Permission to do this, and i did not inform Mitch Mcconnell. I took to the floor of the United States senate and to be power that comes from being a senator representing one of the great states in this nation to force a debate on an issue that i felt strongly about and they feel strongly about for many years. The issue is not dead, though. Senate republican leader Mitch Mcconnell says lawmakers will vote on keystone next year when of course there will be more republicans in the chamber. Meanwhile, senators blocked an attempt to put limits on the nsas ability to collect phone records. It would force spy agencies to only obtain records of proof by a court order records approved by a court order. According to people familiar with the matter, president obama will issue a reprieve for undocumented immigrants whose children were born in the u. S. That is part of a plan to prevent up to 5 Million People from being deported. Russiasise from president vladimir putin. He plans to go for a crackdown on corruption. According to people familiar with the matter, he wants to end inspections and other forms of bullying that costs businesses billions of dollars a year. His advisers have a proposing to crackdown for years. Is again accusing russia of sending troops and tanks into ukraine. Here is putin tothe u. S. Does not want humiliate us, they want to subdue us. They want to use us to solve their problems, to bring us under their influence. No one has ever managed to do that to russia, and no one ever will. [applause] putin is also offering his own take on big diplomacy. He said an and i cannot believe i am reading this you can do a lot more with weapons and politeness than just politeness. Is demanding a nationwide recall of cars equipped with potentially dangerous airbags. Already almost 8 million cars with the takata Safety Devices have been recalled. Safety regulators say that has left car owners unsure whether their airbags would rupture. Weatheris hell bad the is in western new york. You may not seem this is how bad the weather is in western new york. Feet of snow on the ground in new york east of buffalo and another to feed my fall by the end of the week. Areas near the great lakes are getting hit. From wisconsin through miss you michigan and eastern waynes world. Julie, it is my childhood roof of thef the house into the snow bank. That is actually tom walking uphill through the snow both ways to school. We had an ice rink in the backyard, and in february, you just give up. They did not let him wear shoes, though. We had snow shoes. This is why jenny ray exists. Lets go to what matters equities, bonds, currencies, commodities. L was a 73y 2, oi handle when i wondered in this morning. 74. 48. Dow up with me, the grinding ever higher, not ever higher, but near a record high, s p 500 of course we saw that. 117. 54, the yen, really beginning to look at 120. Lets go to auburn on make lets go to abenomics. Yen, you can see it is like government mandated. This is the government working, getting into the market, and then they have finally given up. Weekis strong japan, china, and it is not just about renmembi. Nt i i am so confused. Are there other countries in the world . There are other countries in the world, and this is the tension between china and japan, and this is all been on makes. And this is abenomics. What you guys dont know, it relations,satlantic it is called bilateral idiocy. How many people trade that . I do not know the answer, but very few. They use it, in the control wem, they go my god, are spending so much time on this . Tom just likes to say renmidbi. Say it. Renminbi. And the yuan. What a strange bull market. [laughter] and bonds with lowgrade yields, they are prime to perfection. Robert walter is head of multisector in invesco. He has just returned from asia. What did you learn in asia . Asianearned that investors overall are interested in some of the things the some of the same things here, as the fed is driving more and more what is going on in asia. I got this question terday, and your totall and you are totally qualified to answer it. Bond market, u. S. Sovereign in every thing else, or is it more you omore nuanced . Under thed market is riskfree asset in the way that soare thinking about things, the treasury market is extremely important to the overall finance. This woman was very elderly, she isin stocks, but a saver and she is getting absolutely crushed. I looked at your Research Report from this week surveillance breakthrough exclusive really reading the Research Reports. I actually lost count of how may times assess such environment calls for active management in our view. Making decisions. It should not scare you, and the reason it should not scare you is if you look at the Global Market right now, you have a large the virgins between Different Countries and different Central Banks, so for instance we think the u. S. Is pretty you have a large different between countries and different Central Banks, so for instance we think the u. S. Is pretty when you save managing actively, are you talking on a week, a must . How long are you taking to make these decisions . We think for investors like us, we are in the market all the time with our investment process. We can think about three months to 12 months, so it is not a daily trading, but it is making sure that we are analyzing the economic cycles. It is a really sophisticated question because the timeline and the bond market of a portfolio is radically different , thinkingity markets of Chris Marangi at the Belly Company at gabelli company, buy disney, hold it, never sell it. When does the media juggernaut stop . Been a lot of cyclical change in the Media Industry, and disney has been pretty well highest against those changes, and it has been a great want to hold. Is it just because of espn . It is more of that. Is it because of bob iger . Bob iger has done a terrific job. Theyve added great brands with marvel, pixar. Within the context of the bull market, Liz Ann Sonders joining us, and i look at the dow 17600. Say media hasto led . Media has led last year, content companies this year. We do but the acquisitions disney has made, but they pulled off an amazing trick, which is that they took opensource public material in the Hans Christian anderson fairytale, and approved you can make money with invention. Absolutely, and great product that has great appeal, frozen you are referring to. The constant theme here on surveillance. What about the content and infrastructure and the companies that are trying to do both . Is sort ofybody who a model to you who is doing those really well . Content is king, john malone has said distribution supports. To bring both of your worlds together, and we see this with apple when we talk about the apple bond offerings, rob, im looking at disney, 30year paper with a coupon of four and threeeights. Back fromlding cfos doing ever more bond offers . Arene of the things we seeing is returning money to shareholders, which is essentially to some extent choosing to return the money to shareholders, which i think is getting to your points, which is that you can borrow very cheaply. Do you can see that do you see that continuing into 2015 . Yes. I cc that in buybacks . Do you see that in buybacks . Yes. Rob, i want to go to college and be a financial engineer. What the hell is that . Coming up, Mary Landrieus last stand. Keystonealk about the pipeline vote with peter cook in washington. Are you with us today . Out what her question of the day our twitter question of the day what is your advice for the freshman class of congress . Good morning, everyone. Good morning, worldwide, particularly in europe. This is bloomberg surveillance. Joining me Brendan Greeley, julie hyman she is working, like, a 20hour day for scarlet fu. Tell meody did not something. Lets get back to keystone. It has been six years since the proposal to b build the keystone xl pipeline. , 5941. Was rejected they needed 60 votes, just one vote shy of the 60 needed to pass. We are joined by chief washington correspondent peter cook. After all of that waiting and this vote finally happening and it not going through, i mean, is a just a matter of waiting another month and now the bill passing in january with the arrival of the Republicancontrolled Congress . Absolutely. That is what Republican Leaders including Mitch Mcconnell promised last night after the vote ended up on capitol hill. They said we will be right back at it as soon as january. They stand in much better chance of success given the arrival of those new republican senators. Or notstion is whether the president would feel any different about this proposal at that particular moment in time. We could have a completion of a court case in nebraska he has been waiting for, we do have a determination by the state department, but it is not clearly president at the end of the day will approve this project Going Forward. Peter, how desperate was Mary Landrieu to get this done . Gethe was more desperate to the issue on the table. I think she knew from the start this would be an uphill fight, but she got a lot of attention with her push to force democrats, including harry reid, to bring this to the floor. She was successful enough. I was watching her on the floor literally hovering at the table where the votes were being counted, and pressing senators at the less moment, i saw her grab carl evans, who is retiring. Who is retiring. She raised the heat on this issue. She probably helped her sell at the end of the day, her opponents of course support this project. It is not clear it has made a difference. Peter, and all of the pictures weve seen, joe manchin of west virginia, what we learned about the number of democrats in the next congress who are going to start voting with republicans . Inthe core group you saw this vote is a pretty good indication that there will be a Certain Group of democrats. It may not be 14 like you saw this time. Who will cross the aisle . Who will be prepared . Warnereople like mark who have been centrist democrats, more willing to follow harry reid. When harry reid is no longer the majority leader, watch them to freelance and cause problems not just for the senate but for the president as well. What happens if it is not approved . What happens to the United States of america if there is not a Keystone Pipeline . Well, you were on the senate floor yesterday, maybe not much is different. This is far more important to canada than it is the United States. There is some who would challenge that. At the end of the day, they believe more oil flowing into the United States from friendly countries like canada is a better thing than potentially down the road more oil coming from not so friendly countries. The reality is the Energy Industry has moved on. There is now a significant rail capacity bringing a lot of this Alberta Oilsands to market. There are new pipelines being built in canada moving it eastward. The Energy Industry has not counted on keystone, and it still may not have to Going Forward. It still may not be able to at the end of the day, this president still may stand in the way. Peter, so many say it is a symbolic importance. Richard haass joined us yesterday of the council on Foreign Relations. Here is what he said it will send a powerful diplomatic signal. We want the germans to maybe restart nuclear, we want the french to do fracking how can we get them to take tough Energy Decisions if we are going to continue to kick this down the road . What about the importance is leverage in Foreign Relations . The most important Foreign Relationship at issue is with canada and there are canadians who think that the u. S. Takes canada for granted, especially the energy relationship, so it is an important diplomatic signal to other countries that the United States work to approve this or if the u. S. Were to stand in the way. There are so many other factors. This is a political issue for democrats and republicans. This is a fundraising issue for both sides and both sides would like to see this remain an issue rather than a problem. Peter, thank you so much. Peter cook from washington. Brendan greeley, explained the landrieu family to americans. X Mitch Landrieu is Mary Landrieus brother, and he is the mayor of new orleans. Mitch landrieu of new orleans wanted to run for the president. But she did not want to. She is wanting to run away president. It is difficult to have them do Campaign Appearances together. Dovetail this with tom cole that we saw yesterday of oklahoma of the fourth Congressional District just south of oklahoma city. Is oklahoma and louisiana on the exact same page on keystone . Louisiana is not on a separate with anybody. It is its own unique american place. The politics are really hard to compare actually with other places. , what peter cook said, is we are really seeing a small class of democrats that unlike the last congress are going to work with republicans. Lets bring this over, rob waldner of invesco, energy is a lot of high yield. Our investors staying upload nights analyzing . The high yield index, and it has grown a lot over the last 10 years, so about onethird of the s p 500 capex is energy now, and that has resulted in a big growth of energy within a high yield market. The key issue there is that with oil prices where they are, you start to have some fundamental issues in the energy sector, company viability, which is important to be able to look at the individual companies very carefully. Do you have scrutiny for next year or not . Am i worried about energy at 80 a barrel, 75 dollars a barrel versus at 100 a barrel in the fixed income market . Worried about Energy Prices at 75 or below. We think it is important to make sure youre doing your work on individual companies. I think a lot of times we get questions about why hasnt high yield bounceback as much as equity market has. A big part of that 15 of the high yield market is energy. All right, rob waldner with us from invesco. Later, an interview with Robert Milliken at 4 00 p. M. This is bloomberg surveillance. On bloomberg television, streaming on your tablet, your smartphone, and bloomberg. Com. Brendan, could you give me an uber at 10 00 . Where are we going . The whole family. Could you do it your self . What did we do before uber . Lets get to our morning mustread. Guess what, it is on uber. The New York Times talking about uber. An executive at uber talking about investigating journalists against the company. Farhad manjoo says marangi, im not sure i agree. The Tech Industry is littered with companies that have ethical questions, but they work, so people use them anywhere. Disruptivea very technology to the taxi industry, the automotive industry, so it has troubled some it has ruffled some feathers and will get pushed back. Will it be overwhelmed by i mean, does it live or die by whether it works or not . Or does it live or die by the malfeasance of its executives . Know love it. I when they hired david fu we have already seen the changes in their images. They say publicly we know we need to be regulated, they just do not say what kind of regulation. They could be coming to a room full of journalists they think disruption is enough. That makes them awesome. All right. We will table the discussion for now and take a quick break. We will be right back. Bloomberg surveillance. Good morning, everyone. Bloomberg surveillance. I am tom keene. Mr. Greeley today, what is the twitter feed . bhgreeley. H is for harrison. Julie hyman has got your top headlines this morning. Supporters of the Keystone Pipeline came up one vote short last night, 5941 in favor of the controversial project. Backers needed 60 votes. It was a blow to louisiana senator Mary Landrieu. The democrat wanted keystone approval to boost her reelection chances and next months run off. An adviser to Institutional Investors says shareholders should just say no to marcus lco socgen and ella to microsofts ceo satya nadella. A nonbinding vote will take place next month. And the late reggae star bob marley is ready to again take the stage, so to speak, this time as the face of a global marijuana brand. Agreed toeirs licensing to offer various strains of pot. Touts marleedings natural. Marley inof course died of cancer 1991. Rolling in his grave . I mean my jaw actually dropped when i heard that. I was not aware of that headline before you read it. I believe he has endorsed after death a number of products i think frozen 2 is going to have jam and go, jam and go. No . Wifi do not think the rights of your heirs can pass that image. We all know he is associated with marijuana. I think it is wrong to sell it. I am not sure that his hard work should be supporting ziggy s new purchase in malibu. Ziggy has its own music, thank you very much. Malware, after years of financial oppression, Central Banks clearly do not care about those in search of a measured appropriate yield, so with a vengeance, you, me, and others have moved away from the masters and towards greater and greater risk. Us of waldner with invesco, head o