Security threats, will be deported. Response tot those that accuse him of overreaching. The actions taken by every single republican and democratic president for the past halfcentury. Of congressbers that . Authority to make our immigration system work better, or arch and the wisdom of me acting where congress has failed, i have one answer. Pass a bill. Republican say they will use that power they had to stop the president but they do not say what they will do. Here is john boehner. The president said before he is not king and he is not an emperor, but he is sure acting like it, and he is doing it at a the American People want nothing more than for us to Work Together. Turning to china, surprise move by the countrys central bank to boost the economy. China has cut Interest Rates for the First Time Since 2012. The benchmark lending rate was cut to 5. 6 . China is on track for its slowest growth in two decades. Has filed for chapter 11 bankruptcy protection. In june, the Supreme Court agreed with broadcasters that aereos streaming service violated copyright laws. We will get the back story of how it all unfolded with an exclusive interview with the ceo on tuesday. Western new york cannot seem to get a break. Seven feet of snow on the ground in some places. This week it could rain which could lead to flooding. Meanwhile, the Buffalo Bills have moved their game to sunday in detroit. Back in washington, lawmakers drew their battle lines on immigration following president obamas speech. Some took to twitter to respond. Rand paul said democratic senator Barbara Boxer said so what exactly happens now . White house correspondent Phil Mattingly is in washington with the latest. What is next for the white house after this speech . As one democrat told me last night, now the work against. The president goes to las vegas this morning where he will be speaking at del sol high school, the same location where he laid out his comprehensive Immigration Reform principles in 2013. The school is about 65 hispanic. Words, it is a target demographic for what the white house wants to do. Something that you will hear today, the president knows he needs to push back in a big way on republican messaging that this is essentially amnesty. Listen to what he said last night. Some of the critics call this amnesty. Well, it is not. Amnesty is the immigration system we have today. Millions of people who live here without paying taxes or playing by the rules, while politicians use the issue to scare people and with the votes at election time. That is the real amnesty. Leaving this broken system the way it is. Mass amnesty would be unfair. Mass deportation would be both impossible and contrary to our character. It is something to keep in mind. You will hear that over and over in the next couple of weeks. Need tos are aware they figure out a way to counter this republican argument, which has been effective with most americans. Republican opposition was fast and furious, several options. One is likely to happen . Thats the big question. What you hear from republican aides in both chambers is they want to take it to january. They want the new congress to come in. Senatetch mcconnell is majority leader, john boehner will be in the house, and then they want to work on legislation. They want to turn this into a funding fight in december where a Government Shutdown is on the table. You have seen lawmakers push back on that and they say january is the time. Top lawyers in both chambers are looking at any place where they can attack this legislatively or legally. When they decide to deploy those actions, that is the question they will be figuring out. Thank you very much. Lets get more on the republican reaction. I want to bring in the former policy director of mitt romneys campaign. Late last are out night listening to the president. There is a slew of options for republicans. As steve king said, they could try to impeach the president , they could file a lawsuit, they can go it alone with her own immigration legislation, they could define those agencies that would implement immigration policies. What is the realistic option . I think republicans have to tread carefully. The reality is, some of this talk about crazy options republicans should not respond that way. They should look at this rationally and say they dont agree with what the president has done, more importantly, the way it has been done. One option is to look at options to specifically defund the parts of the government that will enforce what the president is trying to do. Thatther option republicans need to pursue is their own Immigration Reform legislation. That will be important in the new congress. Those are certain the two realistic options, but if they pursue either of those, do they continue them to form the great wall with the hispanic voters as they head into 2016 . Dont they have to tell a delicate line there . It is critical for republicans to make this argument. When the president has done is put in place another shortterm patch. This is not about Immigration Reform. There is no permanent longterm solution either for the status of those 11 million here forcumented immigrants, or any of the other problems our immigration system faces. Onublicans have to focus ,ixing the system permanently in terms of border reforms, employers do not hire these immigrants, and then fixing the visa system. That all sounds great, but here was the twitter reaction among various gop senators and congressmen and women. Ator ted cruz tweets over and overt again leading up to the speech. Speaker boehner will be speaking in the next hour. How is he going to bring in the hardline republicans, like ted cruz, and bring him in line to really focus on comprehensive Immigration Reform, the kind of rational reform you are talking about . First of all, republicans have to recognize this is an issue that is very sensitive for a lot of people, that there is a humanitarian issue involved as well. Ultimately, we have importance of rule of law. Republicans have to stand for the rule of law, but they also have to stand for real solutions. Some of the extreme rhetoric that you see on both sides is inappropriate right now. What we have to do is sit down and find solutions. Unfortunately, i think the president made it harder for us to get to a solution, but that should be the goal of democrats and republicans. It is not as if the president has been lax on the border. As republicans have noted. He has deported almost 2 Million People since his presidency. Illegal immigration has low down during his presidency. And you cannot argue that legalizing immigration is not actually a boon for the economy. We have talked to so many economists about whether this move will be a boom or bust. Almost all of them, whether conservative or liberal, have come down on this as being an economic benefit. Fixing our immigration system permanently is what the economy needs. We need a system that allows us to get access to the best and brightest labor or also to ensure that we are filling the needs of all sectors across the economy, and that means rightsizing the visa program, allowing people who are innovators to stay here, but also ensures that we have a Guest Worker Program that functions properly. I dont disagree at all with the notion that we need Conference Ever form in order to have economic benefit. But the question is, has the president made that easier or harder . Heimately, by doing what did, i think he is making it harder to get to a real solution. Thank you for joining us, lanhee chen, former advisor to rip mommy. Mitt romney. European markets are getting a boost. Surprise rate cut in china and a hint by ecb president Margaret Drive he that further mario draghi where further stimulus could be possible. I want to go to london right now to talk about this. Stocks in europe are climbing two and eightweek high. Is this more about china or the ecb . Thet is hard to disentangle two. Two big pieces of news giving stock futures a lift. It was just after 8 00 that we got mario draghi. Let me read you what he delivered early on. We will do what they must to raise Inflation Expectations as fast as possible. The next weeks before ecb meeting, we have some staff productions. Everybody is betting that we will get more stimulus from the ecb, and in short order as well. Things were calming down after the speech and then we got the pboc, cutting rates for the First Time Since 2012. The chinese really focused on the short term rather than worrying about the longterm story. Both are boosting the european tory. Hard to disentangle which one is responsible for this uplift. The china story is interesting in you have the chinese bank easing, japan easing, and the ecb. All three of them visavis the fed, looking to hike Interest Rates. You have sort of a 31 you have sort of a 31 scenario here. Maybe people are reading the stories and filling in the gaps. Maybe the stories and filling in the gaps. Is going to compensate a little bit of that. That will bring some good news. You would think that would keep the story going for equities, but it will have an impact on currencies as well. Maybe that policy gap will push the dollar higher, and many to think about oil than we think about that story as well. Some of the Commodity Currencies have been rallying as well. The aussie dollar rallying against the u. S. Dollar today. That was the reaction when we first saw the pboc cut. It could change the mix elsewhere and prolong this dollar rally that we have been watching carefully over the last few. Thank you, guy johnson. Much more ahead, the fate of aereo revealed. The Company Filing for chapter 11 bankruptcy. And lets paraphrased Rodney Dangerfield. How come bankers do not get any respect . We will speak to the ceo of u. S. Bancorp. s signal is fading. The Online Tv Service filed for bankruptcy protection this morning. For more, we are joined on the has beensomeone who following the company from the beginning. Aereo has been trying to revive their business since the Supreme Court decision came down, basically shutting down the company for violating copyright laws. So this is it, this is their goodbye . [inaudible] it is a little hard to hear you. If you could move to a better signal, that could help us out. With aereo going away, there is no doubt they changed the game. They really change the game with online streaming. What kind of lasting affect you have cbs now launching their online channel. What do you expect to be the aftereffects . I think what they have proved is an appetite for customers to have online television. [inaudible] n thosers can lure i customers. They can come in and shake up the industry. [inaudible] i wish Cell Phone Services would actually work when they need to, alex. Thank you so much. Appreciate the effort. Way, on tuesday, we will be speaking exclusively with the aereo founder, chet kanojia. He will look back at the companys journey, not only for him, but also for the industry. Tune into that exclusive interview on tuesday. In the meantime, the big number is 500 million. That is how much george soros is getting bill gross to invest. Janus ass bolted for few months ago and said he is honored to get the money. Soros says he is not putting it into ananus fund, but account that gross will handle personally. The banks ithandle regulates to easily . And american bankers are looking for a little respect. U. S. Bancorp ceo Richard Davis tells us why. You are watching in the loop on Bloomberg Television and streaming online at bloomberg. Com. Im betty liu. Bnp paribas cuts most of the junk trading team. The french greg is working to reshape its investment bending banking business. They hope to profit in corporate debt. The ceo of the struggling car Company Hopes to restore confidence. The company has been plagued by an aging fleet and sloppy accounting. Is credited with boosting sales at united. Thels shares raised to highest level in 14 years after they gave an optimistic Sales Forecast for 2014. Said their personal computer business is performing better than expected. ,hey also announced jim parsons from the big bang theory, will star in their new ad Campaign Starting on monday. It is 26 minutes past the hour which means Bloomberg Television is on the markets. Equity futures are higher, bolstered by what has happened overseas. You have the ecb president mario draghi saying they will continue to boost the eurozone with more stimulus. China effectively did that as well by cutting Interest Rates for the first time in two years. All of that helping the rally here in the u. S. On the markets again in 30 minutes. Remember Rodney Dangerfield comedy comedian . Here is a question, why are bankers like Rodney Dangerfield . Theounds like a joke, but ceo of u. S. Bancorp says that bankers are like rodney. Richard davis sat down with Erik Schatzker and told us why it is no joke. Us old enough to remember Rodney Dangerfield, one of his gigs was, i get no respect. I think the bankers have, for a long time, suffered from some of the lack of respect. Number one, there is no fouryear degree for banking. Credentials behind you on the wall or on your desk. Number three, 95, if not a higher percentage, of bankers, say credentials behind that thes accidentally, me among them. Very few kids want to be a banker on the playgrounds. What they really wanted to do was something in life that matters. To a while it takes people come into the industry. But every once in a while, they say this is my vocation, this is what i want to do, and that is when the magic happens. I bet you can find as high a level of attention in this industry but its a different starting point. People do not necessarily get into it with a reverence of being a teacher or fire person or a physician or something. Who is more responsible for the lack of respect, the customers or the bankers . It is both. E should stand up and own it we should own the pride and ability of what we do for a living, which is help people. When times are good, banks say yes to people all the time. I have a desire to get something, a dream to pursue. Yes, it makes sense, you have the wherewithal. In tough times, whether they want it or not, their ability to achieve it is different, and we had to say no more often. At the same time, we are protecting you more than we know because we do not think you are equipped to take on that new service of expectation. We are doing you a favor by not putting you in harms way. Times are getting better, are you saying yes more often now . Absolutely. At the macro level, which the fed is watching for, people, companies are taking action to be ready for the next opportunity. Our lines of credit, which we peoplelions of dollars, need it. Our lines of credit have been growing faster than our loans. People expect to have an opportunity to buy in levels that they did not have five years ago, record level today. Consumers are starting to use their credit card and are feeling more comfortable about a backstop at home or in their incomes train, that they can have some more safety in buying things. If thats the case, why is Revenue Growth so hard to find for your bank and we are behind everyone elses. All of my loans are my commitment, not just in thing a way back. Economy,le look at the they are doing as much of that. They are not sending themselves to the bank. Use your money. When you are feeling good, you use the bank money. Until that happens, we dont have a chance to be as relevant in an economy that is still finding its way to the future. We make money when we are serving people. When the economy drives, we thrive. When the economy struggles, we struggle. Your return on and be equity is the envy of the industry. Could it go back to where it was in the 2000s . It somewhere between where it was before the recession, and where it is today. I think that is for all banks. If you take the difference for two, summer in the middle. That recorduity is high levels of equity based on the good work of the regulators. Revenue is at low levels because the economy is working three. Once the revenue picks up, divided by a higher equity, you get somewhere between today and where were before. The clearinghouse represents the nations biggest commercial banks. How closely aligned are your interests with those of wall street, when it comes to regulation and constraints on your ability to make money . There are a couple of reasons. Im completely engaged in everything that is happening regulatory. , globally designation and systemically important. We are the First Commercial Bank that is not g. Technicality, i could find advantages for being not one of those Companies Based on lower capital requirements, and some of the lesser screen name. Believe in the trickledown theory that whatever happens above me will be some derivative down to a bank my size. I paid close attention to that. Im an advocate for being done properly and fairly, with enough opportunity for us to adjust. I think its the right thing to do. Are your interests aligned, or at odds . They are aligned. During this recession, one of the best advocates we could have had is a Banking Industry would have been our customers. Our fortune 50 customers around the globe. Imagine if they had been able to stay in a better place. Size,d all banks of all we need the big banks, regional banks, community banks. Im in that regional section, and i have found myself often advocating for the largest banks, because in the ecosystem of banking, i