Speaker 1: Broadcasting live to New York, Bloomberg eleventh bo to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg twelve hundred to San Francisco,
Speaker 1: Bloomberg nine to the Countries series Exam General one nineteen
Speaker 1: and around the globe the Bloomberg Radio plus David Bloomberg
Speaker 1: dot Com. This is taking Stock. Coming up on taking
Speaker 1: stock George Schultz. He is one of only two individuals
Speaker 1: who have held four different federal cabinet posts. He's taught
Speaker 1: at three of the country's great universities. He served as
Speaker 1: the U S Secretary of Labor, Director of the Office
Speaker 1: of Management and Budget, US Treasury Secretary, and Secretary of State.
Speaker 1: And he's got a new book, Blueprint for America. We're
Speaker 1: gonna have him on for a special interview right now.
Speaker 1: Let's get some special news from Charlie Pellet in the
Speaker 1: Bloomberg newsroom, and I thank you Vin Fox. We've got
Speaker 1: the DAL, the SMP, NEZ Dank all advancing right now.
Speaker 1: Technology shares are rallying amid deal activity, a topic we
Speaker 1: were just talking about right here on taking stock, corporate
Speaker 1: earnings spurring optimism that results this season will be sturdy
Speaker 1: enough to help sustain equities at record levels. A Bloomberg exclusive.
Speaker 1: You heard it on Bloomberg Radio and Television. We sent
Speaker 1: down with Christine Lagarde, Managing Director of the International Monetary Fund.
Speaker 1: She did talk about a number of topics, including Brexit
Speaker 1: and what it means for Europe and if anything, in Europe,
Speaker 1: the decision made by the British people to exit the
Speaker 1: European Union has accelerated enough of you the need to
Speaker 1: um consolidate the European Union to give a strong message
Speaker 1: to the European people about the benefit that Europe can
Speaker 1: actually deliver for them, Concentrating on the positive, focusing on
Speaker 1: key shoes for the people of Europe. Hasbro is suffering
Speaker 1: its worst stock decline in nine months after reporting a
Speaker 1: slowdown in growth of boy oriented toys, hurt in part
Speaker 1: by the lack of a new Transformers film. Right now
Speaker 1: has Bros Down seven point two percent. Netflix gaining for
Speaker 1: a fifth day it does report after the closing bell today.
Speaker 1: Netflix up now by one point one percent. Equities higher,
Speaker 1: SMP five hundred Index up five to sixty six, a
Speaker 1: gain of two tenths of one percent. NAS Stack up
Speaker 1: twenty nine, a gain of six tenths of one percent down,
Speaker 1: Industrial is up sixteen a gain of one tenth of
Speaker 1: one percent, Tenure down eight thirty seconds that yield one
Speaker 1: point five seven percent. Gold of a dollar ninety beyounced
Speaker 1: the thirty nine a game there are of point one percent,
Speaker 1: and crude oil down cents thirty four barrel a drop
Speaker 1: there of one point three percent. Add two thirty two
Speaker 1: on Wall Street. Now let's take a look at other
Speaker 1: news from around the world. Thank you, Charlie from the
Speaker 1: Bloomberg News room. I'm Jill Schneider. As the Republican Convention
Speaker 1: opens in Cleveland, the Donald Trump campaign says hosts State
Speaker 1: Governor John Kasik of Ohio is being petulant by avoiding
Speaker 1: the event. As Bloomberg's Bob Moon tells us, who is
Speaker 1: aren't there may be as important as who is. Perhaps
Speaker 1: one of the most familiar faces tonight will be actor
Speaker 1: Scott theo GOP is now Trump's party, says campaign manager
Speaker 1: Paul Manaford, and this is his convention. Here changed the
Speaker 1: face of the republic, says he can live without the
Speaker 1: support of the Bush family and with the absence of
Speaker 1: the last Republican president. I proudly accept your nomination. You
Speaker 1: also won't see the party's last two standard bearrasmt Romney
Speaker 1: or John Mcking. Trump's wife, Malania, will be speaking tonight
Speaker 1: along with Texas Governor Rick Perry and former New York
Speaker 1: Mayor Rudy Giuliani on the theme of quote making America
Speaker 1: safe again. The mother of a Bengazi attack victim, and
Speaker 1: marine and Navy seal veterans will speak on that hot
Speaker 1: button issue Bob Moon Bloomberg Radio. Hillary Clinton is calling
Speaker 1: for people to stop targeting police officers. The presumptive Democratic
Speaker 1: nominee made the plea while speaking at the n Double
Speaker 1: Act National Convention in Cincinnati today. Three police officers murdered
Speaker 1: in an apparent premeditated ambush and baton rouge. This madness
Speaker 1: has to stop. Clinton also took a swipe at Donald
Speaker 1: Trump for turning down an invitation from the Double A
Speaker 1: c P to speak at the convention. Baltimore's mayor says
Speaker 1: an officer who was acquitted today in the death of
Speaker 1: Freddie Gray will now face an administrative review by the
Speaker 1: police department. Mayor Stephanie Rawlings Blake tweeted the statement after
Speaker 1: Lieutenant Brian Rice was acquitted of manslaughter and other charges
Speaker 1: in Gray's death. He was critically injured in the back
Speaker 1: of a police fan and died a week later. Global
Speaker 1: News twenty four hours a day, powered by more than
Speaker 1: journalists and analysts in more than one hundred twenty countries.
Speaker 1: I'm Jill Schneider, and this is Bloomberg, Charlie, and we
Speaker 1: thank you and again recapping stocks or higher SMP five
Speaker 1: hundred index up five now to sixty six, a gain
Speaker 1: of two tenths of one percent. I'm Charlie Pellett and
Speaker 1: that's a Bloomberg Business flash. Listening to taking Stock with
Speaker 1: pim Box at Kathleen Hayes on Bloomberg Radio. George Schultz
Speaker 1: is that Thomas W. And Susan B. Ford Distinguished Fellow
Speaker 1: at the Hoover Institution, but he may be more widely
Speaker 1: known as one of only two Into vigils who has
Speaker 1: held four different federal cabinet posts, including Secretary of the Treasury,
Speaker 1: Secretary of State, as well as Secretary of Labor and
Speaker 1: the Director of the Office of Management and Budget. He
Speaker 1: has a new book. It is entitled Blueprint for America,
Speaker 1: and he joins us now from the Hoover Institution in Stanford.
Speaker 1: California Secretary Schultz, thank you very much for being with us. Sir,
Speaker 1: good morning. Tell us a little bit about this new book,
Speaker 1: Blueprint for America, and particular, wonder if you could describe
Speaker 1: what you feel about campaigning and the political process related
Speaker 1: to a political campaign. Well, let's book arose out of
Speaker 1: some discussions among people here at Hoover and Stanford. And
Speaker 1: as we discussed, we said, you know, the country has
Speaker 1: got a lot of problems. We ought to write about
Speaker 1: them and a nonpartisan kind of an effort to say
Speaker 1: what are the problems, what should we do? And the
Speaker 1: essays are by different people. We have booked at each
Speaker 1: other's essays, but they're all signed individual. That is the
Speaker 1: principle of accountability is there in the book. So we've
Speaker 1: covered a lot of issues economic issues mainly, but some
Speaker 1: spending problems and governance problems so on in international problems.
Speaker 1: Now you've described campaigning as ultimately an act of division.
Speaker 1: What do you mean by that? Well, when you campaign,
Speaker 1: you're saying I'm better than you are, so vote for me.
Speaker 1: It's an act of empasizing a difference and saying my
Speaker 1: side is right. So it's an act of division. But
Speaker 1: as soon as you get into the office, you have
Speaker 1: to govern, and governing is almost exactly the opposite. Governing
Speaker 1: is working with people and trying to find where you
Speaker 1: could get some common ground and get something accomplished. It's
Speaker 1: a different, different kind of activity, and in my opinion,
Speaker 1: we've over the last decade we've had too much campaign
Speaker 1: and not enough governing. You write also about foreign and
Speaker 1: security policy and what you describe as the capacity to execute.
Speaker 1: What do you mean? And I'm wondering if you can
Speaker 1: offer an example. Well, at the start of World War Two,
Speaker 1: I'm in Marine Corps boot camp and the sergeant hands
Speaker 1: me my rifle. He says, take good care of this rifle.
Speaker 1: This is your best friend. And remember one thing. Never
Speaker 1: point this rifle to anybody unless you're willing to pull
Speaker 1: a trigger. No empty threats. So that's boot camp wisdom.
Speaker 1: And of course, if you've got a rifle, you can
Speaker 1: pull a trigger and you can execute. But let me
Speaker 1: give you a different kind of example. Early in Ronald
Speaker 1: Reagan's presidency, the air traffic controllers struck and people came
Speaker 1: running into the office of Mr President's Presidents. Very complicated,
Speaker 1: he said, It's not complicated, it's simple. They took an
Speaker 1: oath of office, they violated it there out and all
Speaker 1: over the world. People said, the guys a man crazy,
Speaker 1: these other guys keeping it from points flying. But he
Speaker 1: had experienced as governor of California, and he had as
Speaker 1: his secretary of Transportation a man who had been the
Speaker 1: chief executive of a large transportation company. So working together,
Speaker 1: they had military people, had management people running the towers,
Speaker 1: and then they had a very aggressive training program, and
Speaker 1: they kept the paint flying. And all over the world
Speaker 1: people said, hey, watch out, the guy plays for keeps.
Speaker 1: So he established the fact that he meant he would speak,
Speaker 1: and he meant it, and he could carry through and execute.
Speaker 1: You speak about self confidence and the strength of purpose
Speaker 1: in the United States, tell us more h Well, if
Speaker 1: you're going to accomplish something in the world, or domestically
Speaker 1: for that matter, you have to be able to say,
Speaker 1: I'd understand the problem, I'm realistic, and I have the
Speaker 1: capacity to deal with it, and I have a kind
Speaker 1: of spirit in the country that says we can solve
Speaker 1: our problems and let's go get it done. Well again,
Speaker 1: I think during the Reagan period we were strong, we
Speaker 1: were realistic, but somehow Ronald Reagan lifted our spirits up
Speaker 1: so we felt good about the things we were doing,
Speaker 1: and they basically worked in describing current conditions around the world.
Speaker 1: You talk about religion and its role in foreign policy.
Speaker 1: Could you give us more about that. Well, for three centuries,
Speaker 1: religion and war have been kept apart. But all of
Speaker 1: a sudden, now with the ISIS business in Al Qaeda,
Speaker 1: we find war and religion are joined. That means it's
Speaker 1: a different kind of war, and they have to do
Speaker 1: you're gonna wage it and be successfully. Have to say
Speaker 1: to yourself, what is this new kind of war? It
Speaker 1: has a place, but it's got more than one place,
Speaker 1: evolving places, and it has tentacles that expressed themselves. So
Speaker 1: I have to say that's that's the nature of the
Speaker 1: least that we're fighting against, and now we have to
Speaker 1: adapt our tactics to that. Thank you very much. Former
Speaker 1: Secretary of State George Schultz joining us from the Hoover Institution,
Speaker 1: speaking about his new book entitled Blueprint for America. This
Speaker 1: is Bloomberg coming up on taking stock. Turkey widens its
Speaker 1: purge as a crackdown on the military continues following a
Speaker 1: failed military coup we've got more details ahead.