the constraint of the banks and the lenders. it's incredible that the profit model, even if we are creating a public/private partnership, the model from the lenders perspective compromises our resources, i am concerned about that. i have worked on since july of 2011, to create our own municipal bank that could be infused with our values as a city, and infrastructure, and education infrastructure. and to couple our resources, and to add resources. the public bank is one to make sure we have adequate dollars for our housing is an area to focus on. there was recommends -- recommendations that came out of the fsu and regarding the important assets. for decades the idea is that the board of supervisors should play a role over public housing. and i think that the public housing without that oversight has suffered greatly in what tenants face and resources provided. and i think those days really should end. and maybe this change that is being forced upon us in terms of how we can access resources from the federal government is the time where we actually can make that change here. provide that oversight from the board of supervisors. and

the world. for 500 years, it contributed to siena's affluence. that ended in 2012 when the bank ruined itself with an expensive merger and risky financial derivatives. the bank president had to resign . the public prosecutor is investing bank practices. several former managers are under house arrest. >> unfortunately, we were the site of one of the biggest financial speculations. now this money is gone, and we are sitting on a huge mountain of debt. the city of siena is not only hard-hit, it is impoverished. >> a painful blow for once-a rich siena. through a foundation, the city was the bank's biggest shareholder. hefty dividends provided plenty of money. >> it was easy to walk across the piazza delle comput to ask the bank foundation for money. money was always forthcoming -- lots of it and fast. no one had to think about additional revenues for the city or reducing outlays, so siena never had to budget. >> the blogger and book author calls the alliance between politics and the bank the system in the shadow of the bell tower. he had always ruled the city, he says, in accordance with printable's all too whole. >> everyone extorted each other and schemed to get the money of the banks. and you av

the task policy response. fundamental to modern banking is the idea that monetary policy is more effective when the public better understand and anticipate how the central bank will respond to evolving economic .onditions specifically, it's important for the central bank to make clear how it will adjust its policy in response to unforeseen economic developments in the manner that reduces or blunts potentially harmful consequences. if the public understands and expects policymakers to behave in this systematically stabilizing manner, it will tend to respond less to such developments. monetary policy will thus have an automatic stabilizer effect operates to policy expectations. it is important to note that tying the response of policy to economy makes the future course of the funds rate uncertain. but i responding to changing , policy reducing uncertainty about the course of inflation and employment. recall how this works airing the couple decades before the crisis sometimes known as the great moderation. the fomc's main policy tool, the federal funds rate, was well above zero, leaving ample scope to respond to th

the things i can control. >> all right, but why go public? you have all of this additional reporting obligation, all of this additional scrutiny. wouldn't it have been better to be the only independent bankis not public? isn't that a competitive advantage? >> in some ways, for the last five or six years we have -- it has been. we have been able to grow without thinking about shares. but i think there's more growth in the future than the past. pressure on the conglomerate editors is unbelievable. -- conglomerate competitors is unbelievable. i've never seen such pressure on the larger competition than i've seen today. i think the talent will come out , and having a liquid, tradable currencies to get them to come join us will be very helpful. >>. they want cash rather than stocks at the end of the day? >> yes, but we want to give them stock because we want owners. we want an ownership culture. we want our employees to be owners. 67% of the stock is owned ttns? >> our partners have been working at it for seven years and with very little liquidity. they have been getting stocks in the firm for seven years. this will attribute some liquidity for them, which they will have access to. it is grea

but we've got some awfully good people in the world bank group, and i think they would have ideas about ways of improvel publicxpenditures. the competitiveness of the future. what will make the country competitive going into the future. if you're not asking yourself that question intensively every day. i think you're going to be in trouble. >> he said every country small and large is worried about future growth and spurring innovation. he said it will be a major issue going forward throughout the world. well, last week general motors hearing on capitol hill was a wake-up call for car companies, and it looks like toyota was listening. we're looking at a huge new wave of recalls from the company. this is real money coming to you from washington. >> this takes guts... >> lobbying groups representing doctors have long opposed making public what doctors get paid for medicare, and now we know why. the obama administration finally opened the books on medicare reimbursements to physicians and it was nothing short of eye popping. a florida ophthalmologist was paid $21 million in 2012. he topped the list of more than 30

. >> when i came into the job there was a chorus of public opinion, and the questions they were asking were fundamental. is the world bank relevant. i came to the conclusion not only are we relevant, if we can get quicker, move knowledge quickly, reduce bureaucracy, our relevance could sky rocket. we want to be the organization that can capture information on development and move it. for example, if something great is happening in agriculture in costa ricco, we want to be sure folks in africa and asia know about it. we weren't structured to do that. this is what we'll - we'll be the organization, that if you come to the world bank group, we'll know about the what was implemented and how they did it. if we can provide that to every country in the world demand for our services will grow. >> when you talk about inclusive growth and inequality and ending extreme poverty. it's not going to cost the world all that much, but does it involve wealth distribution, and ronald asked this question on facebook, it's translated from french - the main question of inequality is addressing solutions. ? >> brazil and mexico showed us condi

most of us in the public health community were delighted when you came to the world bank hoping to bring greater focus on public health. my question is given that the bank's focus is on the top five of india, china, and bangladesh, they also happen to be the number of countries with the greatest smokers in the world. the bank has not been a enthusiastic supporter of increasing tobacco taxes which has a dual function both of increasing number of revenue the governments have, but decreasing the number of smokers disproportionately poor. is there any chance the bank is willing to get onboard in terms of looking at tobacco tax increase as a revenue source and public health fix? > yes. let me answer the question a little bit more fully. one of the most important studies that has ever been done in the world of health, and especially global health, just recently, larry summers and dean jamison did a review of 20 years of investing in health. they were responsible for the 1993 world development report called investing in health. they did a 20-year retrospective. some of the findings, this was no

they together behind the scenes decided to reform the banking system to stabilize it. i didn't know that. the relationship worked to help the publicnhance the economy for the rest of the population. and that set out -- of course, there was a world war, a cold war, the great society that lbj put forth, but throughout all those decades, you had a more stable banking system and you had close personal ties of the bankers at the top of the banks and the presidents in between where they did things for each other, that benefited the power of america, the power of the presidency, the profitability of the bankers, but the benefit of the public. >> let's bring that up to the present day. wall street, is, of course, the leading source of political donations. is that why the street was not punished for what happened in the 2007, 2008 recession? >> exactly. those relationships used to be personal, morphed into what does it do for me. it morphed in the '70s under nixon, because they discovered they could be bailed out by government from reagans to bush. and they decided to expand to find new territory to make money. they also needed more deregu

the financial crisis and mortgage practices. those fees still coming in higher than the bank and analyst had bargained for. speaking of banks, the first investment bank coming publicay, raising less than initially expected. shares are rising in his first day of trading after pricing at $25 apiece. >> all right, thank you, julia. we will be talking to you shortly. google is on deck today after the close, they have been consistent as a performer, seeing organic revenue growth for the last 16 quarters. at their core business could be in jeopardy. ad spending on bing has increased 60% in the first quarter, more than doubled googles 29% gain. slowly beeno stealing market share. something that google has noticed, they are trying to branch out, ochocinco product categories. like google glass, finally hitting the market. yesterday, just for one day, of course. does this quarter market turning point change course? i am joined by tom forte, jonathan keller, and pete stossel. great to have you all here. i will start with you, tom. they are talking about products. there is concern about the advertising revenue. how would you characterize the situation for google right now? wh

the first investment bank to go public since the crisis -- they raised $300 million in its ipo. the seventh chinese internet to go public and seek capital in the u.s. the most since the fourth quarter of 2007. baba. is owned by ali it looks like shares are trading a bit higher, only about six percent right now. pricing at the low end of this range. trading right now at $18. we just saw president obama on cbs last night. he does not want mr. boudin to forget about the sanctions. >> what i have said consistently is that, each time russia takes these steps that are designed to destabilize ukraine and violate their sovereignty, there will be consequences. what you have already seen is the russian economy weaker, capital fleeing out of russia -- his decisions are not just bad for ukraine. they will be bad for russia over the long-term. >> the sanctions that russian .eaders have scoffed that he doesn't really care. >> do you believe that simply increasing the effectiveness of ---enforcement investigation wow. edward snowden makes a cameo appearance. his question to the former kgb colo

and then finally, one of the thing that will make it possible to fund the clean energy is to develop a public bank and we hadn't heard much about that. so, just wanted to get the status on that from chair avalos and perhaps staff. thanks. >> thank you very much. we will have a hearing on march 31st related to the climate protection plan, and that was also something that my pdf, the original pdf that went out on that, jeremy pollack in my office searched for the words cleanpowersf in that document and he found that it was actually embedded in there in meta data. you could cut and paste the section where it was in and put it in the word document and it revealed that cleanpowersf was part of the climate protection plan and it was within the plan, a goal -- actually two goals one residential and one for commercial. the residential goal was to have 100% renewable energy on a residential side by 2030 and it was 80% for the commercial side. that information was redacted from the climate protection plan, i assume, while it was being, you know, [speaker not understood] before it what released. the data pla

. >> we will tell you how the first investment bank to go public since the financial crisis did in itsrading debut. that story when bottom line on bloomberg television continues in just a moment. ♪ reminder, there'll always to watch bloomberg television. on the web, on your mobile device, on apple tv and on amazon fire tv. the public life begins for mullis and company. shares are climbing today after the company raised less than it hoped for in its ipo yesterday. cristina alesci spoke with the ceo this morning. how is he feeling about that price? >> he's feeling much better now that the stock is trading up today. it certainly come yesterday or last night, things were not looking too good because they had to reduce the size and it is still priced below the range. i asked him about his decision to cut the offering. here's what he had to say. >> the market got very volatile and do you have to price in relation to where your comparables are and they have all traded up 10%. we felt like it was a very well excluded deal and we wanted to stop the trade-off. market moved the against them. that

the public sector. the liquidity risk from the banks has been mitigated.re a stable and improving economy and also a good profile for corporate credit. you.m keenan, good to see thanks very much. we will be right back. ♪ >> one of the things we talked about since we hired in is how important it is for a great c.e.o. to have a great transition. deep,l our team is good, and a very experienced. it is interesting. a lot of great c.e.o.'s leave and there is chaos behind them. we talked about the importance of the final act of a great c.e.o. is having a great transition. >> that was the ford motor chairman speaking to bloomberg television last week at the new york auto show. bloomberg news has learned afford will soon name mark fields as the next chief executive officer and reveal when current c.e.o. alan mulally will retire from the anthony. --from the company. he will step down before the end of the year and be succeeded by mark fields according to people who asked not to be identified revealing internal plans. ford may announce that moves as soon as may 1. bl

the measures have been "spectacular." >> we estimate based only on public information that the banks since july of last year have strengthenedalance sheets through several measures to an amount of 104 billion euros. >> it is official. ge has bid $17 billion for alstom's energy assets. it is a story we have been following closely since matt campbell broke the story last week. he joins me now for the latest. stage moving into a new of this whole story. it is official, ge have laid the price at the door and they are preparing to negotiate. >> but there is still a little asterix next to this deal which is siemens putting together an alternative bid that seemed to be getting support from the french government. there is a four-week negotiation period between ge and alstom basically as a compromise and to demonstrate to the government and shareholders that alstom is considering this alternative. siemens will still be able to bid in that period. this is not necessarily a done deal for jeffrey immelt. >> politically he knows his way around france. he has been at the negotiating table before. of doing business in france is incredibly

i'm looking at our global economy with the founder of the biggest public relations firm in the world. and the big banksand their bottom line. i'll tell you that their erping mean for you. and tax day 2014, i'll tell you what is new and what you might have missed and you plow that last-minute rush. i'm ali velshi. and this is "real money." ♪ >>> this is "real money." you are the most important part of the show. tell me what is on your mind by tweeting and facebook. here comes the sun. got another sign today that the u.s. economy is heating up after a nasty winter that chilled all sorts of economic activity from car sales to manufacturing. retail sales in march, up 1.1% from the previous month. that is the biggest monthly gain since september of 2012. the february figure, was also revised upward to a gain of .7 of a percent. this all matters because consumers spending accounts for about two-thirds of total u.s. economic activity. so more spending adds to optimism that u.s. businesses will become more willing to invest and hire and expend because the economy is on solid footing. that optimism has been boo

i'm looking at our global economy with the founder of the biggest public relations firm in the world. and the big banks, and their bottom line. i'll tell you that their erping mean for you. and tax day 2014, i'll tell you what is new and what you might have missed and you plow that last-minute rush. i'm ali velshi. and this is "real money." ♪ >>> this is "real money." you are the most important part of the show. tell me what is on your mind by tweeting and facebook. here comes the sun. got another sign today that the u.s. economy is heating up after a nasty winter that chilled all sorts of economic activity from car sales to manufacturing. retail sales in march, up 1.1% from the previous month. that is the biggest monthly gain since september of 2012. the february figure, was also revised upward to a gain of .7 of a percent. this all matters because consumers spending accounts for about two-thirds of total u.s. economic activity. so more spending adds to optimism that u.s. businesses will become more willing to invest and hire and expend because the economy is on solid footing. that optimism has been b

the fundamental problem today of the stable system in banking in the united states is that the bank rules are arcane, hard for the publicto understand. coalitions can get created and defined a two channel to share the credit or channel the credit to particular groups. those are going to apply to everybody. we are in a democracy after all and that is going to distort everybody's incentives borrowers and thinkers. the result is that the u.s. is set up because of its long tradition of populism set up to become crisis prone and i think it is a paradox in the united states. one of the things i admire the most of the history of the country is the history of troublemakers. these were willing to go toe to toe with the british army. that took a lot of guts. that didn't happen in canada. one morning people woke up and said we are independent. what does that mean? circum- independence wouldn't have occurred without something of a snore. they said about the fact that they beat us in the war of 1812, not their independence from england. that means that in the u.s. because we have a paradoxical history of populism that we simultaneou

i'm looking at our global economy with the founder of the biggest public relations firm in the world. and the big banksbottom line. i'll tell you that their erping mean for you. and tax day 2014, i'll tell you what is new and what you might have missed and you plow that last-minute rush. i'm ali velshi. and this is "real money." ♪

he believed for the stability of the economy and for his bank going forward so he could walk and chew gum at the same time, sue the publicinterest as well as his bank's interest, work with fdr to pass the , and actually act carter glass, whose name is on that act, wanted slightly weaker version of the act then winthrop eldridge pushed inside washington with the alliance of fdr. that was a very different time. you cannot imagine today tammy dimon pushing president obama -- jamie dimon pushing president obama to separate his bank. it is unimaginable. >> talk about the relationship today. you have said the relationships between bankers and presidents, those in power cop it more dangerous today. they be can use the example of jamie dimon's relationship. it is hard to forget him going before the senate committee when there are so many questions, even the question of, would you currently prosecuted, and you look at the senators one by one, the corporate networks were not showing it, showing how many millions his bank and him were responsible for giving to the senators, republican and democrat. >> i remember being up that 4:30

there's other things going on even within the public schools in that area and even within some of the, quote, banks -- a number of the banks had spanish speaking personnel, managers, et cetera, many of these have been shifted out within the past six months, a year, and it's as if the culture is changing and the latinos are being low priority pertaining to what's going on regarding the uniqueness of that community and i know that there's a lot of frustration among many of the parents many of the kids and many of the services that were there before because of these new models coming in. all i'm saying is that one of the most critical areas is healthcare and access and saint luke's has been part of that community for, you know, generations, just like general goes back to 1896 or before that. so it's a commitment that was made to us as a health commission, and as i said, some of our commissioners were active participants in the signing of that and we had hearings on that so i really think we need to follow up on that and make sure we're in tune and could help navigate so we don't lose a critical patien

recovery and the economy active expressed in monetary policy has been started by the central bank in april of ast year with the public's expectations. japan will continue along that stable development act the quantitative easing policy will be pleasing to the station rchesge level. this investors have invested ninety point seven two billion us dollars into the financial sectors of the court economist who still turned out to third place in the world rankings based on the city theaters. this information was announcing the ongoing first business summit inch of height which is dedicated to the topic of cross border investments mergers and acquisitions of chinese companies. i see what newsagents reports in comparison to last year the volume of china's foreign direct investment increased by sixteen point eight percent. financial capital is invested in more than five thousand companies hundred and fifty six countries of the world. sixty five point four billion dollars or seventy two point six percent of the value of investmts was directed into economies of the developed countries among them are from home countries of the asso

he told bloomberg the sum of the cautionary measures have been "spectacular." >> based only on public bank, sincethat the july of last year, has strengthen their balance sheets through several measures to an amount of 104 billion euros. >> we will hear much more from him later on this hour. >> still to come, kate moss mania. the supermodel and style icon is teaming up with topshop after a four-year hiatus. with the speaking retail giants billionaire founder. he joins us live right here on "the pulse." ♪ >> welcome back. let's get back to our top company stories. general electric has offered a 12.4 billion euros for alstom's energy unit. it leaves the door open for a rival offer from siemens. our next guest believes ge's bid is the most favorable and alstom will likely take up the offer. great to have you on the program. give us a sense of your thinking. is it a done deal that ge will get these assets? >> good morning. i think -- it is more likely that ge will take over alstom for sure. siemens, it looks quite difficult. especially with the issues in europe. we look at how the deal is struc

this is notable because this is the first investment bank that has come public since the financial crisisker greenhill, those were way back. s> the markets look at wheny as they did in 2007, we saw that first wave of ipos and i all went downhill. >> that is the big debate. >> these guys have 28 times earnings just like ever core and greenhill. >> it makes me nervous when an investment banker takes his company public. >> and when he takes all the money. >> union workers will be marching in san francisco twitter had orders to give it a bill for tax breaks three years ago in order to stay in the city. the tab according to the unit $66 million. the tax revenue was given away will city officials say twitter and other companies that moved into the blighted midmarket restrict their intemperance is go might have left the city if not for the payroll tax exemption. new employees will basically get this tax roll exemption, and it was all designed in order to attract companies. i would say, number one, san francisco, unity and, -- unions, they love to complain, but they might not have anything to com

the robber out of the bank. key bank has this to say. our policies and procedures are in the best interests of public safety and are consistent with industrys. money, which is insured, can be replaced. lives cannot." the fbi which advises banks on the best and safest approach agrees. >> in no way do we suggest physical confrontation with a robber. too many thing cans go wrong. >> but nickelson says letting this guy get away with it isn't the answer. >> i have to apprehend him so he cannot do this again, so he cannot come back to our branch and try to rob us again. >> the robber won't be visiting this branch or any bank soon. he pleads guilty to the bank robbery and is sentenced to three years behind bars followed by three years of parole. and that's enough of a reward for nickelson. he said despite being fired, if he had it to do all over again, he would. >>> coming up, a convenience store owner makes a startling decision i said, please, don't shoot me. about what they get from ala ska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. thousands of people here in alaska

the policy response. to modern thinking on central banking is the idea moremonetary policy is effective when the public better and anticipates how the central bank will respond to conditions.nomic specifically, it's important for to make clearnk how it will adjust its policy to unforeseenonse economic developments in the reduces or blunts potentially harmful consequences. if the public understands and to behavelicy makers in this systematically tendizing manner, it will to respond less to such developments. thus haveolicy will an automatic stablizer effect privaterates through sector expectations. note thattant to tying the response of policy to necessarily makes the future course of the federal rate uncertain. but by responding to changing circumstances, policy can be most effective at reducing course ofy about the inflation and employment. duringhow this worked the couple of decades before the crisis. theriod sometimes known as great moderation. tool, the main policy federal fund rate, was well above zero. leaving ample scope to respond to the modest shocks that duringed the economy that period. many studie

the agreements reached in cairo with respect to the public freedoms should be -- honored and implemented, and the public freedoms committee in both west banka strip to convene and start operating immediately without delay. seventh the [ inaudible ] council. we reiterate to honor all what we agreed upon but reintegrating the legislative council. finally both the delegation hail and come mend the road paved by egypt in this reconciliation, stressing that egypt will continue to play this role as supported by arab nations whereby the reconciliation agreement shall be put in to effect on this day, the 23rd of april, 2014, we honor the memories of all of those who have fallen. we salute our present standings with their heads held high behind israeli bars, and may god's peace and blessings be upon you. as you know, this document has been signed by all the members of both the delegations perso l personally. on behalf of the plo delegation who game to gaza to take part in this joint meeting and make this palestinian dream a reality whereby rift has come to an end and we are reunited. we extend all appreciation and thanks to our brothers for the sig

with the current banking system are here's his response well the problem with the bank system is i think it's it's also completely dysfunctional you have huge mega banks that receive major public subsidies thirteenth self is simply wrong the public in the end will get fed up with this the system is beginning to lose legitimacy. because they had were rescued as they had to be of course in the crisis but seven years later we're nowhere near a solution of the too big to fail problem that is the most obvious issue underneath that i believe is the whole system on which we rely on credit especially in this country u.k. but also in america and other countries we were lying on bumping up credit to get the real economy moving and the problem is that we have to bump up credit too much in order to reduce unemployment it's happening again no i mean your program boom and bust it's very apt title we are going into the same thing again this froth in the london property market we are twenty percent. eighteen percent. annual price rises the average price of a house is now gone up to half a million dollars average price of a house in london that type of thing is obviously obviously we're moving

the road to ipo? will they still go public? thehat is very much up in air. whether conversations are still have -- happening with the bankswhether they want a cooling off until, hopefully we can find that out. is takinggan, who over, he has been a finance and operations guide to run his career. he was the cfo of blue lithium, the company that chahal founded before selling it. he is not a startup ceo. whether this is the long-term answer to who will run the company, we do not know that yet. >> may be the most inflammatory thing that he said yesterday was that he said the board compelled him to take the plea, that he wanted to fight in court and become exonerated. in mys a direct quote story, the board wanted me to settle the so we could go on with the ipo. he is leveling the charge against his board of directors that they compelled him to take the police so they could get their payout in the ipo faster than they would otherwise if you are fighting it. >> in terms of timing, what have you heard? are the plans the same, will it be postponed? >> a spokesperson for the company would not say. , they couldenough file anytime now

we will now work much more cohesively so the staff and the bank can work in the public sector, staff that work in the private sector and staff who provide risk insurance and guarantees will bring their collective experience together to better serve our clients. we've also created what we call global practices which will become communities of experts in 14 areas such as water, health, finance, agriculture and energy. in the next few days we'll be announcing the heads of these practices. imagine what it would be like if i were naming one of you in the room as a senior director of our water practice. you'd be responsible for designing investments in water and sanitation so that girls, for example, aren't walking miles every morning to the nearest river for cooking and cleaning instead of going to school. soon you'd have around 200 water experts on your team. you and your management team would look across water-related projects in the world and deploy the 200 experts to bangladesh, peru, angola, for instance, making choices to move holders of particular knowledge for specific -- particul

we will now work much more cohesively so the staff and the bank can work in the public sector, staff that work in the private sector and staff who provide risk insurance and guarantees will bring their collective experience together to better serve our clients. we've also created what we call global practices which will become communities of experts in 14 areas such as water, health, finance, agriculture and energy. in the next few days we'll be announcing the heads of these practices. imagine what it would be like if i were naming one of you in the room as a senior director of our water practice. you'd be responsible for designing investments in water and sanitation so that girls, for example, aren't walking miles every morning to the nearest river for cooking and cleaning instead of going to school. soon you'd have around 200 water experts on your team. you and your management team would look across water-related projects in the world and deploy the 200 experts to bangladesh, peru, angola, for instance, making choices to move holders of particular knowledge for specific -- particul

the policy response. fundamental to modern thinking on central banking is the idea that monetary policy is more affect of when the publicnderstand and anticipate how the central bank will respond to evolving economic conditions. importancey, its with the central bank to make clear how it will adjust its stance in response to unforeseen economic developments in a manner that reduces or blunts potentially harmful consequences. andhe public understands expects policymakers to behave in this systematically stabilizing manner, it will tend to respond less to such developments. they will have an effect that operates through private expectations. it makes the fund rate uncertain. changingding to circumstances, policy can be most effective at reducing uncertainty about the course of inflation and employment. recall how this worked during the couple of decades before the crisis. a time sometimes known as the great moderation. the fomc main policy tool, the federal funds rate, was well above zero, leaving ample scope to respond to the shock that buffeted the economy during that time. many studies confirmed the appropriate respons

the campaign for tobacco-free kids. hoping to bring a greater focus on public health. my question given the bank's focus on top five of india, china and bangladesh, these also happen to be the countries with the greatest number of smokers in the world. the bank has not been enthusiastic supporter of increasing tobacco taxes which has dual function both increasing number of revenue that governments have but also decreasing number of smokers disproportionately poor. is there any chance the bank is willing on board to look at tobacco tax as revenue source and a public fix? >> yes. [laughter] let me answer the question a little bit more fully. so one of the most important studies has ever been done in the world of health and especially global health just came out recently. larry summers and dean jamison did a review of 20 years of investing in health. they were responsible for the 1993 world development report called, investing in health. they did a 20-year retrospective. some of the findings, and this was not original research. this was looking at the studies that had been done over that 20-year peri

about stock issuance, the investment banking part of the business is great and why we like goldman sachs and morgan stanley and lazard. >> one of those boutique banks went publictrongly in its debut, even though it priced below the range. would you be a buyer of moelis in today's market? >> it is a great name. i do have to say when ken moelis is selling i don't like to be a buyer because he is a very good timer of sales. so we like morgan stanley, lazard and goldman a little better at this level. >> we'll put that question to ken when we talk to him in a few minutes. interesting. there is some selling behind that. especially from the founders and from some of the managing directors there. david, when you look at the nasdaq today, right now, i'm looking at the nasdaq up nearly 20 points. it barely skirted a correction yesterday and we saw blockbuster earnings from yahoo! and invest tell. do you think the tech reverse right here? >> well, again, very tough on a day-to-day basis. momentum investors blowing out of the nasdaq in the last few weeks. we think you can buy selectively within the nasdaq. we would not chase the momentum stocks of the day. the stocks that

the policy response. fundamental to modern thinking on central banking is the idea that monetary policy is more effective when the public better understands and anticipates how the central bank will respond to evolving economic conditions. specifically, it's important for the central bank to make clear how it will adjust its policy stance in response to unforeseen economic developments in the manner that reduces or blunts potentially harmful consequences. if the public understands and expects policy makers to behave in this systematically stablizing manner, it will tend to respond less to such developments. monetary policy will thus have an automatic stablizer effect that operates through private sector expectations. it's important to note that tying the response of policy to the economy necessarily makes the future course of the federal fund rate uncertain. but by responding to changing circumstances, policy can be most effective at reducing uncertainty about the course of inflation and employment. recall how this worked during the couple of decades before the crisis. a period sometimes known as the great moderation. t

the ability to bank. in the meantime, we are still dealing in large amounts of cash. it is a security issue. is a publicfety issue. banking so we to can operate like any other business. >> this may be the fundamental problem in colorado. the same will happen in washington. if you don't have a mechanism in place to legitimize the industry, how is it ever going to become legitimate? >> you are right. there are a lot of problems. we had the high times cannabis cup. denver relief won second place. >> congratulations. >> thank you. it was awesome to take on this medallion. there were 35,000 people over two days that came from all over the world to experience the industry. that was just at the cannabis cup. we have close to 100,000 people at the rally downtown. nobody got hurt. there were less than 20 people arrested for public intoxication. alcohol was served for the first time ever. it is a real industry. it is not going away. we have seen the numbers in the retail industry in the first couple of months and colorado with millions of dollars going straight into tax revenues to build public schools. it is a r

initiative of the president's term of office has distorted public policy to privilege the well connected, insiders and elites at the expense of taxpayers and consumers. the export-import bank is another taxpayer-funded example of distorted public policy that further erodes americans' confidence in our markets and in our system. in short, the ex-im bank exists to dole out guarantees to help out exporters. congress allows ex-im banks to risk taxpayer money unnecessarily to subsidize well-connected private companies. this kind of policy privilege best described as crony capitalism is a threat to the free market and to its moral underpinnings. crony capitalism corrupts the free market by rewarding political connections over competitive excellence. it subverts the rule of law by codifying inequality. it undermines social solidarity by pitting citizens against one another, twisting corporate, cooperative communities into rival special interests. that's why in obama's crony economy, we are seeing record corporate profits but stagnant middle-class wages and an anemic jobless recovery. cronyism has promoted and exacerbated inequality. it has isolated the poor and it has squeezed am