed is pushing out lift off because of questions about the u.s. economy. they debated whether the slowdown was due to the shutdown , or in more persistent weakness. most inflation would move back toward target. that doesn't mean the fed doesn't have worries. one concern is another tempered tantrum as they get closer to lift off. they say it was suggested the tendency for bond prices to exhibit volatility may be greater than in the past in view of the inc

peter cook has the details. ter: the minute from the feds today meeting in april made it clear the first increase since 2006 is not likely to happen in june. according to the minutes, a few anticipated the information approved would likely indicate sufficient improvement in the economic outlook to lead the committee to judge that the conditions have been met. the minutes go on to say that many participants thought it unlikely be data available in june would provide sufficient confirmation of conditions for raising the range had been satisfied they did generally not rule out this possibility. instead, they agreed the fed should take a meeting by meeting approach. they debated whether the slowdown in the first quarter was due to transitory factors or more persistent weaknesses. the fed has a concern over a taper tantrum. the minutes said it was suggested that the volatility may be greater than it has been in the past. the decreased inventories of bond and elevated assets. a couple of participants underscored the ne

senator blumenthal joins our own peter cook right now. peter?i am joined by senator blumenthal hearing connecticut. he has been keeping track of these issues. first of all, senator, thanks for your time. your reaction for the word that nhtsa has reached an agreement with takata? senator blumenthal: the right step. it's the right thing to do. i would like to see criminal penalties. is a very sound and significant message for the isustry that safety important. peter: you and others pushed the hump any. -- the company. senator blumenthal: we pushed from the very first, that there should be -- when there were safety problems, that there should be a national recall. that there should be an adjustment to the driver side, but also the passenger side. nationwide. has done that nhtsa what is so important and critical for the safety of passengers around the world. we have takata trying to initiate these replacement kids around the --ntry in some 34 million replacement kits around the country in some 34 million vehicles. could they be installing defective

erik: thanks, that is peter cook.ie: up next, we will look at how the deal will affect streaming. the ceo of one of the pioneers of the video is next. in the meantime, i'm looking at twitter blowing up over the tom brady debate. people who are attacking the nfl they're kind of fit it -- figuring this out as they go. ♪ stephanie: verizon has agreed to buy aol. let's see how this will affect the streaming business. brad is here with is now p at what you make of this? brad: verizon has been building out one of the largest mobile networks in the world are a lot of infrastructure that people do not know about. for them to buy aol and get into the advertising space and a mobile video space -- stephanie: if they do not know about it, what is so good about it? brad: once you spend on that money come you have to figure out what to do about it. the advertising market is $600 billion industry. verizon has aspirations. erik: how does that affect you? you are partners with aol. brad: it does not affect us directly. aol is in a mor

our chief washington correspondent peter cook has more.e president's fellow democrats find the presidents trade agreement a major blow. effectively block the senate from taking up trade promotion authority. while there is still time to regroup and try again, the reality is this is a major blow to the president's trade agenda and it means is top legislative priority may now be out of reach. falling mining profits and rising unemployment, the government and australia is facing a double when -- whammy, . trajectory. good we see the rebalance in the australian economy from mining construction to mining production being carefully managed. thenonmining set of economy, which is 90% of the australian economy, is getting a lift out of this budget and we see them or miss opportunities for growth and exported to asia. the forecast in this budget is $40 per ton. do think the worst is over for the commodity? >> we hope the worst is over. if it recovers, that is well and good. i have been conservative in the past. i am being reasonably conservative now.

peter cook is in d.c.. abia's king is perhaps the most important plow or player in the gulf and has decided to stay home. why. ? peter: on paper, the reasoning is the timing. the saudi's want him to stay in saudi arabia because it coincides with the human terry and cease-fire -- humanitarian cease-fire that is supposed to begin in human -- yemen. it is hard to see this as other than a signal that the saudi arabians are not fond of the policy of obama's nuclear scope with iran. it is going to be a one-on-one meeting between the king and the president at the white house first before the persian gulf leaders woodhead tech camp david. that is not going to happen. it is hard to not see this as a sign of disappointment on where they stand. stephanie: who is going to take their place? i'm sure there will not be an empty seat at the white house. peter: you have the interior minister for the crown prince of saudi arabia who will be there as will the deputy crown prince who is the king's son. these are the two people

peter cook come out chief washington correspondent, joins us now for more on the outcome. first, i'm just going to apologize to you. double loss, basketball and hockey. tough night for you. peter: very painful. stephanie: sounds like things are improving for the president. peter: the outlook for his trade agenda looking better than it was 48 hours ago. amazing what happens when you get a group of democrats who have blocked you on a big trade bill in your own house and you get the chance to talk to them. that is what happened after that vote. the president spoke to about 13 democrats and now, lo and behold, they are singing a somewhat different tune and are now on board. we will see the vote today at 2:00 in the afternoon. it is not the final hurdle by any means but it is a significant step forward if he gets the 60 votes today. our group believe the most important economic piece of legislation that he is trying to get finished before he leaves office. stephanie: any doubt congress gives him the fast-track? peter: there is still some doubt. the biggest on has always been the

peter cook will join us from washington. speak with stanley mcchrystal. " lessons learned" across many decades with our u.s. army mcchrystal. on his new book "team of teams." we have a power packed hour here on management and on both of their optimisms on america. brendan: it is always a good time to listen to the wise counsel of ron burgundy. >> i love scotch. scotchy scotch scotch. down to my belly. brendan: every day and become more like that man. the world may have moved on. here to tell us of what the industry calls "brown juice." welcome. what we have on the table right now is glenn fidich. 12, 17 21 years. i want to show you some data that we pulled on growth and different kinds of whiskey. can we pull that up? the title of the chart is going to distress you. when we look at growth and whiskey, scotch only growing at 4%. irish whiskey growing at 100% of the u.s. and 25% growth in bourbon. given your investment in this class of whiskey, how do you keep up with that trend? >> the trend is that american and bourbon whisk

and our chief washington correspondent peter cook is right outside the labor department. 223,000, dropping to 5.4 percent. this is a report pretty much in line with expectations. we did have march turning out to be even worse than we first have reported. wages moving higher, but not at the pace many would like to see. to wonder 23,000 jobs, right in line with expectations -- 223,000 jobs, right in line with expectations. 39,000 jobs from the previous month, only added 85,000 in march. something clearly happened in that month. the three-month average is 191,000. six month average, 200 55,000 jobs per month. the on a planet rate, 5.4%, the lowest we have seen in seven years -- unemployment rate 5.4%, the lowest we've seen in seven years. the number of employed in the household survey, of 192,000. unemployed dropping by 26,000. this is a good improvement in the unemployment rate. 10.8%, the lowest number we have seen since august 2008 as well. who is hiring? professional and business services, up 62,000. construction, a big pop, up 45,000. a lot in the specialty trade, a lot

peter cook headed out to sea for a closer look at a controversial aircraft. r: off the north carolina being put to35 is the test. >> it's like being at the kentucky derby. you can feel the course of wanting to go. it's that kind of thing. heater: it has been hailed for years as the future of american combat aviation. plans to buy 400. the navy, air force, and marines each get their own version. this bite -- despite being over budget and behind schedule, the f-35 has yet to fly. now, they are trying to show the isure is now and the f-35 finally ready for action. >> i have watched every single takeoff and landing except the ones i have been flying and it is a great site to see. peter: with its ability to land vertically, the marine version of the f-35 is the most complicated. it is also the first to join the fight. lieutenant general john davis is in charge of aviation. general davis: i'm very confident this will be great for the united states. major stepill mark a forward for a program under intense scrutiny. last month, professional auditors concluded poor eng

at 7:20 we talk about the iran deal with peter cook. we will talk about david mccullough.has written about the panama canal, the american revolution -- the amazing stuff america has done. he has turned his attention to the wright brothers. i asked him the question -- why these guys? david mccullough: theman could not fly. it was accepted fact. anybody who says anything to the contrary was a daydreamer are wacko. - or wacko. these people were couple of cranks crackpots, and the flight at kitty hawk, which was the epic, the world changing event, was done in relative seclusion and when they went back home to ohio, they knew that people would not believe that they had done it. but they also knew that they had not really developed an airplane that was practical. they were brilliant. that is what you have to wake up to. brendan: you say they were brilliant. what was it that enabled them to do what all these other men had failed to do? david mccullough: wilber like to say there were two ways to train or wildhorse. one was to sit on the fence and watch and make notes and go back t

erik: peter cook headed out to watch the f 35's in action. g the expert on military armaments that you are, is it ready to go? peter: the f 35 pilots certainly think so but the decision is not up to them. one big factor is the two weeks of testing underway aboard the uss wasp. a potential turning point for a program that is based criticism over the years. -- that has faced criticism over the years. the f 35 is being put to the test. >> that thoroughbred wants to go. you can feel the airframe -- the airplane rearing up. peter: this fifth-generation stealth fighter has been hailed for years as the future of american combat aviation. the pentagon plans to buy 4400 at a cost of nearly $400 billion. the navy, air force and marines each get their own version. spite being $160 billion over budget and seven years behind schedule, the f 35 has yet to fly in combat. marine pilot flying off the uss wasp are trying to show that the future is now. the f 35 is finally ready for action. >> i've watched almost every single takeoff and landing except the ones

peter cook has the latest on this standoff. the senate is returning. t's an effort to send action. right now, there are back channel conversations but no deal on the table. the easiest solution is for the senate to adopt the house bill that reforms these programs and ends the collection of phone records. it counts on the private sector to hold that material and then with a court order, they could access those records. the problem is mitch mcconnell opposes it. he prefers an extension of the current law. you have his senate counterpart who opposes both an extension and the house bill. he says it gives the government too much power. that is why you have this standoff. he thinks these programs will expire on sunday. guest: i think were looking at some disappearance of these authorities. it's not possible to pass this before the end of the day on the first. peter: the most likely scenario is the bill will have to between to satisfy mcconnell. there is no deal. the nsa will start pulling the plug. erik: that is our chief washington correspondent. it is a hig

chief washington correspondent peter cook has details. he latest twist in the debate over the government surveillance program. seven legal reviews of the patriot act and particularly the collection of american phone records by the national security agency. the appeals court has ruled that the program exceeds authorization in the patriot act itself. the program itself is illegal. does not rule on the constitutionality of this and what is important is that congress needs to, by next month, decide what to do with the program going forward. we authorize it and allow it to move forward as it is currently with government holding this data and enabling to search it and look for evidence of terrorism or should the phone companies, perhaps, collect this data. this will affect that did they going forward. this is a blow to supporters of the patriot act. particularly a blow to supporters of this program and will shape the debate in washington to come. not the final word but a major turning heart -- turning point in the surveillance program. betty: hu

peter cook is following this story. the scandal has been swirling around the governor.ometimes he seems to be distant. this doesn't sound optimistic. >> the significance of this plea as we learned from in court prosecutors that david while steam is cooperating. he is working with their investigation. if anyone knew where the orders came from disclosure it would be him. up until this point we know there was a correspondence between the former deputy chief of staff and david. the question is how far up the chain did it go? that is still an open question. now he is talking to prosecutors. >> with these lane closures and this infamous e-mail, to which you are referring come a for some traffic problems. peter: exactly right, he said in that famous press conference that he was line cited by news of this, humiliated by the actions of some of his staff. he did fire that deputy chief of staff. he has maintained all along he did not know this was happening. he said yesterday to reporters he is not necessarily worrying about this plea from david while steam. nothing has changed as

today, peter cook sat down with european -- the european trade commissioner to ask if the sides are halfwaya final agreement. guest: maybe halfway. we have gone through nine negotiation rounds and it's really important to get to all of the technical work. we hope by the autumn, we could start to go into the clinically difficult once depending on what happens here in washington. peter: the president has lots on his plate. what do you make of the opposition he is facing in the united states from within his own party over not only the european dealer but with the pacific trade agreement and fast-track authority? does it raise concerns about whether a european deal could be approved? guest: we follow it closely because it's affecting many deals. the president is doing a formidable job to get his people on board and we hope there can be an agreement soon. but that is for congress to decide. we hope it will be done. peter: you had meetings this week with the ambassador and commerce secretary. have they asked for your help to share -- to sell trade agreements? guest: this is -- i don't think exter

tom: peter cook, thank you so much for getting us started on international relations.ates on the move again. equity move -- equity markets, new lows on futures. the theater of cheap money empties with higher rates. what will real estate dealmakers actually do? they have to think long and big. they have to encourage at all moments, and even worse now as rates move. we will speak with william ruden, chief executive officer of ruden management. what do you actually do when you see rates move like we are seeing? william: we try to take it manage of these low historic rates and if they move up a little bit so be it. they seem to be bouncing back and forth and tied into other world events. tom: do you believe that higher rates are a symbol of a better american economy? bill: we were at low interest rates for a long period of time and as the economy gets better and jobs get more creative, we will start seeing rates normalize. tom: i will translate. we could not afford it last month, we really cannot afford it three months from now. brendan: looking just above the full on "the

our chief washington correspondent peter cook has more.call this a rewrite of dodd-frank? peter: i would call it not the complete rewrite but more than just a tweak and i think that is what senator shelby would call it as well. there are things a dodd-frank he really does not like and did not vote for the bill and he wants to see changes he says are really intended to spirit smaller banks medium-sized banks from having to face the kind of rules that the bigger banks were really intended to face. he said that dodd-frank overshot the mark and trying to bring it back in. for example, he would raise the trigger on what constitutes a systemically important financial institution and he is also exempting small banks of having to face the poker role. he would also make changes to regulators and oversight council and make it harder for them to reach into these non-wall street big banks and impose regulatory changes or bowls on them. he says he is making life easier for those of smaller institutions. democrats say it goes too far and they are promis