steve ratner is still with us. going out there and raising capital to boost production. put those together? companies areergy the best at technology. we have lived through this with natural gas and have seen it go from 12 to below three dollars and the producers continue to make money. example of a company that is taking advantage of the willingness of investors to take a long-term view and take the equity down because they do not believe we could see energy prices stay at these low levels. david: in any other business, when you have structural oversupply, someone starts cutting back. in a car business, you start cutting back your production. steve: let's not get too carried away by pioneer. drilling is way down. production in the u.s. peter beensummer and has declining. there is a supply and demand affect going on out there. i would make the bet that the margin of excess supply in oil is really not that great and that sometime in the next couple of years, you will see the whole thing reverse itself era john: 9.6 m

we will be asking steve ratner on what investors should be doing.ishes come true for retailers? we will be getting the sales figures. welcome to the second hour of "bloomberg ." we have citi and wells fargo earnings out. i am stephanie ruhle. david: i am david westin. we went to go to erik schatzker. erik: we are looking at citigroup and on the top line, we see what appears to be a b. the dollar .6 in earnings and $1.06 in earnings as opposed to $1.05. they grew revenue and this appears to be the story of citigroup earnings. there is a lot more work to be done. expense management critical, so in revenue, an increase of 3% year over year. in a no growth environment with the global economy as we know that is challenged, citigroup manages to increase revenue. how did they do it? i don't have a good answer yet but i need to go deeper into the numbers. expense management another issue. it played up favorably at j.p. morgan and the reduced expenses by $400 million in the fourth quarter. in citigroup's case, not a great story. it looks good on a year-o

with us on set morning joe economic analyst steve ratner.r george w. bush, nicole wallace. john heilman, and in des moines, iowa msnbc political analyst. host of mtp daily, chuck todd. >> i'm throwing this out there. something just happened. let's see here. guys. chuck todd, do you have any reporting on you or heilman or costa or anybody getting disinvited by the republican national committee? i just got something that that's being thrown out there. >> that's what happened when they endorsed christie. >> bob, you've got a lot of good friends. they put out an against trump issue. >> a manifesto. >> front to back blasting donald trump and they were going to be co-sponsoring the debate. i've got jack fowler, again, a good friend of mine and yours who said he got a call from the top g.o.p. official and was against trump issue. have you heard about this, bob, what can you tell us? >> no, i've been speaking of sources in the conservative movement for the last 10-12 hours. this happened late last night. the rnc reached out to jack fowler and said t