November is the number which remains high in historical comparisons. The consumer is not falling off a cliff and that is important because as we look into 2020, it is the consumer which will be doing the legwork and driving prices. David you are our chief economist. It seems like different data in different directions. The university of Michigan Consumer was high. It seems like it is up and down. Can you get a clear picture of where the u. S. Economy is right now. Tom our view is we are looking at a slow down, but not a meltdown. The key way to look at this is through the lens of the job data. A year ago, even at the beginning of 2019, we were looking at a u. S. Economy creating a solid 200,000 new jobs a month. 2019,e are at the end of the run rate has come down considerably, we are closer to 100,000 than 200,000 now, but that is still enough job creation to keep unemployment at a 50 year low, to keep wage growth at a solid 3 or even higher. With that Unemployment Rate in that pace of wage growth, we are looking at robust consumption quarter2020, the fourth of 2019 and into 2020, we are looking at a slowdown in growth, but recession fears remember those recession fears everyone was talking about a few months ago on the back of the inverted yield curve, those recession fears are looking increasingly overdone. And so manyu economists tell us, it is all about the u. S. Consumer keeping the economy going as strongly as it is put that together with the u. S. China trade development spirit we heard talking on the telephone. Lighthizer was on the telephone. How dependent is the u. S. Consumer on what goes on those telephone conversations . Tom there is clearly a relationship. We areh china and u. S. , talking about continental economies, we are talking about economies where the bulk of the action is domestic, and that is especially true for the United States. Yes, if we had more tariffs and exports weakening, that would certainly be bad news for the u. S. Manufacturing sector. There would be passed through to the jobs data, there would be passed through to consumption. Trade is not the dominant factor moving u. S. Labor markets. I think the more direct relationship right now and the more immediate passthrough is going to be confidence and markets. We have had markets returning to record highs, touching fresh highs as the u. S. Administration from donald trump down stokes hopes of a trade deal. If we get that deal, the markets will stay highend confidence will stay buoyant. If for some reason something breaks down, and that has happened multiple times in the past, that is going to be bad news for markets. We expect the passthrough the confidence and then to the economy. David thank you very much to tom orlik reporting from washington, chief economist of bloomberg economics. Now we go to great farrell in new york for lost stuff. All of these lawsuits going. Don mcgann, the former white House Counsel, and the District Court says you think you can keep them from appearing . You do not have that authority. Unequivocal from the district judge but now that will be appealed. It does not mean don mcgann has to be testify right now. It is another in a series of losses of this kind for the Trump Administration. By following the process, he is able to kick the can down the road and weeks or months will go by. David another proceeding you and guys have been following is the District Attorney in new york pursuing tax records held by the account of President Trump. It is now up in the Supreme Court. The Supreme Court took action. We want you to get your briefs in right away. Greg accelerated briefing on the local case. I think the briefings are scheduled over the next few weeks good it should be much more timely than the normal process with the Supreme Court. David in the meantime we have Rudy Giuliani who wrote a piece yesterday about what was going on in ukraine. It turns out he had a lot going on in ukraine. Greg for a guy who said he has only one client, he does seem to have a lot of irons in the fire. We reported yesterday that he almost got involved in a case against a ukrainian billion aire who is not wellknown except he is believed to have close ties to the new president , the guy who was the subject of a Pressure Campaign about political investigation. Rudy seems to have a busy travel schedule and a lot of people he talks to around the world. Mightveme reports he been representing another wealthy ukrainian, maybe he could help with the problems they were having in the departments of justice. Greg certainly in one case, yes. He had a direct relationship with giuliani that seem to be an attempt to make his case go away. The other, i think giuliani seem to be having talks about the side that was against him. He is playing several different sides of the ukrainian oligarch game. Thank goodness you are keeping this straight. Now it is time to find out how the markets are reacting. Joining us is abigail doolittle. It looks green to me right now. Abigail says it looks green but a snooze fest. We have record highs. It is interesting what tom orlik said in terms of it being a slow down but not a meltdown. It reminds me of the earnings season we are coming out of. Better than feared. People thinking it will get better. That is good for investors to keep the slow melt up going. As long as nothing bad happens, it seems as though we are in a Cruise Control with stocks going higher. I will point out we once again have bonds rallying. Bonds up nine of those 11 days. Some investors are concerned. David that is a question ive had for this entire year. How can the stock market keep going up. Normally we expect an inverse relationship. Not so much. Abigial what were looking at for the first six to nine months of the year is the expectation the fed will lower rates. That happened. Now that we have the fed on pause but yield going lower, it is a conundrum and suggests some investors think there will be more of a slow down where the fed may have to start lowering more and bring an accommodation. Maybe that repo window stays open but it suggests the liquidity you were talking about could gain even more. It is something to keep an ion when you have two Asset Classes diverging. They will come back together at some point. David one has to give. The bond market is right or stock market is right. Abigial most will say the Bond Investors are smarter than the stock investors. It will be interesting to see how that plays out. David thanks a much to abigail doolittle. Now we turn to mark here for first word news. Are sayingsenators they will work fast to punish turkey over testing a Russian Air Defense system. Lawmakers are considering proposals that would sanction the nato ally for the Missile System and for the offensive in northern syria. The sanctions could include an asset freeze, limits on credit, and other restrictions. Thousands of Palestinian Protesters took part in a day of rage across the west bank today. Groups clashed with Israeli Forces to protest the u. S. Announcement it no longer believes israeli settlements violate international law. They burned is really and u. S. Flags as well as posters of President Trump. Demonstrators also held signs saying Benjamin Netanyahu should be sent to prison. He was indicted on corruption charges last week. Former julian president n president says she has put together a United Nations team to examine allegations of police abuse in the country. It looks like there has been certain difficulties if we look waite damages i will until my team will come back and give a full report so we can do what we need to do. Do the reports, but mainly do recommendations. Government has come under criticism for its police tactics. Carrie lam did not make any new concessions in her first comment since prodemocracy forces one in elections in a landslide. Carrie lam did acknowledge the vote reflected unhappiness with the current government and called for peaceful discussions. Priority for us is to properly follow up on actions proposed, including community dialogue. After these five or six months, the hong kong people have realized hong kong could no longer tolerate this chaotic situation. Everybody wants to go back to their normal lives and this requires the concerted efforts of every one of them. Read carrie lams comments rate the plan she outlined more than two months ago, one protesters have already rejected. She also said she has not been for accountable by beijing the outcome of the elections. Global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. David . Tale ofoming up, a president s and kings. A federal District Court draws the distinction and schools former and rules former white House Counsel don mcgann must testify. Our panel takes us through the ramifications. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. The federal District Court in washington ruled late yesterday that former white House Counsel doug began cannot be excused from testifying simply because the president does not want him to. In the words of the judge, president s are not kings so they do not have subject down by loyalty or blood whose testimony they are bound control. And frome joel payne vermont, e. Obrien murray, a republican strategist and president of accountable new york. , i will start with you. Isnt the judge right . President trump thinks he is a king. I think Bernie Sanders would say what the judge that is correct. I will not agree with Bernie Sanders. The reality is people need to testify, but in the rest of that decision by the judge, he said they do not have to answer all of the questions. Yes, they have to appear, but once there they can invoke various privileges. That is fine. That is what the democracy is about. We go from the legislature down to the Judicial Branch and we go from there and we keep the process moving. That was not even with the current hearings. That was not with the investigations going on for impeachment. That was a ruling made from the Robert Mueller investigation going back. Bolton has his own case going. David exactly. This didlawyer said not necessarily apply to mr. Bolton. Joel, lets turn to you. What is the president s goal . It seems the courts will enforce subpoenas. They always have. Is this a stall tactic . For the goal is to delay as long as you cannot cooperate. I think the president strategy and the white house strategy is to try to invalidate the investigation by starting it of resources good part of that is making sure people like don mcgann and john bolton do not testify. I think the politics get tricky when it comes to what is he trying to hide. If republicans point is this is a witchhunt and there is nothing there, what is the argument for continuing to up you could skate and not allowing people who have evidence like don mcgann from participating in above board investigation . I think the white house and republicans will start to run out of options for how to explain that away. Aboveboard, reasonable investigations would make sense. Right now youre talking about executive privilege. You are also talking about a partisan investigation. A partisan attack on democracy and the presidency. That is flat out true. It is a partisan attack. This is not bipartisan. David almost nothing in washington doesnt feel partisan. Thats talk about what effect this might have on the election in 2020. Lets put aside impeachment. Lets talk about the election. Is this inevitably having the effect that focusing on the 2020 election more on Foreign Policy than otherwise would be the case . Itobrien i do not see coming back to Foreign Policy longterm. Shortterm, that is part of it. At the end of the day, with the economy where it is, we are talking about a pocket collection. When you look at the last election, the unfavorables of both candidates was so much more intense than before that what you will have this time around is the same thing, potentially. Many of the candidates have high unfavorables on the democratic side. As that continues they will come back to pocketbook issues. David joel, do you agree this is not enough to focus more than is typically done on Foreign Policy, and does joe biden agree . He is running ads in iowa that go to the Foreign Policy. Listen to what he says. To be commanderinchief is a sacred duty. The next president will face normas challenges. We will need a leader who can stand with our allies and have them know theres no question about the word of the next president of the United States. David that does not sound like a pocketbook appeal. As the Vice President onto something . Joel that is joe bidens approach and his path to victory. A position of commanderinchief. If he can get the election focused on that, joe biden will have a lot of success in the democratic primary. There have been a lot of other extraneous issues. Medicare for all versus obamacare expansion. Other pocketbook issues we talked about that have control the primary so far. Impeachment has started to impact the primary process, but that does not fully support joe biden. That harms joe biden because a lot of nervous democrats think President Trump will use the ukraine issue and the issues related to hunter biden as a wedge to potentially take votes away from joe biden and to characterize him the same way he did Hillary Clinton three years ago. David if we stop the election right this moment, at this moment who among all of the candidates is benefiting from the impeachment . E. Obrien right now donald trump is unifying his base and taking coverage away from the democrats. If you watch any of the new shows, what have you heard about . Youve only heard about impeachment. Youve heard about what is going on on the back of the district. Youve heard about Michael Bloomberg getting into the race. The oxygen is being sucked out of the race from all of the democrats by bloomberg getting in. With joe biden spending 3 million, you have Michael Bloomberg spending 30 million over the country. Joe biden had 9 million cash on hand. That number will be no way eaten away will be at great joel i would respectfully disagree. Impeachment has been eating away even goodts numbers for republicans show it is a plus 5 or plus 6 issue for democrats. The president has his back up against the wall. I think joe biden is compromised a bit, but overall democrats feel good about how they have administered the hearings and what the public fallout will be. E. Obrien the democrats blew this when jerry nadler was first covering the impeachment hearings and they put on adam schiff. Now you have a democratic congresswoman coming out and saying she may not bode for impeachment. She thinks they have to figure out what to do to let the voters decide. For boat originally passed impeachment with democrats minus two. The question is how many can you bring to the party to get the boat going. The voters are tired of impeachment. Democratic primary voters, i can see the moving beyond that. I think voters are tired of the president doing impeachable things. David lets get the two you together. That would be fun. Thanks to joel payne and e. Obrien murray. A disclaimer, Michael Bloomberg is the founder and majority owner of bloomberg lp, the Parent Company of bloomberg news. Still ahead, Dicks Sporting Goods took a stand on guns and was expected to pay a price, but it looks like the price has been paid and now it is surging back. Does our stock of the hour, next power one of Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for the stock of the hour. Dicks Sporting Goods heading for its best day since may of 2014. Showing little negative impact from its retreat on gun sales. Kailey leinz is here with the story. It looks pretty good now. Kailey this is a beat and raise quarter. It is the third time theyve raised their Earnings Guidance for the year. They have now raised . 15. Earningspershare will go as high as three dollars. Earnings came in at . 52 and handily beat analyst expectations, about. 30 eight cents about . 38 on average. The Second Quarter we have seen growth. Dixie is coming up what has been six consecutive quarters of comp sales declines. Youre seeing that rebound continue. Interesting it was driven by higher traffic and more transactions, higher ticket prices. People are not only coming to the stores, they are spending more and seeing growth across major categories. Hardline golf clubs, kayaks, and apparel footwear. David the big turnaround from where they were. We talk to the ceo after last quarter and they took an aggressive stance on guns and expected to get hit they thought they were turnaround. This is what he said. We thought it would cost us about a quarter of a billion in sales, just about what it cost us. We have made changes in our stores and taken repositioning of square footage. Stores hunt out of 10 last quarter, and out of another 125 stores last spring. Our last quarter comps were up 3 . We raise the Earnings Guidance so it is good. David that was 3 same store, now youre talking about 6 . It is interesting. It goes to show it matters much more it matters what they are offering than what they are not offering. Even though they pulled guns out of 17 of their nationwide footprint, the fact that they have a better organized offering of apparel and footwear means they are able to offset those declines and it seems that turnaround sentiment as well. When they initially made the decision almost two years ago, there was a lot of blowback with regards to the Second Amendment issue. It seems that traffic is no longer the concern. David it was not the sales of the guns, it was sort of a boycott. Kailey leinz, thank you for for your report on Dicks Sporting Goods. Up next, youve heard about the humanitarian issues at stake at the u. S. Mexico border, but what about the Economic Impact . That is coming up on balance of power on Bloomberg Television and radio. David from new york, this is balance of power on Bloomberg Television and radio. Im david westin. Bloomberg first word news, we go to mark crumpton. Mark a judge has ordered former white House Counsel don mcgahan testify to a house committee. The panel is investigating possible obstruction. Mr. Trump claims mr. Mcgahn is covered by president ial immunity. The Justice Department plans to appeal the ruling. The irish finance ministers is any speculation about a reunified ireland is premature. Speaking exclusively to bloomberg today, he said even after brexit, the country has a long way to go. Many, manywe are phases away from Something Like that have a name. The good friday agreement is very clear that there would have to be a possibility of an agreement being reached. Looks at the future of Northern Ireland and whether it is part of a broader ireland. The view of the Irish Government is the timing is not right for a poll like that. In fact, it would be counterproductive. Mark he also said he believes an agreement currently in place between the European Union and the u. K. To prevent a hard border in ireland is proving effective. Out mexico had a slight recession in the first half of the year. 0. 1 0. 01 rank through the Second Quarter. The problems include low oil out that, slumping construction, and stalled services activity. Democratic president ial candidate senator Elizabeth Warren is looking into allegations of bias against women who apply for an apple credit card. She and Sherrod Brown wrote to the Consumer Financial protection bureaucandidate askir information on how the agency is monitoring the lending practices of Goldman Sachs, the underwriter of the card. Both goldman and apple were hit with criticism after prominent executives complained earlier this month, saying they received significantly higher limits on their card than their wives come and credit scores. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. Trump has madet a priority of securing the u. S. Southern border with mexico, and theres been a raging debate in washington about how to address the National Security and humanitarian issues raised. But there is also a substantial Economic Impact along the border. We welcome Mike Mcguiness of jones day. He served as general counsel for ge. Good to have you here. Lets go straight at the economic picture. We know mexico is struggling, slipped into recession. How much of the difficulties mexico is having is because of the difficulties of the border . Mike the humanitarian crisis is something we hear about on a daily basis, but people are not talking about the looming business crisis underlying that. That is partly driven by the conversations around the threat of a border closure, tariffs of up to 25 on mexican exports. Those things which are designed to create a political objective is having business affects and Ripple Effect through mexico. David how much of the fx we are seeing are because of an actual curtailing of trade, how much is the uncertainty you are for two . We are still trading that we are not sure if we can keep trading. Mike i was in mexico during the last threat of tariffs, up to 25 on all mexican exports, in the context of the discussions around immigration. I was at dinner with a number of Business Executives who were literally lighting candles and praying. Or idea of a 25 tariff closing the border itself is distraught. Thehave to understand region to get a full sense of the impact. The region to get a full sense of the impact. The border runs across four u. S. States. Two which are the largest economies in the u. S. , one of which is the largest in the world, california. You also have six mexican states, one is largest economy in mexico. In that region, you have 14 million people. It is the most frequently crossed border in the world, so you have to put this into the context of 1. 7 billion of products across that border every day. 20,000 trucks. More than 500,000 pedestrians on any given day are crossing the border. In that region, you have 14 million people. When you look at that 1. 7 billion worth of goods, what do you find . The thing that americans consume on their table. Mexican produce keeps us going in the winter, a mexican auto parts, Electronics Supplies that will be sold this holiday and black friday coming up. It is a deeply integrated region. David this is all about trade back and forth. You specialize in investment, mergers and acquisitions across the border. As that dried up because people are not sure what the rules will be . Mike m a thrives on certainty. Certainty from a valuation point of view in the market, political point of view, regulatory point of view. What we are seeing right now is a large amount of uncertainty. If you put into context the unfriendly attitude from the north that mexican businesses are experiencing, into context with the new administration which sometimes has antibusiness rhetoric, you see executives being sandwiched between northern and southern pressure. That is having a real effect on the m a markets. In the first half of 2019, there were 78 m a deals at a value of 5 billion. Last year, 35 dip. 57 . Ears ago, david is that more u. S. Companies investing in Mexican Companies or the reverse . Mike 57 . David crossborder m a statistics are quite dismal going out from mexico into the u. S. We had Something Like 50 transactions in the runup in the last two years, and just two in the last few. Mentioned amlo, the new president. He has said some things at the Business Community is nervous about. Pemex,ave mx, having some issues in the energy area. How can you sort out those issues on the border with the new regime and pemex . Mike i think they are in a cycle to begin with. There is uncertainty driving a slowdown in the business. Mexican businesses have been confronted by these tariffs and have had to look at different opportunities and markets where they will trade in case there is large tariffs put on the border. The combination of those things in the Business Cycle has put mexico under recession. David is this separate from the uncertainty from usmca . That would bring some certainty, but what you are talking about is just the Border Security issues by themselves . When we think about whats happening at the u. S. Mexico border, trade at the border, we have to think about it in the context of the u. S. Economy as well. I think about it through the prism of the u. S. Auto industry and electronics industry. If you look at how the u. S. Auto industry works, it operates on lean manufacturing. Just in time delivery of components and spare parts. They depend on things from crossborder. Of into context of that, 16 parts used come from mexico. Then think about it 25 tariffs or closure at the border and Ripple Effect that will have. David we are talking with Mike Mcguiness here. We hear about the wall. The fact is, an awful lot of trade does not go around the wall but through the regular border crossings. From your point of view, would we be better saying, go ahead and build a wall and then get back to regular trade negotiations . Obviously arrives on trucks, cars, arrives through the international lane. It is not things passing over or under the wall. Fostering an economic trade environment is the most important thing in terms of building certainty. That will drive economic results both in mexico and the u. S. David thank you for joining us, great perspective. Mike mcguiness is a partner at jones day. President trump signed an executive order to address the problem of disappearing native americans. We will talk to dunleavy of alaska. Mikeis coming up next dunleavy of alaska. That is coming up next. This is bloomberg. David this is balance of power on Bloomberg Television and radio. Im david westin. There is a pressing problem in the United States of america, the disappearance of native americans, particularly women, with a 2008 study saying women in some tribal communities are 10 times more likely to be murdered than the National Trump todayident signed an executive order to address this crisis. We welcome today Alaska GovernorMike Dunleavy. Inarticularly bring you because you have a lot of native americans in alaska. This is a problem for you in state. Mike we do. 15 of our population is alaska native. The highest percentage in any state. State. We have the issue of missing native women. This has been an ongoing problem. I do commend the administration for putting this on the front burner, as opposed to the back burner. We have the issuewe look forwarh the Trump Administration on this. Sharing data, putting more resources into this issue, i think, will make a difference. We have a number of missing individuals in the state of alaska. Year, we solved a couple cold cases that were decadesold. States,data amongst the with the federal government, i think, will make a huge difference in solid a number of these cases. David how much of a problem is it just figure out how many there are . I have read that not many are reported. Mike we certainly need to update the database, certainly need to figure out and categorize, are these folks missing because they may have had an accident out in the rural part of alaska, falling through the ice, or disappeared on a snowmobile ride . Especially some of the younger individuals, are they being trafficked . Have they left the state . Looking at the different possibilities as to what has happened to these individuals will help us a lot in solving the cases. The data will be important, and the collaboration between entities and states and the federal government will be crucial in solving these issues. David another thing that you have spend your time on as governor is addressing the Economic Health of alaska. Its been under a little bit of stress because of the decline in oil prices. Explain where you are in the process. Alaska is an oil state, we still be the oil state in the country. In 1999, we were producing 2 Million Barrels a day. Today, its about 500,000. With the drop in price, this has impacted our revenue stream. We have had to reduce the budget the past year medically by about 600 million. We have a 1. 6 billion gap in our budget. We have closed it 40 . This was a difficult year in terms of closing that gap. Future, weinto the are trying to diversify our economy. Alaska has been solely based upon its Oil Production and gas. We are trying to bring in as many investors as possible, take advantage of our proximity on the globe. We are the closest state to asia by thousands of miles, about nine hours to every industrialized place outside the u. S. By plane, the second busiest cargo airport in the country. Alaska has a lot to offer. We are america and so much more, as i say. We have american law, but we also like an emerging economy. State a resourcebased with what i think is tremendous upside for investors. David we are talking with Alaska GovernorMike Dunleavy. When you look at the opportunities for investment, what is the low hanging fruit, the sectors that you can get to come up to alaska . Mike certainly, mining, oil and gas. The tourist industry is growing by leaps and bounds. We are hopeful that we can stand of the Timber Industry once again. We have about 1 7 of the countrys timber. For all intents and purposes, right now we dont have a robust industry. Also, transportation out of our international airports. Also the fact that we can transport resources from other parts of the country and canada as well out of our ports. We have more coastline than the entire u. S. Put together. Positionsity to asia alaska will into the future, not just for recess resource development, tourism, but also transportation. David in business, you have to invest in order to get the returns. Is there infrastructure you need to build, investments you need to make to attract that investment and ultimately make more money . Mike absolutely, we are a new state relatively speaking. We came into the union in 1959. Hasainly, the drop in oil hurt our ability to build infrastructure. Capital budgets have been smaller than in years past. This is a discussion that we need to have this year with alaskans and the legislature. How much money we are dedicating to our operating fund, and the capital of fund. The capital fund will be building the roads, bridges, airports, which will help with developing our resources and support our resource, tourism industries. We certainly need to have that discussion because we are falling has hurt our ability to build infrastructure. Alaska. David behind in terms of building when you took on the tk of balancing the budget in alaska, you have some difficulty , they did not agree with everything they wanted to do. Can they be a partner for you now in his new effort to diversify the economy . Mike absolutely. It was a difficult session last year, obviously. When you cut hundreds of millions of dollars from the budget, you are impacting people. I understand this costs a lot of consternation across the state of alaska. We have a lot more in common than what divides us. Our desire to build alaska, create jobs, wealth or alaskans, there is no doubt about it. Im looking forward to working with the legislature. Im solving this fiscal issue in bringing in more industries and investment to the state of alaska. I think this will be a year that i hope alaska turns the corner on its fiscal issues, and again, opportunities to invest in alaska. David can you talk about the regulations or lack of regulations . You say you want to be the first state saying you cannot require people to pay money to a union. Will that help you with investments . Mike it may. That particular issue was more about freedom of association, freedom of speech. We certainly want to comply with Supreme Court rulings, but in terms of regulations, we have that ared about 115 impeding business in alaska, and the daily lives of alaskans. We are looking at how we do things, our permitting processes, regulatory processes, to make sure we can compete with other states. I think we are heading in the right direction. David many things, governor. That is Alaska GovernorMike Dunleavy joining us from anchorage. From fannie and freddie to goldman and apple. The latest on the intersection of wall street and washington. That is coming up next. This is balance of power on Bloomberg Television and radio. Wer on Bloomberg Television and radio. Goldman and apple. David this is balance of power on Bloomberg Television and radio. Im david westin. The mortgage giants fannie mae and freddie mac have been a bit of a political hot potato since they were put into conservatorship in 2008. Something that was supposed to be temporary. There with us is jesse westbrook. Ive been walking watching this for 11 years. Arent they on their way out . Steve mnuchin says they havent i am. The Trump Administration certainly wants them out. This is some of the most nine era trade you can assess in washington these days if you are in the financial sector. If trump wins reelection, you should go long fannie and freddie. If you think he will not win reelection, you should short fannie and freddie. That thewinseven the timelines treasury has laid out, regulators have laid out, you are not going to see an ipo of their shares until 2021 at the earliest. That would carry into a Second Administration or perhaps a democratic administration. It is a democratic administration, all bets are off. A democratic president , particularly with the the directioneep, the way the party is going, they have a different vision for these companies. Contenth warren may be keeping them as a government utility for the rest of eternity. Very binary trade. David you said the magic word, Elizabeth Warren. She is in the news on another financial regulatory issue, and the apple card and Goldman Sachs. She and Sherrod Brown have written asking, Pay Attention to what they are doing. Shocker that Elizabeth Warren is beating up a cfpb director and Goldman Sachs in the same day. [laughter] is, goldman had this algorithm with the apple card that gave some applicants female applicants, a much smaller credit limit than their husbands. Some in Silicon Valley were upset about that. Goldman has been beat up about it. This is right in Elizabeth Warrens wheelhouse. Few issues would be more in her wheelhouse than goldman not giving women the same preferential treatment it is giving men. She is curious whether the cfpb, a micks now led by mulvaney ally, is doing anything about this controversy. Much from theard cfpb on it, no evidence they are doing anything, so warren wants to make sure they are looking at it. Feels like it could be a pretty straightforward issue. New york state officials are also taking a look at it. Goldman has certain rules and they say they dont even ask mikemike this goldman thing t narrow i will not say it is notmike this goldman thing ist narrow i will not say it is not important. But there is a bigger question, as Financial Companies become more like tech companies, and we mike this goldman thing is a t narrow i will not say it is not important. But there is a bigger question, as Financial Companies become more like tech companies, and we use things like algorithms to make financial decisions, that much potentially work better than what we do now. And they say they dont even ask whether it is a male or female apply for the card. But there are obviously pitfalls as well. David and it could be a black rocks. Many things to jesse westbrook. David and it could be a black rocks. Many things to jesse westbrook. Balance of power continues on bloomberg radio. We are looking at the world trade organization. This is balance of power on Bloomberg Television and radio. Bloomberg television and radio. When it comes to using data, everyone is different. Which is why Xfinity Mobile is a different kind of Wireless Network that lets you design your own data. Choose unlimited, shared data, or mix lines of each and switch any line, anytime. Giving you more choice and control compared to other top wireless carriers. And now get 250 off when you buy a new Samsung Phone during Xfinity Mobile beyond black friday. Plus, you can save up to 400 a year. Click, call or visit a store today. Lisa im lisa abramowicz. Welcome to bloomberg money undercover. Valuable insights into alternative investments, inside the world of private debt, equity, and real estate. Lets go straight to the burning issues in private markets. Banking on illiquidity. Concentrated bets on risky companies. Crossborder trade. Looking at the state of Asian Investment in u. S. Real estate. 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