Jeep of staff, saying the Vice President know you had a conversation about investigating based the bidens upon potential investigations. This comes at a time where he is at the Political Center of the storm. Republicans still stepping by the president. Democrats continuing to press ahead with this. As of now, according to my reporting, this testimony has not done anything to move this impeachment inquiry out of the political sphere into a risk of the president being removed from office. David as a lawyer, you parse the language, ambassador sondland said i did not think the president wanted a completed investigation, he just wanted the announcement of the investigation. By the way, i did not know he withheld the aid from this, i just thought he might have. Kevin i will leave the legal speech to you, but heres what i can say. I spoke with one source this morning who said this testimony onay is putting pause President Trump, it is completely damming to rudy giuliani. How he has negotiated with ukraine and was operating a Shadow State Department has called into question the former new york city mayor and the president s personal attorney and his involvement in all of this is the latest iteration of that. We have notsure seen the last of rudy giuliani. That is Kevin Cirilli from washington. Now we go to london with therese rafael. Ahead of had debate. We are used to that, you are not as used to that in the u. K. What came out of it . Therese it was the first headtohead debate between two leaders of the main parties ever in the u. K. The risks were higher for Boris Johnson, the Prime Minister. He was going into the debate with a substantial lead in the polls. The polls afterward, the poll conducted by yougov afterward shows them that and that. Neck. Ows them neck and e had thend Jeremy Corbyn edge because expectations were so low. He proved more convincing on issues of trust, somewhat more fleet footed on some of the questions that put him on the spot. Johnson came across as more Prime Ministerial and as you would expect more likable. I do not think these debates are going to make a massive difference for voters decisions on december 12. We have another headtohead coming up. We have the manifestoes, which are very important in campaigns in the u. K. Jeremy corbyn still has an enormous gap to make up and a radical program that is not speaking to a lot of middleclass voters and many who are just simply concerned about both his position on brexit and the economy. Isid to be clear, the poll about how people thought the individuals did in the debate, not where they will vote. As i understand it Prime Minister johnson has a substantial advantage in the election. What are voters going to vote based on . Certainly brexit, or the underlying policies, which Jeremy Corbyn kept emphasizing. Therese it was clear in the debate that johnson just wanted to put just wanted to talk about brexit. He had one answer, that his government would get exit done and that Jeremy Corbyn would usher in two referendums. Jeremy corbyn did not use the opportunity to criticize Boris Johnsons brexit deal. There were plenty of grounds he couldve done that on. Instead he wanted to talk about the nhs spending. Each of them are fighting their own separate election campaign. At the moment, it seems to be johnson that is coming through most with voters who are tired of three years of uncertainty and debate over brexit. David thanks to bluebird opinion columnist to raise rafael thanks so much to bluebird opinion columnist therese rafael. To get a check on how the markets are reacting, if they are at all, abigail doolittle. Abigial i do not think they are reacting at all. The majors putting an alltime highs during the day, this is something new and i think it is having to do with trade. Investors getting tired of the fact we do not have this phase one deal. With the Senate Passing that hong kong built in support of the protesters in hong kong, that is coming to the house, it could suggest china coming back with harsh language it could suggest negotiations would get more difficult. If you put that together with the idea that if it does not happen, that could change the economic picture. That may help to explain why we have had this big rally in bonds. We have had stocks making alltime highs. At the same time, bonds rallying, yields lower, the fed has said they may possibly step back in. The new tariffs affect consumers into the holiday period. Could be damaging. The house will vote on the hong kong bill, which could go to the president and could stop the negotiations. Abigial itd could, especially with the language coming back from china. The tariffs going into place hitting consumer goods before christmas. It is a shortened shopping period. From a sentiment standpoint, it is not good. Something else i would like to bring in quickly. Cigarette makers are popping higher because there was fda breaking news. The fda will not try to reduce nicotine, unfortunately. That is my opinion. The last fda commissioner had been a physician, he was pushing for that, but now a reversal. We see cigarette stops popping. David a significant move in stocks on the heels of the federal government backing off of vaping. Is unfortunate from my own standpoint. That is the story. David thank you so much. Now we turn to Mark Crumpton first word news. Mark in iran, antigovernment protests are said to have left at least 106 people dead. That comes from amnesty international. Thousands demonstrated across iran after the government increased gasoline prices by as much as 300 . Hundreds of people have been arrested. Hong kong security chief has urged the remaining protesters holed up in a university to surrender. Hard Court Protesters remained on campus several days after the latest protest began. Hundreds of protesters took over sidewalks and Hong Kong Central business district. Have david was mentioning, drew level with Prime MinisterBoris Johnson in a crucial television debate. Jeremy corbyn effectively tied with johnson in a poll on which candidate won the debate. He has been trailing johnson in personal approval scores. The candidates battle never trustworthiness, brexit, and the National Health service. About 100 50,000 customers in Northern California will have their power cut today. Pg eat newest attempt by to prevent further wildfires from igniting in the area triggered by high winds. The latest in a series of planned outages. Investigationste triggering a state investigation. Theyre growing calls for government takeover of the bankrupt utility. Global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David thanks very much. Coming up, we speak with a key member of the Senate Foreign relations committee, democrat ben parton of maryland ben cardin of maryland. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. The Senate Passed legislation yesterday that would require annual review of Hong Kong Special training status with United States. Of theome a key Member SenateForeign Relations committee, the democratic senator from maryland, ben cardin, who joins us from capitol hill. Explain what was driving the senate. It is rare you get this kind of unanimity this quickly. Sen. Cardin it is good to be with you and you are exactly right. The congress of the United States imposed special status on hong kong when it went under the control of china. That was under the condition of human rights and democracy of the people of hong kong being respected by the Chinese Government. We have seen in the past weeks with the protest taking place in china in hong kong, the Chinese Government violating that commitment and now the senate as reacted and we expect the house will do the same to make it clear if china does not respect human rights and democracy of the people of hong kong, there will be sanctions imposed. David we understand the house of representatives is scheduled to take the bill on their side. I understand they had a different bill. You normally need to reconcile them. Maybe that will not be necessary. How fast could this make it to the president s desk . Sen. Cardin the conversations are taking place right now in the house and senate. We are hoping the house will take up the senate bill so we can go directly to the president of the United States. We want to get this to the president quickly. The protesters are being abused by the Chinese Government. We think this can help. David this could absolutely complicate the relations with china over trade as they try to get phase one. How is that figure in . Should it be considered sen. Cardin . Whenever we deal with china it will be complicated. We must wrap our relationship in american values. Universal values. We cannot run away from what makes america the great nation it is. That is standing up for human rights and democracy. We can work out the trade problems with china as well as making sure they comply with the commitment they gave to the people hong kong. That chinaou hope might change its policy toward hong kong . President xi has been adamant this is a matter of sovereignty. It is one nation, two systems. He emphasized the one nation part. Sen. Cardin it is one nation, two systems. We do expect china to change. What they did on the extradition that would force people from hong kong to be tried under the chinese system, they can change their practices with regards to the lawful protests by demonstrators and allow them to have basic freedom. We expect china to live up to the commitment it made to the International Community when the status of hong kong changed. David there is another proceeding even as we speak on the capitol hill. The house impeachment proceeding. We have had ambassador sondland testifying throughout the day. What you take from what is being said . It does not sound to me like he actually heard the president say there was a quid pro quo. Sen. Cardin quite frankly i am pleased that as much of the facts as possible are getting out. These hearings are critically important. It is clear they have connected the dots. That is that the president wanted to have this investigation take place for the release of the funds, for a visit to the white house by the president of ukraine. That is pretty clear. I understand the testimony today reinforce that. David the thing that gave rise to this entire incident is the strategic importance of ukraine as an ally and the incursions from russia into eastern ukraine. What you make of our current relations with ukraine . How do we do with us, how do we deal with ukraine as these proceedings are Going Forward . Sen. Cardin youre right. That is why there was such outrage in congress when we heard the funds were being held up because we recognize ukraine is vulnerable and rushes trying to compromise the independence of ukraine, trying to prevent it from being integrated into europe. We needed to help them. Congress appropriated the money. Why was the administration holding off . Underminedthis ukraines position with respect to russia . Has it weaken to the position with russia because the relationship does not seem as solid as we wouldve liked it to have been . Sen. Cardin absolutely. It plays into russias playbook if we are not living up to our bilateral understanding with ukraine, it shows russia has influenced on what is happening in regards to the u. S. Policy. It plays into russias playbook. David finally, i want to return to something i knew about some years ago called the equal rights amendment which was proposed in the 1970s. It did not get ratified. Youre an outspoken opponent proponent. Why . Sen. Cardin there has not been a constitution written since the end of world war ii that does not contain the equal rights amendment for women. Americans would be surprised to learn it is not in our federal constitution. It was proposed in the 1970s. 37 states have ratified. We just need one more. There is a change in the Political Landscape in virginia. It is possible virginia will become the 38 straight. A republican from alaska, ben cardin, the democrat from maryland, have filed a resolution to remove the time limits. We hope we can pass that. It is time america leads and shows equal rights for women is embedded in our constitution. David not to be too particular, but explain one thing. Typically the bill of rights protects minorities against majorities. In this case, women are the majority and they get to vote, so why do we need to have a constitutional amendment to protect them . Sen. Cardin we are still on that path of equality with regards to gender in this country. Youre correct, and this was discussed during the bill of rights and equal rights amendment for women, it goes back a long time. Remember, women did not have Voting Rights when the constitution was formed. We are on that path. It makes a difference because of the legal test in regards to discrimination. If it is in the constitution, it is a higher standard. Today we still do not have equal pay for equal work, we still have discriminations in our health care system. All of that would be improved for women in this country if we embed it in the constitution of the United States. David thank you so much. Always great to have you on. That is democratic senator ben cardin of maryland. Now we have breaking news. ,. M. Is suing Fiat Chrysler alleging corruption undermined its uaw deal. We knew there fbi investigations of the uaws relationship with ford, particular. This is a suit against Fiat Chrysler claiming that because of its improper dealings with the uaw, it undermined gms negotiating position where they just had a long strike. Now they are suing them and they want damages from Fiat Chrysler. We will continue that story as it develops. In the meantime this is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. The 2020 democratic primaries putting Health Insurance companies on notice. Candidates like Elizabeth Warren and Bernie Sanders have embraced medicare for all. I sat down with the signa ceo earlier today and i asked him what it could mean for his industry. The single biggest risk from an industry standpoint is trying to preserve the status quo. It is proven that no player in this ecosystem, no matter what they feel is their capabilities, has a right to preserve the status quo. The rate of change of constructive disintermediation of businesses that is something we had signa are seeking to do to ourselves in terms of Disruptive Innovation for the benefit of our customers and clients. David we have prominent candidates for the president of the United States on the democratic side who are not interested in the status quo, particular medicare for all. What theyre trying to accomplish is broader care available to more americans and have it more affordable. You talk about private public partnership. Can you do it with public alone . David c. about 19 of americans have access to affordable, constructive Health Care Systems today, whether it is employer or exchange base business. About 90 of americans have access to programs. Im not saying they are perfect. Of the 10 that do not have access, about 30 million americans, about one third of that group are medicaid eligible. Another third are eligible for subsidized exchange or employersponsored opportunities. About a third do not have solutions. There is still a gap that needs to be addressed. Believe there, we best system for the United States is a system based on choice, a system that embraces the highly personalized localized health care and a system that gets the best of the Publicprivate Partnership and does not go one way or the other. We do not believe a onesizefitsall Solution Works for america. David that was part of my ceo atew with the cigna the Economic Club of new york. It is time for the stop of the hour. A different look at health. Tobacco companies out for you and Phillip Morris are popping higher on news u. S. Regulators are hitting the brakes on a plan to reduce nicotine in cigarettes. Kailey leinz is here with what is happening with the stocks. Kailey they are moving. You saw a sharp right leg higher. The department of health and Human Services tabling this plan to cut the amount of nicotine in cigarettes to nonaddictive levels. That was an initiative by the former fda commissioner, who wanted to get nicotine levels down to near zero. That wouldve had a huge implication for tobacco companies. There wouldve been a sharp dropoff in tobacco sales. The fact that that is now lifted is a possibility is providing a lift to the stocks, especially altria, considering smokable products, putting aside investments in cannabis and favorable product, smokable products is 90 of its revenues. David i wonder why the market does not condemn the product . If you do not have high levels of nicotine that will addictive, you will not sells many cigarettes. Isnt that condemning with their own data . Kailey i think the company is already probably know that. Look at the levels at which smoke is tapering off. 67 which wish they could quit. Even if they leave the nicotine in, they will still say still see declining sales because the trend is moving away from smokable tobacco products. David you mentioned things like juul. The fda is pulling back. We saw the fda is not moving as fast as President Trump said they would in removing taste from vaping products. Is this an overall move by the administration . Kailey it is possible. The regulatory fears were at an elevated level a few months ago. Though seem to have abated a bit. Hass hard because juul taken an initiative on the round and decided they will stop selling products flagged by the fda. They will now just focus on menthol and tobacco flavors. The administration is pulling back on the efforts and focusing elsewhere. David reportedly because of politics, but we also have the issue of states. California and new york have sued juul. Kailey especially we were talking about nicotine, a lot of is thatssment of juul is kind of a gateway for young users, get them addicted to nicotine because there are nicotine in the products and they will go on to smoke cigarettes. David especially teenagers. Terrific report. Still ahead, the promise of a sustainable path forward. The imf is responding to Alberto Fernandezs plan to get argentina back on track. We discuss with the key imf official. Ons is balance of power Bloomberg Television and radio. When it comes to using data, everyone is different. Which is why Xfinity Mobile is a different kind of Wireless Network that lets you design your own data. Choose unlimited, shared data, or mix lines of each and switch any line, anytime. Giving you more choice and control compared to other top wireless carriers. And now get 250 off when you buy a new Samsung Phone during Xfinity Mobile beyond black friday. Plus, you can save up to 400 a year. Click, call or visit a store today. David from new york, this is balance of power. Planill fernandez has a for argentina. That is what the president elect told the imf in his first phone call with the managing director as he works to renegotiate their record credit line. He has vowed to tackle the nations that problem while spurring growth, ruling out austerity measures. For the latest on these negotiations, we welcome now the imf director of the western hemisphere department. Thank you for being here. Ring us uptodate on where we are with argentina at the moment. Theres a large credit line, a new government, and we have heard them say what is your plan, what do we when do we get it . We had a large problem with those 50 7om billion that you mentioned, 44 have been dispersed. And therket volatility new government that was elected recently, we have been in talks with the current government and are expecting eventually to see the problem by the new government and be able to engage with them with the objective of basically helping argentina through their new program to bring argentina back, bring inflation to argentina, which might end up at 57 this year, which has been a big driver of the increase in poverty. It would be very important for argentina to have a copper answer program to help bring down inflation, jumpstart growth. Therefore, significantly improve the poverty that has worsened a lot. The magic words, i understand, debt sustainability. Is that possible without austerity as a practical matter . As i have been saying, what we need to say is a whole plan in its entirety. Its hard to talk about just government expenditure, taxes, or debt levels if you dont put anything together. Waiting for aare place where Government Debt has increased a lot, which is why there has been is a talk about this big debt operation we need to undertake. But we will wait until we see the whole plan. To see the plan, actually, if its consistent. If their fiscal policy is consistent with the debt levels they had five years down the load. The road. David when will you be able to sit down and negotiate . And who is going to be on the other side of the table . Do you know who the officials will be responsible for this . The second one is easier, the answer is no. But the team that has been working with the president on his economic problems, we have met with them on a few occasions , but we dont know exactly what we would need from the cabinet. Secondly, yesterday in the call between the president elect and our managing director, both sides expressed eagerness to start working relatively soon. Obviously, we are ready and we have our teams working on this and we are ready to engage when argentina deems it suitable. David we are talking to the imf director of the western hemisphere department. As we see, theres a lot of political unrest in santiago, chu a, ecuador. Chile, ecuador. Elements. Osyncratic you have on the most developed nations in latin america that has had an average growth rate for the last 30 years as one of the highest in the region, basically showing strains in the equilibrium between social development and growth. I think that what we are seeing is a population that is also looking for a growth model that is more inclusive than the one it has, focusing on those elements. In bolivia, you have basically a situation that is much more associated with electoral issues than anything else. Well. Nomy that has done it is looking at macroeconomics that have developed as part of gasoline, a government trying to correct significant macroeconomic imbalances. Ecuador on the border, when the price of oil collapsed, ecuador postponed the correction of the big deficit of external, domestics, and fiscal that developed. The current government is trying to rebalance policies so that they hold and stop the increase in debt. Obviously, in doing so it has created some tensions. And that is what we have seen. David as a senior official in the imf, how do you avoid becoming the bad boy. We have seen that around the world, the imf getting blamed. How do you avoid becoming an influence for the negative . You are right and its very important for us. When we come into a country with financial support, its always very difficult times. We always have to have an important focus on protecting the poorest of society. Protecting those that have less ,ccess to Financial Resources o the labor market, etc. The problems that we have helped the countries with that we are assigned, that is what the ecuadorian government is trying to do. And then we also have to have a flexibility to adjust to changing circumstances. Now and ecuador, recently they went to the National Assembly with a big legislative project that was rejected. And now the government is trying a different strategy to discuss each initiative separately. We need to work with them to try theeed into our programs big idea of what they want to a when circumstances change. When there is a strong commitment and the government continues to move forward and implement the thrust. David you have a lot on your plate, fair to say. O, thank you. Bloomberg word first word news now, with Mark Crumpton. Mark Gordon Sondland said that a meeting between President Trump and Volodymyr Zelensky was put on hold and that the meeting came with strings attached. The requests were a quid pro quo for arranging a white house zelensky. President mr. Giuliani demanded ukraine make a Public Statement announcing the investigations of the 2016 election dnc server and burisma. Mr. Giuliani was expressing the desires of the president of the United States and we knew that these investigations were important to the president. Said ambassador sondland that he voiced his concerns to Vice President pence about the hold up military aid and said that mike pompeo also knew what was going on. The democratic residential debates will resume tonight with a new pecking order on display. Pete buttigieg is set to take the stage as the emerging front runner in iowa. His lead over the pack in iowa is a sign of strength for the party moderates. The choice of venue is also a sign of the hopes to put georgia in play and 2020 and to pick up opportunity for to bring senate seats. The u. K. Is accusing china of torturing a former employee of the British Consul in in hong kong. Simon chong, who worked for the went missing for 15 days on the mainland. He alleges he was eaten by chinese agents who forced him for information on the ongoing protests in hong kong. The accusation further damages relations between the countries amid the london support for the prodemocracy protesters in its former colony. Bloomberg has learned that a trade deal that fell apart six months ago is being used as the benchmark in u. S. China negotiations. The key provision, how much tariffs should be rolled back in the first phase of an agreement. The two sides may link to the size of rollbacks to the pulmonary terms of the failed deal. Global news 24 hours per day on air and on tictoc on twitter, powered by 4700 journalists and. Nalysts in 120 countries im Mark Crumpton, this is bloomberg. David . David think you so much, mark. Coming up next, the ceo of volkswagen of america. This is bloomberg. David this is balance of power. When it comes to automobiles, its all about electric vehicles these days, including at the auto show. Ceo joined us to tell us about the news hes making. Behind me is what i call todays vehicle. It is the fastestgrowing segment in the market. This vehicle is being ramped up in chattanooga as we speak. We couldnt be more excited to a five seategment. Suv, 35,000, great car. Behind me is the space vision, a ale we have unveiled vehicle we unveiled last night. It has a lot of what americans want. Space, versatility, ride height, super and are dynamic. That is what you need to deliver a vehicle with 300 miles of range. We have a lot going on. David tell us about this strategy on the electric vehicle side. Where are we right now in the percentage of the fleet that is electric russian mark what are your projections over the next three years to four years . Right now if you look at the markets, 2 of the market, 70 million, 2 of the cars is not huge numbers. Where we see it going, if you look at most industry analysts, they say somewhere between 10 and 15 . If you look at our sales and where we are projecting, 15 to 16 of our sales will be coming from electric vehicles. To me it is quite simplistic. There will be a revolution, a new wave coming, and when you have that you want to position yourselves at the front of the line. That is why we are readying these cars, did the groundbreaking for our factory in chattanooga last week. We want to get to the front of the line, its as simple as that. David we just saw ford announce the mustang hybrid crossover. What are you doing . Look, i think we have some similar research. Our first vehicle will be similar in size to the project that you mentioned. A car that we will be importing next year, coming at the end of next year, the first vehicle. The second will of course be the mythical car that takes you back to the glory days of the volkswagen bus. The third is the one behind me. The one behind me is fully tuned for aerodynamics. A large vehicle that gets almost 300 miles of range. Of course, the great thing for us of course is we have this architecture, a platform that will be making nearly 20 million cars worldwide, giving us huge scaling effects, a huge economy of scale. A platform that is flexible, making something as extreme as a buggy or Something Like the car that you see behind me. This is a massive competitive advantage for volkswagen. You have fairly aggressive projections on how many models he will have and the projection of your sales. Where will the vehicles be made . We have eight plants across the world. Something we are ramping up quite aggressively. You know there was an opening just a few weeks ago. The first car came off the plant, but we are of course doing our groundbreaking in chattanooga, tennessee. The first car will come off the line in 2022, but across the network eight plants are being electrified as we speak and this is the largest commitment of any manufacturer, from china to europe and of course here in the United States david . David scott, as you look at the electric vehicle world around the world, how much of this is being driven by china and how much is being driven by subsidies from governments . This is a fair thing that comes up and i know there is a fair amount of cynicism in saying is this a consumer led revolution . Political led a revolution . A conspiracy of sorts started by environmentalists question mark frankly, at the end of the day, i see this when the dust settles as being consumer led. The reason . These products are going to be cool, quick, fast, giving you great range. At the end of the day, i focus on the consumer. When i look specifically at us in america, there are two gang data points i look at. Research two years ago, we showed our consumers the entire electric fleet and got a market reaction. We did the same test, same cars, say modifications and the market doubled or tripled in terms of people intending to buy. We see the wave coming. The other one was of course last week. 900 dealers down in chattanooga. Whether it is in milwaukee or santa monica, dealers see it as a business opportunity. They say lets go. My reaction from consumers and dealers is that the wave is just starting to hit right now. Again, we will be there. Scott, you talk about the wave coming and the consumer driving it. But that give some force question mark there is softness in the United States and china. Is this a renewal of the demand question mark people saying i want to replace my car because i want an electric vehicle . Thats a key insight and something i see as well. The average age of a vehicle on the roads in the u. S. , thats 11 years to 12 years. This has a massive opportunity to drive a new stimulus and i think the stimulus will hit when you get the pricing right. Of course, when you get the value story in terms of lifestyle and lifecycle ownership. It believed to a massive refreshing. Right now if you want to refresh your car, the customer says that a new one has one or two miles per gallon with nicer leather. If someone says its all electric with a whole new world of driving behind it, thats a massive opportunity for a reset. I think that will be two years to three years out, when more cars get on the road and you get what i call purchase confirmation. The biggest driver of sales is another consumer seeing one on the road and seeing that the joneses have one, the smiths have one. I want to get in on that. I think we should take advantage of that opportunity here in the u. S. Market. David that was my interview with the ceo of a volkswagen of america. Coming up, more on cars, including the gm Fiat Chrysler lawsuit. This is balance of power. On Bloomberg Television and radio. Power this is balance of , im david westin. Gm is suing Fiat Chrysler for racketeering, alleging corruption that contaminated their deals with the uaw i would say that this broke while i have been on the air. It has got my attention. This is wild. Is a shaking detroit to its core. Its hard to overstate the significance of this. This all has been sort of swirling, this idea of corruption with the United Auto Workers union, where we have seen the feds come after some of the highest level leaders. The fbi raided the home of the ford uaw leader. Theeah, so the president of union, the former president of the union, Fiat Chrysler and gm officials with some executives within, all along they have tried to sort of downplay the extent to which this corruption, you know, clouded the past contracts that they negotiated. This strikes at the heart of that. This is that Sergio Marchionne himself was involved in authorizing bribes to weaken gm and force mary bar is hand. Sadly he has passed away and is not around to defend himself, but it goes beyond that. When he says you have got to merge with me and mary barra said no, thank you very much, he tried to weaken her hand to force them to merge, thats an even larger story. This was playing out very. Ublicly, where he was not shy he was very open about all things, including merging with general motors. He thought about really wanting mary barra to come to the table. He was unusual in that sense, not shy about talking openly about merging. This was a huge issue for him. He pushed the idea that the industry really needed to consolidate. That it made sense for gm and Fiat Chrysler to come together. What gm is alleging is that he tried to use Union Negotiations and sort of, you know, really screw up the contracts and put david and a weaker position. The markets are reacting. Gmt chrysler stock is down, is up. Interesting reaction. Cragg, thank you. Always turn to you on automobiles. The worst of socialism was seen by this man when he would did forced labor behind the iron curtain before president eisenhower arranged for him to be reunited with his parents as a part of a spy swap. Ultimately he rose to the top of the advertising giant, young and rubicam. He is concerned that capitalism is not doing what i can for society and the government must be confined to the constructive but limited role it has to play. Theovernment cannot provide rules, guidance, and entrepreneurial spirit. Government, must government must, however, have the guideposts and the regulations. I am hundred percent behind that. In fact, it isnt the government cannot legislate justness. Business must really except, capitalists must adopt justness and fairness and must produce the great work and the great results. Capitalists can do that. History is replete with examples when governments wanted to take over. Thats what socialism was about. Communism was really socialism. Forget marks. It was socialism. Controlling the means of production. It has failed, it has been tried. The scandinavians are not socialists, they are capitalists , in reality, with a very strong and robust, if you will, support system. They do that. But its not socialism. We must allow capitalism to thrive at its best. We need capitalism. We are not going to compete with china by having the government run businesses. We are going to die. Some people are saying that china is a different model. That they are for capitalism when it comes to the economy but they are not free with rights, human rights, rights to speak out and things like that. Is it possible that its a better model than ours . Christ its a different model than ours and its going to work for them for a long time. But sooner or later i think they are going to run into problems. In the meantime, they will eat our lunch if we dont change. David you can catch the for full interview with him tonight on Big Decisions are pro we just had a headline coming israel trying to put a government together but they have come up short. Coming up, a second hour of balance of power on bloomberg radio. This is bloomberg. Everyone uses their phone differently. Thats why Xfinity Mobile lets you design your own data. You can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. All with millions of secure wifi hotspots and the best lte everywhere else. Its a different kind of Wireless Network, designed to save you money. Switch and save up to 400 a year. And now get 250 off google pixel 4 during Xfinity Mobile beyond black friday. Thats simple. Easy. Awesome. Click, call or visit a store today. Scarlet i am scarlet fu. This is bloomberg etf iq, we focus on the axes, risks and. Ewards access, risks, and rewards. Scarlet America First no more. 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