Transcripts For BLOOMBERG Bloomberg Bottom Line 20150303 : v

BLOOMBERG Bloomberg Bottom Line March 3, 2015

s controversial speech. Lets get you to the top stories were following at this hour. Republicans say the house of representatives will vote as early as today on a bill to fully fund the Homeland Security department through the end of the budget year. That bill would not include immigration restrictions. Facing twin options, Speaker John Boehner outline the situation or rankandfile gop members during a closeddoor caucus meeting this morning. The democrats say they will support this clean Homeland Security bill. New questions are being raised about Hillary Clintons correspondence as u. S. Secretary of state. The state Department Says she conducted government business with her personal email account. That would break federal rules. Secretary clintons aides did not save her emails, federal requirements. She has turned over thousands of pages to authorities. The state department emphasized mrs. Clinton did not use personal email for classified data. That is a look at the top stories we are following at this hour. As we mentioned, the israeli Prime Minister Benjamin Netanyahu at a joint meeting of u. S. Congress warned the u. S. Congress that a Nuclear Agreement with the run was a bad deal that would threaten his country. The threat was a direct challenge to the obama decision policy, peter cook is live on capitol hill with more on the fallout. I want to take you to the white house for some reaction from president obama. Once again, pursuing its Nuclear Program accelerate its Nuclear Program, without us having any insight as to what they are doing. And without constraint. It his essential argument is if we double down on sanctions, iran will want to do that. We have evidence from the past decade that sanctions alone are not sufficient to prevent iran from pursuing its nuclear ambitions. If it in fact does not have some sense that sanctions will be removed, it will not have an interest in avoiding the path is currently on. The bottom line is this we dont yet have a deal. It may be that iran cannot say yes to a good deal. I have repeatedly said that i would rather have no deal then a bad deal. But if we are successful in negotiating, then in fact, this will be the best deal possible to prevent iran from obtaining a Nuclear Weapon. Nothing else comes close. Sanctions wont do it, even military action would not be as successful as the deal that we have put forward. I think it is very important not to be distracted by the nature of the Iranian Regimes ambitions when it comes to territory or terrorism. All issues which we share a concern with israel about. And are working consistently with israel on. We know that if in fact they obtain a Nuclear Weapon, all those problems would be worse. We are staying focused on the central issue how we prevent iran from getting a Nuclear Weapon . The path that we are proposed if successful, why far is the best way to do that. By far is the best way to do that. That is demonstrable. Prime minister netanyahu has not offered any kind of viable alternatives that would achieve the same verifiable mechanism to prevent iran from getting a Nuclear Weapon. So, i would urge the members of congress who were there to continue to express their strong support for israels security to give new to continue to express their strong opinions about providing the offense the defense israel needs to repel attacks. Its important fermenters of congress to unified in pushing back against terrorism in the region. And the destabilizing efforts that iran may have engaged in with our partners. Those are all things in which this administration and israel agree. When it comes to this nuclear deal, lets wait until there is actually a deal on the table that iran has agreed to. At which point everyone can evaluate it. We dont have to speculate. And what i can guarantee is if its a deal i have signed off on, i will be able to prove that it is the best way for us to prevent iran from getting a nuclear warhead. And for us to pass up on that potential opportunity would be a great mistake. Its not one that i intend to make, and i will take that case to every member of congress once we actually have a deal. Hold on. I will take one question. You had a chance to read the remarks, do you feel like the speak the speech he made was appropriate given the upcoming election and deadline . Did iran come up at all when you spoke to other leaders about ukraine . All the focus all the folks on the call today share my position that we should see if we can get this deal done. It was not, a topic of conversation. With respect to the decision of the speaker to offer up the House Chamber two weeks performance or none yahoo mr. Netanyahu s election, that question should be directed to mr. Boehner. Its very important for us not to politicize the relationship between israel and the United States. It is very important for all of us americans to realize that we have a system of government in which Foreign Policy runs through the executive branch. And the president. Not through the channels. And i think its important for us to stay focused on the problem at hand, and the specific problem that is being debated right now is not whether we trust the Iranian Regime are not because we dont trust them. Its not whether iran engages in destabilizing activities, everyone agrees with that. The central question is how can we stop them from getting a Nuclear Weapon . And what we know is that if we are able to get a deal, not only do we cut off all of the various pathways for ron getting a Nuclear Weapon, but we also know that we will have a Verification Mechanism and an inspection mechanism where if they cheat and engage in a covert program, we are far more likely to see it in time to do some thing about it. But i also know is that if we dont have a deal, as Prime Minister none yahoo suggested Prime Minister netanyahu suggested we will be less aware of it until it is potentially too late. What i also know is that he made the same argument before this Current Interim deal, and even as officials in his own government have had to knowledge that iran has in fact maintained there in the bargain. What i am focused on right now is solving this problem. Im not focused on the politics of it, im not focused on the theater of it. My strong suggestion would be that members of congress, as they evaluated, stay similarly focus. Thank you, i appreciate it. That was president obama firing back at israeli Prime Minister Benjamin Netanyahu who came to capitol hill to deliver his third speech to a joint session of congress arguably the most controversial speech of his career and maybe the most highprofile speech of a foreign leader here in washington in quite some time. Through the course of his own comments, the Prime Minister praised the United States for its support of israel, praised president obama for his support of israel specifically, and then went on to trash the obama administrations plan to negotiate with iran over its Nuclear Program. He said the talks underway right now would pave the way for a Nuclear Armed iran that would threaten israel and potentially threaten the world as well. My friends, for over a year we have been told that no deal is better than a bad deal. Well this is a bad deal. Its a very bad deal. We are better off without it. Netanyahu said a better deal could be achieved through tougher sections. He got several Standing Ovations during the course of his comments, but not every u. S. Lawmaker was cheering, some democrats were boycotting the speech saying they felt was inappropriate given the upcoming israeli elections. They also saw the premise or was taking a shot at the obama administration. Heres a democrat from kentucky. The speech was straight out of the dick cheney playbook. It was fear mongering and its ultimate. Israel perceives its threat differently than we might. But i dont think theres any question that the administration and all of us understand that threat, and are trying our best to thwart it. House Minority Leader Nancy Pelosi even tougher, accusing none yahoo in her comments netanyahu in her comments saying she was said and by the condescending tone of the Prime Minister. Tough words from the top democrat in congress. We will see if netanyahu achieved his goal of undermining this deal. Peter cook, thank you. When bottom line, continues we have more on the netanyahu speech, and his book the age of Sustainable Development. Welcome back. In his address before a joint meeting of the u. S. Congress Prime Minister netanyahu warned lawmakers about the fallout from lifting sanctions on iran. Joining me is Jeffrey Sachs director of the earth institute. He is also author of the age of Sustainable Development. Welcome back to bottom line. Is this, as Prime Minister netanyahu characterizes it, and this understated a misunderstanding among family or is this a great . Prime minister netanyahu is just wrong on these issues. President obama is right. The idea that the israeli Prime Minister came here to derail these negotiations, which are just u. S. Iran negotiations, but this is u. S. , u. K. , france russia, china, germany. Its not a naive group. To come do this i think was absolutely inappropriate. The idea that you just hold sanchez to try and undercut any chance of success sanctions to try and undercut any chance of success negotiations has been shown to be wrong time again. The Prime Minister was out of place in with the express today. Mr. Netanyahu opposes any deal that leaves the iranian Nuclear Program intact. Is that realistic, given that any compromise will require give maximal laws sides give back on all sides . President obama said to stop iran or make it impossible for them to make a Nuclear Weapon thats the direction they are taking right now. The idea that any enrichment capacity at all dooms this which is what Prime Minister netanyahus position is is faulty analytically and its faulty by the standards of International Law of the nonproliferation treaty as well. Its not going to happen that way. I think it will need to hope for is a sound agreement, is not yet they are as president obama said. But to try and scuttle an agreement and think thats going to make the world safe is really a reckless position. Yesterday my colleague gave us an outline of the toll that international stations have taken on the iranian economy. If sanctions relief is one of the key components to irans economic recovery, where is that relief needed most . Anytime you try to close down the economy financially and by preventing trade, you do a lot of damage. I believe the right now as has been mentioned by many, iran and the United States actually have common interests in fighting isis, which is a really serious threat right now. We are on the same side of that. We have a chance to find some meaningful Common Ground just to say there is no chance of any Common Ground has been shown time and again in history actually to be the prelude of much worse. If you say there is nothing we can agree on, you just open up vastly greater dangers. That is what Prime Minister netanyahu did say, i was disappointed. What sectors of irans economy could help change the countries fiscal direction . The whole economy has been suffering for years these sanctions really bites. The whole economy has suffered high inflation, a lot of financial is ability, instability stagnation, unemployment. They are looking for a way out, and why they have reached out to say we can find some compromise with you, some compromise that could be verified and secured. That is the direction it seems that the treaty is going, if its not undercut by those that want to scuttle the whole business. We were a little bit delayed because the president s remarks. We would like to take a commercial break and continue this after the break. Jeffrey sachs, director of the earth institute. We will talk about Sustainable Development when bottom line, on Bloomberg Television continues in a moment. We are back with Jeffrey Sachs, professor at columbia university. Lets switch gears, Sustainable Development. On the website project syndicate, you were a piece wrote a piece which reads in part glowing growing threats are coming, whether Developers Like it or not. What is recent Research Tell Us . We are seeing droughts like the serious drought in california. The very serious drought in sao paulo, brazil. The very serious droughts in serious, iraq, iran afghanistan, yemen that are destabilizing those countries. We are seeing massive floods like we saw in the balkans last year, with a massive floods that we saw in japan. We are seeing the upheaval of our own Winter Weather system in new york, with this unbelievable amount of snow and the polar front dipping so far south in the United States at the same time, the alaska is experiencing 40 degrees fahrenheit above their normal temperatures. A lot of derangement of the climate system internationally. You believe Sustainable Development will be the central policy issue framework for the next generation. How does that square with lack of jobs, deficits, and such . Are they two sides of the same coin . Grexit Sustainable Growth needs in carmel stable of the. Economic growth, which we have by and large is not enough. If its only for the top 1 , if the income gap is widening, not good enough. If its destroying the climate or the land, or the ocean chemistry, not good enough. So Sustainable Developments like you did all right on the first homework assignment. It turns out the course is harder than you thought, because you have to get three things not just one thing right. Thats the way we have to go, because we are on a collision course with nature and are inequality in our economy is rising. We are not doing the job to make the kind of economy we really need. Lets switch back to geopolitics. You knew the late russian opposition figure buried today, shot to death last week. What are your thoughts on his murder, and what are your thoughts on the title of legacy he leaves behind in russia . In the early days, when i was working with the president gorbachev and president yeltsin on that terrible crisis of the economy, hoping to get a market economy started, he was one of the young, wonderful, honest leaders of the country. He stayed that way all along. Others became corrupted by what is an awfully lawless system sometimes. But boris was always telling the truth. He knew in recent weeks that telling the truth could cost him his life as he told people just before his death. He thought that putin might go after him. Its unbelievably tragic and dangerous what we are seeing. What is his legacy for the opposition in russia . He will be recovered as one of the bravest figures of reform, and the call for democracy and the call for Economic Freedom as well. He was a wonderful person. Will reformers be hesitant to speak up, or does this embolden them to do more . I dont know if anyone is emboldened. Everyone is frightened. The situation is not good, and its dangerous. Its never going to be put down entirely. Russia by itself has put itself in a dangerous position. Its also reeling right now economically, the war in ukraine , obviously, is horrendous for ukraine, but it has been a big mistake for russias well. Jeffrey sachs, director of the earth institute, author of the age of Sustainable Development, professor, thank you. Coming up, the ceo of Rockwell Collins will join us bottom line, when bottom line, continues in a moment. Hes out there. Theres a guy out there whose making a name for himself in a sport where your name and maybe a number are what define you. Somewhere in that pack is a driver that can intimidate the intimidator. A guy that can take the king 7 and make it 8. Heck. Maybe even 9. Make no mistake about it. Theyre out there. I guarantee it. Welcome to the Nascar Xfinity series. Mark welcome back to the second half hour of bottom line on Bloomberg Television. Im mark crumpton. Lets get you to some of the top stories we are following this tuesday. Crude is up about 1. 5 , trading at 50. 38. Shares of liquid long debate lumbar liquidators of today, raising the companys rating from neutral to b

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