tom: four times. in his political career, he was elected to the council at-large and the council ones and after being mayor, he was elected to counsel for ward eight. three times. brian: at his memorial service, newt gingrich spoke, bruce johnson spoke. tom: my competitor on channel nine a cbs station also spoke. brian: what do you think about that? tom: i have spoken at memorials for people. none of whom were elected but they were publicly well-known. i think that marion berry's widow wanted someone from the media to acknowledge the impact of marion barry on the city. bruce johnson has been covering the city since the 1970's. people call me the dean of journalists for the local washington area but bruce was working a couple of months before me. i have mixed emotions. i get invited to speak to a lot of things that are political but i have to turn them down. bruce also does inaugurations. we have a big city of inaugural and bruce is often called upon to be the master of ceremonies for that. some people

tom: next photo.he pacific ocean has three major hurricanes at the same time at the moment, for the first time in recorded history for the area. hurricane g is then, then ignacio, kilo. this is a photo from space. tom: i have never seen that, a hat trick of hurricanes in the pacific versus the atlantic. you really wonder what is going to happen in september in the united states. a decade after katrina, you just wonder if we are due this year. frome: it is amazing how space they look so different and so beautiful, and how they turn into such nasty weather events. number one top photo, the u.n. says the temple of bell in syria has been destroyed. there is destruction of the main holding and the columns near it. for almost 2000 years the temple has been considered the most important temple for syria. isis blew it up. isis has been very disingenuous, saying that they are not touching the ancient buildings and the ancient temples. tom: why? have you read a good article on why? vonnie: i am not sure it is v

tom: well said.lagarde, the global adult in the room, step into china and say where are the demand solutions? willem: it is strange that the same person continuing to lecture the fed on not raising rates, says that the chinese are doing ok. in terms of macro economic damage meant, china is in much worse shape than the u.s. tom: the october meetings, it is a huge deal. brendan: the one advantage to the chinese system is that they can do whatever they want. what is holding them back from the demand size -- they have never funded a fiscal stimulus through the central government. they have always done it through the banking sector because it is a commercial infrastructure project. they simply have to in some free.become buiter is back with us and we will have a discussion with michael mckee. an important day particularly for alabama. bebus ceo thomas enders will on board with matt miller in the 9:00 hour. stay with us. willem buiter. "bloomberg surveillance." ♪ tom: good morning, everyone. "bloomberg sur

tom: thank you so much. tom mackenzie in athens. it was a quiet week for " lastberg surveillance week. are you kidding? i slept the whole weekend. 's chief strategist in charge of courage for his company. comege will be needed december. i know you would not appear with us until the minnesota vikings won again. thank you. we secured victory. tom: did you adjust your market outlook off of what you saw on thursday? brian: not a bit. we put out a piece on friday, midday, looking at the way the market reacted once again to the , calling itsion from an investment strategy standpoint, a fed misstep. we think the fed should have raised rates. growth is coming back. you show the chart. i think now, from an investment strategy standpoint, the fed has set itself up to be late again. that only adds to what has been an uncertain year. that uncertainty will roll over into 2016. we have an election and all these other things going on, and it adds to the volatility. tom: we had a wonderful moment with ray dalio last week. we had no idea the respons

brendan: much like with tom keene. tom: you've got that right. after that fiction, let's get to our top headlines. vonnie: thanks, tom. markets are closed in china. european stocks are trading either -- higher. futures indicate that u.s. stocks will be higher at open. china marks the 70th anniversary of the end of world war ii by announcing the biggest military cuts in almost two decades. president xi jinping said he would cut 300,000 soldiers from the 2.3 million on duty. the republican national committee has issued a challenge aimed at donald trump. there are reports they have asked candidates to promise they would not run as a third-party candidate. the pressure is on twitter to find a new ceo. dorsey,rim ceo is jack one of the cofounders of the company. at the u.s. open, serena williams is one step closer to her goal of winning all four in one year.ents top-seeded novak djokovic won his second round match. he did a goofy dance with a fan after the match. tom: this is not wimbledon. [laughter] tom: are you supposed to take an oath you won't ru

tom keene: absolutely.e talking about a pending world. -- a pending the world. ending the world. richard haass: drones can't deal with the underlying challenge. willeene: we talked china's slowdown derail the united states. michael mckee: nope. u.s.ts are only 12% of gdp. we are self-sufficient. yes. absorbted states cannot it. no. it will slow the american express a little. we will give the passengers more time to enjoy the scenery. they mean the american economy. tom keene: what an interesting september this is. economics and international relations and the linkages in the finance as well. i said this earlier, i am watching the commodities space. michael mckee: i am watching china right now. we have some economic data coming out overnight. we get prices from china. we will see what the impact in the decline of the u.n. has had on prices. we get the money supply. it does put pressure on their base money and brings deflation. tom keene: we are linking in the refugee crisis into something that may have a voi

tom: very good. optimistic book on america -- "america worriers need not look -- barry eichengreen has sequentially changed the debate over international economics. , with anders corr, as we look at this soup of the international relations and visits to washington and new york that we are in. there is a fear that one day the dollar will drift away as our linchpin, as our support, our foundation. the fear is unfounded, correct? the fear isnk unfounded. the dollar will have to share the stage with another consequential global currency, but we have been saying that for a long time. i think we will continue to say that. tom: it goes back to world war i. what about the dollar? michael: when we took over from sterling -- with exorbitant privilege comes exorbitant responsibilities. we have to put up with the stronger dollar because we are the world pod reserve currency. you have these swings in inflation and corporate profits and things like that. barry: the strong dollar is uncomfortable, but it is testimo

tom: it is september 11.ll have coverage of the remembrances in lower manhattan, the pentagon, and in pennsylvania throughout the morning. joining me on bloomberg surveillance this morning, david weston. wonderful to have you here. right now to our headlines with david gura. locateo the bank has that has lowered its forecast once again a growing opec production for goldman is trimming its 2016 estimate for west texas crude to $45 a barrel. may a production of -- the prediction of $60. carly fiorina will make it to prime time in the next presidential republican debate. she was not among the 10 candidates fox picks for its debate last month. cnn added her after compiling polls from the last two months. 11 candidates will be on the stage at the reagan library in california. the others would take part in an event earlier in the evening. clearden is making it that his decision about running for president is more emotional than political. the vice president appeared on stephen colbert's new late-night show. biden s

tom?tle bit in the economy and there's finally restructuring in their re-manufacturing. >> we talked to the head of peugeot looking at the iranin' market as a source of growth. we are talking about the billionaires who buy the lamborghinis. does it matter to talk about billionaires? >> it does partly because as that regular economy is not doing so well the top 2 s&p. it has to be legitimate for the majority not just for the winners at the top and the lamborghinis are -- the more they see the top getting lamborghinis and the mom getting screwed, it -- >> how do you respond to the fact that it's just a 00-year-old thing about feeding the rich. >> it doesn't benefit the ordinary person as well as the guys at the top. democracy only became compatible after the depression when people realized no, you need to spread the wealth and distribute things to have growth that is broad based. >> he is ripping apart his white shirt showing his ronald regan from another time and space. he is the ronald reg

tom: would j.p. michael feroli, lead on a new terminal value -- do you ratchet down your return on equity's? bring up the single best chart. this is a work of art. look at that chart. there it is. is it a new terminal rate? is the new 7% 5%? kate: in terms of earnings growth equitation's -- earnings growth expectations? depending on your starting point, we have to be pretty realistic about what we can get from risk assets over the next 12 or 18 months. we have been more conservative. we think the returns off equities are potentially going to be stronger than fixed income, even if we move down our expectations to mid-single digits over the next 12 months. brendan: i have pulled it together. one of the things that kept coming up at jackson hole was this whole idea of here is where we are in the cycle, this is what should happen in the future unless this time everything is different. what is your confidence that this time is the same as the other cycles? kate: i was obviously not in those fed conversati

tom: 2:00 p.m.the confused, while carl riccadonna says they cannot in so many others are adding that they must. carl: there is no inflation so the fed does not have the urgency to go, they could tiptoe away from a crisis policy in the future but you do not do that with heightened uncertainty. vonnie: why does there need to be urgency? carl: there is no urgency. they want to get off of the zero balance, that was a goal for this year. vonnie: the fed has excuses to not go? carl: exactly, there is uncertainty, inflation is low and potentially falling further and that is a big concern for policymakers, they do not want to grade deflation to get off the zero balance. brendan: i am going to indulge in an analysis of what you're saying, you keep saying janet yellen has cover, and that says to meet you believe on some level she has always wanted to not hike, always wanted to stay where she is for a wild and is looking for some justification. holocene is a dovish maker, one of the strongest forecasting track

tom sees may be tiny green shoot out there? tom: yes. a little bit of a green shoot. what an ugly win for the denver broncos. >> that was terrible. we enjoyed the mets, and still managed to pull things out. wonderful worda for our sponsors and then i will pull up a chart. "bloomberg surveillance" is brought to you by our resident tax advisory. your business needs. for out and sign up insights. over here and i want to look at the support on the chinese index. this is an important chart. you mention this earlier. this breakdown of key support of chinese index. let me put that out as we do on the terminal right now. of expectback story the unexpected, whether it is international relations or markets. >> given the way china is, it will probably be october 17 before we have any idea about what is going on in china. that is their next gdp report. bring in our guest. we can act confused but he cannot. there is so much to think about if you are the fed open market committee but even more on wall street investment committee. mike, i am thinking from thursday afternoon, it is a

tom: yes, yes! >> the nfl will bring in more than $12 billion according to the "wall street journal." revenue from corporate sponsorships is up 15% this year. brady is a think mr. little motivated to do well tonight? >> i would think so. tom: we are motivated to bring you a data check, particularly after the evaporation we saw yesterday. we bounce up again today. stay with bloomberg television and radio through the day to give you market updates. second screen, let's get through this quickly. gold, south. that is my headline today. recent support for gold. real will be ugly today. let's talk brazil. we will go to sÃo paulo in the next hour. olivia, this is back to january 2013. year in price. this is classic panic in the bond market. olivia: the ratings agency confirmed the panic markets were already indicating. the real off 25%. tom: there seems to be more symbolism. there was the brazilian miracle seven years ago and now we are back. olivia: we are back to junk rating after seven years. tom: the b

tom? brendan? tom: i cannot believe how michael mckee has used the stream over the last 10 days. you were in denver sunday, got back -- michael: it would be great if i could do something like that. tom: has peyton manning lost a step? michael: probably a little bit. but in the second half he came back. brendan: when you and i were out west, we talked about the fan race for the broncos, and they are deeply appreciative of john elway and what he has done. tom: we will get to michael mckee on the fed. he is our arch denver broncos expert. futures negative seven with a new rate structure, the 10-year i am not paying attention to. i'm looking at the two-year. euro,escenzi, the stronger -- the euro-dollar stronger, weaker. mentioned,greeley dollar brazil gets my attention. at 3.90 on brazilian real is a huge deal and a giant story for reading over the weekend. as we get smarter into october already. i doubt the german two-year with a very negative yield as well. let's go to the monitor redux. he

tom: very cute.e his issues when it colors inside the lines of the catholic church, when he steps out to other issues, that gets more risky if he gets political. michael: unfortunately, he cannot run for president in the country. more on the 2016 presidential race. you can see it at bloomberg.com /politics. this is "bloomberg surveillance." ♪ tom: good morning, everyone. it is the white house preparing for thousands of people to greet pope francis' first visit from cuba to the united states. he will go to washington and then new york and then philadelphia. talk abouted to this. they are getting ready at the white house, and the uproar in washington. michael: nobody brings up the crowds like the pope, whether you are catholic or not. people want to see the religious leader of the catholic church. the pope every time comes to the united states, people not just gathering around the white house by the vatican embassy in washington where the pope is staying attracting huge crowds. people jockeying for pos

tom: good morning. michael mckee and tom keene.ce" brought to you by the county tax advisor. connick will provide your business with the industry insight in need to succeed in a dynamic economy. sign up for insights and find out how at online. we are thrilled to bring you with thelarida university. what a wonderful day to speak with you about the bizarreness in a massive divide between weight and don't raise rates and let's get going, raise rates. you are arguably our number one authority on monetary theory rock in the market reality. what would richard clarida to? richard: what would i do if i were at the fed? what is the harm off of getting off the zero bound? richard: none. i mentioned a while back that if it were my choice, i would have gone in september. i think it is time to get out zero. they laid out to lift apple be gradual and knowing can argue -- the lift off will be gradual and no one can argue about the basis points for the economy. janet yellen finally revealed one week ago, she had a chance to identify her dots and s

tom: wow.ge in the glide path you were just talking about with tom, is this also at the same time bad news because people in washington are going to look at this and say the costs are coming down so we don't have to get to work fixing medicare and social security as the baby boomers use most of our resources? peter: well, on the one hand none of that was happening anyway. so not much of a loss there and econdly, as rapidly as she can -- one is doing her best to raise quality without raising the cost. o it's looking to how they are going to pay for hip and knee surge enrichment they are going to pay 1/3 the amount. it's being tried out in 75 metro areas first but the important disappoint doesn't matter how many tests you do or if you're re-admitted to the hospital right after being discharged, all of that on you as the hospital is your risk. you're getting 1/6 of the payment. it's been shown to reduce cost and help improve quality. tom: thrink military in with this debate. right now we are exhau

vonnie: i'm waiting for the picture of tom two,. no, that is not tom -- picture of tom to come up.t is not tom. hockey pucks over the ice. taking a shot at the hovering target. it was made by a canadian sports apparel company. where you behind this? it is a great company. start soon cannot enough. i think they start in four days or three. brendan: this is where advertising has borrowed from you to. children do trick shots all the time. let's go to our twitter question. this is from our team. our twitter question gets us back to 2:00 p.m. this afternoon. set of a terrific guests. will the fed raised rates today, and why? we need your informed answer. please. ♪ tom: this is the shortest report ever. the markets are dead waiting for 2:00 p.m. this afternoon. is doing wellreal over the last few days, not much to talk about, but important for the forex report. in northern california, investigators want to find out if a devastating wildfire was caused when a power line came into contact with a tree. it has killed one person and destroyed thousands of homes. 2 people were found dead in th

from new york, here are tom keene and michael mckee. tom: good evening, everyone. we are here on a beautiful day north of new york city for one of our most anticipated events in the history of bloomberg "surveillance." this is 114 acres north of new york city. michael: a short ride. tom: a nine hole golf course. it worked out well. we will be here tonight. michael: we have done this for five years in a row and this is the first time we have been able to use this new facility. tom: is it bigger than delaware or rhode island? michael: it is about the size of delaware but without i-95. tom: we say thank you. we need to get started. when we planned this with mr. dalio, we said we need a fed meeting with a little drama. we need emerging markets imploding. we need fear about productivity in this nation. it would help to have a presidential debate overlaid on top of it. four of the five candidates tonight will be talking about that. why don't you start? michael: if you sold in may and went away, it is time to come back. we will start with ray tonight. interestingly enough

from new york, here are tom keene and michael mckee. tom: good evening, everyone. we are here on a beautiful day north of new york city for one of our most anticipated events in the history of bloomberg "surveillance." this is 114 acres north of new york city. michael: a short ride. tom: a nine hole golf course. it worked out well. we will be here tonight. michael: we have done this for five years in a row and this is the first time we have been able to use this new facility. tom: is it bigger than delaware or rhode island? michael: it is about the size of delaware but without i-95. tom: we say thank you. we need to get started. when we planned this with mr. dalio, we said we need a fed meeting with a little drama. ray: it's a very simple machine, i think. and so, there are three main factors, productivity, which produces income. you can spend at the into the day what you earn. but you earn is a function of your productivity. for a country it is the same as individuals. work hard, you are educated, you can be more productive if you work harder or more creative. ove

tom: look at the chart.s was the big this was what was going to save the company and now it is in question. tom: we will have coverage this esteemedith our guests. now, our top headlines. >> japan's benchmark index is leading a global equity rally. the surge started after the japanese prime minister pledged to lower the corporate tax rate. the chinese finance ministry is promising to reduce corporate taxes. the shenzhen composite rose for a second session. u.s. futures are pointing to a higher open. the s&p 500 gained more than 2% yesterday. european governments are being urged to take in 160,000 refugees from africa and the middle east. the president of the european commission told parliament today that it is time for them to share the burden. >> all of us, we should well remember that this is a continent. everyone at some time has been a refugee. history is marked by millions of europeans fleeing from religious or political persecution. for war. from dictatorship. germany's prime minister says that next ye

tom: right.nd all the things in west virginia, i don't know it all now, but successful politicians do things. maybe that is where they get this they can shield of armor where they think they can do the wrong thing. that is where we need ethics laws, application of the laws in every state. the washington post, district of columbia, recently wrote a letter praising for the ethics right now. you can ask them questions, they will investigate, they can find people. it has put a damper on the unethical behavior in the city. his daughter, shelley moore capito has never been accused of anything. she has just been elected to the united states senate. tom: a good example of somebody being a child of a successful politician, unlike ryan brought of aan brown, child politician. when harry was elected to replace his father, i said to him, now here he, you know you are are going to be offered a lot of money. people are just going to handed to you, but you are going to be offered subtle way to move things around

[tom last] -- [tom laughs] sri-kumar is going to explain this in a bit.st let's go to the nobel laureate. paul krugman with a smart article, and truly his wheelhouse today of international economics. what is important on capital in trade is whether or not your economy offers good investment opportunities under an umbrella of legal and political stability. whether you control and international currency is a trivial concern." this goes to the heart of the matter. it is just about rule of law and having healthy economy, isn't it? sri-kumar: yes. the question is, what is an orderly economy at this time when you are talking about the labor market and where we are headed? if you have 218,000 jobs getting created and you have a further drop in the labor force if thepation rate, and wage increase is 2% over the month,ar, .2% over the it is not a great deal of success. finally, talking about the rule of law and what impact it is going to have on the market, you do not yet have all the global developments done before the september 17 -- tom: and that it is what we

tom: a big deal.lking about yesterday how people were starting to say this is a way overdone. the drop has been too far, too fast. tom: you and i have seen the rationalization of oil prices. as we start getting more economic data from china this month, that is going to have a big influence. tom: it is very much gdp proxy. michael: i want to talk about oil. data is expected to show that u.s. crude supplies continued. tom: west texas intermediate with brent crude under 50. let's bring in ian bremmer.of eurasia group with an update on saudi arabia. the tragedy the other day is a distraction from an overarching challenge for the royal family. what is their challenge, sub $50 brent. ian: one challenge is just after the hajj tragedy the iranian government blamed the saudis and said they would take it to the international criminal court. the rise of iran, their influence with the russians, the iranians are against the saudi's on every issue that matters. tom: does that mean putin is against saudis? ian: puti

tom: who?loomberg lp and also this radio station. >> you did that so beautifully. there is obviously an appetite for something that is not the status quo in washington. whether that means a third-party candidate is viable at this point even over the next four years or eight years seems quite unlikely. michael: we were excited about ross perot. but whatit's unlikely that means for whomever will be the eventual nominee with the -- that would be the more interesting nominee than the democratic side -- you are even talking a lot about the 2016 elections. if you look back historically in recent history of all of the who had a lotates of momentum in the early days, usually, they flameout by february. you would not be surprised to see if that were the case this go around as well. tom: like the broncos. >> hey now -- michael: we will get to that but i have to ask one more question. why does the senate banking committee hate the fed? tom: good question. michael: the chairman of the banking committee sug

tom: good morning.erg surveillance" on television worldwide and on radio worldwide. an amazing. technology worldwide. bloomberg surveillance on cyrus 119 nationwide -- on sirius. we have been talking about syria with sandy berger. but we're three minutes away from a first moment of silence. of course, president obama with a moment of silence at the white house, as well. sandy, you were not on the white house watch in 2001, but you are actively involved in what we do about terror in this country. are we better-prepared now, not from that morning in 2001, but are we better monitored and prepared than we were, say, five years ago? sandy: and some effects, the answer is yes. in some respects, i think the threat may he higher. i think we're better-prepared in the sense of a catastrophic attack like we saw at the world trade center, a will haven't planned, organized catastrophe -- a well-planned, organized catastrophe, and our systems are better for that. now there is a different threat. the islamic extremist

tom: veteran.y, the labor arbitrage, which bob brought up, brian, that labor arbitrage of currencies forces vw to make more factories in mexico, doesn't it? brian: absolutely. the wages get cheaper and that is what in essence starts to happen. you see big declining currencies, money going to the united states and everybody thinking the u.s. is the best house in the neighborhood or the best house on the road and currency depreciate significantly and you see currency start to fall in other parts of the world and they start to restore competitiveness. we cannot see this in europe because of the currency but this is how markets play o and this is how this works. go 90e will it you seconds early because you have to drive to the pope storm in manhattan. brian: i have to get to the giants game tonight. into it ton get watch the game, i'm sure. levitt with oppenheimer funds, thank you. we have extended bill maloney and he has worked on his currencies and bonds. from the breaking news desk, what a day. phil

tom: good evening, everyone. we are here on a beautiful day north of new york city for one of our most anticipated events in the history of bloomberg "surveillance." this is 114 acres north of new york city. michael: a short ride. michael: if you sold in may and went away, it is time to come back. we will start with ray tonight. interestingly enough, you begin your career on the golf course in finance. ray: let's just describe the machine. it's a very simple machine. if the same for an individual. the country is nothing more than a collection of individuals. a country is nothing more than the collection of its individuals or companies. there are three main factors. productivity, which produces income. you can spend what you earn. what you earn is a function of your productivity. for the country, it is the same as individuals. work hard, well-educated, you can be more productive if you work harder or if you are more creative. we have debt cycles and there are two major debt cycles. there's a short-term debt cycle.

tom: good evening, everyone. we are here on a beautiful day north of new york city for one of our most anticipated events in the history of bloomberg "surveillance." this is 114 acres north of new york city. we say thank you. we need to get started. mike: we're going to start with ray tonight. tell us about your concept of the machine, how you got to that, and how you develop it. anything that happened economically i learned over and over again. it's the same for an individual. so, there are three main factors. productivity, which produces income. you can spend at the end of the day what you earn. what you earn is a function of your productivity. educated,ard, well you can be more productive if you were carter -- were carter. --work harder. so, we have debt cycles and their are two major debt cycles. eases, and what they do is the increase the spread between the short-term interest rate and the return of other assets. money and credit goes out the system and what it does, it bids of prices. cheaperitems that are

tom: what have you got?ks were the s&p 500's worst performers yesterday among 24 industry groups as the fed left rates unchanged and expressed concern about the global economy. bank of america down 1.5%. citigroup and j.p. morgan chase both 2% lower. gold-mining stocks higher on the other hand, along with the price of a metal. notable-mcmoran a exception down 6.5%. the copper, gold, and energy producer sold $1 billion in shares and planned to sell another $1 billion in stock. dolby system down 2.5%. the forecast trailed average estimates. .5% eventruments down though they raised the quarterly dividend by 12% and added $7.5 billion to the stock buyback program. arg energy up 3%, considering the sale of plants and buying back shares. the oil and gas producer selling 13 million shares. la quinta holdings down 6.5%. the chief executive unexpected we resigned yesterday. tom: david wilson, thank you. -270 on dow futures. mike: it is a fascinating time in politics as well as finance. threadbare gets to watch all of

the thing about tom brady is he's like dorian gray.ewhere there is a picture of a decaying soul but he gets more handsome every today. >> why pick this fight? >> that's the thing. >> why this fight? >> it makes sense. if you understand it, less of a battle between labor and the nfl ownership and more as a battle in between owners. the new england patriots were one of the lowest valued franchises in the national football league. today they are second only to the dallas cowboys. there are a lot of nfl owners who feel robert kraft and the patriots have gotten rich by skirting the rules whether it was spygate, fudging injury reports, bill belichick and all the various machinations other owners feel he does. a lot of owners feel because of craft's cozy relationship with goodell that robert kraft is rich on their time. a lot of owners said, hey, dude, you make $40 million a year because of us not bob kraft. go after him for the deflating of the football thing. they wanted to take a shot and puncture the patriots' balloon. >> it is a thing wh

tom: they're waiting. pat: look, they have an army that can walk in and kill i sills in three weeks and they've done nothing. tom: you've seen it with iran, the kid nappings. the tush iraq -- turkish construction. pat: the turks are fighting the kurds now. eleanor: it's their fight, not our fight. pat: exactly. jim: t.b.d. to be determined. issue two -- who does syria gamble? in foreign language] john: russian president vladimir putin is reinforcing assad. he's sent an array of military personnel and advanced equipment to syria, for skirt purposes, president putin says but the obama administration believes these deploifments will fuel the syrian civil war and are meant to ensure president assad stays in power and russia retains itzhak says to syrian ports on the medicine train sea. and commander in chief obama has asked greece to reaches air passage rites to russian flights between russia and syria. what is putin up to this time? pat: what putin is up to and it makes more sense than what we're up. to he's

donald trump and tom brady.it is kind of -- at this point you have continued to defend both guys. i hey be under the impression there were records. >> no records necessary. >> they were taking videotapes of the team. i came in possession of video of my own that may shed light on this. can we play that? >> i'm doing everything i can. i am doing stories every night of the week. i am doing my part. >> doing your part? >> doesn't matter where i got it. are you nine? >> it was out of context. >> were you saying it was selectively edited. >> yes. >> you faulted braye dye -- brady saying the hot made its way into his locker. so now that he is running for president he gave it to rkk found its way into the locker. he is the owner of the patriots and he is referred to the same way way as them. you feel like you are in the military because you are in the boy scouts. >> you weren't. >> i felt that way. you can't deny my feelings. your feelings are invalid. jedediah, you said you are giving trump a pass. >> yes. >> you shoul

joe: all right, thanks to tom -- tom: one more thing.e need more talk about the exchange rate, which we have not had in his program or more generally. a big problem for the u.s. economy, the exchange rate. joe: definitely a huge topic. we could go on for a long time. thanks to tom palley, afl-cio, and mike konczal from the roosevelt institute. alix: when we come back, the one thing you missed in today's fed decision. don't go away. ♪ alix: i'm alix steel. joe: and i'm joe weisenthal. what'd you miss? alix: what is the one thing you missed in the fed decision? i want to bring in matt from washington. during all the action, what did we miss? matt: we sort of put to bed this notion that there could be a dovish hike or hawkish path. a lot of people were expecting that if they did go they would try to signal that they would go slow and it would be a dovish outcome, whereas if they didn't go, they would set markets up for thinking they would be going in the next meeting or two. it is as simple as they did in hike and it ended up being dovish.

emily: cofounder of tom-tom, thank you so much for joining us today.has tapped an auto industry executive to lead his driverless car project. he was named ceo of the self driving car project. he was most recently president of true car and led hyundai's u.s. operations. google said the company does not plan to manufacture its own cars. now to dream force. one of the biggest and flashiest events on the tech calendar. we are talking about salesforce's annual conference which will take place at a few blocks from here in san francisco. i will be there. bloomberg west will be there. in the 13th year, the conference has grown from a small group, to filling a ballroom to over 150,000 attendees. so with all the work that goes into planning an event like dreamforce, what can we expect? joining me now is the salesforce executive vice president. obviously this is a huge week for you. what are you most looking forward to? guest: we are so excited because dreamforce is the largest sales software conference on the planet. we have 160,000 people registered to attend.

tom: the u.s. president barack obama has welcomed his chinese opposite, xi jinping, to the white house with a state visit complete with a 21-gun salute and full ceremonial military honors. his welcoming ceremony, the chinese president called on obama to work hand-in-hand to "write a new chapter in u.s.-chinese relations." but there are plenty of thorny issues for the two to bashar, among them territorial claims made by china and cyber security. here is what obama had to say could presiden -- president obama: i race once again our concerns over cyber threats to american companies and citizens. i indicated it had to stop it the united states does not engage in espionage for canercial gain, and today i announce our countries have reached a common understanding on the way forward. we have agreed that neither the u.s. for the chinese government will conduct or knowingly support cyber-enabled the theft of intellectual property, including trade secrets or other confidential business information for commer

father tom, in a nutshell can you tell us what we have been witnessing here? father tom: sure.o add the name of father serra to the role of saints to be honored by the church. his life given to us as a witness or example of what it means to be disciple of jesus. in father serra's case a great zeal for evangelism, spreading the gospel and converts for christ. what followed that is a litany of the saints, a prayer that the church offers where the saints are named. it was followed each invocation of the saint with the prayer "pray for us." to remind us that the saints are examples. following that, pope francis gave a formal declaration after the investigation of the holiness of his life it was deemed that father serra is worthy of that honor, be counted among the saints whom we should honor, imitate and pray to as members of our church. finally we saw relics presented. physical remains of father serra that will be honored and not worshiped in the way we'd worship god or celebrate the sacrament but physical reminder of the saints. we believe his soul is in hen. but a -- soul is in

tom: excuse me. jump in here. >> i want to mention, we are speaking with thomas davis, who was a republican congressman from virginia and now works for deloitte consulting. phil mattingly mentioned that this is going to make it difficult, even for people who lobby, to get anything done, given the state of the house post-boehner. >> it has been hard to get anything done. congress has been noncredit. we had a highway bill on life support. you are passing no appropriations bills. just continuing resolutions. the omnibus is a check mentality between the republicans and most branches of republicans and democrats in congress. it has been at a standstill in all of these areas. from a lobbying perspective, there has not been a lot being done in this town. tom: some of us and our civics lessons, which usually come in the movie theater -- i think the collapse of the wig party, henry the civil war,o you live in virginia with the neatness of virginia politics, you ever think of the collapse of the republican exp

it will be a motivated tom brady. it will be huge for their defense. >> reporter: although the nfl is planning to appeal it is not seeking a stay of the ruling. that will make it possible for tom brady to play in next week's game. david lee miller fox news. >>> sports director mark ibanez now. the judge gives tom brady the green light. >> my thoughts, first off the bat, that guy was so serious and you think about what this is all about. this is about an under inflated football. you know what? i am riding in in the car, sports fans are so passionate. an hour long ride they can't believe -- most outraged tom brady won't have to serve a suspension. they are fans of other teams. you know, the judge -- this is where i think this went awry, he said the commissioner, roger goodel, issued his own brand of industrial justice. that is the problem with the nfl. these rulings seem so arbitrary. ray rice punches his wife and initially he was given two games. tom brady supposedly had nothing to do --ing? to do -- something to do wi

i'm tom shillue and i will see i'm tom shillue and i will see you next time.osec otc each morning for my frequent heartburn. because it gives me... zero heartburn! prilosec otc. the number 1 doctor-recommended frequent heartburn medicine for 9 straight years. one pill each morning. 24 hours. zero heartburn. it's from daddy. sfx: dad's voice i love you baby girl. duracell quantum lasts longer in 99% of devices so you can always be there. ♪ each day was fueled by thorough preparation for events to come. well somewhere along the way, emily went right on living. but you see, with the help of her raymond james financial advisor, she had planned for every eventuality. which meant she continued to have the means to live on even at the ripe old age of 187. life well planned. see what a raymond james advisor can do for you. rudy and i have a lot of daily rituals. namaste. stay. taking care of our teeth is one of them. when i brush my teeth, he gets a milk-bone brushing chew. just another way to keep ourselves healthy. i'll go change. survivo survivors. thank you for jo

tom: are you on instagram? ray: no. tom: i'm not either.t the map of the seriousness of this, i promised i would not bring a probability distributions but in the math of it, looking at rare events. with all the work you have done, all the experience you have, are these derivative strategies around bonds and equities able to withstand the shock of the next? there are all sorts of embedded risks in different ways. i would say that we are better able to expand them then we have been before. there is less liquidity in the market. there is a fair amount of dynamic edging -- hedging. that is a way for insurance companies when they take their protection in terms of insurance rate risks, that is an issue. i would say we are better to withstand them in terms of, not the short-term volatility type of thing. but in terms of the bigger moves, we are better able to withstand them provided that we do not have that big event i am talking about just the tightening of monetary policy. ist scares me or worries me what the next downturn and the economy looks

a big win for tom brady. a federal judge has thrown out tom brady's four-game suspension. >> this is a huge blow to commissioner roger goodell and a huge relief to patriots fans. >> the national media was all over the judge's ruling saying they did not have the authority to enforce the suspension. insisting all along he had nothing to do with deflating footballs in the playoff game. >> as part of the local news coverage, helicopters took to the air from the ariels of every angle of the gillette stadium. >> access to ede nfl network's nerve center where they are around the clock brady. >> it was organized chaos. we anticipated the decision by friday, but when it's go time and when it happens, everyone gets in position. i got in at 4:30 in the morning. people were ready to go. >> it was big news. we asked donald trump about it and it was classic trump. >> you came out and supported your friend, tom brady in the deflate gate controversy. would you fire goodell? >> he is a good friend of mine and he is so thrille

congratulations, tom. >> tom brady is a good friend of mine. i joust spoke to him a little while ago. he's so thrilled. ♪ >>> here's what the front runner for the republican presidential nomination had to say today about the most important political and governing story of the day. >> i don't know enough about it to comment on it. was she jailed. i really don't know much about it. >> that was after federal judge david bunning, who was appointed to the court by george w. bush found kentucky county clerk kim davis in contempt of court for refusing to issue marriage licenses to same-sex couples. judge bunning sent kim davis directly to jail from the courtroom. kentucky's junior senator rand paul said this. >> i think it's absurd to put someone in jail for exercising their religious liberty. even those on the other side of the issue, those who want to support a new definition for marriage i think it sets their movement back because it is seen as the federal government will come in with bully force and here, even with police power and incarcerate peo

tom-tom says no problem. and preparing to take san francisco with dreamforce. china stocks slumping the most in three weeks. industrial output rose in august that -- but fell short of estimates. it increased at the slowest pace since the year 2000. all of this ahead of the chinese president's first state visit to the united states and the big tex summit in seattle organized by the chinese government. joining me to talk about all of this is carmen chang and matthew prince. a jointannounced venture with bart. you have announced this big partnership with baidu and you guys don't even operate in china. have theher hand, you ceo saying everyone is underestimating the capacity of the internet boom in china and don't understand the online to off-line world. there are 700 million internet users or one out of every four internet users is in china. we recognize it was a market our customers cared about and chinese consumers wanted to be able to access other companies around the world. so when they were providing their security services to companies ranging from small bus