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

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Speaker 1: Bloomberg n to the Country series at Channel one ninety

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Speaker 1: and around the globe the Bloomberg Radio Bus appen Bloomberg

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Speaker 1: dot com. This is Bloomberk Surveillance. It is a Torny

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Speaker 1: on Wall Street and Michael McKee along with Tom Keene

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Speaker 1: Economic Indicators brought to you by Commonwealth Financial Network. When

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Speaker 1: it's time to change the conversation, talk with a broker

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Speaker 1: dealer r I A that's ready to listen called six

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Speaker 1: four six two. Visit Commonwealth dot com to learn more.

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Speaker 1: Vinnie l. Juns At the first word desk has a

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Speaker 1: plethora of plethora, a plethora retail sales, the producer price

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Speaker 1: index both down the headline on the retail sales report

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Speaker 1: for March minus point three percent, down point three percent.

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Speaker 1: Going into the report, economists at expected a point one

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Speaker 1: percent gain. So when negative number underlying figures with the

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Speaker 1: retail sales ex Autos X Autos and Gas of Control

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Speaker 1: group all up a bit. The producer price index a

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Speaker 1: gauge of wholesale prices down point one percent in March

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Speaker 1: excluding food and energy also downpoint one year over year.

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Speaker 1: We're looking at downpoint one as well on the pp

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Speaker 1: I at the blottle Bark first word desk. Convitice. Let's

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Speaker 1: go back to me vity, just a remarkable thank you

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Speaker 1: for that important report. We do get a bond market

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Speaker 1: reaction two year yield from point seven zero. We go

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Speaker 1: in a solid two beeps on that point seven three

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Speaker 1: zero three. The tenure not the same move, but the

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Speaker 1: two years an abrupt, single basis point move off the

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Speaker 1: enthusiasm we saw earlier. Mike, when you look at this data,

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Speaker 1: I know we're gonna get to our steam guests. When

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Speaker 1: you looked at the data, does a tilt Atlanta GDP

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Speaker 1: now to a negative statistic? That's hard to know. Um.

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Speaker 1: It depends on what the they're using as comparison. Um,

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Speaker 1: because this report includes things that are are are measured

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Speaker 1: other ways. In the bow ties, for one example, Marksany

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Speaker 1: doesn't wear bow tie at least not very often that

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Speaker 1: I know of. But uh, in his maybe, but you

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Speaker 1: didn't tie it. I know you're said James Bond talk.

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Speaker 1: You know, Uh, he's chief economist at Moody's Analytics, and

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Speaker 1: you've had about as longer look at this as I have,

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Speaker 1: just a few seconds. And what straighted. What the first

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Speaker 1: thing that struck me is when was the last time

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Speaker 1: gasoline actually contributed to retail sales price? JA pushes gasolit

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Speaker 1: up nine tenths. But other than that, I don't see

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Speaker 1: anything terrible in the report. But what it kind of

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Speaker 1: looks like is that maybe it's just not additional good.

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Speaker 1: I mean, uh, we have some up, some down, nothing

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Speaker 1: nothing awful, but like maybe people didn't buy as much

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Speaker 1: of stuff as as they might have otherwise. Yeah, well,

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Speaker 1: it's okay. I'm looking at the numbers now. It's up

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Speaker 1: two tense excluding vehicles, uh maybe a tense uh pex,

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Speaker 1: auto and gas. So it's you know, middling that I

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Speaker 1: looked like they revised up a little bit gender January.

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Speaker 1: But I'm you know, I'm looking out really really quickly.

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Speaker 1: But you know, the other thing to keep in mind

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Speaker 1: here is this is, uh, it doesn't account for price effects,

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Speaker 1: and pricing in the retail sector of its has been

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Speaker 1: very weak because of a strong dollar, and so on

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Speaker 1: a real basis, it's probably better, but but you know,

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Speaker 1: it's kind of ling retailing is okay, not great. Just

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Speaker 1: you know, Mike McKie, I just did a three, six

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Speaker 1: and twelve month analysis of the control group X this, X,

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Speaker 1: that X the other thing, and it's exactly as dr

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Speaker 1: Z Anddi called middling. You know, you look at the

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Speaker 1: convexity of the slopes and it's just it's just indeterminate.

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Speaker 1: Middling is perfect. Well that raises the question, and this

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Speaker 1: is the new American numerical analysis, but I guess it

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Speaker 1: it calls four Just kind of your thoughts on why

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Speaker 1: this is happening, Marco. What's with the American consumer that

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Speaker 1: they just don't they don't pull back, but they don't

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Speaker 1: move forward. Well, uh, you know, I think I look

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Speaker 1: at the total consumer spending pie right, retailing is half

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Speaker 1: of it. The other half is fine, Uh, was spending

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Speaker 1: on services. It's actually quite strong. So real consumer spending

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Speaker 1: growth last year was over three percent, which is you know,

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Speaker 1: that's that's probably go to the gets and except much more.

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Speaker 1: It's a little soft in the last year beginning of

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Speaker 1: this maybe the turmoil and dancial Marcus has had some effect.

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Speaker 1: You know, the so called wealth effect. High end is

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Speaker 1: a signal of softness because of the client stock prices,

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Speaker 1: of volatility and stock prices. But you know, broadly speaking,

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Speaker 1: I think we'll get another really good year for overall

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Speaker 1: consumer spending retailing kind of the lagging UH and I

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Speaker 1: would expect that to continue. But the service side, no problem,

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Speaker 1: a lot of strong growth there. Okay, Mark, I want

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Speaker 1: to dive in to the debate du jour, which is

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Speaker 1: Atlanta GDP now and now the New York Fed with

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Speaker 1: a g d P now. Um, you're a legit pen

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Speaker 1: educated macro economist. Let's start with the idea. How did

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Speaker 1: we get here to where major policy thinkers like Mark

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Speaker 1: Zandi are worrying about GDP adjustment on a weekly or

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Speaker 1: even by a major statistic basis, how bad is this drug? Well,

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Speaker 1: you know, we want better sense of what's happening real time.

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Speaker 1: It comes in handy when the economy isn't cooperating. I

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Speaker 1: think back, I think back that January February two thousand

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Speaker 1: and nine, the whole world was evaporating, and we really,

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Speaker 1: you know, we knew it was bad, we didn't know

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Speaker 1: nearly how bad. And so if we had a better

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Speaker 1: sense of that, I think the policy response would have

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Speaker 1: been better. So, you know, it's kid to really have

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Speaker 1: a good understanding going on what's going on real time.

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Speaker 1: And you know, for for most people listening to to

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Speaker 1: really you don't know what's going on in real time.

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Speaker 1: While the answer is yes, because it's a big economy,

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Speaker 1: a lot of moving parts, and trying to measure it's very,

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Speaker 1: very difficult. So this is another attempt to try to

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Speaker 1: get a sense of what's going on, uh, you know,

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Speaker 1: right right now in the current quarter. But having said that,

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Speaker 1: you know, this is another imprecise representation of reality. Uh.

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Speaker 1: You know. Frankly, I think we were much better served

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Speaker 1: if we focus on the number of jobs out there

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Speaker 1: that we can count a lot better than GDP. It's

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Speaker 1: a very good point that other people have made recently,

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Speaker 1: is that the jobs are much more easily measured than

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Speaker 1: a lot of things that go into these numbers. When

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Speaker 1: we come back with Marks Andy from Moody's and analytics,

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Speaker 1: we'll talk also about prices. The pp I TOM comes

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Speaker 1: in lower than forecast, down a tenth, and if you

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Speaker 1: look at the core p p I it's also down

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Speaker 1: a tenth. We were expecting a rise. One of the

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Speaker 1: things that knocked it down, Mark, we're talking about price

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Speaker 1: adjustments services which are now included in the PPI off.

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Speaker 1: We can talk a little bit about that. We'll do

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Speaker 1: that with Marcus Andy right now. A middling data report.

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Speaker 1: Equities middling from twelve down to plus nine. The ten

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Speaker 1: ye yield one point seven seven. This hour surveillance brought

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Speaker 1: to by Westchester suber Up is at Westchester super out

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Speaker 1: dot com. Here's Michael bar with news headlines. Mike Tom,

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Speaker 1: thank you very much. About thirty nine thousand Verizon landline

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Speaker 1: and cable workers on the East Coast have walked off

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Speaker 1: the job. The worker's latest contract expired in August, and

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Speaker 1: so far the unions and management say negotiations have been unsuccessful.

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Speaker 1: Verizon says it has trained thousands of non union workers

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Speaker 1: to fill in for the strikers. Flights have been canceled

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Speaker 1: that Brussels airport after Belgian air traffic controllers went on strike.

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Speaker 1: The airport is trying to get back on its feet

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Speaker 1: after last month deadly terrorist bombings. According to a published report,

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Speaker 1: the FBI paid professional hackers a one time be to

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Speaker 1: crack the code to get into an iPhone used by

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Speaker 1: one of the San Bernardino terrorists. The Washington Post reports

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Speaker 1: the hackers were able to help avoid a security feature

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Speaker 1: that would have erased all the data on the iPhone.

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Speaker 1: FBI director James come He says he's glad to have

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Speaker 1: bluetigation behind him, but hopes the discussion continues about how

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Speaker 1: to balance security and privacy. I don't know what the

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Speaker 1: answer is, and I don't think it's the FBIS job

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Speaker 1: to tell you what the answer is. The FBIS job

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Speaker 1: was to say, hey, folks, the tools you're counting on

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Speaker 1: us to use to keep you safe are less and

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Speaker 1: less effective because of this commission. Global News twenty four

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Speaker 1: hours a day, powered by our twenty four hundred journalists

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Speaker 1: and more than a hundred fifty news bureaus from around

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Speaker 1: the world. Hi'm Michael Barr, Mike tom Thank you, Michael.

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Speaker 1: Toime now for the Bloomberg NBC Sports update with John Stasha.

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Speaker 1: All right, Mike, still early, but the number is not

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Speaker 1: pretty for the Mets, A one eight seven team batting Nabitt,

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Speaker 1: Travis Darnault is ending one oh five. Curtis Grant is

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Speaker 1: in O seventy four war Mets for two and five.

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Speaker 1: After losing a fourth Strade home game, Miami scored eighth

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Speaker 1: did anyone two to one and no decision for no

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Speaker 1: Noah synder Guard, who's struck out twelve Yankees one three

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Speaker 1: two at Toronto with four hitless sittings, are released by

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Speaker 1: the bullpen. Brian McCann homeward sixteening to tie the game.

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Speaker 1: Yank scored in the seventh to take the lead. The

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Speaker 1: curtain comes down tonight in Los Angeles on the twenty

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Speaker 1: year career of Kobe Bryant, who was asked how his

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Speaker 1: emotions will be. We'll see Wednesday. You know, so far,

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Speaker 1: I've been pretty pretty cool about everything. I've been very

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Speaker 1: thankful about everything and very happy about everything. I don't

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Speaker 1: hasn't really hit me yet, so you know, we'll see.

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Speaker 1: We'll see it. Does he won five championships, third leading

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Speaker 1: scorer in NBA history. Well that goes on. In l A.

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Speaker 1: The Warriors play Memphis of Golden State victory. They finished

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Speaker 1: seventy three and nine and Steph Curry will have led

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Speaker 1: the greatest regular season ever. We're in the moment and

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Speaker 1: joined the ride and and obviously the goal is in

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Speaker 1: a championship. Um, that's what we're playing for. But we've

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Speaker 1: put ourselves in our great fast adition to end the

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Speaker 1: season with Owen and do something no teams done in history.

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Speaker 1: So that's that's an amazing accomplishment. As for the next

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Speaker 1: they finished with a nice round fifty losses after losing

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Speaker 1: in Indiana one or two to ninety. They'll drop the

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Speaker 1: fucking Pittsburgh tonight to again the Stanley Cup playoffs. Rangers

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Speaker 1: and Penguins for the third year in a row, and

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Speaker 1: the Blue Shirts have ended the Penguins last two seasons,

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Speaker 1: but Sydney Crosby and Pittsburgh ventished the regular season, going

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Speaker 1: fourteen and two. Rangers haven't lost in the opening round

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Speaker 1: of the playoffs since two thousand eleven. With the Bloomberg

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Speaker 1: NBC Sports Update, I'm John Stashan, John, I thank you

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Speaker 1: so much. Michael McKie. I'm going to Pittsburgh. I've got

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Speaker 1: I got a family relation there and i gotta go

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Speaker 1: with Pittsburgh. It's like an emotional thing. You are called

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Speaker 1: grizzled and chiseled. Who are you going? I'm going with

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Speaker 1: the Washington Cather front running. But they are. They built

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Speaker 1: this team for the playoffs, so we shall see if

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Speaker 1: they can pull it through. It begins tonight, twenty games Max.

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Speaker 1: This is Bloomberg Surveillance bloomberk s Avalance Brought you by

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Speaker 1: a Fordham University the Gabelly School of Business Executive NBA

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Speaker 1: a day at Bloomberg dot com, the radio plus mobil

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Speaker 1: and on your radio is a Bloomberg Business Flash. And

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Speaker 1: I'm Karen Moscow, There's updates. Brought to you by Marx

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Speaker 1: Paneth LLP, ranked among the top three forensic accounting firms

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Speaker 1: in New York by the New York Law Journal for

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Speaker 1: the sixth year in a row. Visit Marx Paneth dot Com.

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Speaker 1: Sales that you had. Sales at US retailers unexpectedly fell

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Speaker 1: in March. The three tenth percent dropping purchases followed little

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Speaker 1: change the prior month. Wholesale prices in the US unexpectedly

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Speaker 1: fell in March for a second month of one percent

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Speaker 1: drop in the Producer Price Index followed a two ten

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Speaker 1: percent decrease in February. JP Morgan Chase, the biggest US

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Speaker 1: lender by assets, posting first quarter profit that beat Wall

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Speaker 1: Street estimates as the firm slashed bankers pay and training

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Speaker 1: revenue declined and less than most analysts predicted. HITS shares

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Speaker 1: are up two point four percent this morning. US Dock

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Speaker 1: Index futures also higher. SNP e Many futures of nine

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Speaker 1: points now e Many futures of seventy nine, naz DOCIMNY

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Speaker 1: futures of thirty one. The decks in Germany's up two

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Speaker 1: point one percent. Ten, Your treasury up to thirty seconds,

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Speaker 1: the yield one point seven six percent. Non mex scrude

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Speaker 1: oil down one point six percent or sixty seven cents

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Speaker 1: to forty one fifty one. A barrel Comex gold is

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Speaker 1: down one point one percent or fourteen dollars to twelve

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Speaker 1: forty seven. Announced the euro at dollar thirteen twelve and

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Speaker 1: the EN one oh nine point one six and US

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Speaker 1: coal giant Pboty Energy found for bankruptcy. The most powerful

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Speaker 1: convulsion yet in an industry that's enduring the worst slump

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Speaker 1: in decades. And that's a Bloomberg business flash. Tom and

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Speaker 1: Mike Karen, thank you so much. You get futures up twelve.

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Speaker 1: They've backed up a little up nine off retail. It

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

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Speaker 1: Opinions and commentary from Bloomberg columnists. I'm Megan mccartell, a

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Speaker 1: columnist for Bloomberg View. The release of the Panama papers

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Speaker 1: and the surprising dearth of American names among them, the

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Speaker 1: build a lot of public confusion about the difference between

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Speaker 1: tax avoidance and tax evasion. Evasions hiding your income so

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Speaker 1: you don't have to pay the tax you Oh, it's illegal, immoral,

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Speaker 1: and really stupid, because the I R. S Is quite

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Speaker 1: good at catching tax sheets. Avoidance just means arranging your

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Speaker 1: affairs so you pay the least possible tax, which is

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Speaker 1: what you do every time you deposit money into your

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Speaker 1: for own k. It's unavoidable, unobjectionable, and about as American

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Speaker 1: as apple pie. But when rich people do it by

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Speaker 1: buying tax exempt made yourself bonds, for example, Americans seem

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Speaker 1: to have a sense that that's wrong. Unless you want

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Speaker 1: to voluntarily stop taking your mortgage interest tax deduction. That's

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Speaker 1: a hard principle to sustain. Of course, you can argue

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Speaker 1: that avoidance is a symptom of bad public policy. If

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Speaker 1: we want better public policy, we have to accept the

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Speaker 1: trade offs ending the tax exempt status of municipal bonds,

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Speaker 1: for example, would make it more expensive for local governments

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Speaker 1: to borrow money. Ending the charitable deduction another favorite of

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Speaker 1: the which would bother her value nonprofits from museums to churches. Really,

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Speaker 1: every loophole you can name is the side effect of

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Speaker 1: something people like. If we want to have a less complicated,

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Speaker 1: less progressive tax system, we can probably stamp out avoidance.

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Speaker 1: But if we aren't willing to accept those trade offs,

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Speaker 1: we shouldn't complain about the inevitable gaming of the system

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Speaker 1: we have on Megan McCardell from more View. Go to

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Speaker 1: move review dot com or view. Go on the Bloomberg Terminal.

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Speaker 1: This has been Bloomberg View and Bloomberview commentaries come here

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Speaker 1: to hourly weekdays. I'm Bloomberg Radio Michael McKee. A major

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Speaker 1: shout out to our people working in finance. Bloomberg Top

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Speaker 1: Live tp L i V is nothing short of fabulous.

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Speaker 1: It is a running stream of the JP Morgan conference

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Speaker 1: call right now, filled with all sorts of charts from

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Speaker 1: at least five six, seven, eight people, smart people piling

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Speaker 1: into it. It's a service. It's I'm the terminal. Folks,

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Speaker 1: you can't get it on your cell phone. I would

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Speaker 1: argue it is the future of news coverage. It is.

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Speaker 1: It is just fabulous. There's no other way to put it.

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Speaker 1: And here's the thing. It's unlike following something on Twitter.

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Speaker 1: You can trust everything you're reading on it because it's

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Speaker 1: done by Bloomberg reporters. Yeah, and Derek Dack and Campbell

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Speaker 1: among others. Tell Baraka refund there as well, Mike, get

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Speaker 1: us back to Mark all right. Marks Any is a

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Speaker 1: chief economist at Moody's Analytics, and we're talking about the

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Speaker 1: numbers that are out this morning. We talked some about

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Speaker 1: the retail sales figures. P p I comes in disappointing

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Speaker 1: total final demand as they call it, now down intentive

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Speaker 1: a percent. We thought it might be higher. One of

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Speaker 1: the things pulling it down. Mark Services, and we were

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Speaker 1: talking about the strength of services just a few moments ago. Yeah,

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Speaker 1: the usually service prices rise, and I was just taking

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Speaker 1: a look a little bit of detail. It's kind of

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Speaker 1: kind of weird. Uh, financial services prices fell. Uh if

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Speaker 1: you want to rent a car or the price for

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Speaker 1: that fell. So I don't know, I'm not trying to

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Speaker 1: read a whole lot into it. Maybe just chalk it

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Speaker 1: up to some monthly volatility, but generally price is uh.

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Speaker 1: Inflation remains low. And that's one reason when you have

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Speaker 1: to take that those retail sales numbers with adding an

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Speaker 1: account because of course it doesn't account for pricing, the week,

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Speaker 1: pricing and so on a real basis, the retail sales number,

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Speaker 1: you're stronger. And as you as everyone who listens to

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Speaker 1: the show knows the producer price, it next doesn't automatically

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Speaker 1: translate into consumer prices. Consumer prices, according to the CPI Index,

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Speaker 1: have been rising in recent months. Do we think that

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Speaker 1: trend continues? I do, Uh, you're right. The core consumer

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Speaker 1: pricing in deex excluding food and energy kind of underlying

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Speaker 1: inflation is I think it's now two point three percent

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Speaker 1: year over year, and it's firming, and I think you've

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Speaker 1: got a number of dynamics supporting further acceleration. Wage growth

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Speaker 1: is picking up given the good job market, tightening labor market.

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Speaker 1: You've got strong rent growth because the building is low

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Speaker 1: relative to demand and therefore vacancies falling, so it's driving

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Speaker 1: up and net key. And then of course the other

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Speaker 1: thing is health care reflacetion starting to pick up as

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Speaker 1: the effects of Obamacare, the depressed healthcare replace are beginning

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Speaker 1: to date, and of course that's very labor intensive, and

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Speaker 1: so as wages rise, that push. So I think yes,

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Speaker 1: UH inflation broadly is going to continue to push higher

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Speaker 1: more or less. Mark you can do econ calculations of

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Speaker 1: what the catchup is second, third, and fourth quarter this

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Speaker 1: year to get back to the new normal from the

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Speaker 1: horrific first quarter we're in right now, and it's export.

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Speaker 1: I understand there's a lot of n x UH noise

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Speaker 1: within this. When does it happen? Is it is it

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Speaker 1: a jump condition in this April with the Baltimore Orioles

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Speaker 1: and the Chicago at the first place, or is this

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Speaker 1: something that we wait for like you know, Christmas shopping

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Speaker 1: December ten? No, you know, we've got this residional seasonality problem.

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Speaker 1: We're just not the b e A to the keeper

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Speaker 1: of this state is not able to account for the

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Speaker 1: seasonality as well UH as they need to. And so

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Speaker 1: would that mean just Q one GDP is always on

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Speaker 1: the soft side, But we get abounce Q two UH

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Speaker 1: should be bigger than you'd expect or Q three, So

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Speaker 1: we'll get it back and we'll end the year with

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Speaker 1: GDP growth roughly words, been for the last five six

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Speaker 1: years of somewhere between two and two and a half

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Speaker 1: percent um, the one where I was gonna go. But

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Speaker 1: I gotta follow up on that by asking you what

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Speaker 1: you think the reason is the first quarter growth is

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Speaker 1: generally so slow because until this first quarter it was

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Speaker 1: easy to blame it on the weather. Well, I think

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Speaker 1: that we have measurement issues. You know that this residency

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Speaker 1: called residual seasonality issue is a real is real. I mean,

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Speaker 1: every que one since the recession has been soft, and

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Speaker 1: I think it's describing the having difficulty catching it. And

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Speaker 1: you know, as you know, even in the best of times,

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Speaker 1: the GDP numbers get revised a lot, you know, somewhere

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Speaker 1: between between the times they first released the number and

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Speaker 1: three months later when they released the third revision, and

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Speaker 1: the average, uh the revision is between one and one

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Speaker 1: and a percentage point. You saw that in Q Q four.

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Speaker 1: Remember Q four was also team in initially very weak.

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Speaker 1: It was revised up. How we expect the same thing here.

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Speaker 1: So I think there's you know, more measurement issue here

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Speaker 1: than not. And that's why I keep the hearkening back

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Speaker 1: to the point focus on jobs that we can count

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Speaker 1: those I mean focus on unemployee insurance claims. Those are

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Speaker 1: a real count of people going to the uneployment in

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Speaker 1: shurance officer. So there was a problem in the economy.

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Speaker 1: We know it from from those numbers. The numbers are

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Speaker 1: it's like a Picasso painting. You know, it's very opaque.

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Speaker 1: It's hard to read through, and particularly quarter of course,

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Speaker 1: so that you know I I focused almost coming out

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Speaker 1: of the labor market. Well within that, what what are

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Speaker 1: we going to see how the labor market? I mean,

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Speaker 1: what is the new level of the terminal rate? I

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Speaker 1: mean is it over two per months? No? I mean

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Speaker 1: we can't sustain that for very long. I mean the

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Speaker 1: working each population, it's gonna grow in a typical time

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Speaker 1: no more than a hundred thousand per month. So with

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Speaker 1: unemployment at five, with underemployment falling very rapidly and coming

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Speaker 1: close to you a considered uful employment, we're gonna see

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Speaker 1: a combination of two things happen over the next year

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Speaker 1: or two. One is waste growth will accelerate, that will

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Speaker 1: become more obvious. And the second thing is job growth

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Speaker 1: will slow. Despite definition, We're not gonna be able to

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Speaker 1: fill those record open positions that are out there. So

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Speaker 1: the job market says screening, you know, the economy is

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Speaker 1: in good shape, and I think that's more of the

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Speaker 1: reality of what's going on. The GDP numbers, which you

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Speaker 1: looked at them, didn't put them into context. You said

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Speaker 1: the economy is really struggling here, but it's not. Mark.

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Speaker 1: Thank you so much, Mark Sandy with Moody's giving us

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Speaker 1: the economic brief this morning. Uh, Mike McKie, sales side

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Speaker 1: is always important, and Rich Greenfield gets a lot of

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Speaker 1: play because it's stuff in our living room. He adjusts

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Speaker 1: on Netflix. I just canceled to Netflix accounts, but I'm

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Speaker 1: not the public. He's more optimistic. He increases his price target.

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Speaker 1: Hundred and fifty dollars is a big move. His price

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Speaker 1: target this year's sort of saggy, but all clicks in

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Speaker 1: next year. He's raised substantially his subscribe subscriber growth globally

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Speaker 1: for next year. Simply put their global strategies gonna work.

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Speaker 1: While we talked about this a couple of days ago,

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Speaker 1: Netflix raising prices, which normally leads a lot of people

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Speaker 1: to cancel their subscriptions, but the feeling seems to be

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Speaker 1: that they will add more people around the world than

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Speaker 1: they lose in the United States. Here's the headline for

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Speaker 1: a sentence from Rich Greenfield bt i G. We're now

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Speaker 1: forecasting nearly twenty million net streaming sub ads this year.

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Speaker 1: That's an increase. We still believe Netflix can reach five

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Speaker 1: billion subads domestically this year. Is John Tucker's family watches

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Speaker 1: fourteen movies on a given weekend. May I say that

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Speaker 1: I just yesterday cut the cable and love it? Yeah?

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Speaker 1: I don't want Do you want Netflix and can get it? Yeah?

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Speaker 1: I just you know, I've been just streaming stuff. I'm

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Speaker 1: a big geek with PBS specials. That's sort of so forth.

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Speaker 1: So it's fascinating to me where we're going. Rich Greenfield

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Speaker 1: optimistic on Netflix. We'll have to get him on with

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Speaker 1: bt i G. Thanks to Mark Sandy on the American economy,

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Speaker 1: retail little soggy futures go up twelve, up ten. Another

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Speaker 1: hour of Bloomberg surveillance