at the same time, you have to look at the u.s. with employment where it is, there's not an enormous amount of room, so wage pressures must increase at some stage. you always get it when you look at breakevens that look at the most recent inflation number, not inflation expectations, so we think there could be a trade with breakevens. jonathan: colin? colin: i think certainly we have an issue with the fact that inflation is staying so low. it puts the fed in a tough position. they can portray that they would like to raise rates and that is the strategy they would like to employ, but as investors are taking charge here and as we know from some of the information with respect to fed fund future expectations, the odds are lessening and lessening as each day goes by that they could attempt another move this year. jonathan: marilyn, we had a guest on a couple weeks ago who said actually, the burden of proof is on inflation. we have been waiting for inflation to pick up for a while and it has not happened. is there anything for everyone o

structural factors that keep inflation suppressed in the developed world, but at the same time, you lookt employment, where there is not an enormous amount of room. wage pressures must increase at some stage. you always get it when you look at breakeven, reflecting the most recent number. jonathan: collin? >> i think certainly we have an issue with the fact that inflation is staying so low. it puts the fed in a tough position. they can portray that they would like to raise rates, and that is the strategy they would like to employ, but as investors are taking charge, and as we know from some of the information with respect to send fund futures expectations, the odds are lessening as each day goes by that they could attempt another move this year. jonathan: we had a guest on saying the burden of proof is on inflation -- we have been waiting for it to improve and it hasn't happened. is there anyone long treasuries that would be uncomfortable at this point? >> i think there's not a huge amount of demand. we still think that, on balance, they are offering a pretty decent environment. a huge a

you can look at the history of the fed chairs and you have to go all the way back to greenspan to seehe average inflation rate in and around their actual target. bernanke failed. yellen is failing. do they have a credibility problem? >> i think you are spot on. the goal of reaching 2% core pc has been a loose goal. if you look back over the last few decades, there has been some time between 2004-2008 when the core pce has been consistently above 2%. but barring that short period of time, we have not been able to achieve 2% on a consistent basis. jonathan: we did see through the week a tendency among fed officials to lean toward the balance sheet policy and away from using the fed funds rate. is that what you expect as well? an additional question, is the balance sheet policy data dependent or independent at this point? >> a bunch of questions there. i do see that, the fed, you know the balance sheet unwind if you will, our expectation is they will announce in september and start the balance sheet in october. and we do expect to see one more hike in december. and i think our expectatio

and you phil: i kind of look at nike as my work of art. >> would you fix your tie, please?: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪

when you look at it as a whole tech is not priced in. nothing is priced in there that's where your growth is. when you say you think it's odd, there was a re-allocation of funds. energy was down. that's your real underperformer. you have to roll the dice on energy when you look at banks versus tech, tech is your real growth >> the backdrop too is people are looking at interest rates are back, the ten year is back at june 30th lows. if you're searching for that growth, go to areas of the market that have been the leaders and banks are in there but not as strongly as technology >> right >> that's playbook in this sort of low rates, stagnant growth kind of market environment >> for me, okay, it's not the whole playbook i feel no need to be all tech or all bank or anything like that >> are you more tech than bank? >> well, probably about the same but both very big. my single biggest position is google and facebook is a position jpmorgan, citi and bank of america are big as well. they have different risk rewards also i think more upside and mo

cameras in hollywood ♪ ♪ baby you look good aw come on baby you look good ♪ ♪ you look good baby you? absolutely not! okay... studying together is fine... and at ikea, we believe that letting go can be hard, but not pricey. what's going on now? move the flag. >>> before we go we would like to bring up the camera in the control room there at "good morning america" because we have a very special director, he is the man who makes it all happen, bobby mckean, 20 years. >> 20 years. >> yes. he rises and shines every single morning making tv magic as the genius technical director here at "gma." we love his talents in the control room. his sense of humor and most of all we love his dance moves. he does the carlton like nobody else. so congratulations. let's give him something to dance to. >> lady antebellum, with "downtown" taking us off for the weekend. come on back. good luck on the tour. lady antebellum with "downtown." have a great weekend. ♪ >> one, two, three, four. ♪ ♪ well all the parties on the streets are talking ♪ ♪ storefront mannequins sleeping in lights ♪ ♪ we used to smoke wh

i don't know if you have looked there. ou >> here is the problem if you want to get hurt, try to buy the bottom in any of these energies it has been absolute widowmaker of late. that's been the problem. everybody is trying to find the bottom nobody has been right up to now. the dividend yield is dangerous. with that thr3 or 4 or 7% divid yield, if it stays here. you can give up 7% in a single trading day. you don't want to buy necessarily for dividend you are looking for these quality names. you have to see a turn that's meaningful for any of us to feel positive about energy. >> you look a lot of other places for a sexy dividend >> it is a valid point >> remember, the price of oil is $45. it is not $55. we have to remember where we have been. are we likely to go below 40 >> why is curry and the goldman people say-say we don't get every call right, obviously. >> jim, wait a second. >> oil has fallen back with the economy rebounding >> why can't it continue >> it is already priced in a. >> we haven't made every great call in

cameras in hollywood ♪ ♪ baby you look good aw come on baby you look good ♪ ♪ you look good baby you technical director here at "gma." we love his talents in the control room. his sense of humor and most of all we love his dance moves. he does the carlton like nobody else. so congratulations. let's give him something to dance to. >> lady antebellum, with "downtown" taking us off for the weekend. come on back. good luck on the tour. lady antebellum with "downtown." have a great weekend. ♪ >> one, two, three, four. ♪ ♪ well all the parties on the streets are talking ♪ ♪ storefront mannequins sleeping in lights ♪ ♪ we used to smoke while we were jaywalking like it was your birthday every other saturday night ♪ ♪ knew the bands so we never paid our cover wrote our names on the bathroom tiles ♪ ♪ we never dressed to impress all the others they would let us in on our laid back kind of style ♪ ♪ but boy you know it's been a while ♪ ♪ and i don't know why you don't take me downtown like you got anywhere better to be ♪ ♪ talk it up and give me the go round round like a good time tease ♪ ♪ i'm

megan: you are looking at the administration, with great would you give it? so far? m: look, i would not give it a grade yet. if you look at metrics, if there a health bill, tax bill, no. we have put a lot of chips and of things and are doing a great job, but it's too early to bring the report card in. i would give an 'a'for what they intended to do was to come in and turn things upside down. you can't live with status quo. i would take a sabbatical from the grades. look at it in a year as we approach the midterm and give him a chance. it is too early to evaluate it. megan: at yale, the only 'a' you need -- thank you ver much. ♪ ♪ david: what would you say this skill set was you brought, great intellect, great drive, great leadership? phil: all of that. david: let's talk about golf. phil: tiger woods, you could see coming from way back. david: michael jordan, if i wore those shoes -- phil: you might. david: when you give a $400 million gift, you write a check? is it hard to do that? phil: yes. -- >> would you fix your tie, please? david: well, people wouldn't recogniz

there are ways if you look the whole name of this game is buy low and sell high. there are places to buy low here >> what? >> look, if you look at boeing, it's a cyclical stock. they are running they should be trading at 15 to 16 times earnings. 20 to 25 there is definitely a lot of money chasing these things what marks was saying, yeah, they could have more up side but the down side is when you see growth slow in emerging markets in europe, you'll see moredown side >> one aspect of boeing, free cash flow value. when you look at that, it's trading at 13 times, pierce are trading at 7 times everybody looks at pe. >> they love the cash generation. >> the cash generation >> something with a lot of cash was pulled in this quarter from defer rens and customer advances that's not really cash. >> overall, take a look at how they've shrugged their share count over the last decade you start to look at a company, this isn't financial engineering. they're buying back and have cash flows that are incredible. >> sue herera has the latest headlines. >> i do. thank you very much.

look at the chart. youre seeing the amount of bonds in the bloomberg barclays aggregate index that have negative yields that have been falling. it is 14% of the overall index. what kind of trade do you put on to deal with that, when it is not only the dollar or the fed that also the ecb? view, yousix month want to be short. alix: it didn't work in the u.s. neil dwane: but i think the u.s. is in a different position. there is no sign of the ecb raising rates or doing anything in support of the european economy. the fed is in a different position. i would argue, tactically, that is huge redemption from the government bond market in july in europe, it is odd to see this setback in the book when they are printing any bonds. i would expect a rally in the bond but it feels like we're going to see the bonds had towards 1%. david: you've looked at this for many years now. what is the proper role for congress as they have chair yellen come before them? is it appropriate to say, you have a theory about what happens w

you have the ecb buying up assets. while the federal reserve will looko reduce the size of its balance overall, you will see globally amounts abides by central banks. jonathan: what you think about the shape of the yield curve and where the market positioning is, the long end,hort but when the balance sheet policies take hold, do we think that flattens as we have gone on? colin: we do have to rethink it. it is my expectation that even when securities start to be brought off the balance sheet that we could see some slight steepening from where we are. i think it goes back to the point you made just recently it wasrade and the way looked at, at the start of the year and how investors got it wrong. i know from watching the show and through the markets that if you ask a lot of investors where the next move would me for 10 year treasuries, they would say 2% not 3%. i think that's the flipside of everybody else that came into the year and how they were positioned. the dangerous risk for me would be if the movement goes to 3%. andrew: the fed wants to withdraw

>> guest: you have to look at places with no border barriers such as laredo, texas. del rio, texas. a large part of the rio grande valley in texas. >> host: arizona, republican mine, susan. >> caller: good morning. thank you for taking my call. i have two questions.ew at one, i don't care how much it cost to build the wall. two, the other day i took my daughter in law to go for an interview at a warehouse job in. [inaudible]] they liked her application, to her interview, they call to that same day and told her to comee back and will hire you and. when they found out heard she didn't speak spanish, they said we are sorry that we need someone who will speak spanish and english. will have to let you go. they said it just like that.sp she called me on the phone and so, i think this will be great for everybody. she lost a job at 1010 an hour and she went to orientation, she went for a one day and they called her and stayed for two hours and she wanted to know if she spoke spanish to read the spanish book and she said iy don't know how to read spanish. i don't speak spanish. they said, we

but you look at what the president has done, and that the regulation you look at the realignment in foreign policy. the optimism on jobs, and you look at the unemployment rate. you look at trade, the unknown the amount of work and accomplishments that the president has put forward, chece boxes. it is staggering. and the press secretary said it well today, time to start getting some of that word out there. but also get the credit that he so rightfully deserves. this is a good day to start that process and start fresh. >> sean: last question, probably the most important. we have a lot on the media was sean spicer. but from my perspective, that congress by the end of this year, they have to get the health care issue done. they have to get the border wall, the beginning of construction. they have to get the corporate middle-class tax rates, patriot and money, energy independence, i believe it creates millions of high paying career jobs, are you confident with all your discussions with congress that all of that is done by stay around thanksgiving, the end of the year? >> i think certainly by the

i don't think we should be looking at a term solution. youan see while the rhetoric has been quite harsh, the action has been slowly moving forward. what our focus is on at this stage is looking for signs of de-escalation, and the fact that the qataris have responded. we don't know exactly how they have ponded. but they have given their response to the demands, and it has been taken in. even though they didn't meet the 48-hour deadline of meeting all of the demands that were put on them, there is a process of negotiation going on. so in our view this is actually an encouraging step, and it does signal a move towards hopefully de-escalation. >> i want to talk about the business or economic fall-out. the story has been in place for about four or so weeks. from the research that you do, is there any specific economy in the region or group of companies that have started to benefit from this continued isolation of qatar? >> well, arguably you could say that the imports that qatar have had to reroute in order to get around the embargo, those compan

you look at this one way trajectory when it comes to dollar weakness. thank you for that. s get caught up with first word news with paul allen. the special counsel investigating ties between the trump campaign and russia to include business transactions. looking into russian purchases of apartments in trump buildings, the presidents involvement in a controversial development in york with russian associates, and the 2013 miss universe pageant in moscow. mr. trump can claim a win in his attempt to redraw the trade map. a deal comes weeks after china reopened its market to u.s. beef for the first time in more than a decade. approving more biotech products and increasing imports of american natural gas. the imf has agreed a new conditional bail out for greece, bringing an end to two years of speculation over whether it will participate in a rescue program. the fund approved a loan as much as $1.8 billion. ,t grants a seal of approval but is expected to depend on those countries providing some debt relief. qatar has evidence the cyber attack that triggered the gulf diplomatic cr

so that's one answer you are giving is that the african countries themselves said, "icc, we want you to lookecutor, that some of them are having buyer's remorse, these state members. i give you one example — yoweri museveni, the president of uganda, who stood shoulder to shoulder with your predecessor, luis moreno ocampo, saying we want members, the leader of the lord's resistance army, joseph kony, and all the other people who have been taking part in these awful atrocities in uganda, to go through the icc. what does yoweri museveni say last october? even though he'd brought the case, he says "the icc is useless, a politicisation ofjustice and nothing more than a western tool designed to humiliate african nations." again, i come to the same response. that this is not backed by the relevant facts. if you look at uganda, for instance, just take the example — the fact that uganda was one of the first countries to refer a situation to the icc, and we started our investigations, one of ourfirst investigations was in uganda. five people have been charged in this situation in uganda. we have been

if you look at history, there is a lot of ideas you can look now and create a new niche, come up with a new idea, and therefore you sparked a new innovation or creativity or whatever the area might be. >> and just finally congressman, what are some tools you are using so that you can add reading into your schedule? what are innovations you are using? >> i love the ipad and in the ipad there is different apps. i look at what is out there and one is called blank list which is map that gives you summaries of books and you can take the option of reading or do it by audio. if you are interested in looking at the whole book, you buy the book itself. but it will give you a snap shot and the key message what is the take away from this book. the other one is called curious also where you get an e-mail every day and it has different things from humanities, to science, to music whatever the area might be in. every day it will give you something in one of those areas. those are the ways you have got to keep your mind active especially somebody like myself where i have to go from, you know, foreig

we have more space to live in if you look at the data. that better homes, better cars. tter devices for sure. cars and t.v. and you know, life asn't radically changed in 30 or 40 years. it is different, but not radically so. tougher.s the cost of key things like education and housing, food to radically up.re clothing and other things are down. and when you have

so let me tell you about our businesses. let me look at each one of them. i'll start with long distance. you may have seen, most of you have seen the trump administration's proposal, which is to defund the long distance business. and the long distance business is what people think of, right, when they think of amtrak. it's why we were created. but if you look at the numbers, it's about 15% of our ridership. it's only about 23% of our revenue, and that's typically because people ride a little bit farther. and it is what defines our company to most of the nation. in the very real sense, it's also the political glue that holds us together, because it turns out we get a lot of support from members of the house and senate on both sides of the aisle in places where we run passenger trains. their constituents like it. it is the big money loser. >> you have to understand amtrak accounting. and this is the other thing we're up on the hill talking about all the time. we're like any other company with a network cost, right? we have direct expenses which are paying for

of things it's a lot of rearranging if you look at history there's a lot of ideas you come up now and create a new niche and come up with a new idea and therefore you sparked a new innovation and creativity whatever the area might be. >> what are some of the tools you are using so you can add reading into the schedule that iwhatis the sum of the innovatiu are using? >> i love the ipad. there are different apps and so i always look at what's out there and one will give you summaries of books and you can either take the option of reading or do it by audio and then if you are interested in looking at the whole book but it will give you a snapshot and at the end it will give you the message what is the take away from this book and they had different things from humanities test plans so everyday i will give you something so those are the ways you've got to keep your mind active and especially somebody like myself where i have to go from foreign affairs to appropriations and then when you get on the airplane in flight from houston to washington you spend a lot of time on the plane so this i

. >> why >> if you look at the volumes and look at volatility, the volatility is low. they are working hand in hand together and you put up the quarters that they put up. specifically, i'm talking about bank of america. goldman sachs we know. it's the thick trading was a huge overhead. >> they put up incredible numbers. i think it's a misread and that creates an opportunity in goldman sachs. i looked at this and was hoping to see the stock down. it was flat at the beginning of the trading session. i couldn't wait to see this thing start to drop and i think that's the opportunity. >> weiss, you have morgan stanley to deliver their results. you feel better or worse about the financials today than you did go into earning season >> i feel the same i feel it's going to take longer to work out. i look at a 2.31 ten-year. >> 2.26 today. that's unbelievable. >> it is that's where i'm at going forward. i don't know who is going to be the first major commercial bank to say, look, we're separating the business because this is holding us back. i don't really care. here's what i do

you like financials and technology i'm looking at technology. i think you have to look at the 10% pullback just said he rarely agrees with you. if you've got something close, doesn't have to be -- close, i still liked them at those levels from a growth standpoint, we just got or cacles earnings it trades at the pe that it does >> i think apple is a tougher call here. two quarters away from where you're going to get any real news on the stop before you get into the best season of the year we made it two weeks ago when they gave us those numbers you're betting 23, 24 times as you're getting with sales force 150 times, so there are stocks to play where where you're getting this, but to say tech's down 5%, making lower lows in an environment where people with still where we are >> i'm talking more individual the individual names >> a lot of people are obviously inv invested >> passive investors >> which is a mistake. >> sounds like you might be a little conscious >> my view -- if you look, these aren't blow it out the roof numbers. >> durable goods,

if you look at the gaming and ark i, all of these things, you understand and look at a forward multiple, they're talking about 2040 so we're talking about a -- zpl b obl way you can get to decent multiple >> it's what makes it so interesting. i think most of them are great trades and i think they're a great opportunities out there. western digital is more of a semicompany than a lot of peopl think. that's one of those names where you get both sides, the storage and that semiside. >> what's really key, you look at the charts. every one of those charts showed a dip. that's a rates dip i'm going to make a macro call on this entire trade if you think rates are going to move higher just getting out, all the markets, yes, for the first couple of months of that type of a move until the market is feeling out where rates are going, high multiple stocks and cyclical market are not going to like the move. >> so, a whiff of the hawkishness and we see a pullback probably. >> what you saw there. >> whiff >> it's not that expensive they tried a great firm, had a great quarter on june 1st. the stock wa

and, if you look at the representativehe who's been nominated, what do you think of that? the interest of russia and ukraine mother russians and the ukrainian people, i'm absolutely convinced of that. our interests fully coincide. perhaps today's leadership of withne doesn't converge ours and certain ruling circles. if you look situation, beastly, ms. lee russia and ukraine are interested in cooperation -- if you look at the situation, , russia and ukraine are interested in cooperation. from's a huge legacy soviet times. unifiedion, a infrastructure come energy system, transport system. unfortunately, our present look ton colleagues step aside from that. there's one commodity that is really successful at the moment -- russiaphobia. they are treating in dividing russia from ukraine. think that like to convergingsider that of russia and ukraine should never happen. there is an active and unsuccessful trade in the quantity of russiaphobia at the moment. we have to concentrate on making sure the situations come to a halt as soon as possible as far as participation of the u.s.

you need. to cut it up look at the be given what i'm going to do you. can use. one on me well listen to my body what have i been up on so i'll be with you got back out to begin again but he didn't tell. one of us it looks sort of. fun of course. doing. well coming up we'll play it on its way. up from one. that i've seen that you don't tell for. sure and unless you know. the food on the side and just not. seen the film i just. kind of felt you know by the by. even. assuming they're one of the similar similar. but if you think dandolo know what that's. like. then one of course if i. must say i work with people that would have picked up without the local news. and i. couldn't find that from the look on my. island and i do you know you could and i've done my. work and i. went on a project because in. the office because i wasn't he. said on. better media picks up about it put aside put them on day. such. as. love. you. love you don't. you don't think you will get the look that good. you have. to be what. about them. and i. think you could but this is the food you jus

you are talking to. there is a huge cost in law enforcement alone. look job alone, when you at illegal immigration, we have doubled the border patrol twice in my career. we went from 5000 to 10,000 agents, and then from 10,000 to 20,000. if you look from a law-enforcement perspective, again, not legal immigration -- illegal immigration, from the law enforcement perspective alone, is astronomical. boston, massachusetts. gerald on the democrats line. caller: don't cut me off. you are mr. cut me off. are $106 billion they talking about putting on the border is unnecessary. it was just for the selection and donald trump. this man has no idea what he is doing. this all caps on has no idea. i live down in albany, georgia for seven years. i took my kids out to the pecan farms. they had these burlap sacks. for seven hours, i went home that night, my whole body was sore. i'm not saying it is a job just for them. that stop is tough. and it was pecans. they are picking fruits and grapes and apples and oranges. that is a hard job, too. they are good people. donald tr

if you look at a chart, it's always been a buying opportunity. we sell off two, three, 4% or whatever the case might be it's always green. so, the market sets up the hurt the most amount of people at the stam same time right now, people have been b betting against the market and every time the market rallies back yesterday, we all thought it was going to be armageddon >> what if this time, the rising yields is real yes, interest rates are historic >> we were just talking about that they're not showing any sign of inflation. >> that's the problem. you get rising rates >> hold on, the five-day move. when you look add what happened in the german bond that's a sharp move. >> did yields get too low? >> we've gone through that whole scenario but at the end of the day, my position here is in the u.s. equity market, i understand banks, people say we're going to value them based on where the ten-years are going. at the end of the day, banks have probably the least downside risk in the mark they're not going to shoot up and it's not necessarily -- >> they

look like? joining us from brussels is ian wishart. tell me what youlike over the last 12 months, 13 months, 14 months now. >> over the last 14 months, there has been no progress whatsoever. it has gone the other way. that is why they are so adamant that time is running out and they need progress before october. what they are calling sufficient progress is when they will let the u.k. start talking to the eu about their future trading. until there is any kind of progress on the rights of european citizens in the u.k. after brexit and how much the u.k. is willing to pay for its financial obligations to the eu, until then, they will not even talk about the future. jonathan: let's get to the bill, itself. i guess it is progress that the u.k. has acknowledged it might have to pay but is that where it finished? behind the scenes, are they theng to construct mechanism to actually discover how big this bill actually is? is that what is happening behind the scenes? that is certainly what should be going on but we haven't gotten to that stage yet. frustrationsol

if you look at the largest activist funds, the trend line actually is somewhat flat. not a little bit down from what we've seen yesterday in terms of total campaign. but you if you look at activism in general, the trepped line is clearly up. why are we seeing this? why are the bigger funds maybe pulling back a little bit while funds in general, the just go time? >> sure. there's a couple of different things involved there. certainly some of the biggest funds, the celebrity activist that i tend to think of and many people tend to think of, some of them have had their struggles in . cent times some high profile fwale failures basically. and that i think, when you look at the assets under management, those -- that activists have, it's kind of leveled out. if you went back a few years, it was continually up. now it's kind of leveled off. the activity continues to go very significantly up. the gap is essentially being filled by what you can only refer to as nonactivist activists. they're essentially institutional investors, hedge funds, and others who are not traditionally

back to you. >> all right continue to follow this breaking story. looksike the yen is a bit firmer it was stronger to day we'll keep an eye on it. sue, thank you >>> when we return, meg whitman reiterating her noninterest in the uber ceo role via twitter. we'll tell what you she said and which other ceo is at the forefront of speculation for the job. >>> and next, amazon reporting disappointing profit numbers after the close yesterday. more from the company's quarter after this because, when you really, really want to be there, but you can't. at cognizant, we're helping today's leading media companies create more immersive ways to experience entertainment with new digital systems and technologies. get ready, because we're helping leading companies see it- and see it through-with digital. >>> hello once again, everybody. senate republicans failing to pass the so-called obamacare skinny repeal bill early this morning. senator john mccain's no vote decisive in helping to sink that bill he joined fellow gop senators lisa myrrh you could ski and susan collins

big story in the past week while we were doing summer solutions the big important moment well if you look at the timeline that was set up by barry silbert over there in new york's you know silicon alley and leader of the g b t c group he put out a timeline a chronology and at some point and right about this time wall street would embrace bitcoin and the world would change fundamentally and this is exactly what's happening now you know my point has been from day one that if you offer billions of people a currency without a flag that's a flag loose currency that has a billet each to be a store of value they're going to reject all of those flag currencies like dollars yen euro's accent or a that's that's an unstoppable force that will take the price to five thousand and ten thousand and fifty thousand one hundred thousand is our longer term projected price for bitcoin and that's happening in real time but gold to gold people rare freedom passengers you can't swing a dead cat freedom festival hitting a gold bug i can tell you that right now and they are still hesitant they're kicking the tire

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grab my hand and you look me up and down. >> that's true, at's true. >> and say myou if you can just say high, you look beautiful and i would be like great, thanks. not the whole looking up and down. >> nyle, you look dashing in that tie. >> i think that's my tie. i think trump said something about she's in great shape, the body which is -- >> right. >> like i said nice tie. >> shawn that's a beautiful dress but we're not going to go any further than that. >> thank you very much. i appreciate it nyle. we're good there. you can say that but just don't look me up and down and then say it. thank you very much. nyle standish always good to have you on the show. >> i like when we get that last question that's off the beaten path for nyle. >>> senate republicans releasing their latest version of their healthcare measure. >> let's gripping in billy win to break down some of these changes. gentlemen thanks for joining us tonight. >> pleasure. thank you. >> let me first start with you billy and let me ask you from what we've heard so far you know what

mike: when you look at the competition, there are 300 to 500 scripted shows on tv every year. are looking to break through the clutter of those shows. when we saw "the handmaid's tale ," we saw a great script, great cast and we started seeing the , episodes come in and thought we have to put our weight behind this. we started the campaign out with two ads in the super bowl. that is that level of advertising we have to do now. emily: are you only as good as your last hit? is all about finding the next hit? mike: it is important. you cannot just launch want and not have any more in the future. for us, we believe this is the first of many. we are excited what we have in development and are in production on this year. we are doing another show called "castle rock," with jj abrams and stephen king. we are doing a show called "looming tower." a lot of interesting shows coming. we hope this is not the last. emily: you do not know what makes a good show. you just have to give it a try, but there has to be more to it than that. you guys must be doing some sort of experimentation and res

those of you who ride the train may have looked around at our equipment and said, you know, it looks a little steale, right? we can do better than that and we have started some activities that will start to make our equipment a lot better. it's old, but old doesn't mean it can't be good. more of you have flown on 40-year-old airplanes than you realize, because when you walk in you don't say to yourself, man, this thing looks like it's 40 years old. in some cases you say this looks like a new airplane. and we can do that. it's not that expensive. it's not that hard, but it just requires that mind-set of think about our customers. and that's what great companies do. in a very real sense, amtrak is a government contractor, just with a different business model. we're just like a defense company, defense contractor. we're just like a highway builder. the only problem we have is that unlike those companies who can bill the government directly and bill them enough to have a profit margin, pay their shareholders, do all of those great things, we rely on what are user fees, passenger fares. b

if you look back through history, it does take a longer. bank -- a longer. period tor recover. ry late. having said that, if you actually look at the data and client behavior, it really does not look like that. reporter: if something is going to bruce's they -- to precipitate a credit contraction, what would it be? guest: was likely a geopolitical shock of some kind. reporter: when that comes, would you expect to see it first in the terms being extended in private credit commitments, or a show in public bond spreads? guest: public bond spreads. public markets react very quickly. the private markets react in a more measured fashion historically. ♪ treasury yields just backed up by 25 basis points in the space of about 10 days. would you look at that and say it is a healthy repricing, or does it represent something of? -- something else? guest: i'm not sure which of those two options i would pick at this point. it is interesting to see what happened. insurancerom an company investing perspective is we want to see interest rates continue to rise. our in-house forecast has been end

but you have to make him look like a loser. and the many things that you can do, start hurting them where it hurts. look, follow the money. oh, yeah, sanctions. yes, yes, sanctions, but as long as let's say united -- [inaudible] one of the top oligarchs, as long as his wife can run his business from yes geneva, of course, he can be denied visa access to europe. big deal. and the same. macron can say many tough things facing putin, but as long as -- is making business with russia, putin doesn't care. so putin's empire depends on the west complacency and willingness to make money no matter what. and we still yet to see the proper response from the united states and europe just making sure not so much for putin, but for his cronies that the continued aggression will have a very high price. >> what do you miss most about living in moscow? >> my mother. she lives in moscow. she's 80. it was too hard for her to to move outside russia. she has two sisters, nephews, nieces. so i have my on also -- my son also from a previous marriage. t

at china there intruding into india's borders if you look at what's really going on here my view is this is more of a play on energy if you think about the whole syrian conflict that the united states is involved in if you take a map of syria and you look at the oil and natural gas pipelines that go to europe sure looks like it's more like a proxy war over natural gas and oil rights and it's the united states and saudi arabia's big energy interests versus russia and iran has interests so there's a lot of moving pieces to this and as we see it move on the russian narrative that they crafted so neatly and the political activism by the media united states moves forward an agenda to remove the administration ok that's exactly right david i mean obviously this is the this is the tie the hands of donald trump i mean it's really quite curious i think you know he's been in office for six months i haven't heard him speak about lifting sanctions or anything else when it comes to russia except for meeting with vladimir putin and having a dialogue and on the russian side as as a point of princip

he believes the law risks leading to censorship everywhere you look on the internet there is how you treat each for defamation law and those kind of things but there is a problem when you start to try and tell private enterprise corporations to try and do it and then there's also this issue that you've got to find what it is you know for someone hate speech may be actually true for vice versa you know how do you define what actually is a reality in every single newspaper in. you never know the sun has a slant of some kind or another part of the problem where you've got a government which is essentially trying to do that for the people who are saying well this is this we don't regard as new so we're going to get rid of that for you're going to get rid of that and you need to watch this kind of news and i look at it only fru fru this kind of lens now becomes quite dangerous is essentially censorship you can call it regulation you can call it whatever you want but the reality is essentially a ship because you are censoring a certain point of view or certain set of knew when i was a she

you really look like you're in the woods there. on radar here, too, you understands how the green screen works, right? >> yes. >> all right. so alexa, we move off to the side there. so the folks can see where the rain is. so you look, look at yourself over there. isn't that cool? you can see all of the lightning, and thunder, and we will zoom in little closer, because we're going to show you where the thunderstorms are north of wilmington, delaware, now you point to where the media these is her. >> well, it is -- >> there it is, right there. in media. >> we're just masters of the obvious here. >> now, alexa, you stay there, i'll step out, i know you want to escape, but you turn to your left there, and tell me what the high temperatures going to be today. >> okay, so the high temperature is going to be 84 degrees. >> excellent. >> how about tomorrow? >> well, it is going to be 86, lower humidity. >> lower humidity, yeah. >> okay, now, sunday? >> it is going to be 80 degrees. eighty-eight. >> 88 degrees, that's right. >> and then what

if you invest looking at balance sheets, you will probably not good a right. have to get a sense of who is making decisions. in brazil, you can look through it. i think were optimistic on brazil because it is the one corruption scandal we have seen that does not seem to be politically motivated. this is one pillar of the establishment standing up and not being influenced. the judiciary is leading this. any politician that has standing and brazil is probably part of corruption because that is the way it has been. if this a long-term cleansing, that is very beneficial. short, it will create waves. i've spoken to my brazilian friends and said when it clears, we will be far better off. dave: hans humes of greylock, here with me in new york and will stay with us and we will talk about investing in russia coming up on "bloomberg markets." this is bloomberg ♪ david: this is "bloomberg markets: the trump economy." i am david gura. we are back with hans humes, chairman of greylock. i want to talk about the highly anticipated meeting between president trump and vladimir

because you find out from the look on my. island and i do you mean that you could get the joke and i doubt you could. work on. some. one on a project because. i don't want to. be off because i wasn't. happy but i don't want. me to pass. out if i decide to put them on day. who of. you. little kids you know if you don't think you will get the look you. feel you have will. find it was. about the fact. and i. think you could. be just as you. think it. was you. got those guys you know live up in a school. you can see in the village in that area there is no television. plus you'll. have you. have are welcome back yes. some of them never fucked up both up behind me. they don't understand what they know that's just. they know but they. don't understand and which waits. if the corporation comes here they will give them some salary but it's salary of misery as as before as big gents have done. i did they said well from which we've come this far because this is the system this is the system know how to changes i don't know i don't look.

looks great. it's so great that you have to wonder if it can look better. on optimism is based continued central-bank stimulus, central banks globally have added about $1.8 trillion in stimulus in the past 12 months. there is global earnings growth and the earnings yield for stocks is still beating things like the 10 year treasury. those are strong reasons for optimism. vonnie: how much depends on the likes of u.s. growth and inflation and growth in other parts of the world? we are not seeing healthy enough growth in europe or china. i think the continued growth in the united states is an important factor. if you look back across the per iod of growth since the financial crisis, this is a pretty strong time because you have growth in china, growth in europe and growth in united states. that's a pretty strong global backdrop got a time when there is earnings growth and monetary stimulus. vonnie: when you look at what might pose a wished to the equity rally, how closely are you watching wage growth? it's not because of its impact also labor unit cost which co