Bearish on stocks even after the s p has closed at record highs 52 times so far this year. And we will be speaking with former American Airlines chief executive bob crandall. He will help us understand how another passenger jet could vanish. Plus, a special guest host in the next hour, the former president of cnn and current ceo of his startup will discuss the current state of media in light of the sony hack attack. The movie made 15 million over the holidays. Political and financial turmoil in greece today. The country faces early elections as soon as next month after the defeat of the Prime Minister, who failed in his third and final attempt to persuade parliament to back his choice for president. The favorite in the elections will be the party which opposes the greek bailout agreement austerity with the eu and imf that has the Stock Exchange down as much as 11 in trade. Investigators say the missing airasia passenger jet is probably at the bottom of the sea. It disappeared on a flight from indonesia to singapore. Shortly before the plane vanished, pilots had asked for permission to climb higher to avoid clouds. Here is the airasia ceo, Tony Fernandes. Our First Priority now is to look after the families and do whatever we can. Accuweather says there were storms along the flight path. Libyan islamist militants set storage tanks ablaze on chriss dan while the fire has been extinct on three of those tanks, there is speculation that the escalating conflict in libya may tighten oil supplies. Brent crude was up almost 2 in london. The International Benchmark is still down about 46 this year. Here in new york, a controversial protest of the funeral of a policeman who was gunned down with his partner. And number of new york city officers turned their backs on mayor bill de blasio when he spoke of the service on saturday. The cops were angry over what they see as a lack of support from the mayor. In the middle of this growing divide, Police Commissioner william bratton. It was inappropriate, and at the same time it was reflective of the feelings of some of our officers about not just of the mayor, but some of the many issues that have afflicted the city at this time in this particular police department. Bratton says there have been more than 50 threats against new york city officers since their colleagues were killed. It is the highest profile feature film to give you on the internet. The interview took in 50 million in online sales the first four days it was available. It was rented or purchased more than 2 million times. Itunes will offer the dark comedy about a plot to kill the north korean leader. Major theater chains canceled the plan Christmas Day release but other theaters did show the movie. Back to our main story this morning. Greek Prime Minister antonin samaras failed in his third and final attempt to persuade parliament, as we mentioned to back his candidate for head of state, triggering snap elections early in the new year. The Political Drama triggering this selloff, as you can see, on the athens Stock Exchange, which is now down more than 6 , and more than 17 in the last month alone. Joining us to discuss all of this is the Bloomberg Markets managing editor Joe Weisenthal and elliott got in. When are the elections going to take place . The earliest they can take place is january 25, and and Thomas Samaras is planning to meet with the great resident tomorrow to ask him to dissolve parliament and set the date for general elections. We will be back here in about a months time. As you said in your introduction, the favorite to win the elections is the antenna astoria antistuausterity party. Joe, is this 2012 all over again in greece . I think it is different from 2012. Obviously, there are similarities. You have borrowing costs spiking for italy and spain and greece and all these countries. The question was debt sustainability. Now it is about after all these years of crisis and weak Economic Growth how sustainable is the political system . We are seeing the first crack in greece and the possible election of a harlot artie of a far left party. The fear is not so much that there will be contingent from greece aof contagion from graceland that there is a preview of issues. I see it as also positive element, that maybe we will be able to go back to ignoring greece the way we did before. Is it possible to renegotiate the agreement without causing europewide panic . The only problem with the renegotiation plan is that there are all these antiausterity parties everywhere else in europe in a lily italy, spain, and if greece can negotiate its plans, why cant we . The leaders in europe are loath to renegotiate. Furthermore, it is not just the fringe that is antiausterity. The Prime Minister of italy wants europe to loosen the restrictions set in place. And that will be a good thing if the centrist parties could agree to that, like a broader loosening austerity. The only party that needs to agree is germany. Elliott, could this trigger what were talking about a domino effect with other countries . I guess that was more of a concern back in june 2012 when i was here offering those general elections that happen in quick succession. Clearly there is a concern that the could be some contagion, but even in greece it is not the same economy we were talking about 1. 5 years ago. The economy is growing. 7 percent this year, almost 3 next year is the forecast. It is set to balance its budget for the first time in some four decades as well. Clearly there are concerns about contagion but lets not forget that even if service wins elections, it has to form a government and lament policies. It would not be the first time that someone comes into office in greece or europe and does not make good on the promises he was making in the runup to elections. In this parliamentary election, the pitch to lawmakers was lets just be responsible this time, lets not cause a huge problem. He is going to have to conduct a nationwide actual general election. How do we think that which is going to change . Well, look, he did manage to persuade in of elementary ands enough parliamentarians to his way of thinking, despite dangling the prospect of general Elections Committee expanded the governing coalition to include other proeuropean lawmakers. There will be a hard sell to say vote for me because otherwise things are going to get worse. At the same time, he has been wanting that if you vote for the other guys then you are going to undo all the good work that has already been done. Yes, it is still have increased. You have still tough in greece. Youth unemployment is at 50 . People are still struggling. At the same time, things have been improving and samaras pitch is that things are Getting Better and stay with me and they will continue to get better. Elliott gotkine, bloomberg middle east editor on greeces upcoming elections, and also thank you Joe Weisenthal managing markets editor. He will be taking us to the opening bell. Ill be back. Excellent. Youll be back. Coming up on this special edition of in the loop more on the airasia flight that disappeared. You will hear from an authority on the airline industry, bob crandall, former chairman and ceo of American Airlines. Also, global stocks are in selloff mode this morning after that failure in greece to elect a new president and forcing the snap elections that could emphasize, could derail the countrys economy. Warships and airplanes from 4 countries are searching the jobless c4 the java sea for an airasia flight. It was halfway to its destination, singapore, but vanished from radar. It comes among one of the worst years for aviation in asia and malaysia in particular. Help us get a sense of scale here. How large of an area has been searched . Yeah, good morning. We are talking about 11,000 aeronautical miles for now. The search has widened in the last couple of hours, as we enter into just after 40 hours of search and rescue for this aircraft, and still no emergency signals detected, no sign of this missing aircraft. Were talking 12 vessels, dozens of boats, warships, military aircraft from indonesia malaysia, singapore, and australia, all in this effort. Whether definitely not helping either, with Poor Visibility making a tough situation even harder. No distress signal was sent either. The head of the search in indonesia telling us that 8501 is likely to be at the bottom of the sea. They were focused on an oil spill just about 100 nautical miles away from ellis island, the last place melatonin island, the last place where air Traffic Controllers had a signal from the plane. They were not able to confirm if the oil spill was from the plane or a ship, according to officials right now. A couple minutes before they lost contact, the pilot had requested some to fly higher to avoid weather conditions there, the heavy thunderstorms in that area in this time of year. We have learned from reports that those requests were denied due to heavy air traffic that day. Passengers and crew members are waiting anxiously in airports right now. They have set up a briefing area so they can get the latest updates. The ceo of airasia tony fernandez, says pra yy hard, we will be here together, and they will not be stopping. Elon, thank you from yvonne thank you from hong kong. It is a tragedy for all involved and it especially challenging situation for airasia ceo Tony Fernandes, who has been frustrated with the lack of information. Robert crandall is the former ceo of American Airlines. So good to have you with us. From what you can tell from a distance, is Tony Fernandes handling this situation as well as you possibly can . We needed to remember while asking the question that malaysia, for example, the malaysian government in particular came under criticism for the way it handled the dispense of mh 70. I think he is doing all he can. He obviously has expressed his sympathy and concern, as he should. He is he has announced that they have appropriate people from the airline. As airlines do, they will put a whole cruel of that crew of people out there to deal with each individual family and be as responsive as possible to the obvious concerns of those people. He is on the scene and prepared to make whatever information he gets available to others. That is about all he can do at this point. You know, bob, it is betty here i hate to be i dont want to get into conspiracy theories or try to read too much into certain trends, but this is , as brendan was saying earlier could be, if in fact the plane is lost and is crashed and all our guilt come all are killed, would be one of the worst come if not the worst year in aviation in over a decade. What is exactly going on . Why are these incidents we hearing about happening among Asian Airlines . If theres something to read and that in that . You are a smart woman and u. S. Seen enough of these things to know that you have seen enough of these things did know that it is not sensible to speculate until we know what has happened. We have had a number of those things, but as far as we know at least, they are not similar. They are all tragedies. They are all shocking the ones we know about today have been for quite different reasons. When this went i would be suppressed if it does not if they do not find the wreckage and they are not able to get the black box. One thing that these Asian Airlines have in common is that they have expanded at an unbelievably rapid clip. In the case of airasia alone, this is a company that back in 2008 had 78 planes, today has 69 in service. More than double the number of aircraft in the air. We are talking only six years. Should we be asking the question of whether they should be expanding to quickly . I think it is perfectly appropriate to ask the question. The answer in this particular case at least as far as the experience of the flight crew is concerned, is that these are very experienced people. The pilot in this case had some 23,000 hours. No reason to believe that the training is deficient in any way. Until we know something more, i think although the question is certainly valid and needs to be asked, i dont in any sense believe that the answer is going to turn out to be firm. One of the things that the flights have in common, this one and 370 is that neither were carrying the type of satellite equipment that would regularly update to the satellite to give a sense of where the airplane was. Some carriers like air france have retrofitted their entire fleets to make that available but it is very expensive. What is the cost benefit analysis you do as a two decide whether or not you want to as an airline to decide with the run you want to update your entire fleet . I think the answer here this is one of those things about an area where, in my view, we need regulation. This is not something where we need to be dealing with costbenefit tradeoffs. This is one of these things that ought to be done. Nobody wants to take cnn plane take off and sibley lose track of it and not be able to have information. I do hope that the worldwide aviation authorities welcome to a conclusion that this is something that is going to be required for commercial airlines. But i believe the iata has already made recommendations to upgrade the technology in certain aircraft and airlines have pushed back. Well, the Airlines Need to stop pushing back and governments need to make the point, look, from an Airlines Point of view, as you know, you folks know perfectly well airlines dont pay for anything. Passengers do. If an airline spent some money to provide this type of technology, it would raise the price of every individual ticket by a dollar, 1. 50, two dollars could not by any material amount. We will have what society as a whole will believe is a positive benefit. We thank you for spending time with us this morning. Bob crandall former chairman and ceo of American Airlines. A new round of financing for chinas Biggest Smartphone seller. It is now valued at four times as much as it was last year. At sign we spoke to marc faber last time we spoke to marc faber he said the drop in oil was a bearish sign for the economy. Maybe the ukraine oil crisis tells you that the Global Economy is not recovering as all the bullish analysts think. You are watching a special edition of in the loop live on Bloomberg Television streaming on mobile and bloomberg. Com. I am here with Brendan Greeley and Erik Schatzker. Morning. Morning morning to you. Chinas Biggest Smartphone seller has raised more than 1 billion in a round of dancing. It is round of financing. It is valued at 45 billion dollars. China is escalating its ban on google, blocking access to gmail through thirdparty applications. The internet regulator is not saying why. China has already blocked googles search and map functions. The last of the hobbit trilogy was a big winner at the box office over the weekend. It took in 45 million and killed a lot of orcs. Did you have to go and see it with your kids . Ido go to movies i dont go to movies thats why interview was amazing, because it came to me. I liked it. I think my expectations were too high, but i really like the way i will hit myself saying this that seth rogen is reinventing the buddy comedy. Dont think of it as a freespeech exercise could think of it as a movie you enjoy on a plane. I think if you see it as a freespeech exercise you ruin the whole thing. Equity futures, as we mentioned turning a little bit lower on the back of european stocks being taken down after what happened in greece and the snap elections that are being called for in the early part of next year. We have been closing at record highs. The s p closed at a record high 52 times so far this year. Next guest is one of the worlds most nimble and at times prescient investors. He predicted that u. S. Stocks would correct by 1020 in the fall. They did, of course. He printed more volatility. Does anybody remember october 15 . He is marc faber publisher of the gloom, boom doom report. Betty mentioned what happened in greece. Forced to call early elections next year. Take a look at the world around us. Is this a buying opportunity with greek stocks and european stocks selling off, or is this a sell signal . Well, first of all, i think that given the monetary interventions we have around the world to make any prediction is very difficult. Just go back six months. Who would have predicted that the oil price would drop by 40 in the fall . Poor who would have predicted a month ago that natural gas would drop 35 . And that since october 7, the price of wheat has doubled . We have a lot of volatility. We have big moves in currencies and we dont know how the world will look like in a years time. But i am basing my views someone on the great bloomberg report, and i just read one that said that all the costs that were surveyed by bloomberg higher Interest Rates was in a year of the 10year treasury note and the 30years treasury note. Today, and most bearish about bonds for years now they have always said that bonds will go down, yields will go up. In 2014 longterm, 30 years u. S. Treasurys returned more than 25 . The big surprise to anyone is how on earth could french government bonds wait marc marc this is betty here. Am i hearing that marc fabers prediction for 2015 is you cant make a prediction . Yes, that is actually the production of very rich holds who work barry ritholtz, who works for you. It is not even my view. That is why i keep on recommending diversification. I just want to mention that hedge funds in 2014 on the Money Managers had a bad year almost 90 of active managers underperformed the s p 500, and hedge funds, by and large, the averages 1 the average is up 1 . Where is the ol