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tv   Bloomberg Markets  Bloomberg  August 14, 2015 12:00pm-1:01pm EDT

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state there is the place to be for presidential candidates. we will look at how they visits may impact the iowa caucuses. pimm: in the summer heat, is stored bond -- and historic bond between the u.s. and cuba. the stars and stripes raised at an embassy in havana after 50 years of hostility. betty: a new miniseries for hbo about the fight over public housing in a yonkers. we will speak with producer david simon. pimm: good afternoon. i am pimm fox. betty: it is friday. i am betty liu and let's take a look at how the markets are trading. a weekly game for the s&p 500 but a volatile week so far. we take a look at where the s&p china devalued its
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currency. dated today showing factory production rose more than expected and that helped things along. let's move over to the oil market and how they are trading. we are seeing a slight rebound in nymex crude, up 1.4 -- 0.4 of 1% and falls below that $48 a barrel level. they are oil prices -- wow. down 31% since the beginning of the summer. just a straight shooter down. is the interesting, this dollar against oil. the dollar represented in the inte and oil are presented the green line. you can see at the beginning of 2014 -- exceeds me, june of 2014 when prices started to sharply converge for both and they
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dropped at the end of the year of oilomplete collapse prices and sharp rise in the dollar aggregating closer to the end of our easy interest rates. pimm: right. perhaps the federal reserve raising rates in september or by the end of the year. let's take a look at the bond market. just a little bit of selling at the two-year level and buying at the 30 year. i want to bring you into the bloomberg chart to show the dollar versus the fed fund rate going back to 1994, if you can remember. you can see how much the dollar falls in previous tightening cycles. to continue this game, we went to understand a little bit more about the dollar's decline and will that happen after the first rate increase? betty: if history shows, yes. pimm: we'll have to watch. let's check currencies and see
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how the dollars bearing on the euro. 1.11, a little weakness on the part of the dollar and the yen at 1.24 and the pound sterling getting a little strength versus the u.s. dollar. take a look at the shares of para go and julie hyman was just reporting that the money management run by john paulson is said to have bought shares in para go which is fighting a takeover offer. betty: we had another brush just last week in an earnings call and got a program that they do not need perrigo and the shares decline, but that is probably a little bit of a tactic there. pimm: i'm just owing to say you saw that big spike after the news of the paulson. betty: he believes there is something in the works. pimm: and it matters for people. let's get to the stop -- the top
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stories. a historic day in havana asked ceremonies mark the stars and stripes being raced over the u.s. embassy in cuba's capital. this has not happened in more than half a century. state johncretary of kerry presided over this milestone. he is the first american secretary of state to visit cuba in 70 years. carrie said restoring you relations between the u.s. and cuba is long overdue. y: we are gathered here today because our leaders, president obama and president castro, made a courageous decision to stop being the prisoners of history and to focus on opportunities today and tomorrow. pimm: the secret talk between the obama administration and cuban officials were held for one year and a half before the president announced the normalization of relations in december. prices in the united states climbed that of sewer pace in july -- at a slower pace in
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july. it was .2 of 1%. it may be on it's last legs because of falling energy prices. betty: factory production rose more than economists forecasted in july and record automobile assembly. theincrease of .8 of 1% was biggest since november and total industrial output climbed .6 of 1% as oil drilling rose for the first time since september. jcpenney posted a second-quarter loss that was smaller than what estimated. so for a boosted sales 2.7% and jcpenney is in the third year of a turnaround after changes that drove customers away. stock is up 25% this year. pimm: news from london about the accused crash/trader. he has been held for nearly four months and a judge changed the terms of the $7.8 million they'll -- they'll.
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-- bail. those are your top stories at noon. isty: coming up, bill gross back in business. the bond king readjusts his strategy and recouped some of his launches -- losses at janus capital. pimm: cash is king such as a jpmorgan's daniel print of who took him a $7.4 million salary as companies try to maneuver around compensation laws. hasy: the iowa state fair 200 food stands, dozens of brides and all kinds of blogs. -- all kinds of livestock. pimm: including presidential candidates. attendthey are there to the event. you are looking at live pictures of jeb bush campaigning at the fair. pimm: joining us via skype is bloombergs reporter john mccormack who has been following jeb bush today.
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john, tell us exactly what you have been seen and what is going on. john: the governor has been making the rounds at the state fair. i sampled a deep-fried snickers bar and there is a 20 minute former candidates speak for about 10 minutes and then about 10 minutes for a question and answer. bush generally survived the event. this is where mitt romney made and thattatement corporations were able, too, and bush seemed to get through the day with no major hiccups. he is not quite off the fairgrounds but will be soon. betty: how are the candidates doing in the iowa caucus polls right now? john: the polls are all over the place. donald trump surging and a lot of candidates are losing ground. governor bush was asked about and he ismorning registering single digits at this point. his response was that.
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matter right now because when , he was an for 1980 asterisk in the poll and he is right. people like michelle bachmann were low in the polls, so it is fair time in iowa and the caucasus are five months, six months away and it will become real very soon. pimm: what can you tell us about hillary clinton and her endorsement coming from tom harkin? is significant, not super surprising. noter senator harkin had endorsed and i were caucuses, some years he had and some years he had it, so he got behind hillary clinton now. he is probably [indiscernible] i'm sure bernie sanders would have look to god that endorsement. hillary clinton will be on the fairgrounds on saturday along with donald trump who will be
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landing by helicopter, so that will be a spectacle on saturday. both clinton and bernie sanders are expected to be on the ground on saturday, so it will be a star-studded p, jampackederiod fair.packed period at the betty: i wonder if you will be a fried oreo to mix with the crowd. thank you, john. there you go. is that fried butter? there is the better! ok, to buy so much. pimm: made out of butter. all right, they will have to wait longer for apple's life television service. the company was hoping to introduce it this year but they are aiming for next year. betty: people say that talks between apple and content providers are progressing slower than expected and there is concern that apple does not have the computer network capacity in place to ensure a good viewing
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experience. joining us is bloomberg senior analyst john butler. what do you think is the real reason here? john: i think the real reason our content providers. if you look back in time when apple first created itunes, they had to negotiate similar deals with the record industry and they did very well. they did very well at the time, but the record industry was on its back. napster and all these other services were really undercutting on prices were completelyee music, different story with video. content is king and the producers really hold all the cards i think, so not that apple went in with unrealistic expectations, but i just get takes time for both parties to sort of come to an agreement on what they are. pimm: what kind of live programming, other than sports, are they talking about? get cbs onyou can
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apple tv, msnbc sports, you can get almost everything on apple tv, so what more would you want? they arehink what after is sort of the cable replacement, a slim package is what they are called where people cut the cord, they no longer pay $80 a month or whatever the average -- betty: only $40. john: right, for 25 channels. pretty choice lining. pimm: you can already cut the cord by getting rid of cable tv programming portions of your bill and just get the internet from your cable or satellite provider or your phone company and you can be good to go. john: that is to to a degree but you are having to put it together yourself, rather clumsy. this will be packaged into one app. betty: you can do this now with sling tv, right? john: this will be competitor to sling. i'm not the immediate analyst
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but it really is an emerging category now. again, it is aimed at those people who are willing to pay a monthly fee for prepackaged programming. my expectation is over a time, you are going to get it on any device. you will take your cable with the, if you will, because a smartphone really is a television right now. the screens are that good. betty: what will differentiate a sling and an apple? john: amazon, roku. apple will probably leverage the ecosystem. if you look at what apple is offering in terms of apple pay, all on the, it is phone and it is all part of the apple app's ecosystem. i am almost certain that any tv product that they come out with will be part of that package as well. betty: integrate. pimm: any possibility they will
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go into the hardware business? john: to me it seems like a no-brainer, right? they would do a great job with the television, i think, but so far, they have hesitated to go into that category. i guess for now we are stuck with their new watches. [laughter] pimm: do you have the new apple watch? and i have not seen a lot on the street. i think it is a product category that will take a couple of generations to get right. betty: a couple generations? john: not of people, watches. [laughter] product generated. apple so used to having having that hit right out of the block like they did with the ipad and iphone and ipod. betty: i'm with you. pimm: iphone is only eight years old. isn't that wild? 2007, amazing. thank you.
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senior analyst john butler. still ahead, the shares of chemical companies are rising and we would check on the movers. ♪
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pimm: welcome back to "bloomberg market day." i am pimm fox and you were looking at a live shot from the top of bloomberg headquarters in new york. betty: it is far. pimm: all the way down to the met holding and somewhat in the
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distance the statue of liberty. betty: stocks are muddling along on the clear day. we have julie hyman taking a look at movers on analyst calls. let's get to the best performers. julie: the best performer interest out jones -- performer in the dow jones but there was a call over at jp morgan that the stock was upgraded to overweight to neutral. the analyst looking at the long-term underperformance of the stock and also said that now that the sort of proxy battle is over between nelson and dupont, remember ceo prevailed in that fight against nelson quest to break up the company, although the company's spitting out the specialty chemical business. jpmorgan is saying management is in a position to demonstrate the confidence of the shareholder base is well placed, so the pressure is on to some extent. you can see that
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underperformance that jpmorgan is talking about. this chart is normalized for percentage and you are looking at an index of agricultural chemical companies over the past five years up 11.5%. it has been quite a bit worse and dupont, dupont up .1% over the past five years would a lot worse than the s&p 500 which has gained 92%. outperformance versus its peers but underperformance versus broader market appears to be what jpmorgan is talking about. also, cf industry is being upgraded from overweight to neutral, up 2%. having to do with recent deals cf has done. they're buying the north american business of oci and , saya deal with chf farmers cooperative in america. moving on, kindred moorman is being added to the conviction was that goldman sachs.
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interesting call because it is an oil and energy company and goldman is saying it is a safe haven in macro and commodity priced volatility environment. why would it be? the stock is down more than other energy stocks today and dow versus the s&p 500. according to goldman, it has a diverse asset portfolio and high portion of sea-based contracts, so maybe a little bit more immune to the broader environment. finally, navistar being upgraded to a market perform from an over performed over at pmo. that it is notms terribly bullish on the broader environment for trucks. they make trucks for industrial uses, however, says that bml analyst, execution and cutting the structural cost and there are a couple of years left in medium duty and bus market, so a couple of reasons to be less negative on navistar right now.
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betty: two by so much. less negative and the stock is up today. julie hyman, a senior markets correspondent. pimm: still ahead, for the first time in decades, the u.s. flag is raised on the american embassy in cuba. betty: we will look at the future of political and economic ties between the two nations right after the break. ♪
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betty: this is "bloomberg market day pickup i am betty liu. pimm: i am ready live. -- i am pimm fox. current el niño affect already the second strongest on record with this time of the year. they say could be one of the changes of weather
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the past 65 years. el niño is a warming in the pacific ocean that causes wind to shift and change weather patterns in the united states. it usually takes place in the winter. drought sticking california, south, and east could see extensive brain and their concerns about mudslides in areas that have been hit by wildfires. betty: a small earthquake rattled parts of central new jersey. the 2.7 quake hit around 2:40 a.m.. so far, no injuries have been reported. a 1.9 magnitude earthquake hit in december of last year. i did not feel it. pimm: it registered so much that , i havee little apps one about earthquakes, and it sent the signal out. a big change in cuba. betty: yes, huge. pimm: we are just getting ready in havana with the flag raising
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ceremony over the u.s. embassy. was this morning, secretary of state speaking. first u.s. flag raised over the embassy in 54 years. betty: incredible. you know, it takes the question, what happens now in terms of travel by u.s. citizens to cuba? what businesses are first going to enter the cuba market? we have heard so many ceos who have said i am going to at least go there now to take a look, just look around and see what opportunities there are. pimm: opportunities for things like mobile phones, computers. i understand that cuba has a to phone network and not everybody has free access to people who want to get on the internet and also the basic exchange of money because of the powerless system of using cuban currency but also using dollars when it comes to foreign
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tourists and businesses that operate as well as special stores that also take dollars. betty: that is right. i believe this is what the first secretary of state who is since 1945, right? pimm: right. betty: we will find out what is agenda while he is there. what will he be pushing for? pimm: also a kind of roles are going to be in place for u.s. businesses because this is one thing where you have a itlomatic relationship but is an to have a contract based business relationship. of course, u.s. companies are going to be very concerned about entering any negotiations that may hurt them in other places because while they are lifting and using the travel ban, they're not necessarily making it that easy for u.s. businesses to participate in what is going on. betty: it is not everybody in washington that is for it. you clearly had various critics,
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including marco rubio, presidential candidate who is not happy right now. who wants to hear more about seeing this opening up. -- no, think we've got we are going to wait for her. she will be in cuba in a few moments. i will leave it to you and we will find out all that is going on in havana. betty: we say goodbye to pimm. have a great weekend. pimm: thank you. you, too. betty: also on the markets, bill gross is finally making some money. we will be back. ♪
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betty: welcome back to "bloomberg market day." i am betty liu. let's take a look at stories making headlines.
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it appears households are bracing for an increase in interest rates that could slow the growth. the university of maine-ish -- a michigan said it decreased and 92.9 and it was 93.1 in july. concern about the economy was counterbalanced by the most optimistic views on wages in 15 years. oil prices are studying in new york with long-range projections pressure. downward crude oil has dropped 4.3% in seven days. looking for oil to go even lower. a price warare in like now because opec is basically saying we are not going to cut production, we are going to see who can stand lower prices august and you really are talking about the marginal cost. the marginal cost in west texas or the persian gulf is $10 or 10 -- or $20 a barrel. i think that is where we are going. at some point, somebody really
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chickens out and they're playing this elaborate game of chicken. betty: the international energy agency says the surplus will last two the fourth quarter of 2016. the largest maker of insulin with the belly factory outside copenhagen but they say it may soon at a facility in the u.s. -- with the only factory outside copenhagen is a they may add a facility in the u.s. kids are challenging backgrounds and getting the chance to go to college for free. james is partnering with the university of background that will provide a guaranteed for your scholarship to the school and the scholarship will cover tuition at the university service fee that is currently 9500 dollars a year. good for lebron james. a look at the top stories. coming up, star producer david simon's out with a new miniseries called "show me a
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hero" for hbo. he tells us how the fight for housing in yonkers makes for gripping television. ase concern for europe german growth declines and france showing no growth at all. troubling signs for the global economy. someone who was pessimistic days -- says he finally figured out a way to execute what he calls the short of a lifetime. bloomberg has been covering the story and he joins us from washington. you and me is lisa but miles, let's start with you because you wrote this piece. tell us exactly what logos has been doing differently. out --well, he started he made the call that the chinese stocks would go down and he originally tried to benefit volatilityncreased
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so he put some calls on futures on the german and for the chinese stock market going down, he tried to benefit from the increased volatility. he thought it would lead to that in the u.s. stock market but putting calls, essentially this insurance, on the s&p 500. now he is also shorting the german and s&p 500. betty: how much of that is of his portfolio, miles? miles: for the s&p 500, the contracts that the entered into eco-about 10% of its assets and the short position on the s&p 500 also equals about 10% of his assets. betty: 10% apiece. is this a big change for bill gross, lisa? lisa: he is concerned about inflation, about slowing global
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growth, so to short u.s. equities makes sense just because if you think about it, how can equities continue to rally at the pace they have been rallying given the fact that you are seeing weakness in credit, given the fact that you are not growing and given the fact that he thinks the federal hike in september, as he said, regardless of data because they .ave it in their heads to hike this is a reversal from a couple of years ago. i don't know if you remember heading into the temper tantrum of april 2013. he said he was going along tip, inflation treasury protection securities because he thought inflation would dramatically kick up as result of money printing. that did not happen. he has reversed and very bearish on growth globally. betty: he is. miles, tell us more about why he is shorting the s&p 500? it is that come from? was thats first call the market for german would go down and made the call and early
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april and he was right. his thatem was that was essentially premised on the expectation that the german foods -- the german market would go up or down slowly and instead, it sold off more quickly and more severely than he expected. he ended up losing money on the insurance in the form of the p utz. byis now hedging that showing the german and shorting the s and p. the contract entered into, if the market goes down too much, he is covered by the short. lisa: i think it is very interesting that he came out with this call that generally german bonds with selloff because the crazily priced. neither could figure out a way to make money off of this.
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if you go and try to short sell this sub, you have got to put your cash in an account in europe which has a negative deposit rate because you will end up losing your cash. it is very difficult to implement your views, especially -- we talked yesterday about the lack of the crudity in markets, it is similar in europe. there are similar problems with about how quickly you can execute your trade. it is interesting in a way to execute his view. he has to turn to a more liquid market. u.s. stock, credit investors, he is not alone come of they had invested more in stock at least in a growing bucket of their portfolios because it is more liquid and it allows them to execute more quickly on their views. betty: it does. miles, what about the call on the chinese meltdown? which appears to be coming to as of this week. how exactly has he been playing that call? that was on the s&p 500.
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he got the selloff of the chinese market would be increasing volatility in u.s. stocks, and he was basically betting that investors would overpay for insurance against the volatility in the u.s. stock market, so he is trying to generate income by essentially selling this insurance. betty: thank you so much, miles who wrote the story on bill gross and thank you so much, lisa, she covers the bond markets. breaking news right now, julie hyman has news on tree on -- trion. a $1.6 billion stake in cisco according to a report on another network. seek board and just to be clear, we are talking
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co, the food services , the technology. we will bring you any other developments on it and confirmation of it from bloomberg news as soon as we get it. betty: thank you so much. julie hyman on trian. we would say more about an executive making more than ceo jamie dimon. a bit more at that. ♪
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betty: welcome back. i am betty liu. let's get to julie hyman for
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some of the big stories of the day so far. it looks like we are headed for a weekly gain in stocks. julie: i'm looking at the week with a bunch of different assets. let's talk about the dollar down about 1% on the week. looks like setting up to be the worst week in two months as a have the chinese yuan affect on the dollar and the perception, at least earlier, when the evaluation began that it would put pressure on the fed to not raise rates. that was an issue but a great story out on the bloomberg terminal and on by rachel evans that points out that the dollar does not always rally after receipt of rate start to go higher -- after we see a rate start to go higher. so i should say the dollar tends to rally going into rate increases and for the six months following, these are these sort of amber portions that the dollar holes back by now which
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of 6%, so folks behind the dollar in advance of rate increases, maybe they want to get out once it happens if history is an indication which we know it does not repeat itself, but interesting story to check out. let's take a look at oil. down 3% on the week and down now for seven straight weeks. as we know, oil is trading near the lowest in six to 6.5 years. we have not seen this weekly losing streak since the ,r and theof this yea perception that that is not going to change. is havingat -- gold the best week as we saw the turmoil upset off by china and we saw people buying gold on the perception that it is an area of safety come up about 1.7% on the week and there has been selling over the past couple of days with concerns over the devaluation that have decreased. stocks coming full circle to what brady was talking about.
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ofin the s&p 500 about .5 1%, so tumultuous week set off by that chinese devaluation. ending on a very, very quiet note, betty. betty: majorly. to write so much. -- thank you so much. let's see how quite the european markets work and here's mark barton from london. mark: european stocks falling for the first week with a hangover from china's currency depreciation. to be fair, friday was about matters closer to home. growth did not come in as high as expected. three big economies in europe missed their own estimates. that would be the disappointment of the day when it comes to data. in greece, look at the index, down 1.8% and lawmakers did pass the bailout but the attention turns now to a big referendum at the end of the month and a vote of confidence after and many
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members of tsipras' party voted against the measure today and has a rightminister now to possibly rubberstamped to the deal. here are some of europe's biggest equity moves on friday session. the company, jenna co., up .5 point 5%, the biggest gain, a french company that makes payment terminals and it was ,dded to the swiss life switzerland's insurance, the biggest insurance with so and a by 1.6% today, better than expected. by by revenues and bp down 1% today. the company faces penalties after a u.s. judge concluded that it manipulated markets in texas aiken 2008. we will finish with the 600, the year to date performance, it fell over the week for the first week. an excuse to use the red market because from there, the height
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of the year in april was 600 through their and down by 7%. one last fact, the only industry group to rise this week on the stoxx 600, wait for it -- back to you in new york. betty: real estate. who makes more than jpmorgan ceo jamie dimon? comes --y not when it daniel pinto. he is making $7.4 million, well above jamie dimon space pay upon $.5 million. what gives? regulations on pay between the u.s. and europe. fixed salary and less bonuses after they limit performance-based awards. dimon, a 1.5 million based salary is not an accurate portrayal. he made a cool $20 million
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including cash incentives and restricted stocks. mark crumpton joining me with more analysis. are you giving jamie dimon hard time? this'll be a campaign issue because you have the whole pay inequity thing going on in the united states and when mrs. clinton gave that speech at nyu star in school about one month or so ago, she was making the case that the workers are now probably making what the manager about 300 times what their workers wait -- workers may, so abundant contention but not unfamiliar overseas and in london because a lot of the managers make a ton of money. betty: they do. that we have both looked into was saying that the regulations in europe are very --ferent and it is more there is more flexibility in giving just cash salaries. mark: but they want the managers, the ceos tap a vested
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interest in the company because it is a sign of confidence in the company, a sign of shareholders that i literally have a stake in this, too, so i will not take it so much in cash but i will take it in shares of the company or some other form of compensation that is tied to performance. betty: there is a flip side. those who are paid by performance, then you get the complaint among investors, shareholders who say that generates very short-term thinking among ceos and the management. mark: you and i have interviewed people about that because you are looking at that short-term turnaround but the idea is that, at least for investors, you want long-term stability. unless you're one of these who wants to get in and out really quick, make money and say bye, a lot of people want long-term stability what they will hold a blue-chip stock and stay with it through the ups and downs and the vagaries of global and economic meltdowns and they will
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stay with this. betty: they went skin in the game. mark: absolutely. betty: long-term skin in the game. what is coming up? i have skin in the game. mark: jenny is coming up and we will talk about the european economic numbers. this is fascinating because with all of the talk we have been having this past week about china and also the conversation we have been having about greece in the parliament and germany and what they are going to do to try and fix greece's economic woes, we have -- economic we have news out of your that could surprise people we will talk about that and about china. betty: i'm going to ask him why the rising interest rates will push us into recession. i'm trying to get that out. mark: some people say that. i have heard that. betty: thank you, mark. coming up, a conversation with star producer david simon. he showed us the mean streets of
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baltimore on "the wire" and now he is taken on the housing issue in yonkers with his new series "show me a hero." >> justice is not about popularity. no, but politics is. ♪
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betty: for years, david simon covered cops and crime with the baltimore sun and that created "the wire" for hbo and became one of the biggest names in television. his latest show is called "show me a hero" and it is about public housing in yonkers, new york. it takes place more than two decades ago but in light of recent protest in missouri and baltimore, it has deep presence. >> i am in this weird window at hbo where they read the scripts and they say, ok, do this. i say yes and i go back and i do
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them but there is a little part of me thinking, or they really thinking about what they just did? i think they are in some respects. i am part of the brand -- the wide brand and it is a somewhat politicized pbs part of it. >> how hard is it to be something like this now having to "the wire?" >> they are all hard in their way. i think we are getting better at it. i think the level of execution on the last few projects is stronger each timeout. you learn what does not. wes was astonishing because looked at this race, politics and urban planning, and think about that. that is not exactly a point of television. >> you started working 15 years ago.
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how much of recent events have influenced how the final script came together? >> when we finished the last significant draft of the scripps before ferguson, baltimore, charleston, it was not before any other number of stories that highlight our unique american pathology when it comes to race and class. this stuff is ongoing. if we had made it two years ago, it would not have been ferguson but somewhere where there would have been a dynamic where it would have raised the same questions because this is the perennial fight. we go into adolescence when it comes to racial issues. i think as a country we know we cannot sling around racial epithets. those things will not play. we have the vernacular that allows us to play the same games, but now it is all about personal freedom and liberty and my property values and not in my backyardism.
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what it really comes down to is fear. >> inode the baltimore people were looking to respond to you. do you find yourself in a position our people want to hear what you say? >> we're not. >> do embrace the? i don't think in terms of embracing it. i live in baltimore. that night i was worried for people who are friends of mine who lived close to the areas on fire. my city is still recovering from 1968. we stopped losing population of years ago. in the wake of what happened in baltimore, people talking about the validity not of the protest but the riots, that was disturbing to me because come to baltimore and say that. that is a very cynical thing to and the we lived there fragility of the city is such as it is. our recovery is not -- >> you said that with the
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president to talk about some of these issues with him. i'm curious just how easy it is to be on the platform you are on , having an audience and address the issues. david simon: it was not easy that day. you look up and we got this far apart and you are in the middle of a sentence and there is the president of the united states. there is a little moment of where was i? >> i am a huge fan of "the wire." i think it is not only one of the greatest television shows but pieces of art in the last couple of decades. david simon: the opportunity to do it but it's up to advancing probably the most seminal thing that i covered as a reporter and that i have written about in television witches and in the drug war and ending this level of incarceration. >> what do you think about the future of television and her place in it? are you someone who watches it at all avidly or take interest in other things?
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have to invoke the image of the wandering jew. you never know when it will go south on you. that is for my heritage. some point, i expect someone to come to me and say, we looked at your ratings and we have let you go a long time, but you have not had a hit, kid. >> you still feel that way? david; yeah, i do. i have been at hbo for 17 years and i'm going to work on pilots and maybe one will get picked up but i am never quite believing. betty: be sure to stay tuned to that. coming up on "bloomberg market day," we will have danny on with us to talk about [indiscernible] ♪
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it is 10:00 a.m. in san francisco. >> this is the bloomberg market day. the euro economy sputters in the
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second quarter. growth in germany slowed and france showed no growth at all. the prospect of a u.s. rate hike and an unstable chinese economy could make the situation even worse. it promised to be a beacon of transparency when it went public but the homemade goods website is raising eyebrows. mark: looking for cheap luxury goods? had to brazil where they have turned the country into a haven for luxury bargain hunters. ♪ betty: good afternoon. mark: checking flights for betty liu out of jfk. we will talk about that in just a few minutes. let's begin with a look at the markets.


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