Bloomberg Surveillance

Brian Levitt, OppenheimerFunds Senior Investment Strategist, does not think we're going to hear the Fed call for 4 rate hikes this year. Margaret Talev, Bloomberg Senior White House Correspondent, updates us on the gun control debate in Washington. Craig Moffett, MoffettNathanson Founding Partner & Senior Research Analyst, reviews Comcast's bid to buy British TV giant Sky for $31 billion. Steve Tsang, SOAS China Institute Director, says we overestimate Xi Jinping if we compare him to totalitarianism. See omnystudio.com/listener for privacy information.

Decrypted returns on March 6th with a brand new season. Here's a sneak peek of what's in store. We'll be releasing new episodes every Tuesday starting next week. See omnystudio.com/listener for privacy information.

Steve Wieting, Citi Private Bank Global Chief Strategist, says there is an underlying sense of optimism from companies. Carsten Brzeski, ING-DiBa Chief Economist, says Italy is still one of the laggards of the eurozone cycle. Sen. Rob Portman (R-OH), Senate Finance Committee member, says Congress ought to readdress the legal purchasing age for rifles. Benn Steil, Council on Foreign Relations Senior Fellow and Director of International Economics, says President Trump may be losing sight of the immense power the U.S. has had via the use of soft power.See omnystudio.com/listener for privacy information.

Carl Weinberg, High Frequency Economics Founder & Chief Economist, says in order to create jobs, we need a project like the space race in the sixties. Mike Darda, MKM Partners Chief Economist & Chief Market Strategist, suspects nominal growth will return to below 4%. Libby Cantrill, PIMCO Executive Vice President & Head of Public Policy, wonders if this fiscal stimulus will result in a sugar high or sustainable growth. James Manyika, McKinsey Global Institute Chairman & Director, says manufacturing is on the upswing in the U.S. See omnystudio.com/listener for privacy information.

Bill Lee, Milken Institute Chief Economist, says his conviction is that inflation is not around the corner. Bob Miller, BlackRock Head of U.S. Multi-Sector Fixed Income, says risk-free rates have to go considerably higher before they start to work with equities. Raghuram Rajan, University of Chicago Booth Business School Professor & Former Reserve Bank of India Governor, says it would be ideal for the new Fed Vice Chair to be someone who straddles both academic and policy worlds. See omnystudio.com/listener for privacy information.

Jack Ablin, Cresset Founding Partner and Chief Investment Officer, says companies have seen a remarkable amount of pricing power; it was much more than he expected.Greg Valliere, Horizon Investments Chief Political Strategist, says Pennsylvania is uniquely blatant with their gerrymandering. Sam Stovall, CFRA Investment Strategist, says he does not see a recession on the horizon. Kevin Cirilli, Bloomberg Chief Washington Correspondent, calls in on his way to the White House to review the latest in Special Counsel Mueller's indictments. See omnystudio.com/listener for privacy information.

Adam Posen, Peterson Institute for International Economics President, says 3% growth is not sustainable. Jane Foley, Rabobank Head of FX Strategy, says a lack of budget discipline is considered to be negative for a currency. Michael Holland, Holland & Co. Chairman and Founder, says the best time to sell is when the markets are enthusiastic. Vanessa Friedman, New York Times Fashion Director & Chief Fashion Critic, and Robert Burke, Robert Burke Associates Chairman & CEO, review New York Fashion Week and the state of luxury retail.See omnystudio.com/listener for privacy information.

Howard Ward, Gabelli Funds CIO of Growth Equities, says he's not sure if this is a market rally that can be trusted. Terry Haines, Evercore ISI Head of US Policy & Political Analysis, says Pres. Trump has proved not to be a Congressional Republican. Tobias Levkovich, Chief US Equity Strategist at Citi, thinks the next several earnings seasons are going to be good. Steven Cook, CFR Senior Fellow for Middle East & Africa Studies, expects Sec. Tillerson to get a cold welcome in Turkey today. See omnystudio.com/listener for privacy information.

John Ryding, Founder of RDQ Economics, thinks the stimulus we're getting is pretty unprecedented. Gideon Rose, Foreign Affairs Magazine Editor, says we're getting a global lesson in comparative politics right now. Frances Donald, Manulife Asset Management Senior Economist, says to pay attention to the retail sales number. Bill Rhodes, Citigroup Former Vice Chairman, thinks some investors have gone overboard because they didn't want to be left out.See omnystudio.com/listener for privacy information.

Harm Bandholz, Unicredit Chief U.S. Economist, says we've just hit a new record high in terms of deficit. Stan Collender, Georgetown University’s McCourt School of Public Policy Professor, says it remains to be seen whether the bond vigilantes will be coming back in force. Abby Joseph Cohen, Goldman Sachs Advisory Director and Senior Investment Strategist, says she prefers to look at intermediate and long-term issues in the markets. Garrett Graff, Author of the "The Threat Matrix", says the thing he finds most fascinating about Special Counsel Robert Mueller is how straight his moral compass is.See omnystudio.com/listener for privacy information.

George Bory, Wells Fargo Securities Head of Credit Strategy, sees the 10-year hitting 3% if we get an inflation surprise on Wednesday. Jared Bernstein, Senior Fellow at the Center Budget and Policy Administration, says that politicians just haven't been able to resist spending. Robert Shiller, Yale Professor of Economics, believes efficient markets are a half-truth. Joachim Fels, PIMCO Global Economic Adviser, doesn't think the correction is enough to derail the economy.See omnystudio.com/listener for privacy information.

James Sweeney, Credit Suisse Chief Economist and International Wealth Management Division Americas CIO, thinks the market has been pricing in more policy than usual. Jeff Currie, Goldman Sachs Global Head of Commodities and Research, says the reflation story really began in April 2016. John Hudak, Brookings Senior Fellow of Governance Studies, says a lot of government agencies have had hiring troubles. Dennis Gartman, Gartman Letter Economist, Editor & Publisher, says he's dismayed that the U.S. government can't get spending under control. See omnystudio.com/listener for privacy information.

Mike Wilson, Morgan Stanley Chief U.S. Equity Strategist, says we haven't had portfolio disruption yet but he think it's to come. Doug Kass, Seabreeze Partners President, says the lesson learned in this week's liquidity event is that history rhymes. Paul Sweeney, Bloomberg Intelligence U.S. Director of Research, says Twitter is not a growth story but it is an engagement story. Admiral Stavridis, Dean of Fletcher School of Law and Diplomacy, says a military parade is not a good deal for troops.See omnystudio.com/listener for privacy information.

Kit Juckes, Societe Generale Chief FX Strategist, and Marc Chandler, Brown Brothers Harriman Global Head of Currency Strategy, discuss the latest in currency moves. Mervyn King, Former Bank Of England Governor, says we ought to be concerned about whether banking problems in other parts of the industrialized world could spill over into our economy.Bill Hoagland, Bipartisan Policy Center Senior Vice President, says you cannot govern in a country as large as the United States in a partisan way. Stewart Warther, BNP Paribas Head of U.S. Equity and Derivative Strategy, says it seems the market is anticipating that the worst is over. See omnystudio.com/listener for privacy information.

Dean Curnutt, Macro Risk Advisors CEO, and Bruce Kasman, J.P. Morgan Chief Economist, discuss the stock market plunge from a macro standpoint. Steven Major, HSBC Managing Director and Global Head of Fixed Income Research, says we've had several months of a one-way street with bonds going up and equities rallying. Sarah Ponczek, Bloomberg Cross-Asset reporter, gives us a breakdown of volatility. Alberto Gallo, Algebris Investments Head of Macro Strategies, says we've seen a small correction and we could see more.See omnystudio.com/listener for privacy information.

Chris Verrone, Strategas Research Partners Head of Technical Analysis, and Marcus Ashworth, Bloomberg Gadfly Columnist, take a close look at the market selloff. David Wessel, Brookings Institution's Hutchins Center on Fiscal and Monetary Policy Director, imagines that Fmr. Fed Chair Janet Yellen will continue to focus on labor markets in her work at Brookings. Michael Zezas, Morgan Stanley Chief U.S. Public Policy Strategist, says it's unclear what both sides are willing to accept in NAFTA negotiations to keep the trade deficit down. Margie Patel, Wells Capital Management Senior Portfolio Manager, says earnings look pretty good for the rest of the year. See omnystudio.com/listener for privacy information.

Description: Tom Keene and Scarlet Fu are joined by Fmr. Federal Reserve Chair Alan Greenspan, Janus Henderson Portfolio Manager Bill Gross, Grant Thornton Chief Economist Diane Swonk, and in-house Bloomberg experts to break down Fed Chair Janet Yellen's final Fed meeting. See omnystudio.com/listener for privacy information.

Nouriel Roubini, Roubini Macro Associates Chairman and NYU Stern School of Business Professor, says bitcoin is the mother of all bubbles. Alan Krueger, Princeton University Economics Professor, says labor unions could do a better job of marketing themselves. Bill Gross, Janus Henderson Fund Manager, predicts retail is going to be sensitive from this point forward following this month's jobs report. Julia Coronado, President and founder of MacroPolicy Perspectives, says the most significant part of the jobs report is that there's finally wage growth. Erik Brynjolfsson, Director of the MIT Initiative, thinks we're on the verge of wave of innovation. Scott Soshnick, Bloomberg Sports Columnist, looks ahead to the Super Bowl. See omnystudio.com/listener for privacy information.

Gary Shilling, A. Gary Shilling President, says complacency in the markets is extreme. David Kirkpatrick, Techonomy Media CEO, says he's seen user saturation coming for Facebook for some time. Kate Warne, Edward Jones investment strategist, advises investors to prepare for volatility. Mike Jackson, AutoNation CEO, says he's very concerned about the conversation around NAFTA. See omnystudio.com/listener for privacy information.

Martin Feldstein, George F. Baker Professor of Economics at Harvard University, says it's going to be hard to convince Congress to add to the deficit with a significant infrastructure project. Jaret Seiberg, Cowen Washington Research Group Policy Analyst, says cryptocurrencies may become heavily regulated in the U.S. Austan Goolsbee, University of Chicago Booth School Professor, says the hypocrisy among lawmakers in Washington doesn't make any difference anymore. Bhaskar Chakravorti, The Fletcher School Senior Assistant Dean of International Business & Finance, says Facebook needs to come to the reality that they're a major source of news and information. See omnystudio.com/listener for privacy information.

Chris Rupkey, MUFG Union Bank Chief Financial Economist, asks how Washington will pay for new infrastructure and healthcare programs following the tax cuts. Max Nisen, Bloomberg Gadfly Columnist, joins to breakdown the news that JPMorgan, Amazon, and Berkshire Hathaway are partnering to create a healthcare company for their U.S. Employees. Terry Haines, Evercore ISI Head of U.S. Policy & Political Analysis, says he'll be listening for signals on housing finance and trade in President Trump's State of the Union Address tonight. Emily Roland, John Hancock Investments Head of Capital Markets Research, says it's likely we'll see an increase in volatility in 2018. See omnystudio.com/listener for privacy information.

Gabriela Santos, JPMorgan Asset Management Global Market Strategist, thinks President Trump's speech in Davos at the World Economic Forum was well received. Dana Telsey, Telsey Advisory Group CEO, says she is seeing experiential retail come to the forefront. Edward Alden, Council on Foreign Relations Senior Fellow, says U.S. manufacturers are crying bloody murder because they can't find trained workers. Kenneth Shea, Bloomberg Intelligence Senior Food and Beverage Analyst, phones in from Princeton to discuss the announcement that Keurig will buy Dr. Pepper Snapple Group Inc.See omnystudio.com/listener for privacy information.

Gene Sperling, Former National Economic Council Director, says President Trump has proven to be a very divisive figure and it has discouraged tourism in the U.S. Greg Valliere, Horizon Investments Chief Global Strategist, says to talk down the dollar is not constructive for the markets. Ebrahim Rahbari, Citigroup Head of Global Macroeconomics, says bilateral rather than multilateral agreements still work better with sovereign states. Keyu Jin, London School of Economics Professor, says China is making its own efforts to make regional trade agreements despite protectionist rhetoric elsewhere. See omnystudio.com/listener for privacy information.

Carsten Brzeski, ING-Diba Chief Economist, reacts to the European Central Bank Governor Mario Draghi's press conference. Angus Deaton, Nobel Laureate Economist, says policy towards labor in the U.S. is much more hostile than it is in Europe. Robert Sinche, Amherst Pierpont Global Strategist, says the momentum of the upside of the Euro is substantial. Daniel Yergin, IHS Markit Vice Chairman, says the rise of U.S. oil production is hugely significant.See omnystudio.com/listener for privacy information.

Kenneth Rogoff, Harvard University Professor, and Laura Tyson, Berkeley Haas School School of Business Distinguished Professor, discuss tax cuts, the deficit, and the dollar. Jacob Frenkel, JPMorgan Chase International Chairman, thinks we should shift the discussion from nominal exchange rate to real exchange rate. Michael Neidorff, Centene CEO, says they've done very well with the Affordable Care Act. Anthony Scaramucci, Former White House Communications Director, says President Trump's delegation in Davos indicates they're going to cooperate with the global community.See omnystudio.com/listener for privacy information.

Tom Keene moderates a discussion with Barclays CEO Jes Staley, Citigroup CEO Michael Corbat, Carlyle Group Co-Founder David Rubenstein, Vice Chairman of China's Securities Regulatory Commission Fang Xinghai,Harvard University Professor Ken Rogoff and M&G CEO Anne Richards. They speak at the World Economic Forum's annual meeting in Davos, Switzerland.See omnystudio.com/listener for privacy information.

Uber CEO Dara Khosrowshahi joins Bloomberg Editor-in-Chief John Micklethwait for a conversation at the World Economic Forum in Davos. Paul Sheard, S&P Chief Global Economist, says central banks are a little too isolated. Stan Collender, Qorvis MSLGROUP Executive VP, says government shutdowns are the new normal. Richard Edelman, Edelman CEO, says 50% of people have turned off mainstream media partly due to the opinionated tone. See omnystudio.com/listener for privacy information.

Bill Lee, Milken Institute Chief Economist, predicts the World Economic Forum is going to see a new phase of globalism that includes national priorities. Richard Attias, Global Event Management Founder, says it will be interesting to see what type of format President Trump adopts during his event in Davos. Greg Valliere, Horizon Chief Global Strategist, thinks the immigration debate is going to go on for a very long time. Michael Nathanson, MoffettNathanson Founding Partner and Senior Research Analyst, remains bearish on traditional media. See omnystudio.com/listener for privacy information.

Themos Fiotakis, UBS Co-Head of FX & Rates, says European bond yields are too low and the market is trying to gauge when the central banks will adjust. Kona Haque, ED&F MAN Head of Research, says coffee is still a very desirable, growing commodity. Isaac Boltansky, Compass Point Senior Analyst, feels highly confident that the debt ceiling will not be used as a game of chicken between the Democrats and Republicans. Andrew Bishop, Eurasia Group Deputy Director of Research, says President Trump will have to address three separate audiences at Davos: the global elite in attendance, his base, and China. Alan Ruskin, Deutsche Bank Global Head of G-10 FX Strategy, says the euro is still an important currency because everyone gets caught in the draft of it. See omnystudio.com/listener for privacy information.

Jennifer Surane, Bloomberg Regional Bank Reporter, and Bill Blain, Mint Partners Head of Capital Markets, wrap Morgan Stanley's earnings. Brian Klaas, London School of Economics Fellow in Comparative Politics, says international election rigging is going to become the new normal. Don Straszheim, Evercore ISI Senior Managing Director of China Research, feels Washington doesn't want to be the global leader and China is incapable of it. Bart van Ark, Conference Board Chief Economist, says finding and retaining highly-skilled workers is one of the main concerns for CEOs. See omnystudio.com/listener for privacy information.

Yalman Onaran, Bloomberg Senior Writer, and Janet Henry, HSBC Global Chief Economist, wrap bank earnings and provide an outlook for 2018. John Hudak, Brookings Governance Senior Fellow, says we're at a crossroads in U.S. politics in regards to infrastructure spending. David Herro, Harris Associates CIO for International Equity, says there is still space for Glencore to re-rate. Kristina Hooper, Invesco Chief Global Market Strategist, says there are definitely animal spirits about tax reform still. See omnystudio.com/listener for privacy information.

Robin Niblett, Chatham House Director, says we're moving to a stage where America's traditional allies cannot count on America to have their back. David Page, AXA Investment Managers Senior Economist, questions the sustainability of the growth that resulted from U.S. tax reform. Lindsey Piegza, Stifel Chief Economist, says she's still looking for something below 3% GDP growth in the fourth quarter. Niall Ferguson, Harvard University Professor, says the Chinese have evolved a completely different relationship between giant tech and government and it's going to be fascinating to see how the two co-exist. See omnystudio.com/listener for privacy information.

Brad Hintz, New York University Professor, and Dakin Campbell, Bloomberg Wall Street Reporter, start off earnings season with a review of JPMorgan's results. Ellen Zentner, Morgan Stanley Chief U.S. Economist, says a cyclical pickup in productivity can stretch the CapEx cycle. Neil Dhar, PwC Head of Financial Services, says U.S. banks are strong and they're getting stronger. See omnystudio.com/listener for privacy information.

Russ Koesterich, BlackRock Global Allocation Fund Portfolio Manager, says less than 20% of the global bond market yields 4%. Komal Sri-Kumar, Sri-Kumar Global Strategies President and Founder, says you don't give money to the top 1%: the lower earners are the big consumers.Rep. Bill Pascrell, (D) New Jersey, says we're treating hardworking immigrants like second-class citizens. Dennis Gartman, Gartman Letter Editor and Publisher, says there's a fear we are starting a multi-decade bond bear market.See omnystudio.com/listener for privacy information.

Carl Weinberg, High Frequency Economics Founder, says he likes to think that President Trump's handlers are sending him to Davos to repair ties damaged over the past year. Jeff Currie, Goldman Sachs Global Head of Commodities Research, says shorting base metals in the midst of an economic expansion is a very dangerous proposition. Ernest Moniz, former U.S. Energy Secretary, says the denuclearization of the Korean Peninsula is a long-term goal. Bill Gross, Janus Henderson Fund Manager, says we're not headed to investment armageddon. See omnystudio.com/listener for privacy information.

George Saravelos, Deutsche Bank Global Co-Head of FX Research, says asset valuations will be the biggest problem for the dollar this year. Stanley Collender, Qorvis MSLGROUP Executive VP, says as interest rates rise, it will begin to become a political problem. Jeff Sprague, Vertical Research Partners Managing Partner, provides an overview of the industrial sector. Jared Bernstein, Center on Budget & Policy Senior Fellow, says when we hit the next recession, we will have too little monetary and fiscal space. See omnystudio.com/listener for privacy information.

Neil Shearing, Capital Economics Chief Emerging Markets Economist, predicts we won't see any meaningful liberalization in China anytime soon. Daniel Tannebaum, PwC Principal and Global Sanctions Leader, says the multilateral sanction days are hanging by a thread. Diane Swonk, Grant Thornton US Chief Economist, says she's worried about the economy having a good year at the expense of future years. Eric Freedman, US Bank Wealth Management Chief Investment Strategist, says second and third derivative plays are the next level in global equity markets. See omnystudio.com/listener for privacy information.

James Bullard, Federal Reserve Bank of St. Louis President, says the Fed should debate the meaning of a flattening yield curve. Alan Krueger, Princeton University Professor, says we'll see less infrastructure investment because of the tax bill. Bill Gross, Janus Henderson Fund Manager, says we're in a bond bear market but we won't lose a lot of money. Gary Cohn, National Economic Council Director, says the economy will continue to grow and add jobs. See omnystudio.com/listener for privacy information.

John Silvia, Wells Fargo Chief Economist, says the European economic strength has been surprising but it will simmer down. James Stavridis, Tufts Fletcher School Dean, says President Trump must up his game to resolve North Korea diplomatically. Alessio de Longis, Oppenheimerfunds Portfolio Manager, says the Fed is hiking at a much more gradual pace than we've seen historically. See omnystudio.com/listener for privacy information.

Ron Temple, Lazard Asset Management Managing Director & Co-Head of Multi Asset, said 2018 will see higher interest rates on the long end of the curve. Former Minneapolis Fed President Narayana Kocherlakota said the Fed can stop inflation from coming by raising rates and is worried about the Fed still raising rates. Krishna Memani, OppenheimerFunds CIO, said because of the tax bill, there will be a short-term increase in growth and earnings. U.S. Representative Will Hurd (R-TX) said building a concrete wall is the least effective way to build border security. See omnystudio.com/listener for privacy information.

Jack Lew, Former U.S. Treasury Secretary, said the U.S. economy needs a targeted investment. Ian Bremmer, Eurasia Group Founder and President, said most American companies are happy with Trump's domestic policies but not happy with his international policies. Dom Barton, McKinsey & Co. Global Managing Partner said when trade deals go wrong, it's a race to the bottom. Vint Cerf, Google Chief Internet Evangelist, said our ability to use machine learning is quite impressive and we can absorb large amounts of data. Brad Smith, Microsoft President and Chief Legal Officer, said there is a real divide between urban and rural areas and we need financial innovation back in rural areas. See omnystudio.com/listener for privacy information.

Luigi Zingales, Chicago Booth Professor of Finance, says Ireland's success story is a result of its low tax rates attracting foreign investment. Michael Purves, Weeden And Co Chief Global Strategist, predicts tech and financials are going to continue to outperform next year. Julian Kheel, The Points Guy Senior Analyst, says we may see smaller seats on flights.See omnystudio.com/listener for privacy information.

Michael Holland, Holland & Company Chairman, says the intrinsic value of a company can erode. Chris Edwards, CATO Institute Director of Tax Policy, thinks both the economy and the government will end up being winners under the GOP Tax law. Matt Brill, Invesco Advisers Senior Portfolio Manager, expects to see balance sheets expand well into 2019. See omnystudio.com/listener for privacy information.

Tony Crescenzi, PIMCO Portfolio Manager, says anyone appointed to the Fed should be great at communication. David Burton, Heritage Foundation’s Senior Fellow in Economic Policy, says the tax legislation is a shadow of what it should have been. Kevin Cummins, Natwest Senior Economist, says the Fed rate hike pace won't be a threat to economic activity. RJ Gallo, Federated Investors Senior Portfolio Manager and Head of Duration Committee, says tax cuts don't pay for themselves. See omnystudio.com/listener for privacy information.

Kim Schoenholtz, Stern School of Business Professor, says Bitcoin's bubble won't be worrisome for the economy if it bursts. Sharyn O'Halloran, Columbia University Professor, says simplifying and closing loopholes would have done a lot for our tax system. Stephen Schork, Schork Group President, says $75 oil is a long ways off.See omnystudio.com/listener for privacy information.

Jason Furman, Former Council of Economic Advisers Chairman, offers a Surveillance correction for Tom Keene. Craig Moffett, MoffettNathanson Founder and Senior Research Analyst, says AT&T stock may be one of the biggest winners from tax reform. Jerry Storch, Storch Advisors CEO and former Hudson's Bay CEO, predicts there will always be room for well-located, "A" malls. Diane Swonk, DS Economics Founder, is disappointed that instead of tax reform, we did tax cuts. See omnystudio.com/listener for privacy information.

Charles Kantor, Neuberger Berman Group Managing Director/Portfolio Manager, says we've lived in an environment of unusually low volatility because of the tremendous amount of global liquidity. Stan Collender, MSLGROUP National Director of Financial Communications, says the Republicans have already started politicizing the deficit. Matt Winkler, Bloomberg Editor-in-Chief Emeritus, tells the story of the day he hired Tom Keene. Oliver Chen, Cowen and Company Senior Analyst, says micro-trends are happening all over the retail sector. See omnystudio.com/listener for privacy information.

Chris Rupkey, MUFG Union Bank Chief Financial Economist, likes the upward movement in yields but he doesn't trust it. Jon Lieber, PwC Washington National Tax Services Principal, doesn't think the Democrats will score points going after the deficit. David Miliband, International Rescue Committee President & CEO, says one of the phenomenons of globalization is people urbanizing, including refugees. Jim Bianco, Bianco Research LLC President & Founder, says the benefit of bitcoin right now is that it only has buyers. See omnystudio.com/listener for privacy information.

Robert Kaplan, Dallas Fed President, says the U.S. is lagging in educational attainment and it's hurting productivity. Neel Kashkari, Federal Reserve Bank of Minneapolis President, says the Fed should be cautious about raising interest rates further until they actually see inflationary pressures building. Bill Hoagland, Bipartisan Policy Center Senior Vice President, says the tax bill should be beneficial in the short term. See omnystudio.com/listener for privacy information.

Carl Weinberg, High Frequency Economics Founder, says we're all just speculating about where bitcoin is going. Antony Phillipson, U.K. Consul General to New York and Director General of International Trade North America, says completing phase 1 of Brexit negotiations was a big moment for the U.K. Bob Profusek, Jones Day Head of Mergers and Acquisitions, says "synergy" is often another word for job cuts when it comes to deals. Jared Bernstein, Center on Budget and Policy Administration Senior Fellow, says state budgets aren't in great shape.See omnystudio.com/listener for privacy information.