I have an obligation to speak in the face of these dangers while there is time to avert them. Olivia new questions about whether head lori clinton broke the rules on email while she was secretary of state. She excluded a personal email account to conduct business that may violate requirements. A recordsetting day on wall street for the first time in 15 years. The nasdaq closed at over 5000. It is time for an Interest Rate hike. The Central Bank Must act. What has been promoted has potential bubbles in stock markets. Raising Interest Rates 25 in june. Olivia Interest Rates may not happen until next year. Brendan earning rose 12 . Barclays set aside 1. 2 billion dollars to settle an investigation into whether it rigged currency markets. They may face more than 8 billion in legal costs. What is the most expensive city . Singapore. They beat out paris, zurich, and sydney. The housing prices have soared thanks to rising wealth and an influx of foreigners. The city moved from a city moved from 26 to 22nd. Surf city, a rare hailstorm struck Huntington Beach california. Those are your top headlines. Tom hail, like ice. Very cool. Lets do a data check. Sliding. That guy was stretching it. He had a beverage of his choice going. This is the theme this morning. Careful scrutiny with a risk on field. Risk on feel. Oil does better. On to the second board negative yields in germany. The swiss franc backs up. Weaker against the euro. Global risk. Good feeling life is great, lets load the boat. This is where i buy. I load up in my 401 k . Here is the vix. Brendan the pros on the show love this. I am not a pro. I look at my 401 k , this makes me happy. Tom in 2007, way off. Olivia you would think that greece is on the back burner. Tom it was delicate last night in washington. We are practically family. President obama unable to watch. Peter cook will watch. 1600 pennsylvania avenue. Let me cut to the chase. Has washington ever seen this . Peter not since i have started covering it. The divide between israel and the United States over the speech by Benjamin Netanyahu israel, despite efforts to reconcile those differences. President obama is making efforts to reach a deal with the iranians. Netanyahu said he needs to warn about the risk to israel and the United States from such a deal, but is not trying to disrespect the president. The last thing anyone who cares about israel, the last thing i would want is for israel to become a partisan issue. Ira grad that some people have misperceived my visit here this week as doing that. Israel has always been a bipartisan issue and should remain a bipartisan issue. Peter we will see what happens after his speech. There are tensions here. Not everyone on capitol hill feel good about the relationship. Brendan lets stay on the theme of bipartisan. 50 Congressional Democrats not attending this speech. What are they telling you . What is the story . They are open about what is going on. They do not like the process by which the Prime Minister came to speak. They think it is a breach of protocol. They think it will undermine the u. S. Effort to reach a decent deal with the iranians. They think that alone is reason for why the speech should not have happened and they need to make a statement, including some of the most loyal democrats to israel will not be attending the speech. A tough choice. I spoke to members in the hallway. A very tough decision. Tom thank you. Look forward to the Coverage Later this morning. Prime minister netanyahus speech starts at 11 00. Looking forward to the Coverage Later this morning. To the markets, the quiet in the markets. We speak on efforts as a resilient bowl. Good to have you here, brian. Olivia mentioned the nasdaq 5000. We are back to history. Bring up the terminal, if you would, very quickly. This is how easy it is to work with a terminal. That is the inflationadjusted nasdaq composite. We are nowhere back to where we were in 1999. A lot of reports are misleading about a record high. Discuss. Brendan to have a bubble, you need access. You also need access in terms of the are volume. Think about the bubble we have seen in bonds. Tom they keep going. Brian if you walk down main street in lincoln, nebraska people do not feel the nasdaq has been part of their portfolio. Tom had a you see this working out through the years in the next year if bill gross is over in june and david is down here in september, he is not thinking clearly now. Brian i am shocked that the headline is rosie and pimco do not agree with each other. I am shocked by that. I think we are not going to see comfort ability and until Bond Investors start selling. Olivia perhaps they are going into negative territory. They were triple digits today and today they are in the low 20s. Brian over the last 15 years the standard deviation of Earnings Growth has dropped considerably. Think about the cash of these companies are throwing off and the dividends a are paying. What about price to sales ratios . They are lower and more consistent. Olivia the barricades margins are maxed out. Brian the margin call is wrong for five years. Heres the way like to think about the schiller pe if you use the schiller pe and apply it to two stocks, General Motors and apple in 2000 and two in 2002, you would have sold apple and bought gm. How would that have worked out . Olivia the biggest field to the nasdaq rally. Brian, thank you. Coming up, talking about the explosion in traffic of oil on trains. Raising questions about the keystone xl pipelines. Mrs. Bloomberg surveillance. This is bloomberg surveillance. Tom good morning. The euro number one on my watchlist. With me Olivia Sterns and brendan greeley. Brendan Benjamin Netanyahu may reveal details about Nuclear Talks with iran. He will dress a joint session of Congress Less than five hours from now. He wants lawmakers to stop any deal that offers compromises to iran. Hillary clinton conducted government business with her personal business account. That would break federal rules. Mourners remember boris nemttov. A surprise ally. Iran is supplying heavy weapons. The u. S. Is not involved in the operation. The end of barbara mikulski. The democrat says she will not seek reelection that might interest martin omalley. He is also thinking about a white house run. Mikulski is the longest serving woman in congressional history. A volcano eruption lit up the night sky. The volcano is about 400 miles south of santee auto. Shooting lava was visible for miles. Olivia 5000, the amount of oil being transported by rail has grown. There is also a spike in accidents. In the past four weeks, two oil trains have exploded. For more, lets bring in matt phillips. Why are Higher Oil Prices the solution . As oil has gone from 100 to 50, it has cut incentives to build pipelines. No one wants to build a pipeline when no one is sure what production is going to be like. Lower prices make it more attractive for Oil Companies to use rail more than they are using it today. With prices where they are, they want to get those barrels to the coast. To the gulf coast, and to the west coast where refineries take higherpriced imports and the only way to get it there is by rail. Olivia who was responsible for exploding trains . That is the debate. You have two industries the Energy Company that produced and shipped the oil. Railroads are in charge of moving it. They are on track and do not own the tank cars. Who is at fault and who will bear the cost of more regulation . If only the railroads would keep trains on the tracks, none of this would happen. If this was not so volatile and we had a better tank car this would solve the problem. Brendan is there such a thing as a safe tank car . That is up in the air. Take cars involved in the explosion were some of the newer models. They have thicker shells. It was a straight track. They exploded when they derailed. That raises questions about how we can impasse this with stronger tank cars. The feds are going to be mandating in a couple of weeks. That gets the issues about how volatile this oil is. Tom coming up, a conversation with peter fisher. His expertise from treasury. He is from blackrock on negative Interest Rates. Look for that in our 7 00 hour. This is bloomberg surveillance. Tom breaking news. The International Relations of the moment. Refinancing rate set to 30 . Brendan they are trying to pass a package of reforms. It shows the most important negotiating partner is christine lagarde. Tom a fixed exchange rate, this is defense of their currency. Brendan they wanted a free flowing currency. Olivia the unofficial inflation rate is 270 . The official rate is 28. 5 . Tom brian, here we are. They give us an uncertain neon u. S. Markets do you ignore whether it is switzerland or ukraine . Brian you have to think about that and talk about what it means with respect to global portfolios. We are not there. We think most investors are applying the same template to europe. We do not believe that is the right one. America was able to set itself up. We have not seen that type of change in europe at all. If the front and is what everyone agrees upon, consensus is going to chase that. Where are the earnings and the cash flow going to come from . That is the major question. People are having a hard time answering it. Brendan all of these countries have tremendous exposure to their sovereign death. Do you see a bubble . Brian there has been a reach for yield. Is there a bubble, bubbles tend to correct like we are seeing. It is a good thing. Olivia the damage that Vladimir Putin is doing to the ukrainian economy is more severe than the damage western sanctions are doing. Coming up next we are going to go to barcelona and speak to the ceo of blackberry. Brad stone will be talking to john chen. He will join us from the mobile world. This is bloomberg surveillance. Tom good morning. Ukraine raises Interest Rate. And ever weaker euro. Lets get to our top headlines. Olivia Benjamin Netanyahu will show why he fears negotiations will lead to iran getting a nuclear bomb. The white house was never consulted. Netanyahu rejected claims he is making a shaky relationship with president obama even worse. My speech is not intended to show disrespect to president obama or the office he holds. I have Great Respect for both. Olivia president obama says while he has problems with the president they are not personal. Benchmarks are setting new records. The nasdaq closed over 5000 for the first time in over 15 years. Dow jones industrials hit alltime highs. One reason the fed will raise Interest Rates soon. Potential bubbles and stock markets and i think the fed is willing to acknowledge that by raising Interest Rates 25 basis points in june. Olivia traders say there is a chance the fed will raise rates by june. Google has unveiled a new plan. It could make it easier for google to sign up more mobile device subscribers. Google says it does not want to come mine does not want to compete with large wireless providers. Brendan General Motors facing new lawsuits. Five people who brought injury claims have rejected the settlement offer. It is likely to lead to future lawsuits against gm. More than 4000 people have filed claims against gm. Exxon mobil taking the long view when it comes to sanctions against russia. Exxon has four times as many holdings in russia as it does in the u. S. Sanctions forced the shutdown of one russian project last fall. Saturday night live will start a chinese version. Loren michaels will team up with an Online Search engine. They already stream the u. S. Version of saturday night live to viewers in china. Brad stone watching smart phone prices get cheaper and cheaper. You are with the ceo of a company in the race. I am here with john chen, the ceo of blackberry. This is a touchscreen. 270 five dollars. Who is it for . It is for a similar market the entry enterprise levels. The young people like a more touch screenbased. In developing countries to start . Even with enterprises, the highend, mid to highend professionals they love the keyboard they grew up with the keyboard. The other aspect, a lot of them like to have a touchscreen. They have been asking for one and so we did one for them. It got a lot of attention. How strong is the business right now . It is doing pretty good. It will do better because we just got carried in store by at t. Vodafone is carrying it. The online and limited distributorship, we have been doing good. You have talked about software and bringing blackberry assets to other platforms. Tell me what that means and what you guys have that other platforms do not. The company has been around for a number of years. A lot of patents supporting it. We think it is time to be able to put it on other devices to expand our businesses. This is different from the past. If you look at blackberry, it is limited. I want to serve the entire spectrum. We were fortunate to have a Good Partnership with samsung. A couple of days ago, they announced paired we were able to add security on it. I think the market will like it. You are 10 months into a turnaround. What has surprised you so far . The beginning year is going to focus on financial wellbeing. We are generating a little bit of cash. It is a big change from a couple of years ago. We are executing and delivering phones and software. We are releasing more phones and getting to a point where going to stabilize our resolute our revenue. People are busy doing things. Every time people are busy they are happier. Heres the interesting thing, like the pc business, when the low end stops burning into the midrange, everyone has to innovate more stuff in add more features and functionalities. It has been disruptive. Thank you. Brendan, back to you. Brendan i noticed some tension. You have one asset the keyboard that everyone loves. The other asset, the encryption software. They are either a Software Business or they are a hardware business and they make the keyboard. And important dichotomy for the company. The devices are indestructible. I miss that. I could throw a blackberry across the room. I dropped a blackberry and a pool and brought it back to life with a hairdryer. Tom is the canadian government keeping them a flow . Brian i think it comes down to the hardware in the keyboard. In our business, we love the keyboard. Olivia the president still uses one. We will be back. We will be speaking with tom wheeler the fcc chairman. This is bloomberg surveillance. We are streaming on your tablet and your phone and on your blackberry. That was the show, portland via. Since the recession, we are not building tiny houses. That is the single best chart. This is data from the department of housing and urban development. All of the growth came out of smaller houses. We are not downsizing, we are not getting simpler. What does that say about assumptions i had about the trend in housing . There are two things. The big trend is the knocked down situation, where they are knocking down properties here in the east. They are knocking down both properties in building a big house. This is america. We do things big. Brian there was someone we dug deeply into the data, there was a trend that supports the idea tiny houses. People are building their own houses without contractors. Overall, it is larger. Another thing that could be skewing the data is the fact that we are talking about the percentage of overall home build. The people who have money to build a home have money to build a large home. The trend is very clear. Olivia the average American Home as 2400 square feet. I live in a rental in chelsea. It is not 2400 square feet. Tom i used to live in big places and have gotten used to living in smaller places. I enjoy less space. Brian every once in a while you have to purge the closet. Tom i do not know what i would do with all of that square footage. Tom you throughout the middle child like a month ago. Olivia it is a bubble in new york. Tom can you imagine the day when we throw out our frozen stuff . Lets get to our top photos. Olivia starting in south africa. Helicopters water bomb a large bushfire. Dozens of residents are being evacuated. Tom this is south of south africa. Olivia a portrait revealed of Queen Elizabeth ii. The coins are in production and will appear throughout the u. K. This is the fifth portrait over 63 years. Jody clarke designed the portrait to make her look warmer. Brendan do you think near a allowed himself to age on the coinage of the roman empire . I think not. Olivia google zip day camera through treetops for its street view collection. You can explore the jungle. The team trekked through the jungle to obtain the imagery. The goal is to raise awareness for rain forests preservation. I amex excited. You can go online and see more street view. As we head into the break, answer our question of the day. The nasdaq closed above 5000 for the First Time Since 2000. Tweet us. We are streaming on your tablet, your phone, and bloomberg. Com. Tom good morning, everyone. Lets get to headlines. Olivia israels Prime Minister may reveal details about Nuclear Talks with iran. Netanyahu will adjust a joint session of congress. He wants the u. S. To stop any deal that offers compromises to iran. New questions about Hillary Clintons online correspondence. New york times suggests she conducted personal business with her federal email accounts. A homeless man tried to grab an officer j kagan before he was shot. Police say he was suspected in a robbery and resisted arrest. Teenagers getting virtually free access to ecigarettes. Underage buyers succeeded nearly 95 of the time. Vendors to not crosschecked bu