wilbur ross, good to have you here. >> good to be here, right. wilbur wright -- i mean wilbur ross, amazing, great guy. astronaut tim peak making history today becoming the first british astronaut to go to the international space station. and a russian cosmonaut launching on the soyuz spacecraft from kazakhstan, they will live, work and perform scientific experiments like so many other astronauts and cosmonauts before them. >>> eight republican candidates, one common goal. tonight, they will attack donald trump. oh, boy. ought to be something. democratic strategist hank sheinkopf and republican strategist brad blakeman join us next, and we will watch the sparks fly. stay with me. no matter how the markets change... at t. rowe price... our disciplined approach remains. global markets may be uncertain... but you can feel confident in our investment experience around the world. call us or your advisor... t. rowe price. invest with confidence. you can't breathed. through your nose. suddenly, you're a mouthbreather. well, just put on a breathe right st

wilbur ross, good to have you here. >> good to be here, right. ight -- i mean wilbur ross, amazing, great guy. astronaut tim peak making history today becoming the first british astronaut to go to the international space station. and a russian cosmonaut launching on the soyuz spacecraft from kazakhstan, they will live, work and perform scientific experiments like so many other astronauts and cosmonauts before them. >>> eight republican candidates, one common goal. tonight, they will attack donald trump. oh, boy. ought to be something. democratic strategist hank sheinkopf and republican strategist brad blakeman join us next, and we will watch the sparks fly. stay with me. i have asthma... ...one of many pieces in my life. so when my asthma symptoms kept coming back on my long-term control medicine, i talked to my doctor and found a missing piece in my asthma treatment. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. breo won't replac

joining us now with more from boynton beach, florida, is wilbur ross.larly on the last day. a nice day to end our show in the hour, the last trading are of the year. is this the end? is this a dead-end for puerto rico or what? wilbur: i think it is the beginning of the end and the end of the beginning. what i mean by that is this. puerto rico does have too much debt. it does have debt that it cannot made. but those are the results of some fundamental problems. the real problem is not the debt itself. the real problem is puerto rico has too many government employees, too many government retirees, too many people on welfare, not enough people actually in the workforce, and it has a dysfunctional economy. it is more or less the u.s. version of greece. betty: it surely seems that way. you have heard the puerto rican governor/out at the creditors, calling them mulcher funds. do you think he is -- governor lash out at the the creditors, vulture them funds. you think he is right? the idea that it is a bunch of gravediggers is really not very accurate. it just

scarlet: so wilbur ross was pushing some blame back onto puerto rico it self. hedge funds being maligned unnecessarily? kate: i think they are. he hits on a great point. hedge funds are not really the majority holders. it really is mom-and-pop investors. we can be carried away with this being a distress situation, a problem, but this is a municipal bond, and they are largely held by mom-and-pop investors and mutual funds. so there is a hedge fund presents, about 30%, but the rest are retirees, high net income people, not those speculators you think about. scarlet: not the litigious types. kate: exactly. scarlet: this default is not massive, but it is still significant. what is a signal to you about puerto rico's strategy? they do have other payments due later on in the year. kate: investors said how this is really in line with how puerto rico handled the news, how it slowly tells the marketplace about what it will be doing. puerto rico became a problem -- this has been going on for two years -- they slowly release news can be a technical default here, over the

onx: that was wilbur ross bloomberg surveillance earlier today.t he talked about how the feds dashboard will get smaller now that we are looking at a second or third increase. go through a lot of different numbers to find the right time to hike. up next hour, the farm a bad way martin shkreli is -- big pharma's batboy martin shkreli -- bad weight martin shkreli has been arrested on fraud charges. ♪ . . david: it's 2 p.m. in new york and 3:00 a.m. in hong kong. welcome to bloomberg markets. from bloomberg has headquarters in new york, good afternoon. here is what we are watching this hour -- so much for the fed rally -- u.s. stocks falling for the first time in three days as investors turned their attention to weakness and commodities. beenad boy of pharma has arrested. now charged with securities fraud. -- barbie will be lonely at as disney's princesses find a home at hasbro. we have a look at the $500 million battle in the ball business. first, let's had to the markets desk where julie hyman has the latest. we have this selloff going on today and

among our special guests this morning we have wilbur ross. he's no stranger to distress debt.e'll talk to him about that and what he thinks for the interest rates over the longer haul. right now let's get a check over the broader markets. things are look better. you can look at the dow jones industrial average. the futures up by triple digits again. a gain of 115 point ifs we were to open right here. s&p futures up by 12.5 points and by the way if the s&p were closed up today this would be the first time that it's put together back to back gains in over a month. you have to go back to december 2nd and 3rd. nasdaq is indicated up by 30 points. also take a look at oil prices. joe you saw this yesterday. as crude went so would the markets go. >> i would buy -- i'll store some in my backyard at 34. >> for delivering in january. >> yeah, i don't care. i don't have to -- i'll ensure it maybe but it's not going to go bad. i'm going to put it out there. i'm going to line it up. i've got some room -- >> you ever read those, that article by the woman that trying to get barrels of oil. >