What i am looking at it what they are looking at. Reach out a common theme their. Mitch mcconnell and the president say they will try to reach Common Ground on it interests such as International Trade and taxes reedit and kentucky yesterday, mcconnell spoke about ending gridlock. Work on to pass legislation, some of it he may not like, but we are white to function. This gridlock and dysfunction can be ended. It can be ended by a senate that actually works. Mcconnell made two promises no more government shutdowns and no defaults on a national debt. The European Central bank will likely keep its Interest Rates on the floor. Ecbs meeting for the First Time Since the bank of japan dropped its stimulus surprise. Economists believe the bank will eventually launch a largescale Bond Buying Program to kick europes economy in the pants. As 6 of tesla up as much in the premarket. The electric car maker a jump in orders for its model s sedan. Elon musk says overall it should grow 50 next year and probably for several years after that musk also says he has the worlds best problems that she cannot produce enough teslas to meet demand. Hein baseball, giants, no, is back. You did not expect Alex Rodriguez to stay out of the news, did you . We have to talk a rod, officially back after that seasonlong suspension for violating baseballs drug rules. He testified under oath to prosecutors that he used banned substances from 2010 to 2012. Arod did not give a gift to derek jeter as jeter exited. Captain, my captain. He is 40, right . He is aging we do not say he is 40 and aging in the same sentence. Freudian slip. Want to put you on the spot the plan is he will, yeah he will go to spring training. Future is a little light, euro doing better, ecb this morning will have important covers including Jonathan Ferro from london on what we should look in that draghi press coverage. Nymex crude to a to be top 78. 50. E vix 14. 17. Crudeis the dow, brent 82. 94. Lets look at oil. This is one of my favorite charts back when peter otoole was younger before filming lawrence of arabia. This is oil adjusted for inflation, and an approximation of rising wealth in america p or do we look at personal disposable income. Here is opec, the first oil crisis, the second, persian gulf war. Roll over, brendan, we are back with the price of oil given our rising income we saw in john f. Kennedys administration. The way to think about this chart is as the price of oil drops, looking at the y axis here, you drop down, down, and each of these ticks is where somebody feels pain. 100 is where russia feels pain. 60, that is where kuwait feels pain. 50, that is where the bok entail starts to feel it. My feeling is that the American Consumer does not feel pain. No, they are perhaps driving their suvs more. Scarlet drove around westchester in a hummer h2. It was a red one, right . Yes, of course, scarlet. On surveillance , we never say why asxis. But we are reluctant say this is my most famous chart. Yes. Where were you in october 4 years ago, 10 years ago . There was a reason not to invest in doubt in 2000, 2010,. There are uncountable reasons not to invest. John gaal of his at Rbc Capital Markets. He has been way out front. John, i love what you have done with this. Excuse me, i am gasping i am so excited. How will earnings be in the next 90 days . They will continue to be good. We are looking at high single digits, low double digits, and i think that is the important thing. Revenues are probably in the 4 , 5 range not that bad. Not that bad but also not super. Larger companies are squeezing out more and then you get buybacks and you get a modest economy. Our raging debate two days ago was with a changed washington. I think it is probusiness. Does that actually fold into your work, gaming the market . Iti wish i could tell you matters a lot, but i do not think it matters that much. Stocks tend to rally dearie duringidterm election these Midterm Election months. Why is that . What are you looking for . You are looking for a better longterm trend of growth, which is what stocks are supposed to be discounting. Is there any legislation we will see that you make an individual company more profitable in the next quarter . Probably not. Anything you see on the horizon . Politically . The thing i would like to see his immigration policy but not to keep people out of this country and protect the borders but immigration policy to drive growth. And brendan within the zeitgeist this morning, the New York Times absolutely nailed that tension. Nobody agrees on immigration. No possibilityis of copper mise because you have Silicon Valley pushing for this hightech visa and different constituencies pushing for different kinds of reform. Jonathan, ive interested in something you wrote in your note from yesterday. It feels deeply obvious. Research suggests that ball markets do not falter because they become tired or expensive to her day in and when recessions in soup. Why is it necessary to say that tired or expensive. Recessionwhen recessions ensue. Why is it necessary to say that . The market does not get ready to falter. If you go toward a recession or the bull market continues and you do not have a recession concern, than you do not have an issue. The market is not a person that gets bored. Exactly. We may be above average valuation, but unless youre looking at something that is internet bubble kind of high, be a little more sensitive and it does not matter that much. What are the investors that you are worried about . What is their worst fear right now . Probably to downside fears. One is clearly we are seeing a weaker global growth. What is going on in europe is a big deal. We talk about qe and mario and will we get bond buying it is not really clear that he has a mandate to do that. I also differ with the pack that this oil prices, with precipitous a drop, are somewhat destabilizing and i think they could really create problems that people are not a dressing. Golubt is the tacit he of optimism right now . Is it load the boat, is it participate, you have been so damn right for three or four years. What is the level of brightness right now . Nine out of 10 . I will tell you that i had a role for several response to what happened in october because there was very little new flow that really rocks the markets on is over 15 and i still feel that investors are trying to get their hands on it. , you know Rebecca Patterson four years with jp morgan, and now at bessemer trust, and she shares her optimism about america. She spent the whole time talking about america. Scarlet, you asked before what people were asking about, people are saying is a stronger dollar going to kill the markets if you look historically, it has a questionable impact on earnings but a very clear impact on multiples. If people see the u. S. Is the place to go to capital, then they bid up u. S. Assets rather than go to europe. Existencen elsewhere but in the u. S. Rbc capitalub at markets. It is really interesting, actually come a new documentary, do we need to change how we teach economics . That is our question of the day out on twitter on economics. This is a raging debate do we need to change how we teach economics . I did not take economics 101. Isat in one day into th sat in one day and took a look at the prospectus tom, you did not even major in it. He taught econ 101 at dartmouth. Good morning, everyone. Bloomberg surveillance. Imothy armstrong, in the loop with betty liu at 8 00 a. M. This morning. Always likes to talk about the experience known to americans. Brendan . The only person who is infected to do anything about the eurozone is mario draghi, head of the ecb. Golub is bullish on the u. S. , but not big on your of purity when a big on draghinomics . Does he have a mandate to do whatever but he is hoping he does, and if every time he looks like he wants to do something larger, germany comes out and reminds him that he may not have the bullet in the gun, if you will, to do qe or whatever. Do you think European Commission reports estimates changed anything . I read it and it sounded like a mother trying to make you feel guilty like we think consumer demand is down, but do whatever you want, you always do. Most importantd thing is demographics are weak and if you look for example the underlying demographic trends in germany are worse than they are in japan just because of the aging population. That alone compared to the u. S. Is a big deal. Markets, john, and your expertise there, the markets changed everything, i look at my bloomberg screen and it is radically different than it was two weeks ago. That is a fact. How do you tie what we will see at 7 40 5 how to you tie that into u. S. Stock Market Performance . Question and we do not know the answer but is there one global liquidity for, or is japan printing money as part of a big pool of liquidity, which drives all markets do you buy that idea . So. Ort of, yeah, i think the bro question is can you really change the landscape in japan . You do not create more japanese, you do not make them more efficient, you do not change dynamics, but the market also responded that this will force europe to do something, and that is a bigger question than i think people perhaps look to. We pulled this out of the chart come out of the European Commissions report on growth, looking at different sources of growth that have driven the lack of growth actually in the European Union since the recession. What you see is that big white spot in the middle, that is the euro area, that has been germanys exports. That has been driving it. Is not the way to do it, what is . But am not a europe expert, you want probe growth policies purity want flexible labor forces throughout europe that will allow companies to lay off workers when the economy is weak so that they are comfortable hiring workers and expanding their businesses when there is an opportunity for strength. Do you want Infrastructure Spending . I do not want the government to do anything but get out of the way. Essentially be more american put. Capitalist open system with less oversight from government, which will allow them to grow. The underlying demographics mean they will grow slower than us no matter what they do, but more open markets would be terrific. Ourll right, john golub, guest host for the hour. Coming up on bloomberg surveillance, we will talk economics. This is bloomberg surveillance. We will be right back. Good morning, everyone, good morning worldwide. This is bloomberg surveillance. Fu and Brendan Greeley. Brendan greeley has shown up eight days and a row. You are loving the sleep deprivation. Andvery morning i log in ims still employed. Did you go to sleep with frozen and your headphones . The only way i get to bed by 7 30 is i have my children put me down. That works. Futures flat today, a little more quiet as democrats pick up the pieces. Who had a good election day . How about alan krueger at princeton university, certainly americas lead academic on the minimum wage. Joins us with Rbc Capital Markets but with a particular focus. Jodi greely is with the business talent group. The effect of our minimum wage, what is the minimum wage . S, 8s. Ts of 7, the federal minimum wage is seve 7. 25. People are talking or they are saying we want a minimum wage and we do not care that we are putting republicans in the federal government, who refused to raise a, we will make it in on a local level ar said of alan blinder, mr. Kruegers colleague at princeton, and he said let the states fix it. With the state fixing the minimum wage . The only thing wrong with it as if you think there is some degree of equity you want across the country in some fair minimum wage, so if you are in a state where you do not have the political power to get it passed , then you are at a disadvantage, but ultimately i think those states will see people leaving. I think this mobility issue people just pick up and leave. Do we have mobility . If it like we stop the housing problem where you cannot leave because youre stuck to a house. I think that has worked itself out and people are renting more than they are buying. I think we are seeing people wanting to be mobile and wanting not to be tied down to a house. People gettingat minimum wage in a lot of cases are teens or people working parttime. These are probably not folks who are going to say i working parttime at a Fast Food Restaurant i am going to move to california. I think you have got a mix. You have a lot of people who are working in fast food, and retail, where the minimum wage you have a great graphic. We are curious about this and looked into it yesterday. Our effective producer actually took a look at this and said the average minimum wage worker has a High School Diploma and earns half of the high school income. Itare not any place where was a startup job for a teenager. It is now a big chunk of income. The other thing is people are voting in their own wage increases. They are not seeing it from the free market or the federal government, so they are taking matters into their own hands. How is 10 an hour fair . North of you, you are in california, seattle maybe try for this, is there an efficient limit of how high the minimum wage can go . Some of the measures are going up to 15 an hour. Maybe it is not fair enough, but it is better. John golub, we have had european ceos say theyre moving back to america, labor arbitrage are fine, hydrocarbons are fine, do you see wage dynamics as part of where companies will plant themselves . For sure. Youtalk about mobility, take a state where you put a 15 wage, you may have a ton of labor and you may find that there are companies not willing there is no capital and their moving. Ay is texas doing so well as state in terms of people moving there and businesses moving their . Because of taxes. Where are they in the minimum wage . I do not know. We have a lot of folks in texas, but they are way above that. Sassoon workers want 15 fast food workers want 15 an hour. An president wants 10. 10 hour, which is still less than 20,000 a year. I think we need to be careful, i did some reporting about texas, and i talked to folks in texas and they said taxes kind of play a role, Infrastructure Spending plays a huge role. When you talk to ceos in the governors office, what they want is good roads, good schools on the other side of this, that is where the investment has to be. You do not have 15hour, 10 an hour jobs. Are we seeing investment . Advocating for texas economy, but look at the oil and shale boom going on in texas right now. You have a strong tax environment and you have an infrastructure boom over there, and you can see why there is a labor boom. All right, john golub here with us along with jody greenstone miller. And explaining plans. This is bloomberg surveillance. Good morning, everyone. The ecb in the next hour with their announcement and onto the draghi press conference. The ruble crushed today. The path continues even with what moscow is doing. That is part of our top headlines escrow the begins with ukraine. Russia at risk of more sanctions as ukraines twomonthold truce threatens to unravel. Angela merkelllor wants the eu to consider additional steps against russia will secretary of state john kerry in the u. S. Says pressure is notcrease if it implemented. Health Officials Say new york city doctor stricken by ebola is improving. Is being spencer treated at Bellevue Hospital. Two of the three people he had close contact with last month have been released from quarantine. The city says it is monitoring a total of 357 people. Troubled airbag maker to cotto widening its forecast Takata Whiting its forecast. Regulators urge lawmakers to speed up recalls. They expect to lose 218 million this fiscal year. The airbags have been linked to at least four deaths. Those are your top headlines. Idea andst interesting we are honored to bring you scott stringer. Call it three and three. If you own more than 3 of a big company stock, and you own it for longer than three years, well, maybe your just baby you are responsible adult. The new York City Comptroller areeves the boards of ebay stuck. Helping with why corporation say in Adult Institution should net lisa just who a member of the board shouldnt at least suggest to the member of the boards ought to be . What were launching nationwide, huge coalition of longterm investors who basically are saying, we want to have the ability to nominate members of Corporate Boards by that werough a process have always had the right to do, but we have not been able these directors have never been able to be placed on appellate. Full disclosure, i am a member of the cfa institution. Everybody seems to be on board. Practice best corporation. Is there an American Company that gets the stringer message . Chesapeake, which had some problems with their ceo, they went to this model and allowed the sure owners to actually have a say, to place board of directors on their boards. Look what is happening with companies that do this. The cfa says if this was, if this was common said, if weey employed this practice, the standard electoral process, we will increase the Property Values of companies by billions of dollars. Sure owners have had the right to do this, but the deck is stacked. The way you read it in the report, the back to the front. The first and you do is look at the board of directors to see how many friends of the seo is on the board. You would be stunned. There is a philosophical change your trying to drive as well. You picked the companies youre aiming at first based on diversity, fossil fuel, and pay. You are attempting to change the definition of shareholder value. Were trying a longterm sure owner, trying to target companies that we have longterm concerns about their value. We want to place a board of director on a board that understands concern about climate change. We have seen studies that show Corporate Board diversity, more women, more people of color needs more light to the company. We are concerned about excessive ceo pay, so we want to make sure there is nobody system on these boards. Consider, this is not a process that will be easy. You have to have 3 share of the company over three years. This is not something that will be used every day. You mention chesapeake. The other companies you targeted for change include other big Industry Companies whether it is chevron or exxon mobil and also staples or urban outfitters. What kind of change have you seen from these companies over the last 10 years . It is not all bad. One reason we chose these companies, inserted above also fuels, excessive ceo pays and some of these companies have this problem but the reason we put 75 proposals on the table is we wanted to have this fight throughout the markets, across markets. That is why we are joined by calpers, illinois a number of treasures and comptrollers. This will be a Huge National campaign. I did not be rude if ask about the election. There are no republicans in the 26 bureau of manhattan. We understand you are a cardcarrying democrat. What does your party need to do to reconnect with america . Every election is about calibrating where voters are in the country and in new york city. Im happy to tell you new york city is still very blue and getting bluer. Is that in surveillance was quote exclusive surveillance. Exclusive . Im confident the Democrat Party is still the party of working people, a party that speaks to the aspirations of immigrants and people who want to succeed in our country. I would place our bets on the next president coming from our party. You mention calpers. With the new York City Pension Fund consider dropping hedge funds . We are not at this time. You dont share the same concerns that calpers does . There are no plans right now to make that change or to recalculate. Have you opened your october statement . Look like he just filed it away. Were longterm investors. We dont look at this month to month, week to week. We look at our portfolio, which did very well last year and we are moving forward to make sure we protect retirement insecurity of 750,000 people. What are you going to do about traffic in midtown . Last night it was outrageous. Was the first lady here . One of the things we have to look at is how we continue to make new york city a magnet city, where people want to come here ill say. Theere the center of universe. People want to be here. When they get here, it is the job of our government to make sure we have open space, great park space, good schools, and traffic patterns that work. We have a lot of work cut out for us. This is the center of the universe . You are right here, my friend. Mass around which the world rotates. That is why he supports our Ballot Access campaign. Exit fromanity laced a taxi cab night was not about traffic patterns. Mass transit system. New York City Comptroller scott stringer, thank you for joining us this morning. Coming up, the jobs of the and a involve coding single buster is next on bloomberg surveillance. Good morning, bloomberg surveillance. Tom keene with scarlet through scarlet fu and Brendan Greeley. Interesting debate. Not much of a debate if you consider the future jobs of america. Our single best chart is on that vendor cap in Computer Science. Gender gap on Computer Science. 80 of undergrad degrees in Computer Science. That is the red line. 18 of undergrad to greece in two peter science, that is the red line. Credit for the chart goes to npr. Why, there are couple of reasons. Pcsnext donation might be became really popular in the mid1980s, but more mainstream and peoples homes but really marketed to boys and men and people played Computer Games on them. At the time kids got to college, get a generation of kids who played with tim peters at home and professors increasingly hadmed students had that that expires at home. I would to wellesley my first year college. I thought about going into Computer Science. The fact i did not have a computer at home it i was automatically disqualified. Lets talk to someone living this right now. Family member steeped in this right now. I have a teenage daughter who loves Computer Science. This is her future. I hope so. First of all, a lot of the successful people in Computer Science dont even go to college. It is an interesting metric if you look at how important colleges for success in Computer Science. Weree period where seeing the decline is where we have also seen the explosion a fascinating tech companies. Things like google and facebook, which should attract women. You have to ask yourself if theres Something Else going on. Did you do anything conscious to notch her into it . It was her. She found it interesting and challenging. I will say she is one of very few girls, and i think that is an issue. You dont have a sense there are a lot of women in this field, and that can be deterring. John, you have two girls as well. Are they leaning toward Something Like this . The school has put in place this Great Program where their teaching not only Computer Science, but engineering. The teacher specifically said to girls, if you like this, it is a great career for specifically, for girls who want to do it. The schools are really on to this issue. When i go on the west coast to where you are at harvey mudd college, the best in the country , and also excuse me, cornell. Tulane. Lane but seriously, the point is, tore is a lot of other paths go besides Computer Science. As you mentioned, engineering. Your daughter can do any form of engineering. I heard someone say very soon a language requirement will be computer language, and i think that is smart. I think that will help with some of these trends. I like when people put on the resume under languages, different computer languages. Even if youre not a coder. I fiveyearold daughter here we go. Go on thehere we subject of girls. They said today was computer day. That is what tax dollars are for. That is amazing. You still have to think about the culture of these companies. Even if you get women with degrees, they have to go into a company where they can be successful. Lets move onto photos. Two days after the election, we went to britain. Last night, thousands of people celebrated in sex six, england by letting off fireworks and bonfires celebrated in sussex, england by setting off fireworks and bonfires. Celebratingl brand as well. He is somewhere between an anarchist and a marxist right now, but hes actually saying things that are really compelling and oddly similar to people who have valid criticisms. Does this go into domestic politics . He doesnt believe in voting. What did he make an 8 million on his last movie . I dont think anywhere close to that. He is doing fine. Play with triplet pandas. Im going to be real asian here, i love pandas. You dont have to be asian to love pandas. Look at it. Look at it. Look at it. You just want to hug it. Hug it. Baby pandas. Are number one picture, this is jimmy kimmel celebrate in the Country Music awards with a crosscountry simulcast. This is moving pictures. Something we dont seem to have the budget for here at surveillance. There he is appearing as a hologram. Heres what they did. They did a holographic highfive. They tried holographicin. Holographic nose picking. Tom would summon the ghost of fulton friedman. Do they would holographic of to mcgraw. Tim mcgraw. Im certain. How about a twitter question of the day . It is not a hologram. How about economics . Do need to change the way we teach economics . Theres a raging debate worldwide. Stay with us. This is bloomberg surveillance. Coming up, Morgan Spurlock will join us. Working in the feed of documentary film. Look for that on television and radio. It is bloomberg surveillance. I am tom keene with scarlet fu and Brendan Greeley as well. We look todays back at the election, and i noticed this election night, what a night for women. A milestone. There are now 100 women in congress for the first time ever. It sounds great, but sobering when you put it into context. Women make up almost 20 of congress. Jodi greenstone is our guest host. One report estimates based on the current rate of change, it reache 2121 before women gender parity in congress. That is pretty pathetic. How do we create conditions so it wont be a 100your weight . First, it is not that different than business. One of the real barriers, we only have one model of what it means to be in congress. That means you have got to be away from home for certain amount of time. It is not set up to coincide with the needs of many people, putting a lot of women who do families and reasons they dont want to be in a job that is that structured in a way that is so difficult. That same report found the main obstacle is not necessarily family demands it is part of it instantly not limited to women but fun racing and lack of support from political parties. This sounds more like an institutional poplin in a policy problem therefore, may be more fixable. Theres a problem with fundraising. That is genderneutral. Theres a problem with fundraising. The more we can figure out about how to take fundraising out of the political equation, you will have a much more open field. Interesting that fundraising is part of it because the Supreme Court has much better balance. That branch is really genderbalanced the way congress is it. But that is by appointment. What do think is driving it . They dont have to move away from home or raise money . It is a demanding, grueling job. We are world of technology. The idiot that you have to be someplace to vote is something we ought to reconsider the idea that you have to be someplace to vote is something we ought to reconsider. In your public service, i would go to olympia snowe, who i believe has a little experience on this, and she slices right through the bs. She says, yeah, there are some gains, but i go back to Louise Slaughter, fairport, new york, i was her paperboy. She still owes me 3. 82. There she is. She got total grief before she was on the rules committee for running for school board. How far are we from when Louise Slaughter got grief and fairport, new york . I think were pretty far. There were a lot of female faces on tuesday. And that is good. At the progress numerically is still just way too slow. And getting up to the food chain for power. Olympia snowe is suggesting it is not there. It takes time and numbers. If you look at the democratic caucus, 30 of the caucus was female. They were not getting up the ranks in leadership. And they were getting up the ranks of leadership. Nancy pelosi is pretty high up. The first black republican woman in congress, the 100th woman in congress, the youngest woman at 30 years old in congress now. I want to look at the photos. This is what you do when you castrate pigs. You get the photos of all of the new famous people in the pig castrate or gets the big photo. This is what happens when you do an election splash. Iowa gettingom footage and the New York Times today. It seems like one of the things youre suggesting is not that we work hard to get gender equity, but we change with the job is, and be more amenable to people who have families men or women. To human beings. Amen, first of all. How do we do that . The use of technology would be enormously helpful in creating a place for you dont have to leave your family for weeks at a time. And Technology Keeps you tied even when you go home. I am running for marylands third. Im going to stay home with my family and not commute. We need an 80 hour work week. John golub doing that. On wall street, Everyone Wants to work less hours. Yeah, right. What you going to write about this weekend . To me, the most important stories what is going on with the world right now. Oil is abelieves lower tax break. I think the real issue is, it is the stabilizing to have anything move is abruptly it is destabilizing have anything move this abruptly. Less jobs and oil sector in means, less investment. We have to be careful what we wish for. You have a price point yet on oil, which is the Tipping Point in the instability . Im not an oil expert. My guess is, if you see anything go more than five to 10 from here. Steve short reports 72 a barrel. Can we measure the rate of change or is it too precipitous . If you take a look at what happened in the treasury market a few weeks ago, 2. 3 to 186 on the tenyear treasury. I dont know the magic number was, but in an hour, that is more than the market can handle. Like to beet doesnt surprised. Business leaders want to know they can operate in a certain environment with a certain price of any commodity. If that is moving all over the place, they stop making decisions. When they do that, he slows down the economy. , your call golub against equities at the end of the year . 2075. In one week, john golub can take off into the first week of january. Thank you, with Rbc Capital Markets. Jody, thank you so much, particularly, good luck with your daughter. My deepest sympathies for the college process. Ets look at a report two days after the election, still moving. The yen nearing 115. At the ecb meeting weve got coming up in the next hour, rubel is a story unto its own. Clicks in what really for putin. How about our twitter question of the day stay with us. Another hour of bloomberg surveillance. This is bloomberg surveillance. The senateident and majority leader vowed to end gridlock and dysfunction. Just do not mention deportation and immigration reform. Stock markets a surge ever higher. Recessionwill keep bears away. The average american need an explainer while on economics and the american economy. Good morning, everyone. This is bloomberg surveillance. We are live from our World Headquarters in new york, it is thursday, november 6. I tom keene with scarlet fu and Brendan Greeley. We are still dealing with the aftermath of the election because president obama said he will reach for comment run with the new republican majority in senate deal with the gop republicans regain control for the first time in eight years be or they are on track to have their biggest majority in seven decades. Part of my task is to reach out to republicans, make sure that i am listening to them. I am looking forward to them putting forward a very specific agenda in terms of what they would alike to accomplish. Notes inpare terms of what i am looking at what they are looking at. Mitch mcconnell said he will try to end gridlock and promised no more government shutdowns and the nation will not default on its debt. Mcconnell is in line to become the next majority leader. We are going to pass legislation, some of it he may not like, but we are going to function. And dysfunction can be ended. It can be ended by having a senate that actually works. Opinion piece for the washington journal, mcconnell and House Speaker john boehner said they will focus on jobs and the economy and intent to repeal obama care. Less than 45 minutes, we will hear from the European Central bank. Expected to hold rates at record lows. According to a bloomberg survey, bank will predict the eventually launch a largescale Bond Buying Program to jumpstart european economy. Onres of tesla are rising optimistic news of forecast. The electric car maker rejected a jump in orders for its model s sedan. Tesla ceo elon musk said sales should grow overall 50 next year and probably for several years after that. Is and the problem now enviable 1 he cannot produce enough teslas. Problems. World another day of controversy email heard the name before Alex Rodriguez. Back is now officially with the yankees after the seasonlong suspension after violating various baseball drug rules. According to the miami herald, he testified that he used banned substances. In the past, arod has always denied using drugs since joining the 80s in the distant past of 2007. Yankees inining the the distant past of 2007. He denied he used substances but under oath when he is offered immunity, yes he did. Everyone gets honest when it is time for a plea bargain. Headlines, get us started. Bank of england coming out with this announcement it is keeping its Interest Rate unchanged at. 5 , also holding the asset Purchase Plan unchanged. No discernible effect on the pound. It helps us look ahead to the ecb announcement, which you mentioned was that 7 45. Look at theting eurozone and the broader European Union if you include the u. K. s numbers in growth, growth looks a lot better in the European Union. If you just look at the eurozone, no u. K. , it is a much sadder tale. The 8 30ascinated in half hour about how draghi, the obvious questions he gets on the bundesbank. They want numbers, details line zach we what he is going to do. I want to do a quick data check before we get to john golub. , crude oil still soft, golden still soft. Been able to say the least, john golub is with Rbc Capital Markets. What is great, john, you wrote a brilliant note two weeks ago about yeah, earnings growth, but when you take out share buybacks, there is still earnings growth. What do you say to the people that are gloomy about the effect of share buybacks . It is an ongoing debate as to etfher you care about growth or earnings growth, but either way eps growth will come in at 10. 5 this quarter. If you strip out the share buybacks, you are at 8. 5 . That is a very good number given that is a relatively modest growing economy. I care about capital growth. I care about capital spending. You write in your notes that there is a little bit of merger activity, increasing corporate confidence and that might lead to Better Capital spending. I do not get that condition. How do we know that means they will spend more money . One of the reasons profits are as good as they are is that corporate ceos are not as confident as you would like him to be. They are squeezing more out of not investing as much in capex because of the lack of confidence. We are talking economics 101 this hour. Stocks 101 how do equities go up in a time of worry over disinflation in the new mediocrity . Wethere are two parts per talk about earnings, but when you look at valuations, people think if the economy is slower, valuations on stocks go down. It is not the way it works. Interest rates are this low, the cash flows are worth more. Bottle that. Bottle what he just said. It is so important. Can we do an equation today . You are the one who told me we could not use the phrase y axis on the show. Jargon alert, everyone. Confidence inceo how ceos do not have that confidence right now and that is why they are cutting costs is an keeps Profit Margins at record highs. When they do start to regain that confidence, is that the beginning of the end of the bull market . I think that is what happens late in the cycle. Ist causes the cycle to end ceos become overly confident, they put too much infrastructure back income of a over higher build up inventory, and then you tend to have problems we are not even at a confident level where we can get no. Ant to correct one point it is not a ceos are cutting expenses, revenues are going up 4 , 5 and they are increasing compensation by 3 or 4 they are not keeping pace. Correct. Remember the heart of the budget crisis a year and a half, two years ago, the world is coming to an end . I have a bug brendan, what is this . There is like a surveillance gnat flying around. This is glenn hubbard, a republican economist, writing in Foreign Affairs, although delayn affairs would chang changes in policy, it would offer the best hope of reforming federal spending. The new approach would emphasize addressing information, it debate, and budget is a very good place to be in right now, isnt it . The big change between now and three years or four years ago, people were really nervous about u. S. Budget government deficit and financing our debts, and when i talk to professional investors, that is not part of the debate now. Professor hubbard focuses on that within the oped in Foreign Affairs. Deficit comes down, but it is forecasted to widen again in 2015. I agree with hubbard i would really like to see policy made in a better way than what looks like an accident. Which is also white in washington there is a different view on how do you take entitlements are expected to go from 50 to over 60 of the federal budget over the next 10 years. To your world, john golub, that worry about the longterm budget does not get in the way of your ability to Place Capital risk. First, you have got to compare the u. S. To everything else. Everything is a relative game where are you going to put your dollar . If you look at the debt to gdp in europe, much worse than us. Our growth he or much more attractive than it is overseas much theseve basis, problems are real but not as onerous. Are you happy with where consumer demand is in the u. S. , or do we need to pick up . The u. S. Economy i say is fine. It is growing in the mid we have had a decade now where you have not had a 3 of gdp year, so it is not a robust economy, but if you compare it to japan, europe, u. K. Is pretty good that may be my quote of the day, the u. S. Economy it is fine. John, the smartest observation in three days, goes back to the kids that have never known a normal economy. It goes back to the words s uller, sour, and anger. It is a profound statement to say the normal gdp of 8, 9, 10 years ago has not come back. Yet the stock market continues to grow higher. You son golub, thank much, chief u. S. Strategist at Rbc Capital Markets are down twitter question of the day do we need to change how we teach economics . Morgan spurlock has been working on that. He will be joining us later on. Do we need to change how we teach economics . Can morning, everyone. Bloomberg surveillance. I am tom keene. It is a changed washington. The president still with the power of the office. Look no further than h rep to china. That upcoming, but will congress have his rhetorical back . Gideon rose, editor, my mustread, the type is big enough so you can actually read it, great to have you here today, gideon. For your world, what changed on tuesday . Not much, actually. It is confirmed the United States will not be doing too much more actively in the world because congress cannot get together, and the stronger commerce is, the less he will cnn military intervention, but maybe more on trade, and maybe this will free up obama to do some unpopular things that he had probably been planning to do immigration, maybe keystone. Secretary kissinger, richard his new book,bout can Henry Kissinger work in todays dramatic venue . Probably not because he would be seen in an establishment authority, an expert that is out of fashion in washington. He could not be john kerry. I do not think he has the patience to be john kerry. I am not sure anybody has the patience to be john kerry. Be on anent obama will airplane soon heading over to beijing to a tune the aipac china summit. Inh the republican majority congress, does that couple kate his efforts to make nice with the chinese . Not necessarily. It might help on trade issues it might help on some actually doing more on the pivot, but it also might be problematic if they insist he take a tough line on some kinds of human rights or other questions. Are we going to be less aggressive on hi Foreign Policy . Is af the bullet points savage global terrorist threat that seeks to wage war on every american. Butongress like to talk big not do anything. They do not like taking response ability for anything that could get them in trouble, so they like to talk about Foreign Policy rather than drive it in a constructive direction. Will we see changes in chairs in the midterm . We have not seen that much in the administration so far. There are only a certain number the of years you can survive at the top level without burning out, so it would be appropriate both politically and conventional wisdom says that is what the playbook should be now, but obama has not always been following that playbook, so i would expect some but who knows . Gideon rose with us through the outward from Foreign Affairs magazine. A new issue is out from it is the price of a martini at a fancy hotel. I get a thing home, and the kids steal it. He drinks martinis him is as much as he reads Foreign Affairs. That would be troop you are when we come back, we will talk to an oil producer on their shales reggie. Good morning, everyone. Bloomberg surveillance. I am tom keene. Gold 1144 an ounce. Wellsrald oil has three in the balkan shale. They are about to only have two. If saudi arabia began the game of chicken. Former head founder, now the ceo of emerald oil joins us from denver. Is that what is happening . X i think it is. It is a price war that was initiated by saudi arabia. I think they want to force compliance for their opec partners and want to punish some of the u. S. And shell producers be are were seeing that happen in the markets right now. Bloomberg industries has a list of the biggest producers of balkan, acreage in exxon mobil, Whiting Petroleum at top. If you are at the bottom, how long can you hold out . We have a really good talents she come as we have about 240 million of liquidity that could be in on drawn revolver right now. Low cost of gas, so one of the reasons why we decided to drop a rig in the First Quarter of next year was to lower our x managers in 2015 by about 130 million. You are dropping one rig if economics do not work out for one rig, why do they work out for the other two units still got in there . We were outspending our projected cash flow, 95 oil, and we are projecting to use fixed income markets to fund the drilling come and because the oil prices have come down, the rates of return on the wells has regressed, so it is a prudent thing to do to scale back on capital spending. I think you will see producers across the u. S. Gradually shifting its position over the course of the next couple of quarters if oil stays in this range. At one point do you consider dropping bricks for the other two . We really dont need to. It is on drawn and because of the way our Credit Facility works as we bring new wells on stream, even in this pricing environment and in a lower price environment, our Borrowing Base actually continues to expand, so we will discontinue drilling at a cash flow, which will generate approximately 100 million next year, and then we will continue to use the Borrowing Base to find the drilling on that tworig program. A funds talking with manager, and he said the balkan shales breakeven is probably 35 55 to for deputy i 75 for wti. This is a question for mcandrew out in denver. What confidence do you have that this is never going to end . If this is a price war, if the saudis are driving this down, how is this ever going to get back up . Onnumber one, you are right 55 is whereing the roughly breakeven is for most of the producers of there. I think you will see a pretty rapid supply of risk once globally and particularly in the u. S. They one thing Energy Investors understand well, but the general market may not understand as well, is the decline curve on the shale well is extremely steep, so as soon as you start reduced by capex many u. S. Producers, you will see that supply response cake into the market pretty quickly around 2015 p or mcandrew, sit tight for a second time i want to bring in gideon rose, editor of Foreign Affairs magazine. Aside from punishing the shale producers, there is some geopolitical concern here that saudi arabia is attacking, isnt there . There is here and they are not happy with us on a variety of fronts. I think the Bigger Picture is that lower prices may be bad for the Energy Industry but good for the world more generally, but time is on our side on this one. The saudis need high prices to fund their own domestic stability and social programs. Lower prices ultimately hurt russia, hurt saudis, and the general direction of the shale revolution is that technology is going to keep driving prices lower, so this is what you are seeing in volatility. In the long run, i bullish rather than bearish. It would be a 1. 1 trillion boost in terms of stimulus, the falling oil prices. The point you have in making to investors is that somehow inefficient these are going to drive prices lower. Is that something we can rely on . Are we going to get any savings out of that . Are we looking at a consistent cost for drilling in the near future . I think everyone has been going at a fast paced. Service calls have been trending higher over the last couple of years spirit now the cost has come down. I would effect to see both drilling and fracture stimulation costs come down. Mcandrew, you are too young to remember midland, texas. Business . T go out of of the way our Balance Sheet position we are in a pretty good spot right now even if oil tends to go lower. Even with a negative cash flow, you can keep it going . We are going to be in a positive cash flow position heading into the backend of next program, so tworig you would have to have oil prices go down into the low 50s to generate a lot of concern on my end. Mcandrew rudisill, ceo of emerald energy, he dropped a well in the balkan, confident that he can hold on, and definitely a thank you for joining us from denver. Oilet he and rose, the dynamics hereunder spoken to it i like your idea that it helps agricultural destruction always has a destruction part, but what what is different than the early 1980s in midland, texas . The forces driving the shale e the general pressure that will things positive. There is the brakes. I remember it, a little different this time around. When we come back, filmmaker Morgan Spurlock joins us to discuss economics. We will be back on bloomberg surveillance. Good morning, everyone. Bloomberg surveillance. This is brussels, belgium in 2014 global discontents, right back to tepid economic growth, to disinflation and wages. This is protest, some of it leaking into the protest in london or do i do not know the linkage there to the masks so ubiquitous across the United Kingdom in the last 24 hours, but there is protest in brussels, something to watch for all of you in europe this morning. With a good morning. It is bloomberg surveillance. Right now lets get top headlines per here is scarlet fu. We start with russia appeared ukraines twomonthold truce starts to unravel. German chancellor on july Merkel Angela merkel was additional steps while u. S. Secretary john kerry says pressure will increase. And a doctor is being treated at Bellevue Hospital center for ebola peers to people he had close contact with last month happen release from quarantine. New york city says it is monitoring a total of 357 people. Over to europe where the profit misses estimates. Netfrench bank was hurt, income rose 57 , income from Equities Trading dropped 25 . Socgen has been hurt by economic slowdown in france and russia. We are going to switch gears because from eating mcdonalds for a 30day straight to dressing up like a caveman to teach the average american about the economy, there is nothing our next guest will not do to make a compelling film. Documentary filmmaker Morgan Spurlock is here with us to discuss his newest project, we the economy 20 short films you cant afford to miss. Morgan, welcome. I am not sure how much i know in comparison to the great economic theorists, but how much did you know before you begin this project . Like most of america almost next to nothing parity you have become a station about economics, your eyes glaze over and roll back in your head and you are like i should just check out of this conversation. What was the biggest take away for you . As a population are economically illiterate, and i think what these films do and what they start to set up as a general conversation that i think well hopefully enlighten all of us in a way that will help us start to understand where we are as a country and what we need to do to move forward. The tons of economics is pretty broad. There are lots of different schools. You had to decide which school you were going to teach. The beauty as we had 10 different economic advisers who basically came on all from different schools of economic thought who said if you are going to ask 20 questions about the economy, here are the questions you should ask and try to answer. Most economists will agree to about 85 of what it is about, then it starts to get into parts and politics. But 85 of core economic values is true. You begin this project about a year ago. What was the conversation you had with paul allens vulcan productions . We were developing a film about money comics mining how it exists, why money has values, and a heard we were developing this film and said paul wants to do mystify the economy, to educate the population. I said which get together immediately, and out of that came we the economy 20 short films you cant afford to miss. Can you do it with film . I watched the cage match, and that is a very valid debate over whether gdp is an accurate measure of the economy or whether we need to include other things. I dont know if i would have understood that just from watching the film. I think what the film does is it sets up a great primer for a conversation or a deeper exploration. The biggest thing we want to do is just open the door to people understanding how these things work. This goes back to et and spielberg talk a lot how they did the keys working through the woods. How do you jumpstart science . Gideon rose, this is over to baker, one ofgene the three or four smartest guys in washington creating a tension, a sweat about this. What has been the response of people that have seen do the kids want to go out and say hey, i want to read gideon rose . That is the goal here. The goal is the want to get people engaged in a way they never have been and what has happened is you have got kids who are watching, parents watching, teachers using this in a classroom now. That is the greatest thing we could ever hope for this program. A rarefied atmosphere of the ph. D. s. Ebola is not going to kill us stupidity is going to kill us. [laughter] done toing that can be introduce broader sectors of population to the real tradeoffs and questions and debates we treat people like they are stupid, but the fact is that they are dealing with her soccer teams or baseball teams or football teams they understand tradeoffs. That is what economics is all about, and educating people about the necessary policy tradeoffs no free lunch, but you can have good or better choices. Brandon is already writing it down ebola is not going to kill us, stupidity is going to kill us. That is the quote of the day right there. Lets get a data check because we have the ecb announcement coming up soon and futures are down ahead of that by almost five points. The 10year yield 2. 34 right now at the moment. Good morning, everyone. Bloomberg surveillance. Scarlet fuene with and Brendan Greeley. We continue a conversation on economics. You the audience understand economics because you probably got as far as the micro economy in calculus, but Morgan Spurlock is a documentary film maker. He does not think we understand how this stuff works, but he also brought with him a friend, marcus coke is a New York Stock Exchange reporter for the german news network p or he is here to help. Let me start with marcus. What is wrong with the approach of taking a course either in high school or in college, basic micro, why is that not adequate . I do not think it is sexy to take these courses to begin with, and with us covering wall street, it is not necessarily excite the public because they do not get it. For me covering wall street this is very much about emotions, it is about making money, losing money, it is eking opportunity, taking risks. That is exciting to be. Facebook, google, they have all come into existence, but this level of excitement transports us in the public, that is key, and that is what we the economy is all about. It is basically showing the huge bridge between what happens on main street and on wall street. We are all connected to wall street by the end of the days. We drive a car, we sit in a building, we work for Public Companies that are all funded by wall street. You again had to make a decision about schools. When you report for your home market in germany, they think of economics in a completely different way, so you have got to challenges. That is what i am confused about. Not only do you have to get people to care about economics, you have got to teach them there is a huge debate i think it is than 85 that economists agree on, i think more like 50 . How do you teach the debate . You have to break it down to basic levels. It is fun, you get to laugh, but if you get people to laugh, you get them to listen. We are all in the News Business i want to jump in, and iwatch that, but there is a huge debate ignored by cavenomics. Economists say there was not a caveman market, it did not work that way, and that is an important distinction. I think when you look at cavenomics, most people do not think there were cave markets where this was happening. Most of a look at cavenomics and say we are using this as a platform to swing a bigger story. Here is how they created businesses off of that, a real, economic systems are at we are not saying alternately glugg and ugg were in caves thumping their chests and trading, most people realize that we are using this as a more of a metaphor. The idea that things came as a motivation for people. Janet yellen making macroeconomics more understandable to people. So, yes, but by the end of the day, the question is does the worker really understand how we have connected to all of this . The Bigger Picture. Tobasically getting them grow or through qe for example getting Companies Back on track. If they grow, they employ more people and it goes back to the job youre for us, we have to take the bottomup approach, not the top down approach. It is always the expert at the top, this is how it is going to happen. You have to change the opinion how do we get them to listen to us . You are dealing on the show with a slightly hostile audience. The people who watch say i want my kids going to college and i want them to read the textbook, and that is why i want this to happen. Sell this not to us but to them. In reality, why cant we take a micro class in high school . Most people do not take a micro class in high school. That is a fact. Have one. E did not you have to begin a conversation somewhere, and for me this is a great way to open up the door into a much larger conversation about what happens in our society and how we are all affected. What is the website they read when they like the movie and i think all right, this is something i want to learn . I think the next step is to realize that you are more involved with all of this then you actually think. Like morgan said, it is a great door opener for everybody to participate and it is empowering for everybody you are all part of it. There are multiple books and things listed, if you go to wetheeconomy. Com, here you go. Morgan spurlock, documentary h, tvmist, markus koc economist. We will be back with more on bloomberg surveillance. Good morning, everyone. Bloomberg surveillance. I am tom keene. The European Central bank will report here in a bit. We are with gideon rose, editor magazine,n affairs and of course this with jobs day tomorrow, the great aspirations of americas best and brightest. Will they work for the state department . Getting a job in diplomacy as part of the game. Four point of this with the zeal you and interns you have at the council of foreign relations. I do not think a lot of americans understand the competition in your world to try to get an entry into diplomacy. Is unreal. Absolutely. Although these days there are a lot of routes in the market. Entrepreneurs and people actually creating Foreign Policy at ngos. You are affecting the world in a variety of ways not just the traditional state institutions. From where you sit, everyone still wants to join the cia, joined the state department. Slots. Dy wants those are a lot of them want to anyone to do are really good. The fortunate things these days is expertise does not get you much and no one cares or listens to what the experts say. Everyone who speaks at your shop is fluent in three linkages. Straight talk how important is being fluent in three linkages to our International Relations . It is less important to mitigate because these days there are more opportunities for translations but it is more important for understanding other cultures be we are living in an evermore globalized world. My kids are learning mandarin down because theyre going to become great mandarin speakers but because if you do not understand china and the world going ahead, you will not understand the 21st century. What lingwood is are you inflicting . What lingwood is are you inflicting on your children . China. They go to taiwan every summer. Discipline. Our ambassador so we do not get i embarrassed anymore . Our professional Foreign Service already is professionalized, but we have the occasional political appointee the occasional . We have a reward that hes rich people off, and you give them a diplomatic posting where they can throw parties. Exactly. Other hand, there are some good ones outside the foreign for Services System who are exceptional investors as well. Gideon rose, our guest host for the hour, editor of Foreign Affairs. We are minutes away from the ecb Interest Rate decision here to we will check in with Jonathan Ferro. The euro is stronger this morning. It has come down quite a bit from the middle of june when it was in the early summer, we have come right down to 1. 25. The European Commission has slashed growth forecast, 0. 8 to 1. 1 next year we expect rates to remain at record lows in the eurozone. Rates, negative deposit rate of 0. 2 , but we sit here once again, scarlet, asking the same question what more can the ecb do . I read the European Commission report that sounded almost passive aggressive. Consumer demand is low, but do whatever you want. Was it a signal . Is confirming what a lot of people already thought. Where i sit unchanged, unchanged, unchanged, the going back to the forecast, the forecast from the ecb as well, those forecasts had a punchline. They said the ecb needs to get a little bit more aggressive and go out there and buy assets aggressively. That really can do aggressively the same with the bank of japan has remains firmly in doubt. Jon, what is the question people will be asking mario draghi that he will not be able to answer today at 8 30 a. M. . I think the number one question for a lot of people is can you expand the Balance Sheet in the way you desire with the stimulus measures already announced because if you want to get it up one trillion euros with what you have announced so far, a covered bonds purchase program, and assetbacked securities purchase program, is enough to boost the program without suffering qe . The question goes on and on. The other question is the theater. So far the ecb has become this week because reports have circulated that members of the governing council are set to challenge Mario Draghis leadership qualities. Lets take a look at the theater and read the yellow press on this. I want to go back to that European Commission report that wrote i thought this was funny the longer the recovery weak, the lessns convincing because the argument that this is a typical pattern to be expected following a deep financial and monetary crisis, which you can only follow with the word duh, but is that thinking it over there . I think eventually it has to, brendan. The ecb has done a lot over the last six months, a lot more than they have done in the past. They have done much more under draghi without a doubt. The fiscal side keeps going on and on and on. Germany, why are you balancing the budget . Why are you telling france they have got to get the budget deficit down to 3 . There is no sign of them doing it anyway. You need to stimulate demand in the economy and to do that we need to fix things on the fiscal side and structurally as well, and that is not happening. O, all right, jon ferr thank you so much, the ecb is leaving Interest Rates unchanged at. 05 . We had toured that 8 30 a. M. News conference as well. Lets get your data check. The euro did not really move on that announcement that the ecb is not doing anything. Futures are may lower, down three points, the 10year yield 2. 34. Nged at to as weaker euro story is something that europe has overall welcomed. Good morning, everybody. Bloomberg surveillance. Of course the ecb with the announcement after the bank of england, always interesting, ever more so after the history that we saw from the bank of japan a number of days ago. The euro doing nothing there, 1. 2511. All of that will change at 8 30 this morning. Look to Bloomberg Radio and Bloomberg Television worldwide 8 30, and i and thinking about 9 10 four sharp mario draghi. Gideon rose is with us from Foreign Affairs magazine. Did mr. Grow to the language of europe . Ishe tried just like draghi trying, but whether the germans will be listening is not clear. Conversation in doubt most, they were exactly the same comments. The germans have one theme, one track can chancellor merkel adjust german economic thinkers to save europe . Merkel has been really interesting in this and a variety of other crises, she is always trying to use just enough to keep things from falling apart, never enough to actually solve the problem. Well said. Can we do that right now given the seriousness of the vectors in europe . It is going to hurt europe if they do not do more, but whether the germans are going to tolerate that what signals were you look for this morning . Are the germans going to follow the lead of draghi and others and start to move forward . Covering this is exactly like covering that lava flow in hawaii. It is just like slowly moving, we knows ackley where it is going, we note that we what is going to happen. Of the problem is that the slow drip of bad news is never bad enough . Yes, it is like the downing of mh17. You need the downing of a jet that forces them into sanctions that they did not want to take otherwise in regard to ukraine. You need something to make them realize you cannot just let this peter out. Of that unity that europe is putting up right now when it comes to russian sanctions how long does that fix . It stays for a little while and hopefully long enough to get the russians to back down first. Does the economic weakness that we see in the eurozone fracture that united front . Yeah, but at this point they are locked in so it will be hard for them to back out. Maybe that will not be the trigger to push it. It will be the slowest moving Natural Disaster just like we talk about every other day on surveillance, the question no one can answer how do you change a germans mind . I could be a tv show. Morgan spurlocks new document recover where is morgan . Want to go back to domestic policy. You worked with richard haas at cfr. We have got to get our house in order to project abroad. Was there any indication on tuesday that we are getting our house in order . Show, obama,f the predictable, predictable, mcconnell predictable, predictable. Areig policy questions you not going to get much action on. There may be some Little Things on the markets. He might do more on trade, which would be good. Obama might be going off the dime on immigration, which might be good to her you might have some resolution one way or the other with keystone, but a big policy question no. As we look to 2016, is secretary clinton advantaged or disability by being the former secretary of state . By being out for several years, she gets to running its washington in a good way. It is a most like infrequent when he was out of france and return i think she has been trying to establish that, and she will be making that case and the others will be trying to tie her to it. Iowa or frankly in New Hampshire she is not going to get up and say look at my trip to dubai. It is not going to happen. Of course not. You saw that already two nights priebus,ince chair, clearly trying to tie them together, barack obama and Hillary Clinton are not working. Thealk about him, president , losing steam because of this, his last two years, but this happens to every president. This is my favorite fact about george w. Bush when he was president is that in his last two years, so many staffers left he did not have any buddy to talk to, he called bill clinton on the phone, the only friend he had in the world are direct the u. S. Economy is doing a lot better than the european economy, yet the Obama Administration does not get any credit for it. Foreign affairs you just an issue of you just an issue of Foreign Affairs magazine that is very u. S. Centric. The problems are here, real, and are not going anywhere. A lot of people who might want a big aggressive foreignpolicy are unlikely to get it because domestic political function is real. Your work at cfr on ebola has been clear and i would almost use the word vicious. You have been straightforward about the medicine and hysteria about ebola. What is new in your research at cfr . It is not just about treatment, it is also about prevention. It is also about Public Health distance more generally. Are seeing is the ability to invest overseas with first responders. The w. H. O. Has done terribly on this and the hysterical the hysteria surrounding International Organizations failed a spirit of the only when it really performed was doctors without borders. How do you fix the w. H. O. . That is a question for another session p are but one of the things as you do not run away from global institutions. You to work from the ground up. What do you want to see out of the president on this trip to china . A i want to see him establish real connection that keeps the u. S. China relationship on track, tries to integrate china china seat the south escalates. Helpless without twitter question. We asked you all do we need to change how we teach economics . Morgan spurlock certainly think so because he is doing a 20series short films on the topic. Here are some of the answers keep the hard formulas and very but introduce more cases. Absolutely. Could have been written by rick mishkin. Amen. This is something ive learned about writing about economics unless there is empirical data, i do not listen. Folded into the rigor of the marshal program. Fulll right, economics is of many theories but no realworld relevance. Need to change the subject itself. There is a movement out of the university of manchester out of the u. K. That could change the weight is taught at the university level. They want to be taught more debate and less didactic this is the way it is. Final answer yes, a surveillance class. Gideon, you shouldnt have. Going back to scarlet and brendan and our team is the history to fold in the history of how about my agenda for the day . That would be jobs. We are there tomorrow, friday, claims against him a fabulous number. We will see that at 8 30 and then we go on to tomorrows jobs report, and yes we go beneath the headline data as we always do. My agenda and finally i get to say this bourbon. Mitchesident and mcconnell are going to be for a bourbon summit, but what has happened in the last 24 hours since they announced it, the bourbon industry has jumped on it. Suggesting is bourbons to drink. I will be suggesting are they going to go jim beam, classic, or what . I am pleased to say i did advanced research for obama and mcdonnell. Not a kentucky bourbon. Staffer,e a kentucky suburban is the official drink these days at Foreign Affairs. On bloombergre television because andrew sorkin, the screenwriter, will be on bloomberg west. Of course he is working on that steve jobs biopic. We know who will be playing steve jobs, it is going to be Christian Bale, and there is some discussion on who will be steve wozniak. Who is playing the turtleneck . That is a good question. You know whats, Christian Bale dropped out. I did not realize that. Breaking news there. Leonardo dicaprio, for those of you keeping track, was also not an actual you know what i love i cannot pronounce jake jill in gyllenhall. Gideon rose, thank you so much. Congratulations as always on a buoyant Foreign Affairs magazine. Our data check of courses to the mario draghi press conference. Watching gold as well. Gold. Is the handle on bloomberg surveillance on radio continues. In the loop on television with betty liu is up next. Have a good morning. Were live from bloomberg World Headquarters. You are in the loop here i am betty liu. Inside scoop on what is, president obamas advisor and golfing buddy, robert wolf. The founder of 32 advisors. Chairman and Ceo Tim Armstrong joins me on the rush of digital content. Is the industry drowning in content . I will speak with a legendary onigner and developer filling up the world trade a decade after the 9 11 attacks. Vowing to find Common Ground. Voters gave gop the jewel of the senate for the first time in eight years and republicans a bigger majority in the house. The president spoke in a news conference