marty shanker is with us, as well.storm in unexpected treat stanley fischer has been that the fed since 2014 and his term expires in june of 2018 and it was expected he might not be reappointed board want to retire. he was expected to be the person who helped lead the fed from a transition from janet yellen to a new fed chair, should donald trump make the decision to replace janet yellen. he appears to be leaving. he does not give a reason in his letter of resignation that went to the president today. he says it has been a privilege to serve and to work with janet yellen. no reason given for why he wants to retire. he has been in this business a long time, served as the governor of the bank of israel and professor m.i.t. for many years, so quite a shock for the federal reserve system and investors and traders of the world. yellen, whor janet apparently commenting, saying he has been invaluable to policy deliberations. implications because he has seen the size janet yellen as the most important you're on the fomc? arty:

and in the studio, marty shanker. great to have you on. kevin, let me come to you.t was always going to be about the framing in terms of jeff sections talking about the legality, president trump coming in with his ax -- his explanation. did he do enough to say, we do not want this program to end? kevin: it depends on who you ask. denouncing this. just in the last two bank powers, javier palomar is of the has stepped down from that diversity panel. republicans are giving a somewhat tepid response. paul ryan saying this original piece of daca was something president obama had put forward that had no constitutional standing. now, the timeline and clock starts on the six months that the president has said congress has to take this on. later this on, -- later on, senators will speak here on capitol hill about their more moderate approach to an alternative to daca which would grant dreamers who have been here more than one year the ability to become u.s. citizens, provided they join the military service or other volunteer avenues. on the foot side, when we take lipside, s

have clearly fallen out of love apparently saakashvili lied while applying for citizenship and bar shanker has since renounced that citizenship of his university powell while the latter was visiting his own call in new york. both men were backed by washington both raised to power on the wings of popular uprisings and both are now all but failing so i can't believe seems a spent force he's without a state wanted by his native georgia and not wanted by his adopted ukraine maybe it's time for another period of us exile while poroshenko zone popularity is in tatters the latest poll says only two percent of ukrainians still support him the revolutionary idealism that brought him to power amid the flames on the my done has descended into disillusionment. perhaps the chosen leaders of popular uprisings are always vulnerable to having the various support that put them in power taken away or maybe it's just some. thing about ukraine either way the two one time friends and western allies are playing out a very public spat during personal decline little commentator martin summers told us saakashvili

with us in new york, marty shanker. obviously, the questions that president trump will be fielding foreign policy and more on that he struck with democrats yesterday. deal he struck with democrats yesterday. does this make the prospect of a tax reform deal more or less it was going to be a difficult thing. i don't think it makes it much less difficult come especially if you talking about comprehensive tax reform. the democrats will never move from their position that you cannot have tax cuts for the wealthy 1%. as long as any tax plan includes that kind of scheme, they will not go along with it. and he will need democrats to get that deal done. scarlet: i hear more and more about how perhaps there's more of a likelihood. at you think expectations are being raised as a result of this? kevin: what taylor showed about the sentiment in the financial community about the regulatory financial policy, it is a genius point. i was just speaking last week with a banking lobbyist who suggested there's been behind the scenes competi

thei: well before department of education put those figures out, two years ago the shanker institute, which is connected to the a ft put the figures out. had been fighting to diversify our workforce and to have the terms and conditions and they support that people need so that they come in and they teach. we have been working with the hb bcu which is historically black, and frankly would talk to local leaders to have grow your own programs. i was very proud of the new york city parent-teacher program. what is happening is that we are seeing this teacher shortage throughout, and we are seeing people generally don't to become teachers, not because they don't want to make a difference in the lives of kids, because there are seeing how teachers are treat ed. we have to make the conditions better so we can attract more people. we have been working by our selves and we have been working on diversity and fighting for this in our contracts and as you and others know, i called a lot of this out this summer how we have to take on segregation for lawn and discrimination full on. kimberly: you en

thank you so much, marty shanker., lessons in the lyrical survivor. -- seemsrkel's inevitable during the migration crisis. ae leader is poised to take full term. what to look for headed into sunday's election next, from new york, this is bloomberg. ♪ ♪ mark: it's time for first word news. a powerful 7.2 magnitude earthquake that struck near mexico city caused thousands of people to flee the homes and businesses. it was the second major earthquake in that nation this month and struck 32 years to the day after a magnitude 8 quake killed thousands in the capital. issident enrique pena nieto returning to mexico city. an official says at least two people have been confirmed killed this afternoon. claimed itsria has first victim. officials are reporting one death on the french island of water loop -- guadalupe. the national hurricane center estimates maria will strike the u.s. and british virgin islands and puerto rico on wednesday. theis debut speech at united nations general assembly, president trump did not mince words w

randi: well steve, before the department of education put those figures out, two years ago the shanker institute, which is connected to the aft put the figures out. we said -- we saw in the districts and we work and we have been fighting to diversify our workforce and to have the terms and conditions and the support that people need so that they come in and they teach. we have been working with the hbcu which is historically black colleges and universities. we have worked with some districts. frankly many of us when we were local leaders to have a grow your own program. i was very proud of the new york city parent-teacher program. the baltimore parent or teacher program. what is happening is that we are seeing a teacher shortage throughout, and we are seeing people generally don't to become teachers. not because they don't want to make a difference in the lives of kids, but because they are watching and seeing how teachers are treated. we have to make the conditions better so we can attract more people. we have been working with the hc bu's, working on diversity fighting for this in ou

cheryl: korten shanker and thank you for your time. >> thank you.e a day for the stock market. easing tensions with north korea and the news, didn't do as much damage as expected. what will irma and heard the theme for the interest rate decision? we will ask jonathan hoenig. amazon wal-mart slashing the price of hillary clinton's new book. what happened to "what happened"? you are watching "fbn:am." horseheadswivellychair.com it could be the next big thing i should totally get that domain name... get your great idea online too... get your domain today, and get... ...a free trial of gocentral from godaddy with some big news about type 2 diabetes. you have type 2 diabetes, right? yes. so let me ask you this... how does diabetes affect your heart? it doesn't, does it? actually, it does. type 2 diabetes can make you twice as likely to die from a cardiovascular event, like a heart attack or stroke. and with heart disease, your risk is even higher. you didn't know that. no. yeah. but, wait, there's good news for adults who have type 2 diabetes and heart d

here in new york, we have nick wadden, and marty shanker, who is chief of everything at bloomberg.laughter] stay tuned. more markets, coming up. ♪ ♪ mark: it is 11:00 p.m. in hong kong. from london, i am mark barton -- mark barton. vonnie: and i am vonnie quinn should this is the european close -- and i am vonnie quinn. this is the european close on "bloomberg markets." mark: here are the top stories we are following from the bloomberg and around the world. president trump speaks at the united nations, saying that the u.s. will destroy north korea if needed. he also called on other nations to step up to the plate on soldier it -- on shouldering global responsibility. and the rift between her and forced johnson grows deeper. how brexit could be affected. aid is thought -- is being sought in its rite aid

tom: marty shanker, thank you so much. house and at the palm as well. where is the budget going? you are former director of the cbo. the vice chairman will join us tomorrow on the fed show. are we going to 6%-7% deficit to gdp? >> we are on track to get over 5% the next years if we stay on autopilot and the looks like we will have another chilean dollars in a tax bill. we could easily get there if we do not get changes. tom: are these rockefeller republicans? is this even more than nelson rockefeller and we will get more than 7% and the entire dialogue changes? doug: i think we have a big division we were public and party. -- in the republican party. the present is not interested in anything that is the traditional conservative agenda. you have traditional conservatives in the house and senate who don't want that but what to pass cuts. there's only one way to go and that is south. francine: are we seeing a softening of tone? doug: i would not call it a softening of tone. the president is looking for allies on any particula

david: thank you, marty shanker. sort out the latest from washington and pyongyang is david leibovitz of j.p. morgan. are we getting back to the trump trade and now? we see global inflation pick up, and that passes through into stronger u.s. inflation, there is the potential for cyclical parts of the market to rally. the divergence between the performance and financials could reassert itself. you also see materials and industrial israeli hard, but that is dependent on the global activity data, then it is necessarily on the political agenda here in the u.s. david: it was all about global growth? it's important to think back to the middle of last year when started torump trade take off. we are not dismissing the possibility of a tax cut, not dismissing the possibility of a positive change in policy, but we would rather be pleasantly surprised and severely disappointed. being earnings growth robust without any tax cuts, we think the u.s. economy will grow at about a 2% pace. any uptick in the global activity data should

joining us now from what to expect is bloomberg senior executive editor, marty shanker.ads out of the ftn. trumptreet journal says, to push nationalist policy and first u.n. address. i have never seen before verbatim headlines from the two. marty: maybe they were sitting next to each other at the briefing. what is the big deal with the nationalist? u.s.is wrong with the presence thing to the united nations that we want what is good for our country? marty: one of the things president trump is going to try to do is america first is actually good for the world and not a bad thing. calling for a united front against iran and north korea is a global message. david: will he talked to people who will listen, china, russia? marty: it is a really good point. the general assembly is light on leadership. merkel is not there. putin is not there. is still a star-studded audience, but the superstars are not there. they will listen respectfully. the question is, will he call out any of the nation's ?pecifically fo david: he has been provocative in the past. is there an upside for him?

ravi shanker, is morgan stanley equity analyst who covers the trucking and shipping industry.er bowl is about this. why is everyone else so skeptical? >> i don't think electric trucks have really been proven yet. you have a electric location in passenger cars and smaller trucks for a long time but there is skepticism about the range, payload, cost of putting it into a class eight semi. we have already seen other companies show a similar things, so others will follow quickly. scarlet: the trucking industry is skeptical. elon musk says that the truck will increase safety and will be even fun to operate. >> the biggest question out there is the range. they class eight truck today does 600, 700 miles a day without stopping. ite the truck is autonomous, may have to do 1000 miles a day. so to give a class eight truck something like 700 miles of range, you would have to need an enormous battery in it. scarlet: not feasible? >> we don't have the battery technology at this point to be putting in such a large battery without running significant cost and packaging and weight issues. one

here to set the stagis mar shanker. the plan he has finalized, what do we know?> we know one of the more controversial positions of the plan is to eliminate deductions for state and local taxes which is going to hurt states like new york, california, states that are heavily democratic. that will be very controversial because it's the wealthy people in this country who take most advantage of that. it includes tax cuts for the 1%. david: the president last week said he is concerned about the middle class, not the rich people. the reports now are pointing a different direction. that's right, frankly, you can cast this anyway you want. the devil is in the details but top 1% of that the income earners in the united states are going to get a tax cut under this plan and the democrats are steadfast against it. david: we have been waiting for this tax plan with bated breath. in the meantime, the news over the week had almost nothing to do with taxes. in thenuchin was on abc did not get to taxes because of the issue called football. >> did something else happened this week

joining us now, marty shanker. the sanctions, but they watered them down. >> it is significant china and russia went along, but there are implications russia is helping china smuggled goods into north korea. there is no sign the sanctions are effective. is there anybody who believes these sanctions will stop north korea? >> no. i don't think anyone is naive enough to think north korea will say we have had enough, we are going to stop our nuclear ambitions. things get tight enough they seek a back channel communication as a prelude to talks. david: in the meantime, it is tax reform. tohe has planned a campaign promote tax reform. there is no tax plan. getting them to support the broad themes will be helpful, but it is not clear what will be in the plan. alix: who is he talking to? >> he is trying to talk to disenchanted voters. reality, who is he talking to? democratic senators up for reelection who may feel threatened by republican challengers and who they think trump might help if they go with tax reform. not part

peter schaffrik and jason shanker.terminal tech out tv -- checkout tv , interact with us directly. i should point out that hurricane, is now category five. we are going to discuss the impact of hurricane harvey as we brace for irma. this is bloomberg. ♪ this is bloomberg. ♪ alix: it is hurricane season and now hurricane irma has become a category five storm. you can see the projected path looking to come in between cuba and a florida on september 10 as it grows into a category five storm. it will change directions quickly, but nonetheless, something to keep your eye on as we assess the impact of hurricane harvey. the cost of hurricane harvey continues to mount. one place he felt it is at the pump. higher the43 cents biggest increase over the past few days. new jersey $.37, maryland $.41 and georgia $.43. buddy's.coms gas senior patrol analyst dan mcteague. how much longer can we expect this boost? dan: it looks like it will remain where it is. it may move down by this time next week, but there is much uncertai