The u.s. government shutdown is affecting the american craft brewers in a big way.
We are talking beer.
It all centers around the agency that accrue -- that approves craft brewery applications, but that agency is now closed.
How much of a hangover is it causing for the crackers of the u.s. gecko -- for the craft brewers of the u.s. gecko?
We asked steve hindy.
If you want to change the label or offer a seasonal label for a beer, you have to get approval from a small agency that is part of the alcohol, tobacco, and firearm agency, which is part of the treasury.
And they are shut.
What is happening?
This could not happen at a worse time, because we are coming into it the christmas season, which is one of the biggest volume times of the year.
And we have a lot of seasonal beers and special beers that come out at this time.
And we need a label for many of these.
We've got maybe a dozen labels ending before the tax and trade -- pending before the tax and trade bureau.
We also need to get those labels approved by every state where they are going to sell.
But first, we need federal approval.
Is applications, they have been there, right gecko they are waiting -- they have been there.
They are waiting.
Yes, these were submitted weeks ago.
Now they are all on hold.
It is a big problem.
It could throw a king on -- in it could throw a kinky into our business.
It is 26 minutes past the hour, which means it's time for on the markets.
A rally today, a big one.
The s&p 500 gained 36, the dow jones adds 323, and the nasdaq gained more than two point 25% -- 2.25%. ? this is "taking stock" on bloomberg.
I'm pimm fox.
I want to go right to bottom line inker -- to the bottom line inker.
The government shutdown of the past few weeks will shave 2/10 of one percent off of growth.
The cumulative effects of the partial shutdown are expected to grow as the shutdown continues.
The u.s. advisory company urs furloughed about 3000 employees.
That is the largest number of government employees furloughed.
The ex detroit mayor faces 28 years in prison.
He was found guilty of 24 counts of racketeering, bribery, extortion, and tax evasion.
Coming up tonight, oregon senator ron wyden joins me to discuss how the partial shutdown is impeding timber sales and logging operations across national forest.
President obama is behind closed doors at the white house with house speaker john boehner.
They are trying to broker a debt ceiling deal.
Let's bring in chief washington correspondent peter cook at the white house.
Why do the republicans make this new debt ceiling offer?
Where are they getting this pressure from gecko -- this pressure from?
They are getting the pressure from the american people.
Seeing the poll numbers, they know that more americans are blaming them for the shutdown and among basically, they felt they were losing this fight.
This will give a six-week reprieve for the debt ceiling.
The idea is to shift the out of ground somewhat and focus more on the budget battle and the spending site -- spending side.
They think they can have more leverage their over democrats.
It is not entirely clear that democrats are going to accept a new offer on the table, but it is a starting point for negotiations.
The hope is that ultimately, it will spill over into a better budget deal for republicans.
Did this backfire?
What is the showdown?
What is the endgame their gecko there are different ideas about the strategy going in, the health care law.
This was a fight they thought they were going to win in them gaining, and now with the shutdown and the threat of a debt default looming, there are some real questions being asked within the republican ranks.
At the end of the day, getting a budget deal that is in their favor, they will feel somehow that this was worth it in the end.
But it is hard to be pleased with where they stand right now.
They do not have a lot to show for their efforts.
They have all of this media and created handles.
What will happen if this meeting blows up?
If this meeting blows up, a lot of that will vaporize tomorrow.
If john boehner walks out of this meeting and you watch his body language and if there is a negative tone coming from the house republican leaders, then you can be sure this fight is far from over and they will go into the weekend.
We will have a continued showdown.
This is seen as the thought in the ice -- thaw in the eyes, if you will.
I think we may be back to square one tomorrow.
Maybe they should all just have a beer.
More on the shutdown effect on companies such as craft brewers, i'm joined by steve hindy.
He says the bc showdown -- shutdown -- he says the d.c. shutdown could not come at a worse time.
It affects many beverage makers.
2600 craft brewers across the country now and a guarantee you each one of them has label approvals pending before the federal government.
They are all on hold.
In addition, there are another 1500 breweries in the works.
People who are trying to start their business.
And all of those companies have their licenses pending before the federal government.
If you have spent a few million dollars in a plant and you are waiting for the license to come through from the government, that is a big charge every day you are taking.
Have you spoken to the owners of other craft brewers around the country?
Are they calling the white house, their congress men and women?
We are very much in touch with our elected officials.
It just seems everyone is terribly frustrated by this whole situation.
And i find it ironic that the republicans, who generally are the party of business, the pro- business party, are behind this thing.
It is really frustrating and aggravating.
While you are finding this shutdown here in the united states, i want to turn your attention to another country where brooklyn for a brew -- brooklyn brewery brew is popular, sweden.
What is your situation in this country?
Ever since we started we have had foreign importers visiting us and talking to us about bringing brooklyn to their countries.
25 years, right gecko -- right?
It started the first year we were in business, selling in japan.
Honestly, it has never gone that far in japan.
Imported year is less than one percent of the japanese market.
But we have had extraordinary success in some places that i never would have imagined 25 years ago when i started the company, and sweden is one of them.
We are a major player in the sweetest -- swedish beer market.
And we are partnering with a brewery called new carnegie to open a brew or he in stockholm -- to open a brew orery in stockholm.
Are they putting your application on hold gecko rex -- on hold?
No, they are happy to have the business.
We will use this place in stockholm to showcase some of the special beers we do and as an educational place.
How did you get into this business?
An unusual route, which i would not recommend.
I used to be a journalist and i work for small breweries in upstate new york, and eventually in the associated press.
And i eventually started covering the war.
I started studying arabic and i wanted to go to a route.
-- wanted to go to beirut.
There were too many people who wanted to.
Not long after volunteering i was sent to beirut and i was there for six years.
I covered wars in iran, iraq, erie.
I was sitting behind president sadat when he was killed in cairo.
When i was there, i had met american diplomats in saudi arabia.
No alcoholic beverages.
These guys all made their own beer at home.
I developed a taste for their beer and my wife got fed up with being the wife of a war correspondent.
I came back home and we started making our own beer and sending it to our friends and neighbors.
Maybe you could have a diplomatic label for all of the diplomats.
You could use it in washington.
I think it would be great if
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