businesses around the world it is warren buffett come it is health care, 1960 corporate taxes were 4% of gdp and today it is about 2% of gdp. health care was about 5% of gdp in the 1960's and now it is 17.6% of gdp. as warren buffett says, it is not taxes, that are in entitlement, it is a distraction, but it is health care costs as we spent $3.6 trillion per year and one trillion of that is wasted, we should have more money and we should not be cutting taxes for the wealthy. it is insanity to cut these taxes. trust but verify these numbers. host: josh? guest: there is a lot of truth to that. on the first point, u.s. corporate tax rate before the police 17 law was not an impediment to u.s. corporations doing business, i agree.

a lot >> for warren buffett, talking about it not being attractive.t least for his elephant hunter >> i just think it is a question of personality, chevron goes to 125. >> we are going to keep our eyes on all of this rapidly developing story this morning. other news today general electric shares are popping. stronger cash production while reaffirming the guidance for the year larry larry culp david is going to talk to ge's board member, ed gardner the company is way out there, the timing there are clients paying a little bit faster and pull through orders don't get too excited. people get very excited. i think you can argue are not perfect. aerospace is really great. the idea of paying up because you think wow, it is over. i think larry culp, i am getting my arms around power you see culping faze out eventually you well see a path something that's worth for powell to put money into >> david, what question for gardner? >> listen, it is the first time i met him and spoken for quite some time, we certainly detailed for years now, looking forward to getti

solicit from other people this is taking the success that warren buffett had at berkshire and the success i had at microsoft in applying those resources in. the premarket system. you know people can take their wealth and you know spend it on. consumption or pass along to their kids you know what we've chosen to do is focus on the diseases of the poor and make sure that the best scientists in the world are working on each idea and malaria and malnutrition and prematurity things where the understanding is still not there and. be great if that had been done before we came along. actually unhealthy the amount of controversy is less than you'd expect because the idea of saving children's lives is just not that controversy all and so taking and we built the infrastructure that can measure. these deaths in the malnutrition through what's called the international health metrics and evaluation which is funded by us now we know the various causes of death that's called the global burden of disease it's a brilliant website let's see over time by country by age by disease what's going on.

what warren buffett's pledge means for the fate of the

did you guys see this, warren buffett jumping into an oil bidding war to end it. this is a big deal we are about to tell you. berkshire hathaway announced a $10 billion investment in occidental petroleum which will help occidental finance its takeover of anadarko. here's the deal. berkshire will receive 100,000 shares with a value of $100,000 per share, and will accrue dividends at -- okay, are you sitting down? 8% annually. nice, nice percent there. buffett has a history particularly during crises of making these types of preferred stock investments. for example, during the financial crisis, he did so for tiffany and goldman sachs and harley davidson. could this really be an indication of just how powerful greg abel, the energy vice-chairman and chairman of non-insurance business operations, really has become? the rumored heir apparent has been at the helm of berkshire energy since 2008 and oversees companies like bhe renewables, home services of america, midamerican energy, northern power grid holdings company, and precision cast parts, among dozens of others. e

this is the 20th time warren buffett has done this. he has raised nearly $30 million. auction includes a private meal with mr. buffett. the winner can invite up to seven friends. >>> coming up, chris paul is fine for bumping an official, but did he avoid suspicion? >>> tune in tonight for an all- new episode of the resident and i want one beginning at 8. following that is the 10:00 news and the 11:00 news all right and the 11:00 news all right here on ♪ [ crying ] ♪ you protect them at home. we help protect them online. this is beyond wifi. this is xfi. simple. easy. awesome. xfinity. the future of awesome. >>> and lots of people are talking about the games. my goodness. >> is one of those things were a great game comes down to the final minute of the game. all we are talking about again is officiating. today, the nba announced that the officials yesterday made to correct calls in calling no call . chris paul is ejected in the final minutes for his second technical. you will see him right here come in contact with the official. he immediately earned an ejection for his

they forecasted this a while ago. >>> still ahead, warren buffett has some surprising ceo advice -- >ichael avenatti releasing documents he shows nike bribed players to attend colleges that wear i gr.tsea woman: my reputation was trashed online, i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. they were able to restore my good name. if you're under attack, i recommend calling reputation defender. and consider joining their groundbreaking campaign to give every american the right to remove old, inaccurate search results by going to righttobeforgotten.org. vo: if you have search results that are wrong or unfair, call reputation defender at 1-877-492-6705. >>> the ceo's of the nation's biggest banks are heads to capitol hill this week what can you tell us about what to expect? >> the ceo's of 7 of the nation's biggest banks will attend in attendance will be the ceo's of jpmorgan, bank of america, goldman sachs and state street the hearing is title d holding mega banks accountable it suggests a broad range of possible topics. the ab

warren buffett playing cupid committing to invest $10 million in anadarko if it successfully beats out to take over the company. could buffett's arrow help seal the deal for occidental? joining us to discuss is tim razan from oppenheimer thanks for joining us. is extra funding crucial to who's going to win out >> we believe it is. it's a really interesting lever to gives a lot of flexibility to oxy because right now they can use that money in lieu of the 19 billion of debt they need to raise or there's the option that that could add to the cash component of the offer and lower the shares issued. and if they can lower shares issued below roughly 150 million they won't need to seek a shareholder vote >> is that part of this as well? why are they doing this if their shareholders are potentially going to be against it >> it's possible they're doing this because the anadarko board may want that security because shareholder vote risk is out there right now. and i think if nothing else the stamp of approval from warren buffett plus $10 billion gives you a lot more flexibility >> does it make

the reality is our annualized return was just shy of 25%, and actually beat warren buffett berkshire hathaway over the last two decades so that's pretty good. [applause] that's very kind. having said that, i think it's very important to share with you why we won here and our core strength has been a willingness to discover today what will matter tomorrow and then to transform our company into that future as it unfolds. that's the key. that's what we want from leaders and from our business institution. that's what we need. that's been the key to our success, our ability to execute this transformation. i called him smart bets, every five to ten years to prepare us for the future. as you heard, this company was formed as a single store in boston in the '80s. and the first major translation for us was to recognize that the product we were selling, which was croissant bread, wasn't what people want to. as we listen to customers we quickly understood what they wanted was to use the croissant and bread to make a sandwich. we quickly moved into the sandwich business. it took off and it took

solicit from other people this is taking the success that warren buffett had at berkshire and the success i had at microsoft in applying those resources in. the premarket system. you know people can take their wealth and you know spend it on. consumption or pass along to their kids you know what we've chosen to do is focus on the diseases of the poor and make sure that the best scientists in the world are working on hiv and malaria and malnutrition and prematurity things where the understanding is still not there and. it be great if that had been done before we came along. actually in help the the amount of controversy is less than you'd expect because the idea of saving children's lives is just not that controversial and so taking and we built the infrastructure that can measure. these deaths in the malnutrition through what's called the international health metrics and evaluation which is funded by us now we know the various causes of death that's called the global burden of disease it's a brilliant website lets you see over time by country by age by disease what's going on and it's cle

years now we haven't worked a day in his life yeah i mean one of the solutions that he offer is warren buffett offers a bill gates offers that jeff bezos offers every single billionaire america says what we need is more education better education. but what is education really when you have china you know with one point four billion people or india with one point three billion people and india they all speak english fluently so they can do any job that we can do for much less right. here and he's again here's what he identifies as the actual problems the numbers that if you look at it these are the problems he says dahlia listed reasons why capitalism isn't working as it should in the u.s. one there's been no real wage growth adjusted for inflation for the majority of americans since one thousand nine hundred eighty eight the income gap is high as it's ever been and the wealth gap is this high as it was in the late one nine hundred thirty s. ahead of world war two three two thirds of the bottom sixty percent have no savings and economic mobility has been declining for forty years and for about

solicit from other people this is taking the success that warren buffett had at berkshire and the success i had at microsoft in applying those resources in. the premarket system. you know people can take their wealth and you know spend it on. consumption or pass along to their kids you know what we've chosen to do is focus on the diseases of the poor and make sure that the best scientists in the world are working on each idea and malaria and malnutrition and prematurity things where the understanding is still not there and. it be great if that had been done before we came along. actually unhealthy the amount of controversy is less than you'd expect because the idea of saving children's lives is just not that controversy all and so taking and we built the infrastructure that can measure. these deaths in the malnutrition through what's called the international health metrics and evaluation which is funded by us now we know the various causes of death that's called the global burden of disease it's a brilliant website let's see over time by country by age by disease what's going on and it's

solicit from other people this is taking the success that warren buffett had at berkshire and the success i had at microsoft in applying those resources in. the premarket system. you know people can take their wealth and you know spend it on. consumption or pass along to their kids you know what we've chosen to do is focus on the diseases of the poor and make sure that the best scientists in the world are working on hiv and malaria and malnutrition and prematurity things where the understanding is still not there and. it be great if that had been done before we came along. actually in help the the amount of controversy is less than you'd expect because the idea of saving children's lives is just not that controversial and so taking and we built the infrastructure that can measure. these deaths in the malnutrition through what's called the international health metrics and evaluation which is funded by us now we know the various causes of death that's called the global burden of disease it's a brilliant website lets you see over time by country by age by disease what's going on and it's cle

solicit from other people this is taking the success that warren buffett had at berkshire and the success i had at microsoft in applying those resources in. the premarket system. you know people can take their wealth and you know spend it on. consumption or pass along to their kids you know what we've chosen to do is focus on the diseases of the poor and make sure that the best scientists in the world are working on each idea and malaria and malnutrition and prematurity things where the understanding is still not there and. be great if that had been done before we came along. actually unhealthy the amount of controversy is less than you'd expect because the idea of saving children's lives is just not that controversial and so taking and we built the infrastructure that can measure. these deaths in the malnutrition through what's called the international health metrics and evaluation which is funded by us now we know the various causes of death that's called the global burden of disease it's a brilliant website lets you see over time by country by age by disease what's going on and it's cl

petroleum is down 2.3% after warren buffett birther hatchway said it would help with an tousion order for occidental move forward with its anadarko bid. chevron is up and will walk away with $1 billion if it gets their bid. we will see how it plays out. he may not be as simple -- it may not be as simple. general electric is up, putting up a great performance this quarter. coming up, we are at a ceo.rence with a guy: let's talk about over here in europe. stocks are down. it wasn't a great start earlier on for the european markets, despite the fact that oil stocks are doing much better today. brent has been nosing over the last two sessions. that is helping out stocks. the spanish market outperforming. is what iseresting happening between the csi 300 and the european space. disappointingpite cpi data. the market has decided that bad news is good news. we have good chinese data that will stop the stimulus coming. our firstt's get to guest. let's start with the economic higher will was expected. does that give you more pause when it comes to the fomc? the are beginning their meetings toda

warren buffett's berkshire hathaway has committed to invest $10 billion in berkshire hathaway to buy anadarko. in return for the investment, brookshire would receive a stock -- along with shares of occidental. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i am kailey leinz. this is bloomberg. vonnie: thank you. let's check those markets. a down day in spite of some earnings beats. not in earning beat from alphabet and that is dragging on the nasdaq. .6% and theis down dow jones industrial is down .5% right now. this is bloomberg. ♪ vonnie: from new york, i'm vonnie quinn. guy: in london, i'm guy johnson. close" onhe european bloomberg markets. vonnie: let's get a look at the health of those markets. here's abigail doolittle. abigial: definitely looking at a down day. the nasdaq on pace for its worst a in more than a month, down 1.3%. you're the big culprits on both of these indexes dragging alphabet down 8.5%, the worst day since 2012. this after they missed sales estimates on advertisement growth.

as warren buffett says, it is not taxes, that are in entitlement, it is a distraction, but it is health care costs as we spent $3.6 trillion per year and one trillion of that is wasted, we should have more money and we should not be cutting taxes for the wealthy. it is insanity to cut these taxes. trust but verify these numbers. host: josh? guest: there is a lot of truth to that. on the first point, u.s. corporate tax rate before the police 17 law was not an impediment to u.s. corporations doing business, i agree. there are claims the u.s. corporate tax rate was hurting our competitiveness in the global economy but that is not true because 35% of statutory rate, most corporations after they got their accountants involved, paid less than that. he raises a good point, there are other pressures on american working families in this economy, health care, low wages, why do we spent all these times fixing profitability through the tax code. it is longing -- looking at the wrong price. -- callersolors talked about the rich not paying their fair share, frustrations the pew research center found

and today [ inaudible ] decided to accept $10 million of warren buffett's money to make it work. i'm not a fan. ox dental pays 5% and they have paying buffet 8% on the money invested i love being affiliated with warren buffett and i don't love owning companies that think they need to pay him way too much interest if i were ox dental i would borrow from the market and cheaper and no category of preferred stock that is more preferred than you are my view, i don't need anadarko for my trust which you could follow by joining the dotcom club but it is time for anadarko and oxidental. and 18 million in one instagram. thank you, heather she's valuable today i bet it would have. bottom line here, look, when this stock market does something stupid, that is your opportunity to take the other side of the trade and do something smart but i can't say i like it when the action is this foolish because it creates outrageous opportunities. well let's just say i don't like it because i don't like the market to denigrate itself i do like it because it gave you a chance to buy apple. henry in georgi

warren buffett telling me that is 100% not true "and i would know."wn quickly and guys, you made the point earlier, this is an area that is rife for rumors like these to be circulating, given the troubles pg&e is facing right now. >> just a difficult situation for the market to digest and figure out exactly what the implications are. >> trouble >> you have bankruptcy, you have liability, the state involved. >> and people hoping to hear any sort of thing -- >> hoping there's a reason to value it to continue for shareholders we'll see. >>> it is a big day for tech earnings after the bell tonight, we'll get facebook, microsoft, also tesla on the way since january 1st, facebook and microsoft both up big with market caps rising over $100 billion each tesla, on the other hand, has struggled in 2019, losing a fifth of its stock value my next guest may be best known for managing the biggest tech fund from merrill lynch from 1988 to 2002 he is paul meeks, now lead portfolio manager at the wireless fund. paul, good to see you this morning. interesting moment he

the warren buffett backed company has even bigger ambitions.joins us from washington with more on this story. bydmericans might best no as the electric car company that warren buffett back, but what else do we need to know about byd and how it came pairs -- compares to tesla? >> byd is an enormous company, something like a quarter million employees based in southern china. fews really a month mong a really driving forces behind this electric revolution underway in china. that is the revolution that is happening far faster than just about anywhere else in the world. north of half of the eb sales worldwide happen in china. cities like shanghai have more ev's sold every year than are sold and entire countries like france and germany. byd is at the heart of what is happening in the world's second-largest economy and potentially right at the heart of the broader electorate transition which is coming to all of us eventually. emily: talk to us about scale. how much bigger is byd than tesla? matt: in terms of sales of passenger vehicles, the companies

when you talk to the people in charge if you talk to the warren buffetts, they'd say the worst thingear market of course we will. we have a correction every year since 1900 but we come back. a bear market every three to five years it's been ten years, the biggest bull market and people aren't used to volatility i'll give an example in the last 20 years, the s&p is up 8.2%. if you were out of the market because you're trying to time it it's the wrong time. just 10 days the ten best trading days you made 4.5%. out 20 days in 20 years, 2%. 2.1. if you're out 30 days, you lost money. here's the crazy part. 6 of the 10 best trading days in 20 years are within two weeks of the worst trading days when people are saying y would i go in now >> people get so hung up on what will the returns be. the things that people can actually control, they are not controlling. this is your tip number two. eliminate excessive fees and taxes. this is something people can do right now. >> jack vogel was a friend of mine and he used to say the only thing you get in investing is what you don't pay for and he sa

is a guy saying lebron knows more about business than i did when i was his age and that guy is warren buffettt he has done so in such a savvy way that will become a template? >> i think two things especially one, realizing that he was going to have a long career and he made decisions not based on the best deal he could make today, would be the best long-term deal unusual for a teenager his deal being the number one kpafrl of that turned down 30 million extra from reebok because he felt nike was the better company that's a decision many 18 years old won't ake. and captured value off the court. learned people want to be in business with him and give him equity for having his name attached to projects and he's been smart not giving those away he's made a few bad choices here and there. but generally, his look to capture value and one of his worst moments of his career, the decision, you remember >> notorious. >> even though poorly executed, the concept was very smart, capturing the value. >> this is just when everyone knows, when he decided and a reporter really kind of off-handed came up with t

i believe warren buffett said no, he's not buying pg&e. >> absolutely right.51 story crosses wires that berkshire hathaway would buy pg&e with stocks and 60% but the source of this rumor is a high-priced newsletter and i mean high-priced newsletter. they are citing to industry insiders for the story and this deal has been speculated in the past on the wire to people but maybe it was true but warren buffett value investor and shares are down 50% over the last 52 weeks and 16 minutes after this thing first crossed warren buffett himself came out and said no, not you. not happening but as you can see the shares are still hybrid 6.6% so people out there still asking the question will warren buffett by but he says no. stuart: jerry willis, thank you indeed. north korea's kim jung-un is now in russia a summit meeting with vladimir putin and were told that it will be at the top of the list. other things i'm sure, too. president trump a state visit to britain in the first week of june. the brits are not expected to roll out the welcome map for this president but i say

warren buffett has a handy saying, always take the high road, it is far less crowded there. washington, a politician will sail along for hours not spotting another car. you folks should always remember you are heirs to a crusading tradition that dates back to ida b wells exposing the horrors of lynching. upton sinclair, the scandalous beef packing industry. rachel carson, the dangers of pesticide. exposing watergate. the new york times and the washington post publishing the pentagon papers. is glorious, you folks are part of it, and we can't have politicians trampling on it with impunity. [applause] [cheers and applause] >> thank you. i'm sorry to report i am not finished. once that under the political system that would keep the populace alarmed by menacing it with an endless series of hobgoblins, all of them imaginary. we simply cannot allow the press to become an imaginary hobgoblin exploited for political gain. the thing that troubles they must at the moment is the sustained and cavalier disregard of autocratic regimes abroad. as john adams said, facts are stubborn things

scarlet: that might be why the >> of warren buffett -- the likes of warren buffett consider a value stockr not. before the financial crisis, they were engines of growth, almost growth stocks anyway. -- they, the number were great performers in the 1990's and until the financial crisis. it changed in the financial crisis, which is a good reminder that there are two sides to the equation. are looking at pes and not price-to-book, there is the person earning. what struck me about jamie dimon's reminder, it goes to the earning side. banks were burdened with the financial crisis because of exposure from the leverage and earnings full up at cliff. -- felll off a cliff off a cliff. in the next recession, they are expected to hold better than other sectors. they are a lot cheaper because they have not performed the last 10 years. i think they have both price and earnings in their favor. i think they might hold up a lot better than the rest of the sectors in the next downturn. caroline: potentially looking at outperforming as a value play if they are a bit more cautious going forward. what do we b

warren buffett says -- always take the high road. it is far less crowded up there. some days in washington, high-minded politician can sail along the upper roadway for hours without spotting another car. you folks should always remember that you are heirs to a grand tradition that dates back to ida b wells exposing the horrors of lynching. ida tarbell, the machinations of standard oil. upton sinclair, the packing industry. woodward and bernstein exposing watergate. and the new york times and washington post publishing the pentagon papers. this is a glorious position. you folks are part of it. and we cannot have politicians trampling upon it with immunity. [applause] i'm sorry to report that i am not finished. [laughter] a mencken warned of hobgoblinsystem -- all of them imaginary. we simply cannot allow the press to become an imaginary hobgoblins exploited for political gains. the thing that troubles me most the disregardis of the truth here and by autocratic regimes abroad. our wishessaid cannot alter facts. facts are the foot soldiers of our profession. they do th

our annualized returns actually beat warren buffett and berkshire hathaway's returns over the past two decades. that is pretty good. [applause] ron: thank you. having said that, i think it is important to share with you why we won. our core strength has been discovering what will matter tomorrow today, and transforming the company into the future. that is the key. that is what we want from leaders and from our business institution, and that is what we need. that has been the key to our success. our ability to executive these transformations. i call these transformations smart bets, every five years, to prepare for the future. this company was formed as a single store in boston in the 1980's. the first major transformation for us was to realize that the product we were selling, croissant bread, was not what people wanted. if we listened to our customers, they wanted us to use the croissant bread to make a sandwich. and we quickly moved into the sandwich business. au bon pain took off. it became special and it became the essence of panera. that was the first transformation. the second oc

and it's as close as we get to having a warren buffett of technology >> glen, let me just say, i can'tet you off without asking the question, do you have any, you know, does the fact that they are taking the bulk of their capital from the saudis, does that cause you any concern? >> well, look. their capital, they have tons of their own capital. >> correct >> i think there are many other sovereign wealth funds that would be happy to be a part and have him who is one ofthe sharpest investors in the world making investments for them. and, look, this is a guy who bet on bill gates nearly his career. made his first fortune then bet on jerry yang and helping him create yahoo! japan and then steve jobs and this thing called the iphone before it existed then doubled his fortune again and then bet on jack ma and tripled his fortune. this is the guy you can invest with >> they are transforming the value which we'll get into later with pat grady as well i want to tee up a little bit of a debate because i think we should have one about facebook, which you sold you no longer have a position at all.

>> this is warren's buffett big idea, the giving pledge.arren the right thing to do, if you have great wealth, bill and warren are clear they couldn't start the development they have in other countries, we're lucky to be in this country, but philanthropy is not enough. so bill, warren and i all believe you need to tax the wealthy more than you need to tax middle-income people and middle-income people more than you tax low-income people in this country. i think we have to all be cognizant of philanthropy's role. all philanthropy can do is be that catalytic wedge. it can take ideas and experiments you would not want the government to do. >> but it could also disappear. taxes, they don't disappear. >> but it's up to government to scale up those things that work, as warren calls them the gaps in castism that doesn't always serve all low-income people. so philanthropy has to know its role with private sector, with nonprofit, and it's always up to government to scale up health and education, for instance. >> should individuals be able to make --

that is according to berkshire ho isway's warren buffett also wells fargo's biggest individual shareholder. thehares add a dime to 48.88. >>> lyft i threatening to sue morgan stanley. the rideng hai firm that recently went public is accusing the bank of market certain products that would help preinvestors bet against the stock and profit if the shares went do morgan stanley has denied those allegations. shares fell 5.5%. morgan stanley rose fractio to 44.98. shares of zogenix lost a quarter of their value late today after the fda rejected a marketing application for one of its dru that treats a specific type of seizure. they makeare disease therapies and will work to respond to the issues raised by the agency. as we mentioned, the stock fell sharply in after hours trading it finishedhe regular session slightly lower. >>> it is cleanse time for those whoe h waited to file their taxes. just one week to make a few last minute moves that could trim your tax bill and save you some money. we calsd in usual our senior personal finance correspondent sharon epperson with some tips, what can people

. >> it's not just young trepreneurs, you had veterans last year, warren buffett and jaime dimo both said that they think that corporate america should do away with forward guidance. there's this balance that to achieve between what the shareholders and public need to know. abou corporations and this short term thinking that goes with having to guide forward guidance. >> no question. eing accountable to analysts calls really puts a huge amount of pressure on these ceo's. at the cost of all else, whether getting rid of all forward guidance is the right path or getting rid of quarterlies to go with twice a year, even once a year, some soror of ition from the companies. these are all reasonable options to figure out -- to make it out to stretch time horizons. and think about innovation, responsibility and long term sustainability of business model. >> is the pendulum about to swing the other direction, have we gone too far expecting too much from public corporations on a short term basis? is it going to start going the other direction do you think? i think two things, we are seeing a lo

the system is not crippling our business around the world said warren buffett. it is health care. corporate taxes -- >> thank you for attending today's capitol hill briefing titled why the government should not regulate content moderation of social media. my

we've got the bloomberg business flash. >> warren buffett says wells fargo should look beyond wall street future executive. the billionaire berkshire hathaway chairman is the bank's largest shareholder. hours before the announcement, buffett said he backed sloan 100%. fiat chrysler is teaming up with tesla to comply with eu emissions rules. the company is using the option which allows automakers to meet carbon dioxide targets. the financial times reports the company is paying tesla hundreds of millions of euros for the deal. restructuringsays u.s. investment bank isn't part of merger talks with commerzbank. top executives have told employees the lender is committed to the u.s. outpost. the banks are close to an outline for a potential tie up. the rival german lender started negotiations last month. that's your bloomberg business flash. thank you. now to focus on the u.k. and prime minister theresa may will meet eu leaders to make the case for an extension. a member of may's top team has announced a long but flexible extension as like purgatory. thecomments were made as u.k. pm issued a vi

warren buffett has a handy saying -- always take the high road. it's far less crowded there. laughter ] >> charnow's speak was a far cry from the controversy in years wst, especially last year when comedian michellef was ade icized for jokes she about press secretary sarah sanders. >> the annual dinner raises money for student scholarships. >>> there's word that attorney neral william barr is threatening not to testify before the house judiciary committee this week. >> this is the latest development in a contentious battle beten the trump administration and democratic leadership.ac news4's trie potts joins us live this morning with more. >>od morning. reporter: good morning. so here's the latest -- a senior democratic aide is telling nbc that the attorney general may be no show in a dispute over whether democrats are changing the rules for his testimony. here's what they now want. 30 minutes of questioni each instead of five which is traditional. they want to bring in lawyers to indus tver view nation's top law enforcement officer, and they want to go behind closed doors toio

warren buffett is making a bet on dubai, opening an office there.tting its peak more than four years ago. the british medical marijuana company back fight snoop dogg's venture from wants big pharma money. oxford anna benoit technologies cannabinoid technologies -- businesse bloomberg flash. tom: thank you. time for the single best chart which straps across the foreign-exchange world. marc chandler over to david riley. it is a chart we showed last week, the absolute long-term 40 year decline in the real yield of the true benchmark, the 30 year bond, not the 10 year -- sorry, global wall street. event rally, it is a structural decline. what does it mean for jay powell? david: i think what it means for jay powell and the fed is the terminal point for the fed hiking call will be lower than it has been in previous cycles. i think the market got ahead of itself in starting to price in rate cuts by the fed, but it is clear that this secular decline in real yields is one that does mean that the endpoint for the fed will be on a lower level than it was in pr

warren buffett said it best, he shouldn't pay a lower tax rate than his secretary does. that's because of capital gains. it's wrong. i'm going to change that so millions air -- millionaires and billionaires don't pay lower taxes than firefighters, teachers and i go on and on. we need to reward work in this country. not just wealth. [cheers and applause] there's much more we need. there's much more we need to do to build the middle class. in the cupping weeks i'm going to go into detail about this but you've been standing too lofpblgt it starts with access to affordable education. so that everyone can get the skills they need. 12 years of education in the 21st century is not enough. simple. there's got to be affordable. 65 out of 100 jobs today require training beyond high school. 65 out of every 100. but, boy, we have to make it postsecondary education, make training affordable, make sure an employee -- the economy works. not just for the wealthy folks, not just for people who get four-year college degrees, but those who compete for job training and trades and programs.

years now we haven't worked a day in his life yeah i mean one of the solutions that he offer is warren buffett offers a bill gates offers that jeff bezos offers every single billionaire america says what we need is more education better education. but it is education really when you have china you know with one point four billion people or india with one point three billion people and india they all speak english fluently so they can do any job that we can do for much less right. here and he's again here's what he identifies as the actual problems the numbers that if you look at it these are the problems he says dahlia listed reasons why capitalism isn't working as it should in the u.s. one there's been no real wage growth adjusted for inflation for the majority of americans since one thousand nine hundred eighty the income gap is high as it's ever been.

warren buffett quoted in the "financial times" over the weekend saying that whoever is chosen next toessor maybe shouldn't come from wall street. and he said that not, i don't think, necessarily as an investor, per se, but much more about the way the winds are blowing in washington in terms of serving or placating. would you prefer somebody who comes from outside of the world of wall street i mean, there's a real issue here about whether you want someone with experience who's worked in the world of banking and maybe somebody who's worked in corporate america but hasn't but may, somehow, therefore, may be more palatable to washington? >> well, i don't think ex-members of congress should pick ceos any more than current members. and i think that, in fact, when it comes down to it, it depends on the individual. but i would say the importance of a new ceo is not so much to placate congress by the way, as somebody just alluded, the control of the currency -- donald trump appointed control of the currency was harshly critical of wells fargo and highly critical of tim sloan after he testified

i guess you would not necessarily think -- that was warren buffett's idea, but i think it wasn't impugningght it might be easier to deal with egulators. is that where we are now in the world? >> i would imagine that the board is going to consider a diverse slate of candidates for that position, and that's what i would expect them to do. >> hey, kevin, how are you advising the ceos to speak today on the issue of guns i know it's an issue that i imagine is going to come up today because of the stances that bank of america and citigroup did take >> explain how, you know, their companies make decisions around the customers that they serve. they do this every single day. they make judgments based on creditworthiness, reputation risk they take into consideration, obviously, the sentiments, the views of all their customers, their employees and other stakeholders that is their responsibility, they and their management. so i would expect that they're just going to articulate how they view their customers and how they address, understand, and serve their customers. >> kevin, you're so diplomatic in

mainstream economists like paul krugman oriel roubini they really they mentally again it's because warren buffett and the head of the bank of international settlements and the establishment they don't like it they hate it is it because they feel challenged by it or do they have a legitimate argument or why such a thing i think that one is they first of all it's not something that they can. profit from because they don't participate in it right now it's not part of the product line of what they're selling and so therefore it's kind of like you know them the. deck c.e.o. back in the day say there's never going to be a need for anyone have a personal computer at their home right they said that because he didn't have one but i.b.m. did so you know that's their disorder not in the competition that's sort of the way i see it right like paul krugman he said that the internet will never catch on you know and they seem to be establishment lackeys that don't really think they're kind of dinosaurs. right now. on the regulatory front your thoughts on what we're seeing from regulators in the u.s. specifically

never been taxed and they can just borrow again a zero percent of buy back their own shares warren buffett's a big shareholder in other words they don't need to make money they can buy back their own stock and manipulator earnings for as long as they need to to keep the price going up right and number one and number two facebook similarly there in a situation again where they can simply get into the game of buying back their own stock to manipulate earnings if they want to that's and has their cost of money is there oh so again stock said no top rick because there's no cost for money and there's no regulations anymore there's no top to stocks wrecked yet and it's only in the opposite section of the wall street journal that you could find arguments that it's somehow beneficial to us all that these companies are taking huge money and they're sensually cash sure and buying back their own shares a lot of the money held stock simply overseas by companies like apple tens of billions of dollars was repatriated under the tax quote unquote reform and acted under trump so the companies take this money