That it will improve gdp. Maybe it will. But if it does not increase middleclass incomes, which is the greatest problem we face in the country, i cannot before such an agreement. Brendan the white house said it will open the economy to more products. The imf is playing hardball with greece. Christine lagarde said she will not let greece skip a payment. Greece told creditors earlier this month that it might have to skip a payment. The issue comes down to other greece will agree to more economic reforms. The greek finance minister said that the answer is yes. What were asking for is absolutely sensible. We are a new government. We need to come to terms with our partners on four or five large returns reforms. Brendan chances appear to be shrinking that the fed will raise Interest Rates in june. In february, the atlanta fed president said he wanted to keep the possibility open. After his speech yesterday, he said the june was not off the table. Dont we all just sit around and listen to allen center Ellen Zentner . For the first time, an american citizen has been accused of training in syria and then returning to the u. S. To conduct a terrorist attack. They say he was trained in weapons and hand to hand combat. His lawyer says the charges are a bunch of nothing. Verizon announced that its tv will allow users to pick which channels they want to watch. They are facing pressures from Companies Like netflix and youtube. Tom yes, i watched it last night. It is not the force that is with us. It is the hype and the buildup. The december release of the new star wars sequel. Disney hit the ball out of the park. Star wars the force awakens. Brendan spiked all over america. Tom watch the trailer. It is not like blowup explosion. It is about script and story line. Brendan it is about tjehe wookie and han solo returning. I realized that this story relies resides in my limbic system. Tom i dont know what you just said. Brendan i am excited. Tom my favorite of all of them was the Empire Strikes back. Star wars is back. Lets get the force with us on the bloomberg terminal. Equities, bonds, currencies commodities. Euro advances. With all that is going on in greece. Stronger euro. Nymex crude. It could really use a multi week rebound. On to the second screen, if you would. Greece threeyear yield, we will get to in a bit. German yield staying at the zero bound. Yen that is important. An everstronger yen. Lets go to the bloomberg terminal. The threeyear greece paper. This is fascinating. 100 yields. Excuse me, that is summer 2014 restructuring. Normality for a cup of coffee that good greek coffee. We are now through 20 . Impossible 20 yields. Brendan i looked at this and i saw something completely different. Right here, you say you think it looks like luke battling against darth vader. Then he loses it. He is saved at the last moment. Then we are not really certain what is going to happen. All we know is that he is lived. Perhaps he will endure. Im sorry. What were you talking about . Tom im going to spend the entire weekend getting back up to speed on star wars. Ken Princess Leia can Princess Leia have the hair like she had in episode one . Orrin hatch and the republicans handed the president a fasttrack authority on trade. Senate democrats are 44 shades of livid. Peter cook is in washington where an ancient dance commences. What is the back story . What is the drama . Peter a few democrats wandered over. Ron wyden. This is a very big deal. The announcement that he has reached a bipartisan agreement with orrin hatch on trade Promotion Authority this means that the obama trade agenda, which has been in the freezer the last couple of years is once again on the front burner. The president has a real chance to pass two major trade deals before he leaves office. This is the most significant economic items the president could achieve in his final 19 months. Tom as you always do, you cut to the chase. It is about the senator from oregon. How were the Pacific States lining up around this trade deal . Peter oregon is a big exporter. They potentially could benefit. Ron wyden made a difficult choice in backing this kind of legislation. He faces criticism in his home state that this is a deal that may do more harm than good to american workers. That is the hurdle he has to overcome. He is convinced this is good for oregon, the country, and american workers. He thinks that because he has insisted that there be certain conditions within the legislation that will ultimately help, including tougher labour provisions environmental provisions, and more transparency. Tom what is important is that this is not a trade dialogue of 10 or 20 or 30 years ago. It is a new american economy. Brendan i saw the name ron wyden and i heard a dog whistle which opens internet access. This is what people in Silicon Valley are talking about. Only recently has this become a trade priority, but that has become part of the deal. Are we seeing the increased lobbying power of Silicon Valley on capitol hill . Peter you can be sure that technology is part of the debate here. The reason the 2002 trade Promotion Authority was out of step with the times today is that it does not involve enough of the digital economy. It has to be updated. This is a direction that ron wyden was going anyway. He has faced protesters that almost every single stop as he goes home. They did not want him to vote for this, a lot of people in oregon. Tom kevin rudd will be with us in the next hour. Brendan one last question. Is this a oneoff issue or is congress unstuck . Peter this is a oneoff issue. You will not see paul ryan and Mitch Mcconnell working as hard on any other issue. This is republicans, the president , a handful of democrats and a lot of democrats powerful democrats standing in the way. Tom ready, set, lobby. Bringing out the big guns to sell stories two senators of all stripe and color. How does your firm react to an announcement like this . There is a change that may be taking place in all of this. We are thinking that this packs will now go through and that is a very important thing for the country. Tom do you lobby for selected groups . No. Tom did they call you . We tend to look at this and think about what is best for the country. Tom what would you say to senator schumer this morning . He is a 1940s, 1970s mode whatever. It is global. That is the only way it has to work. We have to make these changes because we have to compete in the marketplace overall. Brendan what has changed to allow this to happen . I dont know what happened but it did happen. It is probably because this is good for the country. We need to be more competitive. Brendan there has always been the argument that trade is good for everybody overall and there has always been the resistance from unions. It is an ancient dance, as tom described it. The unions to not have the power they used to. The argument you are advancing his winning the day. What i cant figure out is what has shifted in the last five years . May be something in the politics that is behind the scenes to bring the country back to more normalcy. I am hoping that is the case. Brendan nothing has changed in the arguments. Nothing has changed. It is a repeated game that is being played. Tom i want to turn you to twitter right now. This is important. Dr. Evil is rumored to have taken bloomberg down with a laser given to revebels. Brendan there are too many memes to figure out. Tom we have been down through the morning on the bloomberg terminal and we are now restoring full coverage on the bloomberg terminal worldwide, as we speak. Brendan tom keene said the Empire Strikes back is the best Star Wars Star wars movie so far. Tom is the force with disney . I am loving this. This is bloomberg surveillance. Tom the many residences this at the cologne cathedral. Angela merkel is attending the event. The doomed plane went down on march 24th. Among the dead was the copilot accused of deliberately crashing the airbus. Brendan the news caused a National Conversation in germany. This cathedral is as close as you can get to a Nasa National cathedral. The cathedral itself remained at the end of world war ii and it is such a powerful place for germans. An Unlikely Alliance is taking place. Republicans are trying to rescue a trade deal proposed by president obama and opposed by Many Democrats. Many democrats say the deal will hurt wages and eliminate jobs. The white house says it will open markets to American Goods. The imf is getting tough with greece. Christine lagarde told tom keene she will not allow greece to skip a payment. Greece told its creditors that it might be able to skip a payment. Security officials and washington are trying to explain how way gyro copter got through restricted airspace to land on the capitol lawn. 61yearold doug hughes literally flew under the radar. He faces felony charges, but he has been allowed to return home. The centers for Disease Control said the use of ecigarettes highschoolers has tripled. It is ahead of traditional tobacco stoping smoking. A majority of americans think pot will be legal nationwide within two decades. The brandnew survey 17 say it is five years away. 2 think it could happen in the next year. Recreational marijuana use by adults is now legal in four states. Tom we have much to talk about. Ge reports. We will look at the new production. Ned phelps will join us. A very important conversation on america. Brendan and i quote, stop lying, you were lying, you are lying, and you keep doing it. The leader of the u. K. Independence party. He was speaking at the debate before the u. K. Election last night. It was in opposition only stage. Labour leader ed miliband won the evening. Lets turn to francine lacqua. Help me understand what was everyone allegedly lying about . You are saying it perfectly. He took center stage and he was on the righthand side of the political spectrum. He was saying that the people of britain are being lied to about pretty much everything, about the state of the economy, nhs, immigration. It was on the attack. The people in charge were not there. It made for an interesting debate. You are missing David Cameron and nick clegg. On ed miliband, the main opposition party, he did not talk so much about the economy, but talked more broadly about Foreign Policy and about what it means for the british person voting on the election. I believe that britain can do so much better. Not a penny of our plan is paid for through borrowing. We will have more doctors and nurses paid for by a mansion tax on Properties Worth over 2 million pounds. We will clamp down on the tax avoidance and we will freeze your energy bills through 2017. They are lying about borrowing more money, is what one of the opposition leaders was alluding to. Tom mr. Cameron tweeting out yesterday, giving a major shout out to Christine Lagarde. Is there validity to the idea that Christine Lagarde thinks David Cameron saves the u. K. Economy . The imf has been a supporter of some of the measures put in place by the Coalition Government over the last few years. Things are pretty rosy at 5. 6 unemployment compared to 12 unemployment in italy. It is not doing badly. My question is if the economy is not doing so badly, why are they still lagging in the polls . If you have been in charge five years, you should be winning this. Tom it is an audit, on time. It is thenan odd, odd time. From new york city, futures are negative. It is bloomberg surveillance. Tom well, they are no Cherry Blossoms but it is a beautiful new york city. Spring is here on this friday. We welcome all of you. The greece threeyear is out of the 26 handle. This brings us to my morning mustlisten. This is my conversation yesterday with Christine Lagarde at the imf spring meeting. Lets take a listen. We never heard an advanced economy asking for that kind of thing delayed payment. I very much hope this is not the case with greece. I would certainly not support it. Tom her press conference and these comments moved to the market. Your purse your perspective on why greece is unraveling. Brendan the german finance minister talk to us. He has made it clear that he is not interested in anything but the program. Tom do you think they talked to Christine Lagardes people . Did they talk to greeleys people . Brendan no one talks to greeleys people. Greece is finding out that the deadlines are the deadlines. That is the news. Tom we will continue the discussion through may 12th. General electric is out for with earnings. Stay with us. This is bloomberg surveillance. Tom it is earnings season breaking news on jeff immelts ge. We forget how large they are. What i first see within the headlines is the industrial segment down 1 . It is a nominal gdp, real gdp analysis and looks to be a bit of a struggle when you see that any price already. Brendan this is coming on the heels on the move away from ge capital. We have how with us from Boston Consulting Group. Hal with us. In a very boring but incredible important things they might like turbines, is that a good bet . I think it is, the world is growing coming , economies are growing, we need to have more infrastructure particularly in the developing world. It is a good idea to start investing further in that. Brendan the question we address all the time is why we are rain for it . Do you see a will to go out and pay for this infrastructure we need . In the emerging markets it is there and i assume ge is focused on the emerging markets because that is where the spending is. Tom the technology of how we get earnings ge used to come out with a clear press release and now they are trying to do it over their website, and i do not know what organic Revenue Growth is which is the number everybody wants to know, the interior company Revenue Growth. To be honest, the headlines are very strange, the stock is down 1 , fractionally that speaks to it. Brendan it is fun to be reminded that the journalist is their job is not to make your job easier. Tom jeff immelt, Brendan Greeley mesic, we need to get perspective on the theoretical challengings he is facing. He was doing applied mathematics as a young turk in dartmouth. Net phelps was big on the labor economy later in this hour. We are honored to bring you that phelps on jeff immelt and your industrial america. Professor phelps has been out front in his difficult world on the new new, dynamism. If you were sitting with jeff immelt today, what would be your advice about how to spur that strangest of things, Economic Growth . Ned phelps you have to do a whole bunch of things and any one thing will not be enough. You have to have a change of attitude, and orientation of Companies Towards innovation, much more than we have now. My impression of the established industries in the heartland is that the ceos are obsessed with efficiency. Every dime of inefficiency brings a horde of people who invest that, nobody is thinking about innovation. Tom you address this in your speech at the bank of international settlements. We can bring this conversation forward to the trade agreements. Here is the president and republicans agreeing to go forward on trade, if you are sitting with orrin hatch or chuck schumer, how do we move from the legacy attitude of trade towards the Phelps Fortinet phelps toward net phelpsdynamism. Ned phelps it is huge. Tom what about in washington . They have to have a change of attitude there. Ned phelps what washington has to do is introduce competition to the business sector. My impression of the business sector is it is very oligopolistic, vested interests are dug in and, we have regulations that create a hurdle for new entrants. We are not getting a flow of new entrants. And the government is not just failing to do something about that, it is one of the actors. Brendan i was fascinated by this point in your book, that this we lack the political language to talk about this. Large Companies Often do not like competition. They extol the values of competition but we do not have a Party Structure in america to talk about Big Companies succeeding, that are squashing innovation in smaller companies. How do we change the language in washington to have this conversation . Ned phelps read my book. Brendan that was a shameless plug, even from a Nobel Laureate. Tom hal with us from Boston Consulting Group. What is your worst practice doing at ge . Hal you want to focus and that is what they are doing now. Focusing on the area they can grow in. They have decided to jettison their Financial Services area because they are not going to have the future they need. Tom how do officers delegate responsibility today versus five or 10 years ago . Hal there is much higher delegation in many of these things. What we are watching now is the concerns of the ceos because they are watching difficult decisions being made poorly. There is a real change here that is taking place, but it is switching back and forth as they are trying to find ways to deal with very large companys. Tom they are also working seven days a week. You wonder about exhaustion. Brendan innovation in europe, no matter where you go, you talk to innovators and they described what they are doing as a silicon x. A silicon roundabout in london stockholm is the new Silicon Valley, but Silicon Valley still remains the definition o