? live from pier three in san francisco, welcome to the early edition of "bloomberg west," where we cover the global technologyand media companies that are reshaping our world.
I am emily chang.
Our focus is on innovation and technology and the focus of business.let's get straight to the rundown.
Larry ellison team oracle is one race away from winning the oldest trophy in sports, the america's cup.
Is his sailing up session hurting his software company?
Amazon refreshes the line of tablets with new models called the kindle fire hdx, update that comes before new apple ipad.
Is a good enough to attract customers?
It is one of the most anticipated ipo's since facebook.
Chinese aly baba, we learn the public listing is likely to be on the american stock market.
Or is, to the lead, it is a huge day for oracle ceo larry ellison and oracle team usa, the america's cup sailing team that he has bankrolled.
The oracle team will face off against team new zealand in a winner take all race for the cup.
If oracle wins, it would be a huge comeback.
The team was down 8 weightsraces to 1. at the races have been going on in san francisco bay, allison has been there watching them, forcing him to cancel his keynote address yesterday at an oracle open world conference.
We will have more on how it is impacting oracle in a we bit, but first our editor-at-large cory johnson have a look at the high-stakes big money involved in winning the america's cup.
America's cup this year, the technology, the money is extreme, and the competition is fierce.
It is a slugfest.
Every america's cup is riddled with councils -- countless controversy.
There is a lot of politics involved in the america's cup, i'm really because there is no second place.
You win it or you go home.
Clearly, the need for speed and power in a dangerously pushing the limits.
These new over the top bolts and their astronomical price tags have created an up or.
They cost anywhere from $6 million to $10 million.
Each have a staff of more than 100 people a bit import three years of work, including seven- figure salaries for the top sailors.
About 100 million dollars to win america's cup.
All rely on a mixture of revenue.
Sponsors are just a small portion, but most of the money come from the deep pockets of billionaire owners.
The only team profit is pride.
And this is big boys, big toys.
These ships have become spaceships.
Who can afford a spaceship?
Typically, 72 urging teams take part in the cup, but this year, the escalating cost compounded by the global reception means that only three challengers could afford to compete.
Team meeting -- team us waiting, team italy, team and new zealand, the only team without billionaire backing.
We have the teams setting up to race in the future event.
Everywhere in this year's america's cup, you can cdm play, larry ellison.
He puts hundreds of millions of is own money into this.
One of the challenges for the organizers to bring the cup to these teams, significantly down.
Whites cory is with us now from new york where he is on assignment.
Cori, with team oracle taking up so much of larry ellison's attention, some people have been critical of the time he has been away from oracle, the company.
Yesterday, oracle open a big conference.
San francisco, hundreds of people there to hear him speak.
He did not show up.
That is the highlight of the oracle conference every year.
Indeed, it is something people were looking forward to.
It is interesting he also managed to escape the last conference call for the company.
It is very clear -- he could have glossed over those rivets, but it is clear where his focus is.
His focus is clearly on the bay, not down in the redwood city and oracle headquarters.
Should we understand -- this has been his passion for the last several years, he has ordained lot of money into this, he has revamped the entire favorite disco waterfront, should we understand he wants to watch the final races?
And certainly who could not understand that.
But he is one of the highest paid ceo's ever, and his and shareholders are demanding that his company perform better.
The stock is not done terribly, the performance of the company has been wanting.
If you look at things like the company's sales growth, it has been if not negative in a year- over-year basis, single digits.
Last quarter had nearly 2% sales growth.
Wall street was hoping for 3. wall street was hoping he would be around.
Some analysts out there have been complaining about this.
What are people saying, what are people who cover this company saying about his absence from the company?
Jb securities is a widely followed analyst.
He says oracle he did cap the back.
A certain lack of direction highlighted by ceo larry ellison's decision to skip the call and the 10 races.
He went on to say we admire allison's passion for we are hopeful that his energy replay -- refocuses as the races wrap up.
A lot of people thought the races were going to be open by the time oracle opened up because oracle team usa was doing so poorly in the races.
Now they have rattled off a bunch of wins, made up for the gap caused by cheating on the internet in the in-between years, they have got a real raise coming later today.
Let's talk about oracle's business.
What are the most worrying, conserving -- concerning things going on with the business, and what does larry need to do about it?
Lately sales growth is the biggest issue, but hardware has been a real problem.
The big acquisition of sun has not been what they thought.
They testified in trial against google that patents alone were worth the purchase price, but there it early to enforce those java patents and not work out any way they thought.
Furthermore, you've got the company really struggling in terms of sales of hardware.
This notion of the selling hardware and software together dozens not work the way they wanted it, and it continues to shrink massively, well over 20% year-over-year in the last six quarters.
Cori, after the race today, what happens?
If oracle went about than what?
Quite the america's cup -- the american come in is going to be able to choose when it -- where it is held next year.
Larry ellison would likely keep it in san francisco.
It has not taken a hold, and all of the race and did nothing together the attention of america or even the san francisco bay area.
I think would have happened in last couple of weeks.
I have been in new york the last week and half, but i wonder from you, are people getting stoked?
I had a great time doing the series we did with our great producer here who did a lot of the work on the things.
I think the story -- the boats are exciting, they are too expensive probably to yield bigger tease, but the races -- i don't know, they have been cool, have you watched any?
I did watch some, cory.
I want to remind our audience you can catch our full half-hour special on the america's cup on the web.
The turning point when oracle was down 8-1, and everybody seemed pretty depressed, pretty down, and suddenly they came back and it is remarkable.
A particular race, new zealand almost capsized.
There was a bit of drama as well.
From there, it was a start of this amazing, remarkable winning streak.
You can sort of just feel the excitement and anticipation building in the community out here over the last several days.
I'm going to go down and watch the last race today.
Whether or not larry ellison's have spent too much time on it, you cannot help but be a little patriotic about team usa winning.
Wax the guys -- the guys on the boat are british and from australia, and larry ellison's money -- i mean, that is domestic.
It sure is exciting to watch these guys go after it.
You can understand why larry ellison would skip work, even his shareholders are not too happy about it.
I won't be skipping work today, however, i will be hard at work, i promise.
Like that is good to know, cory.
-- that is good to know, cory.
The local racing right here on the san francisco bay.
We will have much more coverage in the later addition of "bloomberg west." thank you, cory.
Amazon unveil the new generation of kindle fire.
Are they improved enough to warrant the increase in price?
You can also watch us streaming on your phone, tablet, and at bloomberg.com.
? this is "bloomberg west." i'm emily chang.
Amazon is launching a new legion of kindle to be with the new ipad and ipad mini.
It is more extensive than the previous model, has a faster processor.
Our senior west coast correspondent jon has more on a new tablet.
Jon, what more can you tell us about?
There are a few devices they're coming out with.
They love low prices.
There is an updated version of on the lower end with the kindle fire hd, 139 dollars.
On the higher end, two new devices.
One seven-inch, one closer to nine inches.
The candle -- kindle fire hdx.
They're trying to make this a better president -- routed through some of the typical things you see, faster processor and the resolution on the scene -- screen and the weight as well.
A lot of new features.
The one a lot of people have been talking about is made a -- mayday, you can immediately have a conversation with me on the customer service side.
But the biggest story for investors is with us make a dent in the market share tablet story for amazon versus the rest of the industry?
We know very well that apple has been a dominate player with the ipad.
Samsung is selling a whole bunch as well.
When you look at the breakdowns from players like ibc, amazon often comes in third.
A long way away.
We have a busy holiday season, likely to hear about and ipad mini in the weeks to come.
The tablet -- a lot to watch for.
A lot of able see this as apple versus amazon.
Jeff bezos have a various effort -- a very different strategy.
100%. you have a company that wants to make a lot of comp -- money on every at-bat in sales was is jeff bezos at amazon that -- we are happy to sell these devices at's is our hope is that we will make it up on the content we sell for people using these devices.
Rbc has found an interesting stats, people who do own a kindle buy four times as many books through amazon, whether that is physical books or ebooks.
One of the things they have done with the new devices to try to make the videogame a better -- the videogame experience better because they find that the in- app riches through games of a big-money maker.
All right, jon erlichman, thank you.
Realnetworks, a company that says it admitted digital streaming media is returning to its roots.
Combining video with cloud technology in its latest product, real clear cloud.
We spoke with the founder and ceo rob glaser.
Listen to what he thinks this product can do to alter the landscape of the video storage and sharing.
I think it is incredibly exciting for two reasons.
One is we are solving a really hard and important problem, which is making video work.
There has been an explosion of all of these devices, different ways for people to create and play videos, notches on their pc but on their phone, their tablets, on their digitally- connected television.
It is a mess trying to get it all to work.
Our new products, realplayer cloud, is we think the first product that makes it work.
The second reason i think it is exciting as it takes real back to its roots.
We brought the first streaming products to the internet, made the internet, live with audio and video, and so we are not taking this claudia rep and -- cloud era and doing the same thing, which is making video possible and easy, much different than it has been before.
Would have been a big is problem up until now you?
Into not work, would be the simple answer.
If you dig a video on your iphone and send it to somebody who has an android, it is not play.
As crazy as that found theodore if you take a five-minute video of your k's soccer game, and you want to send it to someone, unless you want to put on youtube and have it be public, you have to chop it up into one minute increments.
So there is all these crazy stuff you have to do to make video work, and role player clout is the first product that just handles all that stuff automatically behind the scenes, you put it in the cloud, make it really easy for you to share it, easy for you to play it on all your devices, and easy for you to keep a permanent copy so that if your phone gets run over by a car, you do not lose all that amazing video.
What is the technological events that make that possible now where was not before?
With a lot of experience in video, so we created technology called sure play that does all of the cloud transcoding, reformatting.
It is a commendation of applying a lot of -- it is a combination of applying a lot of technology and the fact that with the cloud services, all of this is interconnected.
In order to roll the product out, we did not have to build our own cloud infrastructure pier and we are using web services, a couple of different ones out there that one good used.
That means we could -- could use.
We do not have to build all of the physical infrastructure.
We could layer on top of it.
The model is a premium model, so you get -- everybody in the u.s. and canada starting today gets two gigabytes for free, about one hour of high death or two or three hours of lower definition video, depending on what you do.
We sell additional storage and additional capabilities.
Inez plans are for dollars m we have a $10 month -- the next plan is five dollars a month, we have a $10 a month plan, $30 a month plan.
Other folks that demonstrated it works.
Based on early resource, we are optimistic.
What are the uptake rates?
For those kind of companies, inbox and so on.
Overtime, obviously today you put out, people are just using it, filling their bucket so to speak or to overtime, you had to get to 4%, upsell rate over a broad user base because people were active is obviously a higher percentage, but that is of the broad-based.
That israel network founder -- was real network founder and ceo rob glaser.
Alibaba may be headed to new york for its ipo p or diu will bring you the details next.
This is "bloomberg west." i'm emily chang.a curved samsung smartphone is coming.
The company announced plans to unveil the curved device next month at an event for galaxy gear and galaxy note3. with apple's new gold iphone becoming a top seller, samsung is trying to get on on the action.
Samsung arabia has just unveiled a golden brown and gold paint edition for its galaxy s4 smartphone available first in the middle east.
It is not say when it would hit the market.
China's largest e-commerce company may have its ipo in the u.s. ali baba is leaning toward a listing in new york.
That is according to people familiar with the matter.
The issue, ali baba's founder and the companies partnered was to maintain control after creating two groups of shareholders to protect the interest of ordinary shareholders, hong kong rivets ipos with different classes.
Obviously this is something they do allow in the u.s. among right?
This works really well for google, facebook, -- for the founders.
Right here in zynga has a similar structure and there has been a lot of questioning about what rights do zynga is shareholders have.
The company that are doing well on the stark market, you do not hear a lot of the questions.
It shields the owners.
It shields the primary owners to have -- from having to deal with the chiral -- with the carl icahn's of the world.
Put certain measures in place of the shareholders have to get dividends or buybacks or whatnot.
Another thing that is really important to keep in mind is if you are a big global technology company and you want to go public, there is a lot less risk in the u.s. a band somewhere else because that is where the brands have gone public.
So there is a protocol you're following.
Obviously, the hong kong listing said if we open the door for alibaba, we have to open the door for everyone.
Could other chinese companies follow?
That has been the trend.
There is no shortage of demand in the u.s. market for large technology companies, particularly those that are internet-based.
You have seen them do very well on the market, you have seen expanding shareholder bases within the u.s. so there is no question that that is a probability.
Everybody is talking about twitter and a potential $16 billion valuation.
Alibaba and looking at $120 billion valuation.
Maybe we should be talking more about alibaba.
Talk about all the tech ipo's you want, if you are not on the alibaba ipo, nothing else matters.
There are so much money to be made relative to everything else, your money is -- your number is not going to look at your not there.
Are really be of bloomberg news, thank you as always.
It is time for on the markets.
Julie hyman is in the new yorker and what are you watching today?
Taking a look at stocks here because it is interesting how little movement we are seeing.
It seems as though investors are starting -- are turning their attention to washington, if they're going to be some sort of showdown on the debt ceiling?
In terms of individual stocks, we want to highlight a deal for you that have got to stocks making big news, take a look at meiko surgical sales, 82%, knew that the medical device and maker will be bye-byeought by stryker.
That is nearly doubles thursday's closing price.
Trading lower as the company said the deal will dilute its full-year earnings by 10% in the first year after he does close on the acquisition.
We will have more on the markets in 30 minutes and of course you will get more "bloomberg west" after the break.
? this is the early edition of "bloomberg west."i am emily chang.
You can also catch us at our later time, 3:00 p.m. pacific, 6:00 p.m. eastern.now to your top headlines, the senate has issued a bill to avert a government shutdown by a vote of 100-0. this comes as senator ted cruz ended his nearly day-long floor speech against obamacare.
The texas republican spoke for more than 21 hours.
He was forced to yield the floor , so the senate could consider the bill.
Cruz was trying to stop senate democrats from sipping out the origin of the bill that defunds obamacare.
American households are getting wealthier.
Net worth for u.s. households rose by one point -- $1.3 trillion in the second quarter, nearly a 2% gain over last quarter.
Climbing stock prices and home values field much of the rise.
The postal service wants to raise prices again as it faces billions in losses under a new plan to post to regulators the price of a stamp would've rise -- would rise from $.46 to 30 said -- $.49. at a loss of $13 billion last year, much of that due to a huge payment for retiree benefits.
President obama and iranian resident hassan bersani us -- hassan rouhani did not me.
The iranians decided against a meeting due to domestic political issues.
Double m ties between the u.s. and the middle east are still shaky.
Could be region's growing tech sector be a way to strengthen that relationship?
I want to bring in a mentor for a nonprofit.
So, you know, obviously the middle east gets a lot of attention for all of the unrest, but there are other things going on there, too.
Tell me about the tech sector out there.
It is different based on the country.
Each country, whether it is egypt, lebanon, the gulf states, they all have different pockets of tech heavy industries.
The problem is in each country, the differences are so vast that it has been very hard for them to collectively grouped together as a force in technology.
We're looking at a map, how are the countries different?
You have that egypt, israel, the home of waze, which google to spot.
We know israel very well.
Certainly we have not seen any technology innovation that is rivaled anywhere else in the middle east but for what is just coming out of israel.
That said, the gulf states are really interesting because they probably have the highest average revenue per user as any mobile area and the world, including the u.s. and western europe.
The problem is the population they're just cannot sustain massive companies.
You have a very wealthy people spending a lot of money on their mobile apps, and you mentioned the gold phones coming out of saudi arabia, that again not a big market.
And then on the flip side, you have egypt, which is a very educated society, but with an $80 million -- an 80 million population, which is not very advanced economically.
So you have a big market, but not when i can pay a lot.
I imagine there are some challenges.
What are the challenges operating in the middle east?
Politically the challenges are not great with israel because the israelis have been going through this for decades.
The tech transfer between the u.s. or europe and israel asbury well-established at this point.
There is not sony challenges of the israeli economy and the israeli entrepreneurs, but certainly if you are in lebanon or egypt, the challenges are much higher because the asset to capital and the local heroes frankly are not there yet.
Coming about the companies you have invested in out there that are the biggest success stories?
We have a number of investments in our israeli portfolio.
Probably the most from the thing is run cents, a chip company that was embedded into microsoft connect, the device that was on top of the xbox peer we have a very high hopes for that company, in that it into television and other types of devices beyond the ki nect.
All right, maha, thank you so much.
We want to get breaking news out of walmart, our senior markets correspondent julie hyman is there.
We have news on walmart, cutting orders from suppliers this quarter and next.
That is because the company has been a sprinting rising inventory, sales are not keeping pace with those inventories, and the ordering that the company has been doing.
Walmart executives have talked about this in recent earnings call that basically the inventory and sales are not at levels they would like.
This essentially is confirmation that they are indeed c utting orders from suppliers.
Last week, a manager at the arkansas headquarters described the pullback in an e-mail, and e-mail that bloomberg news renee dudley had obtained.
We're looking at reducing inventories for the third quarter and the fourth quarter.
This is an e-mail from september 17. again, this ongoing problem.
To sort of described the impact of this, the company has 525 suppliers according to bloomberg data.
We are going to go in and get more detail on who exactly those suppliers are and who are the largest that might be affected by this.
Of course, it is also a read on what is going on out there in the economy.
All right, julie hyman, thank you so much for bringing up that update on walmart.
It looks like apple macs are giving us a bad direction.
We will tell you but it's interesting grab to an alaska airport next.
You can also watch us streaming on your phone, tablet, and at bloomberg.com.
Welcome back to "bloomberg west," i am emily chang.
Angst of the growing influence of social media, the ad industry is making the shift away from traditional a linear promotions to digitally-focused ads.
This transition is one of the many topics be discussed at adweek annual conference in new york this week.
Our cory johnson has been at the conference and joins me now with more.
Cori, tells me more about this transition.
It is a really interesting time for advertisers.
This is maybe one of the most fundamental changes ever away from the old "madmen" style, crunching big data.
There is still the element of creative intelligence.
I talked to someone who runs a company about how that created an old-school "madmen" style thing that is so important, even in a world of 140 character here is what he had to say.
Making stuff, we never really know what is going on anymore, we do not know if were going to make something other than actual application or something that will exist in social media.
It is an exciting opportunity, but quite a difficult one to.
There's been a lot of talk about media, data, conceptualizing, there is not been a lot of talk about creating.
If you are known for some of the best creative data ever.
What is the role of creating an environment where twitter, facebook, and google are dominant ad platforms, not 32nd television spots?
-- 32nd television spots?
-- 30-second tv spots?
There are different ways to interact with your consumer, so you'd still need to be lightly.
You can just be doing it in a different -- 140 characters, it seems like a much harder world to tell stories.
No, i think it is a much easier way to tell stories because you have many more platforms.
It is not in a nice, straightforward, linear sense.
You can look at something like the way something is broadcast, different stories being told at different times through different channels, and that is the way when you think about brands.
140 characters, everything is on, everything has got to be ready to respond in real-time and so forth.
That is where you get the really interesting chances to be edgy.
Or do you find the young people get this because they get the new medium?
And old parts like me don't. old dinosaurs have to adjust and change and learn.
There is all this talk about digital matrix, but if you talk to your own generation or the millennial's coming into work for the first time, they have a more intuitive and a different approach to things that we think are innovative and unusual.
I love twitter, i use it all the time.
I think it gives people the opportunity to respond in a way that has never been done before.
I think we have seen some interesting examples that have been used to actually change a brands, the behavior.
It's a system like best buy, where they actually have people who are not necessarily in the shop working, but are still responding from their couch and getting all excited about helping their consumer.
That is magic as far as businesses are concerned.
It also represents huger risks.
If amitav something negative, -- if somebody took something negative, the recent example with british airways, someone tweeted customer service is terrible that went out to 300 thousand followers, that put things into perspective.
You have to lean in that with the chief executive bingo this can happen, you need to be prepared for it.
Ipod of your job is not just creating a public relations as well.
I do a little bit of that.
There is a lovely quote by william gibson who said the future is all around us, it is justice -- it is just not easily distributed.
Some clients are still wrestling with this internet thing, and some are saying my strategy is not quite right him at the northeast corridor, what are you going to do about it.
So it is very varied.
My role is to bring the culture of the agency forward and also talking to my clients and making sure they opportunity -- understand the opportunities and the risks that they are in.
Wife it is interesting stuff, emily -- it is interesting stuff, emily, because all the stuff that agents are being asked to create for their clients us hearken back to that "madmen" era were the advertising agency could be designing the future of the company with the prophet.
Reich all right, cory johnson, our editor-at-large, thank you for a special inside look at the world of advertising as it is today.
Beyond the "madman" days.
Be sure you turn into bloomberg television tonight for the for mayor of "the naked brand" tonight at 9:00 p.m. is it enough to compete with apple and google.
That is the next on "umber wes." you can also watch us streaming on your phone, tablet, and at bloomberg.com.
I am emily chang.
Beaucoup -- roku introduce new devices to help compete with apple and google.
My partner jon erlichman is back with more.
The devices that are starving all of these netflix shows, roku, apple, they are certainly very competitive in this market.
I caught up with the ceo of roku, anthony wood, and i asked them how often they are doing updates to maintain their competitive advantage.
We update our software almost everyone month.
We add new tent -- new channels about every day, it is a very emotive market.
We have over 1000 channels be on the hardware side of our business, we do not have any fixed schedule, but we update usually once a year or once every year and a half, something like that.
What about how big a difference a change in pricing and allowing people to buy a roku device that is a slightly lower price point -- how can that help your overall business?
What does it do financially for you guys?
One of our strategies with roku is to hit all of the key price points in retail so we have roku layers that $49, $59, 79 dollars, and $99, so we have four different models.
We have kept those price points consistent for the last few years.
What we have tried to do is increase the functionality of each of those price points on a regular basis.
That is what we are doing this year with our new roku two's and broke you on -- and roku lt.
It allows us to go after different segments.
Someone shopping and walmart buys the $59 player, that may be a different customer that buys the $91 player at best buy.
Whatever the partnership you have with mgo?
You don't have to worry about having a separate relationship, you have got a roku account, you read the new movie the way you would if you had an apple tv box.
Feels like this is sort of giving you another way to position yourself against a player like apple, which one of the advantages with apple is the ability to go and rent movies so easily.
Yeah, so rochus shortly -- ro ku historically has had amazon, blockbuster, several different movies stores, but what we do with the new software released with the new roku lineup as we added a movie store right into the main user interface, and it helps our customers and it helps roku.
For customers what it does is bubble of more content toward the top user interface, so when a customer set up a roku and create their account, after that, they can just use the roku to watch movies without installing any channels, creating a new account on amazon, for example.
It is more seamless and quicker for customers.
For roku, it does a better job of merchandising movies.
Big part of our business model as revenue shares on all the transactions and ads and dollars that flow through the roku platform.
It will encourage our customers to watch more movies, which is good for everyone.
One of the things people are going to notice if they are shopping for roku devices it is you have these buttons on the remote control, the roku promoted cell, almost like a go button for a couple of key players, key services, netflix is one of them here to explain what the logic was with that, and given how many different offerings that row crew -- that roku have, who was able to get that real estate and why you?
Here is the remote for the roku 2, and it has the sure bet that the bottom which allows instant access for netflix, for example.
It is a combination for us, it is a combination of how useful is it to our customers, we obviously want customers to have a great express on roku, and what is the economic relationship with our content partners?
So going back to our service business, which is to promote confident get paid in exchange for that, the buttons are obviously one of the most powerful tools we have in our tool chest of things we can offer partners in exchange for economics.
So we get paid for those buttons.
That was roku's ceo anthony wood with our very own jon erlichman.
Still ahead, why drivers using apple maps were getting directed to an airport taxiway in alaska.
That is next.
This is "bloomberg west," streaming on your tablet, television, and that bloomberg.com.
Drivers are getting quite be surprised.
The alaska dispatch says that apple maps are leading drivers to an airport taxiway across the runway from the main terminal.
At least two drivers have crossed the runway, although the app is not directed to do so, the airport has put up barricades and and asked apple to fix the issue.
You may recall that apple maps has come under fire for various issues, including putting incorrect labels on a certain buildings.
Coming up on today's late edition of "bloomberg west," meet the digital marketing the rubicon -- guru behind a now famous oriole add.
-- oreo ad.
It is 56 that the hour, which means bloomberg television is on the market.
Julie hyman is in new york.
Stocks have turned lower here.
This is mostly on the back of walmart.
A scoop by our reporter, renee dudley, got a hold of an e-mail that said the company was cutting orders for the third and fourth quarters.
Recent quarters, it has had some problems, the inventories have a larger ratio than the company would like.
It has commented on that in the past.
The thought of the 34th largest stock in the s&p 500 by weight.
It has many suppliers at the largest retailer, so a lot of concern about what this means.
Let's also take a look at currencies in today's session and see where we are headed there.
We have seen the dollar under some pressure today.
You can see the euro is gaining on the dollar, the yen is trading lower here.
Let's talk about the outlook for the dollar, particularly with what has been going on in washington.
I am talking to the searing your corinth -- senior currency strategist at forbes.com.
There is so much concern that the government shutdown.
You have a great shot that looks at how the government has performed.
Quite the performance has been relatively muted.
We've seen in the past that when there was a government shutdown back in late 1995, early 1996, the dollar was actually in this training upward trending, so