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Speaker 1: Broadcasting live to New York, Bloomberg eleventh to Washington, d C,

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Speaker 1: Bloomberg to Boston, Bloomberg twelve unders to San Francisco, Bloomberg

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Speaker 1: to the country General one and around the globe the

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Speaker 1: Bloomberg Radio plus Bloomberg dot Com. This is Bloomberg Surveillance.

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Speaker 1: Good boy gonna say thirty on Wall Street. I Michael McKee,

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Speaker 1: along with Tom Keane. Economic indicators are coming out this

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Speaker 1: morning now fast and furious vide. Little Judas is at

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Speaker 1: the first Word desk, and we have an upward revision

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Speaker 1: to that awful first quarter GDP. Michael, Yes, economic growth

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Speaker 1: first quarter up one point one percent and an annual

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Speaker 1: rate a bit higher than forecasts, a bit higher than

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Speaker 1: the prior estimates, still the lowest since the first quarter

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Speaker 1: of fifteen. Where do we go now? Econdom a survey

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Speaker 1: by Bloomberg looking for the current quarter, the second quarter

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Speaker 1: growth of two point five percent, third quarter and fourth

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Speaker 1: quarter to point four percent, again just crossing the Bloomberg

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Speaker 1: revised data first quarter GDP and increase of one point

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Speaker 1: one percent higher than the prior estimate, still the weakest

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Speaker 1: in the year. At the Bloombark First Word gast company

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Speaker 1: Dell JUDI, let's go back to New York and Michael

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Speaker 1: go through consumption here, which shocks lower. I mean, it's

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Speaker 1: an interesting mixed change, even though we went from one

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Speaker 1: two uh one point one. Yeah. Well, the interesting headline

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Speaker 1: number is that it's more than double the initial um uh,

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Speaker 1: the the initial report of g d P in the quarters.

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Speaker 1: So it does raise some questions about what we're seeing.

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Speaker 1: Corporate profits were revised up to a one point eight

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Speaker 1: percent gain from a three tense rise. There's been, of course,

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Speaker 1: this story that corporate profits are in a tail spin

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Speaker 1: and we're in a profit recession, and that doesn't suggest

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Speaker 1: that necessarily we are. I'm not sure what happened to

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Speaker 1: first quarter consumer spending. Obviously you must have taken the

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Speaker 1: credit card away from the did that's say one? Yeah,

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Speaker 1: we did that? Did It's like but I made it

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Speaker 1: up with Red Hokeeper of the amex is Is. Well,

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Speaker 1: but I think what's the mixed change here? Speaks so much,

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Speaker 1: Mike to what we hear from our guests, the back

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Speaker 1: and forth on this American debate, Well, everything just uh,

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Speaker 1: everything in the consumption side, the personal consumption side a

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Speaker 1: tad weaker good spending down. UH. Was it a tenth

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Speaker 1: of a percent instead of four tenths UH? Services two

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Speaker 1: point one instead of two point six. Not huge drops,

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Speaker 1: but enough to push it lower. Let's get a sort

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Speaker 1: of expert look at what this may mean for the

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Speaker 1: economy going forward. Billy is a head of economics for

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Speaker 1: North America for City Group and UH. Bill, this is

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Speaker 1: good news in the sense that the number is higher

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Speaker 1: than initially reported profits better than forecast. But we do

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Speaker 1: have a question about consumption. Although it's an old number

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Speaker 1: now you're absolutely like Mike uh and the question we

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Speaker 1: have is will consumers still be the main engine of

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Speaker 1: growth that keeps the economy going. And I think the

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Speaker 1: to the fact that we have an upward revision GDP

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Speaker 1: kind of confirms the view that in the first quarter

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Speaker 1: of the land market was doing quite well. Income was

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Speaker 1: being produced, and so I think the the the GDP

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Speaker 1: numbers who were getting we're underestimates as as they often are. UH.

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Speaker 1: And I think going forward, the big question is going

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Speaker 1: to be the decline and investment that we've seen in

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Speaker 1: the last two quarters that's become serious and it's something

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Speaker 1: generally want is highlighted as one of the sources of

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Speaker 1: productivities slow down, right, because you know, in the last

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Speaker 1: of five years we have barely half plamp productivit growth

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Speaker 1: and and they're hoping that the investment would check in

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Speaker 1: enough and broaden the base of the expansion so that

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Speaker 1: we can have better product hopes that person to be

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Speaker 1: going forward doesn't look that way. Um. So, so the

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Speaker 1: the main concerns about the imbalances going forward, I think

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Speaker 1: is also one of the questions is holding back the fed. Um,

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Speaker 1: you know, how how much can we trust to consumer

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Speaker 1: to carry the load. And with all this uncertainty that's

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Speaker 1: flowing around with all the global events and and and

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Speaker 1: also uncertainties here will the consumers start to haul back

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Speaker 1: and say, les, I need some more savings, so I

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Speaker 1: need to ulster my balance sheet, I need to pay

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Speaker 1: down debt. So so these are big questions that that

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Speaker 1: are being asked. And I think we're gonna have to

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Speaker 1: see how the employment ever comes out the next uh

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Speaker 1: in the next couple of weeks, what do you think, uh,

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Speaker 1: will is happening with the employment because well it's a

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Speaker 1: week and a few days away. Um, are we going

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Speaker 1: to dismiss what happened in the May pay rolls support.

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Speaker 1: I so hope, so you probably out alone in that exactly.

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Speaker 1: I mean, if if there if we get another hit

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Speaker 1: of the story we had like a fifty or thirty

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Speaker 1: um um, I think there's gonna be some serious headscraction

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Speaker 1: about what's going on. Um. The the the we're we're

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Speaker 1: counting on a slightly our number. In fact, we think

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Speaker 1: it will be about a hundred uh not really robust

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Speaker 1: um And based on on the little you know, short

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Speaker 1: term podcast model that we have, we think kind of

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Speaker 1: the hundred numbers below consensus descent and and we're sort

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Speaker 1: of circling around that number right now. Uh and and

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Speaker 1: that bases the question in my mind, has has the

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Speaker 1: legal markets somehow started to fail us? Um, we're reaching

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Speaker 1: full employment, we should not be seeing two hundred numbers,

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Speaker 1: so everyone acknowledges that, but we should be somewhere in

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Speaker 1: the one hundred one fifty range. Um. And if we

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Speaker 1: don't fall in that range, I think the question is

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Speaker 1: going to be have firms truly stopped hiring because they

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Speaker 1: can't find the qualified work of the job? Mismatch issue

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Speaker 1: is really severe. Everyone points to job openings and say,

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Speaker 1: oh my god, so many job openings his stories high,

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Speaker 1: but when you look at the ratio and hiring, the

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Speaker 1: job openings is the lowest ever ever and and and

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Speaker 1: the history of the two Times is going opening about

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Speaker 1: the two thousands. And that means that firms are not

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Speaker 1: willing to pull the triggers because they can't find it

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Speaker 1: by qualified person. Very quickly here, Billy, I'm looking at

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Speaker 1: first order nominal GDP annualized is one point four percent.

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Speaker 1: That's the same as the gloomy first quarter of a

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Speaker 1: year ago, which was just under one percent, and then

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Speaker 1: we had a boom second quarter rebound. Is this just

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Speaker 1: the new new for your statistical racket? Did you have

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Speaker 1: a lousy first quarter and you make it all back

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Speaker 1: and the next number of weeks Our forecast is definitely

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Speaker 1: chointing on that. So were we be tenciled in above

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Speaker 1: two and two to a quarter for quite a while now?

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Speaker 1: And and the gnomes of the GDP now world of

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Speaker 1: saying two and a half three percent, right, So the

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Speaker 1: rebound is there, But I think that's a false false

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Speaker 1: positive in sense that going forward we think it'll bounce

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Speaker 1: right back to kind of Can I just say, Michael

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Speaker 1: McKee and thank you, Billy for coming on and please

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Speaker 1: stay with us. Mike, is it a joy not to

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Speaker 1: talk about Brexit for four minutes? What what canna say this?

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Speaker 1: We say this with great respect for Anna Edwards, Francy

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Speaker 1: Laquaw and John Farrell and the rest of our team

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Speaker 1: in London. Of course, we're continuing to follow the political

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Speaker 1: and economic history of the United Kingdom and we'll do

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Speaker 1: that through the day. But it's great to talk to

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Speaker 1: Billy about the American economy futures up twenty three. Now

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Speaker 1: it's time to check in with Michael Barr and get

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Speaker 1: the latest world in national headlines. Mike time, Thank you

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Speaker 1: very much. Technology and entrepreneurship are on Hillary Clinton's agenda. Today,

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Speaker 1: the presumptive Democratic presidential nominee will speak at a small

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Speaker 1: business incubator in Denver in hopes of wooing young voters.

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Speaker 1: She'll propose allowing entrepreneurs to defer student loan payments and

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Speaker 1: connecting every household in America to high speed internet by Meanwhile,

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Speaker 1: the final Benghazi report from the Republican led panel says

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Speaker 1: the former Secretary of State should have realized the dangerous

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Speaker 1: to the diplomatic compound in Libya before the twelve attack.

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Speaker 1: Republican Donald Trump will outline is trade policies today, underscoring

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Speaker 1: the stark differences with Olli Bree Clinton. He sees the

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Speaker 1: middle class crushed by trade deals, global realization and jobs

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Speaker 1: going overseas. British from Minister David Cameron has arrived in Brussels,

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Speaker 1: who formally announced to the European Union the UK is

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Speaker 1: leaving the Nation Block. I'll be explaining that Britain will

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Speaker 1: be leaving the European Union. But I want that process

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Speaker 1: to be as constructive as possible, and I hope the

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Speaker 1: outcome can be as constructive as possible. Other EU lawmakers

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Speaker 1: at the process to leave the EU should take place

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Speaker 1: quickly to call markets and reassure the rest of Europe.

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Speaker 1: Global News twenty four hours a day, powered by more

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Speaker 1: than journalists and analysts and more than a hundred twenty countries.

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Speaker 1: Michael Barr, This is Bloomberg. My time time now for

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Speaker 1: the Bloomberg NBC Sports Update with from Bushka Row, Good Morning, Mike,

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Speaker 1: and College Basketball News Tennessearies. Tennessee's legendary women's coach Pat

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Speaker 1: Summit has lost her long term battle with dementia and Alzheimer's.

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Speaker 1: She has passed away at the age of sixty four.

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Speaker 1: Even mother Nature couldn't help the Yankee to blew a

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Speaker 1: ninth inning lead to the Rangers at the Stadium in

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Speaker 1: a nine six loss in the opening game of the series.

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Speaker 1: Kirby Yates suffered the loss. Market Shara went three for five. Yankees,

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Speaker 1: now below five hundred, eight games back of the Orioles,

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Speaker 1: left e C. C. Sabathia and Cole Hamil's meet tonight

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Speaker 1: at seven oh five, Matt's got an unlikely outing from

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Speaker 1: Noah's sinder guard. He was hammered for five runs just

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Speaker 1: three innings of working in eleven to four loss at Washington.

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Speaker 1: Lucas ge Little to make his big league debut for

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Speaker 1: the Nats tonight against Matt Harvey. As the dream team

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Speaker 1: hones in Ontario, Knicks fans hope they could land Kevin

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Speaker 1: Durant in the free agent market, the top name on

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Speaker 1: both the roster and the open market. On his decision

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Speaker 1: to play, simply, I just wanted to. You know, it's

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Speaker 1: no bigger answer than that, I just wanted to play ball.

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Speaker 1: It's looking for to this opportunity to kind of get

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Speaker 1: in the game over a little earlier. You know, we'd

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Speaker 1: normally do it throughout the summer, and uh, you know,

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Speaker 1: so playing against the best players in the world and

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Speaker 1: with my peers, and I'm looking forward to learning a lot.

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Speaker 1: Durant is scheduled to meet with six teams who want

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Speaker 1: his services. And news just in out of the nfls

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Speaker 1: more sad news. Former NFL defensive guru and head coach

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Speaker 1: of the Philadelphia Eagles and Cardinals, Buddy Ryan has just

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Speaker 1: passed away at the age of eighty two. Of course,

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Speaker 1: he's a father of former Jets coach and now Buffalo

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Speaker 1: Bill's coach Rex Ryan. Across upon at Wimbledon, Americans Madison

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Speaker 1: Keys and Venus Williams are straight set winners, and the

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Speaker 1: world's number one Novak Djokovic was as well. Serena Williams

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Speaker 1: just underway there at center court. That's your NBC Bloomberg

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Speaker 1: Sports update, Mike and Tom, thanks so much greatly, a

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Speaker 1: producted Mike, you are the football guru. I don't believe

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Speaker 1: Mr Ryan worked with the Denver Broncos, but he is

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Speaker 1: the four six four down linemen and six people behind

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Speaker 1: the lineman at the line of scrimmage. Six linebackers. How

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Speaker 1: did he change football? That was one of the main

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Speaker 1: ways to do it. And you had a lot of

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Speaker 1: speed in the backfield and you're overwhelmed the team. And

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Speaker 1: he led the eighty four Bears defense to the Super Bowl.

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Speaker 1: Mr Ryan Changing Football from New York, Bloomberg Surveillance Coming up.

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Speaker 1: JP Morgan reassesses the state of the US economy and

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Speaker 1: it's fed outlook in the wake of Brexit. We'll talk

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Speaker 1: with chief economist Michael Farli here on Surveyance. It's continuous

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Speaker 1: global business news twenty four hours a day at Bloomberg

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Speaker 1: dot com, the radio plus mobile app, and on your radio.

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Speaker 1: This is a Bloomberg Business Flash and I'm covering Moscow.

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Speaker 1: This updates brought to you by Stage Summit, the world's

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Speaker 1: largest gathering of small and medium businesses, featuring Sir Richard

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Speaker 1: Branson July in Chicago, registered with Promo Code Business at

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Speaker 1: stage summit dot Com for just ninety nine dollars. The

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Speaker 1: world's largest economy expanding more than previously projected in the

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Speaker 1: first quarter, as improved performance in trade and business investment

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Speaker 1: more than made up for weaker consumers spending. Gross domestic product,

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Speaker 1: the value of all goods and services produced rose that

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Speaker 1: at one point one percent annualized rate, compared with the

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Speaker 1: previously estimated gain of eight tenths percent. Corporate profits at

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Speaker 1: the start of the year were also revised up, giving

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Speaker 1: a brighter picture to gross domestic income. Stocks, the pound,

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Speaker 1: commodities all gaining for the first time since Britain's vote

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Speaker 1: to leave the EU amid speculation policymakers will take steps

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Speaker 1: to limit any economic fallout. We checked the markets every

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Speaker 1: fifteen minutes throughout the trading day on Bloomberg SNP, EMNY

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Speaker 1: futures up twenty seven points down, EMNI futures up two

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Speaker 1: hundred thirty one, NASA documedy futures of fifty six. The

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Speaker 1: tax in Germany's up three percent now foot see one

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Speaker 1: hundred also up three percent, and the CAC in Paris

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Speaker 1: of three point three percent ten Your treasury down eight

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Speaker 1: thirty seconds, the yield one point four six percent yield

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Speaker 1: on the two year point six one percent. Nimex screwed

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Speaker 1: oil of three point one percent of a dollar forty

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Speaker 1: three at forty seven seventy six of barrol comes gold

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Speaker 1: down six tenths percent or eight dollars fifty cents to

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Speaker 1: thirteen sixteen twenty an ounce, the Euro at dollar ten

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Speaker 1: eighty two, the British pound a dollar thirty four sixteen,

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Speaker 1: the en one oh two point four three. It's a

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Speaker 1: Bloomberg Business Flash, Tom and Mike Karen, thanks so much.

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Speaker 1: It is on Wall Street. The following is from Bloomberg View.

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Speaker 1: Opinions and commentary from Bloomberg columnists. I'm Claive Crook, a

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Speaker 1: columnist for Bloomberg View. Europe's leaders are working out their

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Speaker 1: response to Britain's vote to leave the Union. What should

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Speaker 1: they do? They should look again at freedom of movement

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Speaker 1: for workers within the EU's borders, Seen as a core

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Speaker 1: principle of European integration, This idea has inflamed anti immigrant

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Speaker 1: sentiment and hostility to the EU in many countries, not

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Speaker 1: just Britain. If this commitment was softened, liberal rules for

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Speaker 1: internal migration would still be possible. The idea that upsets

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Speaker 1: many moderate voters, pushing them into alliance with hardline anti immigrants,

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Speaker 1: is that they no longer have any say in the matter.

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Speaker 1: Policy on migration can and should be liberal, but it

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Speaker 1: needs to be brought back into democratic politics. If doesn't

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Speaker 1: been done before, Brexit might never have happened. It's probably

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Speaker 1: too late to change that, but it isn't too eight

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Speaker 1: to weaken the far right populism that's getting a grip

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Speaker 1: in other countries. Sometimes if you don't bend, you break.

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Speaker 1: Brexit is the proof Europe's leaders need to wake up

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Speaker 1: to this before the damage. Guest was I'm Client Kroeger,

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Speaker 1: columnist for Bloomberg View. For more commenting analysis, please go

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Speaker 1: to Bloomberg dot com slash View. This has been Bloomberg

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Speaker 1: View and Bloomberview. Commentaries can be heard hourly weekdays. I'm

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Speaker 1: Bloomberg Radio. A spirited conversation with William Leeve's City Group

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Speaker 1: looking at the American economy more. We're trying to get

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Speaker 1: a bit away from Brexit here. We'll get back to

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Speaker 1: it through the hours. Billy, can public policy jump start investment?

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Speaker 1: Low productivity, low confidence? Maybe there's a challenge to invest

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Speaker 1: You've been very articulated on this. Do we need a

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Speaker 1: public policy to invest or? Is it earty there? Well, Tom,

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Speaker 1: you've been feel a question of all your guests and

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Speaker 1: let the answer. I think that's still the whole of

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Speaker 1: the prayer, and I think the public policy hopes are

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Speaker 1: there that we want to do something, but God help us,

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Speaker 1: we get more CAF clunker and and and shovel ready

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Speaker 1: projects that that don't go anywhere. Uh So, I don't

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Speaker 1: have a lot of optimism that the public policy is

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Speaker 1: in gear right now or to get in gear in

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Speaker 1: the near future. To be able to get us to

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Speaker 1: trying to policies, we need to really get us real

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Speaker 1: punctivity growth and real investment growth. I think this the

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Speaker 1: fits and starts are even more harmful than that they

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Speaker 1: would be otherwise. So so I'm already had such as

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Speaker 1: depressing tones to this u to question. But but looking forward,

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Speaker 1: I think the real restructuring that we need most here

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Speaker 1: and around the world, in terms of making labor market's

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Speaker 1: more efficient, making infrastructure projects more viable um is something

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Speaker 1: that that we have yet to see. Well, is there

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Speaker 1: any hope for lifting growth without some sort of Kinesian

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Speaker 1: aspect to it? Yeah? In fact, I think that's critical

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Speaker 1: that we stay away from Kanesi and short term solutions.

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Speaker 1: I think the key is to get the corporate sector

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Speaker 1: to start asking themselves where are the good investment opportunities,

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Speaker 1: where's my compared advantage, and what can I make the

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Speaker 1: use of right now that that that I haven't made

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Speaker 1: use of yet, and and that means innovation, and that

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Speaker 1: means the kind of startups that we we're seeing, and

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Speaker 1: that means domestically oriented industries um because I think with

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Speaker 1: all the pressure from the exchange rights so far that

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Speaker 1: we've seen going and the gold gloomy prospects in the

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Speaker 1: rest of the world, as far as growth opportunity concern us,

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Speaker 1: domestic non treaty good sector goods and services sectors are

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Speaker 1: probably the best place to start looking. I've been asking

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Speaker 1: different people. You're in good company, William Lee. I asked

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Speaker 1: this some Irvin King today. Let's see if you can

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Speaker 1: do better than Governor King. Governor Lee. The current account deficit.

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Speaker 1: Now this is a United Kingdom exercise. What you need

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Speaker 1: to know, folks, is three parts goods, services and investment flows.

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Speaker 1: William Lee owns a huge condo in Kensington. He gets

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Speaker 1: an income from that. Bill Lee, help us here with

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Speaker 1: a bad current account deficit that everyone suggests will get

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Speaker 1: dramatic worse and then the currency adjustment that goes with this.

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Speaker 1: Does the next chancel of the checker need to be

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Speaker 1: worried about this? He certainly does. I think the thing

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Speaker 1: in the UK that speak as an an expert, but

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Speaker 1: from my colleagues, the one thing that I learned was

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Speaker 1: that the comparative advantage of the UK has been an

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Speaker 1: export of services. Uh. They are losing their compared advantage

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Speaker 1: in the high tech kind of engineering type industries. Uh.

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Speaker 1: And and so what they're hoping for is massive capel

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Speaker 1: inflows now to be able to revive again for them

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Speaker 1: to the non traded and services sector. And and and

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Speaker 1: I think the best thing they can hope for that

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Speaker 1: is to find some way of promoting that, incentivizing that,

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Speaker 1: which means restructuring their regulations and restructuring the legal researches

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Speaker 1: that have prevented it so far. What's the likelihood? Um,

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Speaker 1: I think that's your answer. I think you know, as

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Speaker 1: I said, a lot of these things are hoping to

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Speaker 1: prayer and and right now I'm praying hard that than

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Speaker 1: I'm hoping. Yeah, But the dynamic here of the folks

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Speaker 1: to be serious here, there's some serious Newtonian mechanics going

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Speaker 1: down here in the waiting of the reaction function. Billy,

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Speaker 1: I'm sorry. Currency is front and center, isn't it. I mean,

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Speaker 1: that's the solution you and I read the history books, right,

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Speaker 1: But you know you can't appreciate yourself to wealth. Right,

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Speaker 1: That's the one lesson we learned from Adam Smith. Right.

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Speaker 1: The wealth of nations depends upon making use of the

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Speaker 1: compared advantage that you have. And there is something called

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Speaker 1: dynamic compared advantage, as you know, Tom, which means that

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Speaker 1: if you if you save and realogy resources to different sectors,

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Speaker 1: you can change your compared vantage. But that takes time,

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Speaker 1: and you cannot have a quick fix that depreciating your

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Speaker 1: currency and hoping that you're gonna get some wealth out

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Speaker 1: of it. And I think that's been the failure, certainly

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Speaker 1: of of global monstre policy in the last couple of years.

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Speaker 1: You can only move around growth. When you depreciate it

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Speaker 1: means you're stealing it from somebody who's appreciated against you,

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Speaker 1: and that that doesn't work. Well. Then the question is

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Speaker 1: the question that comes to my mind is somebody wrote

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Speaker 1: a book a few years ago called Flying on One Engine?

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Speaker 1: Can the Global Emmy? Do you know that? Alec Tansy,

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Speaker 1: I think he has the only remaining copy that actually

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Speaker 1: holds a publisher record for the speed with which it

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Speaker 1: went into the bargain you found, you found the remainder been.

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Speaker 1: I'll just past the helix, right, John Tucker, Oh, well,

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Speaker 1: let's get back Billy, whether you're not you read Tom's book.

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Speaker 1: Can the US economy expanded enough to carry the rest

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Speaker 1: of the world, Well, everybody figures all this out. Well,

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Speaker 1: I think the policy is certainly for the rest of

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Speaker 1: the world are depredicated on that because they're trying to

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Speaker 1: appreciate the currency and where they're going to take it

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Speaker 1: from the U S. All of that's appreciating. But but

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Speaker 1: I think as we're going back to to the GDP

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Speaker 1: numbers that we just saw, right, we saw the consumer

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Speaker 1: savings rates have popped up, and that means that consumers

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Speaker 1: getting more cautious. The slight uppert revision the exports, that's

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Speaker 1: nonsense because we've got a huge drive from net exports

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Speaker 1: because of these change right, So I'm anticipating that drugs

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Speaker 1: going to go back to about a half percentage point

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Speaker 1: going forward. So so I really do have my doubts

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Speaker 1: that the US will be the cobal engine of growth.

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Speaker 1: That means that every country has got to turn towards

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Speaker 1: increasing domestic demand, and that's where the policy focus has

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Speaker 1: got to be that again gets back to that laughing question,

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Speaker 1: and I asked you, what's it going to the question

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Speaker 1: I put to Alan Greenspan. Everybody knows what you're saying

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Speaker 1: is correct, but nobody does anything about it. So what happens. Well,

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Speaker 1: I think we're starting to see some of the reaction,

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Speaker 1: which is that the people are getting so fed up

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Speaker 1: there saying, Okay, you at the political class that's in

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Speaker 1: there now, you can't do it. Let's change it and

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Speaker 1: get somebody who can. And that's where the danger is,

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Speaker 1: because that's when you start making political and social and

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Speaker 1: legal institutions unstable and and and God help us if

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Speaker 1: that starts happening in the advanced economies, because then all

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Speaker 1: of the incentives for investment at all, the incentives that

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Speaker 1: we have for the long term structural kind of reforms

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Speaker 1: that we need, that starts to diticipate. And I think

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Speaker 1: that's where my focus of worry is admitted. Almost the

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Speaker 1: last last couple of weeks, Billy, thank you so much.

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Speaker 1: William Lee with City Group, as we uh do what

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Speaker 1: we do will just give you a terrific set of

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Speaker 1: conversations at today. William Lee working with Mr Bowder over

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Speaker 1: at City Group coming up another set of where these

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Speaker 1: well Justin Wolfers will be with us at the University

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Speaker 1: of Michigan. He is truly one of the bright young

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Speaker 1: lights of academic economics. We're thrilled to have him on today.

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Speaker 1: A Mervin King joining us earlier as Alan Greens and

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Speaker 1: yesterday and it was great to talk to Marvin. Goodfriend

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Speaker 1: Michael McKee with his strong statement on regulation and a

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Speaker 1: more not overregulated, but a relatively overregulated. Your at MONDI

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Speaker 1: viewpoint that you need more capital in the banks. How

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Speaker 1: could you do a cash call here? Help me? I

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Speaker 1: mean that Deutsche Bank has a been today, UNI Credited

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Speaker 1: is a bid today. All on our Bloomberg data screen

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Speaker 1: has a bid today. But I don't know. I don't

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Speaker 1: know how you line up a cash you call? How

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Speaker 1: The question is what what kind of how long will

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Speaker 1: the bids last? I advise everyone to go look at

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Speaker 1: the stuck trading chart. After Lehman's bankruptcy two days later,

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Speaker 1: we were higher and then and then maybe they need

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Speaker 1: to call Warren Buffett. He can solve a get a

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Speaker 1: preferred coupon off of a European bank. We have another

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Speaker 1: hour from New York of Bloomberg surveillance