i am stephanie ruhle. it is a special day because my partner, erik schatzker, is often they and their letting me drive the car all by myself. matt miller is in the newsroom with the headlines. what is the word? >> we're seeing existing home sales come in slightly less than had been anticipated on wall street. the forecast in our survey of economists is 5.2 million. we're seeing 4.90 3 million, coming in just below that in the prior month of 5.20 6 million. we are seeing the month over 6.1%.number down that is that it can lend you will see throughout the day -- that they can light you will see throughout the day. we are looking at it probably 1.1%. that is look so great, especially when you look at the bar graph. but when you look at online of where they have been over the past four or five years, we are at a pretty decent level compared to, say, the low in 2010 but not nearly where we were at the high have 2005, 2006, 2007. bring in ato bloomberg economist who appears with us to analyze the numbers. >> wea

. >> i am stephanie ruhle.ker is off today. >> so you brought in a very special cohost, phil:. i love that he said, who better really? the top level business stories of the morning. we have to start with the blockbuster gdp report out earlier today. the u.s. economy grew at a 5% rate in the third quarter. that is the most and 10 years. it is another sign of spendingning as we go into the new year. the report helped send stocks to new record highs across the board. as if he and dow forged ahead. bmw is the latest automaker to issue a recall because of faulty takata and backs. it affects bmw cars made from 2004 two 2006. no problems have been officially reported. the federal government has pushed carmakers to recall older vehicles with airbags by takata which has been linked to five deaths. curie is recalling coffee systems after reports of people being burned by hot liquid. includingincidences 90 burn injuries. we are talking about the systems thatplus were made in the last five years. pope francis made a commen

stephanie ruhle is on assignment this you week -- this week. we call this the bolton.et's begin with americans. -- not been this confident let's start with gas prices since the lowest in 2010. in biggest got -- job gains a decade. all that means is the willingness to spend more. radioshack is having trouble -- 40 million dollars of cash left. in washington, the house is set to pass a spending bill that would for -- avert a government shutdown. >> they did a marvelous job and i wish you had been done last week. >> there was a lot of horse trading involved in many democrats are not happening with at least one provision and it role in tax that -- democrats call it a giveaway to wall street. nevertheless, the spending bill is expected to pass in both houses. it is almost time for hollywood to start congratulating itself. bird man among the top nominees for golden globes. they're considered a good indicator of who ends up taking home the oscars come february. like that, volatility is back. oil, russia, greece, the tao is, yesterday, the worst of the year. what is it like to

i am stephanie ruhle. who is back with us.rtner in crime could not miss this next interview even though he has been on assignment. erik, glad to have you back. >> good to be here. . guess who is? he is called a true insider who took the other side of the trade, but at least for now, mr. ackerman is having the last laugh. shares have fallen by 50% and it appears that bill is in the money. thanks for being on "market makers." >> thank you. you speak about herbalife, the stock goes up. this summer it has been going down. >> what has changed is a lot of the former herbalife employees, top distributors are turning state evidence. so we have very interesting --eo from herbalife >> film by herbalife? >> that is from october -- it you will say that it was 10 years ago, but wait until you see the video. it is one of the top distributors, i think he is in the top 10, talking to other readers,op to strip members of the company, senior vice president of herbalife and he is talking about how herbalife is basically a pyramid scheme. >> as s

. >> i'm erik schatzker. >> i'm stephanie ruhle. >> stephanie, is life really so bad for america's>> no, they are cried berries. -- they are crybabies. >> at least according to the benchmark index, bank stocks are up 4%. revenue growth in the third quarter was the strongest in five years. how good or bad is the outlook for the fourth quarter and beyond? this morning we are asking a one-to combination -- a 1-2 combination. men, answer the question. is it really that bad for banking? >> i will start. it is a mixed blessing. the regulation continues to rise, the goal post keeps shifting driving capital markets to have a lot more capital, but if you look at how the banks and kind of shuffled optimized things over the last few years, they have managed to keep their heads above water despite the higher capital requirements. and in terms of what is going on right now, the fourth quarter is usually not a great trading environment seasonally, and with oil prices in russia erratic, it quartera weakish but not a travesty. >> can you make the case that regulations have forced the banks to do w

with erik schatzker and stephanie ruhle. >> you are watching "market makers." i'm erik schatzker. nie is on assignment. my guest host is black rock's peter fisher. we've heard from peter on black outlook for 2015. the challenges of investing into the bull market. with us is another money manager , president of tiaa-cref asset management, which oversees $840 billion in asset management, mostly for teachers and academics. a pension fund has to be a long-term investor. how does that make your outlook from the, if at all, way peter and his colleagues at blackrock look at things? >> we have a history of being a pension provider. billion wef the $840 have is earmarked. this tend to be long-term investments. a contribution plan meant to retirement. there's another part of our businesses that is a diversified global asset manager with nonaffiliated third party assets. sovereign wealth funds, retail investors and the like. coming back to the core mission of what we are, our core mission has been retirement. it is all not for profit. for those who serve others, providing their financial need

is "market makers." >> welcome to "market makers." >> we are in today for erik schatzker and stephanie ruhleears ago today, stephanie's mom and pop got a holiday treat. stephanie was born. it's not just venture capitalists were making money in tech startups. pre-ipo investors are just as likely to include goldman and barclays. goleman has been the most active over the past four years investing in over 80 companies like facebook and dropbox. that does not mean the banks are early investors. half of them came in the final series rounds of funding. cory johnson, what is the banker presence out there? >> i think it's a much more focused effort. it's not always early investment. sometimes it is. goldman sachs has been there from the early days and all kinds of levels. a very different animal. we have these companies staying private for so much longer than com bubble. dot in a rounds being done really good size. game?se skin is in this >> that is a great question. in the case of goldman and others, you've got everyone. it's being driven by the client growthnts some kind of the returns that they ca

i amis is "market makers" erik schatzker, this is stephanie ruhle.r is facing a rebellion over the budget. the government will run out of money next week. conservatives say a spending bill must take action to stop president obama's executive action on immigration, even if it leads to a government shutdown. this is a big test for house speaker john boehner? >> it is. it looks like a test that he will pass. perhaps only with the help of his nemesis nancy pelosi. let me walk you through what is happening. john boehner has a two-part plan to respond to the immigration action and avoid a shut down. republicans will vote on legislation blocking the emigration action. they will vote overwhelmingly. it has no chance in the democratic senate. it is a show vote. next week they will vote on a spending bill to keep the government operating. only 11 or 12 will be covered by that. he will leave out --. that is an effort to take another crack at the issue. house conservatives say, that is not good enough. we want to challenge the president here and now. they're bei

makers""market stephanie ruhle is on assignment. i will start you off with a bulletin -- mark for oil,s the price of brent crude fell to a five year low in the united states also dropped and hedge funds and other money managers i have that too much on rising prices. merck is taking aim at superbugs per the drugmaker has of debt has agreed to buy cubist pharmaceuticals. developing products to fight drug-resistant bacteria. has increased the target price of its ipo. the company plans to offer per -- ofto $14 these. in india whereer they had been banned and accused in uber driver of rape. the company will do everything to support the woman. today withbama meets the duke of cambridge, prince william who is taking a break from a visit to new york to visit the white house. he and his wife arrived yesterday and they will have a reception with hillary clinton and an nba game featuring the brooklyn nets. it's a, 14 years but citigroup the longer holds the record for the most valuable bank of america. that distinction now belongs to wells far

you are doing ok, stephanie ruhle. >> we are not just about the apparel.etic of the home product that we bring in. >> she told us that she just did a fat joke. we are getting into food. >> it sounds like fun. it sounds like you are living an awesome life and just putting it out there. >> so well said. exactly. >> a thinly veiled insult. you might not be tolerated and skinny, but those products are for you. >> i was just commenting on the red versus blonde. [laughter] we will let matt's day. >> at least you all have hair. >> true. >> be thankful. coming up, he did not exactly throw his hat in the ring, but still jeb bush has made it clear that he is running for president . if you did not know that already , one really important piece of news is the pack that he is starting. -- pac that he is starting. ♪ bush's 2015 -- 2016 ambitions are that clearer today. he wrote -- >> big news to political junkies everywhere, though they probably already suspected it, because they watch, with all due respect, market -- mark halperin, who basically said the same thing las

i am stephanie ruhle with erik schatzker. total bond offerings have passed the $1.5 trillion mark.s capped by the medtronics that sale yesterday, the biggest dollars denominated offering this year and lisa abramowicz is here to talk about it. brad from barclays remains with us as well. i have to ask you first, the biggest year for corporate bond sales, but if you spoke to a corporate bond salesman he would say that it was a horrible year. connect the dots for me. >> a lot of this is what i alert -- alluded to earlier, low yields with companies noticing the fed moving in 2015. if you look at the overall yield , thee market investment-grade is below 3% right now with high yields happening in energy above 6%. historically those are attractive financing yields. the reason you get that sentiment from corporate bond sales, spreads to not look that good, they are wider for the full year. >> i guess the question for lisa, for brad as well, but we will start with you, what is the most important factor that will determine whether corporate bond ?ales determine at this pace is the fed a holdi

live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. >> job shocker. we will show you who is doing the hiring. >> highfliers. airline stocks are soaring could will plunging oil prices offset global slowdown? >> the game that started an industry. meet the great disruptors who created the classic pong. i am erik schatzker. >> i have matt miller, a poor substitute for stephanie ruhle. don't be so hard on yourself. >> she has a better haircut. do i was going to say you arr is flattering. >> no one was predicting a jobs report like this one. it exceeded the most optimistic production of the bloomberg survey and was the most jobs created this january 2012. a few minutes from now, president obama will introduce his choice to be the next defense secretary. carter, who spent two years as the pentagon's number two civilian official and he has also been the top weapons fire and has a phd in theoretical physics. republican senator john mccain says that you should have no trouble being confirmed by the senate. delia saysretailer it will file for ch

last week we talked with stephanie ruhle about the fact that gdp numbers are up to 3.9%.hat is the best we've had in like a decade. it is better than china, which is the gold standard -- >> do think this is as good as is going to get for his presidency? >> i do not know that question. this is a 20 year problem in the american economy. you cannot blame barack obama unless you want to blame every president going back to jimmy carter. >> there are things -- the luck of confidence in washington, things that affect people's confidence been -- business spending and investment and what is the president's theory based on the economy? what policies will he pursue? it would be great if he could get this higher. but the problem -- he is running out of time to put in place the fundamentals -- not just long-term, but medium-term. >> the president ends his term in office with 3.9%, people will be happy. >> they may be skeptical, particularly with consumer spending the way it is right now. >> [indiscernible] make a personal commitment to doing that. ok, the staff member who wrote a face

stephanie ruhle is on assignment, but sheila is here.es editor for bloomberg businessweek. have a look at the camera, so people can see you. >> hello. >> we've got a topic to take up that i know is of great interest to you. six years ago this week, bernie madoff's two sons told authorities their father was running in $19 billion ponzi scheme. course, what happened to him, 150 year prison sentence. just this week, a former employee was sentenced to six years behind bars. his too good to be true returns were just that, too good to be true, made up. job? he sec do better next guest is currently director at berkeley research group, a consulting firm that focuses on securities market regulation. david, you have seen the sec involved in the six years since the ponzi scheme was uncovered. what do you think of the sec today? there is no question the sec has changed, has gotten better. when i did my investigation there, not only did we do a report as you mentioned, about about why they missed the ponzi scheme, but we also did 300 recommendations

i'm stephanie ruhle.ony's decision to cancel "the interview" could cost the company millions of dollars. there are lessons here for movie studios about preparing yourself for this kind of doomsday cyberattacks in real. talking toas been the experts, trying to gather some of those lessons. and peter singer is an expert on cybercrime and has consulted and activision. let's start with peter. what can we learn from this? don't make a movie in north korea? >> and don't cave in utterly so that you can't even make lemonade out of lemons out of this. there are couple key lessons we can take from it. one is obviously, take cyber security seriously. in this situation, sony has been repeatedly hacked, going back to , byeast 2005, yet the way all reports, this group got in wasn't with incredibly advanced techniques. it was kind of the cyber equivalent of accrued pipe bomb -- of a crude pipe bomb. don't just think that your exterior line of defense is enough. it doesn't work for eggs. he doesn't work for major corpora

"market makers" anchor stephanie ruhle sat down with gary stern to discuss the latest project in southroject right on the beach. >> betty, it would blow your mind. groundars ago, miami was zero for the housing crisis and guys like gary stern brought up many of those properties when they were in deep distress and they are not starting from the ground. they are going to major overhauls, multimillion dollars. the biggest beachfront property in miami and barry is pretty excited about it. >> i think miami is the singapore of the united states to your getting all of international travel, international buyers, europeans, spanish. was selling units -- not one unit to a guy, it units. -- eight units. >> isn't it a risk when you have international buyers? they are not setting up a home here. >> i think it is slightly different and i don't think of this market -- unlike maybe new york -- these people will come here. >> it is not just south americans. he is seeing more new yorkers who are sick of paying the price is they are here, especially all the taxes to you are seeing hedge fund-type guys not

i am erik schatzker. >> i am in for stephanie ruhle. we have some breaking economic news on the manufacturing sector. mike mckee has headlines from the desk. we expected a big drop in the purchasing managers index for the month of october. we get a drop, not a big one. we see new orders actually rising to 66 from 65.8. that was not in anyone's real forecast. employment down just a touch. interestingly enough prices like oil prices really having it in the impact of their. the dollar has been rising but export orders are up. a really good overall number. >> thank you very much. a black mood for retailers on black friday. the national retail federation says spending tumbled 11% over the weekend julie hyman is here with a rundown of the latest on black friday and what we know about weekend shopping. >> that was for the entire weekend, that 11% figure. also some number saying individual spending, per shopper on an average basis, was down 6.4%. traffic fell by 4.5%. there is one caveat we need to take with these numbers. we do not know if the

stephanie ruhle is joining me. i know you have some fun facts.ays since 17,000, that was july 3. it easier to hit the next milestone. this is only the fifth fastest time we've seen it go from one round number to the next round number. in terms of what has taken us ,here during that area of time these of the top five formers. whenever we hit -- performers. we always think about how important is this really? the kenseth seems to be among investors that it's psychologically important and it tells us something important about sentiment among investors. especially because the dow is it's not that brought a rally. >> the investors shut the books down on december 1 or december 15. now they are panicked. manager, a hedge fund you don't want to bang on the table and say why would you pay two and 20 when you could invest in a vanguard. they raced to catch up and all it does is push of the market. >> there is something real about the santa claus rally. >> without a doubt. fort will little too late them. jeremyre speaking to siegel in 20 minutes. he expects

coming up, stephanie ruhle met up with the world's fastest man. we'll also have more on today's critical greek vote. will prime ministers get the number needs and what happens if he doesn't? we'll discuss that later in the program. ♪ >> welcome back. you're watching "the pulse" on bloomberg tv. in greece, a very high stakes game is being played. another noon local time, in just under an hour, the prime minister gets a second attempt to get his presidential candidate through and in the process keep his government intact. it is going to be tough to do that on the third vote which is on the 29th. the implications of this, let's discuss it with our guest. good morning. >> good morning. >> the assumption at the moment is he is not going to get this to happen. he is not going to get to 180. what happens next? >> this automatically triggers national elections by late january or early february. according to the latest polls, the main opposition, the party is ahead but the difference has been shrinking so it may actually be a close call. no matter who wins

i'm stephanie ruhle.ealing with the fallout of hackers who stole millions of pages of documents, including e-mails from top executives, health records of employees, private information about mega movie stars, and a whole lot more. today, sony movie stars sent an official letter to press outlets, telling us to destroy any documents that we possess. no doubt, brent, you poured over these hundreds of pages of documents. >> they are very salacious. they are very embarrassing for top executives. >> in other words, a dream come true. >> for a journalist, christmas came early. >> is it? say, these areo documents that were obtained illegally. >> i am being a little glib. to be honest, this does raise a lot of troubling ethical issues here. what is newsworthy, what is just gossip, what is intended to embarrass, what is intended to inform? these are the kinds of debates that i think newsrooms all over hollywood are having. >> i think everyone is ok with gossip, it's what sells. but this gossip was obtained illegall

distributors have -- he spoke exclusively with stephanie ruhle. we don't know much about them. number of them have come to us and say they are scared. i want to be protected. what if the companies whose me? -- sues me? we have been -- >> how does that work? you guys don't have them on salary. >> that is correct. >> herbalife has continually denied being a permit scheme. .- pyramid scheme the post-fed reaction -- , ira jersey and lisa abramowicz. now, mia saini is standing by with market reaction. have taken tos this news. we are seeing green across the board on this wednesday. we learned of the projections that 15 of 17 fed policymakers see a rate change in 2015. 1.125%. what are we to make of these? >> that is a bit lower than the previous thought. we will reprice and the bond market for the expectation of how quickly the fed goes. not that they won't hike next year, but said of going -- jump, look at the biggest high-yield bonds are rallying the most since october of 2011. a vote of confidence that the fed is going to remain accommodative for a longer period of time. >> with

stephanie ruhle has the first interview since announcing his resignation.minister lamothe actually, i think we have a bit of a disconnect. just five days ago i was in haiti. i spent the week trying to figure out what haiti looks like five years after the earthquake. january 12 oh mark the 500 year anniversary. the country lost 200,000 people. since then they have received $5.5 billion worth of a pit one of the things they are trying to do is attract foreign investment and but when you have gotten $5.5 billion worth of aid you should be able to see it on the ground. i saw copies like heineken, tablet makers, hane's producing there. is it making a difference? we can to see $5.5 billion worth of ai -- we can't see five one $5 billion worth of eight. there is not enough running water. the prime minister stepping down and i will be speaking to him in a moment. >> get the latest headlines at the top of the hour on bloomberg radio and streaming on your tablet and bloomberg.com. that does it for this edition of "bottom line" mark will be back tomorrow. "on the mark

live from bloomberg headquarters in new york, this is "market makers," with erik schatzker and stephanie ruhle shockwaves? this will be a survival of the fittest. , will cyber monday be any better? we will talk about that -- talk with the head of e-commerce. >> you may start paying more for your habit. farmers aren't making enough to grow cocoa. this is market makers. i am erik schatzker.

. >> live from bloomberg headquarters in new york, this ," with erikakers schatzker and stephanie ruhle for $8.3 billion. it is the biggest lbo of the year. plunging.ces are opec members are at odds with one another. is now the time to double down on energy? happensing over, what when the world of vintage champagne collides with hip-hop? we will take a look at jay-z. it's "market makers," here

stephanie ruhle takes on the fastest man in the world, usain bolt.ask prime minister samaras a second chance to rally among lawmakers in the choice of president. thatnap general election could see the end of austerity and up party take power. it is triggering volatility in the market. the benchmark stock down over 12%. investors are weighing the risk of the greek austerity and getting voted out of the government. elliott gotkine in athens for round one. good morning. have you booked your ticket for round three? >> not yet, mark. ism suggesting that samaras man electedget his for president. he still needs to hundred votes out of the 300 lawmakers in parliament. he only got 160. he only requires 180 out of 300 votes and he has a fighting chance of getting his man ushered into the presidential palace. not for lack of trying, he went tonational television and lawmakers the prospect of broadening his coalition if they president.s man as he offered to bring back general elections from mid-2016 if they vote for his candidate. there have been allegations tha

live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhleil slump, one hedge fund sees it as a buying opportunity for energy company bonds. we will be speaking with the one oak streetairman of capital, howard marks. >> and bitcoin gets battered, worth less than half of what it was at the start of the year. can the virtual currency make a comeback? >> bubbling over, what happens when vintage champagne meet the world of hip-hop. jay-z and ace of spades.

live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhleears after investor bill ackman went herbalife, he says he has more proof the company

live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhlestreet takes it on the chin. to be the prosecutor, reversing a two insider trading. you will hear from the ceo. and fuel prices rise. does the gas tax rise? we will see if congress prepares for the first time in a generation.

. >> i am stephanie ruhle. >> let's take you right to the breaking economic news.e lead economic indicators. >> yesterday weaker than expected read for the month of december 24, half of what we got with the consensus of economists surveyed was the 26th.

. -- stephanie ruhle. >> see you in court. another setback for the one-time wall street start.ight is not fast enough, we do last minute christmas shopping and test out amazon's new one-hour delivery service. does it work? seth rogen and james franco win. the top

. ♪ stephanie ruhle party because the she was in miami. was with short seller and art collector to. you know something was missing year. shows this >> privacy eastern european collectors here. for obvious reasons. oil revenues are down. maybe it is harder for the oligarchs to justify some of this. wonder if the russians do continue to stay out of this market, who picks up the slack? >> there has always been this dealer, do not ask too many questions at home, and you can spend your money abroad. i think we will hear more of this form of its -- you have to wonder, the artds have owned everywhere. ex it is a form of sovereign wealth, this investment. >> i have no idea what they are talking about. money buys soccer clubs because it is a nice way to spend your money abroad. because you have a nice stadium. >> as we start to see sovereign or friends run out of money we're going to start seeing these for all teams go up for sale. >> will it affect the world cup in qatar? >> i do not think anything can stop that trade. ex i do not think anything c

live from bloomberg headquarters in new york, this is "market makers," with erik schatzker and stephanie ruhlelly has legs. will there be a sequel to this horror film? we will take a lesson -- a look at lessons learned from the cyber attack on tony -- sony. retailers have your number. they know you are looking for the ultimate shopping experience. -- we are starting e

live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle show you who is doing the hiring. >> highfliers. airline stocks are soaring could will plunging oil prices offset global slowdown? >> the game that started an industry. meet the great disruptors who created the classic pong. i am erik schatzker. >> i have mattll

, from bloomberg headquarters in new york, this is "market makers," with their excess air and stephanie ruhle the chief, the country's chief executive, president obama, meets with the ceos of america's biggest companies. there may be some tough questions. >> what happens after major -- gorulings go and that against fannie mae and freddie mac? we will speak to the man with the plan. >> welcome to the second hour of "market makers." >> it is 11:00 in new york city. a few minutes from now president obama will be speaking to some of the nation's top chief executive officer's. he has long had a contentious relationship with the business, but he has opposed big business. even while supporting him on stuff like immigration, for example. phil mattingly is in d.c.. fascinatingalways --see what kind of a tome tone the president adopts when talking to the nation's top chief executives. what will we hear from him today? >> the tone will be that he is here to work with you. you nailed it, the relationship between the business community, the president, and the white house in general has not been great over