A lot to get to today. Well start with the markets. Volatility the name of the game after the ecb cuts rates and expands their Bond Buying Program but the market for 60 minutes ago fell on the news that a big reversal. Same thing with oil on the down side as opec sources tell reuters that no meeting will take place in march. Then theres politics. President ial front runner tonld trump joined squawk earlier this morning. Heres what he said about currencies and the u. S. Relationship with china. You can devalue but you can do Something Else that i think is probably much better than devaluing. You can charge a surtax so you can charge a tax for products that they sell in the United States. Theyre taking advantage of our country. We dont have strong leadership. I dont think we have strong Economic Leadership at all. You look at whats going on with the world and what other people and countries are doing to us. China is the grand master of all. Front page of the journal. Is this story about free trade taking the mantlel as the big dynamic in the political cycle right now. Absolutely. Its very easy to criticize. Were weak. Theyre taking advantage of it. The real world is way more complicated. You snap on tariffs. Prices rise. That hurts people in the u. S. So many products produced by u. S. Companies are manufactured in china. Slapping tariffs on those. Who knows. Its tremendously complex. The world is moving toward freer trade. That has been good for the world. How does this shake out . You see Bernie Sanders hitting Hillary Clinton for a position on trade that a lot of people here in Lower Manhattan would be in favor of and then you have donald trump talking about slapping tariffs on chinese imports. How does that actually shake out once you get into congress . Once you get into the real business of governing and managing this economy . Well it is very easy to criticize the economy and make that point that you would do better. Its easy to have clear policy movements that people would agree with and think will help. Everybody is noting the economy should be much better than it is and theres all sorts of prescriptions. But this antitrade message from the right and the left. How do you turn that around when youre getting it from both sides during this political season. How does it play out . Thats the key to your point. What do you do when you get into congress . What products are we going to raise tariffs on . What is that going to do. Reagan went in there on his own and did things, everything from color tvs to appliances, it can be done. It can be done and maybe there is a value to threat and i think one thing trump has going for him is people are certainly convinced that he is a tough guy and going to throw a punch and maybe that works. Maybe things start to change as a result of that. Are you surprised we just had steve on that says Business Needs to start speaking out about why trade works the way it works. Why isnt business saying more . I dont think business wants to take the punch. You got Something Like trump right now. Any time anybody says anything critical or even neutral about what hes saying he throws a punch at them. Why would you want to stand up and do that . Again go back to trump saying that apple should make iphones in the United States. You just even begin to think about that. Where the parts all come from, where theyre assembled. What an iphone would cost if you forced the Biggest Company in the world practically to move all of its production to the United States. Prices go through the roof. Its crazy talk and yet its sounds great. Like, oh, yeah, they should make them here. But when you actually get into it its much more complicated than that. Some production is state side as apple will be quick to point out. The mac pro which is low margin, high volume, really expensive. If you were to bring that to the job with the actual hours that the workers in china want to work, theyre not even getting the hours many of them want, how many people would want that job. That conversation is going to get deeper in the days to come. Shares of square up after earnings last night. Kayla talked to jack dorsey after the first Earnings Report and what a story that has become kayla. Carl, its clear that investors were using the post earnings lift now the day later to actually sell some of those shares. Shares down nearly 8 this morning. Shares of twitter, of course the other company thats Ceo Jack Dorsey helms are down as well. Not sharply. Square is a heavily shorted stock. Theres not that much stock publicly available and of that publicly available float about half of that is currently being borrowed to short it. Thats a pretty High Percentage by comparison for twitter. Square has a big lockup and usually positioned to sell shares ahead of that. There were some positive sentiments last night a bigger than expected revenue beat a targeted profitability this year. All of that is fine and well. But theres still a lot of sellers today but i asked jack dorsey why investors are betting against him. Heres what he said. I dont know if its us. Theres a lot happening in the market that is complicated. We need to constantly show that were focused on the right thing. Focused on building great tools for sellers and that they value them and we continue to see that growth and i think were not only a first mover in a lot of areas and innovator in a lot of areas but also we have the best experience and we certainly compete with a lot but what we find is that our competitors are only going after one part of the equation where as were looking at a cohesive end to end of what a seller truly needs. Are you worried that if a product stumbles, if you hit a broad block, the people will put the blame on you and say he is spread too thin . Im concerned about a number of things but my main concern is really are we delivering something for people that they value. And they want to use more and more and more of and thats my strongest signal and barometer and thats what were going to focus on. Investors and analysts alike do agree with dorsey that the opportunity for longterm growth is huge. They do have the brand advantage. Theyre very committed and engaged with the square brand and they feel like it offers them a lot. Theres so many hurdles for the Company Including the lockup and including the fact this they wont be profitable until the midpoint of this year. Certainly the conversation has changed from the positive of earnings yesterday. Certainly getting interesting for both square as the concerns resurface. And he said it helped teach him a lesson. I dont want to be an investor. Welcome to the club i guess. You said yesterday square has the chance to be its own crm for the Small Business and some is encourageling some would argue. What i want to see is how do they do it keeping up this revenue. A lot of it is hardware based at this point. Theyre spending to get Small Businesses on their platform. Square is part of the pta at my kids school in new jersey. Kind of help get them set up on it. Its a beautiful system. Especially if you use it fully for keeping the addresses and Contact Information of people that you do business with to be able to send out email blasts and news letters to have that relationship with customers. If square can get traction with that they have something more powerful including paypal. But its going to be long. Its not something thats going to pop up in a couple of quarters and all of a sudden theyre going to be gang buste s busters. Its the incredible fraud and the late stage financing market. So i think you have to separate whats going on fundamentally at the company that seems good. Theyre making progress. Not a moon rocket. But theyre making Good Progress with the overhang of the hype cycle of two years ago. But you would argue that names like a square or a box, which we didnt get to today are growing into the valuations slowly. The valuation is coming down and the companies are growing and eventually youre going to get to a point where it makes sense. Twitter got down to 13. Its four or five times revenue. Its cheap for a company with theoretically no content costs. They can have a big margin some day if they manage to turn it around. Theyre getting to where you say okay. Thats reasonable. I got a good risk, reward there. One quick breaking news point here. Getting some changes at bridgewater. Dom is watching that at hq. The worlds Biggest Hedge Fund announced they have now hired John Rubinstein as the cochief executive officer. He was for many years part of the apple senior team and one of the people credited with development of the ipod platform. He also later was an executive with the company that did a handheld, you know, Smart Devices as well. He currently sits on the board at amazon and qualcomm. In their statement, again, the company bridgewater says that technology is persuasively important at bridgewater, especially since some of our major Strategic Initiatives in the coming years continue building out one of the system making tools thats been so successful in our investment area so one of the big quantitatively driven Fund Managers out there hires a Technology Executive to be its coceo in this case. Back over to you guys. Interesting. And doubly interesting knowing what we know about their macro view of the world which fits into what draghi did today. We have hedge funds hiring tech executives. Coceo of the company. Thats a strange one. Meanwhile to the white house we go for a News Conference between the president and the Prime Minister of canada. I regret to inform you that we have still not reached agreement on hockey. But it is not interfering with the rest of our bilateral relationship. As i said earlier this visit reflects something we americans dont always say enough and that is how much we value our Great Alliance and partnership with our friends up north. We are woven together so deeply as societies, as economies, that its sometimes easy to forget how truly remarkable our relationship is. A shared border, more than 5,000 miles that is the longest between any two nations in the world. Every day we do some 2 billion in trade and investment and thats the largest bilateral economic relationship in the world. Every day more than 400,000 americans and canadians cross the border. Workers, business people, students, tourists, neighbors, and of course every time we have a president ial election our friends to the north have to brace for americans that swear theyll move to canada if the guy from the other party wins. So, but typically it turns out fine. This is now my second meeting with justin. Im grateful that i have him as a partner. We have a common outlook on what our nations can achieve together. He campaigned on a message of hope and of change as positive and optimistic vision is inspiring young people at home hes governing with a commitment to inclusivity and equality. On the world stage his country is leading on Climate Change and cares deeply about development so from my perspective whats not to like . Of course no two nations agree on everything. Our countries are no different. But in terms of our interests, our values, how we approach the world, few countries match up the way the United States and canada do. And given our Work Together today, i can say and i believe the Prime Minister would agree that when it comes to the central challenges that we face our two nations are more closely aligned than ever. We want to make it easier to trade and invest with one another. America is already the top destination for canadian exports and canada is the top market for u. S. Export which is support about 1. 7 million good paying american jobs. When so many of our products like autos are built on both sides of the border and integrated supply chain, this coproduction makes us more competitive in the Global Economy as a whole and we want to keep it that way. We instructed our teams to make it easier for goods and people to move back and forth across the boarders. Including reducing bottlenecks and streamlining regulations. We discussed how to move forward with the Transpacific Partnership and today we also reaffirmed our determination to move ahead with an agreement to reclear travellers through immigration and customs making it even easier for canadians and americans to travel and visit and do business together. As nato allies were united against the threat of terrorism. Canada is an extraordinarily valued member of the Coalition Fighting isil. Tripling its personnel to help train and advise forces in iraq. Stepping up its intelligence efforts in the region and providing critical humanitarian support. Were working closely together to prevent the flow of foreign fighters and today we agreed to share more information including with respect to our no fly list and full implementation of our entry exit system even as we uphold the privacy and Civil Liberties of our suspected citizens. In syria, the hostilities lead to a measurable drop in violence in the civil war and the United States and canada continue to be leaders in getting aid to syrians in desperate need. Meanwhile our two countries continue to safely welcome refugees from that conflict and i want to commend the canadian people once again for their compassionate leadership on this front. Im especially pleased to say the United States and canada are fully united in combatting Climate Change. As the first u. S. President to visit the arctic i saw how both of our nations are threatened by rising seas, melting perma frost, disappearing glaciers and sea ice so were foe cousin on making sure the Paris Agreement is fully implemented and were looking to double our investments and clean energy and research and development. Were announcing new steps. Canada is joining us in our goal to bring down methane emissions in the oil and gas sectors in both of our countries and together were going to move swiftly to establish comprehensive standards to meet that goal. Were also going to Work Together to phase down hfcs and to limit Carbon Emissions from international aviation. Were announcing a new climate and Science Partnership to protect the arctic and its people and later this year ill welcome our partners including canada to our white house science on the arctic to deepen our cooperation in this vital region. Were also grateful for canadas partnership as we renew americas leadership across the hemisphere. I want to thank you for continuing support for our new chapter of engagement with the cuban people which i will continue with my upcoming visit to cuba next week. Were going to work to help columbia achieve peace and remove the deadly legacy of land mines there and our scientists and Public Health professionals will work across the hemisphere to prevent the spread of the virus and Work Together actively for diagnostic and vaccines that can make a real difference. And finally our shared values, our commitment to Human Development and dignity of all people continue to guide our work as global partners. Through the Global Health security agenda were stepping up our efforts to prevent outbreaks of diseases from becoming epidemics. Were urgently working to help ethiopia deal with the worst drought in half a century. Today our spouses are reaffirming our commitment to the health and education of young women around the world and canada will be joining our Power Africa Initiative including Renewable Energy to homes and businesses across the country and help lift people out of poverty. Those are our values at work. I want to thank you for our partnership. I believe we layed the foundation for even greater cooperation for our countries for years to come. I like to think that its only the beginning. I am pleased that we were able to announce the next north american leader summit that will be in canada this summer. The Prime Minister has invited me to address the canadian parliament. Thats a great honor. I look forward for the opportunity to speak directly to the canadian people about the extraordinary future that we can build together. Thank you mr. President. Good morning, everyone. Its an honor to be here. As i have reflected on the storied relationship between our two great countries, ic i constantly return to president kenne kennedys wise words and what unites us is far greater than what divides us and as president obama mentioned earlier, if geography made us neighbors then shared values made us Kindred Spirits and its our choices. Individually and collectively that make us friends. That friendship matched by much hard work allowed us to do great things throughout our history. From the beaches of normandy and now today on Climate Change. The president and i share a common goal. We want the cle