Leo and Martin Scorsese are going to tell their story. Familynt obama and catching some hoops in honolulu, hawaii. He has had a rough year. A botched healthcare rollout, the fight over the keystone pipeline, all of those issues hanging over the white house, but it cant all be bad. Has been good action taken by congress to eliminate the fear about the budget and to reduce the sequestration. Somee the fed having taken well communicated action concerning the tapering program. Were talking about four point one Percent Economic Growth in the third quarter. That is a big deal. Unemployment falling down to seven percent. That is why the imf and Christine Lagarde raised its forecast for the u. S. Growth last next year. Always a question of confidence. If you have longterm confidence in your job and Employment Status and the economy, it is all about confidence. There anonfidence is confidence goes up, you will find people borrow more money. Theorrowing money helps u. S. Economy, but is it what needs to happen when americans cannot afford or do not want to buy Health Insurance . Today is the deadline for individuals to enroll in plans and begin january 1. While the website appears fixed, people are longing logging on to find out a dont qualify for subsidies. Some states have been reporting that people who are enrolling, it is to the big fear of insurers, skewed toward older, less healthy individuals. Around one Million People have signed up and the administration wants 7 million signed up by the end of the sixmonth enrollment period. That ends on march 31. Another issue the president will have to face, the continued fallout from the nsa spy scandal. A white house report said the u. S. Should be prohibited from collecting and storing billions of phone records. The surveillance should continue. Here is the president speaking last friday. We need this intelligence. We cannot unilaterally disarm. There are ways we can do it that gives people greater insurance that their checks and balances, that there is sufficient oversight and he, as important and necessary as the debate has been. This is done unnecessary damage to u. S. Intelligence capabilities and u. S. Diplomacy. I have confidence in the fact that the nsa is not engaging in domestic surveillance or snooping around, but i recognize that as technology changes, people can start running out rhythms and programs that map all the information that we are downloading on a daily basis into our telephones and computers, we may have to refine this further to give people more confidence. The formal head of the cia was on the White House Panel and he is in the president cost corner. There was no abuse here. They were doing what they were told to do. With the panel is saying is in order to battle better protect civil liberties, we believe two things. We believe the government should state any longer. We say the government should not hold this data any longer. Somebody else should. Google, facebook, plenty of other Internet Companies have been protesting internet surveillance. Also making millions from mining that same data. Why is it that americans are ok with Companies Making money off their data, but not cool with the government doing the same thing . It is a combination of ignorance and consent. They dont know what theyre consenting to, but they went through the formality of picking a box. They are putting the information out there voluntarily. With the government, it is a combination of ignorance and coercion. It is compelled. The government doesnt. Your third choice in the matter. The government doesnt give you a choice in the matter. The government has a monopoly and different standards than the private sector. This economy has exploded in the last 20 years. Ithas gone so quickly that has grown so fast and is driven theye invest in banks, have had to monetize the data that they get. The only way they can monetize the data is by selling the data about their users. What is different from what the government gathers . It depends on if the government is investigating you. A practicalnt, as matter, doesnt know anything about you. On the other hand, if you are using any of these internetbased services, the services know everything you put on there. All of that. Correlate withan any other service that is with,arily cooperated they can create a composite picture of you. Facebook makes at least 1. 65 off of each of its users. Most likely a mail user who is not very active. Is 7. 62 off of a female user who has at least 250 friends and posts 150 times a month. Write equity is making money. We will explain. You have to take a look at this. We are in the final hours of the Holiday Shopping season. Procrastinating . It could turn out to be the best way to go. Shoppingpreading goodwill in massachusetts. Andgot on the loudspeaker offered to pay the first 50 of every customers Holiday Shopping. The Commerce Department says spending rose half a percent in november and confidence is rising to a fivemonth high. Consumer spending accounts for about 60 of u. S. Gdp. Its 1. 54house, billion dollar bid for joseph a bank has been rejected. They say they are not interested. Plenty of retail winners and losers this holiday season. Through theto go list of losers first. They are cutting a working capital to raise stock dividends, raised buybacks, leadership has been lost. That is the wrong way to go. Shoppings holiday season, is it because people are migrating to other stores or online, or are we not shopping . Browsing, not buying. Walmart was notorious for having and our team across america saw that people would go in and the doorbusters were out of stock, they had been freezing for hours. People so we were not shopping here anymore, we will go to macys or someplace that is in stock we are going to go to amazon and shop online. That is why com score is reporting that Internet Sales are up 25 this season. Addition to the Big Box Stores that are getting pounded, iernies, sears, made Te Department stores. As those of the losers, who are the winners . Destination malls are working, but you have to have great retailers and if you dont, to michaels point, you have three to four times more retail Square Footage in the u. S. Than other developed countries. Bloomingdales, nordstroms, burberry, they are all doing well. What is the single most in factor in getting consumers to buy the season . This weekend was a pivotal weekend for retailers. All days end up being the top shopping days of the year. Here in chicago, we saw an abundant amount of foot traffic and many consumers carrying packages. It felt like it was a pretty good week. Today, it is an important date. This is what we call fathers day, the day when male shoppers get into the pattern. The day after christmas is always pretty strong. What we are seeing right now is a 2 increase in sales last year. We projected 2. 4 . We need strong sales to predict to hit that number. We are confident that the consumer one out and tried to finish their Holiday Shopping this weekend. It seems like every store has a coupon, a promotion, a black friday, a cyber monday. The discounts are volatile this year. We have heavy discounting during black friday and that whole weekend, thanksgiving was a strong day this year. We also saw some discounts rolling through this weekend. We expect the largest discounts to come after christmas when we will begin to see retailers trying to shed themselves of inventory. Big retailers want big crowds. Remember with big crowds comes big responsibility. Target had to learn the hard way. Secondlargest discount change said it data for about 40 million debit and credit card users might have been wrongfully access. Chase bank has put limits on debit card use at that store. On the other side of things, target has benefited from a social media collaboration with interest. With pinterest. Pinterest is featured in target stores which is great for you guys. Show me how that works. They are calling out items that have been popular on pinterest. Are visiting target. Com and saying they love this rug and theyre going to say this rug. They have created this signage here and they did this on their own to call out the item that users have decided our most popular. Popular pene most items is pinned elf on the shelf. Is a big thing for kids of these days. He make sure everyone is on the nice list, will fly back to the north pole and give a report to sam and then fly back and gives and join in with the kids again. Managed to catch some pictures of where the else sits. What are other retailers doing with their products . Do you have any other stories were they have used pinterest in a creative way . A number of partners are blackpinterest for their friday and cyber monday strategies. Showed silhouettes of items that were about to go on sale. Starting to experiment with that, but d. C. An opportunity to make money through these partnerships, to take some sort of a commission on the things that people are buying . Testing and the ideas that we will work with a handful of partners to test the system. We are in the early stages to see how her see how our users react. Facebook has been working, experimenting with commerce for a long time, twitter hired a head of commerce. How do you think pinterest stands out from other options out there . Our partners as a complement to google. When someone knows they want something, they can search for it and find it. The other side of that is i dont know what i want, i dont have a formed idea, but when i see it, i know i like it. It is like coming into a store. You may not have come in for something and you see it and you want. That is the experience we are trying to provide. Here is one thing people want. I was robbed on air. I am going to fill you in next. Movies, the willful fall straight his back, but on the screen. We will tell you about it. Wall street is in the old link potential road to riches. People are turning up in droves to play the annual christmas lottery. During aere announced fourhour ceremony. It is a 200yearold tradition. More than 3 million was paid out. twas the monday before christmas and as bloombergs 12 bitcoin. Matt miller gave me a unique Christmas Gift this past friday. Here you go. Trish, here you go. You will find a private key on the inside that you can access and load into your wallet that you have. This is what i put on my phone so that when i want to go by or sell or whatever, i put this up on the computer. The computer reads it, knows to debit my account. Account and it should be pretty sweet, but i lost it. Yourannot let anybody see own account. That is private. Someonehappens is if has access to your private key, that person is then able to access your wallet. Wallets of those little i gave christmas cards to adam and trish had about 20 on it. After,sive, and right the internet lit up, mostly twitter and read it. And reddit. Guy, he wrote on reddit, i saw it. Glorious hd. I took a screenshot of that in an tv wallet and emptied up the wallet of all of its content. The guy said he would be willing to give the money back and we still may organize Something Like that,. Him he taught us a great lesson in bitcoins security, so keep the cash. What i wanted to point out was that this means bitcoin wallets are not secure. This is basically as if you were Internet Banking username and password on live television. You would not do that. You know, you have been using the system for so long and youre used to it and you realize that if you did that, somebody would probably be able to get into your bank account and empty it of all the funds. Lesson learned. Now, there are even more wallets i will have to keep secure. Bitcoin is not the only game in town. A lot of people in the community feel these alternative to me currencies are a bit of a scam. Harder and harder to make money mining bitcoin so other currencies have popped up. The idea is that at least among the serious bitcoin, these other people are just popping up to get rich quickly and not as f the movement as digital bitcoin is. There are those that think bitcoin might be a scam. Bitcoin can be a scam. There are scamat artists using bitcoin to make money. , therere so many others were 35 or 40 alternative coins a website shows you the different types of coins. One that favorites is im not sure you have heard about. It is interesting. Read a great story about it. There is still this massive advantage that bitcoin has over the other currencies. It has been around longer, more people use it, and the market cap of bitcoin is 7. 5 billion. That is a lot more than all the other alternative coins added up together. They all operate on the exact same principle as bitcoin. Going tomas eve we are wrap up our 12 days of bitcoin. Thatve a special adventure only matt miller is capable of. Were going to speak from the russian prisoner fresh out of custody. I guess we got our santa claus rowdy rally. The dow and the s p already record once again. We have the imf saying it is revising its growth forecast for the u. S. Higher. They did not give specifics, but previous forecasts have been that the u. S. Economy would extend 2. 6 next year. Apple finally signing the china the deal with china mobile. We will be back in half an hour with more. This is lunch money on Bloomberg Television. We are also streaming live on your tablet and smartphone. Todays moving pictures with video is the story. And i storm through canada. He goes back with part of the Northern United States from michigan to me. More than half a million households lost electricity in 400 flights were canceled. And silent, antigovernment protesters try to plug all editions from registering from the election. The Prime Minister has called for elections. He is trying to defuse protests. Russian punkber of riot called pussy for a boycott of the upcoming winter olympics. Members have been jailed for staging a protest performance in the moscow cathedral. Were going to stay with russia for a minute. Former wealthiest man is also freed from prison. He will campaign for the rights of prisoners. I do not want to be seen as a symbol for a particular situation, a knowing the fact that there are more political prisoners. I want to be seen as the efforts of Civil Society that can lead to the release of people whose release was not expected by anyone. Although it is not safe for him to return to russia others should not boycott the winter games. Sochi, isquestion of celebration of sport, something which millions of people will celebrate was not should be damaged by a boycott. It should not become a great party for president putin. Now to a billionaire who still has his money. Sheldon adelson says he will spend whatever it takes to block thehem to rollout of online gambling. I will spend what it takes to get the point across. It will not take a significant amount of money. In my position, whatever it takes is ok. I am very much against it. I am morally against it. I think it is going to kill the entire industry. It has the potential to fill the entire industry. It is arty doing that in europe. Is already doing that in europe. They allow it willynilly in europe. It is also selfpreservation. And has nothing to do with my business. I am not in that category where my customers would play on the internet. We take bets that are quite significant. We take bets of two 1 million a hand. In singapore. Dennis rodman left north korea. He went to train local basketball players for the exhibition game he hope will include former american prose. Herem not just coming over as a marshall. And coming over here to be the Basketball Team to prepare a. Reat game people need to understand that it is not important for me to meet them every time i come over. He is a greater job for the country. I respect that. Hopefully, it kim jongi uns birthday was splendid. Private equity firms are snapping up real estate from soccer moms and commuters. We will explain. Holy hobbit. The guy responsible for the special effects of one of the most successful film franchises in history. I love this. Look at this. Peyton manning has reclaimed his nfl record for the most touchdown passes in a season. He threw for yesterday. It is a total of 51. That breaks the mark of 50 set in 2007. He broke the previous record of 49. I love this. The largest physical asset class in the world, want to try to take a guess . America singlefamily home. Private equity firms are jumping and capitalizing on historically low prices, trying to build the housing market. Pretty amazing story. How it is working in one atlanta suburb. Courthouse 128,000. Seem at firstmay high. This is a bargain. This is a block of homes that have been seized by the bank. It is an enormous bets on some of the hottest new Asset Classes on the street. The american singlefamily home. The biggest layers include new york private equity giant blackstone at their its subsidiary invitation homes. Many of the houses they are buying up where recently homes that belong to families. They have been juggling with their Monthly Payments for some time when in late september they requested a third mortgage modification from their lender citigroup. It was supposed to be a hold. We did not worry about it. Cityter a days notice, mortgage sold the family home of 10 years to the highest bidder, blackstone. We feel like our house was literally stolen. We were caught of guard. Just in general. No notice. Know anything. Was on thement scene. This property realtor was on the scene. Georgia instate of one day the firm purchased more than 170 homes. Thanks to the rapid foreclosure process, blackstones invitation competitors have dominated these auctions, buying up around 2000 properties in this county alone. Subdivisions across the country, these large investors are placing huge bet on a vast number of Single Family homes. The major institutional players have put in about 20 billion dollars to acquire north of 180,000 homes. What is the attraction of a city like atlanta . Aegon by thousands of homes in close locations. Arm bar should not pay their mortgage on time, the lender foreclose is on the home and sells it at auction. A private equity firm hires a Bidding Company to buy it, and Editing Company to india, a contractor to renovate it, and the leasing agent to rent it. They can bundle them together, price them, and then sell them on to other investors. The number of american rental homes has jumped from 33 millionto almost 40 today, boosting demand for singlefamily homes. Let theme offered to stay in the home as renters. For 200 more than the monthly mortgage they could not afford. It is our job to worry, not yours. They are the latest family to be priced out of their home and the american germane. Is not worth it to us anymore. I would rather rent. I never thought i was say Something Like that. Is a tough new reality for many on main street that has created a profitable new business for the few on wall street. He found out that the one private equity firm offered a family 3000, that is it, just. O leave the house teeming millions in a pump and dump scheme. Movies, the hobbit is winning at the box office. We will hear from the man behind all the special fx. No special effects here. This is a real footage from the American Space station trying to remove a broken cooling pump that would jeopardize the operations. It is like watching the movie gravity but it is real. Copy that. We have it. This is lunch money on Bloomberg Television and streaming live on your tablet and smartphone. We are going to take a look at the weekend box off engrossing. Smaug tookion of first place. The number two spot went to in aboutn and ranked 26. 8 million. Even with it as popular as it is, it is so hard to compete with the lord of the rings series. The movies have 117 academy awards. Three of them for special effects. The man behind is joe lit. We did drastic art was in 1993. There were 55 shots in the film of dinosaurs and tickets a year to do. In this film we had about 2000 shots and it took a year to do. What audiences want to see keeps getting bigger and bigger. What about the budget . Dark or you in the are able to figure out to the dollar how much it will he . It is a bit of both. What we create is interesting. Every shot that we do is really unique. There is some similarities but everything is a custommade piece. Is this chicken or egg in terms of how you come up with what you are going to do . Does the drifter say here is what i want or is this where you say here is what i can do . It is a little bit of both and is always story driven. We find ideas that will be the next development of the story. With the hobbit, we are story. We know what the story is and we have time to prepare. Is this a safer investment than the actor . I do know that these seem to be films audiences want to see. We enjoyed making them. For us it is working out. Another film slated to make big bucks wall street. It stars leonardo dicaprio. E was an alpha dog he became the stuff of legends. I turned 206i made 49 million which pays me off because it was three shy of 1 million a week. Where ever i when i brought my insanity with me. In the movie they get a cautionary tale of what to do or what not to do. When i was in the bottom, we were writing about what i was a terrible person. Three is good. [indiscernible] as hell andg sexy is 2000 suit. A lot of people but into the notion about being noble by making as much as you can. I was taking enough drugs to eacha pride of elephants days lows are focusing on reality. I am not making any money on the books or movie. The only way i would is if everyone got paid back. Until then i do not want to make money. As a broker, you are not creating anything. You are trading up the ingenuity of other people. It is easy to feel like theres nothing tangible attached to your profit and you have an emptiness to the money you make. You try to attach value to it. Dont focus on the longterm incentive instant gratification. That is the real one. Heres the one who played him, leonardo dicaprio. He joined Martin Scorsese. This is a satire. It is a dark comedy. Strangelove. A funny approach to this but ultimately what we are talking about is a very serious subject. It represents something within our very culture. Winners and losers and lots of money and people get hurt. I do not think i ever thought of it as a satire. [laughter] accurate depiction but their own life was a satire. My feeling is not to separate it. This is it. This is really it. This is the mentality. We were pushing it. Believe me. Actually, we just scratched the surface. The story we couldve told her whatever. Avoid wanted to do was cannot tell them all, compress them in such a way that we would throw the audience right into the maelstrom of this kind of thinking. Is expected to take in 25 million in its first week and incomes up christmas day. This may not rank in 25 knowing it but it went viral this week. You have to check it out. Students from the advanced immediate class at Kilgore High School has a neat way of saying merry christmas. Merry christmas. One of my favorite Christmas Memories is every christmas [screams] my favorite christmas memory is the first year we had christmas. It has to be the first christmas i spent with my it is approaching 56 pass the hour. I am julie hyman. I want to highlight a couple of movers. Price. Aising his from 63. E the tech share remains a strong. He insisted he had increased through the holiday. The practices are coming under fire after it was revealed that as many as 40 million credit and debit cards may have been stolen. Two senators calling into investigation of the measures. Lets get you caught up on the broader markets. More records today for the s p and the dow. The nasdaq at a 13 year high. The imf said it will be raising the forecast for next year. Joining me for more including a proposal for market storms to raise awareness like the Weather Channel, winter storage. A Fund Proposal going into the holidays. The Weather Channel is doing this gimmick. Market benefit . They think it is a way to promote a preparedness for the storms. Maybe we could use some of that. We do not need it in 2013. The biggest decline was only 6 . 14 2014 is a typical year. We may need get we make it four named storms. This is a far cry from what the investors have gotten used to. Going to cause these market storms . Investors are more aware. How will they set up . I think this year we accessed about washington, whether it was the fed or what was going on with the brinkmanship. The not think that will be issue. And sit it is going to be about economic growth. Thehe spring at each of past few years we have had Economic Data coming in below expectations. The could be what prompts scare. It could be the first of the market storms. Of 2014. In the spring protection . Y what do you do to hedge against the storm happening . Investors have only just started to come back to buy stocks again. Only in the last six or eight weeks that we started to see inflows. The averages are coming back into the market using these declines as opportunities to buy. Mentally prepare. If youre just coming back to the market, youre used to things going up in a straight line. It can be a real shock to see a 10 or a 15 decline. Be aware of it ahead of time. You want to look to the areas of the market that may hold up ok. This may farewell and some of these market pullbacks in 2014. Lets follow this to its logical conclusion. One. Entioned the first i am not sure how the Weather Channel comes up with their names. These are pullbacks. You think we would want to name them after famous bears like fonzie are guilty. That makes into cuddly. Too cuddly. These are temporary declines to sell higher markets. I went with the dog names. You got the list there. I do. Thank you so much. And some serious stuff going into the holidays. Where on the markets again in 30 minutes. Bloomberg west is next. Garage live from pier three, welcome to the Early Edition of bloomberg west were recovered the companies that are reshaping the world. Were focused on the technology and the future of business. Lets get straight to the rundown. A deal six years in the main down. A deal steve jobs ul
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