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Rate in india was raised. The Turkish Central Bank is expected to do to make a move later tonight. At 8 30 a. M. , durable goods orders will come out and the case schiller index on housing will come out and Consumer Confidence will come out so many earnings are coming out. We will have dupont and other earnings calls. And theizer, comcast big event of the day, the state of the union is at 9 p. M. Tonight. What . Is thecolor of earnings so far now we get real companies. Getre wondering whether he topline growth that everyone is looking for. We will talk about apple in a bit with some carnage. Lets do a data check. Continues, up nine. We have the Indian Response and argentina had a note last night calming the market a little bit. Eurodollar goes nowhere and neither does oil. The vxx is eight seen. The yen continues to weaken. A thats the come first i have seen that come in going from parity to 1. 11. Churning, better field to the markets but i want to downplay the word better. We scour the papers this morning. Dupont will be out with earnings and theyve got a 5 billion Share Buyback. The state of the union is coming up tonight. Take a go itbly alone strategy. He will say he has prepared to act without congress. This is a sign that there are still plenty of gridlock in congress. Joe love joe biden and biden, the faces behind the president. Boehner. Den and john sometimes they look like theyre going to sleep. While, one side or the other stands up to clap. Attack the big issues because he cant do any of those alone without congress. He has to go on smaller issues he can get done through executive orders. Many people say congress is more divided than ever. One of the words you would most use to describe the current state of government is divided and number two is troubled. You can see the divided and troubled state of the Union Tonight at 9 00 eastern time on bloomberg television. We will carry it live. Next, the debate on income equality. In Silicon Valley as well. Venture capital pioneer tom perkins had compared a tax on the rich to the holocaust in an oped over the weekend. He apologized for his comments in an exclusive interview with emily chang. He is not backing down from his message on class warfare. I dont apologize for writing the letter. I should not have used that awful word. Believeer said what i and i believe we have to be careful that we dont demonize anybody and that we certainly dont demonize the most creative part of our society. A very offensive oped in most peoples minds. That was just an excerpt but we will come back to that. I think emily did a great job on that. Did you see where he showed his watch . Buy sixid he could rolexes. With that watch. From a good person who scored some points but at the same time, it was tone deaf. Our last frontpage story is the white house is relaxing some roles in what Internet Companies can say about the government collecting customer data. Companies can say what aggregate data is being requested by the government but Companies Like google, yahoo , facebook have grievances on the surveillance court. Many people say the Obama Administration would rather reach deals on discloses than wait for congress or the courts to order more transparency. I will never play angry birds star wars ever again. They know where i am when a piggy is in the empire. Job do yout play angry birds . I dont play it every day but i have played it and i am not good at it. Now i am glad i am not good at it because im not being spied on. Would you explain this . , i amlay angry birds being spied on . Possibly. It seems like the useful information and angry birds is not your score or confidence. It is your Location Information which is embedded in the game. If i cannot get access to other parts of your i better iphone or digital device, i cannot track you that way but i have access through the app and find out where your device has been. Potentially good information if i think you are a terrorist. This is the latest consequences of what we heard from edward snowden. Consumers have become so mistrustful of the extent to which the government is spying on them that Tech Companies are pushing back and saying we will tell you when the Government Asks us to disclose information about your location or your angry birds habits. Thehe new revelation that nsa will spy on anything is the new revelation. I wonder if it will wash away. The other part is that there will be some clarity for everybody. We welcome anthony dwyer. Maybe we will talk about the equity markets. Do the hellions in your place play happy birds . Are you upset by this . Honestly, i could not care less. That is the pervasive sentiment. Most people seem to not mind the extent to which the government is spying on us. I will now give an opinion. You are a suspected terrorist, i am ok with the government looking to see where they have been. I have not been anywhere where have to worry about the government looking where i am going. I am ok with this. Respond to the pervasive attitude in america. This is the nsa argument, suspectedonly look at terrorists. They never look at american citizens. The truth is, they are looking at everybody and have defined these terms so broadly that they probably are looking at every single one of us. The history of the federal government come in tracking people, looking at that is not great. The history of the federal government tracking Martin Luther king just after the holiday is not great. This is wonderful, we love having both of you on. About the equity markets, you have been a bull. Have you changed your town giving the tom alton indonesia, turkey, and indonesia . We have been looking for correction. Normally youd get a correction early in the year. In the current environment, it is similar fundamentally post crisis. 34 ,96, it was up you say this is an opportunity to acquire shares cheaper . If the market guys give us downbility to buy stocks 510 , i think it will be closer to 10 . I think it is a gift and i think the fundamentals back that up. The last thing you want to do is worry about the decline. You want to use it as an opportunity. There are so many things here on bloomberg surveillance. Lets get to company news. We may be on the verge of a big deal in the Cable Television business. Comcast is near of bill near to buy time warner cable. It has rejected the charter proposal causing calling it grossly inadequate. Honda has become a net exporter of cars to the united states. Laster for the first time, on the ship were vehicles overseas from the u. S. That bought Dennett Bennett brought in from japan. Builtnda accord is most Passenger Car in the united states. Shares of herbalife are rising by the most more than one month, almost seven percent. One of the companys biggest defenders left his analyst position to work for one of their top shareholders. He has criticized bill ackman for accusing herbalife of being a pyramid scheme. You saw it yesterday afternoon, apple earnings. To be kind, a challenge. We will give you a nuuanced coverage about the weak unit sales but a little bit of good news for apple. The super bowl is this weekend. In new york, in new jersey, i believe that is not denver bronco colors. Those are Seattle Seahawks colors. Is on our empire state building. Good morning, everyone. Good morning, everyone bloomberg surveillance. Robert shanks will be with us at 11 00 a. M. Thelet fu will go beneath data on ford. Look for that interview at 11 00 a. M. This is bloomberg surveillance. Olivia sterns is with us this morning. We are looking at a miss. For apple. Apple sold the most iphones that has ever sold in a quarter and returned annual Profit Growth on basis. E process 51 Million Units of iphones sold in the quarter or it they were looking for 54. 7 and the forecast for this order was a little bit light. The concern is that this flagship product, the premium product, is losing steam as a Growth Engine in an increasingly crowded smartphone market. It got the high and perhaps says rated and the low end has them losing out to other cheap imitations. Emphasized the mystery of china yesterday and that folds into the units think . Wenzhous brian blair at says he does not think the china mobile numbers would live up to some of the expectations. You want anat if iphone, you can get your hands on one. The focus becomes what is the next big thing that tim cook will deliver to get apple back on track . Where is the innovation. How will use the 51 billion in cash . The three leading product categories include the watch, the phone and. That did not work in a store i was in. Billion, 80 1 billion, 140 7 billion and we are now to 159 billion in cash. We just saw du pont five ilium dollars Share Buyback. How miserable is carl i come this morning . Somehow i think he will be ok. The most important point is the corporate on market, the Corporate Credit new issuance last year was a record. It is starting out at a record pace this year. That is what fuels these buybacks. You need an open credit market. Uni companies with the ability to raise money. Every Company Seems to have that ability with high yield debt. I know you cannot talk about apple but have a terrific analyst on the start and he lowered his target slightly this morning. Why is tim cook taking so long on being a Share Buyback stock . What is the reluctance . Honestly, i would rather roll that to mike. People dont know what the environment will look like as we progress through these currency issues. Returnedok has already 100 billion dollars in buybacks. He has put a little bit of that money to work. What does 51 million iphones really look like . It is six times the market cap a blackberry and twice as big as sony. It is hard to get a sense of how big those numbers are. Ck, one analyst said what he things will drive the stock is this tugofwar between whether Revenue Growth matters more or whether profitability matters more. You saw improvement at the margins. Apple is about profitability and thats the decision that people have criticized. That is what the iphone is. Of moving into the bmw model. They will be a smaller percentage of the marketplace that will maintain their brand and reputation for excellence and thats why they resisted doing the cheap phone. It should increase profitability but you look at their market share and it is gone from 22 to 18 . They are growing at a slower rate and maintaining their high margins. It is hard to say whether that was the right choice. This phone is a miracle and they are selling tons of them. A tim cook said there was robert mix problem there was a product mix problem. Says the challenges the focus on a few things that deserve all of our strategy. Is that the right approach . Apple has a very narrow focus strategy. That because is they have a narrow product line, it is easy to design apps for it and addons. That helps the other line of business, the app store. If you took the name apple out and called it sterns, everyone wouldve said it was a pretty good attorneys report. Earnings report. Look at the profitability. It is not a great sign and that combined with the other struggles since tim cook took over you look rate on instagram. Thompson, thats what you can do with this toy. Its a pretty case ,too. Imagine when it becomes your wallet. Ago, youle of years could not pull it up on another phone and now you can. This is the beginning of the story and Nick Thompson as our guest host. This is our twitter question of the day there was a clumsy message but does this message ring true . This is bloomberg surveillance, on bloomberg television, streaming on your phone, your tablet, and bloomberg. Com. Good morning, everyone bloomberg surveillance. We have coverage of the state of the Union Tonight at 9 p. M. Olivia sterns has our top headlines. The Prime Minister of ukraine has resigned. He said he was stepping down and the hopes of ending the protest and violence that has gripped the country over the last two months. It has spread from kiev to other ukrainian cities in recent days of antigovernment protesters seizing government buildings. Byurprise Interest Rate hike the central bank in india. They raise their rates for the third time in six months. He is battling inflation. To run a major automaker will be the guest of the first lady tonight. Will be a mary barra guest of the first lady at the state of the union address. Lets get the morning must reads. This one is from scarlet fu. I took this from the atlantic. Its from megan garber as a result of doing so, it has developed a template and change the way that advertisers look to place ads and the content generating websites. Backhe new yorker going decades where will we be in five years . Stuff willthe long keep doing better because its distinct and is different. I think more serious journalistic enterprises will dig deeper. We see that trend and i think it will continue. It is the opposite of what people thought a few years ago. The long stuff will thrive. You founded a Digital Publishing company so does this thing that fewer longer pieces is a better way to engage your audience . Absolutely, that was the general principle. We thought we should just do long story so that is distinct and different. We started selling it to people and we saw huge demand. I think this is a huge deal about adult twitter, adult facebook. This is the opposite of twitter. We got through this without angry birds. We will be right back with more on emerging markets down in the new year. Everyone,rning, bloomberg surveillance. Lets do a data check. It has been two days of better markets. Sevene it with futures up , crude oil 96. 18. It looks ok but underneath, there is a lot going on including the resignation offered by the president of ukraine. Excuse me, its the Prime Minister of ukraine. You got indonesia and asia. The central bank of india raising rates so there is a real churn this morning. I am focused on twitter, one of the big losers in trading yesterday. It is a split view on twitter shares per the Company Reports for the first time in february 5. The stock at a blockbuster december and it lost some steam yesterday. It lost six percent yesterday. Herbalife was a big gainer yesterday. Tim raimi left his analyst position yesterday. He was prominent in defending herbalife against bill ackman who publicly shorted the stock and not doing so well. Amazing to see the selloff at herbalife last week. Your 401 k straightened out, the emotion we saw late last week. Anthony dwyer is with us. Onrging markets selloff is pause. Argentina tried to protect the peso last night. Do you care about argentina . Think you have to look at these currencies which have been going down for quite a bit of time. Deeper all are focused on turkey and china. It has been people are focused on turkey in china. It will probably get uglier. I dont think institutions will flood the emerging market with investment dollars. It is a capital flow issue. If i have a retirement plan, why cannot i be smart and sell into this cacophony and know when to get back in again . Whoa whats wrong with that thinking . Investor, i have been calling for correction, the market is down three percent so i think it will go down seven and i think it will go that low. Then i miss the low and it houses back. I will say i will wait for him you missed the whole thing. If you are a longterm investor, the silliest thing we do is go on tv and try to time every tic and wiggle. As long as attorneys are going up, you want to go along. We have known each other for a long time. Be careful now yorker andhe new the red sox. It is not about getting out, its when to get back in. Thats correct. Thats a different issue but it is not clear what the catalyst was for this particular selloff. Does it matter . Is capitallyst flows. Investors are moving out of those countries and out of those currencies. It is human nature to overdo every trade. Yieldrently do it in high debt that every institution on the planet wanted to move all their money into the merging markets, equities and emerging markets are dead because you can get the best return there. They are now in ill liquid markets with not such great returns of their starting to move money out. Unfortunately, that takes time and the pendulum swings too far the other way as it does every time. Lets say it is a fullblown asian economic crisis. That would be up 20 . When we think about the currency canada,verseas, latin america, mexico announced accounts for 43 of our exports and you want to watch those currencies. If the market gives you the opportunity to sell off, as long as earnings are going up, i think we are in good shape. The economist had a story this week similar to that. Chinese the big story of 2014 is the merging world, the black cloud of debt hanging over china, do you agree . Shockingly, i am getting ganged up on. Iee j thatim chenos agree with jim chenos the bottom line is i think he has a strong chase about the negative credit situation in china. I wish you could get into the books and china and everybody could have clarity and visibility into what everything looked like. At the end of the day, we dont. Until that shows up in the fundamentals of u. S. Companies doing business overseas, china has done poorly over the wars of the last four years. The market has gone up and earnings of going up and investors have been rewarded despite that so far. I like the idea of you praying for correction. Why havent we had went so far . Its a blackandwhite trade. The highest risk category is liquid risk of fixed income, high yield debt. Get down to 5. 5 yield, to starkly low default rate there is no way with the global issues that they have in china, theres no way the default rate should be this low. Investors overdo every asset class. Equities is in the process of getting that. There are no alternatives. About tonyreat dwyers world is the information. I was at the American Finance museum of fine as last night and it was spectacular. They have Alexander Hamiltons book. It is like from 1780. I was there with rutgers university. The information that tony has to live with is unreal. Is that a hindrance to investing . It makes you more aware of lacklack boxes, like the of information in china. When you have infinite information and no information other areas, it treats asymmetries. The beauty of this is that is the opportunity. Ultimately, if any cycle has proven that longterm fundamentals are the only thing that matters, its this one. We have had a fiscal cliff, three bouts of the european debt crisis in your defense, you have been right. It is not easy, its simple. As long as inflation stays low, the fed stays easy. The yield curve is steep and the banks are willing to lend to us. As long as thats the case, it goes higher. For all of you gloomies send your email to tony dwyer. Send it to tom keene. I said it was simple, not easy. In your defense, you are optimistic when it was easy to be bearish. Perkins is defending his message about class warfare and says he regrets the comparison to nasty germany. He sat down to not see germany. We have his comments next. Nazi germany. Our twitter question of the day do you agree . This is bloomberg surveillance, on bloomberg television, streaming on your phone, your tablet, and bloomberg. Com. Good morning, everyone. Withtuesday morning scarlet fu and olivia sterns. Voters in florida will be allowed to decide whether or not to legalize medical marijuana. The states highest court ruled a medical Marijuana Initiative can go on the November Ballot or it 20 one states and the District Of Columbia already allow the use of medical marijuana. It is time for the deep south to fill the big chill. A rare winter storm is forecast to bring heavy snow and ice as far south as georgia and south carolina. Bad weather still causing trouble problems in the midwest. The Chicago Ohare Airport has canceled about 20 of its flights. Folk singer and political activist pete seeger has died. He is credited with helping bring folk physics to pop culture in the 1960s and embraced a wide range of musicians. He is also instrumental in efforts to clean up the hudson river beginning in the late 1960s. He was 94 years old. We have to go back to tom perkins. Of Kleiner Perkins. He got himself into trouble lately. He wrote an oped comparing todays treatment of wealthy americans to the persecution of jews in nazi germany. Last night, he set them with emily chang for exclusive conversation. I deeply apologize to you and any who have mistaken my ristelnacht. K i dont apologize for writing the letter. I should not have used that awful word but the letter said what i believe and i believe we have to be careful that we do not demonize anybody and that we certainly dont unionize the most creative part of our society. Majority starts to demonize a minority no matter what it is, its wrong. And dangerous. No good ever comes from that. Even said the reason he made these comments in his oped was because he is reacting to events like the occupy wall Street Movement and outrage over the google bussing employees from San Francisco to Silicon Valley. The garden of the beast is an extraordinary book. I think it is probably not an antisemitic comment. It is more of an antisanity,. Comments. It probably just came out. How utterlyg bizarre and tone deaf he is. Who is mr. Perkins and who is Kleiner Perkins . Kleiner perkins is the most important legendary Venture Capital firm in Silicon Valley. Every Single Person wanted to be funded by them. The power has shifted a little bit away from them but it is extremely important and you be dropping will the perkins name. People are wondering if he is in touch with reality. He says he is not in touch with the everyday man. At one point, he held up as watch them explained how much it was worth for it when you are talking about income inequality, do not show your wife for it. It is a symbol of terrible values. Well, i think that is silly. This is not a rolex. I could buy six rolexes with this. So what . After 50 million, you dont clearly. You dont think clearly. Does your Silicon Valley think clearly . Thanople have made more 50 million in Silicon Valley and still think clearly. People have done a lot of good philanthropic late. People say Mark Zuckerberg has turned around. Partly for Public Relations reasons. If hely asked him provided for his friends and family. He said i have relatives in poverty. He said not direct relatives. That was helpful. If you strip out the bad word choices and the bad historical comparisons, what he says is not that different from what many conservative republicans might say. Inequality, for the lower interference and lower taxes. How is that different from the Republican Party . It is different in style. You can argue you should lower taxes but perkins is coming at this from a different angle. There probably has been an overreaction in some ways. Why stopbusses . That is too much but perkins is out there. Our capitalism is much more broadly distributed because of our pension system, correct . It stuns me that someone who was in the pension plan thinks that any kind of Wealth Creation is bad. Most of their money or their future retirement is in is wrapped up in that. Let me remind everybody that we are in capitalism. I want to see the watch and i want the 50 million to see how i act want to get there. I think that would be fantastic. Would you put an ice rink in your backyard . I will have a lake. Coming up, the bloomberg west team all day with this and emily chang will join us later. We want to get her firsthand account on how mr. Perkins looked and sounded during their conversation. Also, google on a shopping spree and we will see how this will affect their earnings, next. This is bloomberg surveillance. Good morning, everyone, lumbered surveillance. Contractors and the president is out this morning announcing that not the federal minimum wage but for federal contractors, the minimum wage will go to 10. 10 per hour. Or a gun is 9. 10 and utah and south dakota are at seven dollars per in new york is at eight dollars for 2014. Federal contractors are nicely above that. That is an executive order by the president goolsby tonight at 9 p. M. At the state of the union address. Lets get company news. Keeping with samsung its lead over apple and smart phone sales in the fourth order but most companies are losing market share to chinese companies. Samsung accounted for 29 of Global Smartphone shipment and apple, 18 . Google is taking another step in to water distribution of google glass. It is reaching an agreement with one of the biggest vision care providers. It will offer prescription lenses and subsidized frames for google glass for a google says it will launch the device for consumers by the end of this year. Six state governments are playing it close to the vest as they try to attract investment from foxconn which assembles the apple iphone. They are advancing manufacturing in the u. S. Ares, colorado, and competing. Google is kicking off the new year with a string of acquisitions. None of that has anything to do with the companies will house which is online advertising. This is a radical that underlying the google thesis. The notion of making a profit or having an interest in doing so seems passe at google. Nick thompson is helping us figure out how they are making profit. Deep minebought yesterday what is the Business Model . The google Business Model is to organize the worlds information and sell ads against it about how we move through that information. They missed the last big revolution in how information is organized which is toward social networking. They came in quite late. So ie just came late assume they think that the next big thing is information moving outside of computers into devices. All are trying to pick up of that information coming from these different ways and trying to figure out different ways to categorize it and they will sell ads against it. Buying an Artificial Intelligence company or buying a company that monitors our temperature in our house, all of that makes sense if you think they are broadening their definition of what information means. We know so little about what deep mine is. It basically says this is a Cutting Edge Technology company. What do you think buying the company will do for their search . Sensesumably they have a that either people who work there understand how Artificial Intelligence works which is one hypothesis. Or has been some real breakthrough. Facebook was about to buy deep mine so it might be a bidding war. The stock has done 29 per year since it came out. Do you look at these at dabbling in different areas or is there a cohesive plan . They had hundreds of projects. Page cut it back a little bit and i think there is more clarity. There is a dalliance and they are doing things which are a little bit distinct. Is gathering information about how we drive. I think a our little bit scattershot but when you look at google a few years from now and look back at this time, you will say that they were onto something. It looks like they are improvising. Which is a contrast to amazon which has a very clear goal of disrupting and taking over every corner of traditional commerce. Tony dwyer is with us. Investors more giving the benefit of the doubt to . Both stocks have done so well. You have to innovate. I used to xerox a lot of things. Or fax things. It does not work anymore so you have to innovate and find these companies out of nowhere. When facebook took over instagram, i had no idea what it was. I frankly still dont use it. Snapchat will get you into trouble as well. What about the strategy that amazon has versus google . How much appetite do investors have for this . Its what they say publicly but we dont know what their real strategy in the boardroom is. That is true, i think that more of a strategy than people give them credit for. Into theie this back apple conversation. What is apple doing with all their cash . Google is buying all kinds of things with their cash. The head of google engineering says he wants search to act like it is your friend. He thinks the mind can help do this. Ray kurweil maybe has been more correct than he thinks. We greatly appreciate it. Tony dwyer, thank you so much as well as Nick Thompson. See you in five years. When the yield curve inverts, i will come back. Fourex reportsur 65rling holds up one dollar and were watching the turkish lira do better today. All eyes are on argentina through the day. Good morning, everyone, it is bloomberg surveillance. The president speaks to the nation. The economy improves. A Beleaguered White House searches for policy traction. The link between fed action and emerging markets and your 401 k is made clear. Cash forg billions in apple, but concern over future apple iphone sales. Live from our world headquarters. State of the union day. I am tom keene. Hour ist host for the the chief executive officer of vivo. I watch a lot of vivo. I want to start in the u. K. 7 10 of 1 . Expanded also, is centralbank rates. Tedly raised data out today at 8 30 a. M. At 9 30, the schiller index. Earnings all morning. Ford right now. At t, comcast, yahoo , and of course, the state of the union. It is a pretty nice report. North America Holding up. Europe with a negative handle. The north american pretax profit, 1. 7 billion a sense of the scale. Operating margin in north america is 7. 6 . Automotive revenue is also topping estimates. Like caterpillar and others, not a quiet amount. Pfizer with a nice earnings beat as well. 16. 10 is the latest trade for ford. We may be on the verge of a big deal in the Cable Television business. This is all according to people familiar with the matter. Time warner cable has rejected the charter proposal, calling it grossly inadequate. Shareholders are demanding that charter boost its offer. Exporter become a net of cars from the united states. The first japanese automaker to build cars here. The honda accord is the most built Passenger Car in the united states. Rose. Ife shares tim remy has criticized bill ackman of being at pyramid herbalife being a pyramid scheme. I would expect to hear from carl icahn today. He wants to see apple use more of its cash. It would have been a different outcome yesterday. Ed on thate is fixat 51 Million Units sold. Is comcast more likely to do a deal with charter . Something we will certainly keep an eye on. Fourthsome pfizer quarter adjusted earnings coming in. A little bit of a bead therefore pfizer. Will they split . If so, when . To tom perkins. He had gotten himself into trouble by comparing todays treatment of wealthy americans to the persecution of jews and not to germany. In nazi germany. He set down for an exclusive interview with emily chang. He touched on a theme that the president will be picking up later on in the state of the union. Inequality. But he warned about class warfare. He Still Believes there is an issue. I deeply apologize to you and any who mistaken my reference to of antiacht as a way semitism. This is not the case. That was tom perkins speaking to emily chang. We have cory johnson with us here this morning. You know tom perkins, Silicon Valley is he really picking up on eyestrain that exists . On a strain that exists . Putting aside the ridiculous and offensive comments, there is a real sentiment that the wealthy are being targeted and treated unfairly. There was something going on with the reaction of the activeommunity gentrification happening in San Francisco because there is a change in the Silicon Valley workforce. A lot of San Francisco employees are working in Silicon Valley chartered, airconditioned, wi fi enabled buses. They are trying to stop the buses. Active debatey going on in the city of San Francisco about the responsibilities. What is a cool coffee shop in Silicon Valley . Bluebottle. What is the conversation this morning about mr. Perkins, about the people that respect what he did years ago . What are they saying . What are they saying at the blue bottle this morning . First of all, he is right. It is very possible in sacramento San Francisco to take the most liberal viewpoint possible. When you talk about pacific heights, where all of the fancy rich people live, liberalism is alive and well in San Francisco. You have such income inequality. It is an active debate. The interview with emily chang what stuck out to cory johnson . I love that tom perkins stuck by his guns and this notion. Interesting. To compare bad idea anything to the holocaust. Huckabee say that the demonization of the rich is comparable to the demonization of the jews . There is a difference between dispersion of income versus the tide for everybody rising up. Does that seem to be happening in San Francisco . Or is the resentment and the middle class about the stagnant nature of their wages . The bifurcation is great. The first person to bring up hitler in an argument lost. He talks about one of the causes of the Great Depression was income inequality because so much of the economic engine was powered by the rich. When the market crashed, a big piece of the economy, one of the most functioning parts, ground to a halt. That hurt the overall economy. What makes tom perkins different is that he is talking about the Creative Class specifically and how they feel threatened. I do not feel personally threatened. But i think that a very important part of america, namely the creative 1 , are threatened. We have a member with us. The ceo and president of vivo. You are based in new york, but you have been all over the world. I was the discussion different here than in Silicon Valley than in other parts were the creative juices are flourishing . And think that in new york in london and elsewhere, you have a little bit more diversity. You do not have so much coming from one particular sector of the industry. In new york, you have fashion and publishing and media. You have a real robust diversity. You are not overly dependent on the Technology Industry to drive the economy. There is a huge interior tension. It goes back hundreds of hundreds of years. I want to take a moment. Were good at picking up where people screw up. Nailedy, you absolutely the apple report yesterday. Review surprised they did not do a Share Buyback and Dividend Increase . I dont think so. I dont think that apple is focusing so much on pleasing wall street. Or carl icahn. Certainly not carl icahn. Carl icahn owns 1 . The california state pension is with longterm managements strategy. A little bitying of attention to carl icahn. They give them a little bit more lip service than steep steve jobs might have. Cory johnson, thank you so much. We have lots coming up here. Our guest is the ceo and president of the g vevo. Is the u. S. Auto boom over . Good morning, everyone. Bloomberg surveillance. I am tom keene. Our guest host is with vevo. They are like youtube. They want to be a content company as well. When you look at this, everybody wants to do content. How was vevo going to be different . Were just Getting Started with music videos. It is not about collecting them and having them. It is about what you can do on top of them. They build a tremendous audience. Showse can do is create about fashion, style, beauty in music am of food, travel, music, live concert events a lot of things we can do that are true to music, authentic to music. , where is the proven audience for that . You have nailed it on youtube. You have become the new mtv. People want to watch videos wherever they want, whenever they want. We want to be on every apple tv, every xbox him every ipad, every device. O intot to put vev angry birds. When you look at the making of content, what are the worst practices you want to avoid from the Mainstream Media content makers . Making great content is hard. Telling a story that everybody can relate to and connect with is difficult. Easy to say you are going to make great content, hard to actually do it. That is what we are learning. Music videos are an incredible blessing for our company and our distribution. How do we make around hip programming . Give me an example. South park. Sopranos. Is game of thrones too much right now . Cable networks spend at least 50 million to 100 million on programming. 10 millionng about to 15 million per year. Is youtube off their game \ what do they need to do to change . Youtube is a fantastic success, disrupting all Media Worldwide with over one billion viewers on the platform. Youtube is our biggest distribution partner. I do not think they are off their game. I think they are busy charting the course of the future of online video. Very good. As we look at the dynamic, everybody talking about comcast content. Dont forget tonight the content will return to the capital tonight. The senate, the house, the cabinet, all of them at the state of the union address. Coming up, the super bowl comes up. I need a manly bowl of yogurt. We will have that next. Good morning, everyone. Bloomberg surveillance. Certainlyiscussion on the state of the union. Valerie jarrett will join us later. Our guest host is the chief executive officer of vevo music. Top headlines. The Prime Minister of ukraine has resigned. He is stepping down in hopes of ending the violence that has gripped the country for the last two months. Antigovernment protesters have seized government buildings. A surprised interestrate hike in india. The benchmark rates are raised for the third time in six months. Inflation is battled being battled. The first woman to run a major automaker will be the guest of First Lady Michelle Obama tonight. Will be the guest of Michelle Obama at the state of the union address. Those are the top headlines. Very cool. A lot going on. Ford earnings . They came out at the top of the hour. The stock is trading higher. Investors are happy with what they heard. Beating the consensus. Automotive revenue is better than anticipated. Still a loss over in europe. Both america operating profit was decent enough. Ford keeping its 2014 forecast unchanged. Within your general sphere, would you say ford is doing better than General Motors . Fortis always seen as doing better because it did not need a bailout like General Motors and chrysler. It had a lot more time to get ready for the turnaround. Jamie butters is in detroit. He looks at these Auto Companies day in and day out. What is the nuance of the ford earnings . One thing that jumped out to me we were looking for it and we saw it record pretax profit in north america. Ford runs their business using a pretax profit. The important thing about that is that is the number that the uaw is using. It sets off the profitsharing. Along with that record profit in north america in this final big moneymaking year on the old f series design, the uaw workers et lowerbased labor rates and higher profitsharing for the workers. The set up for this year high inventories, market ambitions, a slower growing marketplace. The Uc Santa Barbara can see in detroit after four years of seekbuster growth do you complacency in detroit after four years of blockbuster growth . Everybody is making money. Growth will be the slowest since we started since we came out of the recession. Sales of grunt about 50 . The growth will tighten up. It will get very competitive. Of sharpheir are a lot eyes around detroit and the rest of the market. Honda doing better than good. Is detroit still detroit . Is it still about a big three or whatever it is or is that now a National Detroit . Since i have been here, i 2000 for me, in a lot of ways, it has always been a national industry. Detroit, as it has come through, it has been very strong. With the possible of moving the , theyerfiat headquarters have indicated that the headquarters for the Global Company will be here in metro detroit, whether it is up in auburn hills or down in the city. There is more of a sense that there is a greater detroit after having survived. At confidence is hardearned gm and chrysler. Ford is proud of having not needed a bailout. Stay with us. I want to bring in our guest host. The ceo and president of vevo. The greater detroitness. The dashboard is like a tablet now. Does that become the norm . Thes the phone going to be box for the car or will the car be a node on the Network Without the phone . I get all of my media to my car or my phone. Other people run apps in their car. Over and you turned the knob. I have the little knobby thingies. Eight tracks. Eight tracks . This was 20 years before that. It certainly is what theyre looking for. Even what older people are looking for. People who are really looking for who else can afford the tesla model s and the mercedes with all of the bells and whistles . Everybody wants to keep their connected life. Are verynnials attached to that. Automakers are very eager to give that to them if they can make money on it. Jamie butters, thank you so much. Coming up, we talk about tom perkins defending his message about class warfare. What do you think about his comments . Do you agree with his message . This is bloomberg surveillance. Super bowl sunday. You will get to watch the commercials, but you did not have to wait to check out this on. Ser ad from danpm time to go to bed . Dont you think its time we all get around our own . The Vice President of joins us. For danon i think of ribs, not chose nachos why are you pushing yogurt on the football crowd . We believe in healthier foods and we want americans to eat healthier. We think yogurt is a great way to eat healthier. The super bowl has been dominated by beer and junk food historically. We think yogurt has a role in the super bowl. Award fors won the advertiser of the year. Ui model you are not alone. Year. I had an ad last we think it elevates the prominence of the category. Ad, ourreat about our products, we think the greek yogurt we are putting up well and alldone that. They have recharged the line. What is the battle in the dairy section of my Grocery Store . How do you handle thats what are their eight yogurts . A couple dozen . Is there an overcapacity of yogurts . Thehe yogurt category in u. S. Is still very underdeveloped. You go to europe, you see two aisles of yogurt. Here, the average is only 18 feet. We think there is a huge opportunity to grow. The reason for those different yogurts is that consumers have different needs. We believe in serving each of those needs. A Digestive Health products come away control product did you see how we looked at me when he said weight control product . [laughter] im not sure that yogurt this is a country that rolls on mighty wings. I would love to see yogurt catch on, but i am not too sure about it. You have a new advertising program. Experimental activation. Super bowl, for example, used to wait until the big day to reveal the ads. It was all about the big unveil. A lot is in the lead up now to the super bowl. We are taking advantage of that this week. We released our ad and already have 2 million views. Vevo reinvented music videos. The speed of change within your world is so great. Companies haveed to adapt to a world, dont they . You guys are making the rules. Everybodys looking to reach people and authentic and emotional ways. Music kenexas billions of people on the planet. Billions of people on the planet. I want to ask you come one of comes to your budget, how much of your budget are you blowing on the super bowl . The average cost for a 32nd 0 seconding 3 advertising is 4 million. It certainly is a big investment. We still think the super bowl is a good investment. Away the largest advertising platform and the secondbiggest American Food holiday behind thanksgiving. How do you measure the effectiveness of the ad . At the end of the day, it is all about sales. That is the metric that matters the most. Do you eat the fruit on the bottom of the yogurt . They invented it in 1947. I much prefer to put fresh fruit and it. What percentage of people eat the fruit yogurt thing and did not eat the fruit . I never do. Honey. Nt mind the are you a digger . Think about the food supply has changed since the 1970s. Fresh fruit is so much more available. We had chipotle on yesterday. They came up with a miniseries to advertise. We could absolutely dabble in longform content. We have thought about that. We still think that the super b roll and some of the footage that we have around the reunion make for great content that consumers really get into. Thank you so much. Vice president of marketing at dannon. We want to get you a data check. Futures are higher. Good morning, everyone. Bloomberg surveillance. Out atour product Bloomberg Radio plus come on itunes come on android, bloombergtv plus. The state of the union. Host, as we dovetail in the creation of media with the distribution of music, the vevo music ceo. We want to get his thoughts on what has been the zeitgeist around here. And his comments. He got himself into some trouble over the weekend comparing todays treatment of wealthy americans to the persecution of jews in not see germany nazi germany. He sat down with an exclusive interview with emily chang from bloomberg west. The message is, anytime the majority starts to demonize a minority, no matter what it is, it is wrong and dangerous and no good ever comes from it. Us now. Chang joins bright and early from dark San Francisco. This conversation you had their with mr. Perkins, did he seem at all uncomfortable with the reception it generated . Said, ied him and he regret using the word kristallnacht, i regret comparing this to persecution of the jews. He said, i do not regret this message. The message is what he said there it becomes dangerous when the 99 try to demonize the one percent. On bloombergg surveillance we have had a spirited response on twitter which is saying, enough, yes this is a big deal, but there was an underlying message of value. What has been the response in emily changs world what mr. Perkins has said . Is there an agreement with his message . I think the vast majority of people do not agree with his message. Investors here in Silicon Valley called him a leading ahole. If anything, he has united the 99 with the 1 . Inequality is an incredibly important issue that strikes a nerve, with not just the poor, but also the rich. I want you to take a listen to a little bit more of what he had to say and just why this interview infuriated summoning people. A they got it went to discussion about the idiocy of rolex watches and why does any man need a rolex watch . It is just a symbol of terrible values, etc. Etc. Well, i think that is a little silly. This is not a rolex. I could buy a sixpack of rolexes. So what . You are a multimillionaire. I have created some billionaires, but i unfortunately am not one. You have on fancy yachts, cars, underwater submersible airplane. I saw it. It is an airplane that flies underwater. Do you worry that you were divorced from reality . Are you . I dont know if anybody can answer that. Truthfully, i do not think so. Here. Me cut to the chase for those of us you just jack welchs think comments and the uproar how does this have to do with the gentleman that is a little bit on in years . Know, i cannot answer that question. That we willy is be hearing the president talk about income inequality tonight. The us is an issue that has divided the city of San Francisco. You have people stoning buses taking google workers down to google headquarters. You have buses being burned in effigy. There is an issue that needs to be addressed. Perhaps people did not like the way the tom perkins has decided to address it. Emily chang, thank you so much. Bloomberg west. It really has people up in arms. We want to put it to our viewers and listeners. Our twitter question of the day you really do you agree with tom perkins message . Good morning, everyone. Bloomberg surveillance. Emily chang joins us as well from the west coast. Us. Ceo of vevp with you look at the uproar and debate over tom perkins. I think it is a very balanced twitter response. It is amazing how the speed of media discussion has changed. There are those that totally agree with tom perkins. That say theers entire message was offkilter. What this is really about is the speed of debate on twitter. There is zero friction in the media today. Everybody can say whatever they want at any time. How do you find what is worth hearing . How do you filter through the noise . That is the challenge. Is the filter improving . Have you seen an improvement . I think it is selective. I think people hear what they wanted to hear, they follow the one to follow, they to know what they are not interested in. The good stuff is rising to the top, but it is very selective. There is a little bit of improvement as well try to figure out what to do. In his conversation, tom perkins answered claims that his comments cast a negative light on the firm that he cofounded. Take a listen. My letter was not about the firm. I did not mention them at all. They did not need to say anything, but they chose to throw mander the bus. Me under the bus. I did not like that. They said they were shocked. Guyrt of feel like the saying, look, dont go swimming, there are sharks in the water. If you get shocked by that, you do not understand the warning. , emily chang,kins distancing itself from mr. Perkins. What is his connection to the firm . He has not been involved in the firm and like two decades. They made a point of mentioning that. They haves said that declined since i have left. This is one of the most storied Venture Capital firms in history. His name is on the door. There is a debate as to whether his name should still be on the door. I asked him and he said, that is a question for them to decide, i do not care. Isnt the case of a man getting on in years . I was expecting a grumpy old man who was stuck in his ways. What i found was actually someone who was quite cordial, someone who was open to criticism, and willing to debate. To his credit, he is not getting a lot of credit this morning. Emily chang, great conversation with tom perkins yesterday. Cofounder of Kleiner Perkins. Lets look at the earnings calendar. Ford motor out. A stream of stuff out today. Where do you start . Big one. S the people were worried that the auto boom was nearing a crest and it was on the way down. Ford is doing pretty well in the fourth quarter. Profit and sales beat analysts estimates. It reaffirmed its 2014 forecast. We will be right back. Coming up tonight, the state of the union. It begins at 9 00 p. M. Eastern. The fifth state of the Union Tonight. Looking forward to that. The second term of the obama and ministration. Not a time for guns and butter. Perhaps, a year for bread and butter. Politics for democrats and their 2 term president is and was a r to forget. Maybe it is a year to engage republicans. Tonight marks another new beginning for president obama. Valerie jarrett is a Senior Adviser and joins us now from washington. At as themorning president raises the minimum wage for federal contractors. How Many Americans will that touch . It will touch maybe a couple hundred thousand. I think the president is leading by example. And last year on its state of the union he called on congress to raise the minimum wage. He supports the bill that would raise the minimum wage to 10. 10 and would provide costofliving increases periodically so it could keep up. To me people are still struggling to get by and are raising their children in poverty because the minimum wage is only 7. 25. He will do what he can in his power to raise those who work for the federal government. You have been the from the very beginning. When i think about the amendment going into a sixth year of a presidency how are you advising this president to friendly than you advised 7, 8, 9 years ago . You learn onthejob the job. We have seen the challenges of getting much done through congress. Even though we have able been able to get major pieces of legislation through, he is unwilling to just wait for work with them. He will also take action on his own, sign executive orders. He will also use the telephone. He will bring people into washington who want to make progress and create jobs and grow our economy and provide opportunities to those hard working americans who just want to succeed. The executive order to raise the minimum wage for federal employees he will be taking additional action in the days, weeks, months ahead. Obviously, the president and his speechwriters have been working on the speech for days and weeks. Den to the final hours, what are going to be the most sensitive issues tonight . I have to tell you, his speechwriter is in a fantastic job. We have reached him more than ever over the last couple of months to hear directly from the American People and from businesses, entrepreneurs, big business is about what it would take to create jobs. I think the president is comfortable with where the speeches. His policy positions are clear and concrete. He is optimistic about our future and looking forward to speaking directly to the American People this evening. Thehere is criticism about president that he is much too insular. Too many close advisers. Can you tell us in what way the president has brought into his reach to beyond people he is comfortable with as he has progressed in his tenure . I think the president has always reached out. This is someone who started out as a community organizer, reaching up probably. He has always had a wide number of advisors and listen to people whose perspectives he disagreed with. He wants to challenge himself and make sure he makes the most informed decisions. He has always reached out and will continue to do so. In preparation for the speech, we did expansive outreach to a broad crosssection to make sure that the priorities reflect those of the American People. Is this president has he given up on the Minority Party . Reached out to republicans time and time and time again. He has solicited their ideas. There is barely a speech he gave he gives where he doesnt say, if you have a suggestion for legislation, i want to hear those ideas. He wants to hear what they are for. That arm has always been outraged and you will hear again from him this evening a call to work with members of congress on both sides of the aisle. But it takes 2. Valerie jarrett, thank you so much. The most senior and early to the 44th president of the united states. Our coverage tonight, Bloomberg Radio, bloomberg television, look for that at 9 00 p. M. I get goosebumps every time. How many times have we seen this . The justices, the cabinet, the house. They all hate each other, theyre all a bunch of morons, but i still get goosebumps. Why do i get goosebumps over this event . Because it is special. It is scarce. It is something that brings everybody together. Sort of like a miley cyrus video . Exactly. It is out of like a twerk, tom. What does the state of the union look like for you doing business in america . Is there anything you would like to hear . It business is about is very dependent on advertising , on consumer packaged goods, automotive, telecom, broad sectors of the consumer economy. Any initiatives you want to hear . We are fundamentally job creation, unemployment, the minimum wage, however small that effects portions of the economy, i think that is all good news for us. We are trying to do our small part to get consumption going and to get attention. Too much red tape . I think it ist always too hard to get things done. We are generally looking for some good news. The star making machinery. You have been at the heart of this. You singlehandedly brought the music video back to life. Is the star making machinery still out there or is it just a thing of the past and we are going to add a mize this individual music business . It is still very much year. Whether it is the web, radio, television there is still a iconsul desire to create and shared experiences, things would can all look up to, talk share ih, love, think the choices are infinite. World. All in an atomized we still crave things to talk about. Billy joel is selling of Madison Square garden. 14 times in a row . Artist in residence. That is the way to make money. I am never surprised at the power of music to connect with people. What thousand years from now, people with a be making music, loving music, with or without. If you take all of your close off and swing on a wrecking ball, that is when you can really make it big. Talk about the evolution of digital music. What is the next big innovation . The next big novation is where music and videos become conscious that they are on the web. They become aware that they are on a twoway communication platform. A video could have been on tv in 1983 right now. Were taking movies and putting them on netflix. Andc videos on vevo youtube. That is not innovative. That is transposing an. Creating revenue for artists, songwriters is what were trying to do. The future is where music and videos know that they are on the network and they could never have been on television 30 years ago. To the changing roles run Net Neutrality have any impact . We are watching it closely. We do not want to have any friction between allowing people to watch her videos. Anyo not want to have additional. The line. We are watching it closely. , it hasference taxes all to do with what tom perkins was talking about. Do you agree with tom perkins message about class warfare . Another one. A huge response, which i do not think is a surprise, to the perkins interview. People outraged over the uproar. People that totally agree with what emily was able to get out of him. I think what cory said was true as well. In San Francisco, you can never be too liberal about anything. No surprise that this engendered a lot of emotion. On onepy wall street was end, he is very clearly the very top 1 . Thank you very much. What a most interesting surveillance. In the loop is up next. Live from bloomberg world in the loop. The market selloff got many of us off guard not our cohost. We will break down exactly what to look for why we are headed lower. Controversial bloomberg exclusive that has everyone talking and tweeting. If you missed last nights sit down, check it out. We got into a discussion about the idiocy of rolex watches and why does any man need a watch like this print it is a symbol of terrible values, etc. Well, i think thats a little silly. This is not a rolex. I could buy a sixpack of rolex is with this. We have more with the outspoken Venture Capitalist tom perkins. He is not backing down from his message on class warfare and we got the highlights coming up. Also, for better or worse, the Global Tobacco industry is innovating and growing and we will ask one Portfolio Manager whitey is bettin

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