Julie nafta talks continue. Canadas minister of Foreign Affairs sees cautious optimism. I think a winwinwin outcome can be achieved. Julie some of the worlds most valuable Companies Report earnings. We have not done a deal in 3. 5 years, but this one was too good to pass up. We have shown we have what it takes. I think there has probably not been as good a time to be in banking in the three main economic blocks. Julie it is all straight ahead on bloomberg best. Julie hello and welcome. Im julie hyman. This is bloomberg best, your weekly review of the most important Business News, analysis, and interviews from bloomberg television. Monday, investors watched with keen interest as canada, mexico, and the u. S. Concluded their sixth round of negotiations over the north American Free trade agreement. U. S. Trade representative Robert Lighthizer struck a chord of optimism, saying the latest round of nafta negotiations wrap up today. They made progress, but we are still not friends. Contentious issues remain. The u. S. Trade representative, while more upbeat than in the past, is continuing to say mexico and canada are taking advantage of the u. S. , citing import and export data, and called on both countries to help modernize nafta and rebalance trade. While he is willing to continue the negotiations and he says they have to move faster. The Canadian Foreign minister was upbeat, saying they have made progress and is pleased with what they accomplished. The mexican economy secretary said the three sides basically are close to being able to make a deal. Jamie dimon, warren buffett, jeff bezos planning to join forces. Jp morgan, berkshire hathaway, and amazon announcing a way to collaborate on Healthcare Services to their employees. Aetna, pfizer, cigna all falling on the news. What do we know . Three big companies, more than a million employees, teaming up and saying they will do Something Big and health Something Big in health care. We dont know what. We see them expressing frustration. Investors have been worried that amazon will get in. So you bring all these complementary strengths into health care, it will be interesting to watch. Mr. Speaker, the president s cabinet. We are waiting for when the president himself will come to give the state of the Union Address. Officials say President Trump will deliver a unifying message tonight. President trump tonight, i am extending an open hand to work with members of both parties, democrats and republicans, to protect our citizens of every background, color, religion, and creed. [applause] President Trump the era of economic surrender is totally over. From now on we expect trading relationships to be fair and very importantly, reciprocal. [applause] President Trump i am asking both parties to come together to give us safe, fast, reliable, and modern infrastructure that our economy needs and our people deserve. [applause] does this change the equation at all . No. [laughter] i think there are so many problems they have to solve, taking on infrastructure is not going to happen in this congress. The longer he can keep up a performance tonight and play in like tonight in play of the public eye, the more successful your he can have. I think it will be difficult. The polling is against him, democrats are committed to fighting, and they have party lost a lot of americans. No surprises from the federal reserve, leaving the rate unchanged, while hinting at a rate hike in march. There were subtle, but important changes in the fed statement where they referred to expectations for a gradual adjustment of policy and gradual increases in the federal funds rate. This time, they added emphasis, referring to further gradual adjustments and further gradual increases. That does not seem to change the meaning of those sentences, but does attract attention and emphasizes expectations for further rate increases this year. I dont think there is any question the fed will be raising rates. It is only a matter of how many times. It may not be that dramatic a change, but it does say that the Jerome Powell fed will be raising rates. He had to have signed off on it. Facebook reporting another quarter of record revenues despite a dramatic drop in users following changes to its biggest moneymaker, the news feed algorithm. One of the most important things we can do is to make sure our services are not just fun to use, but good for wellbeing and society overall. Mark zuckerberg did a great job explaining what they are doing with the feeds. You saw record margins approaching 70 , and Mark Zuckerberg has been tempering higher earnings with growth, etc. , but he has always outperformed. My money is they can raising they can raise the quality of engagement. Scarlet apple reporting fiscal firstquarter revenue 88. 3 billion, analysts looking for 87. 3 billion, and iphone units sold, a miss, 77. 3 million. I just got out of the meeting with tim cook at apple park, these are the first earnings from their new campus, asked about the iphone x. He said it was the most popular iphone. They launched in november. It has been the topselling iphone every week since they launched. He couldnt be prouder. At first we got the numbers at first we thought the numbers were not very good and a weak forecast, but the average selling price of almost 800 implies that when shoppers are buying an iphone, they are buying the top one, and that is apples goal for this quarter. The yield is now above 3 and the 10 year yield is the highest in almost four years ahead of the january jobs report tomorrow. What is driving this in your mind . It is the good data, the idea that if the fed will only the hike three times this year and once next year, that is not enough and maybe they are behind the curve. The surprise in this move is not so much 2. 75 plus or minus yields on the 10 year, it is that the curve has steepened a lot this year. Thats the question i keep getting, how come it keeps steepening when the fed is still hiking and we still have relatively low inflation. Even though it is picking up a little bit. U. S. Employers added 200,000 jobs in january and wages rose the most since 2009, increasing 2. 9 , even as the Unemployment Rate remained at 4. 1 . We have 2 unit labor costs and hopefully 2 inflation. It does not factor in the weak dollar. I think it basically means we are approaching that magical number at which the fed will continue to raise rates. In the last 70 years, we are we have never seen the Unemployment Rate at 4 when deficit spending is set to increase from 4 to 5 , so you have an economy running hot. Do you see 2. 9 as sustainable . That is the great question. We are excited to see the 2. 9 wage growth number. It is what we have been talking about for the last year. It was really the impetus for our tax plan, to create sustainable wage growth, something missing for a long period of time. We are excited to see it this month and hope it is sustainable. We dont want to say after one month that we have done it and it is successful. We hope it is the start of something new, real, and good, and it will need a couple of months to reaffirm we are seeing which growth in the United States. Julie still ahead bloomberg best, more analysis come Alan Greenspan on the fed, donald trump state of the union message, and canadas perspective on nafta. Plus, a deeper dive into earnings from Tech Companies and some big european banks. Up next, more of the weeks top business headlines, two Beverage Companies combined in a move that could shake up the industry. They said a gives them unrivaled distribution capability to reach every point of sale in north america. Julie this is bloomberg. Julie this is bloomberg best. Im julie hyman. Lets continue our global tour. On wall street, a major bank announced plans that raised as many questions as it answered. J. P. Morgan has named two people as copresident s, positioning them to succeed jamie dimon. They will take the role from jamie dimon, who says he plans to stay in the top job for about five more years. This there is a running inside joke at jpmorgan that jamie dimon is always saying five more years, but here we have this clear step of promoting people to take over that role. These guys will jump in if something happens to jamie dimon, whatever in the next five years, these are the guys ready to take over today. That is very important. Given their age, if you look at gordon smith, he is not that much younger than jamie dimon himself. He is almost at retirement age in five years, so that would kind of disqualify him. It is more likely that it comes down to two women, the cfo, and head of asset management. Big news on the beverage front in a deal that brings dr pepper brands under the same roof as the keurig singleserve coffee system, creating a beverage giant. It will be called keurig dr pepper. This goes beyond warehouses. If you think of markets across the United States, you have Green Mountain coffee there. Derek has curated has an ecommerce agreement with amazon and other companies, so that is great. The company did say this gives them unrivaled distribution capability to reach every point of sale in north america. It is a great crossselling opportunity. The latest in a battle, sanofi outbids for a belgian drug maker in a 4. 8 billion deal that gives sanofi a blockbuster drug for blood clotting disease. It has been inactive week for them. It has been an active week for them. It is interesting from a company absent from the deals front. They tried their hand at a couple of transactions twothree years ago. That did not work out and they walked away, but now they delivered this knockout punch today to another company who had previously bid for this assets, asset. They came in with a low bid they said they did not like, and that left the door open for sanofi, a week after they spent top dollar, about 12 billion, on another acquisition. It shows the direction they are going in, this new area of hemophilia blood diseases, and that is where the growth is. Another hacking incident in japan has led to big swings in bitcoin and calls for stricter oversight of digital currencies. Coincheck was hacked for almost 500 million in digital tokens. The heist is still reverberating through cryptocurrency markets. The boj has been subdued when it comes to this craze in cryptocurrencies, but tell us about the bojs position at this point. Regulations in japan happened regulations in japan have been forward looking. Japan was one of the first to actually adopt rules for the use of bitcoin, and even taxation rules back last year. This will most likely make authorities take another hard look at whether those rules are actually going to work. Scarlet cryptocurrencies are plunging along with many assets, but bloomberg reported u. S. Regulators are scrutinizing a Virtual Currency venue and a company that issues a widely traded coin. When it comes to tether, this Company Issues a coin pegged to coin pegged to the u. S. Dollar, so what are the concerns surrounding tether . As the peg implies, for every tether created, there should be a dollar in the bank account controlled by the company. They have issued more than 2. 3 billion tethers now, so there should be 2. 3 billion in the bank account. They have not been willing to let their books be audited and there is concern that they are printing tethers without the backing of the dollars, and then going out and using the tethers to buy bitcoin. That is what we understand they would like to know more about. The u. S. Published a list of 210 russian billionaires and top officials close to president Vladimir Putin, part of a sanctions law designed to punish russia for interfering in the u. S. Election. President Vladimir Putin called the list and unfriendly act. Does the Market Reaction tell us this report on russias elite may be milder than what was expected . Yes, that is exactly right. The fact the list was so wideranging, it included every single russian billionaire and every single top russian official, excluding Vladimir Putin. The interpretation here was the Trump Administration isnt serious about going down this road, that they will not sanction any of these people. Prime minister theresa may is trying to secure good trade relations with china. She brought the largest delegation of politicians and Business Leaders to beijing, where she discussed the future of u. K. Chinese relationship with the chinese premier. We agreed to joint review of trade and investment, which i think is a good step towards looking towards what our future trade relationship can be. Talking about the liberating effect of brexit that could help ties between the sides. David cameron promised that golden era of relations with china. Are we approaching a golden era . For the chinese it is tricky because they would like nothing more than to have the u. K. Split off from the eu, weakening and major global rival. From an economic point of view, it complicates things. In terms of investment decisions, as they do everywhere else, so it is a tricky situation for them in particular. There are a lot of conflicting interests. The indian finance minister delivering his budget speech to parliament and focusing on farmers and the rural population as Narendra Modi looks to win over voters next year. Whats the highlights for you this morning . What the budget has told us is that 225 billion will be spent on rural infrastructure. Last year, the whole budget was nearly 340 billion, so that shows how much Infrastructure Spending will go on. That means the fiscal deficit numbers have gone already. We are hearing for this year is going to be 3. 5 of gdp compared to 3. 2 , which was what was targeted. Next year will be 3. 3 compared to a target of 3 . So clearly consolidation is in search of votes. Ray dalios hedge fund, bridgewater has boosted its bets against the italian Banking Sector to 3 billion. What is he betting against . Mostly italian financials and banks. The trigger seems to be italian election in march. Although he has been running these bets over the last three months when he wrote he had 1 billion in shorts against italian companies. Is it time to do this when you look at how the tying when you look at how the italian Banking Industry fair this year . It seems to be a contrarian bet. The italian index is one of the best performing this year. The banking index is up 14 , so so some of his bets might be painful for bridgewater, but it looks to be a topdown macro call on the country. Julie welcome back to bloomberg best. Im julie hyman. The sixth round of nafta talks wrapped up this week and commitment to resume discussions next month, but many points of contention remain. Canadas Foreign Affairs minister discuss the situation in an interview with michael mckee. I think that my view, which is similar to what both of the others said on monday, is we all felt that we made some real tangible progress with the anticorruption chapter closing, very significant, and that was good news. And we made some progress on the most difficult issues come at the areas of the unconventional u. S. Proposal where we managed to start a real conversation, and that is progress, and that is a good thing. Having said that, significant differences remain. , ihave some hard work to do believe it is absolutely possible. I think a winwinwin outcome can be achieved, but our approach and candidate is hope our approach in canada is hope for the best, prepare for the worst, and we are doing both. One of the central messages was that the negotiations are moving too slowly. Do you agree . If so, how do you speed them up . Look, all of us would like the negotiations to be finished as soon as possible. The economic relationship inside nafta are a central to all of re central to all of our economies. We would like to resolve this as quickly as we can. We are all working extremely hard. Is ag said that, it complicated deal with complicated elements. There are some areas where there is a big gap. Candidate is working hard to find ways to bridge that gap. We are going to continue to do that. People have been concerned that it is so complicated and moving so slowly that you run up into the mexican elections and u. S. Midterms. He said we are not putting a deadline, we can go through those. Does canada agreed that you can talk through those elections and that this could go into late 2018 or 2019 . From the outset canada has said we are not putting any artificial deadlines on these talks, so our objective is to work as hard as possible. We are throwing tremendous resources at these talks and are working with goodwill and all possible faith, but artificial deadlines arent helpful to anyone. Julie coming up on bloomberg best, more of the weeks corporate earnings reports and revisit more of the weeks most compelling conversations. When Alan Greenspan was fed chair, he warned about irrational exuberance in the market, so what is he worried about today . There are two bubbles, a stock market bubble and a bond bubble. This is bloomberg. Julie this is bloomberg best. Im julie hyman. No surprises from the fed this week, as the fomc voted unanimously to hold rates steady. It was Janet Yellens final policy meeting before Jerome Powell takes the reins as chairman. Former fed chair Alan Greenspan joins bloomberg tv on fed decision day and talked about the challenges facing Central Banks in the global economy. And the global economy. I dont want you to pontificate on what Jerome Powells to do list is, but you can talk about the underlying theories of the phds at the eccles building. Does Alan Greenspan still believe in the phillips curve . I never did. [laughter] well, with the sainthood of the phillips curve right now, being as honored as it is, which model should we use as we move into the rest of this decade . Well, let me just say this. There was a big dispute in the 1990s about the phillips curve. The phillips curve was supposed to basically engender inflation as the Unemployment Rate fell. Well, the Unemployment Rate cap the Unemployment Rate kept falling, but productivity was accelerating at the time. Unit labor costs didnt move, and we had a period where the phillips curve did not work. The phillips curve presupposes a certain fixed rate in productivity growth, and that is not the way the world works. We are missing that right now. Speaking of the 1990s, you used the term irrational exuberance to describe the bullish sentiment that was driving up stock prices during the dotcom bubble. You used the term in 1996. Do you see any signs of the irrational exuberance today . Let me put it to you this way. I think there are two bubbles. We have a stock market bubble and we have a bond market bubble. At the end of the day, the bond market bubble will eventually be the critical issue. But for the shortterm, it is not too bad. We are working towards a major increase in longterm interest rates. That has a very important impact on the structure of the economy. Inrlet you dont believe the proclamation that a bear market has begun in bonds . So this move toward 3 , if we do get there, it can sustain itself. What is behind that . Whats behind the bubble . Well, the fact that, essentially, were beginning to run an ever larger government deficit. Remember, we are talking now about deficits close to 1 trillion, but debt has been rising very significantly. If you wanted to take the Congressional Budget Office figures at face value, were going to run through the peaks of where we were during world war ii on the ratio of federal debt to gdp, which is extraordinarily hard. I think we are not paying enough attention to that. President Donald Trumps state of the Union Address commanded plenty of attention in washington and on wall street this week, both for its style and substance. We discussed the speech in and analyzed claims about the u. S. Economy with several guests on bloomberg television. Lets start with erik schatzkers interview with longtime trumps friend and trump friend and supporter billionaire investor tom barrett. This was the president s opportunity, lets call it, to strike a tone different from the anger and frustration we have seen in his tweets. How do you think he did . I think he did a terrific job. The bipartisan atmosphere is never going to gain applause from all sections of any audience, but he did what everyone was hoping for. His cadence was smoothed his his cadence was smooth, his delivery was perfect, he was on script, beautiful, touching, emotional american stories. The focus of the policy issues was soft in tone, dreamers is a big issue for everybody, so attacking that in a sophisticated way was difficult. For the world watching and saying we need an emotional peace from this leader, and they got that. The president likes to take credit for the strength of the stock market. He did it in his address to congress. Isnt that dangerous . Sure. Sure. Look, he deserves credit for continuing to steer. The economy, president obama also deserves credit for starting the process. Its an aircraft carrier, it doesnt turn on a dime. But i think as part of what the president needs to do, which is instill in us confidence and hope and enthusiasm, an ability for entrepreneurs to invest. Right. But if you hitch your wagon to stock prices, stock prices go down, you own it just as much. I dont think he is worried about that. I think he is worried about getting enthusiasm behind where we are at the moment, and where we are at the moment is the best it has been a long time. Regardless of who deserves credit, it is the best it has been a long time. We have been hearing from the president , taking credit for the economic recovery, talking about stock markets hitting record high after record high. But this is essentially a chart that shows the disconnect between consumer sentiment, which is rising, and the president ial approval, which as we know is the lowest in recent memory. How much can President Trump take from this recovery in terms of credit . The second part of my question is how do you explain the situation where you have people feeling better about the economy, but also feeling not so great about leadership. On your first question, people always overrate the impact the president has on the economy. Very few of his policies were in place in 2017, and in fact, the u. S. Growth surprise has been smaller than the growth surprise in other advanced economies. That is why you have seen the weakening dollar, because europe is leading the global recovery, and at this stage, the United States is a follower. In terms of those Consumer Confidence numbers, what i find interesting is they have been somewhat disconnected from the actual economy. Consumer spending is growing much less quickly than you would predict based on the Consumer Confidence reports people get. They are telling surveyors one thing, saying they are confident, but when they go to spend their money, theyre not spending in a way that is consistent with that. My bottom line is i wouldnt pay a whole lot of attention to the confidence, to have the economy grow on a sustained basis, to have productivity growth, wage growth, we will need the fundamentals. You cant just levitate yourself on optimism and hope. Julie you are watching bloomberg best. Im julie hyman. Lets resume our round of corporate earnings reports. Tech companies from around the world released results, including chinese ecommerce powerhouse alibaba. Alibaba shares reversed losses in late trade after earning and beating expectations. They also announced 33 financial. What are the Key Takeaways for you . This is a mixed bag of earnings for alibaba. They did beat on guidance and revenue and earnings, however investors were really concerned about the massive increase in investment. Jack ma has been pouring billions into his Offline Retail vision, as well as investing in Artificial Intelligence and spending heavily on content. Even though alibaba says that these investments are key to the longterm profit driving centers of alibaba, investors are still concerned about the margin pressures here. We did learn that alibaba will be taking a 33 stake in a finance affiliate, which means they are finally slopping the swapping the profitsharing agreement for an actual equity stake, which could pave the way for an ipo. Amazons hiring an extended trade, reporting its Quarter Sales growth. That was dominance in ecommerce and cloud computing, even as it pushes and to other businesses. It was a blowout across the board and it continues to show this dominance. Absolutely. Its across the board. If you look at results from whole foods, aws, from thirdparty seller services, subscription services, advertising, robust growth across the board. Theyre executing better than what we anticipated on some of these challenges. It was a very different show for alphabet. What went wrong in the most recent quarter . So, if you look at their growth, which is off advertising demand, it was pretty strong. The place where it is coming from is more problematic. Thats where the traffic acquisition costs they have to pay is higher. And those increasing costs, the expectations are that some of these costs will slow down in terms of growth in the coming quarter, but you feel this will go to google for the next couple of quarters as an overall from a profitability standpoint. Microsoft tapping analyst estimates, helped by growth in corporate cloud software. A text charge caused the company to report a loss. What are your takeaways . The big takeaway to me is accelerating growth. The Cloud Business is growing 97 , 98 . It is hard to imagine the business that will grow even faster, but that is what we saw. I think it shows that Satya Nadella has done an impossible job of turning the battleship that was microsoft, changing the culture, and not too long ago, we were talking about was microsoft going to be microsoft 10 years from now, and now we are seeing a company that is doing terrific under his leadership and doing things that Steve Ballmer couldnt get done. Europes largest Software Firm just got a little bigger. Sap has agreed to buy Callidus Software to bolster its growing cloudbased business. FourthQuarter Sales were in line with projections, and new cloud bookings grew by almost a third. I remember covering sap as a young reporter, 15, 16 years ago. At the time, acquisitions were a massive part of the strategy. Is this a come back to that old company . You are still young reporter. No, it isnt. We havent done a deal in three and a half years. But this one was too good to pass up. This is a company that helps us define this customer driven growth revolution. Every ceo wants to be in touch with their consumer, they want to protect the privacy of that consumer, they want to interface with them on any channel in any device. This completes us, in a certain sense, as the market leader. Calida spills an important space fills an important space and it will take over. Samsung electronics surged after it reported record quarterly profit showing its chief business pulled in more revenue than intel. The maker of Consumer Electronics also unveiled a 501 stock split, during which the they draw the curtain on a mental year during which heir apparent was jailed in connection with the peddling scandal. What we got today was the consolidated operating profit, but also net income numbers, which is below estimates. We also got the division by division breakdown. We had some standouts in the chips, which is the flagship division, operating profit more than doubled from a year earlier. Mobile is down, we could get a pop with the f9 coming out. Keep in mind they are a contract supplier of oeled screens. They had a pick up in operating profits. Lets talk about deutsche banks shares, in the company suffering a biggest intraday drop since july, tumbling to the lowest level in 20 years. Lowest level in seven years. Fixed income trading, the largest source of revenue, went from. Both in terms of the revenue line, which came well below expectations gone , and its costs. Suddenly the cost control isnt what it was before. I am more confident this year than last year. I dont think any bank can anticipate what happened last year. Although we are very disappointed with the year on year and quarter on quarter, we seem to have gained some market share, which is perhaps reflective of the fact that we are in this recovery phase. Right now, though, i think there has probably not been as a good a time to be in banking and the in the three main economic blocks. The macroeconomic backdrop is marvelous. I think client activity levels are picking up. Much more so on the corporate side than on the institutional side. There are some drivers on the institutional side, particularly looking forward to euro rates going positive again, which i think will drive a lot of activity. Santander has been estimates beaten estimates with fourthquarter net income, thanks in large part to a Strong Performance in latin america. The brazilian unit saw 26 jump in earnings. I spoke to the chair about the numbers. It has been an outperformer. It has taken us from 14 to 17 , and we think it is the right way for customers, digital, doing really well. Very good performance in brazil. Mexico also. All of latin america has done very well. Do you worry about protectionist measures taking force in 2018, after we heard noise from President Trump . As i say, when i look at his reactions, and what the u. S. Has done in terms of the economy, it is pretty good. Ing group, the dutch financial behemoth, coming out with Fourth Quarter underlying pretax profit of 1. 56 billion euros. That compares to an estimate of 1. 6 9 billion. Ing misses estimates on profits. If you look at our overall momentum, it is quite good commercially, because we had 500,000 customers and now in total 37. 6 million customers, of which 10. 8 million are really primary customers. We are happy with that. We are also happy if you look at the whole year that we have generated 27 billion of new net loans and 19 billion of new net deposits. All of these numbers are good. If you look at the whole year, it is good. If you look at the Fourth Quarter commercially, it is also good. In that sense, we are quite glad with the development so far. Eli lilly, fourthquarter earnings raising the 2018 outlook due to tax reform. It says it will free up 9 billion in cash. What will you do with 9 billion in cash . We will put it to work first investing in our own operations, plants, labs, r d projects. The second priority is building our pipeline, looking at Development Acquisitions that can add to areas like oncology, diabetes, and nerve science. Finally, if we run out of ideas, we will give it back to shareholders. Tax reform does allow us access to cash, and i think it levels the Playing Field for American Companies against our foreign competitors. Our industry is half american, half foreign, and this is a strategic benefit for us now that our tax rates are competitive, we can invest at a similar rate to foreign competitors. Novo nordisk, the ceo and chairman are stepping aside as the worlds biggest maker of diabetes medicines, another year of muted growth. Products face competition and price pressure in the u. S. , a familiar story. You have a tail wind in the u. S. With tax reform. Can you quantify the effect of the tax bill on novo nordisk . We expect that we will have a lowering of our effective tax rate by 1. 5 , with an effective tax rate of 21 . We are already investing in the u. S. , building a 2 billion usd plant in north carolina. We see a strong opportunity, and we are investing also based on lower tax rates. Europes Biggest Oil Company has delivered fourthquarter earnings ahead of estimates, led by upstream and shell. An adjusted report of 12. 3 4. 3 billion, its best profit in three years, the with a surprise drop in cash flow. Altogether, the year has been successful. Earnings close to 16 billion. I think we have shown that we have what it takes to be a worldclass investment. Altogether on a cash basis, we came out to 39 billion after working capital adjustments. We have been able to pay down the debt quite a bit. Im very, very confident that we can meet the commitments and promises we made for the end of the decade, which is 25 billion to 30 billion organically. Oil stocks falling short of investors hopes, exxon mobil chevron reporting below estimates. Whats going wrong . This should be a really good time for big oil right now. We have the Oil Price Rising so much. But what you saw, especially with excellent, was being heard xon being heard on the downside, the chemical refining business, especially outside the u. S. , it has been a big struggle for them after that they collapse in the margin. Im looking at jpmorgans page on the bloomberg here. Jamie dimon obviously at the top, his title as chairman, president , and ceo. Naming him as copresident , they are in line to succeed him. There are a lot of women on this page. I just pulled up the ddis screen, the debt distributions screen on the bloomberg. You can see what shalls got in l has got in terms of outstanding debt, and when it is coming due. There are about 30,000 functions on the bloomberg, and we always enjoy showing you are favorites on bloomberg television. Maybe they will become your favorites. Here another function you will find useful, quic go. It will lead you to our quick takes, where you can get important insight and fast into timely topics. This one from this week. For maximum protection from polio, three inoculations, the second given not less than two weeks after the first. A minority of parents believe the most lifesaving medical advancement in history does more harm than good. This group has undermined progress against diseases in europe and the u. S. , and Health Officials worry about further setbacks, considering who has endorsed these discredited link between vaccines and autism. Two and half years old, a beautiful child, went to have the vaccine and came back, and a week later got a tremendous fever, got very sick, now he is autistic. Heres the situation. The vaccine backlash took off in 1998, when the medical journal the lancet published what turned out to be a fraudulent study linking vaccines to autism. The journal stripped the article the journal retracted the study in 2010, and stripped the article and the doctor was stripped of his medical license, but the idea still took hold. Preventable diseases are on the rise again. The u. S. Was measles free in 2000, than the cases spiked to the number of cases spiked to 667 in 2014. It is worse in europe, where there were 4000 and 2016. In 2016. Whooping cough has remained at elevated levels in both places since 2012. The choice not to vaccinate doesnt just effect individual children. Since unvaccinated kids often live in geographic clusters, groups can lose herd immunity. That is why the pathogen itself can die out in the area. Communities lose herd immunity, and those who cant be vaccinated either because they are too young or have copper become susceptible to infections. So do those were immunized, because no vaccine is 100 effective. Heres the argument. In the u. S. , there are setbacks and requirements for school attendance. Many states offer exemptions for personal or religious beliefs. Some Public Health specialists support eliminating them, and some courts have agreed. In striking down a religious exemption, the Mississippi Supreme Court cited a Public Interest in keeping people healthy. Others worried that if vaccinations are mandatory, it would harden the opposition. Julie that was just one of the many quick takes you can find on the bloomberg. You can also find them at bloomberg. Com, along with all the latest Business News and analysis 24 hours a day. That will be all for bloomberg best. Thanks for watching. Im julie hyman. This is bloomberg. David you actually started out, you wanted to be an actor. Leslie i was sort of a mediocre actor. I was also tending bar more than i was acting during those years. David so what was your skill set, the scripts or the talent or both . Leslie we had the hottest comedy and the hottest drama in the world on television on nbc. David Companies Like netflix and apple and facebook and amazon, theyre in the streaming business. Leslie money alone doesnt lead to good programming. It is tough. Were competing with companies that could eat us alive. David when survivor came, that was an unusual show at the time. Leslie i said, thats the stupidest idea ive ever heard. [laughter] would you fix your tie, please . David well, people wouldnt recognize me if my tie was fixed, but ok