>> i'm nervous inflation expectations are low. >> we are not trying to address the price changes that occur. we are trying to death >> economists consider tax form. >> broke death growth will pay for part of it. but not all of it. >> there is no reason to believe it. >> sometimes productivity picks up. sometimes productivity picks up. it happens. >> straight ahead on bloomberg best. ♪ best, yourbloomberg weekly review of the most important business news, analysis and interviews from bloomberg television around the world. trump's legislative agenda was going to be a big , but monday dawned with some unexpected political fireworks. >> president trump made an interesting choice over the weekend. he can afford to lose only two ,enators to get tax reform done and he decided to blame one of those senators. the president blamed bob corker of tennessee for the iran deal, said he was not running for reelection only because he failed to get the president to endorse him and that he wanted the secretary of state job but he didn't get it. for his part, senator corker compared the trump administration to a reality show said the white house was an adult daycare center and the president's threats against other countries could put the country on the path to world war iii. kevin: if you play it forward in terms of tax reform, every vote counts and senator corker, while not the most fiscally conservative in the upper chamber, his raising the fiscal issue really in line with what some members of the far right and senate have also been saying, and that poses significant political risk for tax reform by the end of the year. >> president trump demanding congress fund his border wall, and it will be changed for letting dreamers stay in the country. how much more of a distraction will this be? marty: it will be another distraction. chuck schumer and nancy pelosi said it's a nonstarter. when you look at the polling of the vast majority of american support, a clean daca bill that provides protection will be laid at the feet of the republicans if it doesn't happen. vonnie: a crucial moment in the crisis in catalonia. the president is set to address lawmakers in barcelona just moments from now. a lot of anticipation in that chamber. >> we're not sure of the wording people use. we are not even sure of the format the parliament might take place. we're not sure the opposition will get a say here. we do know, however, they have a majority in the cabinet and parliament, and if they wanted to enact this law to create an independent republic, they have a majority to do it and can get it done. the question is whether puigdemont will use the word "unilateral" or back out last-minute. mr. puigdemont: the government is proposing that the parliament shall suspend the effectiveness of this declaration of independence in such a way in forthcoming weeks we can undertake a dialogue without which there can be no agreement. we need to open up a time period to have a dialogue with the state of spain. that's something else that shall be done today out of responsibility. mark: spain maintaining it's ready to seize control of catalonia if the push for independence continues. the prime minister said catalonia's efforts to break away from the rest of spain are fraudulent and fruitless. mr. rojoy: it was a fraudulent referendum in the first of october and cannot go ahead by that amount of people. maria: yesterday the catalonia , president made the move and said i'm ready to accept the mandate. for 10 seconds, it was a independent republic and then said i'll suspend this for talks. he made it crystal clear there's nothing to talk about, this is a complete fairy tale and his signal now, i'm ready to implement article 155 and time is running out and the president is running out of options. if he backtracks, his division will implode. but he will implement this article when he's out of government. betty: the fed released minutes from the september meeting and showed growing concern in the central bank that low inflation is just more than a passing fancy. policymakers said another rate hike this year would depend on the strength of the economic data the next few months. carl: i think the minutes show the policymakers are taking the inflation backslide a bit more seriously than they were earlier this year when they were quick to write it off as transitory and idiosyncratic. now they're pondering whether part of that weakness may be due to broader global trend and means they're now hinging their decisions to hike by year end in the next couple months of economics data, but also acknowledge that the hurricanes are going to muddle those reports. they're in a bit of a complicated position. i think what is interesting here as we look at the roster of who will be at the december meeting, there are four or five doves i'm , which means i'm not sure chair yellen will have a vote at the meeting for a rate hike. shery: jpmorgan and citigroup kicked off third earnings season . revenue from ficc trading plunged 27% at jp morgan and citigroup saw a 16% year-over-year decline in revenue growth from the unit. charles: you had top line revenue growth this quarter but when you balance out the top line revenue growth with a weak capital markets, particularly trading, investment banking was healthy, you're getting no revenue growth, maybe 1% or 2% revenue growth. if you look at loan growth year over year the past 52 weeks, it's dropped from a high single rate of growth to maybe 1.3% rate of growth. if you look at activity in the trading markets, it continues to be fairly anemic. alison: one positive thing we did get in this quarter is cost control. both citi and jp morgan coming in very big, and is important because as the revenue environment becomes uncertain, you want to know the banks are doing what they can in terms of trying to protect the profitability of the firm and the fact you can bring down costs and become more efficient, obviously that provides more upside as the revenue picture improves. vonnie: bank of america posting its best profit in six years, higher rates helping there. wells fargo takes a surprise $1 charge for a precrisis mortgage billion probe. gerard: many of the metrics we monitor for these large banks came in positive for bank of america and the net interest margin, for example. we point out the expense control at bank of america is quite strong, and they continue to focus on reducing expenses to a $53 billion number for next year. the wells numbers, on the other hand, obviously have the one-time charge which we take out, so they came in line with expectations on the bottom line. the revenue growth was not as strong as some of the other banks as they continue to work their way through the scandal that they've been dealing with. vonnie: president trump has disavowed the iran nuclear deal without yet quitting the multinational accord. that's very important. he has refused to recertify iran , which he must do every 90 days, and he hasn't yet quit the accord. pres. trump: as i've said many times, the iran deal was one of the worst and most one-sided transactions the united states has ever entered into. john: we are in limbo now. essentially if you look at the broader situation, it's adding more uncertainty into the mix we have right now. again for business, this is not really what people wanted to hear. certainly they wanted a sense that this massive market, with all of its huge potential, will be opened up again and it looks like this probably will continue for the next few years. michael: still ahead as we review the week on "bloomberg best," conversations with i.m.f. managing director christine le guard and ubs ceo sergio ermotti and fed presidents charles evans and eric rosengren. up next, more business headlines. economist richard thaler is happy to win the nobel prize but he is not so upbeat about the markets. richard: i don't know about you, but i'm nervous. michael: this is bloomberg. ♪ michael: this is "bloomberg best," i'm michael mckey. let's continue our global tour the weeks top business stories. in japan, where a scandal engulfed the nation's top manufacturing companies. jonathan: shares of japan's third largest steelmaker continue to fall, being absolutely battered, kobe steel is down 20% over two days. this comes off after kobe steel admitted their staff falsified data about the strength and durability of some of its products. enda: this is very damaging for japan and damaging for the integrity of the japan's manufacturing sector, and remember, manufacturing and exports are the bloodline of japan's economy, the world's third largest. it comes in the back of standards lately, such as takata air bags. if this has spread overseas -- we know kobe is one of the oldest companies and supplies some of the biggest automakers like nissan and toyota. if it does emerge that they have been supplying auto companies around the world, it would have a severe backlash on japan's integrity and have consequences down the road. >> shares of kobe steel falling for a second day, down about 15.7% as of now as the data scandal widens. they admitted falsifying information about another of its products but insists safety has not been compromised. brian: iron ore data was falsified and that was shipped to one customer. iron ore powder is used in a lot of machine tools and auto parts, everything from exhaust and power steering systems to camshafts. we're still trying to pin down exactly which customer that was, but so far the company has confirmed. one of the problems for kobe steel is, over the last few years, the steel industry has seen a lot of consolidation and mergers, which put more pressure on kobe steel to compete with these big, huge rivals, so it branched out in lots of other businesses. one of the things we're looking to see is a sell-off of assets not only to raise money to deal with liability but also to help it sharpen its focus on its core businesses. julia: the fourth round of nafta renegotiations begins today in washington. president trump says the u.s. will walk away if a deal doesn't meet his expectations, and he's repeated that. pres. trump: we'll see what happens. it's possible we won't be able to make a deal, and it's possible that we will. >> there are a number of priorities of the trump administration in these talks that canada and mexico may regard as being poison pills. real dealbreakers related to country of origin rules and things like that. do people have to prepare for the real possibility in your view nafta could go away? sarah: yeah, joe, there's increasing chatter that it looks like some these proposals are so far off the limit, so politically impossible in canada and mexico that it looks almost like a strategy the trump administration has to put a kibosh to these talks and this concern is bubbling through the u.s. business community. it looks like these proposals are trying to make the talks doomed really from the start. vonnie: congress failed to pass health care reform. president donald trump has now taken his own action. today signing an executive order which he says will promote choice and competition. pres. trump: my administration will explore how we can expand something called short term limited duration insurance. margaret: the outlines the president has announced are important in terms of both signaling his intention and kind of a tertiary effect. which could be immediate, which is the potential to have a chilling effect on signups for the affordable care act heading into the enrollment period, and the prospect of pulling healthy people out of the existing system. vonnie: the trump administration is taking the most drastic step yet to roll back some of the provisions of the affordable care act, saying it would stop making subsidy payments to insurers. in a statement, the white house said, quote, "the bailout of insurance companies through these unlawful payments is yet another example of how the previous administration abused taxpayer dollars and skirted the law to prop up a broken system." isaac: and let's be clear about what's happening here. there is a slow but systematic attempt to remove the nuts and bolts of the affordable care act in order to foster uncertainty in the market. and i think catalyze some degree of legislative action. mark: brexit talks have hit a wall, the sticking point money, specifically how much the u.k. owes the e.u. >> basically there's no deal. a no deal will be a very bad deal. >> the u.k. is planning for all outcomes. it's not what we seek but we're planning for everything. >> the progress that's been made is really teresa may's speech in florence when she said the u.k. would meet its obligations broadly and continue to plan the budget for two years after brexit. what vonnie said today was that there has been a new momentum -- he mentioned may's speech in florence and said but, the negotiators here today haven't put flesh on the bones of what she said in florence with 15 months to go, the u.k. wants a deal. how realistic that is is up for debate. this deal has to be approved. there are months of approval process once the deal is agreed , so it's looking pretty tight. scarlet: now the trump administration has formally proposed to repeal the obama era clean power plan. this was a 2015 regulation aimed at curbing green regulations and a cornerstone of president obama's environment policy. in a statement today, federal administration agency scott pruitt said we're committed to righting the wrongs by cleaning the regulatory slate. any replacement rule will be then carefully, properly, and with humility by listening to those affected by the rules. >> they're arguing the obama e.p.a. overestimated the potential climate change and health benefits from this rule while kind of downplaying the potential costs for customers, electric customers, and utilities and they're arguing the e.p.a. under obama overstepped its authority. that this rule was way too broad and it flouted decade of practice of regulating emissions at individual power plants , because the obama approach basically required broad changes to the electricity sector. the attorney general of new york and other state leaders have also indicated they're going to challenge this plan, and one of the ways they'll do that is by focusing on how the trump administration is justifying this change, if they have adequately justified basically 180-degree pivot and policy. -- in policy. mark: deutsche bank chief president john cry is facing increasing pressure to perform at investment. the deutsche bank shares lost almost 80% since cry raised $ 8 nearly $9 billion from investors. now april there are rumbling if he doesn't deliver on key parts. his job may be at stake. is he on borrowed time? elisa: he has been for a while, as soon as he announced his strategic shift in march we had . we had investors saying that he doesn't have that much time to show this is going to work. and the numbers in the second quarter are somewhat disappointing, and the news hasn't gotten any better since, and what he's been described as is a fireman. he's come in and put out the fires and now it's back to rebuilding the bank. and i think this is where investors are getting a little nervous that that rebuild is taking longer than they might have liked. vonnie: hsbc naming john flint as the next chief executive officer after new chairman mark tucker opted not to work with tradition and tapped a long serving insider to run the largest bank. -- europe's largest bank. would hsbc been better off going down the barclays route and opting for an outsider here? lionel: i don't think so, and i think because there wasn't that much pressure at this particular time to choose an outsider. i think now we're seeing, because u.s. rates are normalizing and emerging markets are holding up, because growth is there, that they actually same, which is more loan issuance, more cost cuts and a steady hand at the tiller and that's what mr. flint represents. vonnie: richard thaler won the nobel prize for economics in his work in studying the role of human biases in decisionmaking and their effect on markets. the university of chicago professor co-authored the 2008 bestseller "nudge." 2008 this is the badge of authenticity placed now on upon behavior economics, if it wasn't already. justin: thaler most of all, more than any particular research he did, he was the guy that did all the blocking and tackling and the organizational work to make behavioral economics respectable, to make it possible for grad students to get money for research in behavioral economics. he was the institution builder who didn't want to destroy mainstream economics but wanted people to pay more attention to the weird ways we think. vonnie: so less volatility in the stock market, yet stocks seem to be going higher. do you have behavioral explanation for this? richard: i don't know about you, but i am nervous. it seems like when investors are nervous, they're prone to being spooked, and nothing seems to spook the market. if it's all based on the expectation of some big tax cut, surely investors should have lost confidence that that was going to happen, given what's happened so far out of congress. ♪ michael: welcome back to "bloomberg best," i'm michael mckee. the international monetary fund raise their global growth forecast this week as they kicked off meetings in washington, d.c. despite a stronger base line outlook, inflation and global monetary tightening remain points of concern. managing director christine le guard flushed out the imf's report in an exclusive conversation with bloomberg's tom keene. tom: have we reached escape velocity on all the agony of the last 10 years? christine: let's hope so but it's not guaranteed. while we have certainly better growth and better growth forecast, 3.6% this year and 3.7% for next year, it's not shared across the world. you still have 25% of the world measured in g.d.p., which is not enjoying that stronger recovery. while we see the sun shining, we're also seeing the clouds on the horizon, and countries and people not having the benefit of it. tom: how does the i.m.f. link constructive tax reform with the worldwide idea of getting our debt house in order? christine: well, you know, what needs to be done is to look at the evidence, at the data, at the numbers, and then determine policies on that basis, within mind two things. the revenue, the spending, and political objective to being pro-growth, of wanting to improve the situation of the middle class, and of ultimately reducing excessive inequalities, if that is the case in that country. so that's what needs to happen. but clearly in those countries that have a heavy debt burden and those that have entitlements coming to fruition that will probably increase the spending, it is necessary to take into account that medium term and to make sure that any tax reform is revenue-generating. tom: what is so important here is the tone of the i.m.f. of a more optimistic world, obviously the united kingdom is off their game with a battle over brexit and all that, and there are other serious issues with emerging markets. but you also marked down the u.s. because, am i right, the i.m.f. is doubtful on successful tax reform legislation in the short term? christine: we've actually marked up the u.s. economy compared with our july numbers, and then we've marked up a few other countries, including advanced economies. what we hope to see is implementation of the reforms that we have called for for many years. a good, solid tax reform that will be simpler, where rates, particularly corporate rates, will be lower, with a base that's much more solid and clear. that's what we hope to see. and you know, the sooner it goes through, the better. michael: still to come on "bloomberg best," more headlines from a busy week in business, including the latest bad news for uber, and fighting words on trade from a british m.p. and straight ahead, another dive into the week's top interviews. the g.o.p. tax plan doesn't have much detail yet, but some highly respected economists weigh in on its all important assumption. paul: there's very little risk to think that tax cuts matter much one way or the other for underlying growth. michael: this is bloomberg. ♪ qqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq >> i think the way it was l advised at best . i think there is nothing wrong as long as they are well regulated. discussing with bloomberg editor-in-chief. we had another exclusive conversation on markets this week with ubs chief executive sergio ermotti. julia chatterley and joel webber asked where investors are focusing interest and whether he is worried about complacency. bags across all asset classes. i see a lot of complacency in the level of risk and him that investors are getting in the effectiveness they are taking. in corporate credit across and investing it's not to complete. >> enough to cause alarm. the trend seems to go much longer than we expect and therefore it is to early to say. but we have to pay attention to that. >> what are you hearing from clients right now? what are they coming to and asking for? >> we see a little bit more of a willingness to deploy cash, but that hasn't changed from the beginning of the year. we measured our indicator, cash balance with the bank. we were drowning in the last four or five years and the high 20's, now we are going down to the mid-20's. that is good news. a little bit more willingness to deploy money and invest money in equities than in bonds or any other asset classes. still looking for diversification and the is not that high. michael: will proposed cuts lead to huge deficits or generate sustainable growth to pay for themselves? three economists addressed those comments on bloomberg television. >> cuts in the corporate rate will increase investment and productivity and wages. the tax cut will not pay for itself. there has to be based on it. growth will pay for part, that not all of it. the two sides are talking past each other, but the center of the debate needs to be growth and wages. lower corporate tax, higher wages. >> if it is driven by capital investment, how can it be that corporations are waiting for tax cuts? it has been approaching zero for a long time. if they wanted to invest, they would be investing right now. >> a lot of companies are confused about the state of the economy. when they ask about interest rates, tell me about growth and i can tell you everything. businesses are afraid the economy is in a slow growth mode. this can change the expectation and climate for business investment. as well as the location of that investment. >> their message in d.c. is that we can get up to 2.9% over 10 years. that's how they think it will pay for itself. where do you think gdp can get to sustainably over 10 years, given the difficulty forecasting the next six months? >> it is possible gdp growth could get to that level, but it would require more than tax reform. demography was destiny. i don't agree with that. only a modest decline in labor force participation in the next decade. they knew what demography was. we have seen a collapse in labor force participation. better public policy can fix that is more than the tax bill. >> the underlying growth rate seems to be lower than it was before the crisis and we don't understand exactly why, but we are not going to get 3% growth anytime soon. >> the idea we can't get to the 3%. you basically saying that is not possible, even with what you see in the tax plan? >> nearly anything is always possible. it is not likely. the big issue in the u.s. and elsewhere in europe is that productivity growth is a low, so you at aging to this and this gives you growth rates which are far below free. there are miracles, sometimes on activity picks up and for reasons we don't understand, it could happen. i don't believe that tax reform on the table would generate this , but it could happen for other reasons. but it is very unlikely. >> there is little reason to think tax cuts would matter one way or the other. if the base cut taxes, you cut tax collection. >> if you are arguing the financing will be provided by higher growth as a result of the tax cut -- >> if you are -- >> you might as and believe uniforms will, -- unicorns will come and deliver packages of money, right? there is no reason to believe this. >> are there ways you think it can be a way that is more efficient? >> the form paul ryan floated this year, that destination-based cash flow tax, which included the border tax adjustment, was a not stupid idea. it was one of the few things i have seen from paul ryan -- >> one of the few moments that he is praising paul ryan. >> it has bipartisan support among tax experts. people are saying this is a good idea. and of course, it it being the one thing i have seen from paul ryan that was not a terrible idea, it died instantly in the political arena and without that, without the border tax adjustment, there is no way to make a significant corporate cut in marginal tax rates that doesn't explode the deficit. >> the minutes of the moc september meeting answered questions about the monetary policy, but further insight came from the one-on-one interviews. let's start with manus cranny's conversation in zurich. with chicago fed president charles and evans. >> i'm thinking it will take longer to get to 2% and we might need a continued accommodative stance. from here on out, every rate increase will get closer to that line where we are not sure if it will lead to inflation moving up. those are judgments we have to come to before the next rate increase. manus: from the data you have seen so far, where you stand on a december hike? >> it is too early to say. i think the inflation data has been disappointing. i understand. i have for them. i've read the arguments that it is likely due to transitory factors. there certainly have been a number of those in the u.s. low inflation is a global environment and the whole world is dealing with transitory effects. i'm sure there is is some of that that is true. i am really nervous that inflation expectations are low and have been low for quite some time. we are going back to october 2014. we have been regularly calling out the measures of market expectations. they are moving down in continued to below if you know they bounced back a little bit after the election. i think even survey measures are weaker than what we talked about. manus: you are saying it will be next year. where will it come from? >> i think what we've seen is a lot of tightening of the labor markets and i think that will eventually put upward pressure on wages. once that happens i think we will see wages move across the board. we have done a bunch of research and our analysis suggests the labor participation rate is usually the last to come back in response to recession. they have started to pick up and i think we are at the end of any sign of slack in the marketplace. minas: when you get inflation, as hell when you're suggesting? >> exactly. talk to my business contacts and get a sense of how disruptive it has been and from there, draw a conclusion about what i think we should do in terms of monetary policy. >> a year ago, eric said to bloomberg news we will be close to our 2% inflation target by the end of 2017. that is the kind of forecast that has drawn some questions on global wall street. >> right. if you look back to march, we were still expecting 2% inflation and one of the things that occurred was the wireless pricing change, which had an impact on the current numbers. we are trying to get the underlying trend on prices. that is one reason we focus on core inflation rather than total inflation. sometimes we get spikes in oil and sometimes oil goes way down. that is not predicted. we are not trying to address the relative price changes in the economy. we are trying to get the underlying rate. the reported inflation is quite low, it is a reflection of temporary factors. we are about to have more temporary factors. the hurricane is likely to have had temporary factors. that is not something we should react to either. we want to get the underlying inflation rate. my expectation is that we will get underlying inflation rate closer to 2% over the course of next year. ♪ michael: you are watching bloomberg best, i'm michael mckee. let's return to our roundup of the weeks top is this story in a pledge from saudi arabia to cut back its output of oil. >> saudi aramco is planning to make the deepest cut in oil supplies in november to reduce global inventories. they are cutting 516,000 barrels a day despite the fact demand is holding up ready strong. i found this interesting at a time where exports are increasing and they are getting market shares. >> i think they are trying to keep the rhetoric stable. what opec has tried to do is help for deductibility for the demand side of it. they can control supply, but not demand. so they do this kind of action. it is about consolidating the trust they think they have built up with a market and hey are showing the price we see today is justified. >> tensions between the u.s. and turkey are rising, both sides suspending be set services to citizens. this comes after turkish president erdogan arrested a person who works at a national consulate. it is taking a toll on the lira and turkish stocks and bonds. >> the u.s. announced it was suspending nonimmigrant u.s. visa services across -- turkey released this similar statement. saying it was doing the same for american citizens. the reason behind this move is last week, turkey arrested a turkish national who worked for the u.s. consul here in his temple. turkey says he is -- in istanbul. >> they gave a brief remarks in kiev and the most interesting parts of that remarks is that he laid the blame on the u.s. ambassador and not on the administration, which is his way of leaving the door open for some sort of reconciliation, direct president to president. >> the cofounder planning to start two new funds according to bloomberg sources. why now? >> investors are leaving hedge funds, but some of the traders who invested in the want -- in the fund have a track record. if they market their performance, maybe there is a performance, maybe there is a probability some of those investors invest in them and that can arrest the decline. they have lost -- they manage less than $12 billion, down from $40 billion four years ago. >> what gives him the confidence to offer more products of the fund if they are not doing well? >> macro is making a comeback, maybe a small come back. it seems things are turning positive for these macro managers. >> billionaire activist investor bill ackerman spoke with number of about the wide range of topics. his battle with adp that is front and center. there will be no compromise with adp because he wants a mandate for change. >> not at this point. he said the board would have a change of heart to make a settlement. they are willing to implement his plan and push to the changes he wants and maybe one would be enough, that as it stands, he sees no room for compromise. >> general electric has a new ceo and now a new director. ed garden joins the ge toward yesterday and nelson peltz has been pushing ge to get off it's up since acquiring its stake in 2015. mr. garten said he is disappointed about the recent performance that he believes it represents an attractive long-term investment opportunity. is this basically conceding? >> at first, they said they have a good plan and we will lead you a lot. then the stock went down. now they are forcing their hand. also another board member was leaving. the timing worked. stocks are terrible. there was first euphoria, change of guard, then there was a billion dollar company. it will be multiple years to get this thing reached. it has been restructured, what to turn cash flow and other things around. >> the continuing saga of uber's legal troubles, they are facing two additional criminal atwo additional criminal investigations. there are five ongoing probes. have briberyly, we witches of c.p.a.. >> fancy acronyms. >> the one rooted in the legal fight with alphabets self driving car and how they obtained and whether they obtained trade secrets there. hell andave pricing criminal and the pricing --here is a will this end? this as turned a little bit ugly. threatening jobs. what is the next step? >> boeing is thinking of corporate welfare in america. they are subsidy junkies. understand it does not sit well with the u.k. parliamentarian. the way in which they had sold planes to back the monarch airlines is something i am now going to be referring to to look atmmission whether there is an anti-dumping case there. in the u.s. about compliance. boeing implies they say despite the rhetoric. it continues to focus on preserving a level playing field in the aerospace market. >> could be inching closer to a long-awaited change. central bank officials considering cutting monthly bond by at least half starting in january. policymakers could reach an agreement by just how much debt meeting.tober 6 is there a need to stipulate the end in september. is it causing a change in the ecb. >> it is clear no matter what dubs perception may e, everyone -- dubs >> this is the splc function supply chain. you can see shinzo corporation at the top, mitsubishi, toyota, general motors, nissan, honda, these extended to vehicles on the road. >> there are about 30,000 functions on the bloomberg and we enjoyed showing you our favorites on bloomberg television. maybe they will become your favorites. here is another function you will find useful. quic go. you will get important insight into timely topics. here is a quick insight from this week. >> from excellent protection, three inoculations. the second given not less than two weeks after the first. >> minority of parents believe this does more harm than good. this group undermine progress against disease in europe and the u.s. and health officials worry about future setbacks. >> two years old, two and a half years old, a child went to have the vaccine and came back and a week later, got a tremendous fever, got very sick, now is autistic. >> here is the situation. >> here is the situation. the backlash took off in 1998 when the medical journal turned out to publish a fraudulent discussion linking it to autism. they retracted the study in 2010 and the authority stripped of his medical license, but the idea took hold. the u.s. was measles free in 2000. the number spiked to 667 and 2014, worse in europe. whooping cough has remained at elevated levels 2012. the choice not to vaccinate doesn't just affect individual children, since lundbeck st. kitts live in clusters, groups can lose her immunity. the pathogen dies out in that area. if communities lose it, those who can't be vaccinated for others worry making taxation more compulsory would harden the opposition. michael: that was just one of the many quick takes you can find on the bloomberg you can also find them at bloomberg.com, along with all the news and analysis .4 hours a day. it will be all for bloomberg best this week. thanks for watching. i'm michael mckee. this is bloomberg. ♪ ♪ >> from our studios in new york city, this is "charlie rose." charlie: katy tur is here, a correspondent for abc news and an anchor for msnbc. she spent more than 500 days on the presidential campaign trail.