Pashakokis, both cnbc contributors. I start with jared bernstein. Good to see you. Hello, michelle. Yesterday, president obama touts this change by treasuries as a great thing, citing understandably one of the great things about america is its rule of law, but apparently missing the irony that by changing the rules in the middle of the game he has undermined the rule of law. How on earth can this be justified . Laws change all the time when there is a problem. I think the government this is not a law. This is just a regulatory change that has gone around congress. These are new rules on the books that have to be followed. If people dont follow it, they will be in violation and there will be actions. I think the important point here is that there are two very significant problems afoot. One is tax avoidance by industries who just moved their tax mailbox, not the operations, over to foreign markets in order to avoid the tax bill, and the other is a group of a small group of advisers who
It has just gone 6 00 in the morning here in london. Lets start the conversation about turkey, because that is what we have seen the big moves in asset classes. A chart shows what happened to the lira over the past few days. The big moves we have seen in the turkish lira. The turkish lira falling against the u. S. Dollar. A reprieve in this mornings session, perhaps. Two months of gains for the sinceh currency, the most 2008, at least on some measures. We will show you how the turkish lira is responding at the moment. The political scene in turkey, Big Questions about president his land grab, and how much the Democratic Institutions can stand that. This is where we are on the turkish lira right now. 2. 9393. Not getting up to that three lira to the dollar mark, which is what some analysts thought would be crucial. A quick word on what the dollar has done in may, typically. The dollar increasing in the month of may in nine out of the past 11 years. A bit of a warning if you are a bit of
California will not rule out terrorism as motive for the shooting that left 14 people dead. Not far from the center for the disabled, the citys police chief spoke last night. We initially put out that we have information that there were now,ds of three shooters, when we get the witness statements it looks like we have two shooters. We are comparable with the two shooters we believe went into the buildings are the two shooters that are deceased. Vonnie the suspects are identified as syed farook and tashfeen malike. They were described as being dressed for battle. British warplanes have carried out the first rights on the Islamic State in syria, the planes took off from cyprus not long after the British Parliament approved the actions. The Defense Ministry said it was going to release details later. In south africa, and Appeals Court has found guilty of murder Oscar Pistorius lt of murder. Hisuilty of murder, he shot girlfriend to death and faces a minimum of 15 years in prison. More on
There, literally that i was going to put a gloomy spin on everything i read and heard about the market. A market where the s p declined and let me tell you something, staying negative on this market was tough literally from the moment i climbed on the elliptical for the 4 30 a. M. Workout after some nasty tweeting and i turned on the tv and what do i see . Well immediately i was greeted with a report of bond rates. 1. 38 and italian tenyear 1. 4 . They are record lows. In other words you hardly make any money buying bonds over there. Those levels may not mean anything and i dont talk about europe but listen up, november of 2011 both countries were having liquidity crisis. The banks that owned the solve earn debt was teethings on the brinks. And in just a couple maybe five days with a single data climb of 400 point when is the data in italys bonds broke through 7 . Huge bets were being made these countries with portugal and ireland would default. Fast forward from today with the others
Them. Brendan Benjamin Netanyahu says it will lead to a Nuclear Armed middle east. Investors are bracing for a market to drop at the open after fridays jobs report. Employers added 126,000 workers in march less than the most pessimistic free throws in Bloomberg Survey of economists. An outside review is slamming Rolling Stones story about a gang rape at the university of virginia. It is calling the story a failure that failed to follow basic journalistic practice. It unraveled and Rolling Stone retracted it. The review said it may have spread the idea many women invent rape allegations. The editors and author will not be fired. In california Governor Brown is defending his order for mandatory water cutbacks. The drought is in its fourth year and brown has ordered towns and cities to reduce consumption by 25 . He tells abc news it is not just a california problem. Governor brown the weather that is in california will show up am other parts of the world. I can tell you from california th