joe: i'd like the reimagining of the kodak moment. the moment means technology changes and you die. it is a bleak reimagining. scarlet: that is a great point. joe: maybe we should call it the polar right moment. scarlet: it is time for the bloomberg business flash. thousands of autonomous vehicles have been approved to hit the road while regulators develop standards and preempt rules. a house panel approved the legislation, the u.s. government's first step toward setting rules for the industry. trial is onli's hold after his lawyers objected to the juries viewing of investor agreements. defense attorneys argued investors need to be present for questioning. argues will continue to their positions until the trial resumes on friday. martin shkreli is accused of operating his companies as ponzi schemes. joe: coming up, what you need to know for tomorrow's trading day. this is bloomberg. ♪ scarlet: another day, another record high for the standard & poor's 500, the nasdaq and the 100.aq you can imagine that the big tech names led the way. tech doing it again. scarlet: what's coming you

nicola sturgeon with her own kodak moment in brussels today too. the scottish parliament can't technically veto the plan, but it can refuse willing consent. as the bill stands just now, in good conscience i could not recommend to the scottish parliament that it gives legislative consent to this bill. this bill takes powers away from the scottish parliament and undermines the very foundations of the devolution settlement that that parliament is built on. as whitehall begins this enormous process, ministers are all too well aware that there will be conflict ahead. the question, how they balance, compromise and hang onto their credibility. and what ends up on the statute books does notjust sit on the shelf, but shapes how ministers govern, how we live our lives. the parent company of southern rail has been fined more than £13 million after widespread delays and cancellations to services. the department for transport says the amount would have been much higher, but most of the problems were caused by strike action and high levels of staff sickness. nh

nicola sturgeon with her own kodak moment in brussels today. the scottish parliament cannot technically veto the plan, but it can refuse consent. as the bill stands now, in good conscience i could not recommend to the scottish parliament that it gives legislative consent. it takes powers away and undermines the very foundations of the devolution settlement that the parliament is built on. as whitehall begins this enormous process, ministers are all too well aware that there will be conflict ahead. the question, how they balance, compromise and hang onto their credibility. and what ends up on the statute books does notjust sit on the shelf, but shapes how ministers govern, how we live our lives. to get more on this story we can cross to our westminster studio and speak to ian blackford, the leader of the snp westminster group. thank you very much forjoining us. how supportive were the snp be of this bill in westminster? it is not so this bill in westminster? it is not so much a great repeal bill it is is a power grab. it is outrageous what the g

the kodak movement is dif ferent. that is when customers realize there is a different and better way of doing what they want to do. kodak invented digital photography, but we can now take thousands of pictures on our mobile phones. the kodak movement will come in the five to 15 year period. francine: could the two movements come together? >> you are always going to be wondering. the big trends are that we have this enormous growth. as with any kind of burst of activity in the thickets of technology, a lot of it does not work and some of it does. theyou can see companies in foreign currency space, in the payment space really starting to scale. what those companies have done is they proved there is a different way to do banking by focusing on a narrow view, making the customer experience better. the mainstream banks are doing what all incumbents do, innovating. francine: and buying companies, right? >> to some extent, buying and investing. that is what i would regard as innovation. all big companies are capable of innov

now kodak is out of business because they didn't evolve with the team. these voting companies if they don't look how to securely do it over the network, they're going to do it the way of kodak who filed bankruptcy in 2011. they it proved the point of what we all knew is that these things are not that secure and if anyone can get close to touch them, these guys did it in 30 minutes. imagine if someone had most of the night. liz: the media labels voter fraud stories as fake news. we had one guy break into the website for one state. the web was being housed at a university, and they got into the university's website and could download pdf files for the voting system. what do you think of that? >> well, liz, the biggest danger -- and i was at fox news on election night. i told them and said the biggest danger that might be difficult at that point. what they were going to do is ruin the trust in the outcome and the process and go back and redo a lot of things. trust was the biggest issue that wasn't affected by doing this. and, again, people may say, well, th

this is the man who did it long term, does it end up being kodak or xerox or polaroid possibly can you play this for a bounce technically i think you can. >> what's a bounce, what do you consider -- >> 10% it doubled off its low you gave back 20%. you got a lot of support often when you do break a trend that's that clear, you will, like, revisit it to the upside then maybe that's the end of it. but i think if you want to be long or short here, i'd rather be long than short. >> you're also speaking as, you know, to a nimble trader who would want to, you know, get in for a 10% bounce. >> for "fast money." >> yeah, versus a long-term investment like a ron baron. >> right. >> the ultimate bullish long-term investor. >> long-term investor, want to put this away and watch it become the kodak. >> where would that level -- that's a really good question. to me, you go back and look at the last four years, there's been four, almost 1one a year, 30% to -- >> we just had 20. >> is that enough, "a" for the quick bounce you want to play for back to that trend line, but what about the long-term inve

nicola sturgeon with her own kodak moment in brussels today too. the scottish parliament can't technically veto the plan, but it can refuse willing consent. as the bill standsjust now, in good conscience i could not recommend to the scottish parliament that it gives legislative consent to this bill. this bill takes powers away from the scottish parliament fromt the scottish parliament and undermines the very foundations of the devolution settlement that that parliament is built on. as whitehall begins this enormous process, ministers are all too well aware that there will be conflict ahead. the question, how they balance, compromise and hang onto their credibility. and what ends up on the statute books does notjust sit on the shelf, but shapes how ministers govern, how we live our lives. and laura's in westminster for us tonight. it is clear that there is a rocky road ahead for the government. absolutely. ministers know this will be very difficult and there will be all sorts of attempts to change the legislation. 0nejoke all sorts of attempts to ch

you go down the list, the film industry, kodak, polaroid being replaced by the just digital phone. retailers of being displaced by amazon and uber is displacing taxi so it was on and on. because of that, even a businesses have wage pressure which i think there will be more in the months i had, it is much harder for them to pass that on to consumers because consumers have far more choices and traditional business models are being supplanted at a rate i buy not seen in my lifetime new business models that are cheaper and better value for the consumer. i think that is having a real effect on inflation. mark: that was the dallas fed president robert kaplan. the u.k. wakes up to the financial reality of brexit. lord chancellor charles falconer talked about this and that's next. this is bloomberg. ♪ vonnie: there is ownership again. it's a lovely picture of london. mark: like ships passing in the night. this is bloomberg markets. the reality of brexit is hitting close to home. the u.k. is a knology for the first time it will have to pay money to the eu when it leaves. i spoke this morn

the film industry, kodak and polaroid being replaced by the digital phone. retailers being displaced by amazon. uber displacing taxis. it goes on and on. businesses,hat, even if they have a wage pressure, which i think there will be more of a wage pressure in the months ahead, it is harder to pass it on to consumers. consumers have far more choices. traditional business models are being supplanted at a rate i have not seen in my lifetime by new business models that are cheaper and a better value for the consumer. i think that is having a real effect on inflation. tracy: let's dig into that myer.ion data with jaap i want to compare the data on friday with the broader u.s. market. you can see on this chart, it is the essence of the trump trade, which was the simultaneous surge in u.s. stocks, bonds yield and the dollar that we saw around the election. since then, and in particular in the last few months, they have diverged dramatically. stocks are up but yield are turning sideways and the dollar is in the doldrums. we look at the chart, how much of that is abo

companies alumin aluminum, steel, paper, wood stocks the money was flowing out as well as names of kodak and flowing into cyclicals right before the 10% clause hit, right before it kicked in, i pulled out of the tailspin and sold heinz, and i played the rotational game along with the rest of the hedge fund managers. bowing to the will of the rotation did save my fund, even as it would seem pretty silly. but when you stork keeps coming down, even though there's nothing wrong with the underlying company, ask yourself if there's a larger rotation going on you can cut and run or buy more. if you are an inved dividual investor, do the latter. david in georgia, david. >> caller: big southern boo-yah to ya. my question is about takeovers, the 2015 takeover premium was roughly 30%. does it make sense to target takeovers. >> we don't recommend stocks on a takeover basis unless they're doing well in the fundamentals no company wants to buy a company that's doing badly elise in new york, elise >> caller: hello, mr. cramer i'm a senior i would like to ask you a question about index funds i don't kno

with iggy ♪ ♪ shoes cost more than the rent due you know that all black on when i come through it's kodak ♪ ♪ mirror mirror on the wall ziggy the ziggy iggy the baddest of them all ♪ ♪ why you come through shut down the mall all that ass deserves an applause ♪ ♪ change the game change it up change it up now ♪ ♪ switch it up again switch it up switch it up now ♪ ♪ here we go again here we go here we go ♪ ♪ play a role play a role fantasy fantasy turns reality turn reality ♪ ♪ right in front of me right in front of me and i can have it anyway i want ♪ ♪ red light yellow light green light switch this is bout that time you recognize that ♪ ♪ i'm that chick this is all that sauce your momma said you couldn't get ♪ ♪ red light yellow light green light switch ♪ ♪ me and my boo on a world wide hustle you know what it is when i flex that muscle ♪ ♪ they don't even know what a real one do talk that talk i could back it up too ♪ ♪ got your dessert call me the waiter i'm flirting you'll get it later ♪ ♪ you can get it from the inside out no hand

. >> jimmy: i have one of those nice kodak brownie cameras. >> steve: oh, my gosh. >> jimmy: it's a beautiful old camera. >> steve: oh, my god. >> jimmy: i got to get it developed. >> steve: 132 millimeters. [ laughter ] >> jimmy: i walked around today, and they are trying to keep business going. >> steve: god bless them. >> jimmy: so let's take a look at some of the signs they have. this first one says, "relax, these hot dogs were made years before the bone problem started." [ laughter and applause ] don't worry about it. >> steve: yeah. >> jimmy: years ago. >> steve: yeah. >> jimmy: this next one says, "so what? you got bones inside you too." >> steve: yeah. [ laughter and applause ] >> jimmy: "what's your problem?" i like this one. this one says, "you want a a boneless hot dog? what are you? the queen of freaking england?" [ laughter and applause ] "what are you?" >> steve: no! >> jimmy: "the queen of freaking england?" here's the last one here. it says, "this cart is the original famous bone-filled hot dog cart." [ laughter and applause ] that's the one to be at. that's the one. this real

with iggy ♪ ♪ shoes cost more than the rent due you know that all black on when i come through it's kodak ♪ ♪ mirror mirror on the wall ziggy the ziggy iggy the baddest of them all ♪ ♪ why you come through shut down the mall all that ass deserves an applause ♪ ♪ change the game change it up change it up now ♪ ♪ switch it up again switch it up switch it up now ♪ ♪ here we go again here we go here we go ♪ ♪ play a role play a role fantasy fantasy turns reality turn reality ♪ ♪ right in front of me right in front of me and i can have it anyway i want ♪ ♪ red light yellow light green light switch this is bout that time you recognize that ♪ ♪ i'm that chick this is all that sauce your momma said you couldn't get ♪ ♪ red light yellow light green light switch ♪ ♪ me and my boo on a world wide hustle you know what it is when i flex that muscle ♪ ♪ they don't even know what a real one do talk that talk i could back it up too ♪ ♪ got your dessert call me the waiter i'm flirting you'll get it later ♪ ♪ you can get it from the inside out no hand

fifty list from the '60s, almost none of them are around it's laughable that we thought polaroid and kodak would be the winners of the next 20 years so that is essentially what's going on with facebook we look at their ad model and their grasp of the user base, the internet, and we say, this can never be stopped that's probably not true, but who knows. so i think, marks' point on the glamour stocks is probably the most important thing he said in that letter. and that's the part, i think, people should focus on are we getting to the point where we've anointed 50 stocks where it doesn't matter at all what you pay for it, because they're so great >> i agree on two respects he's correct and early >>> we have some breaking news on martin shkreli. meg terrell is live at the federal courthouse in brooklyn with that. >> reporter: closing arguments in the shkreli trial have now wrapped up going into the fifth week of this trial, expected to be six weeks. we'll see if we'll get that jury today. the judge is now charging the jury, explaining to them their duties and how the law applies to each charge

big corporations now, they can't keep fostering innovation in the organization so go acquire do what kodak should do instead of create the own digital platform. >> you are going see retail and figure out how to pick that lock we had decent guidance from target the last couple days. >> i'm not i'm seeing the retailers are struggle they're going off the credit card base. they thought that is the only thing that was going to keep them alive if they're not creating a live style for people to come into the store, there is no reason for anybody to come into the store anymore. the kids aren't coming in there looking for the next boyfriend and girlfriend they're on instagram everybody -- a woman who knows her size, she's going online and visit delivered to her door. >> my particular grouping or area that you expect to seat most entrance from this upcoming contest? >> no, really it is spread all as krot board. i've seen people with small franchise. people with technology and people with service industry businesses so we've seen them all they all come through the door you know what? if you don't win

tom: in rochester we have seen the distractions that used to be kodak park. there seems to be a durability .n the tech stocks at the same time, all good things come to an end. how do you make policy off of technological creative destruction? prof. rogoff: the problem is that they might maintain their monopoly. they buy up firms that might threaten them, even if it costs a few billion dollars. you don't get the next wave of innovation. they sit on their product. they try to milk it for as long as possible. francine: is there something that makes you wonder -- worry about the world economy because of distortion? prof. rogoff: because of distortion? technk that if i had distortion, i'm worried about the chinese economy and what will happen after the party congress meets and they reappoint the president. how long can they sustain their credit-driven and housing-driven economy? they have done a great job. the general level of low interest rates, while it may be sustained, we don't understand why it has gone down, how do we know it won't go back up? has been veryar

kodak getting replaced. retailers being displaced by amazon. uber displacing taxis. it goes on and on. because of that, businesses, even if they have wage pressure, which i think there will be more wage pressure in the months ahead, it is harder for them to pass that on to consumers. consumers have far more choices. traditional business models are a rate iplanted at have not seen in my lifetime by new business models that are cheaper and better value for the consumers. tom: robert kaplan joining us from the dallas fed. bloomberg radio and television worldwide. will seell, you say he wage growth. when will he see it? robert: i got to tell you, in my conversations with business leaders throughout the 11th districts and throughout the country, we are already seeing wage pressure for skilled workers. we are now starting to see more wage pressure for unskilled workers. companies talk about the word "churn." unskilled workers are leaving for higher wages, and they realize they will have to pay more to keep those workers. lag, you willa see more wage pressure in the months