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A profit in revenue in the 4th quarter that beat analysts estimate shares are up 1.9 percent this morning we will be watching her early Davidson this morning its 4th quarter profit missed the lowest estimate of analysts that we surveyed and at now the health insurer being bought by c.v.s. Health said the new tax law will boost gross profits by about $800000000.00 futures this morning are moving lower where they should be futures down about 13 pointed out futures down $161.00 and Nasdaq futures down $33.00 the 10 year treasury down 132nd yield 2.69 percent and the yield on the 2 year 2.101 percent Bloomberg Surveillance with Tom Kean and Pam Fox coming up on Bloomberg Radio for our listeners in Washington d.c. Bloomberg daybreak continues for John Tucker I'm Karen Moscow and this is where the bird. Denver's Money talks to 98 yeah Salem media is proud to announce a price to ation a great program for some of Denver's finest private occupational schools it gives commentary our. Today. For more than 60 years Colorado energy companies have relied on fracking 90 percent of all oil and natural gas wells have been or will be frack Colorado is nationally recognized for our stringent state laws and regulations natural gas development the need for more liable affordable energy is always balanced with protecting Colorado and the environment to see all that we're doing go to credit dot org. Getting our better. on him Fox one with my co-host Tom Kean Tom It's good to have you back on this Tuesday it's snowing a little bit here at Bloomberg world headquarters in New York but in turn as Mike he's gotten a focus are right let's turn our attention now to the State of the Union message I know that a lot of people are waiting for this and Chris Rock he is among them he is the chief financial economist for it f g Union Bank and he joins us here in our studio Chris propagate great to have you here a great debate so you're kind of a con to me what kind of a con to me is is the president going to be what kind of economy do we have while the president speaks I don't know is interesting I remember during the campaign 5 percent unemployment. As phony he wouldn't be getting people into the stadiums of unemployment was really 5 percent but now the president's crowing about how well the economy is doing with unemployment rate of 4 point one percent I know anything about what you say it's good yeah it's full employment it's like why did we do tax cuts and Jobs Act I mean we've never seen another administration in history probably do fiscal stimulus tax cuts unless we're in a recession why are we getting tax cuts by the way I haven't seen my tie was going to. Get to you at the end of this week take a look at it you should be I'm excited Could you be excited little bit more on the on the low Well every time you hear about a company releasing its results they say that there's a little bit more in the are below is that the 1st someone at my level that exactly right so can you can you sort of opine about that because you know you spend all day talking about whether they're going to do it dividend increase or share buyback or they'll pay their workers a little kind of seen this before right what companies do when they get the money they usually reward their shareholders dividends share buybacks but yeah they've been doing some good p.r. Been giving out some $1000.00 bonuses to thousands of their employees if not the upper levels of management so it's good I mean I can't say it's it's not good in terms of money wherever it comes from if money circulates in the economy we're going to get some kind of growth we can't say no it's just that usually Washington with a $20.00 trillion dollar national debt they would be doing this sort of deficit spending it is deficit spending right it's not as if we don't have the money. But we're going to print it. Well they're going to issue bonds that sort of like printing to say I think it's like why why now why are we doing this I just. I don't quite get it right. Are Go ahead Tom I'm going to jump in to get some breaking news 1st though Bloomberg Surveillance this morning but you buy Commonwealth financial network home of the industry's most satisfied advisers prepared to be swept off your feet by the broker dealer are I any that's and putting relationships 1st since 979 visit Commonwealth dot com Here's the headline within the press release I love this hungry tape hungry tapeworm was such a good band they play Grand Funk Railroad like no one the ballooning costs of health care design hungry tapeworm on the American economy there's the headline from Amazon Berkshire Hathaway and j.p. Morgan see we did that in stereo we do that and I can do that anyways it's a really interesting headline talk about rip up the script Amazon Berkshire Hathaway j.p. Morgan going to form a health care company to go after the hungry taper because Ruby how much is health care is a percent of our Could you $1000000.00 economy is it 60 percent or is it actually more well I mean more or. I don't have that of my fingertips but it is interesting the feds p.c. Inflation. Core p.c. Inflation a huge weight of that is health care it's like 20 percent so evening to tell me about and Shelley Yeah I was a not even slightly differently I most likely percent of your budget of the nation's budget x. Food and energy 20 percent after that is health care yeah then it's John Norman Fox a key paragraph here with Todd Coombs marvels of an Berchtold Beth to Lady of Amazon the 3 major officers a headquarters location and key operational details will be communicated to take the hungry tapeworm the hungry tapeworms Well they say that they're going to provide us employees and their families would simply have 5 high quality transparent health care the thing I would note though is that there is no health care company in this triumvirate No no no and then Richard Truman Amendment gives the United Health Care treating a lower office to to summarize folks who want to do it a little bit quickly or trying to get the news to Amazon Berkshire Hathaway and j.p. Morgan Chase to partner and us employee health care this subject heading is goal is to improve u.s. Employee satisfaction while reducing costs and that's the spin they want their employees to be happier with their coverage but it's a talk about the president in a private initiative to that you wonderful mentioned this in the state of the onion very good Chris rocky this kind of announcement while interesting and perhaps will help a lot of people to the point about the current health care system. Do you see any way to rein in the entitlement programs in any way that would be meaningful without cutting the quality of the care or the quality of the service delivery it's going to be difficult and I resent your use resent your. You have said the word entitlement when I was a young man in my thirty's I could talk about those benefits being entitled months for some people but now as I can see those entitle minds are something that I will be until they all say Ok utilities so I would say these are very important expire you can govern Grigory you know that goes to the absolute societal tension the lady who they were and her Princeton really address is what's interesting about this Chris to the president's speech tonight infrastructure Here's private enterprise basically saying enough. Yeah but they got to make money off it. They don't i reducing overall costs is called Making money to Mr Diamond I'm not sure how they're going to measure that sounds a little suspect doesn't it I mean it's a nice idea but it's kind of like infrastructure spending you know that's going to be heavily dependent on private monies it's like well what what sort of private money is going to I mean to do infrastructure houri How does the brightness get paid how do investors get paid Mr it's not easy Mr Bass of the picking of a cutters for Whole Foods quote the health care system is complex and we enter into this challenge. About the degree of difficulty that's not the usual spin. Well I hope he's got both eyes open because it is a complex system and one that many people depend on Chris to that point though about the programs and the ability of this society to pay for the. Taxes we cut taxes that means there's less money to spend on these kinds of things I don't understand how does that not offer a contradiction Yeah well there is it is a contradiction you know how to how do you pay for these monies I mean how do you pay for these programs you know I think the current leadership in Washington you know is felt that we need less Washington we need less federal government services but. I don't know the next crew that comes in might want to do something else and the reason why the focus on health care was because of the demographic bulge of the baby boom generation going to be very tiring Yes And so the cost is going to go up and then I recently was at a conference and heard $1.00 theory about why we have such sluggish growth and low unemployment low inflation it's because as a baby boomers age try to have an economy is there. Going out of there they were there exiting the top parking can I can make a surveillance correction Go ahead is so important is the thing I mean I think you know Mr Bass was Mr Diamond Mr Buffett go to the hungry tapeworm This is our medical system did you know and bird to the rescue was late tapeworms don't make you hungry that's the research now that I've ever had to take him he had a tape we're not going to take for him but they they can cause a vitamin b 12 deficiency in some patients but they just they don't make you hungry you just are not interested he Ido maybe he would have saved that for only assuming that whatever it is this you know he's rethinking why he showed you this morning I just I'm getting very afraid because as I'm listening to you the is interesting the Dow futures are now down one $183.00 points and I'm starting to have you very very nervous that the hungry we're going to you're going to last money yes out there well it's as a p. Futures down Nasdaq futures now town $30.00 continuing the selling in global and the Vix 13.99 it's been a real jump listen Sonders major shout out to Liz insiders of Charles Schwab but a brilliant observation on the oddities of the Vix working with the s. And p. 500 yesterday the Vix explodes up 13.99 with the Dow still nicely above 26000 that's a quite a move there is well we'll continue to Fox and Tom Kean in New York and this is splitter. You know the news in New York City here's Michael Barr thank you very much the White House says that over the coming days President Donald Trump old meet with his national security team to discuss a classified memo that purports to show improper use of surveillance by the f.b.i. And at the Justice Department of the Russian vest occasion Republicans on the House Intelligence Committee voted yesterday to release the 4 page memo the economy and the military are expected to be topics and President Trump state of the Union address tonight you can hear that speech live on Bloomberg starting at 9 pm Wall Street time the chairman of the upper chamber of the Russian parliament says yesterday's publication of the list of Russian officials and a businessman as part of a u.s. Law on sanctions against Russia is an attempt to influence Russia's upcoming presidential election Global News 24 hours a day powered by more than $27.00 other journalists and analysts to more than $120.00 countries Michael Barr this is Bloomberg Jim Tom thanks so much Mike about futures again deputies negative $185.00 it takes them down 226245 s. And p. Futures down 13 heels they churn this morning it's a good time to talk heels with Christopher up here then you have to stay with us this is Bloomberg. On Money managers may seem pretty much the same. Well some money managers may recommend High Commission investment products. Fisher Investments avoids them. Some money managers may have hidden and layered fees. Fisher Investments never does. And while some money managers are happy to earn commissions from you whether you do well or not. Fisher Investments fees are structured so we do better when you do better in other words were structured to be on your side. Maybe that's why most of our clients come to us from other money managers talk with us and find out why so many experienced investors are switching to and staying with Fisher Investments Fisher Investments are clearly better money management investments in securities involve the risk of long visit us at Fisher Investments dot com to find out what we can do for you. 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Certification dot org pretty to get sick at sea and they say it's been almost. Exactly a year since the Dow had to triple digit down days in a row and we're poised for day 2 of that today after yesterday's $177.00 Point slide markets are all lower in Europe they closed lower in Asia crude oil is down almost one percent this morning some strong earnings results this morning could turn the red to green Pfizer McDonald's and Harley Davidson still to report before the opening bell at night is out with better than expected earnings mixed results this morning from homebuilder Pulte Homes watch shares of j.p. Morgan Chase today the bank announced that c.e.o. Jamie Dimon will stay on for about 5 more years giving the bank's debility and putting an end to some of the rumors that he might run for president in 2020 meantime President Donald Trump is expected to make the stock market and the economy a main focus of his 1st State of the Union address tonight auto trader is out with a top used cars for 28 team including the Chevy Tahoe. Mine Number 2 does not look like a number 2 I don't know what to call it is there a number 3. Table for 4 police anything close to the restroom. To middle seat with these stomach problems that's my fear of flying sound like you if it does you could be one of the many people with a digestive condition called execution pancreatic insufficiency or even if you don't know what. You might know the symptoms frequent diarrhea gas bloating stomach pain if you have even just one of the symptoms you could still have because not everybody expects The Larry Elder Show Larry Elder Show now about Haiti it is a basket case and how are you helping them by saying anything other than that what every country is equally good you want anybody feeling every country get a trophy to get over you get a job you get a job you get told if you're a reason why patients want to come here as opposed to people here want to come to Haiti Come on grow up The Larry Elder Show weeknights at 7 at right. For Lars Larssen a 10 on money to 1690 am. 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Business news 24 hours a day at work on the radio plus mobile to your radio. Business for an uncaring Moscow does have Day brought to you by USA yet invest in much real visit us c.f. Investments dot com that she was c.f. Investments in dot com And as we've been reporting Amazon Berkshire Hathaway and j.p. Morgan are teaming up to created independent company focused on technology solutions that will provide us employees and their families with simplified high quality and transparent. Health care at a reasonable cost we are seeing health care stocks move lower on the news at no down almost 3 percent this morning c.b.s. Help is falling down 5 and a half percent and United Health is down 3.7 percent finds are Meanwhile joining the long list of big corporations that expected benefit from the lower tax rate in the u.s. In pledge to invest in the country through manufacturing and bonuses to its a workers after recent tax reform it also reported 4th quarter profit in revenue that beat analysts estimates and its shares are up 6 tenths of a percent this morning he was so good I futures lower s. And p. Futures down 13 points Dow futures down $199.00 futures down $29.00 Dax in Germany is down 6 tenth's percent 10 year treasury down 132nd to point 69 percent NYMEX crude oil down one percent or $0.63 to $6493.00 a barrel gold up to 10 percent up $2.50 at $134750.00 an ounce the euro $1.24 the yen one away point 66 that's a Bloomberg Business flash Tom and Jim Kiran thanks so much image of the 100 tapeworm earlier within the press release of this tour this announcement I should say of Amazon Berkshire and j.p. Morgan I just noticed that came from Mr Warren Buffett is the one talking about the hungry taper Can you imagine the years Pym Fox and Mr Buffett has been doing wages and benefits to people what health care costs used to be as a percent of his business Senate versions versus though right what used to be on the moon was like 8 percent 7 percent while there the work force is getting older you have more application really technology right you can actually do a lot of things that you couldn't do before and everything is more exotic then I would have thought that up to the top and the automobile that you would see on the street would be a 100 gram. That's right I don't have a national Rambler from 50 to her that is worth a little less than 100 pennies the condition of this is not just going to get to Mr Rocky we should get to Mr Rocky they are doing Ok I don't have a handler good Chris about the hard core rate and Ellis is we see right now are you looking at the spread market are you looking at the single looking at now are you sure is down to 204 I mean what part of the fixed income market is front and center for you when you write your morning note. Just pretty much 10 year treasury yields where it's going here you know the last couple days most of the commentary has been written about how there's been a major change and in that 40 year bond market rally a downward trend in yields and now we're breaking out of that. That's pushed eels here a little bit you know above 2.7 percent which is above inflation which is $1.00 It's a oh well you got $100.00 basis point cushion so that's fair value but struggling to understand why Dow futures are down to 10 and that is 210 you're going yet bonds are just sitting here that you know you don't have a disconnect and that if you're at all you know 69 that I may be behind you and you can go up well make my forecast right have you know the stock market's going to fall 2 days in a row I'm going to put out a chart should do a chart for radio exclusive a little bit of radio that might be a good and beautiful thing yes we'll do a chart we'll put it out on Twitter it's of the price of a bond which annualize is Thanksgiving to a 19 percent decline in July just utilized it see that you going to get your trading it's interesting Chris Rock you notice how people when they talk about bonds they want to mark to market the actual losses where when they talk about stocks they talk about the potential for the stock to cattle easily 100 percent and wrecked so I'm always wondering I don't I know I'm sure there are millions of people all over the. World that trade bonds but I also would venture that there are millions of people whose job it is is to buy the bond hold the bond and actually see it to maturity because it matches their set of liabilities I would say there's a millions of people Chris rugby there to get their bonds statements that come out every month and go oh could you take the full faith and credit bun declines and bring them over to the rest of the fixed income market Yeah I mean it's all is what do you look at price for you know the I mean a 3 percent drop in the price of the bond wipes out your coupon for the year of 3 percent on a corporate bond. I don't know do you panic. Well I mean that's how it gets going and price is important but it's usually price is most important for traders on Dez and Wall Street that's trading these things accurately and it gets people panicky Yeah the public know they don't they don't know what's happening with their bonds many times you mention didn't Flay ssion or you talked about the comparison between inflation and a 10 year yield right now of 2 point let's say 7 percent do you as someone who's been doing this for quite a number of years do you actually believe that the inflation numbers as represented by the Consumer Price Index are an accurate reflection of what the people the inhabitants of this fair countries pay well you can look at yourself the breakdown and say Yeah I mean everyone's everyone's personal budget of expenditures is going to be different I like c.p.i. Simply because c.p.i. Indexes you know Social Security benefits and things like that and it's been with us forever it's made up of $60000.00 prices for some reason the Fed Greenspan got us looking at p.c. e Inflation which is a measure of every product and service that everyone in the economy by is and sells every purchases throughout the year and that inflation is always lower that really irritates me because I want to higher bond yields and that p.c. e Inflation the Fed watches is lower than c.p.i. I mean for those Fed officials usually in the Midwest who are concerned about too low inflation if they look at c.p.i. They wouldn't be as concerned it's telling 2 different stories here thank you so much greatly appreciate it this one is a terrific perspective across television and radio as well do you know Pim can you tell folks can you tell about the plague yet you could hear it right yes you're saying hermetically sealed away from I wish only only one my family doesn't. Care the damn dog doesn't care the only one who cares about my cold is Anthony from Sparta New Jersey your Sparty is like you have snow it's like way past Pasadena it's like the Alps you know it's like out my it's like the Alps he's the only one no other listeners emailed and I get nothing I come in here today with a play this is my state of the Union plague. Ike did you switch places with Rodney Dangerfield when you were No I didn't think it was there though but he actually he should have been there that would have probably but oh please let me bring the violin music up Ken as well boomer surveillance with a healthy pin Fox I'm trying to keep the plague stay where this is Bloomberg. 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Power awards for client satisfaction and we invented rocket mortgage a simpler hassle free way to get a mortgage completely on line so choose Quicken Loans America's number one on line lender call 800 Quicken or go to rock at mortgage that kind of candidate Kerry Kennedy I guess that means will be listening all week long on Connect the fabric of life at Ford here on Denver's my talk. About it. Denver's only business radio station Money Talks 60 9 30 am. I've a good thing live to New York are you going for you go to Washington d.c. We're no more to Boston for one of those things was to San Francisco No I'm 62 the country Sirius x.m. 2119 and around the boom boom bird radio was out and Bloomberg Radio dot com Here's his bird surveillance we are 2 hours away from the opening bell on Wall Street let's get you updated on the news that you need to know at this hour as stocks are falling and they are falling around the world taking a look at the Dow futures they are down more than $220.00 points stocks in Europe as well as Asia also lower the selloff in treasuries continues or oil prices there falling for the 2nd consecutive trading session 30 companies in the s. And p. $500.00 are reporting earnings today clued in Pfizer there was also already out at night and Danaher have all reported earnings above analyst estimates and the news story of the day at least at the moment is Amazon Berkshire Hathaway and j.p. Morgan it going to create an independent health care company that they say will provide their u.s. Employees and their families with simplified high quality and transparent health care at a reasonable cost and in a deal news a Europe's of biggest software company s a p is buying the u.s. Based Calla does software for for 2400000000. Dollars Kalidas shares they are up more than 11 percent this morning now let's go and get headlines from around the world we've got Michael Barr Good morning Mr Barr thank you Ben Thank you Tom White House officials say President Trump plans to use his primetime address to Congress to promote the economy trump says that the tax overall he signed into law late last year has boosted business confidence and will lead companies to reinvest in the u.s. Tonight's State of the Union Address kicks off Trump's 2nd year in office and you can hear it live on Bloomberg starting at 9 pm Wall Street time Representative Joe Kennedy of Massachusetts will deliver the Democratic response to the State of the Union address the u.s. House committee voted to release a classified Republican memo that alleges bias and counter intelligence abuses and government surveillance of people surrounding President Trump the Republican majority of the House Intelligence Committee refused along party lines to disclose a competing memo written by Democrats Global News 24 hours a day of our by more than 2700 journalists than analysts in more than 120 countries I'm Michael Barr this is Bloomberg him thank you very much Michael Barr now it's time for the Bloomberg n.b.c. Sports report here is John stash our John been a big trade in the n.b.a. Blake Griffin and for his entire career with the l.a. Clippers just signed a new contract with them traded to the Detroit Pistons 6 player deal of note the Clippers receive in return to bioterrorism David Bradley may get Detroit's 1st round draft pick the next are said to be trying to trade joke even though of before the deadline it got a big contract no reportedly got into a verbal spat with Coach Jeff want to say at practice Nixon Nets tonight at the Garden final meaning the season the Knicks have won the 1st 3 of the n.h.l. Back in the All-Star break the Islanders hosting Florida the isles recently announced plans to build a new arena near Belmont Park they announced plans yesterday that until the new arena is ready in 2021 they will split home games between the Barclay Center in Brooklyn where they play now and where they used to play and as a coliseum college basketball locally Fairfield beat Iona Ryder beat him on. That and in a very low scoring affair Sienna beat St Peters triple overtime and yet neither team got to even 60 points with a lumber yard be some sports update I'm just it out of him thanks very much John stash our are taking a look at what's going on in stocks right yeah Dow futures down more than 200 points you've got s. And p. Futures lower by more than 12 Nasdaq futures they are down more than 27 correlated don't you think well the world currencies are correlated with the Dundrum him over that much now got a little bit of a sell off a long into the curve let me tell you a little bit about what's going on in commodities we've got a decline in the price of oil down about one percent now. $64.91 but natural gas for all of you heating your homes go in the other direction up one and a half percent this is Bloomberg Surveillance. Good morning everyone Tim Faxon time key thrilled you were this is day the state of the Union David Westin with our special coverage tonight at 9 pm on the state of the Union right now 5 things you need to know to start your day thank you Interactive Brokers looking to start your own investment firm but don't about complex registration process Interactive Brokers can help you take the 1st step to running your own business with no contract required visit i b k r dot com slash visors I did 2 interviews today Pim Fox with Kevin so really one was on the state of the Union and the other one was entirely the Department of Justice festivities and without question this is frighten center I just can't believe it will affect the state of the Union to that but it's going to have to be on everybody's mind whatever side of the debate Iran and people are really polarized I just want to know when are we going to you know what is the video of the Air Force One plane right going to surface. You heard about this right there I mean I don't like the Thursday night flight to the Davos on his way to Davos the president apparently went into a rage Jennifer Jacobs of Bloomberg News against law enforcement officials working inside the Department of Justice and he says they're not doing enough to protect him from Special Counsel Robert Muller some Vesta geisha the heart of it in again we were going to try to stay you know balanced in the middle of this without opinion is an interpretation of how the Department of Justice relates to the president Mr Trump is one of you and others have a certain view correct and if you are coming from the background of running a family company exactly for all of your own Well yeah then you may have a different view but this according to the report this was the letter that Assistant Attorney General Steven Boyd had written to House Republicans if you choose negative to 28 right now let's go to health care why don't you bring in our good guest here who's expert in Hungary Max nice and let's not go with tapeworms it's too early in the morning everywhere and some places it's too early for dinner . J.p. Morgan Berkshire Hathaway and Amazon say they're going to get together and help their employees they're going to provide better less expensive health care what's your reaction so reaction was this was not the end was a full range of health care that has been expected you know for about a year now which was something like a more aggressive for a mail order pharmaceuticals pharmaceutical but if it managers what they're doing is I think even more interesting they're potentially going to run along with these 2 other companies their own health plans entirely for employees and since they're not just doing this informally they're creating a company that suggests if they figure out how to do this well and given the people involved that that's a decent that they they might try to bring it to other employer is that Kaiser Permanente from 40 years ago where you know the heritage out West they did it different out west with Kaiser. I think ultimately you know if they have grand ambitions and I think if they're going to take this kind of step they probably do that's something of the model that they're going to look to emulate you know doing things starting from a different point of view with a different set of priorities not attempting to make a profit and as they kind of high later repeatedly in their press release that being that the great frustration that so much in American health care is not geared to bringing cost down but for you know eking out a profit margin for every single person along the way insurers P.B.'s be writers any chance that this is going to present a conflict of interest with what their real businesses are. I don't think so if we said a at the start considering their you know initially focusing just on their own employees and on other employers you know at the end of the day they're just attempting to keep costs down for their employees will be more interesting when they bring it to other companies or if they try to get to providers I mean we know that everybody would Jeff Bezos maybe I can say that of Berkshire Hathaway and j.p. Morgan but is this the beginning of companies enough is that enough we're going to suddenly self insure is already talking about here they're going to self insure where you begin to separate healthy in Lloyd America. Away from unhealthy lesser or unemployed America I mean that's already a reality in our health care system if you are in a large normally here your health care is it is subsidized to an extent that nobody really realizes unless you later end up on employer on the individual market where the burden falls much more aggressively on you pay much more out of pocket he pay higher prices because you don't have the benefit of that enormous employer tax exclusion for health care benefits and the power you know all of that negotiating power aggregated into form or not just your employer but you know everyone who they participate in a p.b.s. Or a or bigger insurer with what what are some of the competitive challenges to putting together something like this. I mean they're going to have to basically learn how to operate you know however much they're going to do you know they might still contract with uninsured people in for parts of of the business like self insured companies currently do but every piece that they're going to pick up on their own and run on their own they're going have to learn how to do from the start and you know they put the challenge on themselves to figure out how to do it better with more technology Max Max these are folks who have Bloomberg fly who writes these terrific church paragraph church stories are you to write about this today I've already started really really looking forward to this you also brought in his his medicine kit to help you get over the plague so you cares it's a plague it's like a 13th century things a serious thing fortunately you're in the surveillance cone of silence so you're hermetically sealed away from me is that why I'm hermetically seal you see the car coming I thought Max and I were together no Max is could get the play. But interesting concept right it's absolutely fascinating up yeah particularly the notion and this is probably the thing that a focus on that this is kind of a pilot among themselves to figure out can we make a company out of this for other people Max thank you. So much futures negative to 40 on the Dow s. And p. Futures they're going to 13 no negative 50 standard course 528388 future setting for the s. And p. The Dow 26000 wondering these 7 futures the Vix 14.04 this is Bloomberg. Myname back to you does not look like a number 2 I don't know what to call it is there a number 3. Table for 4 please anything close to the restroom. To middle seat with these stomach problems that from my air off line sound like you if it does you could be one of the many people with a digestive condition called Mexican can create a constituency or a.p.i. Even if you don't know what he p.-i is you might know the symptoms frequent diarrhea gas bloating stomach pain if you have even just one of the symptoms you could still have e.p.i. Because not everybody experiences e.p.i. The same way which is why it's so important to open up to your doctor about all your symptoms and the good news is e.p.i. Is manageable so don't keep a lid on it go to identify e.p.i. Dot com complete the symptom checker and use it to have a conversation with your doctor don't keep a lid on it visit identify e.p.i. Dot com brought to you by m.p. 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Stock selloff day 2 as possible just hours before President Trump delivers his 1st State of the Union address tonight and he's expected to take credit for higher stock prices futures are sharply lower with the Dow indicated to drop 165 points at the open after yesterday's 177 point drop some strong earnings results could turn things around though Pfizer just out with better than expected numbers at NIH is out with a beat as well and it's being bought by health at the moment waiting for McDonald's to report this morning 3 major companies are getting together to figure out health care for their workers they say Amazon Berkshire Hathaway and j.p. Morgan Chase just announced they're forming a nonprofit company that will focus on technology to solve health care cost problems and Microsoft is out with an emergency security update to fix an earlier fix from chip maker Intel c n.p.c. My number 2 does not look like a number 2 I don't know what to call it is there a number 3. Table for 4 police anything close to the restroom. To middle seat with a stomach problems that's my fear of flying some like you if it does you could be one of the many people with a digestive condition called Mexican pancreatic insufficiency or even if you don't know what he is you might know the symptoms frequent diarrhea gas bloating stomach pain if you have even just one of the symptoms you could still have done because not everybody experiences. The same way which is why it's so important to open up to your doctor about your symptoms in the good news is manageable so don't keep a lid on it. Dot com complete the symptom checker and use it to have a conversation with your doctor don't keep a lid on it visit identifying dot com brought to you by and let's face it we love Alexa and we'd love to let her find your favorite radio station this one of course but she could find us easier if we taught her a simple trick to get started simply say clicks 60. 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It is personal time Kyle's a personal trainer one could do good Carl knows how to get results but when it comes to mortgages ease less confident guilty as charged Fortunately there's rocket mortgage by Quicken Loans It's simple so you can understand the details and know he's getting the right mortgage rugged mortgage buy Quicken Loans apply simply understand fully mortgage confidently go to rocket mortgage dot com today equal housing under license in all 50 states and listening to methods that are working with 33 the way she's always singing her silly laugh the way she kisses me this Valentine's Day I want to turn everything I love about her into the one thing she'll love forever and engagement ring it's that sharing Valentine's Day Dondi band Feb 1st to the 14 seated to $1000.00 off any time and when you buy her setting a chair and let our expert jewelers help you find or create the One Ring that could only be for her that's why he went to chant. Some exclusions contradict tents or have prices up call why people price for anything go to Deborah Half Price dot com . Ben Franklin once pointed out that the only certainty in life is death and a day. For it was me. And I'm Carol Costello and as we've been reporting Amazon dot com Berkshire Hathaway and j.p. Morgan Chase said they plan to collaborate on a way to offer health care services to their u.s. And lawyers the 3 companies said they plan to set up a new independent company that is free for profit making incentives and constraints the initial focus will be on technology solutions to provide health care at a reasonable cost shares of an array of u.s. Health care stocks are dropping on the news United Health for example down more than 6 and a half percent anthem is down 4 and a half percent c.v.s. Health is down to 5.2 percent in at not also falling down 3.2 percent we're watching shares of Harley Davidson. This morning they're down more than 6 percent it missed even the lowest analysts estimate for 4th quarter profit as Spike sales fell on every continent including an 11 percent drop in the pivotal u.s. Market futures being dragged lower this morning s. And p. Futures down 16 points down futures down 238 now Nasdaq futures down about 35 and that's a balloon bird business flash Tom and Tim thank you very much Karen Moscow the Bloomberg n j i t stem reports brought to you by New Jersey Institute of Technology partnering with i.b.m. And sales force to provide students with access to the latest business and data analytics tools and technologies learn more at n j i t dot e d u Let's go to John Tucker John let's see what's making news the in science technology engineering and math Google of officially closed it's 1100000000 dollar deal with h t's c adding more than 2000 smartphone specialists in Taiwan to help the search giant changes Apple in the cutthroat premium handset market the deal will help Google way deeper in designing its own consumer hardware and special purpose chips like Apple Google's most recent pixel model came with a new image processor to prove the device is camera and more of this custom silicon will come in future pixel devices according to Google's hardware chief astronauts aboard the International Space Station already recycle a portion of water from urine and for deep space missions in visage for the future storing food is likely to pose a huge problem but scientists have found an easy solution to this problem by developing a technique that converts human waste into food for astronauts researchers at Penn State University created an enclosed cylindrical system in which selected microbes came in contact with a solid and liquid human waste the microbes broke down the waste and eventually formed a microbe that could be a source of nutrition for astronauts and a rare super blue moon is set to occur this Wednesday stargazers are right to be over the moon about it to understand their excess. And you'll need to understand what's happening blue moons of the 2nd full moon in one month period or Brillo to very frequent Super Bowl ads are full moons that occur at the close as possible point to earth and they grace us once every 14 months a blue moon is also known as total lunar eclipse as they take place about twice a year with the moon passes through the Earth's shadow turning it into an eerie copper hued color but when they all 3 happen at the same time the West Coast Alaska and Hawaii have a spectacular view of totality from start to finish east coasters in the u.s. They've drawn the short stick the eclipse begins at 5 51 am as the moon is about to set to the western sky and that is today's Bloomberg and j i t stand reported him thank you very much John Tuckerman this is Bloomberg Surveillance time Pym Fox along with Tom Kean Terry Haynes his ever core I as sys a senior political strategist he's the head of political analysis and a managing director he's also experienced in the ways of Washington d.c. Former chief counsel staff director of the u.s. House Committee on Financial Services and senior counsel on u.s. House Energy and Commerce Committee and a variety of other government positions Terry good to have you with us here on Bloomberg What are you going to be listening for from the president Donald Trump's state of the Union message Good to be here Pam and thank you. But I'm going to be you know that the president's actually is going to divide this speech into 3 parts and I think everybody knows what what those 3 parts will be so I won't spend long on them 1st will be they I think the 1st year achievements you know they. We all depend of the Trump show on a daily basis but this is an opportunity to do to provide the best of a framing device for the president this 1st year in office so I think they'll do that they'll run through a bunch of 2018 priorities infrastructure of course is going to get hammered in quite a bit expected to talk about trade housing finance a bunch of other things and finally a national security focus to. Things I'm going to listen to with particularly closely one I think will be housing finance by expect Secretary Minissha him to testify this morning on the Hill that he remains interested now being finance side a secret that is but the same time a renewed commitment to trying to get something done from the administration. Will will be important for markets and secondly whatever signals on trade the president wants to send I've always said the trades one of the 3 big unknowns this year certainly trade policy is atop that and the question really is you know we had a positive read out of NAFTA yesterday out of the the end of the Montreal round from from us to our light hisor the question is does the president continue that kind of pro pro-business pro markets. Approach that he 1st talked about in Davos last week and was underscored by light eyes are or does he go back to a more saber rattling if I don't like it our Get rid of it sort of approach where it comes to NAFTA and that will be market moving as well Terry based on your experience to whom is the president really going to be speaking tonight. From the My experience is the president uses this speech to speak directly to the American people it's the largest audience that the president will have all year nonetheless there's some disaster of course that that requires but presidents always look at this opportunity as one where they get to actually talk to the American people they get to characterize their own presidency directly and they get to lay out their priorities directly so that they can you know not only frame you know what it is how it is. That they want to move forward but also you know frankly in political terms. Put the opposition on the back foot to well that's why I was going with this because of course this is the 1st president that really. Says the social media world of Twitter and a variety of other mechanisms to speak directly to his constituents seventy's and to the country in the world. That he gets to use but he gets he gets to use the. Cameras in the more conventional media here to to to do something other than. Other than kind of you know the the message of the moment and actually gets to frame is own presidency and and have people to try to understand exactly what he's up to us President beyond beyond the twitter of the day and and that's I think that's particularly important for this president frankly what would you like to hear about regarding housing finance. What would I like that I don't have the luxury hotel you web like the or what I think is what I'll be interested in is whether or not that makes the speech frankly that it has been a as I said by priority of Secretary minutiae as for some time he 1st talked about his desire to want to do something on housing finance before he was even treasury secretary after he was nominated but the end of 2016 and every time he talks about this the markets blip in a positive way the housing stocks rise and you know we can have this is a legacy frankly is whether there's a pro commitment from the president himself to invest political capital in this because if that's the case then you might get something what what what's your read on Fannie Mae and Freddie Mac. Time I read generally is that you know we've got a situation where the enterprises have been in conservatorship for a decade it's been it's time to take a serious look at whether to get them out or not to the previous administration's policy was that we'll get them out when Congress tells us to get them out but not before then and and what needs to happen fundamentally is it is there needs to be an understanding and some kind of coming together and in Congress and. You know with the president and secretary Minissha as well to talk about what housing finance is going to look like going forward I mean if we're going to get there we're going to if we're going to get greater precipitation from financial institutions what does that look like there is some policy difference between Democrats or Republicans on whether there should be conservative whether the g.s.t. Structure should still be maintained that's a compromise of all in my view but what you're the fundamental issue is going to be whether or not we're going to get more capital into the housing market or not to and and whether we're going to get a greater focus on housing finance because our view is always been here has always been that the current state of affairs has been a negative for the housing market a negative for the markets generally based on your understanding of Secretary minutia background what does he bring that special to the conversation and debate about housing finance I think 2 things one he's actually he's actually had been in the markets actually understands the markets on a 1st firsthand basis and I think that's important we have not had the move but it's been a while since we've had a Treasury secretary that the that had that kind of direct knowledge I mean certainly I'd give I give Secretary Geithner and Secretary Paulson both both marks for that but it's been a little while Secretary Lew certainly didn't have that that sort of fundamental background number one number 2 he brings a vision he brings a commitment to it and what you need fundamentally on this issue and I think this was proved in 2014 the last time anybody tried to do something like this you need commitment from the highest levels of the government needs active branch particularly to try to trying to knock heads together in the Congress and get something done here and that has existed for a while and Secretary Minissha and would like to do this has been clear about it and now that the now that he's used to some political capital on and on tax reform he fears to be interested in doing it again so we'll see where he goes then we'll see if the president agrees and wants to say something about it the speed.

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