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Speaker 1: This is Bloomberg Surveillance. Monetary policy cannot by stimulate and

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Speaker 1: create permanent jobs, and it can't lift long run potential growth.

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Speaker 1: The central thing holding us back throughout this recovery has

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Speaker 1: been lack of demographic role to that's not changing any

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Speaker 1: type suit. We're creating a phot voted job, and we're

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Speaker 1: creating on average or two or thousand jobs per month,

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Speaker 1: and that's a lot more than we need to absorb

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Speaker 1: the growth and the organ age population. Bloomberg Surveillance your

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Speaker 1: link to the world of economics, finance and investment on

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Speaker 1: Bloomberg Radio. Good morning everyone, Bloomberg Surveillance. Michael McKee and

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Speaker 1: Tom Keene. It's a Wednesday that important you see be

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Speaker 1: meeting tomorrow. We will brief you on economics, finance and

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Speaker 1: investment in this hour. The Forex Brief this morning Bruch

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Speaker 1: by Interactive Brokers, winner of FX Week's two thousand and

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Speaker 1: fifteen award for the best retail forex trading platform. Visit

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Speaker 1: ib at ibk r dot com slash four x yen

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Speaker 1: was stronger now it's at churing one seventy six euro

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Speaker 1: a one O nine fifty one. Just a churring to

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Speaker 1: the market, Sterling with one forty two earlier gives back

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Speaker 1: a little one. Well there it is zero on pound

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Speaker 1: sterling and dollars showing a little bit of strength, but

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Speaker 1: at churn all at all to the for in exchange market.

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Speaker 1: Futures down features up futures down, which means the only

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Speaker 1: way to save us towards excitement is David Wilson, who

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Speaker 1: joins us here on the equity market. Fiser is doing

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Speaker 1: something I couldn't figure it out. They're buying back five

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Speaker 1: billion dollars of stock. Didn't they already announce that, right,

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Speaker 1: But this is a matter of actually doing it. It's

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Speaker 1: one thing to announce it, it's another thing to make

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Speaker 1: it happen. And they're doing it through what's called an

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Speaker 1: accelerated repurchase agreement with Golden Sacks. The dollar amounts equivalent

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Speaker 1: about a two point two percent stake, and Fightser shares

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Speaker 1: her up one and a half percent. So even with

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Speaker 1: the pre announcement, when they finally announce it, I mean

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Speaker 1: a legit blue ship company, it moves the market. It

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Speaker 1: certainly is in early trading today. Then you have Valiant Pharmaceuticals,

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Speaker 1: which is up three and a half percent. The embattled

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Speaker 1: drug maker added the vice chairman of Bill Ackman's Pershing

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Speaker 1: Square Capital to Woods board, along with two other independent directors. Yeah,

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Speaker 1: and when you can say that, because Pershing Squares Valley

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Speaker 1: its third larger shareholder with a six point three percent

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Speaker 1: steak to put the Mexican Grill down three percent, The

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Speaker 1: restaurant chain temporarily closed a story near Boston after four

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Speaker 1: employees got sick. The shutdown in bill Rica, Massachusetts, was

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Speaker 1: the latest in a series of food safety issues that

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Speaker 1: began in November. Darting Restaurants up two and a half percent.

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Speaker 1: The owner of A Garden and other chains reported preliminary

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Speaker 1: earnings for the fiscal third quarter that beat analysts average

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Speaker 1: Essemate in the Bloomberg survey. Some analysts calls the note

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Speaker 1: Ross Stores down one and a half percent. The off

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Speaker 1: price retailer was lower than neutral at Goldman, Sacks and

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Speaker 1: take Off, taking off a list of the firm's top picks.

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Speaker 1: All this happening after Ross Stores rose twenty eight percent

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Speaker 1: from a low set in November. Three of our Hattrick

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Speaker 1: Frontier Communications down four and a half percent. The phone

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Speaker 1: company lowered to sell from newt WLD City Group and

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Speaker 1: a couple of internet companies down after being cut to

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Speaker 1: sell from New Troo. Ubs. Group On is one of them,

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Speaker 1: down five percent. The other is the consumer review website Yelp,

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Speaker 1: which is down five and a half percent. Do you

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Speaker 1: use Yelp? I do? Actually? Do you, Mike? Do you

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Speaker 1: use Yelp? I do? I don't get it? Well, I tried. Well,

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Speaker 1: it's it's pretty simple. You just say I want to

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Speaker 1: find a place that sells a microphone, and he just

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Speaker 1: putting microphones. And I'll tell you the stories. I use

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Speaker 1: it for restaurants. Now, if I'm in a place and

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Speaker 1: I don't know what's going on, you look up what's

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Speaker 1: around and figure out where do I want to eat?

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Speaker 1: Review Yelp again, what do they do? Consumer review website?

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Speaker 1: And you can put it that way and say, damn,

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Speaker 1: find David Wilson, Thank you so much. He's a former

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Speaker 1: chairman of Security to Change Commission. We'll get to that

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Speaker 1: at a moment. Do Yelp and you just type in

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Speaker 1: Arthur Levin and you've seen that he's sitting right next

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Speaker 1: to you. Yeah you can't. But this time a year

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Speaker 1: he's getting ready to go bass fishing out of New

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Speaker 1: York Harbor. It's seventy five degrees today, it's seventy five

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Speaker 1: degrees tomorrow. The water temperature is forty two point six

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Speaker 1: degrees in New York Harbor. You can't just because it's

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Speaker 1: warm out, you don't go bass fishing. They haven't. They're

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Speaker 1: not biting yet, right, that's right. We're not many weeks

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Speaker 1: away though, But with this kind of weather, the bad

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Speaker 1: coming around the Verretts. Did you buy a new boat

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Speaker 1: this year, buy something five ft longer? No? No, no, no,

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Speaker 1: same boat. Disclosure what we love? Well, we love. That's great,

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Speaker 1: Well full disclosure, aren't it. Levitt brought along a fabulous

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Speaker 1: note today, UM of a letter from the second Chairman

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Speaker 1: of the SEC just before your tenure from Mr Land's

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Speaker 1: described this original letter that he wrote two years after

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Speaker 1: the event. He was writing to UH ahead of one

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Speaker 1: of the brokerage associations in response to a letter that

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Speaker 1: he got from them, telling them all the things the

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Speaker 1: SEC was going to do, all the issues they were

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Speaker 1: going to pursue, disclosure issues, market issues, setting up an

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Speaker 1: organization to represent the markets. And it was fascinating because

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Speaker 1: almost every one of those issues are still with us today. UH.

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Speaker 1: They talked about qualified brokers, the segregation of securities registration prospectuses.

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Speaker 1: Quote beating beating the gun. Beating the gun means trading

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Speaker 1: front running. It means front running. That's great. I haven't

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Speaker 1: did you ever see them use a gun on the

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Speaker 1: floor of the American Music I never heard of it before,

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Speaker 1: But isn't that wonderful. I think we should start talking

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Speaker 1: once more about beating the gun. The idea here, and

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Speaker 1: it does fold into our politics, is beating the system

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Speaker 1: and the reason these organized markets exist so people know

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Speaker 1: they get a fair trade. Does the little guy get

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Speaker 1: a fair trade? I had so many people the last

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Speaker 1: couple of weeks Arthur asked me about the hedge funds

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Speaker 1: and the people moving the market's oil or whatever. Iron Ore,

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Speaker 1: it's tough. The little guy really should be using low

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Speaker 1: expense ratio mutual funds. The little guy doesn't have access

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Speaker 1: to the kind of information that the institutions do, and

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Speaker 1: the little guy knows that. Nevertheless, the little guy trades

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Speaker 1: that are fraction of the costs that his great grandfather

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Speaker 1: traded at. And I think the little guy is more

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Speaker 1: fairly represented than ever before. But the message of the

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Speaker 1: past of the landis observations is that these are never

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Speaker 1: ending problems. The issue of transparency, the issue of disclosure,

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Speaker 1: is just as relevant today as it was when Landis

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Speaker 1: wrote that letter. It's a wonderful piece of memorabilia. Mr

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Speaker 1: Lantis may not be surprised by the length of time

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Speaker 1: it's taking the agency to complete market stability rules a

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Speaker 1: SEC chair Mary Joe White now says won't get done

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Speaker 1: by the time she steps down next January. Should we

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Speaker 1: be surprised or is this just what you expect? And? Uh,

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Speaker 1: I'm not at all surprised. I think that she's been

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Speaker 1: unfairly criticized for not having accomplished more of her mandated agenda.

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Speaker 1: But what Congress did was dump everything on the Commission

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Speaker 1: and didn't fund the Commission to do everything. I think

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Speaker 1: that Mary Joe has done a heroic job. Has ablished

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Speaker 1: an environment of dignity, responsibility, and care for the investor

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Speaker 1: that I think is awfully important. And she's fought back

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Speaker 1: an alien Congress, particularly the Financial Services so called Oversight Committee. Uh.

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Speaker 1: And I think she's been a wonderful chair. The shock

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Speaker 1: and awe which I had uh And I consider myself

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Speaker 1: an amateur in this. Mr Sanders doing better than good

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Speaker 1: in Michigan? Is this about with with your decades of

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Speaker 1: service to the Democratic Party and in your father's heritage,

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Speaker 1: I might point out as well, is this about Mr

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Speaker 1: Sanders better than good? Or is Mrs Clinton losing the

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Speaker 1: pixie dust of mainstream Democrats? In an interesting way, that

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Speaker 1: Sanders phenomena is a parallel of the Trump phenomena. The

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Speaker 1: American voter doesn't want business as usual. If that means Trump,

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Speaker 1: so be it. If it means Sanders will go with it.

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Speaker 1: We don't want the same old, same old same. Can

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Speaker 1: Mrs Clinton adapt to that in a sense, in a sense,

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Speaker 1: but it's something she will have to live with in

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Speaker 1: a campaign against an anti the ultimate anti establishment figure

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Speaker 1: won't be easy. It isn't a lock. Arthur Levin, thank

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Speaker 1: you so much, Arthur Levit, as the former chairman of

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Speaker 1: the Security to Change Commission. And we look forward and

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Speaker 1: I don't want did the best start? The basket will

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Speaker 1: start probably the first week in April. There we are,

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Speaker 1: first week of April. Look forward to the I get

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Speaker 1: on there with you and you know, broadcast live an

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Speaker 1: hour Arthur Levitt, and get about get us we get

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Speaker 1: them together. And you don't get it done. The fish Report.

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Speaker 1: Love our fish report brought to you by hum and

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Speaker 1: you can do it. You can do the fish Report. Yeah,

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Speaker 1: I'm very Do you realize I get sea sick? Just

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Speaker 1: if the Mark Kenny swirls a little bit, I get

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Speaker 1: into I'm wanting, Michael Bard, you get instantly s sick.

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Speaker 1: You know what? I hate to admit it, yests. I

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Speaker 1: get instantly like which goes off fish. Yeah, I'm absolutely useless,

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Speaker 1: Michael Barn. I will be fishing at the whatever that

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Speaker 1: waterside bar is on the East River. We will be there.

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Speaker 1: Futures up nine down, futures up tenure yield one point

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Speaker 1: eight eight percent. A churn at to the market. But

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Speaker 1: it's Michael Vicky mentioned. The headline is oil as a

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Speaker 1: bid Today nine West Texas c Inermedia up a good

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Speaker 1: eighties cents, Brent forty dollars fifty cents of barrel up

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Speaker 1: eighty three cents this morning. Dine down to check in

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Speaker 1: with Michael Barr for the latest news headlines. By time,

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Speaker 1: Thank you very much. Hillary Clinton and Bernie Sanders will

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Speaker 1: hold their eighth debate tonight in for Florida. Last night,

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Speaker 1: Clinton won the Mississippi Democratic primary but Sanders scored a

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Speaker 1: narrow upset win in Michigan. Clinton has more than half

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Speaker 1: of the delegates she needs to win the Democratic presidential nomination.

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Speaker 1: Republican frontrunner Donald Trump insists there's tremendous positive energy in

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Speaker 1: the party. Trump told NBC's Today some people have never

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Speaker 1: voted before, and they're voting for Trump. He stretched his

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Speaker 1: lead over his Republican rivals after wins in Michigan, Mississippi,

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Speaker 1: and Hawaii. Ted Cruz won the Idaho primary. Two people

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Speaker 1: have drowned in Oklahoma and Texas as a large storm

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Speaker 1: system moves over sections of the South today. Flash flood

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Speaker 1: warning is an effect for parts of eastern Texas, southern Arkansas,

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Speaker 1: and northern Louisiana. Global News twenty four hours a day,

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Speaker 1: powered by our twenty four hundred journalists more than a

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Speaker 1: hundred fifty news bureaus from around the world. I'm Michael Barr. Michael,

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Speaker 1: thanks so much again to tomorrow are exclusive covering to

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Speaker 1: ECB with the headlines from the Bloomberg Professional Service. Will

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Speaker 1: have that for you the Import and Press Conference at

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Speaker 1: eight thirty. It's Bloomberg's Surveillance Market Drivers, brought to you

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Speaker 1: by your Mercedes Benz Tri State Dealer. No matter what

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Speaker 1: the weather, Mercedes Benz Formatic all wheel Drive brings peace

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Speaker 1: of mind and driving confidence. Visit your Mercedes Benz Tri

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Speaker 1: State Dealer for a test drive today