Retain his position. The vote maybe closer than expected. Support has waned leading up to the vote in zurich. The u. S. And canada say they will vote for a another candidate. Before the vote, he appealed for unity. It main up always be is eat but we are gathered here today to tackle the problems that have been created. We will try to solve them up. Erik isnt that surreal . It may not be enough to get him the two thirds vote he needs to win election in the first round and that would mean a runoff. Stephanie time is running out for greece. The company has country has not said how they will pay 1. 8 million to the imf starting next week. The positive reports from the greek government dont reflect what is actually going on it. What does that mean . The two sides not close to a deal that would unlock bailout funds. Greece has claimed that a solution could be reached by sunday. Greece must come up with more Economic Reforms before they will hand over this money. How about this story . The number two head honcho over at Goldman Sachs he was considered for the ceo job at emco. He was on the short list to succeed Mohamed Elerian in a 2013. He is not commenting. He is considered a replacement for lloyd blankfein. It was a spectacular sight in japan. A volcano arrested, forcing the evacuation of a small island. A cloud of dust billowed 30,000 feet high. No one was hurt. It is the second time the volcano has arrested in the last 10 months. Those are your top headlines. Erik treasuries are headed for the first weekly advance for the first time in a month. The worst of the sellout may be over. Take us back to the first two weeks of may. The german bond market lettuce slump. If it is over, will the bond bull market continue . That could be a problem for investors. He is expecting something entirely different than a rally. I think its time to get off the train. We are entering bear market and fixed income. Markets are interesting and it will be confirmed once the fed raises rates. Erik this could be a clock question. I hope that the time comes sooner than laser. Later. It looks like he was right in the money with those first two weeks of may and bill gross was looking as though he was right on the money as well. That traded network out so well with bill gross. If mike is positioned stephanie that maybe his overall view, it doesnt mean that is how he is currently trading. The best example, he has been so negative. He has been making it so much dope. Go dough. The newark post reports that intel is near a deal to buy ibm. Bloomberg is not confirmed the news. Julie, youve got number three . Julie we have the figures coming out on gdp in 20 minutes. This is the second revision. The numbers will show output was slow, that is a happened last year as well at this time. It is not quite as deep a contraction. It was 2. 1 last year. It was 0. 9 this year. What will be the new information . It will be corporate profits which will be a factored in. Corporate profits were lackluster in the first part of the year. Erik ive got to take everybody to number four. We are going back to gary cohen. In 2013, pimco is said to have considered him for the position of chief executive officer after mohammed all area and the parted. This was a time of intense problems at pimco. Bill is not there. When it have saved pimco . Would it have guaranteed gary a much fatter paycheck . The gross got paid 290 million. Stephanie it would have guaranteed him a fatter paycheck that year. Im not saying he should stay at goldman. He has been there 25 years. He started when they were 6000 people and now there are 37,000 people. Hes been through the ipo and the financial crisis. Erik its not clear if they were ever reaching out to them. Gary is a logical choice. Stephanie he is a logical choice for uber or one of these Tech Companies that want to go to the big stage. I dont know that anthony noto has the experience. He doesnt have experience dealing with regulation and the overall financial crisis and the media. Gc does. There is so much to talk about in banking. There are a few headlines this morning. Jeffries was able to have the ability take on higher risk levels. Which bank is upping their number Deutsche Bank they are hiring. Erik its effectively the same sides of the same coin. Stephanie they are hiring in the Asset Management business. There is far less capital intensive. Erik two sides of the same coin. Deutsche is bulking up where they approve of. Deutsche bank cant. Jpmorgan cant. Stephanie firms like jeffries are becoming more and more attractive to top talent. They dont have that overhang it. You can control your destiny more. Its not a true Boutique Firm where youve got to get in there and slug it out everyday. If you are working at j. P. Morgan guess what . We just got nailed with 10 billion in fines. When not going to pay you. Thats nothing case it jeffries yet. Erik those are the top five. Weve got a lot to talk about it including fifa. They could see a change in leaderships members vote in the president ial election. We all know by now the International Governing Body of soccer faces charges of corruption, Money Laundering bribery the list goes on. Mark barton is live in zurich. What is the mood like . Mark you used the word could. I think the excitement that you guys felt ahead of your High School Prom is the excitement that i am feeling ahead of the president ial vote. The problem is he for your High School Prom, there was a sense of the unknown it. There was the sense that anything was possible. Its pretty unlikely that blatter is not going to win election. Its david versus goliath. He is a fourtime winner of the president ial. Stephanie should he assumed he should be prompting when in truth he should be expelled . Mark thats a great question it. This is the most scandalous week in their history. Dont forget that he has not been indicted. He has never been a prosecuted. Other members have. He is the head of an organization whose members are indicted nine current and former members have been indicted. The charges are astonishing, going back over to the years. He remains the favorite. He is loved by africa. He took the first African World cup there in 2010. He is loved traditionally by asia. Are they turning . The u. S. And canada are going for prince aly as well. Its not as assured as it was earlier. The prom king is waiting to be ground. Erik mark, that is terrific stuff from zurich. The vote is coming up very shortly. We expect results by noon eastern time. Stephanie they dont have a prom king. Just checking. Lets move on. Erik when we go with that . Stephanie i went to high school in new jersey, public school. Its a big deal. I was my homecoming queen not even close to being prom queen. Erik what is gamestops strategy as gaming goes digital . That is up next on Market Makers. Stephanie welcome back to Market Makers echo. There are plenty of questions about Dennis Hastert being charged in a hush money scheme. Prosecutors say he had agreed to pay someone 3. 5 million to cover up past misconduct. He broke banking rules doing it. The indictment does not say who the other party was or the nature of his misconduct. The senate will meet sunday in a rare session. It has to do with the nsa surveillance powers which expire on monday. Opponents want to stop bulk collection of phone records. The nsa has the authority to do that. Uber has, with a new privacy policy. It does not change a lot. It makes it easier for customers to understand. They tell writers that they can r iders that they can follow everything using the app. Those are your top headlines for the hour. Erik gamestop is playing to win it, except in this case, the enemy is time. For now, they are winning, they just raise their earnings and shares are up in early trading. Tony from irving, texas this is what people wonder how do you stop gamestop from becoming the next radioshack or blockbuster . Tony its a growth story for us and we are on growing the business. We are going to continue to do that. Erik i want to hear about that. I guarantee that wayne high zynga thought blockbuster was a growth story to. Tony we are changing the Business Model on a daily business. We want to be close to our customers. One of the best things we do is understand our customers and give them exactly what they are looking for. That is so we did in the First Quarter. Now what we are doing it, we are taking that and moving it into other segments like our at t business. We are taking that skill of understanding the customer and knowing what they want and moving it into other areas. Stephanie people need to go into gamestop anymore. The growth of apps, my kids love to go to gamestop. The more they are able to buy apps at home on their devices they wont need to go. Tony we see people move into mobile gaming. We also see when people move into mobile gaming, they become a bigger gamers and eventually they do come into gamestop. We are a large mobile publisher. Our vision is going to publish 12 games this year and they have grown a 38 in the First Quarter. We are moving into that business. We see that as a credit to gaining when people go on to apps and mobile gaming, we see them enjoy gaming more. That benefits the population including the physical gaming population. Erik you want to increase nongaming revenue to 50 of total revenue in five years. What will that be . Have you reach that target . Tony you see a really good example in our technology brands. They are an extension of apple and at t we where we offer their services and their products and a very high service atmosphere. One of the examples, we have doubled the store count yearoveryear. We are going to add 550 stores this year as well. We are quickly growing that business. Another example is collectibles and licensed merchandise something that we just rolled out. Its a very strong business. It is an 11 billion category in the United States. We see that is another opportunity for nongaming revenue. Stephanie you are opening a 550 stores, what is your view on the economy and the consumer . Tony there is tremendous growth taking place in a technology and specifically in the wireless category. We are talking about companies that are spending billions of dollars generating Additional Network capacity each and every year. We are filling that need and capacity in areas where they did not have representation. Stephanie we are not seen an increase in consumer spending. Retail numbers did not look great. 550 stores that is a bullish call on where you think the economy is. Tony we see good returns on the stores. They are growing. It was strong double digits. This is a growing trend in the u. S. People are going to be using it more and more data and more and more devices. Erik the money to be made is on the digital side. Otherwise, we would not see things like Time Warner Cable being snapped up by charter. How does gamestop take advantage of that migration to digital . Once we are in a four k world or in hd world beyond four k and alter highspeed broadband, youre not going to need to go to a retail for that. Tony we love to talk about the digital business. We have a billion dollar business. It is growing 17 in the First Quarter. What we see is people love the experience of coming into the store and talking with people who understand the games and making an investment whether it be physical or in digital. Erik you make an excellent point and we have run out of time. We are back in three minutes. Erik stephanie we are expecting the government to say that the lousy First Quarter was worse than we thought. Should we believe the governments numbers . A growing number of Officials Say no. Michael mckee has turned it out today. I am going to need a full body shot with what this man is wearing. He just returned from visiting one fed policymaker. Were you wearing anything like that . Michael this whole issue of the gdp is a big topic for the fed. It was a major discussion in their last meeting. Can you trust the numbers . Since they product the issue, its been one lousy First Quarter after another. Its winter and the economy sinks. Why is that . The San Francisco fed it put out a study that suggests that the economy is much stronger than the First Quarter numbers have been telling us maybe as much as 2 . This is what he is concerned about as well. Jim it looks like the First Quarter will get revised down into negative territory this year as well. I think there is substantial seasonality. If you take the quarterly gdp numbers and you run them through a season or filter youre going to get seasonal factors that should not be there. This is supposed to be d. C. s allies data. Deseason allies data. We did get strong growth. We will see if something similar happens this year. Michael they want to raise rates, but they cant trust the data. Unless they are sure, they are going to be sidelined. They need better data that they are getting right now. Erik he has helped felt for some time that there are big issues with the looseness of Monetary Policy hes got to be happy that quantitatively easing is over. Has he feel about Interest Rates . Michael he expects unemployment to be 4 next year. Growth will be around 3 . Stephanie why hasnt it happened . Is the fred delusional fed delusional . Michael they need consensus and the right data. He says if they dont move soon there will be a bubble. Jim i would like to normalize. That is what i will be arguing for and supporting as long as we dont have indications that the economy is slowing down. I would be supportive of Getting Started with the normalization process. We have a long, long way to go. Michael he wont say how far along. Erik does he share the view that the neutral rates in this cycle are going to be lower than it was in previous cycles . Michael yes, but longterm no. He thinks the economy will come back and we will have to get to 3 or so. For that neutral rate, he will be closer to the top of the chart. Erik what other concerns does he race . Like all heat says qe doesnt necessarily work. The Forward Guidance that they put out as a policy stephanie what is his ultimate goal . These are aggressive criticisms. Michael he put that these papers. He was when the first people to talk about deflation, that famous speech. In this case, its Monetary Policy at the zero bottom. He says we thought we would get faster growth from qe than we did. Maybe it works in theory, but not so much in practice. Stephanie guest we got richer rich people. Erik First Quarter gdp revision is out momentarily. Lets take you to julie hyman. Julie we are not seen as large a contraction. It is 7 10 of 1 . Personal consumption is up 1. 8 . The gdp price index is down 1 10 of 1 . Those are the numbers weve got. Again the original reading all this is marrying what happened last year. That contraction was a much steeper one than the one we are seeing here. This is a smaller one than had been anticipated. Erik how are economists can read this . Michael all a lot of this was in the change in inventories and trade. Stephanie what does that mean . Erik we did not build as much inventory as we did it. Michael you are going to have to ramp up production. The trade numbers influenced by the dollar. It has gone up and then gone down again. Consumer spending and business spending was not much changed. It was not so much that it sets a bad precedent going forward. Erik that is the latest read on the economy. It shrank by. 7 against an initial estimate of. 2 growth. Stephanie thank you for breaking it down. How about some top headlines. 209 people will decide whether step bladtter will win a fifth term as the president of fee for f fifa. Now they are pushing for another candidate. David cameron called for him to step down. In my view, he should go. You cannot have accusations of corruption at this level and on this scale in this organization. You cant pretend the person leading it is the right person to take it forward. That cannot be the case. This is the ugly side of the beautiful game. He should go, and the sooner the better. Stephanie the ugly side of the beautiful game. He does have support in asia and africa. He may not get the two thirds he needs to win the first round. We will expect those before noon eastern. You can catch them here on a bloomberg television. In germany, the government of greece is not dealing in reality. He says that the positive reports about bailout talks dont reflect the real situation. Greece predicted there would be a deal by sunday. Creditors say the two sides are not even close. Greece needs money to make 120 billion in payments to the imf next month. Jack wu says they need to come up with a workable plan. The need for greece to take serious action is something everyone agrees on. What happens in a world where they put a plan together is something we will have to see. There is a credible plan and flexibility to make it work. Erik he was speaking at the g7 in a germany. Stephanie those are your top headlines. Erik i want to know who is listening to jack lu on greece. They just dont know if his voice is being heard. Stephanie i think the voices that do matter are being delusional. When you hear from greece, yes, we are getting close. Erik thats the greeks talking. Stephanie they are speaking nonsense. Erik coming up, more president ial bids in the gop bid for the white house. Can there be a clearcut leader in this crowded of the field . Erik the wouldbe president ial field is getting bigger and bigger. Two more candidates announced this week. I am proud to stand here among you to announce and im running for president of the United States. Announce i am a candidate for the republican nomination for president of the United States. Erik we are waiting for even more has to be thrown into the ring it. Mar