♪ caroline: from bloomberg's world headquarters in new york, i'm caroline hyde. romaine: let's take a look at where the markets stand right now. a stronger dollar, higher yields. the first drop inequities in five days. but the question is? "what'd you miss?" caroline: beautiful. there's no question we have entered an even higher level of

political turmoil in the u.s. in the next 30 minutes, we will affectshow the economy political and sedition. we are seeing some of the impacts in the market, shares of twitter, apple, amazon, all lower today. pretty dramatic action against --sident trump in apps the economy is still dealing with covid and posted a weaker than expected jobs report back on friday. romaine, when it comes to politics, with the possibility of impeachment weighing on lawmakers -- biden administration? jenna: corporations -- romaine: you are not really going to be able to avoid it this week. we have heard democrats introduced a resolution to impeach trump. a year ago, january, we were talking about that senate trial of the impeachment that happened

in december of that prior year. this would be the second impeachment, should it go through. on a vote could have been as soon as wednesday. right now, it seems like the democrats are really urging bryce president pence to invoke that when he for the minute -- vice president pence to invoke that 25th amendment. caroline: meanwhile, it's been a on.wagon to jump street,d it from wall -- political party at the moment. big dealinfluence is a for a lot of these companies. let's bring in anna edgerton, in washington. , anah, a major week -- anna

major week in washington following an unprecedented week last week, what we saw with the siege of the capital. i'm curious, with regards to the move to impeach president trump for a second time, and the timing, the idea here that we probably would not be able to complete a full impeachment process before he was scheduled to leave office anyway on generate 20 -- on january 20, where the democrats trying to accomplish by moving forward with this? >> we've heard two different things from democrats. first of all, the house could impeach the president again. by the end of this week. it would be up to the senate to convict him, to remove him from office. they would not have time to do that before joe biden is sworn in on generate 20th. he's not even back in town until january 19. the purpose of this impeachment process is to hold trump accountable for his role in wednesday's attack on the capitol building, and also to

ensure that he could never run for office again. according to the constitution, if a president is impeached, the senate could choose to end their conviction, bar him from holding future office. it is holding trump accountable and also trying to limit the role he can play in american politics from here on out. caroline: i know time is often of the essence, but we are in the midst of a pandemic, handing over of power -- a handing over of power that president trump said would happen peacefully. is this really what most democrats think congress should be focusing on? >> democrats are pretty united behind this impeachment push. like romaine said in the intro, the20 for commitment -- 25th amendment would be the quickest resolution to trump no longer being in power this week.

the impeachment obviously is not going to have a chance to play out. but before we can begin reconciliation, a lot of democrats feel there has to be justice. that's the balance they are trying to play at this point. his making sure -- is making sure there are consequences for president trump's actions and republicans who supported him. trying to make sure they give biden the best foot to start off his new administration. romaine: in addition to that, obviously a lot of questions here about the security of the capitol and the federal buildings. we have an inauguration coming up. that's not going to be the expensive affair that it normally is. it's normally a high-security event. there's a lot of reports that seem to suggest the violence we saw last week, that some of the people responsible for that are not necessarily willing to sort of go back into the bushes. thingh, that is the scary about this. i was talking to trump supporters on the street on wednesday between the president's speech and the

attack on the capitol building. there's a huge sentiment among a lot of these people that it's time to start a war. they kept on referencing 1776. very proud of all the guns they have back home, promising future action. it is a really uncertain thing. i never would have thought that this mentality could turn into an actual attack on the capitol building. now that that's happened, it is scary to think where it could go from here. caroline: yeah, and reports of the buildup to that, states being warned by the fbi that there could be potential for violence. it is an unnerving time. what is the sentiment of the new administration? what is the sentiment of president-elect biden as to whether impeachment should be focused on and how he is looking to speak of unity right now, which so many want to see? said -- he friday tried to tamp down the

impeachment movement. he said it's up to the congress to decide what to do on that. he definitely seemed to be looking forward to his administration getting together, unifying the country. we heard two different strategies from house democrats. one of the sponsors of the impeachment resolution said he wants impeachment to go forward and then send it over to the senate immediately to begin the trial, which would take precedence over any other senate business, including a proven biden's cabinet choices -- approving biden's cabinet choices. we also heard of a very close biden ally, number three ranking democrat in the house. he has suggested that the house could go forward with impeachment, then wait to send the process over to the senate, giving the biden administration 100 days or so to make progress on their agenda before they start the senate trial. romaine: amid all that, you still have a covid pandemic that still needs to be dealt with, and economy still in need of stimulus.

maybe we will get word on that later this week. anna, thank you not only for today, but also for the great reporting you did last week, last wednesday. --ot of focus on rdc bureau our d.c. bureau, putting yourself in danger to bring us the news. coming up next, we take a look at the economy. we took a look at the jobs report. women, people of color continuing to bear the brunt of the job losses. we will have more with paul donovan, coming up next. this is bloomberg. ♪

♪ caroline: today we are focused on how the recent u.s. political turmoil affects not only politics itself, but the economy

and markets. we sat with the luminary ceo about what the upcoming biden administration could do to help. take a listen. we have heard in the past the on ramp and the offramp. but really providing programs. caroline: we have not just discussed the impact of covid-19 -- the consequences of women on women. just today, the impact on visibility -- disability, people of color. it needs to be focused on right now. romaine: when you look at the numbers you saw with women, the idea that there are sort of imperfections in our economy, if you will, in the structure of

the economy that creates this type of situation, where you have almost all of the job losses that pretty much fell on the shoulders of one particular group. you have to ask yourself, how can you have a sustainable economy if that is the case? caroline: so true. economists have been trying to put tangible numbers to some of these continuing prejudices we see in the market. let's dig into the perspective now, the chief economist for ubs wealth management. paul donovan is with us right now. do,inating writing that you talking in particular about the big threats and irrational discrimination. talk to us about the key findings. >> the real problem i think we've got is whenever we get a

period of structural change in the economy, prejudice tends to increase. that is because you get some people that find that incomes anddropping, or declining, they look for somebody to blame, a group to blame. you get this scapegoat economics. i think what the pandemic has done is provide structural disruption in the over itself -- in and of itself, but accelerated some of the structural change of the fourth industrial revolution. we are seeing potentially an increase in prejudice coming through in the global economy, this is not uniquely an american phenomenon. you see prejudice coming in. that's going to be particularly damaging, not just in a moral and social sense, but also in an economic sense. it's going to undermine some of the benefits that companies and the economy could get from the changes that we are experiencing. romaine: within the context of

american history, we have been here before several times. you can go back to thenstruction, the 1900s, middle of the 1900s in the 40's and 50's, even in the 80's to some extent. what got us through those periods? that we actually -- did we actually repair the situation, or put a band-aid over it and kicked the can further down the road? >> it is sort of a bit of both, frankly. yes, there has been improvement. there has been progress. and if you look at things like the world values survey, we find that each successive generation, particularly in recent years, tends to be more inclusive, more accepting of diversity. so there is absolutely progress that has been made. but at the same time, the fact that we are sitting here, talking about issues around race or around gender, a lot of these problems, a lot of the obstacles

that minority groups suffer are -- legacy ofistory history. for example, if we look at ,thnic minorities in the u.s. they are far less likely to own property. in the past, they were not allowed, or didn't have the income. toy have not been able educate their children covid why does it matter? if you are an entrepreneur tried to set up your own business in the u.s., trying to get ahead, what is the one aspect you can use to help fund your business? it is your home. so that creates another obstacle coming through. so we've got legacy from all of these problems -- past problems. but we shouldn't be too pessimistic. there has of course been progressed. caroline: there has been. and there is still focus on how to even this out. we had andrew perry of brookings on friday talking about how you can find tune the balance, perhaps inject stimulus into the

enterprises, black-owned businesses. perhaps corporate america can support here and fill in some of the gaps. what do you make of companies helping to erode some of these prejudices? >> a lot of the focus of my work in the book is on the role of companies-- the role can play. the right job at the right time. that is how you become a successful company. and never more so than now, with all this focus on technology, the technology doesn't really matter. it is what you do with the technology that matters. and what determines the success of how you use your technology, whether you've got the right person in the right job at the right time. companies have got an overwhelming incentive to pursue this. but part of the problem here is

the large multinational companies that are naturally diverse, they get this, they get the advantages of having a diverse workforce and getting the best possible people working for them. all businesses, less so. that is where government policy is needed. i've heard romaine: this idea that diversity -- romaine: i've heard this idea that diversity is a benefit for the company, there's an economic advantage. talk to me about the flipside of that. there's also a lot of people that argue that there is not a tremendous disadvantage to being a little bit more homogenous. you have seen certain ceos even make that case. i think there is a range of benefits that come through from diversity. essentially, if you have got a or aively low skill job, company that is predominately lower skilled, where you are not relying on innovation and creating thinking and new ways of doing things, -- creative

thinking and new ways of doing things, diversity is less important in a company like that from an economic point of view, though socially still externally important. if you are in an innovative, company,forward led diversity is absolutely critical. if you are not a diverse company, sell the shares. because that company has absolutely no future. here's a problem. over the next 20 years, we are not all going to be subjected to robot overlords. the machines do not take over. but the machines do take over the low skilled jobs which are not particularly innovative or dynamic. those are the jobs that are going to go. the jobs that going to be driving the economy are the innovative, thought-led jobs . say no, our, business will be served by homogeneity, what that means is

you will be replaced by a robot in the future. if you are served by diversity, you are the future for the economy. caroline: here's hoping diversity is a future of the economy. paul donovan, thanks for talking about this with us today. on the hear more terminal, apple podcasts, or on spotify. joe joins us next in the market move. time is now. pick up the phone. get on zoom. put on a nice shirt. this is bloomberg. ♪

♪ caroline: today we are focused

on how political turmoil affects markets, the economy, and institutions. we are finishing by turning to those markets, with whoever than joe? you've got something before we go to him. romaine: we are going to talk about crypto and this parabolic move we sign crypto, the move down we saw over the weekend, down about when 1% or so after that -- 21% or so after that rise over the year. i'm a little distracted right now, because i'm looking at a , bitcoin tattoo, sticking with bitcoin and the tattoo. normally, we have a third anchor on this show. caroline: does he have a bitcoin tattoo? romaine: let's find out. let's bring him in, joe wiesenthal. i am sure you are -- right now?

>> i didn't feel like putting on a shirt. you know, the new tattoo, letting it breathe a little bit. [laughter] it is striking. we had a little bit of a down day in the market. not that much. but a lot of the real red hot stuff, bitcoin, tesla, some of these names finally running into a bit of a brick wall. caroline: i mean, also, what seems to be the place we should be putting the money? it's not just things that have blockchain in the name, but perhaps sound like they might be in some way associated with a red-hot firm or app. elon has been directing us toward the wrong company right now. >> these are the -- this is one of the quintessential stories of this moment, elon musk telling his followers on twitter to check out signal, a messaging app that is encrypted. there is a small medical device

called a signal that has nothing to do with the app. it is up 400%. i have a feeling, i can't prove it, that everybody sort of knew what was up. that there was no real mystery. but there like, other people are playing the game, other people are gambling, so will get into it -- we'll get into it, too. romaine: if you look at a day like today where things were down, you have the new road stocks, if you will, lemonade up 14%. lemonade is about to sell some more shares. skills, alles, these companies we have seen a lot of individual investors betting on. somewhat say, this is just talk picking. -- somestockpicking would say, this is just stockpicking. >> you could have said that

about amazon, tesla 10 years ago, five years ago. it's never easy to know in real time where you are on the cycle. but i do think, eventually, when you have such intense , ans, another stock is qs really hot battery company. i don't expect the first product of come until 2025. down big today. some of these are like tesla-related names. they have been taking some real breathers. you look at a stock like lemonade, it is hard to say that the enthusiasm and gambling has gone away. off bye: the s&p was 1.5% last week. what do you make of these dollar moves? [laughter]ble]

how long ago does last monday feel? what do you make of u.s. treasuries going up, the dollar going higher, everyone having to take off their shorts? >> that is the interesting thing here, which is even on a red day for equities, to see the 10 year yield selloff and never really -- 1.3% on the 10 year, obviously in the wake of georgia, expectations of greater fiscal stimulus, you also have some comments from the fed speakers, talking about may be around the bend, thinking about tapering rate hikes. which is different from last summer, when powell was not thinking about rate hikes. maybe we can reduce one of those thinkings. at some point, it looks like if we get another big stimulus, more checks, more spending, at some point, maybe the fed will start thinking about rate hikes again, and which case it makes

sense if yields continue to move and equities slip a little bit. joe, we look forward to seeing you tomorrow. meanwhile, that is all for "what'd you miss?" romaine: daybreak australia is next and this is bloomberg. ♪ asia. -- "bloomberg daybreak: australia" is next. and asia. this is bloomberg. ♪

♪ emily: welcome to "bloomberg technology," i am emily chang in san francisco. big tech is taking a stand, despite calls of censorship, and stocks are sliding. facebook, twitter and others confirm they have banned president trump from their platforms. and google, apple and amazon also cutting off