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

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

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Speaker 1: to the Country, Joe's Exam Channel one, and around the globe.

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Speaker 1: The Bloomberg radios happened. Bloomberg dot Com. This is Bloomberg Surveillance.

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Speaker 1: Good morning, It is seven thirty. I'm Michael McKinnon along

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Speaker 1: with Tom Keane. And here are some of the headlines

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Speaker 1: that we're following from the corporate world. Deutsche Bank says

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Speaker 1: the industry's revenue will decline this here clients are considering

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Speaker 1: pulling back from trading some fixed income securities. They're refraining

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Speaker 1: from doing deals. Deutsche cut against Bonus Pool by eleven percent,

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Speaker 1: rising legal expenses hurting earning class year. Meanwhile, people with

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Speaker 1: knowledge of the matter say deutchees and talks with JP Morgan,

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Speaker 1: Chase Golvin, Saxon City Group to sell the last batches

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Speaker 1: of about one point one trillion dollars in complex financial instruments.

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Speaker 1: Deutsche shares up four and a half percent this morning

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Speaker 1: in European trading, maybe still more of the drug hangover.

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Speaker 1: Intercontinental Exchange has decided to eat would keep the London

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Speaker 1: Stock Exchanges Group's namesake equity market if it successfully buys

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Speaker 1: the parent company that according to people familiar with the matter. Now,

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Speaker 1: let's check in with Michael Barr and got the latest

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Speaker 1: World and National Mike, thank you very much. There were

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Speaker 1: no personal attacks during last night's Republican presidential debate. Ted

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Speaker 1: Cruz and Marco Rubio have managed to be on the

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Speaker 1: offensive against Donald Trump during the debate on CNN. One

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Speaker 1: issue that divided them was Trump's comment that Islam hates

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Speaker 1: the West. Marco Rubio pointed out that Muslims are among

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Speaker 1: the veterans laid to rest at Arlington National Cemetery. On

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Speaker 1: social security, Ohio Governor John Kasey says he has a

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Speaker 1: simple solution for dealing with an inevitable shortfold. If you've

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Speaker 1: had well throughout your lifetime, when the time comes for

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Speaker 1: you to be on soul security, you'll still get it.

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Speaker 1: It will just simply be less and for those people

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Speaker 1: who depend on that soul security, they'll get their full benefit. Meanwhile,

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Speaker 1: Donald Trump says he picked up the endorsement of former

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Speaker 1: rival Ben Kurson. You and experts say the Islamic State

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Speaker 1: group is expanding in Olibya. According to a UN report,

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Speaker 1: the political and security vacuum in Libya is being exploited

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Speaker 1: by the Islamic State. Mourners will give their final goodbye

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Speaker 1: to former First Lady Nancy Reagan. Or funeral will take

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Speaker 1: place today at the Reagan Presidential Library in Simi Valley, California.

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

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Speaker 1: twenty four hundred journalists and more than a hundred fifty

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Speaker 1: news bureaus from around the world. Not Michael bar mikel

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Speaker 1: Time now for the Bloomberg NBC Sports Update. John stash

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Speaker 1: Hour Alright, Mike's March Madness conference tournaments all over the country.

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Speaker 1: There's even gonna be a conference attorney in the IVY

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Speaker 1: League starting next year for the first time. Big East

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Speaker 1: at the Garden st Al played the finale of the

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Speaker 1: quartet of games that advanced past Creighton eighty one seventy three.

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Speaker 1: Isaiah White had twenty four points twelve rebounds in the

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Speaker 1: Pivates will play Xavier tonight, Atlantic ten at the Barkley Center.

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Speaker 1: Fordham played the opener and lost of Richmond seventy of

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Speaker 1: fifty five. If they're going seven and twenty five, one

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Speaker 1: and eighteen in the Big Ten. Rutgers has fired Eddie

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Speaker 1: Jordan after three seasons. This coach Hockey and San Jose

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Speaker 1: Keith Concaide stopped all thirty shots. Devils over the Starks

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Speaker 1: three nothing. Jets still don't know who their quarterback will be.

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Speaker 1: Ryan Fitzpatrick's an unsigned free agent. Indications and Jets are

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Speaker 1: looking elsewhere, perhaps a trade for Colin Kaepernick, who wants

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Speaker 1: out in San Francisco. The Jets running back situation is settled.

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Speaker 1: They added mac fort Tape from Chicago and then Kyrie

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Speaker 1: Robinson from New Orleans, and they resigned bilal Pal. Giants

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Speaker 1: had another defensive player, linebacker Keenan Robinson, who was in Washington.

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Speaker 1: Giants had added four defensive players after having the NFL's

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Speaker 1: worst defense last season. With the Bloomberg NBC Sports update,

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Speaker 1: I'm John Stashi, Thank you John. We're keeping on oil

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Speaker 1: prices this morning, the International Energy Agency saying we may

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Speaker 1: have seen a floor, and we're certainly off the lows

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Speaker 1: in the twenties that we saw in February. Brent crude

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Speaker 1: now approaching forty one dollars a barrel, forty sixty three

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Speaker 1: up one and a half percent. West Texas is up

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Speaker 1: two percent of the day. It's at thirty eight fifty nine,

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Speaker 1: and that's giving a lift two equities will continue to

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Speaker 1: follow those developments. Maybe it's a little bit of draggy

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Speaker 1: as well. Here on Bloomberg Surveillance, you're listening to Bloomberg

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Speaker 1: Radio worldwide. Good morning and t g I F. This

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Speaker 1: is Bloomberg Surveillance. I'm Michael McKee along with Tom Keene.

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Speaker 1: As I mentioned, we're watching uh green day. On the screens.

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Speaker 1: The stock six hundred is up by eight points two

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Speaker 1: point three percent. The S and P many futures are

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Speaker 1: up nineteen points, that's a percentage point higher, and Dowie

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Speaker 1: meanings are up a hundred and forty nine nine tenths,

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Speaker 1: both of those gaining altitude as the morning goes on.

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Speaker 1: Time now for the Bloomberg n j I T STAM Report,

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Speaker 1: brought to you by the New Jersey Institute of Technology,

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Speaker 1: partnering with government and industry to apply the university's world

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Speaker 1: class research assets to innovate and spur economic growth. Learn

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Speaker 1: more at n j I T dot E d U.

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Speaker 1: Here's Bob, Thanks and good warning. Michael. Coming up on

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Speaker 1: seven thirty five on Wall Street and here's what's making

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Speaker 1: news in science, technology, engineering, and math. As federal prosecutors

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Speaker 1: battle with the tech industry, President Barack Obama plans to

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Speaker 1: attend a major tech conference today, the south By Southwest

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Speaker 1: Interactive Festival in Austin, Texas. The White House says he

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Speaker 1: plans to ask the creative types and attendance to help

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Speaker 1: solve problems like getting more people to participate in the

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Speaker 1: political process and encountering the effects of climate change. He

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Speaker 1: also wants to talk about how the administration is using

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Speaker 1: technology to help make people's lives better, including by overhauling

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Speaker 1: the government's online processing, simplifying federal application forms, and increasing

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Speaker 1: access to government data. If you're following the legal battle

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Speaker 1: between Apple and the FBI over the government's demand for

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Speaker 1: Apple's help cracking a terrorist iPhone, mark your calendar. A

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Speaker 1: hearing on the government's motion to compel is now less

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Speaker 1: than two weeks away. It's been scheduled for March, and

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Speaker 1: proposals requiring banks to report any cybersecurity incident that's had

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Speaker 1: a significant impact on their systems will likely be diluted

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Speaker 1: in a final European Union rule do in June, according

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Speaker 1: to Bloomberg Intelligence. In addition, finds might only be imposed

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Speaker 1: when it can be proven that the failure to maintain

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Speaker 1: robust systems and controls was intentional or due to gross negligence.

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Speaker 1: And that's this morning's Bloomberg and j I t Stand report.

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Speaker 1: Michael Tom, thank you very much, Bob Moon. Uh Tom.

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Speaker 1: I had a brilliant idea for UM. We were talking

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Speaker 1: about with Larry Lindsay, all the the the tremendous ignorance

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Speaker 1: of the presidential candidates about economics, markets and finance, they

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Speaker 1: should listen. Two we get invite them to listen to

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Speaker 1: Bloomberg surveillance every day all across America were available as

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Speaker 1: they travel around to campaign. UM Serious XM Channel one nineteen,

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Speaker 1: and of course our stations in San Francisco, Boston, Washington,

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Speaker 1: and New York. They could absolutely. I like that idea.

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Speaker 1: Every once in a while, a piece of research parachutes

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Speaker 1: in and you say, say what. She's out of Albany

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Speaker 1: in Chicago. Her name is Jill mus Lynsky's never been

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Speaker 1: on the show, and we drag her on now because

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Speaker 1: their degrees in astronomy and physics from Chicago. That's pretty

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Speaker 1: cool Jill, Good morning, Good morning. What does Advisor Perspectives

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Speaker 1: help us out with? What your organization is. Advisor Perspectives

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Speaker 1: is a newsletter and website for financial advisors and wealth managers. Um,

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Speaker 1: it's basically actual advice. Yeah, it's actual advice and also

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Speaker 1: brilliant research. Where you took the stuff that Mike McKee

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Speaker 1: reads every night before he goes to sleep if the

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Speaker 1: Broncos aren't playing. And the bottom line is you looked

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Speaker 1: at part time and full time dynamics in America. I

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Speaker 1: thought your study was absolutely brilliant. What we are in

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Speaker 1: our mail is it's part time America. Is that true? Well? Um,

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Speaker 1: in a way, yes, since the recession, it's definitely Well.

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Speaker 1: During the recession it went part timer's. Obviously we're increasing, um.

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Speaker 1: But since the recession, we we've any gradual decline in

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Speaker 1: the number of part timers. But it's still not a

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Speaker 1: pre recession levels. Why isn't it matched to the unemployment rate?

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Speaker 1: The unemployment rate is pretty cool, but you make clear

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Speaker 1: we're nowhere near back to where we were pre crisis?

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Speaker 1: Are we? Uh? No, we're not. And I think that

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Speaker 1: I have a lot to do with just the way

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Speaker 1: our economy has moved from a goods producing two services

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Speaker 1: and that kind of plays more into the part timers.

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Speaker 1: Um in in a way, Well, how much of this

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Speaker 1: is was just simply the depth of the Great Recession. Well,

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Speaker 1: it's it's interesting because the recessions have actually had a

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Speaker 1: substantial impact on the part timers, especially this last one. Uh.

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Speaker 1: When you look at the trend, you can see that

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Speaker 1: they the recession has really uh caused caused us to

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Speaker 1: not get back to the growth that we were at before. Now,

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Speaker 1: how quickly are we Well, let me put this way, Uh,

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Speaker 1: your work assumes that we're going to continue along the

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Speaker 1: same path in the lines of part time in full

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Speaker 1: time will cross. How quickly are we going to get there?

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Speaker 1: And what threat is there that maybe we don't Well,

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Speaker 1: then the biggest growth clearly is a cyclical downturn. Um.

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Speaker 1: We we really need to maintain the growth that we're

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Speaker 1: seeing in order to continue and to get back to

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Speaker 1: pre recession levels. Um. But we really need to avoid

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Speaker 1: the cyclical downturn in order to continue any kind of growth. UM.

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Speaker 1: If we do have a recession again, then it'll erase

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Speaker 1: everything that that we've We've done some far the heart

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Speaker 1: of the matter, and the basic heart of the matter

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Speaker 1: to me is the desire to get back to a

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Speaker 1: run rate of three GDP, And we can argue about

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Speaker 1: plus minus. There's that Joe Mallinsky, as we know, we

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Speaker 1: haven't seen that. Are you modeling in your work every

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Speaker 1: day the idea that will never get back there or

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Speaker 1: is there a new level that you're studying every day

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Speaker 1: a that sub two point eight sub two point four

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Speaker 1: real g d P. Well, the data that we're looking

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Speaker 1: at is showing us that we were just in a

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Speaker 1: in an uncharted territory essentially. So uh, you know, this

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Speaker 1: low trend growth is doesn't seem to be going away,

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Speaker 1: So we're just looking at it as if it's going

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Speaker 1: to be a continual thing. I mean, everyone hopes that

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Speaker 1: at some point we can get back to the three percent,

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Speaker 1: but it's not looking like it's going to happen anytime soon.

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Speaker 1: Congratulations on a fabulous piece of where Chill Mslinsky um

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Speaker 1: audits Chicago and with it just a terrific essay. You

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Speaker 1: can see that at Advisor Perspectives. She calls it financial sense,

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Speaker 1: and it's just a cogent feel on the dynamics of

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Speaker 1: part time and full time America. The answer is better

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Speaker 1: but not good enough, is the summary of that report.

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Speaker 1: Fugures up eighteen from New York City. This is Bloomberg Surveillance.

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Speaker 1: We're coming down to the opening bell. Brought to you

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Speaker 1: by the Jim Grand Cherokee, the most awarded suv ever.

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