President trump presented some confusion on the tax cut. Business tax all the way down 35 percent20 or it could be 22 . We will see what ultimately it comes out. Shery here now with that and what this means for negotiations is our National Political reporter joining us from capitol hill. So this would be a good revenue raiser . Where are lawmakers likely to use that money question mark its far from certain that this will actually happen. President trump started with a 15 Corporate Tax rate and moved up to 20 which seems to be the redline for a lot of members of the house and the senate on the republican side. Its far from clear that they will go for the 22 . There are two senators i believe would have been happy to have heard President Trump say before the senate vote that marco rubio and mark lee who proposed to tax slightlyporate to finance an expansion of the child tax credit, the president had joined had drawn a redline but seems to be flex will now. It remains to be seen what if anything Congressional Republicans will do with that. David who is driving the boat at this point . They have to go to copper ands committee, is at the white house or the house or the senate . Two people, paul ryan in the house and Mitch Mcconnell in the senate. Its on them now to pick a list of conferees in the house and senate to meet to discuss what happens next and how they have out one piece of legislation that results resolve the differences between the house and Senate Version that can get 218 votes in the house and 50 in the senate with very little margin. The expectation is the final version will look more like the finished version more like the Senate Version than the house. Republicans have to do this all by themselves. Shery especially when it comes to the repeal of the obama individual mandate, the House Republicans would not have too much of an issue for repealing it as the senate bill does. This was anght, issue excluded from the house bill because republicans there were afraid it would mess up the senate plans. It turns out Senate Republicans were on board with them stop 51 voted for it. House republicans are likely to include that for two reasons. Most of them support repeal of this provision and it raises about 300 billion in revenue in the long term which is critical to making this bill fit within the budget parameters. This could create some problems with moderate republicans, house members who were wary of average to repeal and replace the reportable care act that are supportive of the textile and could create some issues in the goround the final with senator Susan Collins of maine who has insisted on stabilization measures that prevent premiums from spiking and Health Care Market if this is repealed. It is far from certain that the house will take up those stabilization measures. Shery thank you so much. We are looking at President Trump landing in Salt Lake City. You are now looking at the president arriving in Salt Lake City, utah and is expected to meet with the church of jesus christ latter day saints leaders and will tour the church and give remarks. David it must he must feel pretty good at the moment. U. S. Chamber of commerce has been on the front line of the struggle for tax overhaul from the beginning. We welcome the chambers chief harris,sel, caroline who comes to us from washington. You know this so terribly well. Take a look of the Conference Committee and what will be reconciled. This has come along way. What are the prince will differences from your people point of view and the businesses that subscribe to the chamber of commerce, what are the most concerned about . Encouraged by the house and senate bill which lowers rates for all businesses. I think some of the differences we will need to see resolved are the senate on friday night very late reinstated the corporate some of theg progrowth impact and we will have to see that repealed and i think we will need to see some of the International Differences were kept a major we can be globally competitive. Maybe interested deductibility to make sure thats consistent and some of the antiabuse provisions. I am encouraged, after go back to the fact that i am extremely encouraged by where we are now. Shery how do you feel about President Trump opening the possibility of the Corporate Tax rate increased to 22 . Im not sure thats where the house and the senate are. We have seen the house and the senate pass reform bills the linchpin of which is a 20 corporate rate which is lower. I dont think we need to negotiate with ourselves at this point. We will go for whats the most progress as possible and thats a 20 rate. David there has to be a negotiation between the house and the senate as to when the tax cut comes into effect. Says right away in the Senate Pushes that back. On behalf of your members, if you had to choose between 22 on one hand or getting into the immediate, which would you pick . I love it. You always make me negotiate. , iill not pick right now will let the countries come out and we just want the overall big nature from the start to be as progrowth as possible. Shery the tax bill was supposed to be simplified, it was going to be easier not only for individuals but corporations as well. We know the Senate Tax Bill is 479 pages. Do you expect any simplification here for companies questi . I believe we are moving to a simpler and more globally consistent system. David on the corporate alternative minimum tax, if you went with the house approach which is to repeal it, that will cost money in the senate can afford to lose money so where with the money come from . There is a part of the compromise we will have to see in the conferees. Money but i cost believe there are unintended consequences of the corporate cost revenueld not because they were not intended to raise revenue in the first place. They want to phase out expensing benefits after five years. Do tooes that Multinational Companies operating in that environment . It changes the timing of investment. You canause of when take into account the cost of that so it will impact the timing of investments a little bit but the encouraging thing is the house and the senate do five full years of expensing. We will have to see where that plays out in the Conference Committee. David one of the issues that was a problem on the house side was the state and local tax adoptions. The two houses have said we will allow 10,000 for local real estate deductions. Is that enough to take care of the building industry, the Real Estate Industry . We need to look at the big picture. It might be an increase standard deduction or a tax credit. If you look at the overall picture, that should be helpful. It was helpful enough to get through the house. We thought that would be a bigger problem so i am optimistic that can help us get across the finish line. Shery why our company willtives saying that they increase dividends and share buybacks instead of hiring more people come increasing wages . Is there a lack of confidence on tax reform and the benefits it will bring . I think capital goes words welcome and its welcome back in the United States. Companies will spend it the way they see fit. If that is stop if that is a stock buybacks or purchases, its better to mystically than overseas. If it creates jobs, thats also positive but the general idea is that capital goes words welcome and we should welcome it back here so companies can make the easiest decisions and the least impacted decisions. David a smiling carolyn harris, thank you so much. The tax momentum is giving a boost to the stock market. We are now seeing stocks rally to record highs, lets get the details. Julie it depends where you are looking. Indeed, the companys perceived as having a higher effective tax rate are gaining today. They are seen as benefiting from this tax cut that other companies particularly those in technology are not rising. The nasdaq has trimmed its declines but it is still lower. We have seen this continuing rotation into financials come out of technology and that has hurt the nasdaq in particular. The dow has been the big winner. If you look at the five day chart of the dow, you see this as it hitsout 3. 5 multiple records and its trading above 24,000. Bloomberg view right in a column today looking at the biggest charts across 2017, 1 thing he highlighted is the Global Market cap is now approaching 1 trillion. As a percentage of gdp p, its 130 and has now surpassed the level where it was prefinancial crisis. Its interesting that the Global Market cap is so much larger than the gdp. Chipotle Mexican Grill is having a good day today. Its one of the best performers in the s p 500. A Research Firm added it to the best ideas long list and had been on the short list and the suggestsr a new ceo the potential for transformational change will be the biggest driver of the stock over the next 1218 months. Finally, media is another area where we are seeing some strength. This is on the news that disney after discussions over requiring part of 21st century fox, there is a lot of talk about potential consolidation in media. This is a reminder of it so its sparking some buying not only of fox itself and of discovery, amc networks and some of the other media stocks. Shery big changes, thank you. Coming up, special counsel Robert Muellers investigation into russian meddling in the u. S. Election has entered a new phase. We will talk with someone who held a position like is, federal robert ray investigating whitewater during the clinton administration. Thats coming up next. This is bloomberg. This is bloomberg markets, balance of power. Shery lets get a check on first word news. Mark despite multiple allegations of sexual misconduct, Alabama Republican Senate nominee roy moore today received the endorsement of President Trump. In a tree today, judge moore said the president called him to offer his full support and told him go get him, roy. He tweeted he looks forward to fighting alongside the president to make America Great again. He has denied allegations that when he was in his 30s, he sexually assaulted teenage girls. Xwyers for the catalan president said a judge will decide whether they can be extradited from belgium to spain on december 14. Thats one week before a key Regional Election in catalonia where he is waiting his proindependence party campaign. The group has refused to return to spain to face sedition and embezzlement charges that can be punished with decades in prison under madrids criminal laws. Florida lawmakers are considering major changes in the aftermath of hurricane irma. They are meeting to discuss acer is a recommendations including extending a major toll road to help with evacuations as well as creating gasoline fuel farms. Irma ripped through florida in september and is blamed for at least 70 deaths. The first ever text message was sent 25 years ago this month. A british engineer sent the first sms from a computer to a mobile phone belonging to the ne. N director of vodapho its and please said Merry Christmas but the phones can only receive Text Messages and not some him and today, an estimated 20 alien texts are sent every day. Are sentlion texts every day. Im mark crumpton, this is bloomberg. No sooner had President Trump former National Security adviser Michael Flynn been indicted for lying to the fbi than the president went on offense. He attacked both the fbi and the justice department. You to give us a sense of what this may or may not mean is former federal prosecutor robert ray who served as a whitewater independent counsel. Welcome back. Nice to be with you. David there is a lot of speculation about this indictment but what does this mean . What do we know as opposed to speculation question mark its important to be careful here. Thatirst thing to say is bob mueller must have some sense of where general flynn can take the investigation otherwise he won he would not have offered him a corporation agreement. Having said that, its a little unclear at the moment where it might be going because a single count plea to a false statement charge by a corporate witness is a little bit unusual and generally speaking, you would expect a cooperative witness to whereguilty to the place investigators and prosecutors want the investigation to go. That is to say a conspiracy to do something, not just simply obstructing the investigation or make a false statement. Where is thele, conspiracy to engage in collusion or a conspiracy to violate the logan act. None of those things were alleged in the Michael Flynn case or prosecutors did not insist he plead guilty to any other part of it. Without engaging in speculation, really dont know where its going. Shery what sort of evidence will it take to link mr. Flynn and the fact that he was not a rogue agent in President Trump campaign with russian officials . Talking about a conspiracy to violate the logan act, its a little bit of a tricky thing. Statute thatld goes back to the beginnings of the republic. The white house lawyer has already signaled that it may well have been superseded by the federal president ial transition act which is a statute that dates back to 19 city four. That is to say that Michael Flynn is the incoming nsa director and would have had authority to engage not in Foreign Policy but certainly to have discussions with russian government officials. There is nothing wrong with that, you would expect that to happen but the logan act prohibits a u. S. Citizen without authority from engaging in certain activities including attempting to influence Foreign Government officials or, more seriously, to defeat u. S. Foreign policy. Heard from a not lawyer who says the logan act would have been a big problem for Michael Flynn. We dont prosecute people under that. Why would he have lied to the fbi . Prosecutionoid under the logan act or does it indicate there is a larger thing he was covering up . It could be that but it also could be something as simple this has been true since watergate and before administration or Incoming Administration officials obviously act in order to protect the principle which is the president. In this case the president elect. At the time, in december of last year and into january following the inauguration, there was an awful lot of Public Interest in trying to show or demonstrate that contrary to what the white house was asserting that there had been contact with russian government officials. If what he did was essentially to protect the white house, protect the conversations by not telling the truth and unbeknownst to him, his conversations were being recorded, that may be the explanation as to why he did not want to tell the fbi the truth simplyhat had occurred to protect the white house from that ifre of the fact he did tell the truth, it would leak into the public domain. Shery President Trump is now wading into the controversy with his lawyers tweeting i have because heeral flynn lied to the Vice President and fbi and has pled guilty to those lies and its a shame because his actions during the transaction were lawful. There was nothing to hide. Why in the sequence of events is this tweet so controversial . I dont for the life me understand why. Maybe i am missing it but there is no question in my mind that general flynn had contact with the russian ambassador. Those conversations were recorded. He met with the fbi four days after the inauguration. Within a day or two after, sally yates, the acting attorney general of the United States put the White House Council on notice the general fund was subject to being blackmailed because he had lied to the fbi. How did they know that question mark they had the recordings. They knew exactly what what he a talked about. The notion that the president within retain Michael Flynn after he knew that Michael Flynn headlight to the fbi gave him a Second Chance essentially to go to the Vice President and he apparently said the same thing to the Vice President and they knew it was a lie. He fired him. In corporate america, is this complicated . If you dont quite rate with a Law Enforcement investigation and tell the truth and you are accused of violating a federal felony statute, you will lose your job. He lost his job. He actually went to james comey before that and said he is a good guy. Thats the problem. It raises the question about what the president s motivations were with regard to trying to control the flynn investigation. And i thinkhat reasonable people can disagree about this that my view of that is that the resident does not have to have a reason to fire the fbi director. The president does not have to have a reason to fire the fbi director. Happened, in my mind, it would be extraordinary that a special counsel will be able to prove that the motivation the hind the firing of james comey was to obstruct the investigation. David many thanks to robert ray, former whitewater independent prosecutor. Shery still ahead, republican congressman from virginia, a Budget Committee member and what he has to say about working toward a compromise on the current tax overhaul legislation at 3 00 p. M. New york. This is bloomberg. David this is bloomberg markets, balance of power. Shery lets get it quick check of the major averages. We are seeing action out of tech stocks on nasdaq with expectations for the tech stocks to gain from tax reform are not as big so we are seeing the rally continue with financials and industrials which are leading the gains and are expected to benefit. The dow is seeing its fourth triple digit gain in five days. The dollar is a raising its losses while the 10 year yield is also climbing toward 2. 4 percent. Volatility is losing ground. David coming up, former treasury secretary Larry Summers did not mince words about the republican tax overhaul particularly the writ peal of the individual mandate particular the repeal of the individual mandate. This is bloomberg. David this is bloomberg markets, balance of power. Shery lets get the headlines with first word news with mark crumpton. Mark on capitol hill, republicans will try to hash out the differences are between the house and Senate Versions of the tax cut bill. Each calls for the Corporate Tax toe to be slashed from 33 20 and President Trump says it could be bumped to 22 in the final bill. The president was asked about his former National Security adviser Michael Flynn. The president expressed sympathy for the general well continuing to call out his onetime political rival. I feel badly for general flynn. I feel very badly. He has led a very strong life and i feel very badly. I will say this, Hillary Clinton lied many times to the fbi and Nothing Happened to her. Flynn lied and they destroyed his life. I think its a shame. Mark general flynn pleaded guilty friday to lying to the fbi about reaching out to russian officials on mr. Trumps behalf. He is cooperative with special counsel Robert Muellers investigation. For the first time in 40 years, cars have overtaken power plants as the biggest source of Greenhouse Gas pollution in the United States according to data compiled by the u. S. Energy information administration. The big change has come from cleaning up americas electric grid by moving away from coal power which has greatly reduced Carbon Dioxide emissions. A push to launch free trade negotiations and between china and canada fell flat today. The canadian Prime MinisterJustin Trudeau signaled one Sticking Point was his countrys preference for sprawling progressive tax and that they only wanted talks if they were more confident a deal could be reached. The Prime Minister and the chinese premier canceled their joint meeting in beijing with each leader instead making a brief statement and taking no questions. News, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. David thank you so much. With the Prime Minister of canada getting a Free Trade Agreement and basically says they cants that if get there, they will not go to the meeting. Its not just us who have difficulties with free trade with china. Officials refusing to even discuss this. This comes at a time when nafta negotiations are being overhauled and canada has retreated a little bit from the Transpacific Partnership and china is wanted a free trade deal with canada for a long time. Harper dide stephen not think you could find fair trade with china. They have been refusing this for quite a while. David trade is terribly important for canada with jenna with china. Lets turn to the tax legislation. Whatands could die is repealing the obamacare individual mandate will mean according to Larry Summers. Wroteiece yesterday, he if anything, my claim that over an unspecified arising, thousands would die takes to serena view of the tax bill. If weted out asking should spend more on health care than we already are . This is how he responded. Lives by causing more people to be insured because then they get care faster and the get care better and it works. For them. You see that when you look at of expandedns Health Insurance in massachusetts and other states. There have been a variety of studies. Youve got to do it efficiently and without cost control. I am citing Research Done by people who worked in republican administrations that has been peerreviewed and if you take that research literally, it would probably imply 10,000 lives per year, i think there many qualifications that its best to be cautious. I think my statement that thousands will die in the future is a very conservative estimate of consequences of this bill. Thats a very serious thing. I sympathize with the people who worry about the various design issues in obamacare. I sympathize with the people who think that ultimately we got to get Health Care Costs under better control even with the progress we have made in recent years. Right cannot be that the thing to do in the United States is to throw 10 Million People out of having Health Insurance. Of morea prescription people to die. This is not a hypothetical thing. They used to be in the United States until 10 or 15 years ago that if you look at Life Expectancy for people in the upper part of the income just review should like you and i and people in the lower part of the income distribution, they all moved together. Now, there is a really sharp divergence. Progress continues for people at the top and progress is basically stopped for men below average. Thats got to be a sign focusing on Health Equity is something that is essential for us to do. This is just a step in the wrong direction on that. David you have also said the tax approach in general is in the wrong direction because we will not get this economic bywth thats being projected some of the republicans and some conservative economists. How confident are you . There are no certainties about what will happen in the world. It might be 70 degrees on Christmas Day in new york but it would be a crazy thing to make your base forecast. Who knows what the growth rate will be over the next 10 years . Wees what we do know know that a whole variety of nonpartisan groups with real tax expertise have studied this bill and think its impact on growth is less than 1 10 of 1 . 32 expertat economists were surveyed by the university of chicago, hardly a liberal stronghold, and of expressed a view that this tax bill would substantially increase growth. Then we know that when jason furman and i tracked down the footnotes of the letter written by prominent republican economists, the footnotes did not say what those authors had claimed about the long run impact of the bill on economic growth. I think were looking at a world where anything is possible but where you cannot look at the Available Evidence and think that claims that this bill is likely to pay for itself an increase growth are other than crazy stuff. This is pretty serious. I was struck yesterday watching meet the press to see senator that itmake the claim would raise revenues and to rely on republican economists, glenn hubbard, for the claim. In earlier writings, they contradicted the idea of self financing tax cuts. To have given some support to that idea in their most recent thing but with the problematic footnotes i mentioned. I am confused about where they stand. David you are an eminent economist. In effect, if there is significant growth, what mightve gone wrong in the consensus analysis . There are two answers to that. The most likely answer would be that we cannot predict how quickly technological change flows into the economy and what happens to productivity. 3. 5 owth turns out to be over the next 10 years, i think it will probably be due to the way in which technology created a rush of productivity like it did in the 1990s, frankly not due to tax policy. Thats the most likely happy scenario. The alternative scenarios that somehow i have missed this and this will create some much optimism and so much good feeling and businesses that able just engage in a big surge of hiring and a big surge of investing. I was at the wall street journals ceo Council Conference two or three weeks ago. The president s chief Economic Advisor gary cohn was there. For the taxp talk bill as you would expect him to. There was some enthusiasm from a group of ceos as you would expect. Then he asked how many of you would significantly increase your investments if the tax bill passes . Only about 10 of the people in the room raised their hand. He said, come on, there must be more of you. A couple more out of a hundred raised their hands. It was the most visual repudiation of this view that cutting taxes is the key to setting off a boom that i have ever seen. We had a boom i worked in the Treasury Department in the 1990s. That boom was certainly not set off at these kinds of tax cuts. It was very much the contrary. It was set off at the government level by fiscal prudence. Saw an think we experiment with tax cuts recently with the george w. Bush tax cuts in 20012003. A mediocre bubblebased economy give way to financial crisis. Evidence forhe this view at all. David that was former u. S. Treasury secretary Larry Summers. Shery coming up, we have to keep waiting for the results on brexit. Could there be an agreement before the next meeting . This is bloomberg. David this is bloomberg markets, balance of power. Deal, london and brussels failed to negotiate a much breakthrough on brexit today. Despite our best efforts and the significant progress, we and our teams have made over the past days on these issues, it was not possible to reach a complete agreement today. Shery the talks derailed over the volatile issue of the irish border and the European Commission president stressed that he remains confident a compromise can be reached before the European Council meeting next friday. Brussels where we have one of the key players. Hi there. Eurozone finance ministers at the meeting to elect a new head of the euro group and im delighted to stay on now joined exclusively with the new head of the euro group. He is also the finance minister of portugal. Delighted to have you with us and thank you for joining us and congratulations. Thank you, it has been a great delight. You will take up this post in midjanuary. You reach this position partly as a result of the french support for you. Are you in favor for the french push for deeper eurozone integration . Thank you, yes, i will be in charge of the first meeting of 2018 on the 22nd of january. The proposal the president in hishas put forward latest speech, they are very important. We have to take them on board of course. As much as the proposals are threatening [indiscernible] we have lots of ideas. About the good thing europe these days. We have a strong economy, all Member States of the eurozone are above 1. 5 for the first time in many years. We have a balanced budget surplusand a positive and we have the ability to make the euro area grow faster and period of time. We have a long debate ahead of us but its also important to note that the time when do we have following the electoral , the in several countries political cycle just beginning, we need to take it vantage of that and implement ambitious reforms. Which of them do you prioritize . You said you want to get consensus within the eurozone and that will be part of your role but what do you write or ties what do you prioritize . Want europe to become more like the imf . Being a chair of the euro group, after be the generator of consensus. My opinion is important but im more of a listener now. What is your opinion . Translate whatn has been going on in the euro group in the last couple of months. Union and the issues in the financial sector, the reduction and damaged sharing measures which i prefer to call better Risk Management within the area and certainly the issue on the stability mechanism. Other totrengthen each allow them to respond to different needs. I think these are the main priorities. Then we have a discussion on the issues a discussion on that we will make the eurozone the larger, more sing more stronger economy in the world. Were also hearing from officials that eu finance ministers will discuss the u. S. Tax plan over breakfast tomorrow. What exactly will they discuss . That wevery important have to discuss big economies. It will be a very general itcussion on the impact might have in the world economy. We think its really important for the euro area to follow developments around the world. Pushing for ap stream of very positive figures that have happened lately in terms of our economy. They need to be considered. The domestic policy of the u. S. Is of major importance. Interesting what you say about eurozone competitiveness. How does the eurozone stay competitive if we get the tax cuts in the u. S. . That will be a change. We have a very strong fiscal position in the eurozone. Important to are bring confidence to the market. We have to continue mitigating circumstances in the eurozone to of all membernce states. We need to grow at a faster rate and come up with a more coherent policy as a whole for the eurozone. Parts ofe essential this is the Financial Stability which can only be achieved if we policy thate fiscal we all agree to. Is the ultimate goal fiscal union . Yes, it can be. One of the following steps to be together. We need deeper discussions on that. Some issues of already arise in previous meetings. It is a long ways to get there. Thats my perception. Have eu tax harmonization, could you put a figure on what would be sensible, 25 or lower . Its difficult. How it been discussing relates to Corporate Income tax. Put forwardexample, some initiatives in that direction. We are still building on that. Its too early to say. You were talking about Financial Stability. Its also early days for a certain assets, bitcoin. I know you are not a regulator but are you concerned at all about the impact of bitcoin on eurozone Financial Stability . Some of the european regulators and other regulators have talked about it and discussed a very recently. I think they are aware of it and are following it. Finance, i amof that they are really overseeing the general picture. Trouble if we go into trouble with some sort of bubble in the financial markets, that will be not pleasant. I think the regulators are much more aware of that. Thank you so much. Portugalce minister of in new head of the euro group with me in brussels. Shery thank you. Great job. David we will travel from brussels back to washington, d. C. This coming friday, the was government will before to shut agreef lawmakers cannot and democrats have to agree with some republicans to keep it open but Mitch Mcconnell said he was at confident it will not come to that. A theres not going to be government shutdown, its not going to happen. I dont think the democrats would be smart to say they want to shut down the government over a nonemergency we can address any time between now and march. Thats a very untenable position. David nancy pelosi and chuck said they have agreed to sit down with the president and republican congressional leaders on tuesday to reach a spending deal. Go to capitol hill now. Is Mitch Mcconnell right to be that confident . They are in a good spot and they are trying to kick the can december 22. Until then the hard conversations about immigration, levels of andding, and the military nondeficit spending, those conversations will happen before december 22 hopefully after they passed the big tax bill. Shery how likely is it we will see a daca measure . Will that be tied to a spending bill . Its unlikely it would be on a spending bill this week. I dont think that will happen before friday. However, there will be a lot of pressure to include on the next spending bill that they will have to do on december 22. I dont think they are in a position really have a product thats ready for prime time. Republicans cannot agree amongst themselves and they want to do more on Border Security instead of just providing protection for the socalled dreamers protected under the daca executive order. Chance thatis it they dont do this on the eve of christmas and kick it over to next year . If they do a continuing resolution on friday, thats gets him to december 22 and i will have to do another one to get them through january. There is no way theyre spending bill, the actual on the bus on the bus on the bus omnibus david bill can go through. David it sounds like we should not hold our breath. Jeremy siegelup, is joining us next on his outlook for 2018 markets and bitcoin, dont miss that at 2 00 p. M. We can never stop talking about bitcoin. Its a home the world. Shery its a whole the world of shorting the coin. That might look attractive. You can catch all of our interviews on the bloomberg with tv and find breaking news, charts, related functions and you can talk to us directly if you want. Pose a question and we were and we will do our best whens writ. Live from new york, this is bloomberg. Fit into a company in the new york and 7 00 p. M. In london. Im scarlet fu. Welcome to bloomberg markets. Scarlet we are live from bloomberg World Headquarters in new york. Here are the top stories we are covering on the bloomberg and from around the world. Tells5,000,jeremy siegel us why he is nervous come 2018. The major media merger possibly in the offering, walt disney set to renew talks over requiring a major stake in 21st century fox. Frome waiting on remarks President Trump in Salt Lake City after a weekend twitter storm over the russian investigation. Markets closing in two hours and julie hyman has another look at tech. Julie toy 5000 not far away at all. The higher we go, the easier it gets, each incremental move to another 1000. The dow is uprm