and the economy. >> i talk about that to some extent. we talk about robots as the poster child for this. in the united states the primary impact of all this is in the service sector. we tend to relate robots to manufacturing, not many people work in manufacturing in the united states anymore so the impact is not that important. the situation will be different in china. actual robots and manufacturers have a more dramatic impact in china than they do here. i think it may ultimately make it difficult for china to do the one thing they need to do which is balance the economy toward domestic consumption. the economy relies on exports and especially investments. roads and bridges and buildings what is powering the chinese economy. eventually have to have a self sustaining consumer economy and in order to do that raise incomes for people in the economy and need jobs for that. if robots have a destructive impact on chinese factories and there is evidence that is happening it is harder for them to get more income into the hands of the consumers s

thank you, now the regular economy is in control. s, they're thought going to get anywhere else we continue ahead with the consequences that are coming from both the market and the economy as a whole. what does it mean for you? plus, two things to walk away from as wall street gets tough, and the changes you need to make with your money right now. don't miss it, "mad money" will be right back. follow mad money @jimcramer on twitter, send jim an e-mail to madmoney@cnbc.com. or give us a call. miss something? head to madmoney@cnbc.com. ♪ ♪ hp instant ink can save you up to 50% on ink delivered to your door so print all you want and never run out. plans start at $2.99 a month. right now, buy an eligible printer and get three months of free ink with hp instant ink. available at participating retailers. the most affordable way to print. hp instant ink. >>> now that the fed has declared victory over the war against unemployment, we recognize that there are consequences both with the real economy and the stock market. they are two very diffe

commerce department announced that the economy shrank, decreased in size. there have been three such quarter economic detraction since the it began we all hear from the administration their plans are to spend more money that we don't have, tax more money out of the pockets of hard-working american families and to build more regulatory barriers to jobs and growth. this new normal is simply unacceptable and it's why we've focused on putting forward a balanced budget with pro growth ideas to help grow american families and american businesses. today we begin taking the next steps forward by examining how congress can have a better and broader understanding of how the policies we put forward will affect our budget our economy important programs like medicare and medicaid, our national security and other critical areas of interest and concern. today's hearing will allow this committee to hear firsthand from the very agency that assists congress in that effort, the congressional budget office. i want to welcome cbo director dr. keith hall. director hall, this is y

snapshot of the u.s. economy. cts had industry participants expecting continued sales growth in 2015. the stronger dollar did have an impact. there are some districts that said it held steady compared to the last report. we sold travel and tourism expanded. rose slightly. the key take away is that outlooks among respondents were positive am a genuinely optimistic. what is the pace they would raise rates? say the fed has his vote of confidence. >> the fed was heading us off into some massive inflationary asset bubble have been wrong. if the that had not done what it has the economy would be in much worse shape than today. angie: the strong areas, vehicle sales and housing sales which improved in most districts. in some districts, moderate growth. others reported modest growth. this report offers policymakers evidence about how we are doing. let's check in on markets for you. in asia now, to new zealand. a 10th of 1% higher. we are down to australia him a japan, and korea. and chicago pointing to a higher open. we ha

the u.s. economy. and will you have seen that we have revised our growth forecast down to 2.5% in 2015. this is largely due to those factors that affected the first quarter. but this is not our main message, because we believe that this is -- does not actually indicate sub stantive material trends in the u.s. economy. our main point is that we still believe that the underpinnings for continued expansion are in place. the labor market has steadily improved over the last year, job growth has averaged 260,000 per month, and financial conditions remain very accommodative. moreover we expect cheaper oil prices to continue taking -- to continue boosting growth while at the same time taking a bite out of the oil-related investment as we saw in the first quarter. as always, there are risks and uncertainties to this outlook. for example, further delay of the housing recovery and the strong dollar could be a drag on future growth. nevertheless, when we look at the whole picture, we believe that growth in the co

ry=óc at some point the economy will go of. at some point it will go down. when that is. i think fiscal policy will potentially be a part of the answer in responding in the future. >> let the record show that i asked of there will be a recession soon and you said no. i want to turn now to the policy agenda. this town is abuzz with the president's efforts to obtain trade promotion authority from congress. the idea being consummating the transpacific partnership. he and his staff have been out try to make the case to the congress that we ought to do this. i want to talk to you about the economics of it. we talked about how it is not just the u.s. and the entire world stuck in slow growth. what are the prospects that tpp can change that. does tpp have the potential to provide some impetus to global growth? by way of background, i say that because a lot of critics have said that how little tariff are among countries participating we can't expect us to do much for trade. >> i think there is still attentional to help with our productivity growth. i think i producti

the economy has been in trouble for years. $70 billion of debt the government faces a chance of shutting down. many feel the sild nation need a workable plan of action. >> porto rico is an island that can be salvaged if those in government work together. >> we have to work fast, but the long-term interest before short-term interest. this is not political. the crisis is growing deeper, that's talk of the island defaulting. there's no sign of any external aid. >> joining me here in washington is pedro, the resident commissioner for "prime time sport." unlike other members, he's elected to four year terms. >> thank you. thank you for inviting me. >> how did porto rico get into the fix. in excess of $70 billion for a population of three and two-thirds people. some of it is structural. some of it is related to the status we have. some of it is the result of bad decisions by government officials. but we can overcome in. porto rico has a bright future. it's not - when we talk about 72 dead. it's not that the government from porto ree

coming up we get a health check on the german economy. i data hits the wires in a few minutes, plus we will see how the athens stock market opens after its 9% rise yesterday. that was the biggest rise since february. in the meantime, tell me what you think about these wild moves we are seeing in stock markets and on markets. the biggest increase in years yesterday. wild swings. will they persist? follow me on twitter, @mark bartontv. ♪ . . mark: welcome back to "on the move." i am mark barton. 30 minutes into the trading day. how things are shaping up. the game not as big as yesterday. only 30 minutes into the session. still all around ftse is up 0.25%. cac 40 had the biggest increase in three years yesterday. our top stock stories. caroline, what are you watching? caroline: a bit of m&a in the air. biggest move in at least eight months for the company. they confirmed a merger with gala coral. gala coral online business as well. the board has not decided whether the transaction is attractive. investors think so. and bunzil is on the downsi

it's not just the sharing economy but it's the main street economy and the government needs to get theirsponse? >> what will be interesting to see here kelly, and i certainly can appreciate and agree with some of what carol just said there, but uber's valued at more than $41 billion right now and people certainly aren't considering them to be a small business. it will be interesting to see here whether or not this turns into a complete class action suit. there's a hearing on whether or not they will achieve that status beyond just california. later in august according to shannon west reeden who is the plaintiff's attorney in the uber and lyft cases. it's going to really impact how the entire sharing economy operates. >> exactly, kate gets right to the heart of it. kate rogers with the latest on uber there. we meantime have a news alert on spotify. dominic chu, what can you tell us? >> according to the dow jones, citing people familiar spotify, the streaming music service here is going to hire a new cfo. that person's going to be barry mccarthy, formerly the netflix cfo. mccarthy was alre

to every household in the economy including savers from having a better job market and more secure economy. but, yes, when the time comes for us to raise rates, i think it will be some benefits that flow through to savers. >> reporter: jim from the "l.a. times," just to follow up on that question, i think a lot of savers, people on fixed incomes, were hopeful they would see a rate increase, if not this meeting, soon. what kind of assurances can you give them and people out there who think the fed is never going to raise rates? i got e-mails today from people saying they're never going to raise rates. what kind of assurance can you give to people who are waiting for that to happen? >> i can't give an ironclad promise, but i think it's clear from our summary of economic projections that we anticipate that the economy will grow; that the labor market will improve; that inflation will move back up to 2% as we -- is our objective over the medium term, and if economic conditions unfold in the way that most of my colleagues

the global economy's quite weak. strengthening, that's bringing more disinflation into the united states. it's unlikely in our view inflation will be high enough by september for the fed to pull the trigger. they want to be confident that inflation's going back up towards 2%. with the dollar strength and falling import prices and with the dedplin manufacturee client decline in manufacturing, condition will not be in place for a hike -- >> they are data dependent. what makes you think december is possible, why not push it off until next year like the imf and others suggested? >> yes, the suggestion is out there. but i think the fomc's going to stay away from a calendar-based guidance. they're not going to talk about postponing until 2016. they will stress data dependence. why might the data be better by december? i think outside of the manufacturing sector the economy's still growing well. unemployment rate is likely to fall. compete will be that much further along on its growth path. that strength in the domestic eco

interest rate shock to derail the rest of the economy. so they want to bring in the international perspective. and they have been assertive in greece taking a pretty tough position. and thirdly the only signal to the rest of the world that they are even-handed. that they are willing to speak to the larger shareholder, the same way that they ar speaking to smaller ones so so i think it is a come beenation for all three, sue. >> and what is the best rate for interest rates, best guess. >> what is next is volatility. more volatility. u.s. rates are unusually driven by what is happening in europe. europe is being subjected to the impact of very large ecb large scale purchases versus a change in paradigm with inflation. so the german interest rates is volatile and that will translate across the atlantic to us and the one thing for sure is interest rate volatility which will mean foreign exchange volatility and commodity and interest rate volatility. and what the fed is about to do it is not just about employment and inflation, but it is also wh

. >> janet yellen is saying the u.s. economy is strong enough to pull the trigger on a rate hike in 2015 but investors are are still split. >> chinese stocks sell off into the close after a wave of ipos raises concerns over liquidity. >> a new beginning. hong kong lawmakers vote down the proposal as protestors vow not to give up on democracy. >> so we are getting breaking news. the central bank cut key rates to 1% from 1.25% so a 25 basis point cut. we also saw the flashes out of the central bank. this comes in line with expectations to deliver 25 basis point cuts to 1%. >> they say they're looking at house prices and they have risen at a lower space than expected. lower wage growth and fading effects also of a weak norwegian corner having an impact as well. now wage growth is said to be lower than what was projected in march. 2016 unemployment at 4.25% versus a march forecast of 4%. that's quite a big hike in unemployment. wage unemployment. >> indeed so 1% the new level there. also forecasting the 2016 level at 0.75%. the 2017

in the economy, including savers, from having a better job market and more secure economy, but yes, when the time comes for us to raise rates, i think there will be some benefits that flow through to the savers. jim: hi, jim from the "l.a. times." i think a lot of savers, people on fixed incomes were hopeful that they would see a rate increase, if not this meeting, soon. what kind of assurances can you give them an people out there who think the fed is never going to raise rates? i got some e-mails today from people saying, "they are never going to raise rates." what kind of assurances can you give people that are waiting for that to happen? chair yellen: i cannot get an ironclad promise, but i think it is clear from our summary and economic projections that we anticipate that the economy will grow, that the labor market will improve, that inflation will , as ourk up to 2% as we objective over the medium-term, and even economic conditions unfold in the way that most my colleagues and i anticipate, we see it as appropriate to raise rates. and as you can see, the largest number of part

could well be the top growing economy this year. r pictures were a bit disappointed, but the economy will bounce back. it has a stable government. it is progrowth in terms of its agenda. employment continues to improve. i think the bank of england should be starting to raise interest rates this year. >> thank you very much. >> coming up for we are going to be talking about what is happening in turkey. the election results are in. see the market reaction. ♪ >> welcome back. let's find out what is happening in the foreign exchange markets. turkey a big deal. he got nowhere near what he was asked acting. we are starting to get the market reaction coming through. you have seen the dollar gaping higher. that is a two day chart, up over 5%. let's not completely focus on turkey. the big number is still being felt in the foreign exchange markets. the result is reflected as well. i want to show you the terminal as well. the turkish tenure is open as well. you have a fairly big spike. you are seeing yield spiking in turkey as well. fairly nega

stay tuned for her take on the u.s. economy and why the imf yesterday took their expectations lower for the irs economy. >>> meanwhile a cyber threat from the far east this morning. the u.s. government believe chinese hackers stole information from four million americans. this breach considered one of largest thefts of government data ever. china is fighting back saying that the allegations are irresponsible. >>> watching developments in the telecom sector this morning. companies racing to find partners for deal from the t-mobile dish talks looking for more and more companies looking to make merger moves with the sector. not just u.s. british giant vodafone looking for some kind after merger with liberty global. we'll talk all of that coming up. roughly four million government workers personal information was stolen, what officials calling one of the largest thefts of government data ever. blake burman in the washington with the story. blake, good morning to you? >> hi, there, maria. good morning to you. hackers out of china ar

down and the japanese economy will bellyflop. >> we will get the jobless rates from japan as well. >> can't wait. i'm very excited. >> me too. thank you so much. so good to see you. we did that on air. yes, we did. >> much more coming up on bloomberg market day. weak demand and what it means for the countries reform timeline, coming up next. ♪ alix: welcome back to the bloomberg market day. i am alex steele. china's rally not at the top of the agenda. market story has a lot to do with big issues at the talk. this rally has been opening up the chinese financial marketplace and institutions. the degree that the shanghai-hong kong connect and the liberalization and other aspects of financial reform spur a theme that picks up momentum that their retail investors go crazy about, that is part and parcel of what we are seeing here. >> it forms a backdrop of their discussions. speaking of this tear, 41 percent gain, but it did in their correction last week. give us a perspective on the stock market rallies. it doesn't tend to end very wel

the u.s. and global economy. next interest rate hike and whether it will happen in what capacity it will happen. the federal government is looking into allegations the st. louis cardinals hacked into the database and the houston astros. investigators told "the new york times" private areas for compromise including proprietary statistics and scouting reports. as to be the first instance of corporate espionage between two sports teams. major league baseball is cooperating with investigators and the fbi and justice department. turning to sports this morning, the warriors 40 or wait for another and the title is over. they are the champs after beating cleveland 105 to 97. the warriors had the mvp. he and seth curry scoring 25 points each. a flurry of golden state three pointers but the game out of reach. lebron james had 32 points but had little help due to cavalier injury. golden state taking the four games to two. in soccer, abbie while back scored the only goal. the u.s. women have advanced to the elimination round

mid-stage ofrly to the economy. the financing is low because the -- has interest rates at set at zero. look at the fundamentals. alix: all right. much more. adam is staying. we will hear much more about stocks and m&a. joe, good to see you. karl, thank you so much. -- it is back. we deal with the latest trends in the m&a way. ♪ alix: welcome back to the bloomberg market day. i am alix steel. now for a look at our top stories this hour, greece is the first country to do for payment to the imf since the 1980's. since the zambia. they told the miami -- the imf they would delay a payment and submitted a request to bundle 1.7 billionling dollars into one lump sum due june 30. , including asd late as last night from the prime minister himself, that payment had been honored and would be honored. i think his words were "do not worry." that willonfident continue to be the case. greece has rejected the latest proposal from their international creditors and prime minister alexis tsipras will address parliament tomorrow. of the

the u.s. labor department. america's economy survived the great recession but the wealth gap greater than ever. inequality on the rise next. >> "inside story" takes you beyond the headlines, beyond the quick cuts, beyond the sound bites. we're giving you a deeper dive into the stories that are making our world what it is. >> ray suarez hosts "inside story". only on al jazeera america. >> the general perception ahold that the rich become richer while the middle class became worse off since the recession. why and what to do about it? 56% of americans think the government should do more. some critics say the federal verve to blame. let's look at the numbers. between 2009 and 2014, 2009 the end of the recession, the federal reserve pumping low interest rates into the economy, stimulate the economy, critics say all it did was feed cheap money into the stock market and fuel a bhul run that bull run that mostly fed the wealthy, between 2010 and 2013, compared to the previous three years, however for most americans, their biggest asset

you have to raise income going to the regular people in the economy. if robots really have a disruptive impact on chinese factories command there is some evidence that is happening it is harder and harder to get more income into the hands of their consumers. the other thing out focus on is that it is a problem for countries that are not as far along as china. historically the way that impoverished countries have become wealthy has been through manufacturing through low-wage manufacturing jobs that they have been able to employ people in which is the path to have taken for prosperity , countries like south korea, for example china. in a. in a future where we won't need millions of low-wage factory workers it is hard to see how poor countries and places like africa and parts of asia will find a way to get on that path to prosperity. >> i am a techie. you said earlier that you think technology has been improving our lives and he think it will continue. but at some time don't you think that there will be a.of diminishing returns were it does not help anymor

has the economy regains momentum? i think it's regaining momentum from the extremely guess we saw the first quarter. it supports the assessment that we are making further improvement in the labor market. we have quite a ways to go. on average 200 to 250,000 just to cover demographic change. looking at the three-month average, this is hardly a robust labor market. mark: you are actively hiring right now. is that because you are confident in this economy or your business model? guest: absolutely. it will have to eat, multiple times a day. this probably less of a discretionary income than other excesses would be. you have to help people eat well even when they don't have time to cook. we are beating -- bringing the food to people, with the next ordinary team in every market. for us, that's a business that people really desire and need and have a strong demand for. demand, notng that as much impacted by the environment. mark: the united states is producing far fewer startups in past decades. why do you suppose that is, and

markets and the american economy? >> the first that it will do as it will put upward pressure on u.s. bond yields. most of the ups and downs in the treasury market has been about the term premium. the term premium goes down as risk appetite comes down. and it goes up as you have more -- tom: the deal going up can be a positive sign of the american economy? neil: it is largely risk on, risk off traits. no, general he i agree with you. absolutely, guilds going up as a sign that things are getting better. more growth in the u.s. economy. while we may have a relief rally now, i do worry a little bit about the u.s. equity markets. at the end of the day, the economy is improving.

if you look at the swiss economy over the next one-two years, it will be less of an export economy, morea domestic consumer led economy. guy: bob parker advisor at assets management. he will stay with us through the day. jonathan ferro is sitting down with the head of the swiss national bank, thomas jordan, he will be here later on bloomberg television. we will get the insight that we need right from the horse's mouth thomas jordan, swiss national chairman, coming up. what does a $60 oil prices mean for the suppliers? we are back with one of the biggest pipeline manufacturers. ♪ guy: welcome back, i'm guy johnson, this is "on the move." the main markets are trading lower. there is a mix of nervousness about what is happening with greece, people are factoring in the fed. ironically, given the fact that we are heading to the luxembourg meeting about race, the ten-year market is higher, however, it is down by 17% over the last five days. it is not a great bounds -- bou nce. let's find out what stocks are moving the stock market. caroline: we are watching a german engineer pulling the stock

it basically brought down the economy for a few years. that's why i think jonas is underestimating the threat. >> then we've given them power they don't deserve. they're not that dangerous to deserve that kind of attention. that is my point. they are not a huge army that can destroy america like we blow it out of proprgs. i'm not saying it's not a threat. i'm just saying don't give someone the power -- >> how are we giving them the power? >> by spending a fortune on it by the fbi doing -- cia doing these press releases about the nincompoops they find. we caught them now we're safe. >> you would say don't spend the money. look, if they fly into the world trade center or the freedom tower -- >> the world trade center attack from a guy with a knife who wants to join isis. >> i'm saying the big threats. what if they hack into the power grid? are we supposed to say oh you know what he hacked in you don't have to worry about it? >> i think if you read some of the texts you'll see they won't hack into anything because they're dummies. >> go ahead

we're talking about a significant drag on the economy and economic growth. we're talking about slower income growth for folks. and all of those things are there and one of the things that i think i need to point out is as soon as you start to address this, the less you have to do to fix it because if you wait what you need to do to fix it gets more difld and more difficult. i mentioned one more thing because it relates to what you're saying. the debt has almost doubled since 2007 so our ability to deal with an economic crisis going forward is going to be really hampered with the ability to deal with it is going to be very difficult. that's a really important part of it going forward. we don't want to have another recession. >> let's talk about the fix and what fix is this, as you mentioned. do slightly reforming the programs that are driving our debt medicaid medicare social security, the interest we owe ourselves and other countries, for example that make up 67% are spent, will that do it moving around the edges or will we need total restructuring if they ar

but at this time the assessment that participants have was the economy suggested in the the appropriateon to keep the economy on track to meet our objectives will be gradual in that sense. >> mdm. chair, if i could just giving you discussions of the past two days with your colleagues the improvements you have seen seen, do you think it's likely we will see a rate increase? become the imf recently this month to hold off on raising rates. your colleague mentioned specifically the risk. the rate hike to triggered -- trigger market stability consequences they go well beyond the us borders. i you factoring in the international context to your decision-making? what is -- was it appropriate to make those kind of decisions? >> your 1st question was about a rate increase this year. you know, again the committee tries to give an indication about how economic conditions will unfold the best predictions about what the appropriate policy will be in light of those expectations" the most participants are anticipating the rate increase this year we will be appropriate. now, that assumes as you can see

the economy is improving but at a slower rate. corporate market is in very good shape, there's not a lot of excess risk that will create credit risk and we think that some of that increase rates, once done at a slow level it likely impact volatility and equity markets. as an investment from a fixed income perspective they like to go down to own different kinds of products and those type of instruments to try to get committed high single-digit returns. alix: historically how has it performed during tightening cycles? jim: this one will be different. if you look at the market, high-yield is tied -- less interest rate risk. it is not as exposed to a rate environment on the long end of the curve. in an improving rates rising high yield tends to do well. as the market continues to go further and the rates tight and, that's when you have to you market is with the risk to corporate and equity at that point. alix: jim, such a pleasure to have your perspective. great to have you on the show. coming up, we are going to hear from the chevron

the economy and the question of the kurds.eakened there is a question about what happened to the peace process. that can be something that brings the coalition together. if winning the htp can come together and resume those talks, but it is probably more likely that those talks will be turn on -- will be put on the back burner. brendan: what has changed in turkish politics? >> what we saw yesterday was very much the turkish people said i think turkish voters like everyone, votes with their pocketbooks. brendan: who is it who actually left his side? >> number one, the atp got a lot of votes for the kurds. that is where a lot of his votes came from. in 2011, when he won by 49%, the majority of those votes came from the kurdish southeast. those votes clearly defected to the htp. but you had a lot of secular middle-class urban turks who support the people's republic party, which is the party of the founder. a lot of those people and the liberals defected to the htp to support the head of the htp. primarily because erdogan has been

the u.s. economy hit a soft patch earlier this year. real gross domestic product has changed little in the first quarter. both in household spending slowed business fixed investment is down amid exports for very substantial drag on growth. part of the weakness was likely the result to transitory factors. despite the soft first quarter the fundamentals underlying household spending appear favorable and consumer sentiment remains solid. looking ahead the committee still expects moderate pace of gdp growth was continuing job gains and lower energy prices supporting household spending. the labor market so far this year has shown further progress towards object is of maximum employment although at a slower pace than late last year. over the past three months, job gains have averaged 210,000 per month down from an average pace of 280,000 per month over the second half of last year is still well above the pace consistent with the trains labor force growth. although the employment rate of 5.5% in may was unchanged from the latest reading availab

the economy is likely to be better in the second half of the year. there are some key variables. 210, 220, is 200, could care less. >> how is the economy going to perform from now until september or december? not just focusing on the payroll change or the unemployment rate, we watch aggregate income growth. hours timesme hourly earnings, and you get aggregate income growth. that tells you consumer spending will pick up and the economy is going to do just fine and janet yellen's hopes of a 2015 lift off will come to fruition. i do not want to rain on your parade. jobless claims measure lay off. .ayrolls measure hiring normally there is a strong inverse correlation between the two. mid to late cycle, that relationship tends to break down. it is a classic example of why late in the cycle, turn down the dial on jobless claims. it matters. no doubt it matters. that thehat i know was fed is going to act this year and what i am supposed to do is buy u.s. financials. they cannot even measure at that accurately anyway. why am i focusing on something -- focus

that is the synergy with the economy of scale. storm of activity that is a natural phoenix. at what point do the wheels for off and somebody gets it wrong? anna: give us your thoughts on when the wheels fall off if it is driven by cheap money. charles diebel: it plays into the conversation about the virgins in monetary policy -- divergence in monetary policy. we could see movement away from that. how much of that is a threat to the process? does it happened to be mature at this point? >> at the moment, so many are waiting and it could not last. you have uncertainty and the u.s. election coming up. one thing people do not like is uncertainty. we saw the slow down. on the global scale, not as they go. so, i think it will continue for the remainder of the calendar year. as we get towards the end of the year, the big players who are going to do something have done it. you get on to exclusionary deal strategy. anna: you mentioned the u.k. and you better focus in there. one issue is businesses not investing in machinery and other things

they're 70% of the economy. they're deleveraged they're confident. they have higher real earnings that due to lower gas prices and so i continue to think that will be a good part of our economy that takes a little longer to get going. but we did start to see that in may. >> you mention consumers and everybody who believes the drop in gasoline prices we've experienced should be delivering a fairly sizable boost to consumption. thus far it seems to have gotten us to saving not spending. what do you think of that? >> i think it's been really puzzling. if you look at the jump-up in the savings rate it's about the 90th percentile than we had seen, quite an en creasingly large increased. we got revised data for march and april. consumer spending in those months, may was a lot stronger. i think the savings numbers will come down a little bit. historically when they spike up like that they tend to come down. as they come down, that would lead to elevated consumer spending. soy think this may be sort of the normal bumps and wiggles in the economy that are hard

they've been fairly successful they pushed the economy into recession. simply from the european central bank cutting off the main line of credit and restricting credit to the economy since then. and making unreasonable demands, so the problems can't be resolved. >> houthi forces backed by troops loyal to ali abdullah saleh have been accused of targetting residential areas in the southern city of jonathan toews. they bombed areas -- city of toews. they bombed areas near the citadel, and a mosque was hit. they pounded hotels and homes near >>> scuffles broke out at a news conference held by houthi officials in geneva. a shoe was thrown at the head of the houthi delegation an act insulting in arab culture. it underscores deep divisions as they try to reach a humanitarian truth. from geneva, hashem ahelbarra reports. >> reporter: from the mountains of sanaa to the united nations offices in geneva, a journey that sums up the houthi rise to power. hamza is a senior member of the houthis, or the partisans of god as they call themselves, his fighters and troops l

>> of course having the world's largest economy it attracts the bad guys. while i'm not familiar with this study that you cited indicating china is a major part of these problems, a lot of them did emulate former soviet places. it's too many people that have too much time on their hands with the sophistication that relates to computers and networks and servers and it is truly a challenge, not just for the irs this is a federal state, local, federal and national problem. i don't see it ending anytime soon. as soon as we increase our security, the bad guys will security, the bad guys will increase their efforts and they have a lot of time on their hands. >> we've spent a lot of times trying to focus on the symptoms of problems and we don't always focus on the root causes. one of the things that it is important to focus on symptoms and solutions but we also need to focus on root problems. >> mr. chairman confirms tax related victims florida 334,962, utah 10654. delaware 4703 those are your constituencies that were victim of identity theft. 1,889,736 if you inc

who killed the american economy. ou blame in a number of different places that you lay blame on your own field. can you talk about what the economist did that helped pave the way for where we are now in terms of the great inequality era and is there a way for economics to help lead us out? >> guest: when we think about who is to blame the first were the bankers, financial sector who clearly didn't do what they were supposed to do. it was worse than not. they were engaged in behavior that if it's not illegal, should have been. i also blame the government because the financial sector has often behaved that way we know about that. that is why we passed the legislation like classical and all the legislation after the great depression and they weren't doing their job. that has to do with the politics we began our conversation went that people like president reagan appointed people like alan greenspan who didn't believe we needed regulation. if you have officials who don't believe in regulators, who don't believe in regulat

for the u.s. economy. or the same time, the narrative at the fed will be very much about the pace of tightening being gradual. the fed will do what it can to try to reassure markets in its commentary, but at the end of is day, if the u.s. economy improving with unemployment falling into the low 5%, it is no longer really justifiable to keep interest rate with these emergency lows that we currently have. angie: what about europe right now? is greece impacting any of your decision-making here, that has you preferring u.s. over europe? : so, obviously, we need to monitor what is happening in greece. it is a very difficult situation at the moment. we do think things are coming to a head in greece and that the next few weeks are going to be critical. greece does not have the money to pay, in particular, the ecb is ann july 25, and that even more important deadline than the imf meeting to be paid, because they are keeping the .reek banking system afloat if the ecb is not paid back on it that, it will be hard for

we talked about the current state of the global economy. re aware that in general experts highlighted two big issues. low growth rate, something about stagnation. we know that. experts think that the situation is likely to remain the same for some time. the second problem is impeded growth. country wise talking about europe, with this happening, germany is showing moderate growth. 1% last year. look at france. 0.7%. italy has mentioned. for years, they have been at zero growth. in japan, it is 1.4%. that said, it is obvious that we all need additional points of growth and incentive for development. mr. tsipras said the problem is not just for greek, but all of europe. i took note of that. [applause] it is not just the problem of theirs, is the problem of your landlord as well. look at what happened. integration of markets have been -- you cannot regulate that with currency because there is no longer an international currency and you are very tightly linked. you cannot match your policies and agriculture, tourism. they have to be very balance

fedex reports a first indicator of the summer american economy. this is "bloomberg surveillance ," live from our world headquarters in new york. i'm tom keene joining me, vonnie quinn and brendan greeley. greece is sort of quiet today. brendan: except for the words being thrown back and forth. this debate has always been so politic. it has become personal recently in an entertaining way but possibly destructive. tom: let's get to top headlines to catch up on greece. he was vonnie quinn. vonnie: u.s. treasury secretary jack lew had a message for the prime minister of greece -- it is time to get serious. he told alexis tsipras he needs to find a compromise to unlock bailout funds. that was after tsipras went on a tirade against greece's creditors. angela merkel says she will do whatever it takes to keep greece in the euro. now she says greece and its creditors have another chance at cutting a deal at a meeting tomorrow. angela merkel: that is why we have to focus on the finance ministers'meeting. whether they succeed by thursday, i cannot say now. vo

the u.s. economy today. it's a checkup of the health of the world's largest economy and focuses on economic growth, strength of the u.s. dollar and current federal reserve policy. managing director of the i.m.f. highlighted many of the reports' findings an also commented on the ongoing economic crisis in greece. at this event, hosted by the i.m.f. it. runs about 35 minutes. >> good morning, everyone. thank you for coming to this press conference on behalf of the international monetary fund . today the topic is the united states 2015 article four consultation. mr. rice: as well as the financial sector assessment program and the press conferences on both topics. i am very pleased to introduce to you this morning the managing director of the i.m.f., christine lagarde. immediately to her left is our director for the western hemisphere department, alejandro werner. to her right is the mission chief for the united states, nigel chalk, and immediately to nigel's right is aditya narain who has been intimately

the improving economy, high-yield tends to do well. the market continues tighten that is when you have to have to worry about the risk. alix: a pleasure to have your perspective. great to have you on the show. we are going to hear from chevron ceo john watson on how he runs the oil giant ♪. alix: welcome back. it chevron is active in more than 180 countries pumping 2.6 million barrels of oil every single day. ceo the other majors,'s the faces tough losses. plus renewables like solar on the other. erik schatzker set down what to find out what makes this oil giant standup from the rest. guest: we are different. the geography is different than some of our competitors in the down stream and where we have chosen to invest. make some choices based on the investment returns we see. we have chosen to not be a part of southern iraq even though we have done a lot of work to prepare to participate. tsik: it seemed the independen e have the best business model. for pricel built environments like this? guest: i have been in the industry for 35 years