Baseball. Julie hyman tells us why investors are watching Quarterly Earnings so closely. All of those stories coming up in a moment, but first lets get you to the top stories were following this hour. Passengers arriving in the u. S. From three western nations with an outbreak of ebola will be ordered to enter through just five airports. The new procedures become effective tomorrow. Federal officials are going on the road with new guidelines to provide head to toe protection for healthcare workers treating ebola patients. Behind for an ebola vaccine will the hunt for an ebola vaccine will produced data if they are safe by september december. If they are deemed safe, tens of thousands will be used in the february. An trial in Oscar Pistorius was sentenced to five years in prison for killing his girlfriend reeva steenkamp. It means he could be moved from prison to house arrest in eight months. Today, rick snyder has decided to sign legislation to ban tesla from selling cars through its own stores rather than through traditional dealerships. They are clearly setting up monopolytion on and distribution. That is ridiculous. The fact is that even in an extreme world where our manufacturers are selling their own cars, through their own stores, it would be extremely competitive pricing between the brands. Teslasealers say approach Undermines Health franchises sell vehicles. Tesla reached deals with ohio, new york, pennsylvania. Housing roast the highest level in the year which as to size and Residential Real Estate will be up plus for the u. S. Economy. Housing rose to the highest level in a year. Home sales advanced 2. 4 . In the markets, stocks extended a rebound to a fourth day and european equities surged as speculation grew that the areas central bank is buying bond. The euro weakened while gold pasting gains in commodity. The nasdaq is leading the major indices higher. It is up nearly 2 . Percent. 00 up 1. 6 the dow industrials at 184 point rise. The former u. S. Treasury secretary Lawrence Summers says last weeks volatile market movements reflect a state of liquidity in the markets. He sat down with in this lucid interview with Market Makers anchor Stephanie Ruhle at the robin hood investors conference. He sat down in this exclusive interview with Market Makers anchor Stephanie Ruhle. The big deal last week was a in or seven move in an hour the money market. That suggested, it was the equivalent of a flak crash only up. It took place in the 10 year bond and in longerterm treasury bonds. That raises several questions about market institutions and the adequacy of liquidity that people are going to have to study. I think those problems have been there, by the way. But, what happened last week pointed up some real risks that we will have to live with for some time and i think it is important to think about assuring that there is adequate liquidity in those markets. Able to live life without qe . Yeah, we will be able to live just fine without qe. After all, the Interest Rates at the 10 year are much lower, not much higher, then they were before qe started. Former u. S. Treasury secretary Larry Summers with our Stephanie Ruhle. For more at what we are seeing at the bottom market, im joined by an executive Vice President and Portfolio Manager at pimco. What strategy do that chair janet yellen and her colleagues need to implement to keep bond yields relatively stable but at particularly after the recent plunge we have been witnessing in yields . It is actually very really difficult. Qe one andd and it two, the big bond buying programs, 2011. The big bond yields fell. They are trying to engineer three great escapes. One is from the liquidity trap. They want banks to lend more. The ecb is going through this. The second escape is from qe. It seems that the markets are having difficulty when the fed decides it wants to stop its bond buying. In fact, the fed meets next week, wednesday, and it is supposed to tell us that the end of qe is here. The third escape is to get off of the zero Interest Rate level that has been in place for six years and that is the most ethical task of all. The most difficult task of all. The might be able to more stays in the game, the more it creates Financial Stability risk. Secretary summers was telling my colleague Stephanie Ruhle in that interview is that a lot of the things that ebola concerned about is the adequacy of liquidity. That people are concerned about is the adequacy of liquidity. It is part of the reason for the rally in the u. S. Dollar. The u. S. Treasury market, for example, trades one and a half trillion per day in terms of total volume. The amount of money on the bid and on the offer side, it is much less than it used to be. In times of stress, the bid ask price can double and the quote depth can shrink in half. The banks should be careful about what they own. They dont want to warehouse risk anymore. There is not bear stearns or Lehman Brothers to hold securities. It is a game of hot potato and they are more security and when one wants to go to sell, it can be difficult. You just used the term in times of stress. Times you define in of stress . It is when they determine what the equity ratio to be. Is that when they see fundamentals changing . It is in part fundamental and psychological, too. Was year, ben bernanke indicating that there would be a tapering of the feds bond buying. There was a paper tantrum. Investors, speculators, their fromd to show this, went long to short the bond market. Ever since last summer, positions only grew and grew and grew. There are various ways to measure this. There was a massive short base treasuryr the 10year got out of its 2. 5, three range that existed for near a 3 range that existed for a year. And itlt a lot of pain was time to get out. It became psychological. A classic capitulation trade. So, we have so many geopolitical crises at the same time. How should fixed income investors be positioning themselves . We think investors should be involved in dollar assets by merrily or at least in terms of currency exposure. One has to go global in terms of assets, of course you want high quality assets as well. Central banks are willing to cut off the left tail risks. The ecb is next. We have seen the bank of japan and the fed be very aggressive about their policy stances but the ecb has been lagging behind. Aheadl probably get more next year. They would like to spread money around the world in a 100 trillion dollar market. What does pimco expect the fed to do in the next cycle . The fed for various reasons in 1995, it raised it to 6. 5, 2000, to 6. Ish for the neutral rate. Numerous reasons the fed cannot go high. The Economic Cycle is five years long. The time they start raising rates, it is six, in two years, it is eight years old. How many more car cells will there be enough time . Moves its rate, it will be acting with its Balance Sheet. It will not be buying bonds. It will be tightening. The amount will be massive when combined with the Balance Sheet actions as well. Speaking of fed, in our last minute, talk to me about how wall street is going to interpret the language. People are always looking at the language in the fed statement. What are you expecting . There are a couple of lines that people are looking closely at. There would be considerable time chewing the end of the Asset Purchase Program and a first rate hike. We are not sure when that is. Stanley fischer said it is between two and 10 months. The end of the cycle is next week. The fed will likely keep that there. If they keep it out, to some minds come it will be an earlier hike. Also, the second key phrase is the significant utilization of labor market resources. The fed will probably continue to say that. If it doesnt, well, the jobless rate is getting closer to implementing full employment. It is time to move on rates and raise rates. The thing is to not get too wrapped up around the axle on the idea of when they will tighten. It could be march, june, september. Keep in in mind how much they will be. Good to see you again. Thank you as always. Its coming up, dan logue shares his best ideas with coming up, dan loeb shares his best ideas with Stephanie Ruhle. Well have updates from the robin hood Investor Conference all afternoon here on bloomberg television. Welcome back. We continue to cover the latest on the ebola virus. The government announced tighter travel restrictions for passengers out of africa. Shelby holliday has been following the story. She joins me with the latest. How far do these restrictions go . They are restrictions. The department of Homeland Security said that passengers humming from guinea, sierra leone, and liberia coming from guinea, sierra leone, and liberia, will have to come into. Chicago, new york, chicago, o hare washington, dulles. 94 coming from those west african nations fly into those airports when they arrive in the u. S. Those airports are set up for enhanced screening. Anyone coming from west africa will have their tip which are checked, they will be identified, they will be asked for contact information. It is a way for the government to monitor these travelers in the u. S. What do the restrictions and tail . They basically just make these passengers fly in to one of these five airports. The reason, the white house has said, the reason we are not introducing a travel ban is because we dont want to limit the response to the crisis in africa. The results of a recent study said in land said, even with ncet only three could leave africa every month. It is a very limited risk. As we said with thomas eric duncan, that one person who can get in the country can cause a whole big ordeal. Unfortunately, we are seeing the Ripple Effect today. Tout a month after he came the country. No doubt, Shelby Holliday ebola. Ng the latest on when we come back, julie hyman will have an on the markets update as earnings drive a mini rally. Later, the president of the Boston Celtics and a discussion on the upcoming season. That in a moment. Welcome back. The world series gets underway as the Kansas City Royals host the San Francisco giants. Will kids be allowed to stay up past their bedtime and watch . It is one of the many issues plaguing his pauls appeal to americas youth. Downbergs matt miller sat with some kids. It is one of the many issues appeal toaseballs americas youth. Baseball has a problem. Young people arent tuning in. Not even one in 12 calls baseball his or her theyve for sport. What can the incoming commissioner do to turn things around . Stays generation cannot on nine innings of baseball. I cannot stay focused and i am 40. I talked to a bunch of kids that birdt even spell the baseball. It will probably be over around 11 30. Stay upallowed to that late . No. When the bases are on the pitcher must deliver the ball 20 seconds after he receives the ball. That has not been enforced in outgoing commissioner bud seligs tenure. Wait, wait. Surprise, the game is getting longer. Your average ballgame clarkson at three hours and eight minutes. 1950 where the average ballgame lasted two hours and 22 minutes. Two andhe game back to half hours be enough . How long would you spend watching a baseball game . What he five minutes. Christ did you ever go to a baseball game . I went to one on vacation and it was so boring that i fell asleep. What would make baseball more fun for you to watch . A home run every time. Homeams only produce 0. 86 runs per game. Sammy sosa and mark mcgwire were hit over 40 home runs in a season. Everybody watched the game. Having on a are you scale of 110. Ome. Robert, how much fun are you having . A three. Much fun arehow you having . Two. A little bit more fun than watching the baseball game. Quite how about you . A ten. Missed your calling. You should have been a kindergarten teacher. I was a preschool teacher for while. I dont want to know. So badlast year wasnt but anytime the giants are in the world series, guess who cares . Nobody. The lowest rated world series in history was 2012, 2010. Especially when they play a midwestern team like detroit. That was the lowest rated. 20112, a 12. 7. Now, they will play kansas city. Most people dont even know where that is. Well, they are not stars yet but of world series will increase their profile. How much money is being put into increase their profile . Mlb baseball is putting a lot. The games are getting 12 billion from nbc, foxx, and fox, and pbs. The other thing is batters. I like to get outofthebox, get outofthebox, given the boxed. They are trying for as long as possible. More camera face time. Time for on the markets. Here is julie hyman. Lets take a look at where stocks are trading. We are seeing a rally for the major indices. The nasdaq better than 2 . Apple is out with earnings that beat estimates. Those shares have been rising. , shares are falling by the most in six years. The worlds biggest beverage maker reported thirdquarter sales that missed analyst estimates. It also announced a 3 billion costcutting plan. Lets take a quick look at apple. Those shares are rising after tim cook forecast a fourth Straight Year of record holiday sales. We will be back on the markets in 30 minutes. Welcome back to the second halfhour of bottom line on bloomberg television. Begins on14 season october 28 the Boston Celtics franchise was formed in 1976. Rich kaufman is president of the team and he joins me in the studio. You are in enemy territory, thank you for coming in. Lets start with sundays preseason game with the brooklyn nets. The game was shortened, one minute was taken from each quarter. That sort of a 48 minute game, you had a 40 four minute game. Why was this done and what was your reaction . The league is trying to push the edges to see how they can deliver a more fan Friendly Product and at the same time providing more competitive game on the court. The game comes above all. If you can reduce the wear and tear the player over the season, butgames doesnt mean a lot over the course of the season it can mean a lot. Tvo, to make the game more friendly. We just did a segment before you about Major League Baseball and how the game is getting longer. Decades ago, it might be two hours and eight minutes, now it is over three hours. Is that something the league is concerned with, the length . I think it is about delivering a better product to consumers. Flow, it isdoes it just an experiment. I dont think theres any real commitment to it. It is testing whether or not it is a under experience for the team. The fact that the nba is trying some of these things. At least it on the forefront before it is something that everybody does but at least you can say you tried. Any feedback from the players . The players didnt seem to notice any difference. Toy notice when it comes substitutions and when they subbed for certain players but our games are only two hours and 15 minutes in its entirety. I dont think the difference will be real palpable. How does am, sports franchise decide what is a successful season economically if you have not had a successful season on the field or in your case, on the court . We consider ourselves a championship organization. Contending for a championship or building towards our next championship. Are we taking the steps necessary to move forward to get enough that goal . We judge every season through that lens. Coming up, we will take a big step closer where we want to go. We will develop our young talented players on the court, we will develop our fan base off the court. We will find new ways to connect and engage with fans. Over time, as the team progresses, the fans relationship with the team progresses and it all comes together and that is the hope for the upcoming season, that we take a big step forward in both departments. You mention the fan base, how do you develop that connection if the fans feel that the team is in rebuilding mode as opposed players out and getting and contending for a championship now. I think the best way to address that is to be very transparent in your communication with fans. Come from. D that was that always your philosophy. In some leagues, there are teams that dont have that chance fancy or you can tell on sports talk radio because the fans say we need to know before we shell out all this money for season tickets. The fans are very well educated. We have fans that have been following us for 40 years. I think it is part of honoring the brand. Recognizing that our fans deserve to be brought into the dialogue and deserve to understand how we are getting from point a to point b if they expect them to buy in and stick with us. Can they influence what the front office does . I dont think we are leading Public Opinion what we think. I would imagine that you cant. Making sure their understanding why we are making decisions were we are making in helping them to see the logic behind what we are doing even if it isnt always intuitively obvious. , you talk about the celtics the championships. When you look at that tradition, does it hold sway with advertisers and broadcasters given the fact that your most recent championship was 2008. Famousre World Championship brand. Those banners and the rafters mean something. Our organization stands for something independent of the performance on the court. Were in a cyclical business, i think people get that. If they have confidence in the management and the ownership of the team and the management is invested in putting the best product for it and willing to spend money to put a Championship Team on. Associated with a winner. If they are not winning, you need to help them understand the steps youre taking to win. That seems like they did in kansas city with the royals. They told the fans, just wait, just wait. Now, they are