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tv   Bloomberg Markets The Trump Economy  Bloomberg  July 13, 2017 1:00pm-2:00pm EDT

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describe it today? dinner between friends. regarding commitments of the president trump. during the presidential campaign. so did i hear and -- so did i. we talked about our disagreements. we discussed the matter before president trump reached a decision. should that have an impact on the discussion on all other topics? absolutely not. this is the reason we share the same views and some major common goals and many of the topics, or all of the topics we have been discussing today, which we move forward together.
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president trump will tell you about it. he has made commitments and the -- and we will work together. my commitment to work with the united states and the president is a major topic. it is important to save jobs but we shall lead the united states of america to work on its roadmap and continue to talk about it. , otherwisething new we would have told you about it. i believe there was a joint willingness to talk about this and try and find the best possible agreement. as far as i am concerned, i remain attached to the framework of the paris accord which has been major international breaks through. within that framework, i am working on priorities going
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forward for the european union. never, as you know, i ont to comment very much what we are doing, personally. this evening, dignitaries will be at a dinner between friends because we are the representatives of two countries which have been allies for forever. and because we have built a strong relationship, which is dear to me because it matters for both countries and will give me great pleasure to have dinner together with you tonight. pres. trump: i can reiterate. we have a very good relationship. a good friendship and we look forward to dinner tonight at the eiffel tower. that will be something special. something could happen with respect to the paris accord, we will see what happens. we will talk about that over the
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coming time. and, if it happens, that will be wonderful. if it doesn't, that will be ok, too. we did discuss many things today, including the cease-fire in syria. we discussed ukraine and a lot of different topics. we hit on the paris accord briefly. we will see what happens. yes? your fbi nominee said that if someone in a campaign got any mail about russia like the one you're son received, they should alert the fbi, rather than accept the meeting. is he wrong? were you misled by your team and not knowing about this meeting? thank you very much. you have heard president trump say that it may have been russia and others who interfered with
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the u.s. election. this president trump taking a hard enough line on russia as you see it? merci. pres. trump: i believe that we will have a great fbi director. i think he is doing really well. we are very proud of that choice. they have done a great service to the country by choosing him. he will make us all proud and i think we will see that. hopefully, someday soon. we are proud of him. as far as my son, he is a wonderful young man. he took a meeting with a russian lawyer. lawyer, but ant russian lawyer. it was a short meeting. it was a meeting that went very quickly, very fast, to other people in the room, one of them left almost immediately and the other one was not focused on the meeting.
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i think from a practical standpoint, most people would have taken that meeting. it is called opposition research or research into your opponent. i have only been in politics for two years but i have had many people call up and say, we have information on this doctor or this person, or frankly, hillary. that is standard in politics. all it takes is not the nicest business but it is standard where they have information -- politics is not the nicest business but in -- don, they talk about adoption and some things. adoption was not a part of the campaign. nothing happened from the meeting, zero happened from the meeting and the press made a big deal over something that a lot of people would do. the lawyer that went to the meeting, i see she was in the halls of congress also. visa or said that her
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passport to come into the country was approved by attorney general lynch. maybe that is wrong, i just heard it a little while ago. i was surprised to hear that, she was here because of lynch. i have a son who is a great young man, a fine person. he took a meeting with a lawyer from russia. it lasted for a short time. nothing came of the meeting. it is a meeting that most people in politics probably would have taken. mr. president? pres. macron: not to interfere in the domestic life. pres. trump: what a good answer that is. [laughter] pres. macron: i do believe that both of us have direct relationships with russia. president trump had a two-hour
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meeting with president putin. meetings very long with president clinton -- putin. this relationship is important. we have a lot of discrepancies like this with russia. in the current environment, especially in the middle east, it is a necessity to work together and exchange information. teixeira disagreements and -- to find disagreements and build coalitions. that is my job with russia and we do not have the same relationship as the one with the u.s. but that long-standing relationship with russia and it is important that we both have direct contact. pres. trump: one of the things that came out of the meeting, we got a cease-fire that now has lasted for, almost five days.
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while five days does not sound like a long time, in terms of a cease-fire in syria, it is a long time. that was a result of having communication with a country. during that five-year -- five days, a lot of lives have been saved, people were not killed, no shots fired in a very, very dangerous part of the world. this is one of the most dangerous parts of syria. by having communication and dialogue, we had a cease-fire which will go on for a wild and we are working on a second cease-fire in a very rough -- rough part of syria. more,get that, and a few you will have no bullets fired in syria, which would be a wonderful thing. third question, a question to president macron.
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you went to support paris in a bid for the olympic games. you criticized president trump's policies without naming him and said that france made a clear -- not to build walls to protect its people. banou condemn the muslim and the building of the wall between the united states and mexico? regarding syria as it was just mentioned by president trump. is france ready to talk directly assad.d -- pres. macron: we called you that paris -- >> you were implying that paris is not safe and said that france and germany are infected by terrorism and "it is their fault because they let people enter the territory." those are strong words and would
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you repeat them today and do you believe that france is not able to fight terrorism on its own territory? pres. trump: that is a beauty, let me answer first. [laughter] pres. trump: that was not one of my picks to ask a question. it will be just fine because you have a great president, somebody who were run this country right. i would be willing to bet, i think this is one of the most beautiful cities in the world, you have a great leader. a great president, a tough president. he will not be easy on people that are breaking the laws and people that show this violence. i have a feeling that you will have a very, very peaceful and beautiful paris. and i am coming back. you better do a good job. otherwise, you will make me look bad. pres. macron: you are always
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welcome. regarding the first question, like i said, the discussions we have had today, the right answer anderms of cooperation never-ending fight against terrorists, this is what i was referring to. in this respect, there is no difference -- no gap between the french and the americans. when i have something to say, i will say it clearly and i do say who i am aiming at. when i refer to those who have been my opponents in the french political battle, i also mention their names. everything.ake up
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regarding the fight against terrorism. the right approach is to have a cooperation of intelligence, and also to be working together on all of the shadows of operations where we are and the decisions which will and able us. regarding assad, let me put it simply, we now have a new approach of syria. anduse we want some results we want to be closely working together with all partners, including the united states of america. we have one main goal which is to eradicate terrorism. no matter who they are. we want to build an inclusive and sustainable political solution. against that background, i do assad's departure, this is not a prerequisite to work on that because i can tell
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you that, for seven years, we did not have a nimbus seeing in the mask is -- damascus and still we have a common redline with president trump. he intervened before i was elected. i said to president vladimir putin that note use of chemical weapons -- no use of chemical weapons, that will lead to reaction regarding the storage places. we also want humanitarian , anddor doors -- corridors want to build a sustainable political ability for syria. need diplomatic initiatives beyond military action. this is what has been agreed upon. because we want to take an
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initiative with the members of the security council and members of countries involved. there will be representatives of assad that will let us put in place the roadmap for after the war. there will be representatives in position and people with different backgrounds. we will talk to all of them against that background. one last question. for an american journalist. thank you. >> for both presidents, macron you had your first meeting with the chinese president during the g20 summit. , how willfrance do france cooperate with all of these areas with china?
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what do you think of the chinese president? president, during the g20 summit, how do you want to continue to work with china and what do you personally think about xi jinping? pres. trump: he is a friend of mine and i have great respect for him, we have gotten to know each other well. he is a great leader. a very talented man. i think he is a very good man who loves china. he wants to do what is right for china. we asked them for assistance with respect to north korea. he could probably do a little bit more but we will find out. we are working on trade deals. he has been very nice and let beef go back in.
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certain financing go back in, credit card financing go back in at my request, that is a great thing for our farmers. we will be working on some very major trade components. is ahinese president terrific guy and i like being with him a lot. he is a special person. thank you. two president -- i got to meet him in the g20 summit in hamburg. early next year, i will travel to china. i cannot say that he is a friend of mine or that i know him very well. i very much want to say things as they are -- we had initial contacts which were fruitful and positive. i have respect for the chinese president and over the past few months he expressed a willingness to have a vision for
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multilateralism and wanted to commit himself on a lot of topics. many of us remember his words where he davos strongly expressed his vision of all of china. we have joint commitments, including on climate, he is committed to that and he wanted to do more in the field and i can be happy about that. like president trump said, the trade issues, regarding a number of activities. they are differences but a willingness to sort out -- sort them out and members of the security council, we want to work together on all of the topics we discussed today. china is a key partner to build peace around the world. i share what president trump said that china is to play a very specific role regarding the
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korea.tensions in north it is important china fulfills its role in that region. he is one of the great leaders of the world. implementing a major industrious reform of china, society and economy in china. strategicwe will have dialogue and continue to talk , economicindustry matters. you and thankank president trump for his visit. i will be seeing him in a few moments in a friendly atmosphere. pres. trump: thank you very much, a great honor. thank you. planned, aappened as
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news conference following a bilateral meeting and for .uestions to the presidents joining us is our senior executive editor for government and economics in new york. and our white house reporter is joining us from paris. there was a lot of friendly banter about having a friendly dinner at the eiffel tower. a couple of interesting tidbits from the news conference. about the paris climate accord with president trump saying something could happen with respect to the paris accord. that would be wonderful if it happens and fine if it does not. >> donald trump likes to make these hints at possible changing policies. sometimes he says to wait and see and you wait and nothing happens. we will see. there is a part of him emotionally that would like to please some of his close relatives who want him to stay in the paris accord.
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the question is -- can he do it and maintain his base? vonnie: the other interesting thing on foreign policy and syria. they seem to say on areas where they pretty much agree upon, they did not leave much room for talking about too much international trade or the nitty-gritty of geopolitics. >> they concentrated on the things they can agree on. the question of the relationship with the russians was something they skirted. the difficult questions. when it was asked specifically about the meeting with the russian lawyer for -- by his son, he did not answer the question. he went on his narrative that others would do it. you may get an argument from a number of people. vonnie: he did say a couple of new things, that the people in the meeting, of those people, one left quickly and the other
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was not focused on the meeting forhe said that the visa the russian lawyer was approved by the attorney general loretta lynch, introducing a couple of distracting elements into this debate. >> that is true. every time the president gets in hot water, he tries to deflect and talk about the past administration and things they have done, pointing the finger back towards the pastor demonstration. we heard the president downplayed what happened in the meeting. we saw that his own son was eager to collaborate and meet with what he thought was a russian operative that had political dirt on a political opponent. something that republicans and democrats have said would be wrong. the president tried to downplay that and said it was a small meeting. vonnie: tomorrow is bastille day, we are not likely to hear anymore, have heard what we will
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hear out of this meeting between the presidents. >> that is what we believe. we will probably get pictures of the president's and their wives having dinner at the eiffel tower. that will happen later tonight. they will have an informal discussion, a continuation of the formal bilateral meeting they had earlier today and talk about some of the same issues. talk about the things that came out of the press conference but a more relaxed setting at the eiffel tower. tomorrow they will be at the military parade. that is before president trump goes back to the u.s. vonnie: thank you in paris. and our own marty schenker in new york. let's get to sun valley, idaho where david gura is with a special guest. here on the sidelines of the allan cup of the conference in sun valley, idaho where there is a focus on foreign policy. joined by the author of the
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world in disarray, in documentary form shortly. this meeting, these leaders will have dinner at the jewels run restaurant in the eiffel tower, what is the symbolic importance of the meeting? >> shows with all the problems in the u.s.-european alliance, there is a case for working at it. macron wants to put out the red carpet. the atmosphere and the press conference could not have been better. the atmosphere is good and that is the story aired >> what does it say about this presence may do bilateral relationships, moving away from multilateralism, will he hold this up as an example of it working out? >> bilateral relationships can never be substantive, that is white of multilateral institutions and alliances come in the trade realm or dealing with climate. multilateralism gives you scaling numbers.
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in a global war -- in a global world, you needed and bilateral is an is almost never sufficient. >> president trump are addressing the relationship as a good one, how big of a disagreement is climate change? >> it is a symbolic thing because the paris agreement is a soft form of multilateralism. each country decides for itself, if you took a test and said, i will give myself an a-. you set your own goals. if the administration would have wanted to, it have -- could have modified its goals. this is symbolic against this global arrangement. there is lots of ways we can and will act in the climate states. what americans do and what cities and states do. my guess is the symbolic result of the united states pulling out is greater than the actual result. >> what have we learned about the way the united states is engaging with europe, the united
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-- a line from the new york times is the united states cannot be passive member of international organizations, what have we seen at the g20 summit, nato summit, what does it tell us about how the president plans to work with europe as a whole? >> not terribly well. trade is the biggest area of problem and climate is another. a lot of suspicion on the european side about dealing with russia, the united states is seen as questionable. we have been putting -- pushing the european allies on spending more on defense. need to focus on what we are actually doing in the area of defense. it will stay scratchy. part of a larger problem or issue this administration pass with standard institutions, alliances or the sorts of things from the un to paris. >> a meeting between president top and vladimir putin with six people in the room and lasting two hours. what is the goal when it comes to relationships between the
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u.s. and russia? what type of relationship i delete what they have with russia? , areas of-dimensional cooperation and areas of friction or worse. in the short run, the most important area to see if we cannot work out limited cooperation on syria. the russians may be open to that . they do not want to have a large investment in that, they have had enormous return in a small investment and i do not know that russian chemist syrian, iranian news -- views are the same, the russians may be prepared to be playing a constructive role. it is more difficult with .kraine and in europe a bigger problem is north korea where the russians are increasingly becoming a lifeline to the north korean government. even if the chinese were to pull back, the russians seem interested in moving in. >> on the issue of syria, both leaders accounting the efficacy of this first cease-fire. when it was announced, there was believe it could be expanded. how positive is a sign that that is in place? >> cease-fires prove their worth
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over time, previous ones have not been helpful particularly. realistic to say, as much as we would like to see the government change, it is not on the agenda and you have to build cease-fires from the ground up locally. there is some potential but we have to decide, as territories liberated from groups like isis in syria, who will take it over? it is not just the steering government, not just the iranians, you have the turks, kurds, sunni groups, so many players, you need a comprehensive cease-fire, you have to be optimistic. >> the issues pile of any middle east with rex tillerson in the region now as he works on the situation involving qatar. do you see a path forward? something that will work itself out or will the u.s. play a big role in that? >> the u.s. taking an evenhanded approach, we wanted to go away and do not want to take sides with the saudis or the united arab emirates or qatar.
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me thatt clear to secretary tillerson can pull this off. not defending anything but they and to build up particulars say they have to agree to disagree. i think this continues to boil. >> north korea, the weapons test on the fourth of july, and emergency session on the united nations security council and what diplomatic options are left and is that in the purview of the un? >> it is up to the u.s. and there has not been a diplomatic option, we have in talking about north korea for six months and hers the diplomatic initiative, we should be proposing something, bilateral or multilateral. as a first step, you get a freeze on north korean production and testing of nuclear weapons. and missiles. it would have to be verified with intrusive inspection. we should be putting that on the table and urging that and trying to get the chinese and russians and others to support it. we should be focusing on that.
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we have a backdrop of potential dilatory pressure. there would be consequences if the north does not do that but we should be putting forward an ambitious initiative of what we want. in return, we had -- can have direct talks. look at possibly some slight sanctions relief if the north did this. >> about the relationship with china, some rhetoric today in the press conference echoes what we heard after the meeting at mar-a-lago between the president trump and the chinese president, looking forward to doing more and a few days ago we had a tweet from the president saying he had to try with china and it did not work out. i am paraphrasing. what is the way forward when it comes to the relationship with china? we have an ambassador for a couple of weeks. do you think the u.s. will continue to engage and how optimistic are you? >> you have to be as this is the defining relationship of the 21st century, if it goes well, it is a different 21st century than if it becomes a cold war or
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worse. the problem is you have the south china sea, north korea, all of the trade, the investment issues. today, the leading chinese dissident died in jail. you have as complicated a relationship. not going to be one personality or one-dimensional, we have to invest the time and talk about not just bilateral issues but regional and global issues. the united states and china will determine what happens on things like climate and issues -- you name it, energy issues, terrorism, i think that china will be central and we have to have a broad relationship and have to invest in it. >> thank you. coming up, much more from me conference in sun valley, idaho. we will hear from someone from the mayo clinic. vonnie: thank you.
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breaking news out of washington, d.c. senate republicans may lack the votes to advance a health care bill. our chief washington can -- correspondent spoke with lindsey graham earlier today and he has his own health care version of the bill out. have a listen. >> we leave the taxes on the wealthy in place. we reveal the individual mandate and employer mandate, medical billion.x, only $20 75 votes to do that in the past and we believe the investment taxes in place. that is about $500 billion. and we block grant the money instead of giving it to the federal tax code. >> what is your biggest concern with the senate majority leader's plans. >> i like it better than the old one but still has most power in washington. i think the simplest way to deal with this problem is to allow states more options that may have today. if you want to repair obamacare in california, this money could
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be used to repair obamacare. if you want to replace obamacare, it could be to replace obamacare. >> as you look at the map in the senate, the senate majority leaders does not have a vote. --if this was better, i hope i would vote for the bill and i hope he considers my here to problem politically, no republican senator will vote for a health care bill the governor does not like. i said, let's look at this differently. my original bill was to allow people to opt out of obamacare and take the same money and come up with something new. we just expanded the concept and said rather than opting out, let's take the individual mandate and employer mandate and eliminated but keep the taxes on the wealthy in place, $500 billion of revenue. , with a formula to block grant it to states and they cannot spend it on roads and bridges, they have to is vented on health care and come up with a fair inflation rate, if they can beat you rate, they keep the money and put it into other health care systems.
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you destroyed the effort to have a single-payer system because you have the money and policy out of washington. but to give a lot of flexibility and keeping taxes in place. >> will you get democrats to support your plan? >> maybe, if you are a single health care democrat, no, this is the end of single-payer health care because states will have the money. they will be restrictions and they have to cover people who are sick. they can devise different systems. if you are a moderate democrat, and we need the taxes in place, no longer taking money from the poor and giving it to the rich which is a hurdle for my party. i am challenging my party to keep taxes in place we do not like. here is your problem as a democratic senator, you have to go home and say i do not trust no longer taking money from the poor and giving it to themy state to spend this moneyi trust a bureaucrat in washington. >> picture it -- current in a ration is some of these obamacare taxes are left in place. >> sum, the big ones are in
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place. >> what do you say in terms of the timeline? the majority leader wants this vote next week, well that not happen? >> this idea could come together quickly as we have governors opposed to our original bill. i do not know if they will support the new and. a lot of governors and maybe a few democrats would be excited about having this flexibility and this new money. quickly, the testimony of christopher wray, were you satisfied? >> he is a wonderful man. he is in a strange environment and i was pushing him. i thought he did an excellent job. he said this is not a witchhunt, which is not. he said if you get called by a foreign government or intermediary to go work with a foreign government on your campaign, say no. i thought he did an excellent job and look forward to voting for him. >> on an issue that is big in your state, export -- the
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business community has come up against -- >> i want to get the bank of and running more than anybody else and i will try to get the administration to give us a better nominee but the bank is a lifeline for boeing, ge, a lot of small companies in south carolina. if you can get everybody else to drop their bank, i will drop hours. -- ours. if we go out of the xm finance business, we lose market share and my goal is to get the bank of and running. vonnie: lindsey graham. interview by kevin cirilli who joins us from capitol hill been we know that rand paul and collins will not support the mitch mcconnell version. nevermind the lindsey graham version. what happens next? >> moments ago, rob portman, a republican from ohio joined rand paul and collins in saying that
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he will oppose the majority leader's plans. three republican senators who came out against this proposal. that means it is dead on arrival. the congressional budget office will still score this and we expect numbers next week. a path forward or the actual reality of this becoming law or getting time on the floor of the senate chamber is now unlikely. vonnie: our chief washington as foreign to kevin cirilli, thank you. let's get back to sun valley will david gura -- for david gura is there to talk about health care. >> a special guest with the chairman and ceo of aetna. let me start with the minutes of the day, the senate majority leader says his new version is stronger, how do you watch this play out?
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what could make a difference and what are you looking for in terms of the pieces of legislation? >> if you look at every major piece of social legislation, always bipartisan and this one is not. these huge at all of social programs which have benefited the country greatly, you would see that they get changed every year. in concert with private industry to make them better. if we were to let these set for seven years, they would fall apart. here we are with a bill called .he aca which could fall apart our view is we have to fix it and there are a host of changes, some recommended already by the other side of the aisle or in a bipartisan way. hills have been introduced. -- bills have been introduced and that is important. we should get over the notion of politics of repeal and fix the aca. and get to the other agenda
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items more important to the country in terms of growth. >> how engaged in this process the want to be? the white house is sometimes eager to flack when exchanges pull out of states, what is the conversation between you and congress or the president about what needs to change? >> we are very engaged and has proposals on the table about what needs to change to get better. pieces of what the leader proposed today which are important, we need a reinsurance mechanism as we build a bigger market. we need to continue medicaid expansion. we should expect in medicaid expansion that by 2024, we should see costs go down, this happens at medicare advantage. we agreed that if we invested in this population, the cost should come down. the way we are talking about it is politically oriented.
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instead of saying, by 2024, if we have not had enough momentum and if all the people we cover, 70 million americans in medicaid, if we have not invested properly and costs do not go down, we have made a mistake. we have to hold everybody accountable, including the insurance companies and private industry to say what do we do have to do to make medicaid costs come down. >> talk to someone from the cleveland clinic who said that in order for there to be progress on health policy in this country, this bill has to fail. would you go that far in agreeing? is this a political hindrance to making policy changes? >> whatever it gets to a bipartisan discussion is the best solution. i have given up on figuring out what the politics are. what motivates people. more about the election than anything else. let's get to solutions on the table, they are simple, medicaid, we should see costs go down after seven years and on
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stabilizing the affordable care act, a number of bills introduced, call them what you will, let's move on and we do not need to call it the aca. >> a $70 billion in this field to stabilize exchanges and you have pulled out of some of these exchanges and what would it take you to get that again, is that a positive step in this legislation? >> it is, this reinsurance model causing sharon's -- flattening the curve between 250% of 400% of the poverty level, important so they do not drop off. if we could actually get that underway, we could stabilize what we have. we are ready to enter when we have a stable market that is pretty double. a lot of contradicts -- when you look at innovation in health care, if we could get past the politics into policy, what is the number one thing you would change your look forward to seeing changed? >> getting closer to the home and into the community. we know that 60% of life
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expectancy is determined by the zip code you live in versus the genetic code you are born with. we have to get into these communities and invest in these communities. we have to have a warranty system where people get a card -- we have to get into the homes and provide services that are necessary. the collapse of our economy is laid bare and has destroyed the middle class in a lot of ways. it has laid their social determinants that other countries have dealt with for decades. this should become an important part, when you look at isolation and food insecurity, there are huge drivers of chronic illness like diabetes and congestive heart field or -- failure, asthma. if we could solve that by investing communities at the local level and understanding what each community needs, like our city and county challenge.
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and mike bloomberg's bloomberg -- program, the american cities initiative, this is important stuff. what is the appetite for deals and health care, you trotted big one that did not work out, your outlook for dealmaking? >> a lot tougher. if you look at the task at hand and what we need to do strategically, more about vertical integration and various forms that can take the we are active and engaged. have things in the pipeline. >> thank you, the chairman and ceo of aetna. coming up, a conversation with john those were the , the ceo of. ♪
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♪ david: i am here on the sidelines in sun valley, idaho. dr. john noseworthy is the president and ceo of the mayo clinic. i am sure you are watching this. following the processing -- the health care bill? >> we watch it closely and how this bill will play out with this huge partisan divide between the aca and those who want to repeal and reform it, we are focused on what we can control. that is the agenda of advancing high-value health care and
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better quality care at lower costs and investing in research and revelatory reform. what is the responsibility of the medical profession. we hope to see a bipartisan response that provides good, solid care for our citizens. on our side of the fence, how do we provide better care? this is not about health care reform, the medicaid and who is thank for it. the nitty-gritty of how health care delivery. >> why is it such a difficult conversation for policymakers in washington to have? do you think the focus enough on policy and what to making cds or when it comes to advancing this ? >> unprecedented bipartisan support from moving from people service to value agenda and extracting high-quality care at lower cost and that is what they are focused on with us. a lot more to do with it. there is strong bipartisan support for finding your for
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patients and investing in alzheimer's disease research and science and innovation. there is strong support for looking at the regulatory burden in health care as they are across other sectors. the agreement between the parties is rather strong in those fundamental issues. not so much a policy on the role of government in the lives of our citizens, that is what it seems to play out as. david: did the role of government changing when it comes to research and invention? the president says a reduction of money going to the nih. do you accept that and if that is the case, is the burden more on private companies? >> i do not think the president's budget will be accepted as is and we were told it is probably dead on arrival because it is a cone he and budget cut. an drew akoni and -- draconi budget cuts. there is a huge societal need, the societal burden on these are
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enormous and from a macro a economics and point, health there is 16 of the economy -- /6 of there is 1 economy and the united states needs to be a leader. i think we will get a strong budget from congress. this is not a time to pull back on that. david: health care executives and people who run hospitals, insurance companies, talk about escalating cost and the burden it places on them, how do you navigate that the mayo clinic? >> for 153 years we have been patient centered and move advancing high quality care and reducing cost. one of our secret is to have engineers in our processes. with the physicians, nurses, engineers, we look at what adds value and increases that and what takes away value and what removes it.
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that model has helped us focus on what we do best, tier four patients with -- care for patients with complex illnesses. the patients we see that others are having trouble diagnosing or managing because they are so complex and need teams of physicians working together. those patients have unusual diseases or advanced diseases and the care is complex because you have multiple folks working together on them. it is are responsible to make sure it happened efficiently, safely, highest quality possible, and bringing in technology where it can and getting them back to work. that is what we do. david: how do you see growth in health care, you have expanded the network, a different approach than many others. how do you see growth? >> we have seen so many mergers and acquisitions and health care. we chose a different path, for mayo clinic to acquire hospitals and put our name on it, they would not be the mayo clinic, just a name on a hospital.
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we felt we could do it much better and more efficiently and better for the patient if we share our knowledge. we have taken our knowledge and build a network that is based on our knowledge. over 40 major medical centers nationally and internationally subscribing to mayo knowledge. connect with us and say i need help with this patient and 80% of the time the patient can stay in their home communities. singapore, pineville, kentucky, does not matter. it does not cost patients anything to take advantage of our input. when they have complex indexes that require us to see them face-to-face, they require but 80% of the time they do not need to travel. our growth is extending knowledge to get at the bedside. david: this president said when it comes to medicine innovation, it takes too long for a drug to be approved or a test to take place. do you agree? talk about the regulatory burden on health care, are you worried
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about it? >> we are more concerned about the regulations that get in the way of physicians providing care to patients, scientists getting innovations into the practice. in the united states, we spent almost a half $1 trillion administering health care. out of line with other developed nations. we require 12 administrators for every position to run the practice. physicians are spending twice the amount of time they spend with patients managing the regulatory burden imposed on them individually. 20 hours a week a physician on the phone or using a fax machine to get permission to do a test on a patient. this is out of control. it reduces the quality of care and slows the speed of innovation. .nd crushes the profession physicians, nurses, other professionals go into our field because they have a need to serve others. when they are spending twice as much time doing clerical work, they lose that sense of purpose and joy in their work.
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it is a major area. the fda and the approval of drugs have to be done carefully and we need to make sure drugs work and are safe. we have good people looking at that and i am not sure if that is where the regulations need to be adjusted. and science and medicine are complex illnesses. we are spending $230 billion this year caring for patients with alzheimer's disease. that will grow. it will be a quarter of our economy by 2050 and devour the american economy, if we do not find a cure for old-timers disease. this is the time -- alzheimer's disease. of the mayoworthy clinic, more to come, this is bloomberg. ♪
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♪ vonnie: this is bloomberg
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markets, i am vonnie quinn alongside david gura in idaho. a quick check of the markets as we make it through the mid-a portion. oil is belting a little bit today, under $46 per barrel, $45.96. the 10 year yield 2.35% and the markets settling following the second day of janet yellen's testimony. the dollar index is still at 95.78. mostof the world interesting currencies at the moment include the canadian dollars which dropped below one -- 1.27. above that now but stronger bite 1/10 of 1%. the brazilian rail moving follow -- news that mexican peso below 18. at chinese renminbi offshore
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6.78. david? david: coming up, i will speak on a newtired general rules of engagement. the former commander in afghanistan and with the cofounder and chairman and ceo of makoto libre. that is coming up from sun valley. back to you. vonnie: it will be a fabulous day of interviews from sun valley. catch all of the interviews on the bloomberg with the function tv and find breaking news and charts and the latest functionality. this is bloomberg. ♪
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scarlet: 2:00 p.m. in new york, 7:00 p.m. in london. i am scarlet fu. julia: and i am julia chatterley. welcome to "bloomberg markets." ♪
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scarlet: we are live in bloomberg world headquarters in new york over the next hour. here are the top stories we are covering around the world and on the bloomberg. health care clash on the hill. senate majority leader mitch mcconnell plans to sway holdouts. you want your from republican senator -- we will hear from republican senator richard shelby. in markets, an all-time high due in part to another event on capitol hill. before congress, janet yellen maintaining her stance that the fed will not rush to tighten policy. and target getting a bump after seeing sales will likely increase this quarter. --fany's turnaround efforts is it enough to get investors hunting for bargains?

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