Now, georgescu has a new mission. Having seen the worst socialism has to offer and what capitalism at its best can mean for those in need, hes urging corporations to return to pursuing the best for all their stakeholders shareholders, workers, customers and society at large. On todays big decisions, Peter Georgescu. Welcome to bloomberg big decisions. Great to have you here. Socialism these days. It strikes me you have a personal experience with socialism going way back in your childhood. Tell us about it. Peter well, i was prepared for socialism by being born in just as the Second World War started and i arrived in 1939 just as the war got to be big and real. I was born from romanian parents, both of them, one educated in london. My father became a petroleum engineer, came to romania, became general manager of the Largest Oil Field in romania which is owned by standard oil in new jersey. Exxon. The germans came into romania and the nazi supervising regime put him in jail. My father wo
Asbestos in Johnson Johnsons talcbased baby powder. In response to the announcement, j j issued a limited recall of one lot of its talcum powder. On november 15, 2019, i sent an invitation to the ceo of Johnson Johnson, requesting that he appear before our subcommittee to discuss the Public Health concerns regarding j js baby powder. Hasdisappointed that j j refused to comply with our request. The ceo has not refrained from making multiple public statements on the topic, including authoring written statements and speaking with media outlets. He has now avoided voluntarily testified under oath before congress. In fact, this subcommittees first hearing earlier this year examined possible carcinogens in talcbased products. Johnson johnson objected to the hearing, complaining that it had not been invited to participate. An immediate in a media release, Johnson Johnson stated, the subcommittee did not hear the preponderance of evidence that supports the safety of our products. We gave the c
Streaming service. Lets look at futures this morning. Some Economic Data better than expected today thats the picture on fed day. Dow opens higher by 34 s p by 2. 5 nasdaq by 17 road map this morning starts with right there, the futures, pointing to higher open after that stronger than forecast Economic Data. Investors staying cautious ahead of the fed record highs within striking distance again plus, shares of General Electric popping after an earnings beat the company raising its 2019 cash flow forecast and streaming wars at t set to challenge netflix, apple and disney, unveiling details for its upcoming hcupcome upcoming hbo max Service David talks with warner media Ceo John Stankey and thats coming up in the next hour as we said, looking forward to that big interview the markets, the fed, fed day. The data was better than expected this morning. Still confirms were slowing, so the fed will be cutting, right the fed raised too much it is just a fact. Jay powell overdid it. The econom
Heavyweights cat cuts earnings outlook. Boeing sticking to the timeline for the return of the 737 max. Softbanks massive wework bailout. The latest deal details and the golden parachute for adam neumann. Mark zuckerberg goes to washington were going tostart with that pair of dow components, boeing erasing earlier losses despite a big earnings miss. Revenues slightly above consensus. Company still sees the 737 max getting back to service in q4. And then there is caterpillar, missing with quarterly results, cutting full year guide, hurt by weaker demand in china the first decline in quarterly profit since 2016. As they had sales down in every region which you just talked about. My travel trust owns it does that mean im an idiot . No it means you have to take pause and say they continue to buy back stock, they said would no longer be episodic cash flow remains really good. I didnt think i could make this much money with this decline in revenues all that said, so what 400 other companies i
Road map begins with china trade concerns, retails biggest sales decline in seven months, corporate earnings in focus. B of a rallying on a beat, futures point to a muted open. Capitalism under fire a bit democratic president ial hopefuls square off and taking aim at big business and personal wealth. And billionaire marc benioff will join us at post nine. Well talk tech regulation, capitalism, ipos and who he is eyeing in the 2020 race. Stocks are on track for a modest open a day after the dow close the above 27 k for the first time in almost a month s p finished shy of 3,000. B of a beats the street with quarterly results. On the economic front, retail sales were down. 3 in september. Revisions were better. Gas stations down. 7 people say maybe this has to do with gas prices. Perhaps it does when i take a look at what is going on, if you read between the lines with bank of america, which is just a gigantic bank, gigantic consumer bank, talking about 5. 7 growth in Consumer Spending ye