. >> in your view what you think tom wheeler's legacy is? >> i think tom wheeler is an incredibly multi dimensional individual who has got backgrounds and table and mobile, when i think about him i say this person has been on the cusp of two of the most incredibly life-changing when it comes to the communications in the us, industries industries that we now take for granted, cable as well as -- he is a person person passionate about providing opportunities, looking through a current day lands with some legacy background. i believe that he has been an incredibly effective chairperson , moving the needle in challenging all of us. there's things inside and outside the agency. i think your regulator should be one that not only is in tune with the times, but will challenge all of us, consumers and companies alike to be better at it. so i think that even if you don't agree with every decision or every speech is made, he has made us better at what our respective portfolios or gains are. i think history will be kind to him. >> what about the commiss

. >> host: in your view, commissioner what do you think tom wheeler's legacy is? >> guest: i think tom wheeler is an incredibly multidimensional individual who has seen, has background in cable and mobile. what i think about him i kind of smile i say this person has been on the cusp of two of the most incredibly life-changing when is it comes to the communications in the u.s. industries that we now take for granted. you know, cable as well as, you know cellular phones. he is a person passionate about providing opportunities, looking through a current day lens with some legacy background and i believe that he has been incredibly effective chairperson, moving the needle, challenging all of us. you know ruffling some feathers inside and outside of the agency and i think that's a good thing because i think your regulator should be one not only in tune with the times but will, you know, challenge all of us, consumers and companies to alike to be better at it. so i think, if even if you don't agree with every decision or every posture or every speech he has made he mad

peter: what do you think tom wheeler's legacy is going to be? mr. o'rielly: i think that's an open question. i think his legacy is partly tied to decisions that he made and the process that he ran. he and i have a very from a relationship personally, but we disagreed on both the process and the outcome, and i imagine we will get a chance to review some of the outcome side and hopefully improve the process. i am troubled that after many years -- i've been there three that the legacy in terms of the policy he adopted and activities he has done will no longer be imposed -- be in existence, and i think that is an opportunity for the commission. there are things that can be adopted in a bipartisan way that can stand the test of time, and i just don't see that occurred, so it is harder to announce -- even how toay be improve commission functions so we don't do that again. david: what do you think of president-elect trump? mr. o'rielly: he is the president and many of my party. i give them all the credit for the campaign they ran. i share a love of views o

do you have any insights, thoughts or unscientific wild guesses as to what chairman tom wheeler will do come january 30th? or should, or what he should do? >> guest: you know, the nomination process and the confirmation process done by, you know, the u.s. senate. a number of good friends there and former employers. they have their process. i leave it to them on how that shakes out. but to your point, you know, tom has always surprised me over the years. we've disagreed, though, you know, in a very thoughtful way i like to believe. i don't have any clue what he may or may not do. traditionally, the chairperson has resigned at the instance of a new commission, so i wouldn't be surprised if that were the case. but tom's always run things different, a different way. that's kind of, you know, some of the problems that we've had. >> other than the zero rating thing we already talked about, do you have any other areas of concern where the fcc democratic majority might try to push something through at the last minute? >> guest: so we're actively trying to find those items that can be adopted

kaut: in your view, what is tumblr's legacy -- what is tom wheeler's legacy? is an incredible individual. when i think about him i kind of smile as i say -- this person of been on the cusp of two the most incredibly life-changing when it comes to communications in the u.s. industries that we now take for granted. cable as well as cell phones. abouta person passionate providing opportunities, looking through a current day lens with some legacy background. and i believe that he has been an incredibly effective chairperson, moving the needle, challenging all of us. roughly some feathers inside and outside of the agency and i think that is a good thing. i think your regulator should be one who not only is in tune with the times but who will challenge all of us, consumers and companies alike to be better at it. and so, i think that even if you do not agree with every decision or every posture or every speech he has made, he has made us work -- portfolios and i think history will be kind to him. host peter slen: u.s. about chairman wheeler, what do you think about t

. >> host: craig silliman fcc chair tom wheeler is not a fan of zero rating.what is verizon's prospective? >> guest: it's funny the amount of -- the business models been around for long a long time for the "wall street journal" has advertisements and it doesn't mean that my prescription -- subscription to wall street journal is in a less than it would be. back in the day when netflix was selling a lot of dvds they played -- pay for the mailing of that. so there's a fundamental business model that's been around for a long time that says companies will provide i think there is a transport for free in order to encourage consumers to concern for the content that they are providing. that's a pretty well-established business model and generally speaking i think when consumers get something for free they are pretty happy and it's a pretty good day. i get a little amused as they see some of the advocates opposing zero rating. there's a classical quote by a jamaican where he defines -- as a hunting for that someone somewhere is happy and i sometimes think this thing ab

. >> host: craig silliman, current fcc chair tom wheeler is not a fan of so-called zero rating what ease verizon's perspective? -- what's verizon's perspective? >> guest: it's funny, because zero rating is a business model that's been around for a long, long time. "wall street journal" has advertisements that mean that my subscription is less than it otherwise would be. broadcast tv and radio, i can consume content without paying for that. you know, back in the day when netflix was still doing a lot of dvds, they paid for the mailing of that. amazon, a lot of retailers pay for the mailing when i buy things from them. so there's a fundamental business model that says companies will provide the transport for free in order to encourage consumers to consume more of the content that they're providing. that's a pretty well established business model, and generally speaking i think when consumers get something for free, they're pretty happy, and it's a pretty good thing. so i've been a little amused as i see some of the advocates opposing zero -- i sometimes think there's a quote by h.l. mencke

news from the administration this morning that the fcc chairman tom wheeler will resign as of inaugurationeler issuing a statement this morning saying, "serving as fcc chairman during this period of historic technological change has been the greatest honor of my professional life. i'm equally present -- honored to the president for giving me this opportunity." he will step down as the head of the fcc on january 20. donald trump interviewing here in new york today and out on the road again this evening and for the next couple of days, as a matter of fact, for the thank you tour, joined by the vice president-elect mike pence. they will be in hershey, pennsylvania, tonight. we will have live coverage of that at 7:00 eastern. also tomorrow in florida. donald trump will be in mobile, alabama, on saturday. look for coverage on the c-span networks. the last bit of -- somewhat of the last bit of work on the election, the electoral college meeting across the monday -- the country on monday. we will have live coverage as the electors cast their ballots in four states, illinois, pennsylvania, virgini

this after tom wheeler announcing he plans to step down as federal communications commission chairman on january 20th which is inauguration. his fife-year term would have ended in 2018, but it's common for the allegatiogencies top ofo step down sooner when a different party is in the white house. he can revote broadcast licenses and regulate internet providers. >>> the fed announcing a rate hike just before the president-elect goes to the white house. will it hamstring the trump bump on wall street. and can it hamstring his economic agenda. who is set to get hit next? (war drums beating) fight heartburn fast. with tums chewy delights. the mouthwatering soft chew that goes to work in seconds to conquer heartburn fast. tum tum tum tum. chewy delights. only from tums. >>> officials revealing traces of explosives have been found on victims of egyptair flight 804. they say already that smoke detectors went off in the flights final moments. no group has claims responsibility. so far, the dow it still soars. the average price is $2.23 according to triple a. that is a bargain. the senior corr

. >> this is a hit for tom wheeler. this week he announced he is stepping down. run one of the most economically destreuctive agencies. i know it's stuff competition but it includes treating the internet like an 1890s railroad. he had been coy about whether or not he would step down. it is great news he is stepping down. >> great. wrap it up for us. >> the big monitor fsh the future sur vie of 50,000 found that elicit drug use is at the lowest level since the 1990s. nobody quite knows. i do recall there was a woman back then that said just say no. maybe it works. >> all right. i don't me if they included boulder and denver in that survey, maybe not. if you have your own hit or miss tweet it to us. that's it for this week's show. thanks to my panel. thanks to all of you for watching. i'm paul. hope to see you right here next week. >>> we are standing ton eve of a pif toll moment. they meet tomorrow to whether elections in recent his rhode island as america and the world watch the president he elect is in florida continuing to assemble his administration. welcome t

david: tom wheeler, who is a fairlyt, he pushed a aggressive regulatory agenda on the telecom industry, specifically cable on -- fueled by claire mccaskill's hearings and others in congress, other democrats in congress. he is stepping down in january. the fcc will add a republican handity and a much wider on the cable industry. announcer 1: that is the case, as a follower of the satellite industry, what is your advice if people see something on their bill and have a question about it, want to question the company, what should they do? david: first see if the company will cooperate. the media is very vigilant. specifically the consumer media that covers technology about these companies. there has been a lot of attention paid to the way they treat customers. there is a lot of interest in terms of leadership and viewership about this issue. take your complaint to the local tv news station, write to the editor of a tech blog, let somebody know. news companies are very responsive to that and don't want to see anymore. write to your congressman. it does not hurt. announcer 1: and pierce cavi

do you have any insight, thoughts or unscientific wild guesses what chairman tom wheeler will do comeanuary 30th or what he should do? >> guest: the nomination process and the confirmation process done by the u.s. senate, number of good friends there, and former employers. they have their process. i leave itself to them. to your point, tom is always surprised me over the years. we disagreed, though in a very thoughtful way. like to believe. don't have any clue what he may or may not do. traditionally the chair person has resigned the instance of a new commission, so i wouldn't be surprised if that were the case. but tom has always run things different way. it's kind of some of the problems with we have had. >> host: other then the zero rate doing you have other concerns where the democratic majority might try to push something through. >> guest: we're trying to fine the items that can be adopted. we have some items in two days we'll have a meeting and that will be our last under this alleged meteorologist -- administration so we're trying to look through the time tames and determine w

the fcc under tom wheeler has tried to say, we are going to set up policies to allow anyone to accessmers and homes regardless of what their business is at the moment. the policy that might be followed by a more conservative fcc would be to say, we are going to make big money pay your way and big money will get you access on this new internet with fewer rules. it could be a dramatic change. if you look at the operating margins for netflix, here's why it matters. this is a company with single-digit operating margins. virtually no free cash flow. if they have to pay a lot more money to deliver their service, they won't be profitable, they can't spend on content, and will have a lot of trouble in the future if the rules make it more expensive. emily: netflix has been used to , so we will be watching for that volatility. still to come, nintendo hopes another fateful franchise will hope top the summer success of pokemon go. we will focus on super mario with the nintendo of america president next. you can now listen on the bloomberg radio app, bloomberg.com, and on sirius xm. this is bloomb

. >> this is a hit for tom wheeler, chairman of the federal communications commission.e announced he's stepping down. he has done one of the most economically destructive agencies in the obama administration. i know it's stiff competition. his legacy includes treating the internet like an 1890s railroad, as a public utility. he had been coy about whether or not he would step down when trump took office. it's great news he's stepping down. >> dan, wrap it up for us. >> a big holiday hit to america's teenagers. the big monitoring for the future survey of 50,000 high school students found elicit drug use is at its lowest level by teenagers since the early 1990s. that also includes all drugs, marijuana and alcohol. nobody quite knows what's going on here, but i do recalling there was a woman back then, nancy reagan, who said just say no. maybe it works. >> i don't know if they've included bolder and denver in that survey. maybe not. >>> remember, if you have your own hit or miss, tweet it to us at jer on fnc. that's it for this week's show. thanks to my panel and thanks to

tom wheeler's departure will leave republicans with a two to one advantage on the fcc. it's typical for the agency chairman to leave with the old administration outgoing. there had been speculation that wheeler might stay on. >>> stocks were up today. the dow gained 60. the s&p finished ahead nine. the nasdaq jumped 20. >>> president obama, president-elect trump, the russians, the iranians and syria. we will talk about all of it with the panel when we come >>> to those who support the assad regime, the days are numbered. >> i am con iffident that assad days are numbered. the use of chemical weapons is totally unacceptable. if you make the mistake of using these weapons, there will be consequences and you will be held accountable. >> the assad regime is aiding and abetting and carrying out nothing short of a massacre. >> syrian civil war has been going on for a long time. today, you hear the secretary of state john kerry saying it's a massacre happening in aleppo. before you heard all the days were numbered. we will put a number on those. since the president first mentio

. >>> the head of the fcc tom wheeler has announced he will step down. it's a blow to net neutrality. you see him as the fcc makes the ruling on net neutrality. donald trump making statements he opposes net neutrality and another statement where it's not quite clear he understands net neutrality. let's check your news before the bell. landon dowdy is live at cnbc world headquarters. good morning, landon. >> hi scott. good friday morning to you. wall street will try to end the week on a positive note, stocks rising yesterday, closing well off their highs. the dow is less than 150 points from the 20,000 mark and is on pace for its sixth straight week of gains. investors will be watching for data on the housing market. the dow up 59 points yesterday to 19,852. the nasdaq rising 20 to 5,456. back to you. >> people lined up in the rain to see "rogue one." some fans came dressed for the occasion. this line was just outside the museum of tech innovation in san jose. the theater is showing the movie on a giant i max screen. >> i've got my comfy shoes, star wars

federal communications commission share tom wheeler says he'll leave office on january 20 as donald trumporn in as president. the departure of wheeler a democrat will set it up for a 2-1 majority of republicans. powered by more than 2,600 journalists and analysts in more than 120 countries. this is bloomberg. it's just after 5:30, thursday here in new york and it's 9:30 friday morning in sydney. i'm joined by bloomberg's paul allen with a look at the markets. good morning. paul: good morning, have a look at new zealand. it's already up about .4%. a strong showing after 90 minutes' trade. another good decision on wall street. we are expecting positive start on the nikkei in japan and modest gains here on the a.s.x. when trading gets under way in 30 minutes. a couple of big a.g.m.'s today both the banks, national australiaa having their annual get togethers. might be worth keeping an eye on the ine or saying it's going to pay down the $1 billion of 2019 debt. that will should save $38 million in interest payments. crown resorts trading is set to resume after thursday's announcement that it

we got tom wheeler here. >> open your phone, right? >> we couldn't get a thing.aid i'm committed to get the money back to you. if you want to stop poverty, you have to get connectivity. >> what cole do you want to play? >> i want to make the senate work again. we have been miserable and i'm being honest. >> why did you stay? >> a lot of people wanted you to run for governor and you probably would have won? >> i have hope and faith that chuck schumer is going to change and give us the spark we need and allow us -- i'm not a washington democrat. west virginia is different. we believe in hard work and helping everyone who needs help, but get off your butt and do something. don't wait for a handout. i know john and i know kevin carthy. i know the trump team. i kelt comfortable. i feel he wants to do something. >>> you comfortable being a west virginia democrat? >> absolutely. my brand is very independent. that's who i am. why do i have to change my identity to think i am sbn important? >> they come up to you and say help us reach out to rerl america and coal country.

tom wheeler, i believe, resigned yesterday.h. >> there are some pro-growth people inside the fcc that have come onboard, so a lot of traders, i've been talking to them all week, say they believe this thing is going to happen. on top of the fact that time warner and at&t have unleashed a massive lobbying effort to try to get this thing through congress and through the administration, at least with the coming administration. but i am telling you, inside team trump there are still key members of his transition team that are saying, no go. let's -- at least if we're going to even think of approving this, let's get massive, massive conditions on this. so this thing is far from a done deal at least inside the trump administration. and we're going to have to find out who's going to be the new fcc chief. melissa: maybe it's you. could be you. [laughter] >> i doubt donald wants to appoint me for anything, except for maybe to clean the floors at trump tower. he might want me to do that. [laughter] melissa: charlie charlie gasparino -- >>

tom wheeler's departure will leave republicans with a two to one advantage on the fcc. it's typical for the agency chairman to leave with the old administration outgoing. there had been speculation that wheeler might stay on. >>> stocks were up today. the dow gained 60. the s&p finished ahead nine. the nasdaq jumped 20. >>> president obama, president-elect trump, the russians, the iranians and syria. we will talk about all of it with the panel when we come back. recommended dulcolax use dulcolax tablets for gentle overnight relief suppositories for relief in minutes and stool softeners for comfortable relief of hard stools. dulcolax, designed for dependable relief jack knocked over a candlestick, onto the shag carpeting... ...and his pants ignited into flames, causing him to stop, drop and roll. luckily jack recently had geico help him with renters insurance. because all his belongings went up in flames. jack got full replacement and now has new pants he ordered from banana republic. visit geico.com and see how affordable renters insurance can be. >>> to those who suppo

. >>> the head of the fcc, tom wheeler, has announced he will stop down, not unexpected, but a blow to net neutrality. here we see the s.e.c.'s historic ruling on net neutrality. donald trump has made statements in the past, indicating he opposes net neutrality, so we don't expect it to last. net neutrality is this idea that data should be treated equally on the net. nobody can pay for their data to move faster than everyone else's. a start-up with a good idea gets just as much right to move its data around the internet as a rich company. one last thing, sam. mountain view police sent out a fun tweet this morning. take a look. >> happy holidays. [ speaking foreign language ] >> happy holidays. [ speaking foreign language ] >> happy holidays! [ speaking foreign language ] >> happy holidays. feliz navidad >> of course, you've got to get the german shepherd in there, as well. that is awesome. scott, thank you so much for that report. >>> we would like to remind everybody that we are standing by right now for president obama's final news conference, it's expected to start any minute now. t

just look at how the stock reacd since donald trump has won and i know tom wheeler chairman he was anof the other appointees of the president who unelected bureaucrats trying to tell the country, you know, how we're going to live our lives tom wheeler one of the most progressive activist administrative so there's no doubt that the new -- about the u new appointee of president trump will be more business friendsly. >> the fcc -- >> oh, okay. you know you're right sorry about that. but that doesn't mean he's not an activist but they all are, every agency has been, but no question that at the end of the day trump's cabinet an appointees are more business friendly. >> kelly. >> so market is taking confidence in the fact that -- not an alphabet soup of agencies to fcc to irs to epa are going to dictate how companies should be running come up with rule and regulations but that they are going to be able to operate in the best interest of their communities and shareholders, their employee, stakeholders, everybody involved. how do you see the economy going over the next four years under a trum

. >> democratic fcc chairman tom wheeler planning to resign on inauguration day.ould this be the first sign that telecom and able companies are going to have any easier time under a president trump? let's bring in craig moffatt and's julia boorstin. take that thought and run with it. a republican chairman, i would assume lore taxes help. i would assume less regulation does as well. i think you're right. the theme is going to be less regulation. a lot of those regulations aren't just going to be in health care and finance. a lot are going to be in telecom and you're going to see a much more deregulatory environment now for the next four years. what does it mean for net neutrality and explain it in freshman terms for me if you wouldn't mind. what does it mean? how much of that goes away and which stocks would benefit and lose? >> there's two separate items here. net neutrality as a concept, which is to say no blocking, no discrimination and no paidtizati paidtization, then the mechanism that the last fcc eused to enforce those. i don't think there's that much risk t

. >> host: would do you think tom wheeler's leg guess will be -- legacy will be. >> guest: aan open questions elm ited tied to the decisions made. we have a very friendly relationship, personally, we disagreed on the both process and the outcome, and i imagine we're going to get a chance to review the outcome side, and hopefully improve the process. so, i'm troubled that -- after many years i've been there three years, will have been there three years, that some of the legacy in terms of the policy adopted and the activities will no longer be in existence. that's a lost opportunity the commission. the things that can be accommodated in a bipartisan way. and i just don't see that occurring and so it's -- to announce what the -- the legacy may be how to improve commission function so is we don't do that again. >> what do you think of president-elect trump? >> ... . >> eliminate a number of regulations that no longer are needed. every time we are moving forward, every month we are having to take three items that have new regulatory burdens on providers and users, on activities and if we had to s

tom wheeler current chairman of the fcc, who has been running that agency aggressively i might add forhe last three years will be stepping down and put out the following statement, talking about what he's been able to do during his tenure, saying he intends to leave on the 20th of january. the inauguration day of donald trump. the fcc one of so many agencies where there's a lot of questions among the media and telecommunication companies about what policy will look like, net neutrality part of the overall landscape, the at&t/time warner transaction which mr. trump criticized as a candidate but has not said anything about since then. overall the feeling given the de-regulatory bent of the incoming administration is that they will be more hands off at whatever or whomever leads the fcc after mr. wheeler steps down. he has been quite aggressive, including on stopping potential transactions. >> what are the expectations from the industry, companies like netflix on net neutrality under a trump administration? >> it's a key point, key concern for some of them as to whether there is more leni

. > tom wheeler, who is a democra, he pushed a fairly aggressive regulatory agenda on the telecom industry, specifically cable on -- fueled by claire mccaskill's hearings and others in congress, other democrats in congress. he is stepping down in january. the sec commission will have a republican majority and a much lighter hand on the cable industry. >> that is the case, as a follower of the satellite industry, what is your advice if people see something on their bill and have a question about it, want to question the company, what should they do? david: first see if the company will cooperate. the media is very vigilant. specifically the consumer media that covers technology about these companies. there has been a lot of attention paid to the way they treat customers. there is a lot of interest in terms of leadership and viewership about this issue. take your complaint to the local tv news station, write to the editor of a tech blog, let somebody know. these companies are very responsive to bad press and don't want to see anymore. write to your congressman. it does not hurt. >> one of th

tom wheeler announcing his departure from the fcc today -- president obama has been pleased by the service of chairman wheeler. he runs an independent agency, so we are limited in how much we can say. the president appointed him to that job because he's a good manager. thecertainly shares president's approach in dealing with some of these issues. obviously the next president will have an opportunity to choose someone who shares his view of these issues. maybe the president-elect was meeting with one of them yesterday when he sat down with tech executives from all over the country. many one of them would be interested in taking this job. we will see. andrew? [inaudible] i have seen those reports. i cannot confirm them independently from here. i think the most direct response comes from the joint declaration that was signed by all the leaders of the aussie on february. this past affirmed "the shared commitment to maintain peace, security, and stability in the region, including the rights to freedom of navigation overflights and other lawful uses of the seas. the key part -- as well as non-mi

news, tom wheeler is stepping down to it he said he was deeply grateful for the president giving himp reconstitutes his regulatory agencies. mr. wheeler is a big advocate of net neutrality. alix: the seachange continues. update on his outside the business world, we go to him at chandra but first word news emma: in syria, the evacuation of aleppo has begun. syrian activists say people began boarding buses and ambulances for the journey out of the city that has been under siege for months. russian-backed syrian forces control almost all of aleppo now. a u.s. investigation into generic drug price fixing is likely to get bigger. two executives at a small generic from are preparing to plead guilty for price fixing and are expected to cooperate with prosecutors. ceo of heritage pharmaceuticals and an ex-president are the first to be charged. at least one member of the romney family will get a job withelect top -- president-elect trump. it is the niece of mitt romney and the head of the michigan republican party. she was a strong supporter of trump from the time he won the party's nominatio

stuart: chair of federal communications commission tom wheeler will leave.hat does that mean to republicans? >> majority 2 to 1. he could have stayed on keeping commission 2 to 2 until trump named a new member to the sec who would have gone through senate confirmation. he's just decide today step down so republicans get an edge. stuart: got it. nice and to the point. strong numbers from -- whoa. they raised the outlook and stock is up, 32%. >> wow. stuart: 8.55. that's a rally. gopro has touched a new all-time low. that's gopro right before the holiday. how about that? 52,000 and 44 people died of overdoes. how about is that? extraordinary stuff. dr. mark seagel, you have personal experience of prescription of op roads and somebody who came to see you, go? >> we are enablers, you're 40 more times likely to become heroin addict if you start with vicadin. by the way, on the way out of the door, by the way k you refill my pervacid prescription. i said why, i've had it for a long time, i have a little bit of pain, chronic pain. doctors are not paying attention -

tom wheeler is already stepping down from the chair. >> absolutely. today and listen to what these different senators and so forth are saying and think about it in the lens of will at&t and time warner be able to make a case that there is a public benefit for this deal? that's the reason to pay attention today. what are they going to say? you can guess what they are going to same. you can say that owning -- by at&t, owning this content, we can move forward the progression of mobile video in a way that we couldn't if this merger didn't happen because by owning time warner, we therefore have at least control over some content and therefore, maybe can sort of pressure other programmers to hop on board and join our mobile video service. david: and i also suspect that they're going to say why are you worried about us when you should have be worried about google and facebook. those are the really big guys. >> right, exactly. so the one area where they press might be one of the more interesting things here is this idea that at&t could take time warner's cont

tom wheeler said he will leave office on january 20 as donald trump is sworn in as president.ture of wheeler will to-one majority of democrats. -- 2-1 majority to democrats. aviation ministry says traces of explosives have been come on the victims of a needed air flight that crashed in may. officials say a criminal investigation will begin into flight 804. no one has claimed to have hacked the plane. japan is trying to resolve territorial disputes with russia that have lasted decades. shinzo abe met with lanier putin -- vladimir putin at a resort. putin a lettere from a former residents of the island -- resident of the island who was forced to leave by the russians. global news 24 hours a day, powered by more 2600 journalists and analysts in over 120 countries. i am courtney donohoe. this is bloomberg. vonnie: let's take a check of u.s. stocks. we can see the major averages are higher again today. the dow is up .6%. thes&p 500 up .6% and nasdaq up almost .7%. the scope to abigail doolittle. assetl: when we go across class, interesting is the fact there is not truly a risk on o

beyond that, tom wheeler as chairman will be replaced by someone named by the trumpet administration.cern because a lot of the policies put in place over the last eight years have been about opening up the internet, net neutrality, and taken away the cause from individual providers. that is to say the traffic from hulu or amazon will cost the same as traffic from netflix. that could change under a different fcc. let's pull in the netflix operating margins. you can see their profitability is razor thin. operating margins are so thin, free cash return is nonexistent. if they have to carry their weight and pay their way onto cable systems, distribution platforms, that will change the way their business works. david: netflix was invoked on capital yesterday, the hearing about the at&t-time warner merger. how worried is netflix about that merger going through? cory: i think if they have to pay a lot more like the other carriers, it's a concern. netflix is able to spread to other internet service providers , into cable companies in particular, the cost of running their business. if they hav

tom: professor, thank you so much in rome. christopher wheeler atlantic equities in london. are 200 23,000 employees roughly at unicredit and deutsche bank. how many will be employed in five years? what will be the job situation in europe as they try to rationalize as the american banks did? christopher: i think it is substantial, talking about probably double digit percentages. that will be down to a couple of things, your rationalization, continued retrenchment, and digitalization not just in retail banking, but digitalization across the board. in fixed income we are seeing a massive move toward the fication. we have these greater capabilities of linking up all of these plethora of fixed income instruments so i am afraid there will be big changes. i think all big financial institutions will continue to shrink their staff base. goldman sachs, their numbers always come down during the year and they pop up by about 1500 undergraduates join them in december. the job numbers went up 100 in the third quarter which tells you a lot people disappeared f

. >> host: craig silliman, tom wheeler is not a fan of so-called zero rating.hat is verizon perspective? >> guest: it's funny the about of news about zero rating because zero rating is a business model that's been around for a long, long time. "wall street journal" has advertisements that meets my subscription is less than otherwise would be. broadcast tv and radio, i can consume content without paying for that. back in the day when netflix are still doing a lot of dvds they paid for the many of that. amazon can a lot of retailers paid for the mailing. there's a fundamental business model that's been around for a long time that says companies will provide i think that transport for free in order to encourage consumers to consume more of the content that they are providing. that's a pretty well-established business model and generally speaking i think when consumers get something for free there pretty happy and it's a pretty good thing. i've been a little amused as i see some of the advocates of opposing curated. i sometimes think there's a classical quote by a

tom: i love to do this with chris verrone. one of my heroes is wheeler.abber about wilder with a constraint. of rsi. a fan help me with enthusiasm there are side shows us. christopher: i struggle to grasp some of the emphasis in this business. there often misinterpreted. a security overbought is not a bad thing, that's a sign of momentum is to rent. when you back test and a lot of this stuff, the more extended a security is returned are. its returns are. guy: this is according to an italian official that's asked not to be identified, the italian official we have been speaking to is indicating that we are going to be seeing italy's government as expected covering that the funds missing from the recap. they probably need 5 billion and they may need more. bondholders will be protected, a critical element in all of this. that will not go down well. we will see how it goes down. the eu has approved the bank's the creek. more on that in a moment. this is bloomberg. ♪ guy: i am guy johnson in london. tom keene in new york. sebastian: president jeter pink said ch