Just Steve Benen has been fired he has been percolating for some time especially since the president brought on John Kelly as chief of staff now Administration sources say Mr Trump is dismissing Steve Bannon as top strategy adviser bendin was brought into the campaign from his editorial post at Breitbart News after the Republican convention is America 1st attitude seemed to mirror candidate Trump's but internal battles for strategy from Bannon often at odds with others including now ousted chief of staff writes Priebus Bob Costas Cheney Washington Bennett's dismissal is just the latest in a series of high level departures correspondent John King is 1st chief of staff as God Now as chief strategist has got they've had a very hard time I know people who they reached out to for chief of staff who said No John Kelly knows that job I don't several people they reached out for communications strategist who said no now what happens to a person who spoke with Dan and says he will not stay quiet on the sidelines now that he's gone from the White House I mean and Kate's. An American is among the 14 people who died during a terrorist massacre in Spain State Department spokeswoman Heather Nauert we can confirm that one American citizen was killed in that attack and our thoughts and prayers go out to his family and his friends we can also confirm that there was an injury of another u.s. Citizen it was a minor injury we're told authorities in Finland have taken the suspect into custody after he went on a stabbing rampage today in the town of torque who killing 2 and wounding at least 6 others security and Fenlon has been tightened as police determine a motive for the attack the mayor Charlottesville is calling on Virginia's governor to convene an emergency meeting of state lawmakers to allow the city term of the statue of Confederate General Robert e. Lee Mayor Mike Sigman statement comes nearly a week after a white supremacist classed with counter protesters leaving one dead on Wall Street the Dow Jones Industrial Average fell 76 points I'm and Kate. I am j. Foreigner c.e.o. Of Quicken Loans Thank you can't manage the down. Haman it takes to purchase a new home take again you could move into a $150000.00 home with as little as $1500.00 down with our one percent down payment option the rate today on a 30 year fixed rate mortgage is 3.99 percent a.p.r. 4.19 percent call us today at 800 Quicken or go to Quicken Loans dot com call for cost information and conditions equalising lenders licensed in all 50 states animal is consumer exist or number 3030 patients ships are about give and take you take the action that. You prefer to run. When it comes to sleep myself introducing the new Sleep Number 360 s morning the only bed smart enough to sense your movement and automatically just about help you stay comfortable is your body that has become or 3 sixty's market part of our biggest sale of the year that runs at the same incredible 50 percent liberty limited edition that. For more details and to find a store near you or speak of are going. Did you go to a prestigious college have a high grade point average correspondent micrometers reports that probably won't help you land your 1st job according to a new survey from Korn Ferry future step more than 60 percent of hiring professionals say drive and passion are top actors when considering recent college grads experts at Korn Ferry say employers recruiting for technical jobs like engineering might be more likely to restrict their search to candidates with high g.p.a. From specific universities but just 3 percent of companies say college major was a top factor when looking at potential employees the British government has a new enemy calories after cracking down on sugar and salt public health Anglin announced today that it now wants companies to slash the calories in food to tackle and obesity epidemic among children and plans to set calorie targets for fast food and other males popular with kids by the start of 2018 the program will cover food sold at all kinds of stores and restaurants I'm in Kate's. Room. And I'm Charlie pallete app Bloomberg world headquarters a losing day for u.s. Stocks 2nd losing week in a row for the s. And p. $500.00 Index gold did trade above $1300.00 the ounce before pulling back Joe Cusick is with the Q.'s the group the geo political situation the headline risk is really keeping a bit in gold and we've seen it move dramatically and he says gold investors are also keeping an eye on Washington with the uncertainty with what's going on with the trumpet ministration right now I think you're going to see a lot more investors both institutional retail start looking at gold as a safe haven asset Wall Street spoke as it is shifting to next week's Jackson Hole conference featuring Fed Chair Janet Yellen and European Central Bank President Mario Draghi Jim Glassman is senior economist at j.p. Morgan Securities The problem is policy rates interest rates are artificially low and the economy has gotten back on its feet and history tells you that the problem is once we get back on our feet we often. We're off the road again and one of the reasons why that happens is because we get policy rates too not the right level it was a turbulent week for earnings from some of the nation's biggest retailers footlocker for example down 27.9 percent t.j. Thorton is head of u.s. Product management of Jefferies it was a pretty complicated earning season if we actually went in thinking the bar had been set very low for the quarter and that turned out to be the case we saw companies bead median company beat by about 12 percent that's based on the 40 companies that are softened the retail basket but in many of the companies that beat actually didn't go up Carl Icahn will no longer be acting as a special advisor to President Trump stocks lower s. And p. $500.00 Index down 2 tenths of one percent down Industrials down 4 tenths of one percent Nasdaq down 110th of one percent global news 24 hours a day powered by more than 2700 journals and analysts in more than 120 countries I'm Charlie thought this is Bloomberg. Is Bloomberg rumored best to go inside in sheet he discusses his comments further with Bloomberg Kathleen Hays I want to get right to this because you have been as usual saying lots of interesting things about the economy and monetary policy and. Just recently you said you think it's best now to leave rates where there where they are earlier you were a little more willing to say maybe another rate hike but now you say no the unemployment is not going to higher inflation it's surprising the downside we're stuck in the St Louis Fed slow growth regime but. Jobs keep growing you know unemployment to g.d.p. Has rebounded it's above trend again and some people think it's going to stay there maybe not it is one more rate hike this year a problem. I think she's been surprised by inflation coming into the down during the spring here and. Just a tiny amount. Really kind of by a large amount compared to the progress that we've made through 20152016 so if you look at the charts we were creeping toward 2 percent all during 201-520-1620 extension 17 most of that progresses. And I think that's at least in my mind leading to revaluate of our story about whether. You know our policy is leading inflation back toward target or not and so we'll have to see how the data comes in the 2nd half of the year so are you just saying let's just wait for the data and then it's stronger by then to. I'd be on paper for a hike. Course we're always data dependent. I'm not too optimistic that we're going to have. Measured as the year over year basis by the end of the year I think if you look at the s.p.p. I think we're still predicting what 1.6 percent for core inflation by the end of the year and so we'd still be totaled well below target and not too far from where we've been in the last couple of years so I think we've got a ways to go here on inflation but what if if inflation is not responding much at this point and it is a good idea to normalize to move the funds rate up what's what's the harm is going to tell the economy into recession what you'd be doing is you'd be moving preemptively against future inflation. By moving the policy right now we've already moved the polls here 3 times. Why do you need to do that in this environment you low inflation in the us you've got a place in expectations measured by markets below where you'd like them to be you've got other countries with low inflation rates in the in the developed world it just doesn't seem like inflationary environment where this is going to get away from us and so I think you don't need to be preemptive in this situation if the Fed does move preemptively as you would call it and goes ahead and says well we want to get that one more rate hikes in this year and maybe even next year does some more you don't really see need for rate hikes to 2019 what's the risk of that does it hurt the economy does it maybe cause a recession I think there's some risk that the committee could be too aggressive in this situation and damage growth a little bit. I wouldn't say it's a huge risk at this point but it's something to consider why it is that the Fed broadly still on a rate hiking path is the right monetary path for now or should the Fed be looking at this and say maybe it's time to get off of that well there should be listening to me. Growth regime with low interest rates and low inflation and it's not just the u.s. Really. And I just don't think in this environment you know you have to. Really push hard to get to some level of interest rates that would have been appropriate in an earlier era but that's not the error that we're in right now so I think we're actually in pretty good shape for rates right now we can. You know leave them where they are and then see how the data develops and the sense with your colleagues on the total market maybe that you're starting to make headway in that people are seriously looking at this way you aren't starting to reevaluate whether they really should even be talking about doing more rate hikes. Well I hope so I mean you can ask oh there's a committee but I think the idea that there's a lot of growth just around the corner in the u.s. Is probably not the right model to have in mind I know there are times you know in Washington to push out the growth rate I applaud that I think that's a good agenda to have but so far you know not too much has been implemented and even if it was it would take a while to have an effect probably at the earliest now 2nd half of $20.00 to 2019 so from a monetary policy perspective where we're thinking in terms of 18 months or 2 years we're probably not going to move too far off 2 percent growth during that timeframe and so for that reason I think it's wise just to stand pat on rates for now that was St Louis Fed President James Bullard speaking with Bloomberg Kathleen Hays and coming up a change in strategy for Disney we hear from Disney c.e.o. Bob Iger next you can see all the Bloomberg best stories at best go this is. The price of housing up. Again energy it's 50 percent here and health care go to even think about lucky you get the latest tech in business information anywhere anytime for free I wonder where you see the digital transmission California's signature initiative to fight global warming will get another decade of life thinking that regulators kind of removed the loophole. 63.7 of m.h.d. Do the Bloomberg Radio Bloomberg Radio dot com So you get this idea for your company great but then it's too expensive too complicated I want to say yes we've never done it that way before during summer. Why now I liked it better before you explained it start saying yes to your company's best ideas American Express can help with money and know how so you can get business done we can't do that can we yes we can visit open dot com and see how American Express Open can help you get business done what would you say about your broker dealer I love that I can call and get expert advice I love that you answer the phone and that I'm not a number I love the sense of community the culture is great and I love the service real quotes from real advisors in fact advisers are head over heels about Commonwealth financial network ranking us number one in satisfaction among independent broker dealers why so smitten maybe because we've been putting relationships 1st since 1979 starting with our accountability to you and your clients alone the consistent investments we make to ensure you have every possible tool support and competitive advantage and the fact that you can trust us to have your back through both good and challenging times visit Commonwealths dot com and find out what it feels like to be swept off your feet member of a registered investment advisor number one in satisfaction based on wealth management 2016 independent broker dealer report card survey asking advisors from independent bts to rate their overall experience from $1.00 to $10.00 tax reform a long slow stretch out of Fremont from Scott Creek Road up to single Boulevard the 2 red lanes are closed for slab replacement until 3 pm between this and all Boulevard and for now I have moved to Hayward 80 southbound before Whitney Ave 3 car crash blocking the 2 left lanes are backed up pretty solid now from 238 we've got to next Nagin Oakland in the clearing stage is now 80 northbound after high street corner piggery have been moved over to the shoulder and things are recovering from 98th Avenue still seems slow traffic in the Bay Bridge getting out of San Francisco from 101 to the lower deck West 80 slope in Berkeley from 580 to the Mays your 3 day weather forecast from meteorologist Gary vest I 69 in San Francisco today 84 in San Jose up to 90 in some inland areas partly cloudy to night lows 55 to 60 for most of the Bay Area a mix of sun and clouds for the weekend highs 65 to 75 near the bay up to 85 degrees in La Bloomberg Mayor Ford's we've got the Giants in town taking on the Phillies for game series Mad more versus the sack Ethyl in tonight 715 1st pitch A's are in Houston to face the Astros That's a 510 start time with the Bay Area's best traffic on Brian Peacock Bloomberg 916103 point 7 f.m. H.d. 2. This is Bloomberg. Best I'm also. Walt Disney is changing strategy the world's largest entertainment company plans to sell some of its premier content directly to consumers online starting next year it will offer live sports an animated films sidestepping partners from Netflix to pay t.v. Providers like Comcast Corp and direct t.v. C.e.o. Bob Iger talked about it with Bloomberg David Westin this is a major strategic move as you said for the Walt Disney Company going over the top if I can put it that way not only with e.s.p.n. And people were asking about that but also with Disney and Pixar My question is why now why not a year ago or year from now well we've seen of pretty dramatic shift in the way media is consume as I see it certainly with my kids and my grandkids and a lot of the base consumption is dolled out over the top director consumer services we've obviously got the great brands to be able to reach consumers directly because the brands are in demand there's great passion for them you need the technology to do that as well and that's no easy task it's not simple particularly when it comes to streaming live sports where you have consumption at a very very high level and it's all at once so we bought a 3rd of Vantec a year ago we had an option to buy control for years hence we've accelerated our purchase of control so that we could move into the space at a faster pace of faster rate than we had initially anticipated because of the opportunity that we see in the marketplace it's that simple it's a combination of brands technology and consumer trends so talk talk about the consumer following because I know the Walt Disney Company you personally really focus on the consumer the consumer experience at least initially who is the target audience who do you think will use most often either this e.s.p.n. Over the top or the Disney slash Pixar Well you're looking obviously on the sports side of the sports fan and as the s.p.n. Fan as well sports is still among the most popular programming with. Out there in fact if you look at 100 top rated t.v. Shows in the United States last year 94 were live sports e.s.p.n. Obviously provides a lot of lives boards on its linear channels this service will provide an additional $10000.00 additional live sporting events in its 1st year of operation so we're looking to reach the passionate sports heroes passionate passionate sports fan that wants to be able to watch sports on mobile devices on you described as over the top director consumer services with really high quality user interface and essentially that's what we're providing on the Disney side we've got a global fan base they're passionate there's a great affinity to the Disney and Pixar products families it's parents it's kids it's even teenagers and certainly grandparents so we reach basically everyone in this world live it's not just in the United States as you say particularly has really been a mainstay of television for some time going back to broadcast television and certainly knows everyone knows what spoke to cable because of that cable distributors have been really reliable on e.s.p.n. 1st and foremost what do you expect the reaction to be from the cable distributors Well we're going to continue to distribute the linear channels through the cable distributors they've been good partners of ours over the years and together we've managed to create a highly profitable business the distributors and the programmers alike have been experiencing the disruption that the whole market really is seeing in multiple businesses are seeing from advances in technology and changes the consumer behavior because of that and we feel we have to react accordingly My guess is that distributors will look at this probably. More as a threat than anything else it's not intended to be that what we're doing is we're reacting to Marketplace conditions and we're taking advantage of the quality of our brand the passion of the product that we create and the technology that enables us to reach consumers to. Actually you look at Disney's businesses by the way for the theme park business virtually all of our business is touch the consumer through 3rd party distributors it's everything from big box retailers to the owners of Motion Picture how to the motion picture theaters and I can go on and on this is an opportunity for us to reach the consumer directly and that's an important step for the company in terms of growth is this the beginning of the end for the bundle do you think I think that's a little bit. Maybe a little bit too strong I don't think it's the beginning of the end at all we've seen a Rosen of the bundle as new entrants in the marketplace offer consumers options but no I think it's still 1st of all it's still highly profitable Secondly I think it's still a very good consumer proposition they have been incursions on the bundle whether it's from new over the top providers You Tube Hulu Hulu being you know a couple of them 5 words were an owner of Hulu So we know about that there's more competition to reach consumers with multichannel services I don't think this is necessarily the beginning of the end but I think it represents a continued shift in consumer behavior and and the opportunity the technology provides So as you look at this landscape which you know so well what is this most like is this most like Netflix you just mentioned who what is it most similar to well I think you have to look at Disney and e.s.p.n. Differently they go on the s.p.n. Front is to create the old timid go digital marketplace for live sports a destination that sports fans can go to to access larger a probably the largest to read a of life sports of vailable whether you call it a bizarre or you want to call it a a marketplace that's what that is if Netflix is that too scripted programming into documentaries and the like I guess you could compare e.s.p.n. To that and if this is maybe the Netflix of sports. Would be one way to look at it business is very very different this is a pure blooded brand play this is taking a product out that has an incredibly robust fan base that has not only a great history but it's got a great present in a very very bright future when you look at the intellectual property universal appeal relevant as can be even though it's almost 100 year old brand and very much . Welcomed into the home and on mobile devices for kids and families around the world so it's a very very specific very very specific brand play and I think a great way for Disney to reach consumers directly which we haven't been able to do in the past because the technology didn't exist to allow that to happen I want to see you know like you makes a major strategic decision like this there and evidently have to ask themselves do I build it or do I buy it did you go through the process did you consider buying something for example like a Netflix why did you decide to build it rather than buy it well in a way this is a by as well we're buying a technology platform that's the neighboring us to create these businesses and go into the space much faster than we would have had we built it I'm not going to comment on whether we looked at Netflix or what other acquisition opportunities that we've looked at or of had we obviously have the financial wherewithal wherewithal to do a number of things but this seem to be the best for not only the Walt Disney Company but for our shareholders in terms of creating a growth strategy really growing the company long term taking a long term view which is really important but also addressing some of the near term issues that we're seeing which is all about the disruption created by digital technology that was Disney c.e.o. Bob Iger talking with Bloomberg David Westin coming up a conversation with Omega Advisors founder Leon Kuperman you can see all the Bloomberg best stories at best go this is Bloomberg. I'm already joined us this weekend. Business Week in the cities issue here about the submarine cartographers mapping New York underground everybody knows where something is funny Reggie Cadell is dean of the Martin Tuchman School of Management at n.j. I t New Jersey Institute of Technology he calls n j I T's Management Program business with the power of stem design to train leaders who can put technology and hard data at the core of a business enterprise if you look at what's going on in the business world whether it's health care or is retail marketing the idea of information and data decision making and being able to extract the real essence of what that data is trying to tell you that drives the area of business towards techno. And that connection is best created when you plan d. Engineering and the mathematics in the stem side of universities that technology side in with the business and management side it's that tight connection that really differentiates in j.i.t. And in our business the man who programs here from any other universe to. New Jersey Institute of Technology learn more at stories of innovation. Edu. president trance chief strategist Steve Bannon is out New York Times correspondent Maggie Haberman broke the story when Rice previously fired president wanted to make a move but a number of people intervened on it and he was going to try to get this and these were real people including Mark Meadows the chairman of the house freedom caucus reaction varies depending on who you ask according to correspondent Joe Johns Breitbart editor Joel Pollak reacting to Bennett's ouster on Twitter with one ominous word war Minority Leader Nancy Pelosi welcomed the firing but said it doesn't disguise where President Trump himself stands on white supremacists and the bigoted beliefs they admit Bannon is expected to return now to Breitbart News and possibly start a conservative video news service I'm barbeques down. And I'm Charlie palate at Bloomberg world. Backwaters billionaire investor Carl Icahn has ended his role as a special regulatory advisor to President Trump after questions were raised about potential conflicts of interest with his business dealings in a letter to the president posted on icons website he denied profiting from his advice giving role a possibility raised by Democratic critics who have asked officials to investigate his work it was a bumpy week for stocks as investors focused on international tensions and developments out of Washington as for the president's legislative agenda Stuart war of her is equity derivative strategist a b n p because of tax reform because of infrastructure spending which is you know I think kind of died on the vine especially with regard to market pricing but tax reform is still somewhat there and in that context politics become important all the sudden whereas normally they're a kind of a non-factor for equities the University of Michigan Consumer Sentiment Index advances month amid low unemployment and with more here's Bloomberg video Jude ice it's the strongest rating in 7 months the University of Michigan's Consumer Sentiment Index for August rose to $97.00 with a gauge of household wealth scoring the largest gain since 2011 Well the index says zigzag since the election more than half of all consumer surveyed reported a favorable outlook for the economy but the view was divided across party lines most Republicans expected better days ahead most Democrats didn't beneath down Jude iceberg Radio Steve Bannon is leaving as president Trump's chief strategist stand he told Bloomberg News he's quote going to war for Trump stocks lower s. And p. Down 4 down 2 tenths of one percent down Industrials down $76.00 down 4 tenths of one percent Nasdaq down 110th of one percent global news 24 hours a day powered by more than $2700.00 journalists and analysts to more than 120 countries I'm Charlie public this is Bloomberg. You're listening to. Bloomberg best on Bloomberg Radio I'm sure you both sell Still to come on this edition of Bloomberg bass will be speaking with legendary investor Leon Kuperman Plus an exclusive interview with Sheryl Sandberg about her latest book. Omega Advisors founder Leon Cooperman it's been in the news lately after the investment Titans spoke out against Bill Ackman has pushed for management changes that Automatic Data Processing he spoke about his objections as well as the overall market with Bloomberg Tom Kean and David Gura I believe used his old Kuperman letter to Mr Ackerman and his attention to Automatic Data Processing Frank Lautenberg company what is in that letter Mr Kuperman you know I want to make something very clear a couple disclosures I have no dog in this fight I was a director for almost 20 years I left the board about 5 years ago I gave all my stock away to charity when I left the board there was a big mistake by good stock crippled since I left the board to give me cash if the stock and I know I respect Bill Ackman you know I was Ok Larry spec for him I considered behavior in the best describe a foolish and appropriately responsible company deserves more respect patently I understand he has spent 6 months studying the company in which about 8 days left before the window and Nominating Committee closed he went to the company very late in the process and asked him to delay the closing of the window in appropriate requests he owns what 10th of one percent of the company in terms of actual stock to wrestle derivatives securities. And. A plan to go the company well before the window closed or he could be patient and wait dear company to basically done a phenomenal job to investors Ben Graham an intelligent. I Pod I bought a size that you know analysts of a would imagine twice a decision making process was to the numbers and ways to face to face the numbers are unbelievable and a.t.p. Lee Unkrich from and you've never seen All Quiet on the hedge fund All Quiet on the equity market front volatility now is a lone low can Liam Kuperman do business as usual in the milieu of the quiet of this August but he does have to be patient there so we have to be patient with this and that I think that everybody is been busy moving out of the risk or. Because they're the Fed has conducted my Terry in a fashion that's pushing people to take on more risk if you know if you were a buyer of key bills because you were a risk averse somewhere along the way you concluded I can survive 10 so I'm going to buy keep bonds and take to go race and risk the buyers keep bunts as well I'm not impressed by cancer vibrant 2 percent and I take industrial credit risks so you move conduct a credit conduct a credit buy I said Well 4 percent doesn't impress me I'm going to go for high yield and now you'll buy I should go to a break structured credit market and then it struck guys as well but right but it left when equity so everybody looked at the risk oeuvre and when the circumstances change there is a risk in the market but you know when circumstances change to the market Ok but basically as I've said repeatedly bear markets don't materialize out of macro conceptions they come about for fundamental reasons right you know and I both have the debt of 5 for reasons that you don't have a bear market reason number one to most prevalent is the stock market's Melzer on a commuter session and decline to anticipate every session the economic numbers don't read recession and United States low growth to 2 and a half percent which some Excel aeration Europe is doing better and that is growing 60 percent compared to doing a modestly better. So the global economy is growing one to 3 percent recession doesn't seem to be working Ok Number 2 the Fed turns hostile take a punch at the Punch Bowl we have the Fed moving extraordinarily slowly Ok and they don't present valuation levels presently are low ROIC interest rates but I happen to agree with Mr Greenspan says that you know Bunder a bubble but I believe he felt that way for 3 or 4 years well been wrong all been wrong a bunch of surgeries if you have. A significant correction if the market becomes euphoric it is pricing very sloppy and you know I would love to comment that join Templeton going bull market the board of pessimism the growing skepticism and maturity out of them isn't it Diane euphoria I see very little signs of euphoria in the 4th reason you have a bear market or some significant you political event get them by surprise but only on to Sir John Templeton and I guess is goes back to Mr Weinberger you're Goldman Sachs are you in the mood now the trees are growing to the sky you know interest rates not go sky. You know number one we live in a global economy and we're tied into European interest rates as well as their own and that's right I think what I would say is dead and we returning to normalcy we've been in a very abnormal environment so let's say the following after what I think of the labor force 100 percent growth and productivity 2 percent we think at 2 percent for places 4 percent nominal nominal in a 4 percent not a world I think the Fed funds rate ought to be 2 percent and if the new government before then it may take a year to get to 2 percent a Fed fund to make a 2 to 3 years to get 4 percent in that world a multiple of them or it could be 17 times that was a mega advisers founder Leon Cooperman speaking to Tom Kean and David Gura And coming up a conversation with Facebook's chief operating officer Sheryl Sandberg you can see all the Bloomberg best stories at best this is the environment. If you want to tell your coworkers that you spend some day catching up on. World affairs we promise not to tell anyone how much fun it was starting at 8 am Meet the Press how useful with bad feet in combating this kind of an attack Fox News Sunday the argument is that somehow we owe something the country is the 5th a.b.c. This week is that what the president said and politics policy in power these polls seem particularly volatile to people who just have to know what does that tell you Bloomberg now I'm 60 and one of 3.7 I've m.h.d. To attention investors who provides low cost investments with monthly payouts in real asset value who gives you 10 percent guaranteed returns secured monthly payments and bonuses to 16 percent on your money and where can a small investment be secured on a large new construction property deed answer with national realty cash flow investment units on new construction income property in New York New Jersey Philadelphia and Florida are proven system renovating undervalued property is proven over 10 years and $1000.00 buildings without a single failure with interest rates so low near 0 inflation and no new construction available in prime city areas demand is insatiable call now for 10 percent guaranteed returns monthly payout checks and bonuses to 16 percent on small short term investments availability is limited so call now for free information 281-210-2727 that's 201-210-2727 offer to buy or sell any security is only made by a private placement memorandum read it 1st and invest wisely past performance is no guarantee of future results the following is a commercial message this segment is brought to you by Carbonite it sounds ironic but getting bigger is one of the biggest challenges any business can face as your organization grows needs change and that's especially true when it comes to i t enter Carbonite offering complete data protection for your business wants simple backup for a complex system Carbonite handles heterogeneous i.t. 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Be good and these were real people including Mark Meadows the chairman of the house freedom caucus reaction varies depending on who you ask according to correspondent Joe Johns Breitbart editor Joel Pollak reacting to Bennett's ouster on Twitter one ominous word Wark Minority Leader Nancy Pelosi welcomed the firing but said it doesn't disguise where President Trent himself stands on white supremacist and the bigoted beliefs they had bet Bannon is expected to return now to Breitbart News and possibly start a conservative video news service because that. This is Bloomberg best I'm June Grasso. Sheryl Sandberg is going into her 10th year as Facebook's chief operating officer but her achievements at the company are dwarfed by the cultural impact of her book Lean In a call to action for working women and when her husband Survey Monkey c.e.o. Dave Goldberg died unexpectedly in 2015 she started writing again and published option b. Earlier this year she spoke exclusively with Bloomberg technologies Emily Chang when you wrote your 1st public post about Dave's death you shared to many Vice about how to approach someone who's going through something tragic and you said don't ask how you are ask how are you today so how are you today in this moment 2 years later you know I realized after I lost a of is how badly we need to deal with grief how badly retail with not just finding what we need for ourselves but really supporting each other I realized that before last Dave I had no idea how to handle a colleague who was going there something hard what I would usually do was try to address it once you know I'm so sorry for our loss and then I would never mention it again after I lost I realized that even the basic pleasantries How are you. To someone who just got diagnosed with cancer or lost a child that can seem like a really insensitive question do you feel like he's still teaching you maybe teaching all of us definitely I mean I try to remember what Dave would say I try to remember this is the way he looked at things it gets harder as the years go on I mean certainly as a parent specific situations when he when I 1st lost him I was closer to and now I face more situations of my kids that I don't have his opinion but then I try to remember that I know what he really cared about and nobody cared about for me and my gentleman our children and him nobody cared about for people in the workplace I've watched sander Larry take on Survey Monkey I've watched them redefine their purpose around curiosity and how people used to make decisions I know how much Dave would like that how does it change how you lead it was something that really surprised me I mean I had thought about the fact that when you lose someone you're sad or you're angry the things people talk about but no one had ever talked about was the confidence loss but then when it happened to me it made sense when people said the kind of things to me that I used to say to people which is of course you can't concentrate with all you're going through. In the days when I wanted to be at work because being at home was horrific no work was better once my kids went back to school I had nothing else to do hearing Oh of course you can cut straight never really undercut my confidence even more so now I have a different approach I of course start with do you need time off. But if someone choosing to be at work I then will not just say Oh of course you can concentrate but say thank you for that contribution even the most basic compliment can really help someone who's facing a personal crisis facing a cancer diagnosis struggling with something in their personal life because it tells them that you still think they can contribute IOW Facebook has increased paid family leave for event leave as a result of this how has this shaped Facebook's culture Well this is a really important conversation not just for Facebook for all companies I believe we need 21st century companies that make a 21st century commitment to employees but I don't mean well what it means is that our public policy in this country is in a really bad place where the only developed country in the world to not have maternity leave the only one you know one of the only countries in the world that doesn't have paid family medical leave companies have an opportunity and an obligation to step into the gap and what's important for companies to understand is this is a trade off between the right thing to do and a smart thing to do this is both I actually believe it will create the kind of companies that will outperform in a globally competitive environment now I know you've been quietly disseminating this philosophy around corporate openness and talking to other C.E.O.'s What are you telling them the sort of the policy side we need better corporate policies parental leave both must turn and paternal covering all forms of adopting a child and childbirth equal for men and women at Facebook we offer 4 months and we encourage people to take it and Mark Zuckerberg set a great example himself paid family medical leave so that people can take care of themselves and children and bereavement leave. I didn't think much of operation leave until I lost Dave and Facebook had really good policies in place and we extended them even further we now offer 20 days for someone who lost an immediate family member and 10 days for extended family members I've been talking to a lot of C.E.O.'s and companies about extending their bereavement leave Master Card and now and I was so happy to applaud them for it Survey Monkey obviously close to my heart have done it as well and I'm hoping a lot more companies will step in and offer substantial and paid bereavement leave it's hard to leave any job for a period of time to techno so fast are people taking a leave our dads taking the leave that they're given here we encourage dads to take the leave I think one thing we do which is a good policy is we give those 4 months over the 1st year and if you want to take it all upfront as 4 months that's great and we're happy to encourage that but some people actually have said my mother my mother in law is there for the 1st month I want to do it a little bit later so we're actually one of the ways we encourage people to take the full leave is make even Atlee of really flexible marks just gone on a tour of the entire country to connect with real Americans like take the time Well Mark's Mark wanted to make sure he got to all the states and you know it was interesting because when I 1st came to Facebook Mark told me he had never really gotten to travel that much right he started a company before he graduated from college so he took a trip there more he could see different parts of the world I think he really realized he hadn't even like understood and seen his own country and I think what he's learned and experience has been really important for Facebook because it's helping inform our products when he rolled out a new mission of being community based empowering communities that was coming from a deep place of experience of what of what he was seeing was being found and being lost in communities Mark and I and I think all the people that work here we know we have a very big responsibility and we want Facebook to help to good in the world we always have and I think Mark having that direct experience base is helping us build the products that will build community. Facebook's new mission is not just to connect the world but to bring people closer together as you say through groups do you think groups are the future of Facebook and the groups are important because they're bringing people together they are one product manifestation of a community Marx talked about concerns about isolation and nationalism that have risen despite Facebook's efforts to connect the world and groups coalesce around like minded views and interests you think Facebook is part of the solution but is it also part of the problem well any technology that's ever been invented has been used for good and sometimes used for bad and we work really hard to make sure the bad is that is not on Facebook I think groups are helpful I think groups bring people together on different issues and you actually see a lot of groups that are pretty broad one of the women I met with has a group bringing women of Muslim and Jewish faith together so very much on purpose bringing people together and there are a lot of groups that serve the purpose of bringing people who wouldn't otherwise connect to gather on line and that's one of the powers of technology a huge part of our user base has a cross border connection and I think about that in my own life when I was you know in high school or college I didn't know anyone who didn't have a hard time Sheree I grew up in Miami I didn't barely knew anyone who wasn't from Miami but if I were on Facebook now growing up I'd probably have a cross border friend I probably have a friend on Facebook from another country would you ever consider showing people news or information from the other side of the aisle like you know what are people who think differently than me thinking and we do that I think people worry that Facebook you know puts you in a news feed that's all the people of the same views as you that's not what happens because of Facebook you can hear from more voices and on average by extending to more voices you actually see broader views than you otherwise would see now that doesn't mean everyone's being blasted by views from the other side all day they're not but on average Facebook broadens the views I still think we all can do. More to learn more about what other people think and what their experiences are Mark told our friend David Kirkpatrick that Facebook is more like a government than a traditional company and probably even more so now at this scale how does Facebook manage the scope of its policy media and all of these different responsibilities in this modern age where we try to do it by empowering local teams we know we're not going to get everything right from memo park so with public policy we've hired local teams on the ground we have extraordinary leaders around the world and they make sure we understand what's going on in those countries we are not perfect with so many people posting to Facebook we make mistakes we're trying to address those mistakes quickly and correct them we're also really investing in community operations we're hiring another 3000 people to work with our community that's a pretty serious investment for us and hiring them all around the world we want to try to get the policies right get there quickly and make sure we're staff so they can we can be as responsive as possible is Facebook is more like a government then a company What's your role well we're going to we're company we're company that's broadly used we have responsibility and deep responsibility to the people who use us to put out a product and service that enables them to share an keeps harmful things from happening we have a responsibility to the people that use our products when they report something we try to get to it as quickly as possible and we have a responsibility to build teams around the world that have empathy for local users and that's what trying to do Facebook is pushing forward with artificial intelligence you're hiring 3000 people to help moderate content ultimately some day though this is a job technology might be able to do what do you see is the impact of automation on the human worker automations had very profound impacts for workers and we know that right I mean I am old enough to remember when you used to get money from a bank and when used to check in with a person to an airline ticket and so we see how automation is taking jobs that would have been done across lots of industries technology can. Used to grow jobs so we have 70000000 small businesses that use Facebook on a monthly basis and we just announce that we have 15000000 small businesses using Instagram on a monthly basis these are mostly non tech business is that are using the power of technology to find their customers and build their businesses we study our impact on the economy regularly and we care about the millions of jobs we create and we work really hard to help small businesses use technology to help them thrive and importantly not just tech business but all businesses that was Facebook's chief operating officer Sheryl Sandberg speaking with Bloomberg Emily Chang and that's all for this edition of Bloomberg best if you have a Bloomberg terminal you can see all the Bloomberg best stories at. Our show is produced by David Satcher mint and Noah Rottenberg I'm sure. This is Bloomberg. Started this thread protection to office 365. Day Please transfer 50 k. a Central read c.f.o. 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To San Francisco Bloomberg 960 no on global news update. National Report banner now it was the last day on the job for president Trump's chief strategist Steve McMahon and correspondent Steve Kasten bomb who traveled.