Mario draghi said the bank may increase his stimulus. He says theyre still a risk of deflation in the euro area. That sent italian and spanish bond yields falling. Now at a record low. One of the most eloquent speakers of his time, at democrat made the case for the parties liberal wing. Former new york governor mario cuomo died yesterday, he was 82. He served as three terms as governor. His speech propelled him into the national spotlight. He was considered elected president ial candidate in 1988 and again in 1992. Each time, he refused to run. He bowed out as a plane was waiting to take them to New Hampshire into the primary in 1992. He died of Heart Failure just hours after his son andrew was warning for a second time as governor. Search teams still having our time fighting wreckage from the airasia jet. They will use sonar and ping or locators as a look for the flight recorders. So far, 16 bodies have been recovered. There are 10 foot waves and winds up to 40 knots and the search area. Saying no thanks to the french government. He has refused to accept the highest decoration from france saying the government should focus on reviving Economic Growth instead of handing out awards. Pikettys advocates regressive taxes to reduce income inequality. The stage is set for the College Football playoff finalist. Stunning upset at the sugar bowl. Ohio beats alabama 4235. At the rose bowl, oregon Heisman Trophy winner accounted for 400 yards and three touchdowns as the ducks pounded Florida State 5920. Florida state turned over the ball five times in the second half. Mark your calendars. Those are your top headlines. Lets get a day to check. Lets get a data check. We did not close at a record high for s p 500, but it does look like we have turned around from the weakness we saw in the last trading day of 2014. Some selling and the 10 year treasury, yields moving higher. Most economists and traders expect yields to continue moving higher through 2015. The euro is weaker versus the dollar, falling below 1. 21. The lowest since 2010. Mario draghi making comments hinting at full skill quantitative easing. Were keeping an eye on oil prices. They hover at fouryear lows. Lets talk with william lee, head of economics for north American Economics at citigroup and also covers Global Economy as well. Hes our guest host for the hour along with Pulitzer Prizewinning journalist and author of several blocks. When its europe, everyone is focused on the new year. Weve seen the girl move on anticipation of global qe, bonds and italy and spain come down. So much anticipation when anything happens. Will it have much impact . Europe is facing serious headwinds. As much as theyre going to benefit from the drop in oil prices, it is adding the deflation problem you mention earlier. Mario draghi has got to do something. Everyone is anticipating quantitative easing is going to somehow work. It will work through the exchange rate. Were anticipating once quantitative easing kicks in the euro will start to depreciate quickly and probably get to parity around 2016. That is the degree of depreciation we need in order to raise the price level in europe and try to kick some growth up. The bank of japan at a justin was at the end of last your at the end of last year. Dropping all caps of language throughout. The most widely anticipated easing. The problems of europe are structural. All that quantitative easing will do is buy some time. The key is for other super mario brothers like in italy, to put in Structural Reforms. The trouble is, the political difficulties is causing europe not to be able to pull together the needed coalition and policies needed to address the structural problems. In the interview over the weekend with mario draghi, basically saying this is what is going to happen, speaking to a german audience, he preamble to everything with structural reform, structural reform structural reform. We can say we know that instead happen. Politically, it is been very difficult in europe for five years. How do you turn a good economic idea into something that is possible to voters who clearly dont want it . Whenever a country tries to implicate Structural Reforms, we know it has to shift from one sector to another. That means unemployment. The trouble is, we cannot get that in europe right now. In germany back in the 1990s, the huge depreciation of the Deutsche Mark allows it to happen and that helped get the Structural Reforms in place. We heard so much about greece having no contagion impact on the rest of the region. As any notion that drug use comments are to hedge against a potential contagion . The contagion from greece comes from the fear of some kind of austerity fatigue. When people know you have to squeeze the spending and away that allows them to be sustainable over longterm, that means the politicians in one place, supply in the aid to say we dont want to support greece worse of people with increase will have to suffer the reform say, we were promised benefits and we are not getting them. You have this tension were you have righteousness on both sides of the argument. Isms like a game of chicken which country is going to start shoretel reform it is almost like a game of chicken, saying which country is going to start reform short shirley structurally. You need five to 10 years of time and that is what mario draghi is trying to buy them. Will she wait for 10 years . She is chancellor for life. Maybe if she wins, there will be a renegotiation and possibly Angela Merkel will be forced country by country just sort of slack in her possession with austerity. I want to turn to the u. S. Everyone has his or her own theory about why were levitating above everybody else. What is yours . Markets work. We did not have a lot of the headwinds holding us back. We have a Financial System that came back and play right after the financial crisis. The u. K. Is another example of a country where the Financial Systems came back and we were able to get growth into the u. K. That is the difference between a rigid Financial System and a marketbased Financial System. With what is going on in countries such as china and russia and now looking at deflation potential in europe is there any kind of risk that the issues in these other countries good derail the growth in the u. S. . No. The contagion risk, as first the Financial Markets are concerned, are severe. We had zero rates for a long time. That means a lot of distortions in the market for a long time. Can we now have a Financial Market able to sustain itself without the steroids from using Monetary Policy in the u. S. . I want to followup. We have been talking about structural reform necessary in japan and europe, which are point the u. S. Does not need structural the practice no, no, no. The u. S. Is less needed a Structural Reforms because theyre able to shift. You right in your research there are not enough animal spirits to get investment up. Sheryl, you cover funding for earlystage companies, especially new media and social enterprise. What is the level of experience when it comes to the kind of funding . Theres a lot of funding now in venture capital. The problem is theres too much in some cases. Too much going to a few companies of the valuations are sky high. Too little going to other areas where it might take longer gestation, where the returns are going to be maybe patient are further out. It is kind of a five located industry. Is that all money going to consumer related copies as opposed to things that take a longer time to see a payoff . What i think Consumer Industries are easier for Angel Investors to see an outcome. Like buber. It is such an inyourface company. Look at the valuations. That is sort of absurd in many ways. If you look at some of the more Important Industries where we do need innovation and privacy, for instance, we just saw what happened with sony. The biggest hacking event weve seen in this country. We have not even begun to think about what happens with our mobile devices. Hacking our mobile devices. Were going to talk about innovation in the second. It has been brutal for oil, even more brutal for alternative energy. Gordon johnson joins us to talk about this. This is bloomberg surveillance. Good morning. Coming up keep alexander will be joining us on Market Makers. Lots to talk about with mr. Alexander for the year 2015. This is bloomberg surveillance. On new years eve, uber ran to seven times normal fare. But for all of its faults and missteps, is at the most important innovation of standard. Everything her described as the uber of x. Sheryl wudunn is with us. Senior managing director he of done so much. You have said education is right for disruption. What does that mean . Partly because the education in this country right now so pathetic, that there really is a lot that can be done. There are now many evidencebased strategies that have been shown to be effective, to lift kids out of not just poverty theyre facing, but just poverty in general. Education is the key, but we are not implemented them. With a problem which means you have to teach how to teach. That is not how teaching works at least at the primary level, in this country. The evidencebased strategy just examines basically what works and what is effective in the classroom and what is effective in education. They really do work. Starting early really works. How do you take those ideas and actually implement them all over the country . That is the challenge. For instance, the perry preschool preschool do had stored, had really preschool to head start, when it rolled out, it was not as effective. It was effective when they went back and examined what happened with headstart. They found, well, maybe in the first two or three years after kids were in headstart, they did not do well. But after 20 years, it was very effective. You were talking about the vie i for kaisha and of the venture market. So much cash flow to some and not to others. Is this venture capitalists knocking ticky and up . Most people want to go with the winners. If they see one company is doing well, they will just pile on which then also depreciates the kind of potential appreciation you might be a bully get with the valuations go up and up. In terms of the bifurcation, it is hard to convince people at a very early stage to go in with you. There are a lot of companies that may have great ideas, may need a little help in execution. They dont get that help because theyre not getting the funding and a strategic advice that goes with it. We might be missing out on potential winners. There is definitely that risk. Certain areas like education, education technology, they are not as hot as other areas. Is education investing considered a safe haven or more of a risktaking venture . I would not say risktaking but more difficult because the returns have not been as spectacular as those in consumer technology, for instance. What gets disrupted and what doesnt . I wish i knew. I think it is difficult. It really is hard to know of the earlystage what is going to be disruptive. Something, oh, my goodness nest , who would have known that would been potentially disruptive . But is it really . Other structural factors within the Health Industry preventing this kind of disrupted. And health, theres a lot of areas that could be disruptive. Health is highly regulated industry. If you go through certain areas like medical devices might be more easy, but for instance, theres a company that is trying to change the way we repair our bones. It sounds fascinating. Theyre using stem cells to repair the bone. Great breakthroughs in science. However, the road is still hugely challenging. It could be five to 10 years away before we even see the first person actually benefit from it because of the regulation. You mention the Structural Reforms in the west. You talked about why it is for the u. S. It is so hard to do it. Measuring the outcomes of these capex and human services, it is very, very hard to say, what is the highest rate of return for the dollar in any particular field. Is that because the timeline is stretched out into decades . Can you measure the returns . If i get a better education, can i get a better job . It is hard to measure. You run into Political Agency problem. Who is going to spend money now that will help a politician 20 years from now . That is a real problem when it comes to education. Probably, the largest return on society could be education. Because no one person gets. Who is going to appropriate the sending funding. What of the most effective ways is to coach soontobe mothers. So many kids at the local syndrome. They wont ever the brain will ever be able to recover. It is fascinating how much this discussion keeps coming back to politics. We have the inability to spend money on education. This is bloomberg surveillance. The streaming on your phone, and apple tv. First gone bloomberg. This is bloomberg surveillance. Im scarlet fu. Its time for the morning mustread. Mine is from a columnist at bloomberg views. Hes reflecting on the stampede in shanghai that injured people. He called it anxiety resulting in tragedy. Its what is certain is when asked to what an accident is long overdue in a city that takes particular often reckless pride coming staging large spectacles which draw big crowds that underscore the worthiness of the expense. These are increasingly happening. One of the critical parts of china strategy is to switch over from the industrial bassist urbanized. As population growth slows, we have to make things more urban. As you urbanized, per capita things rise accidentally. Exponentially. You have to have infrastructure to handle that. Last week, we reported that the biggest equity mix that had the biggest rise last year with a shanghai composite. You dont get that kind of Growth Without problems. Those events are twinned. The problem with china is that it does thing in extremes. It doesnt have a measured approach. Crowd control, they know how to react in extremes with guns. They havent mastered the art of crowd control in moderate situations, in measured situations. We saw that a hong kong. They are learning, but it have a long way to go. Whenever there is a big gigantic crowd that is swelling up, and you are caught in the middle you fear for what is going to happen next. They are used to that. They have so many people, they have to let it go. There is not a way to do this on the daily basis. There are millions of people in the streets. The question is, when something happens, they are not yet good at matching that in doing it an effective way. Between shanghai and beijing in beijing would they ever let this many people gather together in one sitting . They are conscious of Something Like that. Dont like people gathering at all. They fear it could turn into a protest like situation. To be fair, we have been examining this as a consequence of the way china does things. There was a stampede at a Music Festival in germany four years ago. Ground controllers hard to do. Whether are you developing or not. Do you think they will make changes . Will they make beijing model in the future . I think they are trying to. What is the way . Do we have a method that is doing crowd control. Not everyone does. We will continue this conversation on china, and check out the countrys surging credit growth. Thats next on bloomberg surveillance. This is bloomberg surveillance. Im scarlet fu. Lets get to the top headlines this morning. South koreas government says any talks between leaders of the divided north and south must be without preconditions. And it is open to a candid discussion. The comments come a day after the north Korean Leader raised up opposition raised the possibility of a summit. Casinos enjoy their worst year ever. A 44 billion dollars, falling more than 30 in the month of december. Thats according to the cows macaus government. Amazon. Com shares dropped with a 22 in 2014 as the company saw its worst year since 2008. It all translated to a 7. 4 billion loss for the founder. But dont feel bad for him he will be clipping coupons anytime soon. His shares are still worth more than 26 billion. Those are your top headlines. Its time for the single best chart. We started with something on china. It shows an explosion of credit in the country. Credit goes to tom warlick. The line here tracks outstanding corporate and Household Debt as a percent of gdp. Starting in 2009, you can see credit took off. It has been a source of china during the global recession. The question is how china delivers to be concession transition towards a consumer driven economy. This credit we dont know about. That line goes up, and it doesnt account for the local government. Theres all kinds of shadow credit we can accurately measure. Thats one of chinas greatest vulnerabilities. We worry about the stable enterprise is unstable governments. Standard stable governments have to deleverage, the federal government would take over some of that debt. As a real averages, what are the governments going to do . They still have access to funding come other going to do infrastructure or something worthwhile . After the financial crisis, the German Government bailed out all of its state banks. They were very cozy with state industry. They existed to help local industry. This problem in china is that which was a real problem for germany on an incomparable scale. Exactly. There is no market system to allocate these resources. The state and local governments have a real tension with the federal government. They want projects that are highprofile, big cities railroad stations, even if they had ghost towns, they would want big construction. Their social reform. Thats not very visible, but they highest priority for the federal government. We see that tension developing. Billy is previously with the imf. Our other guest host is the coauthor of china wakes to. Shes the first asianamerican to win the Pulitzer Prize on her reporting on the Tiananmen Square protest. How has china added evolved george credit specifically . They are much more comfortable with credit. The chinese never wanted to borrow. They wanted to keep their money in the bank. But now they are realizing the only way they can actually started business or going borrow. They can do that. Banks are not going to lend it to chinese individuals. But there are the shadow pools of capital that dont even make it into any of the statistics. They are done through informal networks. Those are very scary. We dont know what the number is. Having a Financial System that doesnt have marketbased allocation systems. We talked about why japan and europe are not doing well, they are so bank based. You need Loan Officers to direct the funding. In this system, you have prices that are able to develop for that allocation. Its the transition to a more consumer driven economy from an investmentbased economy. It needs to deliver overall. What does it give up in the transition . Growth. As you move to a more consumer led economy, growth is really going to be much smaller. Right now, what we are anticipating a 7 . Its going to lower. Im fascinated with all the work you have done. The implicit contract with the Chinese Government and the chinese peoples we give you growth, and in return, you dont challenge our authority. They cant not grow. Thats why the government is extremely cautious and petrified about this. They know they have to deliver growth. They have to use to for methods for actually maintaining the social contract. They have to give you better growth. Thats key. As the per capita gdp rises people want more consumption. Right now, china has state owned Enterprises Getting credit. Is a weaker u. N. Helping a better quality growth . Its helping. The trouble is it causes uncertainty. There is a lot of speculative flow the goes in and out of china. The export industry is just not going to go away in china. China is extremely competitive. Right now, the manufacturing cost compared to the u. S. Is two dollars compared to what it is in the u. S. , 35. China has a long runway, its at the edges that are really important. Can it go inland . You still up to ship from a further point to get to the shore to put it on a boat. There is tradeoff. The key to that is you are exporting higher valueadded stuff. That is what china is trying to do. When you look at Companies Like alibaba and xiaomi china is becoming a place renovation. Is it becoming an easier place to grow these types of Tech Companies . Innovation is a broad spectrum. Right now, china has adaptive innovation. What alibaba is just expert at is being able to take whats going on in the u. S. And jack ma even admits that he brought ecommerce to china. They have been able to innovate within that framework to adopt to the Chinese Market place. They havent had come to the paradigm shift in innovation where they are making global innovation. I was going to say, that is key. Production innovation is increasing efficiency. Research and Creative Design and patient, innovation, something the u. S. Excels at. People who have touched phones, the point is, its not a knockoff. Its a better phone. Yeah, its it a better phone but is not a new phone. Its not a new innovation. When japan was innovating, we should talk about televisions from japan being better than televisions elsewhere. That production innovation is really the key to what china has been able to do. Its a metal of time a matter of time. China produces more patents than any other country. A lot of them are small incremental patents. They give it time. It is going to start producing innovative stuff. I want to go to the protest movements. You won a pulitzer for your reporting on the Tiananmen Square protest when five years ago. This pastor, we saw students demonstrated for democracy. What kind of lasting effect for the protest have in beijing . They were actually quite successful in the way they manage the protest in hong kong. Beijing was successful . Yes. In that they were tolerant. They waited it out, they didnt take an extreme measures. Thats kind of a lobar they had to cross and they did an ok job. I think they are learning from that. They dont have to use force. But they do have to put pressure. And they didnt compromise. Thats the best example of the Global Movement of the voice of the people. The voice of the people is getting louder, and the politicians havent incorporated that, even in china. China has a lot to do this year. One of its new years resolutions is to delever. We declare that. China, garlic has said scarlet has said you need to deliver. Our question is whats your 2015 resolution . How will you keep it . Find us on on bloomberg television, streaming on your tablet, your smartphone, and bloomberg. Com. This is bloomberg surveillance. Im scarlet fu with leslie picker and Brendan Greeley. Andrew cuomo began his second term as governor of new york. Five hours, later, mario cuomo passes away it 82 years old. He is better members the three term governor of new york that always considered running for president but never did. Republicans believe that the wagon train will not make it to the frontier. Unless some of the old, some of the young, some of the week are left behind by the side of the trail. Bill, i was struck. I listened to that entire speech. I was struck that he kept saying we democrats. He was not afraid to say that. Democrats are now reflexively afraid to do. How sad that we are now missing great leadership like this. We face this trifecta of fiscal problems. High structural deficits, and a lack of political leadership. We cant get the coalition that mariota cuomo was able to form. On the state level, this is the where the real work is done. Hes always struck me like powell. For one reason, he lacks the drive to go through the heroine go deal that was the National Campaign the h arrowing ordeal that was the National Campaign. He didnt seem to be so much in that camp. He seemed to be that he was all in and he is really going to do something for the public or not going to do it. I was struck. That speech, we keep talking about that. So many obituaries go back to that speech. That was also the election were multiple Walter Mondale only carried his owns state. Oratory can only go so far. Theres also a sense of what is the role of State Government . That was where the real fight was. Going back to his early years as a lawyer, when he graduated law school, he was told make your name sounds a little more american. He was known as being catholic and his last name sounded to ethnic. Too ethics. X he has authenticity the rings true today. He is known for speaking his mind, for being divisive when he needed to. Maybe that plays better. He was able to reach out inform the needed coalition to get state politics in line. And that was the key. We dont have that ability to reach out and grab everybody, and say we have to get together. You were saying this morning that all the politicians of our youth are passing away. Its such an amazing bridge to the past. He was born in 1932. His parents were immigrants from naples. Its a complete with different generation. Of course, andrew cuomo is part of his legacy, that continues. The politicians all around are coming in with their condolences as well. Bill de blasio tweeted out last night upon hearing of the death of mario cuomo, he said we lost them in the possessed a compassion for humankind without equal. Speaking of someone who is having trouble of bringing together a coalition for reform. The second look at top photos this morning. Number three, this is 2500 ukrainian nationalists holding a torch light procession. This is troublesome in a way that historically so much of ukraines National Identity has been tied into the possibility of cooperating with the invading germans. The innovating germans. The invading germans. [laughter] it was an innovation of a kind. This is why some of the things that is said about fascists in new do historically ring true for some people. Number two, in shanghai, people are victims people like candles for victims of a stampede. Tens of thousands crowded onto the river district for a light show. The president ordered an investigation. A lot of the people who perished or who were affected by the stampede are migrant workers, people from outside shanghai who were taking part of the festivities. Number one, the gang canyon the grand canyon covered in snow. We love the grand canyon. Tourists had trouble getting to the grand canyon. There were flurries in los angeles and las vegas. They can deal with any kind of snow. Frogs coming from the sky cats and dogs living together, snow in los angeles. That is an interesting start to 2015. Coming up, one of my resolutions are better more focused giving to countries in need. You are going to give to countries . Im going to give to people. Our twitter question whats your 2015 resolution . How will you keep it . bsurveillance tweet us. Will coming up in the next hour of bloomberg surveillance, the executive Vice President of the center for american progress, we talk about education for children in the common core system that has parents up in arms. This is bloomberg surveillance. Im scarlet fu with Brendan Greeley and leslie picker. More recall was for general motors. They are related to faulty ignition switches. The detroit news says gm is recalled another 92,000 suvs and trucks for a potentially deadly flaw. There was the 84th north american recall in 2014. The carmaker recalled nearly 30 million across the world. Kkr selling its remaining stake in walgreens. The private equity firm looks are more than 7 million in cash and stock, almost four times what it invested. Waldron acquired in 2012. Snapchat has a possible valuation of 10 million or more. Details of the Tech Startups latest fundraising round were disclosed in the filing in which the labased company said it raise the money from 23 investors. Last year, snapchat turned down a 3 billion acquisition offer from facebook. Those are your top headlines. Cheryl is with this, who is done it too many things well to possibly account for. But she wrote a book a path appears. Its on how to give well. I think the most Academic Research about giving that has come out is that it has been as good if not better for the giver. Yes. We have a great record of giving, but not so much of successfully come in terms of the beneficiary the great record is on what it does for the giver. Theres really Interesting Research that shows that when you give, it stimulates the pleasure art of the bed pleasure part of the brain. The same thing when you flirt or fall in love. In half of research suspects subjects that were tested, they felt more intense pleasure when they gave them when they got. What kind of giving is that . Is it helping someone, writing a check, do you get the same reward to matter what you do . The research is really based on them attaching this apparatus to your brain to detect where the stimulation is. They can only very easy things, so when i went on the f m. R. I. Scan, the gimme questions. Do you want it donate 20 to this, 20 show that, were nothing . They saw the stimulation in the brain. I dont know if it would be the same if you were giving 1 million. Perhaps it would. You and i both went to cornell. Theres a shameless plug for the big red. I have to do it every year. Bears is not the mascot, for whatever reason. But people often view donations to they are all moderate is a worthy gift. Getting their kids in the college, may be their name on a building. What is so wrong with wanting a tangible reward for your Charitable Giving . Often times people feel they dont get that with the donations they give. I love the big red, too. That is measurable as well. But there are other ways to measure. And i will people are doing is trying to measure outcomes. They dont want to measure how many books were delivered, or how many schools were built, they want to measure did that kid really learn how to read . The graduate from middle school . They are trying to measure outcomes, the real update in progress has been. When you look at the biggest problems facing the world some of these issues can seem insurmountable, especially for summary with a day job and not bill gates style wealth. How you recommend people, as they look in the 2015, really embark on some nice and effective Charitable Giving . Takes shoshana klein, born and raised in california. When she was little, she had clubfoot. She didnt know it but she saw pictures of herself with casts around her feet. When anyone in the u. S. Is born with clubfoot, its fixed in the hospital. She got a mailing that asked for someone to donate money so that someone in africa could get a surgery. So she donates 250. We follow the money to a place where the full girl had clubbed feet in both feet. She could never afford the surgery. She would have been raised as a beggar, she never would have gone to school. She would have been an outcast. But that 250 help pay for the surgery. Shoshana didnt solve the global problem of clubfoot, but she transformed a life. Is it better to make a smaller impact in a larger problem, or larger impact in a smaller problem . You can do both. As an individual, if you only have the capacity to help one individual, thats great. Someone like bill gates can help large problems. It depends on what your capacity is. Sheryl wudunn. Thank you. We want to thank bill li of citigroup for joining us. Lets get the forex report. We have the euro is weak or this morning. Falling below that level. This is bloomberg surveillance. Largescale quantitative easing may be on the way. Mario draghi sees a new risk of deflation. Follow from the collapse of oil prices. Talking about the prospects of solar energy, etc. Maybe germany. How does embracing the common core help students master stem disciplines . Good morning, this is bloomberg surveillance. Live from new york, friday, january 2, 2015. Happy new year. Joining me is Brendan Greeley and leslie picker. Brenda gets us started. Brendan gets a started. The euro hits a four or five year low against the dollar. It fell less than a dollar 21 after mario draghi says they may increase stimulus. There is still a risk of deflation in the euro area. That said, italian and spanish bond yields are falling. The spanish tenure is a record low of 1. 53 . He was one of the most eloquent speakers of his time. A democrat who made the case for the partys liberal wing. Former new york governor mario cuomo died yesterday, he was 82 years old. He served three terms as governor, and in his speech at the naturally four Democratic Convention compelled him into the national spotlight. He was considered a likely president joel president ial candidate. He ultimately decided not to run. The second time a plane was waiting to take in june hampshire to enter the primary. He died of Heart Failure just hours after his sun was sworn in as his second term as governor. Search teams are still having a hard time finding the wreckage from the airasia jet. They use sonar and radar. So far, 30 bodies have been recovered. Bad weather is a problem there. 10 foot waves and winds up to 40 knots in the search area. , spaghetti Thomas Piketty says he refuses frances highest decoration. He says they should focus on Economic Growth instead of handing out awards. He advocates progressive taxes to reduce incomes and inequality. The stage is set for the College Football playoffs. Ohio state beat alabama 42 to 35. Two touchdowns for the buckeyes. At the rose bowl, Marcus Mariota got three touchdowns and pounded Florida State. Florida state turned them five times in the second half. It will be ohio state versus oregon, january 12, in arlington, texas. Those are the top headlines. Lets get to the data check. Features are higher. Futures are higher. We are seeing a move higher in yields as well. Most traders are looking for yields to climb in 2015. Brendan, you are the dollar the euro falling below the dollar. The lowest since 2010, following Mario Draghis comments hinting at the prospect of fullblown quantitative easing. Thats exciting, german beer getting cheaper and cheaper by the second. In berlin, bloombergs tom nichols has had a data phil together after a long new years night. Germany will go up to a very strong hint will go up to a strong hint of mario draghi. I dont know of mario draghi speaks german, but this is a clear telegraph. Its a clear signal to germanys Business Community that quantitative easing is coming. What he said is that we cant rule out the prospect of inflation. The meeting is january 22, the next time ecb gets together. One minor correction, no selfrespecting german or berliner would bring would drink that beer in the winter. Its a summer beer, come on. You should know that come in a matter what the euro is out. What were you drinking . This is him trying to point out he was being nonalcoholic last night. I thought it was interesting that even as he was hinting in a german magazine to germans what was coming, he still had to go through the ritual of saying of course we need to do Structural Reforms. This is part and parcel of mario draghi. In a way, its a hedge. He wants to talk about how the ecb only has a limited amount of firepower to tackle these problems. Every time he is asked about this, he squarely puts it back into the politicians hands saying they need to do more to spend, to increase in germany build more roads, they need to provide more fiscal stimulus. But he doesnt want to get crosswise with the eu, he just is giving a strong hint that asset reduces are coming. He has a mandate and requirement to keep inflation close to that 2 target. Bill, you are saying that what really needs to happen is that the super mario brothers need to get together in europe. You have to remember that mario can buy some time for transitions to put together the right kind of social reforms. It takes time to start reforms. Easily 45 years. Four to five years. Its up to them to get the needed gains and boosted gdp. I think with the exception of maybe anglo merkels government youd dont have a lot of pushback to this idea that you need to have you need to spend more and do Structural Reforms. When you get from her Structural Reforms. What you get from the other side is well, spend more, then do Structural Reforms. We have been at that impacts three years. And what has growth done . When we had a year where growth has done anything close to where it has been . Gdp is at precrisis levels. This is the gambit. He doesnt really need the germans on the Central Banks to go along with asset purchases. He has been very clear about that. You dont need unanimity to actually do sm purchases. You may need it to buy beer in the winter and germany. Thank you. Hans is going to go home and drank a half pills, half lemonade. Bill li is with citigroup. The federal begin raising rates june, 2015. They dont anticipate a liftoff until 2016. You split the difference in december. This timing matter as much as the trajectory . The key is not so much when things move, but how things move. With what we know is the fed is going to have to be cautious. Whenever it decides to move, it sends a clear signal that the u. S. Economy is on a solid footing and is able to sustain Growth Without the supercharger from low rates. We have seen records in the stock market last year. You say that the stock market wealth effect has diminished relative to the. Com days . People think that we dont have the kind of valuations i can depend on to be able to spend as it used to. Its going to take a longer time for people to realize if prices stay up, they will stay up for a while, and i can count on them and spend. My research is shown the not only has the wealth takes longer to kick in, its asymmetric. When wealth goes up, people spend less than one wealth goes down. They tend to hold back much more. Bill, one of the things we have been hearing is that an entire generation of americans is now scared of the stock market. Even if its the best bet, its not where they are. Especially with the stock market, its the oil prices. Thats really creating a lot of the special encumber people. We think that is going to add growth easily on average next year. As i going to be enough to trigger the fed act early . I dont think so. The fed is conserved concerned with 2015 and a sustainable recovery after that. If you look at oil prices on their decline, the power of the cartels has diminished. Oil prices could theoretically be more volatile. Can we really count on the . One of the great things about the shield revolution is that the power has shifted from opec to u. S. Producers. U. S. Producer controls over a Million Barrels a day is the marginal swing guy. We think that opec is a creature of the 70s, now is the 21st century. Oil will be determined by american producers. That will industry as a whole is less important to the over us u. S. Economy overall u. S. Economy. We think theres a lot of misguided talk of people who call themselves analysts saying theres going to be a shutdown of implement growth. Thats just not true. The u. S. Economy is large and diverse. Even in texas, its a very small pair small share of gdp. One months of one again covers that. Bill, are you talking smack about other analysts . I want to make sure that the cartel of economists is has some integrity to it. [laughter] we need to be clear that will prices will help the economy oil prices will help the economy. It will help less than it did in the past and it will have disruptions in the oil services area, but the amount of cutbacks is in exploration and drilling but not in actual production. There are a lot of productivity gains that allow shale producers to keep going, even when it goes down to 45 a gallon. Bill lee head of north American Economic research for citigroup. He also covers the Global Economy. Coming up on bloomberg surveillance, Carmel Martin joins us. We discuss this is bloomberg surveillance. Im scarlet fu, with leslie picker and Brendan Greeley. We have a dueling morning mustread. This is from project syndicate commenting a dim view of technology. He writes as we begin to seek and lighten solutions to the challenges that the third Industrial Revolution present, one overall theme looms large the gains from Technology Must be channeled to a broader base of the population that has benefited then has benefited so far. Hes looking at a political solution. He really does see a longterm problem with the advent of robotics. It can only be fixed through policies. Its interesting because on one hand you have robotics that are replacing the Human Capital in the u. S. On the other hand, you look at Companies Like uber and the sharing economy, which takes on a much bigger and broader base of employees that are contracted out. People who can work on a parttime basis, and their arguments against their treatment in the workforce in the sense they are not treated as fulltime employees. They dont have benefits. They are socalled freelancers. My mustread comes from that side of the camp. This comes from Mark Andreessen the cofounder of andreessen horowitz. He says that blaming tech for issues in todays economy is like blaming miley cyrus for pop music. You are omitting a substantial amount of history. He is basically saying that you should Pay Attention to miley cyrus. There were many pop stars before that, you can necessarily blame her for the structural issues you see. He saying dont have the player, hate the game. But we are still left with the same game. You could argue that miley cyrus is a consequence of pop music, and not producing the problem of pop music. I dont take thats wrong. [laughter] dropping that analogy, its a clever but it doesnt really say anything to me. We still have the problems of dislocations with technology. In the past, that has ultimately fixed itself. We dont know if thats going to be true in the future, and we dont know how long its going to take. I think thats what market recent is getting back to. Mark andreessen is getting back to. You are taking out workers from the workforce, with technology overcoming laborintensive industries. At the same time, new things will happen where workers move into new areas. We dont know where they are, necessarily. I read so many market recent tweets, where i think easy for you to say. Hes putting a wrecking ball into Mark Andreessens feed. We have more coming up on bloomberg television. Keith alexander will be joining Market Makers at 10 to lead 30 a. M. Good morning. Im nations chief executive, the president , and Vice President are not in town. The president is still in hawaii, the Vice President is in the Virgin Islands and congress is not back at work until monday. Its a quiet morning and d. C. With cognitive or illinois enjoying an amazing vacation in argentina. Check out instagram pictures of aaron schock dancing the tango. Bloomberg surveillance. This is this is bloomberg surveillance. Lets get to top headlines. More recall woes for gm related to faulty ignition switches. The detroit news says gm is recalled another 92,000 suvs and trucks with a potentially deadly flaw. It was gms 84th north american recall in 2014. The carmaker recalled almost 27 million vehicles here in year more than 30 mailing million across the globe. Macau casinos dropped to 44 billion dollars in 2014, following a record drop of more than 30 of december alone. Thats according to macaus gaming inspection bureau. It marks the end of a decade of expansion for the worlds biggest gambling habit. Amazon. Com shares fell more than 22 in 2014. The company saw its worst year since 2008. It all translated to a 7. 4 billion loss for founder jeff bezos. He wont be clipping coupons anytime soon. s 84 million shares of amazon still worth more than 26 billion. Those are your top headlines. Many Public Schools are reluctant to embrace the new federal common core standards. Even as National Fall scores of fall behind much of the developed and emerging world. Carmel martin says yes, to common core. You actually put dissipated in a debate where you convinced an undecided audience to embrace the core participated in a debate here. There are many teachers administered is, and parents eager to see schools adopt new college and career ready standards. We do recognize we need up the game. No longer our children competing locally for jobs or even across the country. Now they are having to compete with children from korea and china. Overwhelmingly when you surveyed teachers and parents they say they do want to see Higher Standards in our schools. There has been controversy around implementation of common core many places here in new york. I think that controversy stems from the legitimate concerns about overemphasis on testing and not providing teachers with the support they need to be able to translate these new Higher Standards into highquality instruction. I think that is a fixable problem. At the center for american progress, we put out a report that laid out a blueprint for information implementation. We see very positive verbal results for students. I called my sister who is a teacher in kansas. She just switched to a higher Income Public School from a more lower middle class income school. She said the challenges with the common core derive more in the lower middle income class school been the higher class school. Is there a sense that that disparity can be closed . Yes. I think its one of the most powerful aspects of common core. Under the old system, you saw hiring higher income schools getting Higher Standards. More classes supplementing the baseline. Gore says all children should be held the standards that are in line with these common core says all children should be held in line with these standards. As high as 40 of graduates were not ready for College Level content. That meant they had to take remedial education courses. In new york state alone, the cost of remediation is in the neighborhood of 3 billion a year. By raising standards and ensuring all children get to the standards when they get to college, they are ready for the course content. They are able to avoid those costs. It seems like we have been conducting this discussion around common core standards in two phases. The first phase will we talked about what it was, when it was implanted. In the last year or so, it has become intensely political. From your timeline, watching this for a long time, when and how did this discussion become political . Id say thats right. The Common Core Initiative was developed and led by a group of bipartisan governors Governor Perdue on the right and governor markell on the left. They lead an initiative with a group of governors and other chief state officers Education Officers in a state across the country. It had overwhelming bipartisan support. Its just recently it has met with political opposition. Unfortunately we have seen some extremists on the right who are capitalizing on it and making it a political issue. It really doesnt need to. Its unfortunate, because they seem to be driven by the politics as opposed to the substance. They have tried argue this is a topdown National Mandate when thats not true. This was something that was bottomup, by the states. It becomes the Big Government argument. Is the common core good for stem disciplines . Because thats what the future jobs will be. Absolutely. We see 20 of american jobs requiring stamina. We will see the double over the next 10 years. The common core contributes to helping us prepare children for stem, because one of the issues in terms of producing stem graduates is making sure that our children are graduating from high school, ready for the math level content they need in the post secondary level in order to prepare for these jobs. That is not happening. We see a lot of attrition at the post secondary level from stem because kids dont feel prepared. And a lot of women not taking Computer Science courses. Carl martin, thank you. Carmel martin, thank you. Whats your 2015 resolution . How will you keep it . Tweet us bsurveillance. This is bloomberg surveillance. Lets get to our top headlines this morning. China demands a review of crowd safety procedures after a new years eve stampede claims 36 lives. More than 30 people remained hospitalized following the tragedy, which resulted in the cancellation of celebrations across the state. The chinese president ordered an investigation ahead of mass celebrations of the Lunar New Year holidays in the next month. South koreas government says and he talks between leaders of the divided north and south must be without preconditions. It is open to a quote candid discussion. These comments come a day after kim jongun raise the possibility of a summit. Relations between the two remain chilly because of the norths nuclear ambition. Snapchat caps on big year fundraising with another 486 million, as well as a possible valuation of 10 billion or more. Details on the latest fundraising round were disclosed in a filing in which the labased company said it raised the money from 23 investors. Lester, snapchat turned down a 3 billion acquisition offer from facebook. Those are your top headlines this morning. Welcome back to bloomberg surveillance. And olive oil daily. This fall, we developed an accidental of session with olives come on the show. Now, landowners in texas are diversifying out of eagles shale, and all of trees. There are now 70 in the state. According to the Texas Olive Oil council, there were 80,000 trees in texas in 2008, there are now about 500,000. This was a story that came off the bloomberg terminal. Its a great story, and the reason i love it is because we are used to talking about venezuela and saudi arabia as petro states that he to diversify. [laughter] but it turns out that texas and north dakota are also petro states the need to diversify five. How can the climate be similar to the mediterranean . I looked into this yesterday. This is what i spent my new years doing. I wanted to know whether or not the role of trees in my birth town. There are not because what you need is a bernal as asian vernalization. You need a certain number of days when the tender gets down to 32 a night and gets back up to 65 or so during the days. That signals to the olive buds its time to go. So extreme temperatures. There are only a couple of places in taxes around austin and houston come itself from houston to the coast that actually have the necessary range. 97 of olive oil is imported from places that do carry that type of climate, such as italy and spain. California traditionally. Now its making its way to taxes. Lets take a look at total impacts imports in the u. S. We started with 300 million and imports in 1999. Wiest we are now 1. 1 billion. We are not just diversifying out of sale, its looking at a glowing a growing market. Everyone is using olive oil instead of butter. It has become the drizzle. Unless you feel like clarifying your own butter, which takes a long time and i assure you, is not worth the effort. Speaking of oil, i want to show you a chart that juxtaposes black oil and gold and oil. Spanish extravirgin olive oil has been climbing. It has been volatile as of late. These and the prices while we know what happened with crude oil futures. 46 plunge in the year of 2014. We should just start and olive oil index. We could trade spanish extra crude california if its anything like italian at your olive oil, if you are not sure its from italy. We should point out that the story was written by lauren at her, who did great work in the austin bureau. She is not based in italy. Lets get you a data check in the meantime. We are looking at the first trading day of 2015. We dont have olive oil, but we do have nymex down 2. 25 . That loss extended 5206. The euro was weaker versus the dollar. This is all because of interviews that mario draghi has been giving. The u. S. 10 year yield going up to 2. 2 . The s p futures elevated, higher by seven points. You are looking a higher open on this first day of trading of 2015. This is bloomberg surveillance. Im scarlet fu. The last three months, we picked out a parade of winners and losers, the price of crude Oil Continues to drop. One more loser the idea that solar might become competitive this year. Gordon johnson watches alternative energy for axiom capital. The economics of wind and solar are not in january what they were in july. That is correct. Even in july, they werent that great. The issue is able are focusing on crude oil, but the problem with solar is, if you are looking at the fossil fuels is natural gas. You should correlate solar with natural gas, because it finds it drives this form of solar. Its not really crude thats going to drive the pluses and minuses of solar, its natural gas. All of this that solar panels were getting cheap enough to implement, that was never true . It was never as true as solar pundits wanted you to believe. The real issue is japan. Solar is a Market Driven by two key markets, china and japan. What japan said was they are standing over handing over the keys to the kingdom to the utilities. Utilities dont like solar because verse their overall economics. They are just incentivized to push for solar energy. If you look at where the keys have been headed over to utilities germany spain, the czech republic, where utilities have been given the goahead to stop solar, you see significant declines in installations. Japan is 20 of the global solar market eight gigawatts in 2014. We think there are declines coming next year amidst a backdrop of a single begin increasing capacity or supply. We think prices of solar panels are going to come down again in 2015. That is not factored in the estimates. It seems like every year we see headlines that year asked year x will be the year of solar. When you think this Global Warming debate will pressure governments to include more solar panels . When the sun is up, you get the power, when the sun goes down, you get nothing. Fossil fuel is baseload distributor power, which means you get the same amount all day. The problem is you cannot replace baseload power with intermittent power. A lot of people dont understand the dynamic. In japan, the Prime Minister is actually shifting to supporting nuclear. They are about to turn on six nuclear reactors. At the end of the day, you cant replace Nuclear Power with solar power. Germany after fukushima, so they are going to get rid of nuclear altogether. How do you read that transition two years later . Next germany was the largest solar market. They had a significant decline. At the end of the day, utilities and germany have become less competitive against global utilities. Solar power is among the most inefficient forms of electricity from eight cost per from a cost perspective. Alternative Energy Futures is so tied up with government subsidies. How much of your analysis is tied to handicapping everything . At the end of the day, we focus on supply and demand. In 2015, we see a significant shift back into oversupply given the secondlargest market, japan, with it is going to decline significantly. When supply is in excess of demand price equals the marginal cost of production. For solar panels, is significantly below where prices are right now. As prices come down, the earnings for stocks come down. The multiples you apply those earnings, as stocks come down. We think there is a big downside for the solar stocks and 15. We know consumers lose interest when their heating bills come down. Do investors follow suit . They do. Investors are looking at crude oil places prices. The index to crude oil and natural gas, its much more highly correlated to natural gas. I think with a big decline in natural gas recently, the that spells potential trouble for solar. But we look at mostly as the supply demand backdrop. I think the fall and natural gas is providing more impetus for our thesis. I think im getting to understand something that is depressing me greatly. There has to be a political solution to this. There can be no easy economic solution. Thank you for joining us gordon johnson. Our twitter question of the day whats your 2015 resolution . How will you keep it . Tweet us bsurveillance. This is bloomberg surveillance. Tom keene is often today. Monday starts this electronic show in las vegas. Techies from around the world will be hoping to create buzz about their lives innovations. Google may spend a week trying to make google glass happened, again. In the loop post betty liu joins us. Why is that still around . This might be the year, part my language, that the glassholes go away. [laughter] in the last few month, who has heard any news about google glass at all . This was supposed to be the big wearable that everyone was going to be Walking Around in. For allow, people were Walking Around with their google glass. May be in silicon valley, not here. Even though it wasnt a Wide Consumer product, there was some pushback. The restaurants that band google glass. Restaurants, just people started to feel even gregg harper, who is going to be joining us, told us that he was wearing them to several corporate meetings in the beginning. Were asking him all about it they were very intrigued. But as he kept wearing them, he started to feel uneasy like you was getting dirty looks. He started to feel like a glasshole. Thats good news of their natural restraints on social technology. There are no cell phone areas in the gym, because if you dont want your picture taken while you are working out. I like this. The funniest story is the google cofounder was actually walking in a recent red carpet event and forgot his google glass. He said he forgot them, and left them in the car. I think he just didnt want to wear them anymore. This is a man who could not be pictured without his glasses on for so long suffer when it was in the shower at the beach. I think google news to take a note from you and your glasses. Make them a little more fashionable. This doesnt do anything else other than make me see better. Are your glasses going to be on display at the consumer electronic show . I will have to figure out a new technique. We come back in a year from today and talk about why watches never took off. Why smart watches never happened. That is supposed to be the new hot thing, brendan. Its going to be the arrival of the smart watches. But according to one survey, apple iphone users come over 60 of apple iphone users are not going to get the smart watch. There you go come already. Are you going . I want someone to count how many times they hear this is the uber of x. Thats the new hollywood pitch. Betty liu, in the loop, starts later. The price tag doesnt help either. Regressed will be gregg harper, president and founder of our provision. They talk about the upcoming gadgets. Coming up, ian brennan will be joining us. And the president of the Eurasia Group will give us his prognostication for russia, and china in 2015. What about venezuela, and is a collapse . Its going to have a bad year is all prices continue to slide. This is bloomberg surveillance. Im scarlet fu, with leslie picker and Brendan Greeley. Kkr selling its remaining stake in alliance to walgreens. The private equity firm looks to her in more than 7 million in cash and stocks. Almost four times what it invested in the european pharmacy company. Sales of music downloads falling in the unit usn u. K. Corning to the financial times, recites new data. Digital album sales were down in the u. S. , and audio and visual streaming increased. Lashers biggest artist was taylors west, responsible for about 3. 7 million of the 257 million album sold. Mary a cuomo died yesterday. He served three terms as governor, and was considered a likely president for candidate in and refused to run. He died from Heart Failure just hours after his sudden was sworn in for his second term as governor. He was 82 years old. Those ears top headlines. Sad day those are your top headlines. A sad day for new yorkers. All of the politicians from my youth are slowly passing away. They was nice to see that speech in her member that that platform come in to be given that keynote speech has always been a launching pad. It was a launching pad for verio cuomo, it was a launching pad for barack obama. Nice uniform was a terrible year for democrats. He said we democrats, uniting the party away we havent really seen. We saw in 2008, but since then its fallen by the wayside. He had such conviction. He didnt want to sweep anything under the rug. Just because it was the 80s, didnt mean we were this begin of america. They were problems he wanted to go into government and solve. That was his quest as governor. We are going to shift gears to another committed leftist last summers election in brazil saw equity markets consistently decided they wanted anybody with him. They got that come along with a Corruption Scandal that is so bad that even brazilians are embarrassed. Willem marx was there. The first time she was elected, the question was how much like the president who handpicked or was she going to be. . Whatwas the question this time can she get anything done this time . Theres a scandal at the state oil company, and a lot of members of congress are likely implicated in the scandal. Newspapers are saying as many 30 as 30 congressmen may be named, and that may make it increasingly difficult for her to pass new tax regimes, which many people there are saying are necessary for the economy. Its particularly bad for her. Her whole platform, the last time around, was that she was clean and not corrupt. She was chairman of the board of petra brass in 2003, she denied any wrongdoing. But her party is going to be implicated in this. A lot of the Larger Companies in brazil have been involved in these alleged kickback schemes. A lot of their work is public works programs. That scene is important to economic revival. If they are implicated, if work stops on these massive projects that will have a detrimental effect. It looks really bad. She is settled with ministers not of her own choosing. . Thats perhaps good for markets . I dont know if we can say that. They are all going to be taking their place right now. People who dont necessarily come from her same background have the same mindset she does often they are affiliated with other members of her government coalition. She is having to please other members of the coalition to make things happen. She was the handpicked successor. Does you loom large in her presidency . During the first in, she was always trying to fill his shoes. Im not sure that is something she is going to be doing now. His social welfare programs, we talked about this before, where these huge cash handout funds. Having money away has been crucial to maintaining their party support. Is a dynamic that we miss when we talk about the need for reform in brazil. They have done amazing work in 10 years at lifting people out of poverty in that country. That can be ignored. 26 Million People is the number they keep citing. What are the byproducts is that the ipo market that we follow closely has only one idea to cover. Ipos are more hospitable in environments with low volatility in high stock prices. It will be interesting to see if congress is able to turn things around for the ipo market and enable more companies to get that growth capital. The market was incredibly disparate. Weve seen that running up to the election and through the summer as the campaign got underway. Thats something that businesses look at when they decide to take themselves public. During the boom days everyone was time brazil to china. Tying brazil to china. Now that china has slowed down they have to look somewhere else. Some people say it is flailing to look for that engine of growth. Its important to know yesterday that joe biden was down there, Senior Leaders from countries like china and venezuela come all of them visiting. Its a country that a lot of people are looking for, whether its in terms of commodities or their role in the world stage. This is whats so hard about that scandal, this oil that had been found off the brazilian coast was supposed to be a godsend for the whole country. Now that has been mismanaged and it doesnt make sense economically. We are going to see that across the world. Of these more technically complex projects, whether trying to extract oil from way under the seabed its going to be very uneconomical. When are you heading back to brazil . I dont know. I got next. We are taking turns. We know brazil has some thing to do with one of your resolutions. We asked you all, whats your 2015 resolution . How will you keep it . First answer, my resolution is to grow my business. I hope that oil prices will keep falling. We forget that as Oil Prices Continue to decline, it leads for new opportunities for individuals. I can buy more things. Second answer, no resolutions. [laughter] in other words, dont do anything. Lets get to our own resolutions. My resolution this year is to read more to liberally. I tend to let things come in, people send books income i flip through. There is too much content actually make hard choices about what im going to read. Was the first thing you are going to read . Thomas pikettyass. My resolution is to start a happy jar. Down every time something good happens, you put it in a jar and you can go back and feel better about what has happened. I like your resolution better than i like mine. I want to start the year on a good note. Maybe reading more deliberately will make you happier. My new years resolution after looking at my bill and seamless web, is cook more. Ie made to much i. E. Way too much i eat way too much take out. Do you cook . I dont, but im going to start. I have been looking at online recipes, i have pinned it several recipes. That i could yesterday, no. The first is not the day you start. What about yours . Im going to try and earn more air miles. We talk about the fact they get devalued. I have become a bit of a points nerd. Earning more miles allows me to go on vacation. How do you gain them, what is your strategy . If i go back to see my family and u. K. , i often fly back via germany, because i pay a much lower tax coming out of the u. K. To germany, and the distance from london to berlin rather than london to washington. The british authorities tax you based on the distance. Willem marx with point arbitrage, thats amazing. More tips as we treat them. Thank you willem marx of bloomberg news. Bloomberg surveillance, on radio continues. In the loop is up next. Have a great morning. Good morning, it is friday january 2, and we are live from bloomberg World Headquarters and we are in the loop. Happy new year. We are 90 minutes away from the opening bell on the first trading day of 2015, three straight years of a bull run. Futures today are rising again i we will get a complete rundown of the market in a few moments and we have a great show this morning. The Consumer Electronics show kicks up next week with a look at the latest tech gadgets. Diehard fan and tech guru gregg harper joins us on white on why people will struggle with wearables and whats next. Just last night, the country lost a political legend, former new york governor mario cuomo died at the age of 82 from natural causes. New york congressman charles wrangle will be joining me in just a few moments. Heres a look at our top stories the euro has had a 4. 5 low against the dollar today as it weaken to less