michael spence studied this at oxford years ago.comes down on the string -- >> that's right, the hammer. we do not make our supplier list, the -- public. >> triple top secret, how they make the felt? >> everything is top secret. >> you mention china and perhaps brazil. and they are dealing with higher inflation and slower growth. what is the appetite for a $150,000 grant piano? >> let's choose china as the first example. customers in america have had the opportunity to acquire a steinway. so, many of the people who will own a steinway, already do. that is not true in china. people my age grew up during the cultural revolution in china where music, and particularly western music, was not loved away it is today. today there are 35 million chinese children taking piano lessons. it is an astounding number. and we hope some of them will ultimately on a steinway. >> a driving question -- how do you get a steinway in a skyscraper? do you really put it up aside? >> in new york city, in particular. in many of the world capital cities cranes

>> we are thrilled to bring our audience worldwide michael spence.rofessor spence about the volcker rule, his thoughts on asymmetric risk and asymmetric information. thrilled to have michael spence again. also joining us, robert nardelli. that is wonderful. we have him the day after that historic announcement by general motors. he ran chrysler for a bit. we will talk to bob about the challenges facing mary barra at general motors. >> i am fascinated with that it will be great. focusing on the volcker rule, you went through it extensively yesterday. >> we are going to look at the volcker rule with professor spence. pages, it deserves a lot of scrutiny. >> tom, thank you so much. i am looking forward to surveillance and 20 minutes. coming up, more on the volcker rule. wall street let out a sigh of relief yesterday as it stopped short of some of the strictest bans. we will take stock of what this means for the banking industry next. ♪ >> welcome back. you are watching "the pulse." we are alive form london. off to radio. i am guy johnson. >> i am francin

where you as spence not soldier must progress and improve. you there's no point shouting that you're the toughest guy around of because there's always someone tougher. to you. yet. in the world is the job to get paid for it will take a certain delight in doing it in this world. there's no point thumping your chest boasting about being a member of the special forces i never liked that sort of thing. people often mistake me for a period trooper or a marine but once you know me and called out in the street look there goes a crimson very. old people are reluctant to sit next to me on a bus is there are three. percent reason many believe that are bone headed guerrillas who can't think properly and they're only good for hurting people and fighting the good work of the. board a flight is what tells you if you are ready you don't know what will happen tomorrow and then what situations your skills might come in handy the more you exercise the more easily you'll pass the test it was easier for you to earn the crimson brave and some others it just means

noah spence defensively for the buckeyes. >> charles: i think the buckeyes are a little bit spent ondefense right now. they have got to find a way to get off the field and get a little bit of a break. remember we said at the beginning of the game, misdirection passes? screens. michigan did to hurt ohio state. >> gus: third down and seven at the 28. langford lines up next to cook. cook adlooking. incomplete. ohio state brought pressure and rattling connor cook a bit. the spartans will have to punt it away. >> charles: a good secondary in the secondary with powell and grant had the receiver sandwiched. good pressure up front and helping out the back end with good coverage. >> gus: mike sadler comes in to punt. >> charles: bradley roby has three blocked punts in his career. two of them this season. >> gus: billy brown back deep at the 35 for ohio state. the kick it cloked blocked! buckeyes get a hand on it! it may have been shazier! their leader. their captain. >> charles: it wasn't bradley roby but the punt was still blocked. ohio[//v state blocked one lasr in their game against michi

where you spence not soldier must progress and improve. you there's no point shouting that you're the toughest guy around of them because there's always someone tougher. to do. yet. is the job to get paid for it will take a certain delight in doing in this world. there's no point thumping your chest and boasting about being a member of the special forces i never liked that sort of thing. people often mistake me for a period trooper or a marine but once you know me and called out in the street look there goes a crimson barry. marshall people are reluctant to sit next to me on the buses there are three. percent reason many believe that are boneheaded guerrillas who can't think properly and they're only good for hurting people and fighting the good work of the. board a flight is what tells you if you are ready you don't know what will happen tomorrow and then what situations or skills might come in handy the more you exercise the more easily you'll pass the test it was easier for you to earn the crimson very even some others it just means you

spence spencer. >> it does. not only been amazingly dry but amazingly warm and dray. let's look at live doppler 7hd it's dry as we speak with mainly clear skies across the bay area right now. few thin high clouds manufacturing through the area and will continue to do so overnight but let's backtrack jaws few hours and look at couple of today's high pressure that were record high for this day. 64 grew east in oakland. record high for the date and 66 in san jose tie existing record high for san jose and tomorrow is another spare the air day. air quality declining as dry warm spell continue. look what lies ahead and change in the forecast a little bit later. >> all right spencer thank you. >> state water official will conduct season first snow survey on friday. sierra snow pack is a key source of california water. received justin percent of the average snow fall this month. compared that to this timeless year when the snow pack water content registered 150 percent of normal. department of water resources says it is bracing for a possible third cop executive dry year in c

where you as spence not soldier must progress and improve. you there's no point shouting that you're the toughest guy around of them because there's always someone tougher. to. yet. is the job to get paid for it will take a certain delight in doing it in this world. there's no point thumping your chest and boasting about being a member of the special forces i never liked that sort of thing. people often mistake me for a period trooper or a marine but once you know me and called out in the street look there goes a crimson very. old people are reluctant to sit next to me on a bus is their free. for some reason many believe that spain are boneheaded guerrillas who can't think properly and they're only good for hurting people and fighting the good work of the. board a flight is what tells you if you are ready you don't know what will happen tomorrow and then what situations your skills might come in handy the more you exercise the more easily you pass the test it was easier for you to earn the crimson burry than some others it just means you work

spence spencer. >> it does. not only been amazingly dry but amazingly warm and dray. let's look at live doppler 7hd it's dry as we speak with mainly clear skies across the bay area right now. few thin high clouds manufacturing through the area and will continue to do so overnight but let's backtrack jaws few hours and look at couple of today's high pressure that were record high for this day. 64 grew east in oakland. record high for the date and 66 in san jose tie existing record high for san jose and tomorrow is another spare the air day. air quality declining as dry warm spell continue. look what lies ahead and change in the forecast a little bit later. >> all right spencer thank you. >> state water official will conduct season first snow survey on friday. sierra snow pack is a key source of california water. received justin percent of the average snow fall this month. compared that to this timeless year when the snow pack water content registered 150 percent of normal. department of water resources says it is bracing for a possible third cop executive dry year in c

where you as spence not soldier must progress and improve. you there's no point shouting that you're the toughest guy around. because there's always someone tougher. is the job to get paid for it will take a certain delight in doing in this world. there's no point thumping your chest and boasting about being a member of the special forces i never liked that sort of thing. people often mistake me for a period trooper or a marine but once called out in the street look there goes a crimson berry. people are reluctant to sit next to me on a bus is their free. for seven reason many believe that are bone headed guerrillas who can't think properly in their only good for hurting people and fighting for the work of the. board a flight is what tells you if you are ready you don't know what will happen tomorrow and then what situations your skills might come in handy the more you exercise the more easily you pass the test it was easier for you to earn the crimson brave and some others it just means you work harder during the training. the aim of these e

expenses hit spence's unfortunately. in doing that we cut spending including social spending and that obviously had a negative effect on health education and social housing report obviously. this took place at a time when that chair was in power in the u.k. and reagan in the us. it was really the law of the markets. and so the economists of the i.m.f. the world bank and in a lot of other countries even bilateral cooperation said allow real prices to rule and all problems will be solved. i think that by doing that we did a lot of harm mainly because we didn't know ways to understand the economic policy of these countries. once the structural adjustments were imposed by creditors namely the world bank and i.m.f. it was like hell on earth here in brazil. at the hospital everything had become fee paying consultations you have to pay to see the doctor to get more serious. i mean it was hell people often died from curable diseases. people in poor health who have no access to health care makes development impossible. you know y

but they happen until it's like everyone on the side of the street ms spence houses and bosnian territory. for the good form as soon as i step out onto the streets the aisle to be checked by the border patrol and in the same again when i go back to us. because the border runs right along here in front of my house the streets in the house is on the other side of the equation. the potent isn't right yet. or will the watch now. i'm crossing the border duty. just to check for the neighbors. hey guys. we did take an ego trip i would see you on the street we live in. so this time they're absurdist and is situated in the southern coalition town is connected the border always grand prix here because the two countries use to operate on the basis of free movement of goods and people it was never a problem. until the elation joint eu and strict external border controls were implemented. border crossing point is at the start of the one and half kilometer long street ne this the only access for residents the village mayor on to comment that she wrote all responsible authorities two years ago. bluetoot

spence spencer. >> it does. not only been amazingly dry but amazingly warm and dray. let's look at live doppler 7hd it's dry as we speak with mainly clear skies across the bay area right now. few thin high clouds manufacturing through the area and will continue to do so overnight but let's backtrack jaws few hours and look at couple of today's high pressure that were record high for this day. 64 grew east in oakland. record high for the date and 66 in san jose tie existing record high for san jose and tomorrow is another spare the air day. air quality declining as dry warm spell continue. look what lies ahead and change in the forecast a little bit later. >> all right spencer thank you. >> state water official will conduct season first snow survey on friday. sierra snow pack is a key source of california water. received justin percent of the average snow fall this month. compared that to this timeless year when the snow pack water content registered 150 percent of normal. department of water resources says it is bracing for a possible third cop executive dry year in c

she has to give the best place to another seeing him in line to fill in the pt comes to me keith spence scheme offering to share his room at a costume turkey's prime minister hit japan airlines says that dark alliances are to blame for the recent craft cupboard his government to look funny for people with ties to the minister had been arrested and slapped of corruption charges where one says the arrests are part of an international conspiracy it uses for investors in the middle he's just going to know that these recent days very strange the ambassadors have been involved in some provocative acts. i'm calling on them yet. do your job. if you leave your area of gt this could extend into our governments area of jurisdiction to deal with all in response to recent events the prime ministers urged the police force firing several officials that their thoughts reflect a power struggle between everyone. ms a former ally the two ago and it's not for me to use his influence in the police and the judiciary. the protest on the streets of bangkok. once again the opposition out in force in the thai ca

that was our tease laura spence reporting. an anon armed mentally ill man has just been charged with assault in an incident where a police officer shot two innocent bystanders near times square the man being charged as glen broad nax and police are holding him at fault for the injuries because they say he instigated the incident the altercation started when broad necks walked into traffic at a manhattan intersection and jumped into the path of on coming cars at that point police officers tried to detain him soon after broad next reached into his pocket and officers assumed he was reaching for a gun so they fired and mistakenly shot two women nearby broad knox's lawyer is claiming that his client was emotionally disturbed saying he suffers from anxiety depression and possible delusions the attorney for one of the wounded bystanders had this to say about the charges it's an incredibly unfortunate use of prosecutorial discretion to be prosecuting a man who didn't even injure my client it's the police who injured my client regardl

. >> spence yes, thank you. we can see spencer bundled up. a turtle neck. >> there is a reason he's bundled up. it's cold. and getting colder. >> temperatures down in that area into 50s. and so about 15 degree drop. if you're going to go out, join spencer, it's a great cause. let me show you live doppler seven hd. we'll talk about frigid weather still to come. clear skies across the area. the sierra is seeing this fresh powder is on the ground. into the 50s just about everywhere. sunshine from our camera, it is clear. concord low 50s along with napa. looking at the view, nice day shade of blue here. this is a look at the forecast. freeze warning in the north bay. into san francisco, colder tomorrow night. a wintery fix is expected friday and saturday. we're talking about snow showers. colder air is settling in. freezing cold nights. we're expecting this air to continue to affect our weather. we have another system. it's going to work down. it's a thursday at 4:00 p.m . another cold system bringing us rain showers and going to cause snow level

you can be using them and we'll say you know them design is these them good materials going to make spence of materials i'm saying it should be cars for a man represents freedom in a lot of us and for women shoes are an expression of transportation and freedom to some degree to some degree but you very quickly but you can move through a crowd with the right shoes in a way that you would not be able to move with a pair of flats or or trainers as they call them here and there words if you have high heel pumps from chanel you know it with a nice sambal you could see through a crowd like you're of god a muscle car from the one nine hundred seventy s. and you're a guy he's never sang for a women a server mode of making a statement and getting asked where i've arrived in this crowd i'm going to tell you maybe i don't find i travel very quickly on high heels but maybe that's something else that we are and i can try out how quickly the crowd in paris and how come. we're out of time. and i'm sorry to say we're out of time we got to go so jeff gold good luck with the new show you the crowd funded on

. >> spenc christian is tracking it. spencer? >>> yes, the cold snap will make us quickly forget about the mild spell we just had. live doppler 7 h.d. up north, a shrinking area of light rain. it was a much wider area earlier moving south of eureka toward mend cito county and the bay area. not the possibility of showers we're concerned about but thea, rival of very cold air. a freeze watch is in effect for tuesday night, tomorrow into wednesday morning for the north bay, the strait and lta. subfreezing temperatures will be spread all across this area. possle damage to sensitive plant and exposedpipes. now the following morning or night, wednesday into thursday morning, the freeze watch expands to virtually all of the bay area with the exception of safrancisco. it will be even colder with still freezing temperatures spreadg southward. there's an increased risk of hypothermia. as we look liverom the east bay hills camera, here's the projected morning low temperatures for the next three morning. chly tomorrow morning with lows dropp

. >> one of the great essays is michael spence who wrote zaki about what matt levine is talking about essentially damned if you do, damned if you don't. >> if they just let it alone and never said anything about it -- >> you might wonder what would've happened. >> it might be goldman sachs. >> jonathan miller with us. this is a game change in american housing this year, the chinese finally show up. >> they were late to the party. we're looking at a lot of will the chinese tried to pull their money out, diversify, invest -- it is a global phenomenon, not just in china. looking for a safe haven, which is ironic. a lot of the global credit crunch could essentially be imitated from the u.s. but the concern about higher tax exposure we saw in france the 75% tax on the wealthy. we're seeing high-end investors coming to the u.s. >> jonathan miller of miller samuel. talking about the real estate market coming up. 55 tax breaks set to expire today. we will discuss, next on "surveillance." ♪ >> midmorning, "bloomberg surveillance." it is duffy square. ministerer warrior and frank duffy. it is s

mayor vincent gray finally ended all the spence on monday. almost a month to the day from the january 2nd deadline to file petitions for the april primary. news 4's tom sherwood broke the news that gray was seeking a second term and formally signing his election papers. he is still under investigation, something sherwood equated to a wet mattress hanging over his campaign. how tough would it be for the mayor to run with a wet mattress hanging over his head? >> it won't be easy, there's no question about that. the reality is that many of the people who are convinced that the 2010 campaign was corrupt have already decided that they're not going to be able to support mayor gray. so to my way of thinking, he is actually benefiting from all of these other high-profile candidates getting into the race. the more widely the vote is divided, the better it is for him. he may do what harry thomas used to do when he was running and win by 30% of the vote because all the anti incumbent vote has been divide among so many candidates. >> bowser saying now th

spence national defense authorization act for fiscal year 2001, 22, u.s.c., 7002 as amended and the order of the house of january 3, 2013, of the following individual on the part of the house to the united states china economic and security review commission for a term expiring on december 31, 2015. the clerk: mr. daniel m. slain of ohio. the speaker pro tempore: the chair announces the speaker's appointment, effective december 16, 2013, pursuant to section 2 of the civil rights commission amendments act of 1994, 42, u.s.c., 1975 note, and the order of the house of january 3, 2013, of the following individual on the part of the house to the commission on licenses for a term expiring december 15, 2019. the clerk: mr. peter n. carseno of cleveland, ohio. the speaker pro tempore: for what purpose does the gentlewoman from texas seek to be recognized? ms. jackson lee: madam speaker, i move that the house do now adjourn. the speaker pro tempore: the question is on the motion to adjourn. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. the motion is agre

prescription, it is going to come out of your pocket and that does not count toward your out-of-pocket spences which as we learned yesterday can be astronomical. >> if the drug is not on the list, you're paying more than you normally would. if it is not on that list, you are set to be in big trouble. it doesn't go against your premium. you can't use it against the the deductible. uncertainty is not good for any market. there may be people, who knows, hoarding drugs out there. there are people certainly concerned about this. >> we were tipped off that this week from the administration's point of view, they were going to be pushing forward on medicaid, the beauty of medicaid, the need to expand the program and how many people have benefited because it has been expanded. when it comes to cash, where are they going to get the cash, in the long term nobody knows. however, when the supreme court said it wasn't unconstitutional to have obamacare, they said states it's up to you to tell you whether you're going to expand your program. the federal government can't tell you that. for those governments t