Tomorrow, a big day on capitol hill and a big day for silicon valley. The ceos of facebook, google, willbet, apple, and amazon all be testifying before the house antitrust subcommittee. We will speak to a member of that committee, representative hank johnson, in just a moment. First, we want to look at how markets are moving ahead of those reports. I want to bring in bloombergs kailey leinz, who has been following the market move today. Kailey we really saw the downward move heading right into the close. Antitrust course that Committee Hearing tomorrow as well as a fed decision. There is a lot going on overall leading to a risk off tone, especially for the nasdaq, which ended the day lower. It really was tech among the biggest laggards today. Of the barrel. M 1. 5 ties were actually up to 2 . Bond proxy stocks getting a boost. We are now sitting at 58 basis points on the 10 year yield, within four basis points of the alltime record low we saw back in arch. Does lly emily we are continuing to see dramatic moves when it comes to the dollar and gold. What kind of signal is that sending . Kailey we continue to see that weaker dollar story. Cold futures crossed the 2000 level, closing at a record high. Buts the desire for safety it also has to do with the weaker dollar and real yields moving further into negative territory. With the record about of stimulus for monetary and fiscal authorities, that could mean inflation down the road. To hedgeed to be a way that. Goldman sachs saying the dollar could lose its status as the World Reserve currency for that reason. They dont think it will happen in the near term. Emily bloombergs kailey leinz with the update on the day. Take you very much for rounding that out. Apple,w, the ceos of alphabet, facebook, and amazon. All of the ceos will be remote. One of the people questioning that will be representative hank johnson, who joins us now to discuss. What exactly are you going to be asking the ceos tomorrow . Representative johnson i think it is important that the American People get a chance to understand the effect that giant market dominant players have on the overall economy and how the position that these dominant platforms and their owners have affect the economy. Of them the standpoint American Dream of a Small Business owner being able to manufacture a good or sell a product or service, and the kinds of barriers they have to overcome in order to get their product or service to market, having to go through these dominant platforms and players who own the platforms, just how how ourys a part in economy functions. Process forcational the American People and also an opportunity to send some , theges to the regulators problems that regulators are having when they have to deal with these companies. Google, facebook, and apple, all dominant players, and they pretty much dominate the platforms on which they operate. They do it to the detriment of consumers, ultimately, with basically Large Businesses and Small Businesses alike have to theyby the rules or else cant play at all. This hurts our economy and hurts the ability of people to achieve the American Dream. Emily when you look at these companies, does any one or to stand out as more egregious on antitrust than the rest . Johnson they pretty much all operate from a common playbook. On ability to impose rules companies that want to deal with bem, and how the rules can arbitrarily changed so as to benefit the the dominant player as opposed to the smaller entity that is trying to do business on the platform, and the fact that the platform, the economy is dependent on the platform. There is nowhere else for the is this worthy consumer to go other than through the platform to get a particular good and service. Also competelayers directly against those small companies, those small and Large Companies that are seeking to do business over those platforms. They have to compete with the platform owner. It is not fair and it is anticonsumer. AntiSmall Business. There is a common playbook, they amass large amounts of data, they use that data to give them a leg up on any competition that would come their way. And then also in terms of buying off any competition before it gets large enough to affect the dominant player. Place in thecommon playbook that these companies use. So not just one or two of them, use theseur of them same practices. Emily facebook, google, youtube, and twitter all pulled a video today promoting hydroxychloroquine as a cure for covid19. Twitter even temporarily suspended donald trump, jr. For tweeting out this video. What part of that is a problem for you . The video had already gone viral. Representative johnson some good things take place but a lot of bad things take place also. When you talk about the ability of false messaging to proliferate. And the only guardian is the platform itself to cut down on deceit thats and are distributive to cause a reaction, to cause people to do something. That is very dangerous to our society. To have the platform owner be the decisionmaker over what goes over the platform. You put that in a situation where there is a total lack of regulation or a lack of conduct, govern the and then there is no competition on the other hand, so the company pretty much gets to do whatever it wants to do. And if it decides to pull something, that may be a good thing the problem is that there is so much that is not being pulled. There is so much information that is being amassed and used against people. And then there is so much information that is being disseminated, being used to hurt people as well. Not a lot of problems and regulation over these companies. It is a big problem. Meantime, politico is reporting on Mark Zuckerbergs prepared testimony for tomorrow, where the ceo of facebooks prepared to say that the fight against disinformation and misinformation needs work. Earlier today, you conducted a searing interrogation of attorney general william barr. You told him that his Opening Statement read like it had been written by alex jones or roger stone. Were you satisfied with his answer today . Is ajohnson attorney barr smart man. He knows exactly what he is doing. He knows what he does not need to say. So he is very careful in his responses to direct, simple questions. He is very careful. He is intent on avoiding answering difficult questions. That is what he did today, kind of skipped around. That clear in his actions what he has done is put his thumb on the scale of justice to benefit President Trump by letting President Trumps coconspirators off the hook on their criminal cases so they will not spill the beans on the president. And that is obstruction of justice by attorney barr himself. Of course, he is not going to admit to doing that. He is going to couch it in, i am doing what i think is the right thing to do. But when he has never done it before on behalf of anyone other than his friend, the president , i think people can see through it. Emily we will be listening to your questioning of the text ceos tomorrow. Thank you so much for joining us and sharing your thoughts today. Coming up, we will be talking to tim sweeney, the ceo of epic games. Sweeney calls apple and google absolute monopolies. He will tell us why, next. This is bloomberg. As we have been covering, four of the biggest text ceos are set to testify on capitol hill tomorrow. Sweeney isceo tim calling on google and apple for being absolute monopolies. I spoke to tim sweeney earlier today. The market is google and apple. Those are your two choices for mobile platforms. Apple says, if you dont like our platform, use google. Google says the converse. These companies are using control of the operating systems to exercise monopoly over all comers conducted between consumers and businesses. Apple says, if you build an app for our platform, first for, you can only distribute it through their store. Imagine a town that only allowed target, disallowed any other stores from owning anything. That is totally unamerican and uncompetitive. That is exactly what apple does. A semiopenreated platform with android. The software is open platform but then they layer on all of these business terms with the Google Play Store and google search, which force all of the carriers making devices to lock it down and limit it. Apple and google are taking 30 of all revenues for comers. They are deciding which kind of apps you are allowed to build and which kinds you are not. They are preventing entire categories of innovation. Microsoft is creating this incredible Cloud Service where you can stream any game over internet servers, any device. Apple says no, you cannot have that idea. Ist we really need competition, so developers and consumers can choose each component of the software set they want to use and not be forced to use only apple. Emily apple also says 84 of the apps on the app store are free. I have spoken to developers who are grateful. Dont you think you should pay some sort of rent, if you will, to access the services . Tim competition is the way that priests are set in a fair market. Apple provides bandwidth to all these free apps and paid apps so you can download them to your device. You know who else provides bandwidth . Amazon is a competitor in the space, others. There are market rates associated with paying for bandwidth. There are market rates with payment processing. Mastercard and visa charge 2. 5 to 3. 5 for payment processing. Percentage with the that apple and google charge is that it is completely disconnected from their business. At epic, we know this. Epic has processed more than a billion dollars worth of direct transactions between our players and companies on windows, mac, and android. We know the cost of operating the store. 5 7 of revenue. Apple and google have way higher economies of scale. You can break down the cost by component. It has nothing to do with these rents apple and google are charging. To pay always happy providers for a fair service they provide. We like to choose between providers. Paypal, mastercard, visa, make them compete to offer the best rates or quality of service. Apple and google are completely denying that. Emily so you use the word monopoly . Tim well, it is a duopoly. There are two companies. Together, they own 100 of the smartphone market. Or Something Like 99. 9 . Apple has the majority of revenue in many countries. In other countries, google has the majority of revenue. It is impossible to look at a territory and say, in this place, apple and google are not a monopoly. They have Business Practices only a monopoly can get away with. Emily he launched the Epic Games Store for windows and mac, and you charge a 12 fee. Why do you think 12 is fair . Tim we looked at the cost of operating the service. They are transparent. Games in processing, 2. 5, 3 . As much as 6 in developing economies. Bandwidth is 1 , 1. 5 . Customer service, 1 , 1. 5 . We are able to charge percent profite a 5 to 7 margin. We love having the opportunity gamesn a 5 profit from made by other people by offering them our store. Emily all right, it looks like President Trump is stepping up to the podium. Pres. Trump today, my administration has taken a moment to step toward achieving american pharmaceutical independence. Very big, big step. A focus of our campaign to bring americas critical supply chains and medical manufacturing back to the usa. We have been working on this for a long time. This is a core of our strategy to protect our people from the horrible china virus. Should have never happened should have never been here, they should have stopped it. In the decades before i took office, foreign nations were allowed to plunder our factories, loot our industries. Millions of jobs were vacuumed out, just taken out so easily. Our politicians let that happen our communities were stripped and chipped in many cases to china and countries all over the world. Nearly four years ago, we launched a bold effort to enact fair trade deals and bring industries back home where they belong. When the china virus landed on our shores, it became clearer than ever before that restoring American Manufacturing is a core matter of national security. We must never be reliant on a sreign nation for america medical and many other needs. Pfizer Just Announced a little while ago that they are combining phase two and phase three trials. The vaccine looks like it is really heading in a rapid direction, a really positive direction. First time that has happened, and they are many months ahead of any other trial. So it is the fastest ever end, to me, it is very exciting. Today, i am proud to announce one of the most important deals in the history of u. S. Pharmaceutical industries. My administration has reached a historic agreement with a Great American company. This company is called, from the good old camera age, the old begin producing pharmaceutical ingredients. And it ised kodak, going to be right here in america. I want to congratulate the people of kodak, they have been working very hard. In rochester, they are trying to finalize this groundbreaking deal and they will be announcing this deal. I want to thank Governor Andrew Cuomo and his representatives. It is a big deal. It is a great deal for new york and kodak. 90 of all prescriptions written in the United States are for generic drugs. We have approved more generic drugs than any other administration by far. Generic drugs can be just as good as the brand names, but cost much less. Yet, in less than 10 of the active ingredients needed to make these drugs they are currently manufactured in america. More than 50 are made in india and china. Lots of things happening. It is happening at a more rapid pace. With this new agreement, my administration is using the defense production act to provide a 765 million loan to support the launch of kodak pharmaceuticals. It is a great name, when you think of it. It was one of the great rands in the world, then people went digital and kodak did not follow. Now, under extraordinary leadership, they are following and doing something that is a different field and it is a field that they have really hired some of the best people in the world to be taking care of that company, watching that company. It is a breakthrough in bringing pharmaceutical manufacturing back into the United States. Under this contract, our 33rd use of the defense production act. Rememberr when you when you were saying i did not use it enough . We used it as a little bit of a threat, frankly, with Certain Companies who were not doing what we ask them to do. The is our 33rd use of defense production act. Kodak will now produce generic active pharmaceutical ingredients. Using advanced manufacturing techs, kodak will also make the key starting materials that are the blocks for many drugs. We will be competitive with almost all countries and soon with all countries. Once this new division is fully theational, in addition to other plans we have opened with other come days other companies throughout the United States, it will produce as much as 25 of all ingredients needed to make generic drugs. 25 . This agreement will directly kodaks60 new jobs at factory in rochester, just in the initial phase. And in minneapolis. A place i have got to know very well and is a great place. The national guard, i want to thank the national guard, both state and beyond, for the incredible job. They went in and did some beautiful job. They cleaned it up. Created thousands more jobs all across our pharmaceutical supply chains. We have now been building a very big pharmaceutical supply chain. Not only coming out of china, coming out of other countries also. Navarro, thank peter and admiral boler to make this work possible. Todays action is our latest step to build the greatest medical arsenal in history. We will be able to do that through the defense production act and other authorities. We have invested more than 3 billion in nations industrial base. We have contracted with companies such as ford, general motors, phillips, others to produce more than 200,000 ventilators by the end of this year. More than seven times more than we would do in a typical year. We have contracted with honeywell, 3m, to increase u. S. Production of n95 masks. We have brought it from less than 40 million a month to 100 million a month by august. We will have 160 million and a very short while. Many times what we used to do. If you go back two years ago, many, many times. We are increasing Domestic Production of gloves by 1000 . We will be manufacturing 450 million gloves annually by next year. We are finalizing contracts with our textile industry to make gowns in america with american fabric. We have 13 million reusable gowns in the stock oil and we will continue to grow that number to 72 million this fall, which is a rapid escalation indeed. In new Major Investments rapid pointofcare tests. There is nothing like the rapid point where you get your answer 15 minutes,tes, to to maybe 20 minutes at the max. We are already at a 15 level and bring it up substantially from there. We are ramping up Domestic Production to 8 million test kits per month. There is nothing like this that has ever taken place anywhere in the world, or close. Through our partnership with manufacturing in the state of maine, we have increased production of test swabs from 30 million per month in june to 6 million per month now. I went to the plant where they do this. It was incredible. We will produce over 100 million swabs per month by january. We have dramatically ramped up production of materials needed for a vaccine and we are on track to rapidly produce 100 alien doses as soon as a vaccine is approved. 500 million doses shortly thereafter. So we will have 500 and doses. Logistically, we are using our great logistically, we are using our military our great military their whole life is built around logistics bringing things to locations, and they will be able to take care of this locationally and bringing it where it has to go. They are all mobilized. It has been ful