Been your kinds reports President Trump and his aides drafted it the New York Times reports President Trump and his aides drafted it days before the white house let comey go. A letter written by Deputy Attorney general robberson stein was later used to fire comey the kenyan president Uhuru Kenyatta has told supporters that the Supreme Court justice and his crooks decided to take away his win. He spoke out in nairobi after the court nullified his election. President kenyatta i respect it. I disagree with it, because millions of kenyans made their choice, and 6 people have decided that they will go against the will of the people. Kenyas Supreme Court says the Election Commission committed illegalities and irregularities after Opposition Leader raila odinga challenge the vote. Global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. Julia live from bloombergs World Headquarters in new york, im julia chatterley. Joe and i am joe weisenthal. Scarlet fu is off today. We are 30 minutes from the close of trading in the u. S. Julia u. S. Stocks rise after a week of jobs report, and gasoline prices fall for the first time in almost two weeks. Joe but the question is, whatd you miss . Julia the jobless rate rose and wages climbed less than forecast. Plus, hundreds of ceos and Business Leaders across the United States urging President Trump to keep the dreamers program. We look at the policys impact on the economy. U. S. Auto sales after Hurricane Harvey slammed one of the largest car markets. We will be breaking down the numbers. Joe cap White House Press secretary we have White House Press secretary sara Sanders Holding the white house briefing. A she says dac that trump plans a daca announcement next tuesday. Sanders says that trump is finalizing the decision on the state of the dreamers, and the announcement will be made next week, on tuesday. Julia in administration gets a long weekend to decide, and we heard from President Trump is saying, we love the dreamers. Read into that what you will. Whatd you miss . Hurricane harvey through Haley Barbours eyes. Governor of mississippi went katrina devastated the state years ago. He talked about how he let the residence of mississippi through katrinas aftermath and how texas can give it to recovery mode. This is one of the Great Questions and the topics we were discussing with joe carroll as he was reporting on it this week. At what point, and are we there yet, do you give it to what next and recovery . Sure, and it was interesting to talk to governor barbour and the term he used joe, im sure you are familiar in his inimitable style, he said for a time you have alligators up to your armpits, with the rescue and recovery. Itall of these cases, happened with katrina and we are seeing the beginnings of it in texas you have to shift to this longterm recovery and rebuilding mode. This is tens of billions, if not hundreds of billions, of dollars that have to be allocated and resourced and, that obviously cannot all come from the federal government, so it has got to come from usually a collection of Business Leaders and get together, and that is what we are waiting to see here. Joe in the gulf coast after katrina, how much effort did they put you not rebuilding it the exact same way they had it before, to make themselves robust against this happening again . Jason great question, and when i talked to governor barbour about. It essentially hit the coast of mississippi, the same start with 2 distinct natural disasters. In mississippi, what they had to rethink was what does it even look like, but from a commercial and residential perspective. They built houses devoutly family, different types of homes. The other thing they did, from the commercials perspective, is in mississippi, casinos had been, by virtue of the law, floating in the gulf of mexico. Some literally threw them on to the land and over the highway. They had to pass a law and deal with a tricky Mississippi Legislature to get the casinos on land. One of the questions we will see in texas is, do they build this city differently Going Forward . Either neighborhoods that are built differently . In houston, there are some areas that are completely underwater, others that are dry. We saw that in new orleans how do you rebuild the city from the commercial and residential perspective . Julia we talk about this earlier, the idea that there are zoning laws. Jason and there are no such zoning laws in texas. In houston specifically i mean, it is unbelievable when you drive through their that you can have essentially a strip mall next to house next to a skyscraper, any sort of walk through and you dont know what you are going to see. Joe im curious about marshaling the resources. There is only so much the federal government can do. A lot of these homeowners do not have flood insurance, so that huge financial hit to a lot of people. The Business Community has thrived over many years. How do you go about organizing a meaningful response . Jason it is really interesting, and if you look back to mississippi, what governor barbour did come within days of the storm he called jim barksdale, a lot in the Tech Community specifically, he had run netscape, he came to the create that he created what came to be known as the barksdale commission, with Business Owners along the coast and interests in other parts of mississippi. One of the people who is emerging in texas even as of todays michael dell, who grew up in houston and made most of his money in austin, but he has put up i think he has pledged 36 million to test they are aiming to raise 100 million this weekend. Again, they are talking about billions and billions in recovery. Those are the sorts of things that can seed certain projects and pave the way for federal funding and state funding. Galvanize the Business Community. Houston is a very diverse business down. Just business town. Very diverse business town. It has the Worlds Largest medical center. It is a boom and bust town. But the booms have made for some very wealthy people who are coming together on this one. Julia it is interesting, and that thing he said in the article that i love, the efficiency aspect, what role the government plays and what role the private sector plays, and who can be more efficient are you saying that those guys get together and do the groundwork first and decide what projects they can achieve themselves, and then they go to the governor and go, hey guys this is what we need for this, can you find it, it, we haveyou fund done the background and we know what it takes . Certainly is an element of that and an element of having people with expertise in different areas, be it real estate, oil and gas, where you put certain things, and people who have lived in the area for a long time who can say that this is the place we should invest in, the place we may be able to pull back, and kennedy, who can call to new york or San Francisco or other places. That happened in mississippi get lines of credit and get the money flowing. Joe great stuff. Jason kelly, bloombergs new york bureau chief. Cohn coming up, gary feels confident that wages will rise. We will have highlights from our interview with him after this. From new york, this is bloomberg. Miss . Hatd you there was a big week for Economic Data around the world, and the spotlight was u. S. Jobs data for august. Employers added more than forecast, while the jobless rate ticked up to 4 . Gary cohn, president Donald Trumps top economic adviser, spoke about the report with alix steel. Mr. Cohn its part of the natural growth we are seeing with the economy could be headed gdp number 3 this week, jobs numbers still very good. I had told you at the beginning of the year, and occupation day, we would be a few percent gdp and 4. 4 unemployment, you wouldve said those are great numbers, that would be an amazing accomplishment by labor day. Overall, we are very, very pleased with where we are in the economy and the cycle. We still know there is a lot of work to do and a lot more upside, and the president is focused on that. That is why we launched our tax agenda this week, because we can grow the economy much further from here. Alix before we get to taxes, you painted a picture that jobs are very solid. On the flipside, wages arent going anywhere, 2. 5 year on year. And inflation is really stagnant. What is the right Monetary Policy for Something Like that . Mr. Cohn so, look we are concerned about the wages, and that has a lot to do with tax policy. You listen to what the president outlined earlier this week, he talked about our corporate taxes , and how inefficient our weiness tax is and how penalize businesses to be in america. When you penalize businesses to be in america, they dont hire american workers. We need to be competitive with the rest of the world and when we get our tax rates down, we compete for labor, and you compete for labor by driving wages and get more people to work for you. We are concerned about wage growth. We do want to get wage growth back in the system. You are absolutely right when i saw the numbers, the first thing i looked at was the wage number, and it is been flat for too long a period of time. We need to put more money into pockets, ands that is what we are trying to do with wage growth and efficiency. A fiscalseems that is policy issue, not on Monetary Policy issue. Do you think that Monetary Policy cannot help with the inflation debate . Mr. Cohn look my think Wage Inflation has to come through demand for more workers at a higher price. The way we create demand for workers is to create a better operating environment in the United States, and you create a better operating environment in the United States by making the United States more competitive and lowering the business tax rates and having businesses have to be here and want to be here in the united rates. United states. That is what the president laid out earlier this week. Alix lets go to tax reform for a second. We have been hearing, i feel, a lot of mixed messages from the white house on the next step. Are you going to release text detail and blueprint this month that is what we heard from secretary mnuchin and from news outlets. Youn i think we are are all acutely aware, secretary mnuchin, myself, leaders of the senate and the house, we have been working since november and december on a tax blueprint. We have met nonstop since then. The 6 of us have agreed on the skeleton. We agree on what we need to do for tax reform. We are now working with the house ways and Means Committee and the Senate Finance committee to finalize what that blueprint will look like. I would say to take a skeleton and put the muscles and skin on it. That could get released in the next, whatever, two weeks or months, as those committees get together and finalize all of the details as the National Governing process happens, and that will start literally next week. Alix gary, is the legislation in the hands of the taxwriting committee right now . In cohn the legislation is all of our hands. We are working together. The numeral six of us will be in the white house next week alix right, gary, i get that, but in order to move it forward, it has to be with the taxwriting committee. Have you passed it off to them . Mr. Cohn there is a communal effort going on here. We are trying not trying we are very slowly working to get tax reform done in a way that everyone buys in every step of the way, and that is what is going on. Ultimately, tax reform has to be voted on in the house and senate. We are working with the house and senate to do that. Joe that was gary cohn, White House NationalEconomic Council director, speaking with bloombergs alix steel, and in that interview, he played c oy about his willingness to be chairman of the federal reserve, saying im excited to be doing what im doing. Julia didnt deny it, though time for the Bloomberg Business flash. Alphabet will legally separate business from google and waymo. Reorganize alphabet as a corporate parent. Hyundai will pay a settlement in the faulty the con airbag suited theag malfunction airbags, which could intoshards of metal passengers, led to 17 deaths. Inata declared bankruptcy june. There were once ubiquitous in the banking industry, and argentine held onto them, but i got to the point where Deutsche Bank held onto them, but he got to the point where they were made fun of by holding onto the smartphone pioneer. Nothing funny about blackberrys. Joe no. Ge shares are up 2. 1 for the biggest gain in months, adding to yesterdays gains. Bloomberg Oliver Renick it joins us now. Swhat is going on with ge . We will throw them a bone because it is the first good day in a while. Pretty serious about getting a seat on the keyboard, and what that will mean can even with conversations with the new ceo, John Flannery, but the bottom line is that it has been a rough year for ge, the worst performer on the dow right now. If you look over that, in a pretty stronger market the last time it had a market like this was 2011. The stock has not been doing too hot. Why isnt not doing too hot . Joe wondering that myself. Throw them the bone i promised there has been a move towards cutting expenses, and likely job cuts. Ceo John Flannery says she does not know how many jobs will be eliminated, but the parts of the business that do not generate profit will be the first to go first. Julia what is the likelihood they will be able to achieve this here, and the view that he will accelerate a process that the guys have been sluggish to attack here . Oliver i dont cover him and necessarily, but reading reports about the relationship, there is a lot of conversation happening here, and we have an interesting story in business week we talk about on the show this weekend, about nelson tells having a different attitude from activist investors, going in and talking about the longerterm picture for the sustainable approach to investing. Eight is something they are working on. Heres the deal there is a lot that has to happen with the covenant, and investors do want peltz or somebody on the board to take care of the problems. Verse problem the first problem is cash. Im looking at cash flow on the top. When were going to do this click through on operating activities. This is the august terminal function. This is going to chart a what you are looking at. Looking at cash flow operating activities dollarsd fewer available for use here. That is one of the issues that investors want to address. Flannery as talked about that, trying to get it under control. Now were looking at the relative value. Looking at the debt to relative value, these are big. If you look at it relative to its peers, all of that green, 94 , at the top compared to its peers with the debt load. Want to see if they have cash to do that. One of the big stories on the bloomberg right now, bloomberg intelligence, our guys doing a great job analyzing how they clawback the expenses that will come. This is a company that is a powerhouse for a very long time, but there are a lot of questions. Expenses quite high on the other side. Oliver everything having to do with debt. Julia brilliant. Great to chat with you, Oliver Renick. In the midst of the august us report, unemployment beat expectations. The good sign coming from the industry and the details on the jobs report. From new york, this is bloomberg. Julia whatd you miss . U. S. 10year yields hit an intraday low for the week. Take a look at my chart here. I want to point you over on the right hand side. 10year treasuries yielding less than the s p 500s forward dividend yields good not necessarily that exceptional, but it is usually a sign that a stock selloff is softening. Any problems here . Yes, because stocks are trading at record highs. Have a look at all this, the data in terms of what we are seeing, and come back on the lefthand side. The last time we have seen something that resembles todays ,onditions, back in august 2015 the crossover experienced as their happened just before the s p 500 experienced a 13 correction to hit a low in february 2016, of course. Now, at that point what we were worrying about is china what is the big worry today . The lack of global inflation, perhaps . People jokingr but buying stocks for the dividend and bonds julia [laughter] joe interesting to see that happening again. President trump come when he ran, talked about revising the manufacturing sector. You know what, it is kind of happening. If you look at data we got today, the jobs report was kind of mediocre. If you look at the manufacturing some component, this blue line, 36,000 manufacturing jobs added in the month of august. That has been churning up nicely this year. That is the best month in a long time. The white light is the employment something next of the isn manufacturing report. That is also really strong. Manufacturing report was really strong. While the jobs report was kind good production, manufacturing, is all reall