talk to community bankers who lobbied me on this, they said to me, basically, we're with the banking association, the big banks want this. this is not little banks. these are the wells fargos and equifaxs, and we shouldn't do it. we shouldn't do it. i worry about this country, mr. president. i love this country. it's been so good to me, my family, my people. i still believe to this day is it what the founding fathers called it when they left constitution hall, god's noble experiment. we are one nation under god. god's. noble, we're a noble country. no one's had the ideals we have had for hundreds of years. we're an experiment. we keep evolving and changing and adapting, as we should. but when i see what's gone on in the last nine months, a combination of the president's appeal to lower instincts of people, to divisive instincts and the hard right machine which has too much power on the other side of the aisle, i worry. i worry. i worry about the country. i worry about our standard of decency and honor. everyone heard senator flake speak today. it moved all of us. and it's a shame he's leaving th

bankers, the banking association interested, how do you cap delay the deductibility -- calculate the deductibility of interest deck of -- o interest? the republican plan without a $4000 tax reduction for charitable giving. that's an illustration of how if we're worried about lobbyists, are those lobbyists or people representing vital interests of charitable organizations? i think it's a little more complicated than just a black and white issue. host: pennsylvania, good morning. i have part of the answer to what we do if we are offended by lobbyists and congress people going over the line and closely ng too together in the interest of in some interest or another, i would say you hold both of them accountable. and if i were closely together in the living in tennessee or pennsylvania, i would be calling their office this morning and asking them to explain how in the world they didn't exercise more judgment in the law making concerning the opioid -- the d.e.a. as i understand it from 60 minutes. so please hold your congress people accountable and get mad. do something. host: tony. guest:

story, because local reports say that this is a fake video, a set up video put out by the german savings bank associationpeople thought that this guy had just taken a bet for a few euros with his friends but the german savings bank association says they're trying to encourage young people to save and not rely on bets they make at an early age in life. >> that's a deb downer. like well you might mess up early in life and this could be you. >> but they did a darned good job of making it look pretty authentic. >>> everybody, you're about to fall in love with mosby. look at that face, such a cute face that his owner tyler hudson made a short film about. >> i've been noticing lately that i have a lot in common with my dog. we are both unemployed. we both poop twice a day, although for him it's often more than that, but that's just something you learn to live with, i guess. he eats when i eat, he naps when i nap, we drink the same water and sit on the same coach. he's actually pretty rude about that, so it's like he's pretending he can't tell that i'm trying to sit exactly where he is. >> well i'm sitting here

report by the new york times says the french bank associate asian a harlot could be implicated in a corruptioncandal about the awarding of the twenty sixteen olympic games to brazil. the paper says french investigators are looking into whether the lender may breached money laundering regulations. by allowing a substantial transfer to go through. times cites a document tracking two million dollars from a brazilian businessma. to the son of a member of the international olympic committee. what could be a possible bribe just days before rio was announced? surprise host of the twenty sixteen summer games. it's probe apparently trying to decipher whether such a decision on a ship automatically blocked that payment. thank insisted it complies with all industry regulations. of course or the sporting world has really been shaken by series of bribery corruption allegations a standing the from the shooting of major events. and obviously people are trying to track down but not just the people who are involved but the institutions that may have facilitated those kinds of those kinds of transfers following

credit suisse's largest shareholder is considering part of an activist plan to break up the bank harris associatesejects the bulk of the case, but the chief investment officer wants to look at parts of the proposal including sifting the investment unit out of switzerland. >> and shares of cree look to be trading low their morning. the company's earnings and revenues were in line with estimates but the current quarter guidance falls short of forecast >>> let's switch to canadian pacific. a better than expected third quarter results on higher shipments of crude oil and coal. the railroad operator is raising its full-year guidance expecting double digit earnings growth that stock up 2%. >>> select comfort's third quarter earnsings and revenues missed forecasts they reported disappointing same-store sales the company blaming the impact on hurricanes that hit the u.s. and puerto rico last month. >>> and in the pharma space, astrazeneca says the fda granted a priority review to its new drug application for tablets to treat breast cancer. linparza is for patients previously treated by chemotherapy the dr

story, because local reports say that this is a fake video, a set up video put out by the german savings bank associationpeople thought that this guy had just taken a bet for a few euros with his friends but the german savings bank association says they're trying to encourage young people to save and not rely on bets they make at an early age in life. >> that's a deb downer. like well you might mess up early in life and this could be you. >> but they did a darned good job of making it look pretty authentic. >>> everybody, you're about to fall in love with mosby. look at that face, such a cute face that his owner tyler hudson made a short film about. >> i've been noticing lately that i have a lot in common with my dog. we are both unemployed. we both poop twice a day, although for him it's often more than that, but that's just something you learn to live with, i guess. he eats when i eat, he naps when i nap, we drink the same water and sit on the same coach. he's actually pretty rude about that, so it's like he's pretending he can't tell that i'm trying to sit exactly where he is. >> well i'm sitting here

any action against six israeli football clubs based in illegal settlements in the west bank the palestinian football association have been asking for to force the clubs to relocate or to suspend the israeli federation but after two years of delays a fee for council meeting decided to close the matter without resolution saying they must remain neutral in regards to political matters. it's not about people being fine or not fine that there are clubs playing or not playing in. territories which. are considered. by the u.n. resolution as occupied territory that's under question if a council has taken a decision is not the late decision is taken a decision and the decision is to close the matter. because it was felt as i was saying that some progress has been made that at least some football is played in that region meanwhile an israeli jew who won a gold medal at a tournament in abu dhabi on thursday was forced to celebrate in muted fashion tell flicka who won the under sixty six kilogram category received medal but the organizers refused to play the israeli national anthem or raise the flag they claim that it was

you have bankers, the banking association interested in how do you treat the deductibility of interests? so there are all kinds of issues. and those are just some of the big ones. there are all sorts of rovisions of the tax code that get all kinds of attention and that have big effects on a lot of different businesses. host: here is a washington times story related to that part of the conversation. that's an nk illustration of how if we're worried about lobbyists, are those lobbyists or people representing vital interests of charitable organizations? i think it's a little more complicated than just a black and white issue. host: pennsylvania, good morning. caller: good morning. i have part of the answer to what we do if we are offended by lobbyists and congress people going over the line and closely ng too together in the interest of in some interest or another, i would say you hold both of them accountable. and if i were closely together in the living in tennessee or pennsylvania, i would be calling their office this morning and asking them to explain how in the world they didn't exerc

the price of $55, we will see a lot of volatility. week, theso this london stock exchange ceo hits back. saudi arabian officials plan to list 5% on one or two bank exchanges. the u.k. association argues 25% is the legal minimum. >> there are some who say there is a 25% liquidity rule, as far as inclusion in the preview market. i have read some of these comments. a 25% governments rule that mandates minimum 25% liquidity. ande is a liquidity cap, instances of companies that were extremely large, that would provide them stanch old liquidity that were allowed to list on the premium market with less than 25%. this happens in the u.s. all the time as well. in's not confuse governance the case of the 25% threshold and liquidity test, which is insuring less than 25% on the market, there is enough liquidity smooth trading of the underlying security. >> what is your reaction to recent press reports saudi aramco is considering shelving the international part of the ipo? does this have to do with london becoming less attractive? >> that i could not comment on. nejra: in general, do you think london is becoming less attractive? our business is up substantially. the funds raised. ipo's, we

i'm not sure the bank should be following through that. the associatedsks are probably greater. i think the bank would be more prudent to say we are still talking about we are aware of the need to raise rates, but to use caution against the consumer sector over leveraging. manus: is he boxed in? has mark carney boxed himself in? >> you can argue yes. on any number of occasions threatened to raise rates only to fail to do so. we had that first iteration of 7%, now nearly 3% and we have not seen a rate hike. phrase seen that famous about being a reliable boyfriend. there is a credibility deficiency. he doesn't follow through in the market. ae question is not just committee of one. some dovish members have also been signing onto the presumption of needing to tighten policy, but there is a question about signaling and whether there is a necessary follow-through. will see what happens then? thank you very much. jeremy stretch with us. just getting these numbers through now. backward looking clues about what has been happening. boj considering lowering the inf

the world's biggest hedge fund firm has made a bet against italian financial stocks. overridgewater associates five banks and one insurer concerned about ecb rules have encouraged investors to short the italian bank. mercedes-benz increasing it's a lead. deliveries rose 12%. the growthee times rate of bmw which sold 1.5 million cars. it included revamped. vonnie: still ahead, donald trump in washington. we are going to bring you in the headlines. this is bloomberg. ♪ mark: this is bloomberg markets. vonnie: i'm vonnie quinn. it is time for our ctf friday segment. >> appreciate it. we are talking cryptocurrencies. u.s. regulators have been not yet approving a bitcoin etf. pulled ahead in this race. why sweden? >> it is the capital of cryptocurrency. there are now two. has $3t -- bitcoin an that million. it has grown like crazy. when you look at the growth of these there's a lot of money coming in. how does the u.s. investor, do they just talk to their broker, how does that work? >> you have to be more qualified investors. jpmorgan came out. that is what they are using. they are using the sweden provider.

if you wait until the very last landscapea financial which will change quite e tooically, there ar many risks associated with that. it would be the bankgland's recommendation to start planning early on because if every bank wants to go through the same narrow door at the end of the process, this is going to be a problem. >> what would be the impact of a hard brexit? largestthe single market for the eu, there will be implications for the economy. >> mainly on the british economy, but also on the rest of the eu economy. the biggest changes i look at would be the changes in the financial sector are, and the financial sector will be very different, it will also be a lot less productive and efficient than it is right now. you will have changes to the business model of the financial or. banks will move, cities will partially -- there will be new licensing processes. change tog to be a the way we do financing europe right now. >> in terms of brexit read locations, what are alternative locations in your view? having lots of visitors who come to talk to me about that attend from what i get is, the two cities most banks are concentrating on our

the duration risk. fixed income has a variability of rate risk associated with it. bankve you credit risk -- senior secured credit risk that are tied to the front end relative to what you would get in fixed income. i do think it is important -- the bank loans, the secured market is giving you a good risk-adjusted return profile. what we talked about before is the volatility has been low. but dispersion has been hyde. -- high. whether you are looking at loans are high-yield or emerging markets, the underlying economy at low growth, there is still huge divergence between winners and losers. i think that is -- an important part whether you are looking at high yields or loans in having a balanced credit portfolio. tom: what is important here is the exogenous shock. is chairman warshe, chairman taylor, chairman hubbard, can they be an exogenous shock to the certitude of the floating-rate market? mark: i think they can. i think under bernanke and yellen we have had a robust environment. for financial assets. you have seen not only bonds do well, but equities do well. the chall

but like there have been some pretty mixed reviews in the banking industry there are some trade and lobby groups like the american bankers association and the independent community bankers of america that have suggested this would protect consumers and help prevent them from getting in these cycles of debt but i don't there are other trade organizations and some lobbying firms like the community bankers association they all sound the same they have a different version of the same name and they are you that this is going to hurt consume consumers because it limits the types of loans that they can take out and they argue they should have the ability to do this that they want even though we all know it's. a causing a lot of right angle problems right now certainly a mixed bag of reviews here but again unless congress approves it and they're not you know threatened with a million legal exactly we don't know these rules locksley become implanted that we wouldn't know for another year and a half and of course a lot of these lenders rely on repeat customers yes it's very scary thank you so much. time now for a quick break but stick around

the round began. now football's governing body fever has decided not to take any action against six israeli football clubs based in west bank settlements the palestinian football association has been asking for to force the relocation of the clubs all to suspend the israeli federation but after two years of delays a fee for council meeting decided to close the matter without resolution saying they must remain neutral in regards to political matters. the rugby league world cup is getting underway in australia with the host nation currently taking on england in the tournament's opening game in melbourne the ozzies lead twelve to four rugby league is a different sport to rugby and it has thirteen players instead of fifteen and it also has different roles where it's particularly popular in australia new zealand which is hosting the tournament over the next five weeks along with poor new guinea the diverse countries among the fourteen competing nations that varies from tonga fiji and samoa to italy the united states and lebanon on who are competing for the very first time we spoke a little earlier to the c.e.o. of lebanese rugby league ramon saffy who told us how and why the s

the bank is worried about. a contraction in supply, the economy's ability to supply goods and services. as a result of the us uncertainty associatedth a supply shock, you have stronger inflation and weaker growth. a tough one for a central bank. even if the bank response to that with higher interest rates, for me, it is not a positive for sterling. i am not worried about that. in terms of a ferris call for sterling. where do we go, if there is a rate hike, is it going to be a series or one in done and i think it is one and done. vonnie: trade deficit figures interesting to watch, how will be rebuilt -- read those in coming months and years, given the dynamics of trade will change phenomenally around the developed world? changing.ey are very significantly. if you look at -- we talk about the u.k. trade with the eu. about 44% of u.k. goods are exported to the eu. that is why the brexit negotiation is quite important. mark carney made an important part about trade dates between the u.k. anti-e.u. when he said we are not as much trade with the eu, we trade through the eu because a lot of the goods the u.k. since to the eu are then exp

the world's biggest hedge fund firm made a $713 million bet against financial stocks in italy. ray dalio's bridgewater associates spread the investment over five banksned about strict ecb rules, encourage investors to shore italian banks. in sweden, the banks will need to cut jobs for the unit that handles corporate and institutional clients. the northern reasons -- regions only systemic important bank is trying to improve competitiveness. they've notified employees involved, it's not saying how may jobs are being cut. that's the latest bloomberg business flash. vonnie: investment firm guggenheim partners under review by the sec, they are not accused of wrongdoing, but the sec is looking into whether guggenheim steered client money into businesses run on the former barclays ceo. guggenheim is a shareholder in a african services company. exactly is the sec looking at? >> what they are looking at is whether guggenheim inappropriately steered client funds into different bob diamond investments. and that's it. firmsetween bob diamond's and guggenheim gotten so extensive that they are essentially employees of guggenheim. they are rules that in place so t

the referendum on october first around eight hundred companies including catalan banks multinationals and midsize businesses have moved their registered addresses out of the troubled region because of concerns over the region's legal status according to spain's association of commercial registrars spanish economy minister luis de guindos said on thursday that there will be no run on banks post article one fifty five it is that since the cattle on banks announced the change of the headquarters location there have been net inflows of deposits in cattle on banks so obviously the decision taken by those financial institutions was a reasonable one since they announced it in the last five or six days we have been getting daily information that there are net inflows in the cattle on banks to change their headquarters address. he stressed that banks are protected by the european central bank and the spanish guarantee fund among them two of the most important catalan banks case a bank and bank a day have moved their headquarters out of catalonia and tax reform before the new year as a top priority on capitol hill as republicans have failed to hit a home run on any major legislation this session major feature of the president's tax reform framework is a lower cor

the ftc appearing to -- a wall street win. boost banking stocks? down on italy. the bridgewater associatescloses a three and a billion-dollar bet against oil and gas giants. bloomberg speaks to the ceo at 7:00 p.m. u.k. time. that is an interview you don't want to mr. good morning. welcome to "bloomberg markets: european open." i am matt miller in berlin alongside guy johnson in london. guy: 30 minutes into the trading day, let us talk about what is moving or not. a ftse is trading higher this morning. the basic resources sector doing reasonably well. europe is notvel, exactly known for its technology, but technology is outperforming. parts are doing reasonably well. that is where the money is going this morning. from?is money coming it is interesting. the banking sector is down by .2%. ist is where the money rotating out of this morning. financial services also part of that mix as well. bloomberg first word news update. here is sebastian salek. trump has donald claimed his tax reforms will be worth $400,000 a year to the average american household. in gettingr help legislation passed so h

after seeing the phone bank at abc7 last thursday with the hispanic national law enforcement association george's county, they have been collecting all of these items from the fauquier county public schools at the warrenton farmhouse. a ton of people came together to bring shampoo, bottled water, dog food and motorized boat. ramen noodles to get to the people of thigh rerouted it to puerto rico. aaron, you and your family run a trucking company. what made you make it happen? >> we run aaron's towing out of fauquier county. we decided to take stuff to them to help the families out there that were without items and clothes after the hurricane. >> you got a bunch of organizations. how did you make it come together? >> my mother and father made phone calls. got in contact with the fauquier county sheriff office. they helped generate it. get it going on facebook and a bunch of other websites out there. >> good work. all of this will be loaded into another truck tomorrow morning. off to baltimore before it is put on a ship. then it will arrive in puerto rico later this week or possibly early n

the bank or the level of mr. graph which isn't as likely. >> reporter: one of those putin bankers organized a 2013 dinner for donald trump, along with the same trump associateer e-mails. >> how do you interpret that the russian bank says this was for business and the trump administration and the u.s. government say it was for government? >> translator: it's difficult for me to interpret such a contradiction. however, it's very possible that what your administration regards as a governmental issue, russian representatives view as purely business. although in my experience, it's typically the opposite. >> reporter: the fbi is investigating if that kushner meeting was purely business and if kremlin money was offered to influence relations with the trump administration. >> i hope that we do have good relations with russia. >> reporter: khodorkovsky says putin is an effective opponent. >> translator: putin is a strong tactician, no doubt, and he's more experienced than trump. if they were to face off, i wouldn't bet on trump. >> reporter: but the u.s. has other advantages. >> translator: america has something putin doesn't. putin has a small criminal network beh

if you wait until the last moment for a financial landscape that will change drastically, there are too many risks associated with that. it would be our and the bankcommendation to start planning early on because if every bank once you go through the same narrow door, it will be a problem. >> what would be the impact of a hard brexit because the u.k. is the single largest export market for the eu? there will be applications for the economy. >> there will be implications for the economy maybe, but the biggest change i look at will be the change in the financial sector and the financial sector will be very different and also a lot less productive and efficient than it is right now. he will have changes to the business model of the financial sector. banks will move cities, part of their business models, new processes, supervision. it will be a big change to the way we do finance in europe right now. was this banks -- bundesbank's dombret. emily chang sat down with tech investor mark cuban and bob iger. disney announced a big bet on sports streaming services. what this may mean going forward. covers 16,000 sporting events a year, 65,000 hours of progr

the colors associated with the party's meeting in berlin. black yellow and green for now the colors of the jamaican flag are just hot air on the banks of the reverse body. but exploratory talks are under way chancellor merkel's conservative c.d.u. in the c.s.u. first met with the business friendly f.t.p. party and later with the greens the jamaica coalition would be an exotic combination that has never existed before at the national level if negotiations failed new elections could be called. for france and will be professional about this we are aware of our responsibility we will be reasonable but until the actual negotiations have started it's hard to predict what will happen we can devolve into a new open your vocals or even. members of four potential coalition parties are now trying to find common ground on several divisive topics such as immigration they could become the most complex negotiations in decades. we talked about all the issues that are important for us the subject of immigration is important to both sides but for different reasons. to have perspective on friday the exploratory talks will continue with all four parties meeting at th

the d.c. research firm called fusion gps. earlier this week, three russian guys associated with the giant putin linked russian bank called alpha bank, three russians sued fusion gps over the way they were described in the dossier. sort of criminal and political allegations made against them in the document. the three russians are the same guys that previously sued buzz feed. buzz feed was the first media organization to publish the dossier in january. they sued buzz feed before and now this week suing fusion gps, the company that paid for the dossier and suing fusion for allegedly not taking sufficient care with that document in the first place which ultimately led to buzz feed publishing. so, you know, it's a high bar to prove libel in this country. and serious litigants don't purr sioux pursue libel lawsuits in this country all that often. in part, because you're opening yourself up to your liable lawsuit becoming a vehicle to investigate whether or not any of the charges made against you might have a kernel of truth to them. the way that libel is litigated in this country, it can be a dangerous legal status if you have anyt

the d.c. research firm called fusion gps. earlier this week, three russian guys associated with the giant putin linked russian bank called alphausion gps over the way they were described in the dossier.

if you wait until the very last moment in a financial landscape, which would change quite drastically, there are too many risks associated with that. our, as well as the bankrecommendation to start planning early on. bank wants to go through the same narrow door, it it will be a problem. >> what would be the impact of a hot exit? there would be implications for the economy. >> there would be implications for the economy, mainly on the british economy, but also on the rest of the eu economy. the biggest changes i look at would be the changes in the financial sector. the financial sector would be very different and a lot less productive and efficient than it is right now. you would have take -- you would have changes to the business model sector. cities would move, there would be new licensing processes, it will be a big change to the way we do finance in europe right now. wasb that aboutbank's board member the likelihood of a hard exit. we sat down with tech investors mark cuban in los angeles. bigey recently announced a bet on sports streaming services. this may meanat for espn going forward. >> espn still covers 16,000 in sporting events a year, 16,000 ho

the bank of san francisco and vice chair of the board. she's chair of the council of economic advisers. among other association she's a member of the council of foreign relations at the academy of arts and sciences. she graduated from brown and received her phd from yale. tonight she has agreed to take questions following her remarks, you will note the paper and pen playspace seats. should a question arise that you'd like to ask please write it on paper and someone will collect it and pass it along. please welcome the honorable, janet yellen. [applause] >> thank you so much, michael. i'm delighted to address the national economists club and also honored to be associated with herb stein. his public service and scholarship characterized by careful analysis, clear and pragmatism, sharp whip, exemplified the best in our profession. herb was willing to consider new ideas and approaches to government policy. that openness fits with the subject of my remarks today. namely, i will discuss the unconventional monetary policy tools used by the federal reserve since the start of financial crisis pain great recession. and

worsening of the trifecta is inequality, and reduce the longer-term fragility associated with high debt, liquidity over promises, and overreliance on central bankse? see this as the do you see that perhaps policymakers, fiscal policy makers in particular, aren't doing enough to heal old case? wounds? maurice: that is very consistent with the advice we are giving. we see this current conjuncture as a cyclical upswing, but we see the longer-term trends, particularly in advanced economies, as being more subdued . our message to policymakers is act now to make this recovery more durable, more sustainable, more resilient, with structural reforms, cases where gets our -- -- cases where debts are high. someday there will be another recession. the landscape has been quite fluid since the new administration came in. at this point, we are waiting to see what happens. there are some ideas on the table, but a lot of details need to be filled in. the notion that there will be a big positive fiscaltable impulss something we are not assuming at this point. we will revise as the plans become clearer. vonnie: fascinating. you talked in your report about a window

the cfpb relied. community banks and credit unions across this nation are raising concerns with the rule. the independent community bankers association opposes the arbitration rule because, quote, community banks are relationship lenders, many of which have served their communities for multiple generations, a reputation for fair dealing is essential for their scwes and abusive -- scwes and abuseive practices have no places in their business models. in addition, the credit union national administration or cuna opposes the arbitration rule because among the many consumer protections associated with the mission of credit unions is the high-quality service they provide to their members which has prompted a successful system for quickly and amicably resolving disputes in the limited instances where they arise. while the cfpb claims that many community banks and credit unions do not even have these clauses, i've heard from many small financial institutions that this rule would have a significant impact on their operations. on july 25, the house by a vote of 231-190 voted to overturn this rule. the administration weighed in on the house's e

the committee has also subpoenaed bank records from fusion g.p.s. for more on the mystery and controversy surrounding the trump dossier, i am joined by associated press reporter tom lobianco. so, for people who haven't been following this closely, this is something-- this is a document that we started hearing about really in the fall of last year as the campaigns were in full swing. >> that's right. i mean, there's some great reporting by "mother jones," where they interviewed who would later turn out to be christopher steele himself. it got lost in the mix at that point but as we see here, it's just an ever, ever-growing importance behind this document explaerveght revelation was a big one, this connection with free beacon and potentially paul singer, the republican billionaire, billion donor, mega-donor. so, you know, tons of drama involved here, an incredible amount of importance. and, you know, ititize, of course, right back into the all the russian investigations that we're seeing. >> sreenivasan: the trump administration, a lot of conservatives say this document was the basis for the entire mueller investigation, right? >> yeah, so, and, obviou

in pushing them often the board, but wilbert ross also sat on the board of this bank while they sold one of their units to russians associated directly with the kremlin. >> i think close observers of this case and obviously stephanie you're one of them will be surprised if robert mueller is not looking at the relationship between will better ross and that bank and the relationship between wilber ross and paul manafort. we've already seen he's going towards financial transactions with this indictment yesterday. that basically alleges a scheme to launder money and hide profits from ukrainian politicians from the u.s. government. i think those financial transactions are something they'll be looked at. in terms of sessions, obviously, will have to recuse himself from this particular case because of his role in the campaign. it would also be surprising if the special counsel didn't look in that direction too. >> the only thing i want to see is paul manafort's 800 grand of men's wear and his $655,000 lawn mowing bill. that must be some nice piece of property. we're going to take a break. a lot more to cover coming up as nbc news w

and if you wait until the very last moment in a financial landscape, that will change quite drastically, there are too many risks associated with that. it would be our, and the bankecommendation to start planning early on, because if every bank wants to go through the same narrow door it , will be a problem. >> what would be the impact of a hard brexit because the u.k. is the single, largest export market for the eu? there will be implications for the economy. >> there will be implications for the economy. mainly on the british economy, but also on the e.u. economy. but the biggest change i would look at if the changes in the financial sector. and the financial sector will be very different. it will be a lot less productive and efficient than it is right now. so, you will have changes to the business model of the financial sector. banks will move cities, part of their business models. there would be new business processes, new supervision. it will be a big change to the way we do finance in europe right now. david: that was this bundesbank's bodar member, dombret. talking about the likelihood of a hard brexit. he was not the only one who spoke with us this week.

enable political healing and what is the longer-term fragility's associated with high desk liquidity over promises and overreliance on central banks see this as the case? policymakers and fiscal policy makers in particular are not doing enough to heal old wounds? >> that is very consistent with the advice we are giving. we see this current conjuncture as a cyclical upswing. trends,he longer-term particularly in advanced economies, as being more subdued . our message to policymakers is -- act now to make this recovery more durable and more sustainable. more resilient by structural reforms. in cases where deaths are high and buildup and buffers. someday, there will be another recession. vonnie: how did u.s. tax reform play into your forecast? >> the tax reform landscape has the newte fluid since administration came in. at this point, we are waiting to see what happens. there are some ideas on the table. a lot of details need to be filled in. the notion that there will be a big positive physical impulse -- fiscal and falls is something we are not assuming -- fiscal impulse is not something we are expecting and we will revise as thing

association insists the prices so low are only possible in the e.u. because chinese manufacturers a selling their bikes at below production costs of banks to illegal state subsidies that's according to the european bicycle manufacturers association the organization has filed an official complaint with the european commission the authorities in brussels now have until the end of october to decide whether to investigate the e.u. has already imposed antidumping penalties on chinese steel and solar panels. while one month's loss is another man's gain and that also applies to tourist destinations take egypt the country has experienced a dramatic collapse in tourist numbers due to political instability and terrorist attacks but now visitors are slowly coming back partly because european holiday makers especially from germany a turning their backs on turkey so egypt is now back on their lists. egypt's ancient pyramids are gradually becoming more popular with tourists again visitors from around the world are also returning to the other historical sites in egypt as well as the beaches many of these holiday makers are from germany or other european countries and

the california realtors association wants to makes it easier for people to move without breaking the banky are going to the voters. >> we've been here for 40 years. my children have an opportunity to create a lot of memories here. they had parties, proms, weddings. >> when paula marshall and her husband, bob, bought their home in san brunno in 1980, it was the perfect place to raise a family with six bedrooms and three bathrooms, the house had plenty of space for their four children. those children grew up. bob passed away. at 80 years old, paula has trouble keeping up such a big house. >> i'm still capable of it, but it's getting a bit more and more difficult. >> she'd like to move to be closer to her kids in san matteo, but there's a problem. >> if i was to live next to my -- next door to my son and daughter, i would have to pay 10 times the amount of taxes i pay here now. >> she pays less than $2,000 a year if property taxes, but her house is now worth about $1.5 million. if she sells it and buys a new house closer to her kids for $1.5 million, her new property taxes would be about $19

governments attempt to crack down on the unregulated virtual currency its value will drop banks and other financial institutions have raised concerns about bitcoins associations with money laundering and online crime because transactions take place anonymously j.p. morgan chase chief executive jamie dimon has declared the cryptocurrency a fraud and at this point he refuses to even comment on bitcoin anymore however the reality lindsay as you know is that from new york to london more merchants around the world are accepting bitcoin and despite the warnings over a price bubble its value keeps soaring. it's amazing stuff right now that we're watching with these numbers going up and down arch of course want to thank you for that thank you. let's dig a little deeper into bitcoin and other digital currency is going to bring in the first very outspoken government official a financial regulator who many years ago raised concerns about how digital currencies would go forward joining me now former u.s. attorney commissioner bart chilton barr thank you so much for coming in to talk about first off let's get some in straight there have been. you have been out there very