it is not bad news and good news anymore. it is bad news reflecting a painful couple of months at the economy. there is the possibility for the first time in a long time of more people falling back into poverty. >> all of the telltale signs of a structural bull market at play. >> the better it gets for the market conditions the worse it gets. >> the market has been driven by a valuation more than earnings the last three months. >> a lot of monetary stimulus and fiscal stimulus coming in from the recovery from covid. it is like a 2009 year. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathon: good morning. this is bloomberg surveillance live on television and radio, alongside tom keene and lisa abramowicz, futures are inching higher. tom keene and joe biden -- tom

keene, joe biden becoming the next president of the united states. tom: jon, unity is the theme, always the thing. we got great video that we will show, as well, and across the era, it is unity until it is not. you wonder what exactly do the republicans look at 2022? jonathon: an emerging crisis, which we are still in with the pandemic. once that starts to fade a little bit more, once that vaccination rollout improves even more so, tom, how do you start to get together in d.c.? that bipartisan effort, does it fade and how quickly? i think they all think it fades ready fast. tom: there will be a lot of symbolism today on that effort. you have efforts like a bipartisan attendance and st.

matthew's church by the president-elect. mr. mcconnell will be there, as well. you have the other symbolisms through the day, including president trump, heading out to florida. i believe we will have images of that in a bit. you have got to get beyond this wednesday to what they do with the impeachment and what they do with this economy. jonathon: let's start with this wednesday, lisa, the play-by-play. lisa: within the next hour, 8:00 a.m., president trump is expected to leave the white house for palm beach, florida. he will be the first president not to intend the inauguration as successor since the 19th century. 12:00 p.m., joe biden and kamala harris are sworn in as the 46 president. they will be seeking a somber washington, d.c. with thousands of troops trying to curb any potential virus, protecting them in a pandemic that has ravaged the economy.

at 5:15 p.m., joe biden plans to sign 15 executive orders, including a mask mandate and rolling back certain immigration curbs president trump put in place, and halting the building of the wall down on the texas-mexico border. really interesting to see what joe biden does in his first 100 days as he faces an economy and nation divided and ravaged by a pandemic. jonathan: here is the price action for you worldwide, starting with equity futures this wednesday morning. good morning. equity futures positive 14 points on the s&p 500, up .3. we will be catching up later this hour with tobias levkovich with a 3800 price target year-round on s and p. tom keene, when did we close yesterday and tuesday's session? we closed at the year-end

target of many big strategists on wall street. tom: i agree with you, so 38.04 right now. 38.04 on spx, 14 points and down 31,000 speaks volumes, as well. i would go to where gina martin adams is, which is if you get stimulus, you get 20% earnings growth. i don't know how to model earnings growth other than higher stock prices. jonathan: we will get to that later this hour, but we have to begin with a big event in washington, d.c. we do that by crossing over to kevin cirilli. walk us through the main event that kicks up -- that kicks off in a few hours. kevin: good morning. they are testing the audio as we are hours away from joe biden's inaugural address. he will kickoff the morning with a bipartisan showing as he and congressional leaders go to st. matthew's cathedral here in washington, d.c., for a mask ceremony. biden becoming the second

catholic president in united states history. from there, they make their way to the capital, which more than a week ago, was the scene of a horrific mob attack that resulted in president trump getting impeached. we could hear remarks from president trump within the next two hours as he departs the white house to go to florida, but without question, i'm told biden's addressed to the world will be one of a unified message. one, as he tries to change the tide of how america has dealt with the coronavirus. we should note later today at the white house, he is expected to take a series of executive orders, including reentering into the paris climate accord. that is a marked policy difference from what the trump administration did several years ago. tom: kevin cirilli, what do you predict for the senator from new york and kentucky? i am fascinated about the transfer of power among those strong-minded senate

minority-majority leaders. kevin: because the majority is so slim, virtually by one vote, and the tie-breaking seem to be, leader mcconnell still has significant clinical capital that he will have at his disposal in terms of negotiating a $1.9 trillion stimulus deal or different health care policies that this administration would like to see change. on immigration, another reversal that the incoming administration would like to see america change its course on, americans divided with democrats in terms of how to do that. candidly, whether or not there will be a shift in tone, we got a preview of that yesterday in the senate when leader mcconnell criticize the outgoing administration of president trump for the attack on the capitol. we should note vice president-elect harris is about to shatter a massive glass

ceiling in becoming the nation's first female vice president, and her remarks will be equally as important. lisa: indeed, we will be listening to those. we have to get past wednesday, and right now we have a wednesday inundated with troops infiltrating washington, d.c., trying to prevent violence. what is the mood right now? can you give us a sense of what the lockdown feels like and how long it is expected to last? kevin: candidly, it typically takes me 15 minutes to get to the capitol. it took me 1.5 hours today and i live in downtown d.c. there has never been in my decade-long reporting and washington, d.c., have i witnessed anything like the security presence here in d.c. the only thing that comes close is when the pope came to washington, d.c., but as you alluded to, 25,000 national guards throughout the city really scattered everywhere, and really protecting the city in a way that is unprecedented. tom: away from the pomp and

circumstance, we have a simulcast that reported on a fractured labor economy. do the fancy people on the west front of the capital today, do they actually understand the statistics we report every day about our labor, our consumption and retail sales, and a collapsed world trade? do they have a clue? kevin: there was a moment yesterday in treasury secretary nominee janet yellen's hearing, in which she urge there to be another round of economic relief past as the result of helping those individuals you alluded to. we should note the left and right have very different solutions to the labor prices in this country. i would note that one of the glaring omissions, even as americans and the

president-elect six to have unity, one of the glaring omissions will be president trump from the inaugural festivities ceremonies. when president-elect biden and vice president-elect harris and other bipartisan congressional leaders went to the tomb -- visit the tomb of the unknown soldier and president trump is not there, that will be an historic, sobering moment to see those photographs, images, and sounds as that plays out. i am struck -- time, you always do this -- i am struck by the magnitude of the history of this moment. if you look at the flags behind me where president-elect biden will speak, the various stages of the american flag dating back to betsy ross. i bring this up because it was at the first, the parting address, when george washington warned of vertical party division. now, america is facing a crossroad and deep divide economically and with the global health pandemic. tom: going back to lincoln's 1831 speech in springfield, jon,

what is so important here, it is the same economics tearing this nation apart, which is the inequality that is perceived and real out there. jonathan: tom, today is about tradition, convention. in many ways, it is not conventional. i think there is an obsession around policy at the moment and a return to the traditional, conventional way of making policy. what is interesting about the incoming administration is whether policy will not change. when we heard from the incoming secretary janet yellen, or presumed secretary janet yellen yesterday, i have to say on the subject of china, she sounded like the trump administration. we might change how we make policy down in d.c. and go back to old ways, but will the policy actually change on issues as big as china? kevin: no. jonathan, you and i have talked about this for some time. to your point yesterday, tony

blinken testified in the senate, border confirmation hearing to be secretary of state, noted that there was still quite some time before negotiating a nuclear disarmament deal. this, of course, the democrats and obama administration created that deal that the trump administration withdrew from. elsewhere, on the geopolitical front, beyond north korea, china, all of these geopolitical issues. i think we are going to see a key difference immediately as the outreach president-elect biden does to european allies. he is going to try to strengthen the european alliance with the united states in order to take a much more multilateral approach. on issues pertaining to trade and on issues pertaining to cybersecurity, the biting administration is not going to make sick -- biden administration is not want make changes in the short-term. we talked about the stimulus,

but when you talked about 5g and technology, that will also be similar to the trump administration kevin -- administration. jonathan: thank you. this is critical. we might go back to the traditional way of doing things and reporters will get things done under embargo. you will see it there before twitter. as for the policy, how much will the policy actually change? tom: it will change with the primaries of 2022. jonathan: from new york city on this inauguration day in the united states of america, this is bloomberg. ♪ emma: with first word news, i'm emma chandra. president biden plans to roll back president trump's policies today, hitting immigration and climate with other issues and 15 executive actions including reversing the u.s. withdrawal from the world health organization and paris a climate agreement. he will also stop the construction of a border wall

and prevent the keystone pipeline. a sobering milestone, the u.s. has seen more than 400,000 deaths blamed on the coronavirus . there has also been 24 million infections, making the u.s. the double leader in categories -- in both categories. joe biden has vowed to speed up the vaccination process. new york governor andrew cuomo needs a nice chunk of the stimulus proposal that president-elect biden is pushing. he warned of tax hikes on the wealthy and cuts to schools if they cannot get $50 million in aid. he says he will feel the federal government if new york is not get what he calls their fair share. more customers were added than expected or the world streaming service and say they no longer need to borrow money to build their entertainment empire. netflix has more than 200

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>> this week, we inaugurate a new administration and pray for its success in keeping america

safe and prosperous. we extend our best wishes, and we also want them to have luck. >> my family and i are about to return to washington to meet a black woman of south asian descent to be sworn in as president and vice president of the united states. as i told beau waiting for barack and hunter, i said, do not tell me things can't change. they can, and they do. that is america. jonathan: it is inauguration day and united states of america. joe biden will become the 46th president of the united states. from new york city, alongside tom keene and lisa abramowicz, and jonathan ferro. in your equity markets, we pushed higher, 13 on the s&p 500, up .3 after a decent day of gains. yesterday's session, a bond market remains quite stable this

morning with yields up by around one basis point or so to 1.1% on a 30 year yield of about 1.85. chair yellen willing to go big. tom: different tone. i thought a different tone prayed what did you think? i thought it was a different yellen -- i thought it was a different tone. what did you think? jonathan: i thought it was interesting to hear her political views and what she thought on china. tom: i was surprised. no and, if for but's. joining us now, tobias levkovich . tobias, i know, and you understand, you will not raise your call until the canadians meet the maple leafs. i understand that, but i'm interested in the matrix you are looking at right now. you nailed a call at 3800. it is the mix you are looking at now to go up or down on your

equity call? tobias: there are a number of things holding us back from being what i would call strongly bullish. that is our panicky metric is really exceedingly low, even during the bubble in 2000 and terms of what you call investor or client comfort complacency in the market. they are concerned that at valuations and earnings revision momentum seems to be pulling back, possibly due to some recent infection outbreaks and particularly in europe, weaknesses eminent. those are the things restraining us. we do see vaccines being important dynamics the kind of get us out of the hole we are in and put an end to the tragic experience. here is the rub. markets and earnings or i should say markets will benefits from earnings growth, but markets usually reflect that nine months

in advance, so we pull forward some of the strength and earnings for 2021 into the market in 2020, particularly the last three months. lisa: you said valuation has extended. is it extended everywhere or certain pockets like tech and other areas, and you see small caps still with value? tobias: two things, lisa. one, we do see somewhat of a rotation. if you go back and think of traditional economic slowdowns, what investors would do is they go buy utility stocks and defenses in the term of staples and health care and what you need to pay for electricity, and you need food and the status to control cholesterol from eating that food. that is necessary. you don't need to go buy a new car or clothing. so that is the typical sense. what we saw in 2020 is the defense and this went to many cap tech names that had e-commerce disruption and they could grow.

they could have balance sheets in the sense of low debt and lots of free cash flow generation. when thinking of market cyclicals large-cap and small-cap, all combined into the same trade, and as you get closer to real reopening of the economy, and you and i have the comfort to go out and do things because we been inoculated, you start to move away from that. therefore, it is more likely that the value rotation and small-cap rotation and cyclical rotation will continue. investors are still fighting that. last point on that, if you lose the big kospi's, the big tech dogs, and you have to replace them with the cocker spaniel's, poodles and chihuahuas, it is hard to pull the docs later. jonathan: let's talk about the sequencing a little bit or. once the back -- a little bit more. once vaccines became a reality in early november, we saw that squeeze and rotation lift off. small caps are up by 40% at the

end of october, starting november through to where we are right now. can you make a cycle call? are you willing to make that call right now? the big winners of the last bull market and the big winners of this bull market and recovery might look like? tobias: i think for 2020 when we can. beyond that it gets harder and the sense that there are easy comparisons for the cyclical or value type names given the pandemic and backlash fear. on the other hand, the momentum of these powerful tech behemoths are sloped just because it is a very, very difficult base effect as you move into march, april and may. later in the year, will there be too much expectation for that cyclical recovery that there might be disappointment? it really is a question. markets are not sure on how that affects rotations. second half maybe we get some rotation backwards growth, but it is a little early to make the call today. tom: part of your gift as you

are an analyst and down in the minutia. you have a belief that corporate officers can adapt to the cards they are dealt in the next four years? are they malleable enough to keep their earnings and margins going? tobias: i think they are, but they are also concerned about what they may hear from washington in terms of tax increases, regulatory framework. under the trump administration, you could say it was laissez-faire on steroids and the biting administration will not necessarily be laissez-faire, but different. look at what corporate america has done in the last 10 months in addressing and dealing with the pandemic. i think we were all fascinated with how technology has allowed us to function in ways we would not have deemed possible 10 years ago. jonathan: tobias, great to catch up. tobias levkovich there.

if you get in touch with him soon, do not ask him when he will raise his price target. i'm sure he is sick to death of hearing that question the last months. for many people, when these price targets were made, tom, if you take very banister, after the election -- barry banister, he said 3800 and we got there in three months. tom: today i looked at the numbers, and nasdaq is a true moonshot, but it is amazing the small-cap leap while you were away on sabbatical. it has been an out of body condition. i have not gone back 30, 40 years to look at that, not the sabbatical but the move in the small-cap stocks. jonathan: i'm amazed you waited 25 minutes to mention sabbatical. tom: i did it for president biden. one to give you a break. jonathan: you must be overwhelmed by tradition down in washington. tom: i am. jonathan: to hold back for 25

minutes. tom: it is not -- ask not what you can do for your sabbatical but what you can do -- jonathan: i'm jonathan ferro and will be with tom keene for the next four years, maybe. tom: then we will get reelected. jonathan: this is bloomberg. ♪

jonathan: from new york city for our audience worldwide, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. this inauguration day in the united states of america. the equity market up 13 on the s&p 500. in the bond market, treasury yields a little bit higher. big banks on wall street that would like to see those yields creep a little bit higher. tom: no question, a risk on field. asset appreciation at the banks when you sub out. sonali basak is on top of the story. >> pretty good numbers. equities, trading beating

expectations. $2.5 billion payment by comparison, one point $9 billion at j.p. morgan. beat in fixed income trading. they are light on their pretax wealth management margin, which always tends to soak in later. jonathan: we have the pandemic results and then the hopes to return to normal later this year. how is the bank set up for that? >> pretty well. they own e*trade as well, so they are firing on all cylinders with their management unit, retail customer, as well as the wall street customer. they ended very close last year to goldman sachs when it came to merger underwriting, ipo's. as long as that activity keeps on churning, they will be all right. lisa: we have had this rivalry

between morgan stanley and goldman sachs. it seems like morgan stanley, contrary to goldman sachs, beat on debt trading, eps, equity trading. shares are up more than 3% ahead of the open. what will people be saying when it comes to this rivalry in the wake of these fourth-quarter results? >> check out the market value. morgan stanley rising at a time when they have already surpassed goldman sachs in value. they are the number one equity trading's shop on wall street. j.p. morgan would love to take that year. they outperformed there. citigroup, bank of america, goldman sachs, short on fixed income trading. morgan stanley stepping in with a beat. tom: we will get a compare and

contrast on that in a bit. i want to get to what gorman said, significant momentum into 2021. is that standard ceo boilerplate, or is it true? >> in the middle of last year, he was a little bit worried about these pickups we are seeing in the economy, and this is someone who is saying that we should see a v-shape. he was optimistic, changed his tone, and it looks like he is back again. tom: corbett out, frazier in, and she wants to do what gorman is doing, wealth management. what is the gorman pixie dust that allows them to be the guy that owns about management across the industry? sonali: one of the things we asked, as he grows, he did two major acquisitions last year. is he trying to be all things to

all people? no. he is not trying to be credit suisse. tom: not trying to be blackrock. sonali: although he would like to see the asset management division grow, but not with low fee products. with higher quality products and not just about job index funds inside morgan stanley. jonathan: lisa, i hate to keep beating the same drum, but hearing the commentary from these banks, today it is morgan stanley talking about significant momentum into a new year. yesterday, bank of america saying they were healthier now than even before the pandemic. in many ways, it is like this pandemic never happened on wall street. lisa: this is one concern, and that is where i want to go with you, sonali. how awkward is it for these banks to be reporting incredible

revenues, record profits in some cases in a time of such carnage in the economy? 9.8 million americans are out of payroll versus the pre-pandemic peak. sonali: it is about to get more awkward, because these folks are about to get their bonuses, too, and they are looking pretty good. people are able to rake in significant profitability, but there will be major questions in the yellen era about how much these banks are reaching main street. tom: who won the bank derby? lisa: j.p. morgan. sonali: i am staying out of it. lisa: they are the biggest and absolutely consolidated market share and beat across the board.

jon, do you disagree? jonathan: i am just spectating. lisa: come on. jonathan: have i ever offered an opinion on anything? i don't like to editorialize. tom: the only opinion we have is about the vase behind jon. for radio and television, i want you to expand on what is clearly obvious, the stimulus of the last 18 months and post pandemic has really benefited wall street. would you extend that to london wall street as well? jonathan: in many ways, for the big banks, particularly on the consumer side and business side of things, it is clear the stimulus helped offset the pain these banks would have experienced. many people lost their jobs last year? how many people carried on paying their bills?

the banks helped with that, they said we will give you some repayment holidays, but for many of these companies that would have gone bankrupt, they didn't. for many of these individuals who could not pay their bills, they could. fiscal policy really help these banks out in a major way. the federal reserve did as well. in many ways, the federal reserve learned the last lessons of the last crisis, that we didn't need to have the credit default we had. i know that we still have some damage to work through, and this pandemic is far from over still, but when you think about the bridge that fiscal policy makers did build and the effort the fed put into this -- i'm not saying there is no downside -- i am just saying it was a very effective bridge and help these banks make a lot of money in a difficult time. tom: we are waiting on the inauguration. in 20 minutes, the president of the united states believe --

will leave to go to florida. we will be getting in thierry wizman. it is a day of integration. is it a day of change? with all of the policy prescription that you have observed, will it change the direction of the u.s. dollar? thierry: i think there are certain things the new administration could do that could affect the dollar. not so much just the dollar but other current sides -- currencies as well. china will be a focus of this new administration. we saw that evident with janet yellen's testimony before the senate yesterday. and was quite a lot of trumpianism in that they will still be strident in their approach to china, china's

infringements on the u.s. including intellectual property and other issues which china seems to be transgressing. that is not to say that there doesn't mean there will not be new tariffs placed on china, but it looks like the current situation will remain, and we may see sanctions imposed on chinese companies. the relationship between the dollar and the yuan absolutely can, if these get too strong, we could see dollar-yuan drift tire. -- higher. canada is in a bit of the cross hairs here with the revocation of the keystone xl pipeline. that could impair the balances to canada, hurting their ability to export oil. let's take another emerging, brazil.

contention over environmental policy. brazil could make u.s. and european investment in brazil come down. that could impair the brazilian real. three cases there where a continuation of policy, shift and policy can hurt a dollar. jonathan: we have to leave it there, thierry wizman. so sorry to leave it so short. i hate to get cute about it, but what is happening with euro-sterling is getting a lot of attention, and it is not a brexit story. it is a vaccination story. the vaccination trade is starting to emerge in g10. sterling outperforming because the vaccination effort in the u.k. so far has been a lot more effective than what we have seen play out on the continent. tom: interesting to see also in

the united states, in a bittersweet for president trump, it will be something to see the vaccines this week and next week pick up as president trump leaves the white house. you wonder what that dynamic is in the u.s. as well. jonathan: something that we all want to see you, lisa, the vaccination program ramping up, and then the fiscal effort coming in at the right time, and then you lift off. i want to touch on something. the outperformance of the united states back on the table versus europe which is stumbling. lisa: which raises the question of what is the main driver of currency strength/ is it the main idea of tighter monetary policy, or is it sheer growth, success when it comes to vaccination? this is the conundrum. a lot of people have been arguing as the u.s. goes further into debt, that will lead to a

weaker dollar. is that the case? jonathan: we will see you. alongside tom keene and lisa abramowicz, i'm jonathan ferro. inauguration day in washington, d.c. joe biden will become the next president. this is bloomberg. ♪ >> the incoming president of the united states will start reversing some of his predecessor's almost immediately. not long after he is sworn in, joe biden will take at least 15 executive actions, unwinding trump's move to take the u.s. out of the paris accord and the world health organization. the permit for the controversial keystone xl pipeline would also be revoked. meanwhile, joe biden's cabinet picks are signaling the new administration will maintain president trump's tough line toward china.

officials are robbing to fight what they call abusive trade practices. they say they would bar products from uighur muslims. beijing has been accused of genocide involving the uighurs. president trump has pardoned his former strategist steve bannon. bannon was charged with defrauding thousands of investors who believed money would go to build a wall along the southern border. prosecutors say he diverted a million dollars of funds. the president also pardoned and commuted the sentences of dozens of others including rapper lil wayne. president trump reportedly has discussed starting a new political party. according to dow jones, hughes would like to call it the patriot party. the president has feuded with several republican leaders. polls show he retains strong support among rank-and-file republicans.

shares of alibaba jumped after co-founder jack ma reappeared. he had not been seen since the chinese government began clamping down on his business empire. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists. this is bloomberg. ♪

>> last time the senate convened , we had just reclaimed the

capitol from violent criminals. the mob was fed allies. they were provoked by the president and other powerful people. -- fed lies. but we pressed on. a mob would not get veto power over our elections. we will have a safe and successful inaugural right here on the west front of the capitol. jonathan: senator mitch mcconnell not holding back with what he thinks about the events of last week. from new york city this morning, alongside tom keene and lisa abramowicz, i'm jonathan ferro. i want to touch base with the market this morning. not just the broad index story as we breach the 800 yesterday and the s&p. the standup mover of the morning -- and let's be clear, if we

were not so focused on washington, d.c., we would have started the program with what is happening at netflix. the turnaround of that story is remarkable. what is remarkable is they are doing it with big competitors in the market, with disney plus making its interest in the last year or so. tom: we have seen this act before but here it is a creative act. comcast made the flip from a huge capitol expense over to developing free cash flow. they didn't have to come up with a "queens gambit" every 12 months or so. fascinated by that strategic shift. to me, it is really hard. jonathan: that shift away from debt fueled growth. it is a shift that many didn't think would happen. lisa: many thought that they would burn through cash and then crash and burn.

interestingly, they have been able to raise prices, even though they have adapted more content and have more competitors. tom, what are you watching, "the dig?" tom: after world war ii. our editor-in-chief got me on this. right now in politics, and this is an important interview for those looking past this inauguration. whit ayres is with north star opinion. he provides wisdom and counsel to a gop shellshocked. the path forward for senator mcconnell and the rest of the gop. i am absolutely fascinated about what marco rubio does. his parents were not u.s. citizens when he was born. he was not fabulously wealthy.

within your paul lang, how does marco rubio pick up the pieces after the trump administration? whit: that is a really good question. gop is now seriously split between the governing wing and the populace wing. the governing wing has been dominant for a long time and is still dominant among elected officials. the populace wing was there before donald trump, in 2010, but donald trump really grew it and expanded it and made it a force in republican primaries, although it never got majority support in the country. the real question now is whether the gop splits, or whether it can maintain an uneasy alliance. marco rubio is trying to figure out with his common good capitalism how to appeal to both

factions of the party. it remains to be seen how successful he will be with that effort. jonathan: is this still a majority conservative country? whit: it is still a majority center-right country. if you asked most people where they stand, moderate, somewhat conservative or conservative. but it is not a far right country, and that is part of the problem for the populace wing. lisa: there are reports president trump may start his own political party payment what would that do to republicans? whit: it would split republicans, no question. it would make it far easier for democrats to win more elections and getting even more control over government. tom: i look at how they approach 2022. i'm sure it's a question you are getting from these gop heavyweights. can money help them win in the primary against such a populace

force? whit: it would be difficult to say that money alone can help win a primary. i think you are going to have to have somebody who has the charisma and talent to be able to marry those two forces together. if the populace force dominates the primaries, you will get a lot more qanon people like marjorie taylor greene winning primaries, which will make it more difficult for them to win in the general election against a democrat. jonathan: what do you think is the center-right proposal, where is it going to come from? it is clear the conservative message in the u.k. is still an attractive message for many people, including where the labour party dominated in the

north of the country. do your point, it is still a majority center-right party. who can stop the left from maintaining a monopoly on the moral high ground, what is good for the working class? who can achieve that? whit: we are going to have a contest to see who can achieve that. there will be many republicans making that effort. no question the republican and government in general will have to offer more hope to blue-collar communities that have been ravaged by coronavirus, ravaged by an opioid epidemic that has seen many of their manufacturing jobs go overseas. the party has to have a better and more compelling message of hope for those people, for the blue-collar folks to continue to be in the republican party, rather than go back to the democratic party, where they began.

jonathan: great to catch up with you, whit ayres. as we work our way through some of the events taking place in washington, d.c. number 45 will have his own exit. number 46 will have his inauguration and around four hours time. tom: it is so strange to see on the south lawn of the white house, directly west of where emily wilkins is, with a red carpet out for the president and i assume the first lady, may various offspring. the helicopter awaits the president on a perfect january morning. jon? jonathan: i assumed you had more to say. bear in mind, i cannot see the pictures. tom: i did not know that.

i thought your entourage demanded that you had a full set up. jonathan: i just have some bright lights and a camera. tom: we see the helicopter is on the lawn. lisa, i know you can see the images. i would guess we get some punctuality today from the president. the president, mr. biden, they really overlap for the next two or three hours. lisa: some said by design. there was discussion of a parade or elaborate sendoff of president trump near the inauguration. we are talking about unity, and that will be the theme of the speech from joe biden. my question is, what is the tone that president trump will strike for his supporters? will he try to edify this message of unity, or raise questions about the legitimacy of the vote, his support or lack thereof of the insurrectionists?

these are key points as we try to chart a path forward. tom: we welcome all of you on bloomberg television and radio. marine one sitting on the south lawn of the white house, not far from that door where we have seen so many events take place. i would note, a small crowd attending the white house. it will travel to andrews and then off to florida. then some form of comments from president trump scheduled at andrews. we will see where those comments lead. emily wilkins is with us now, our reporter east of these events, looking down pennsylvania avenue. trump and biden will overlap for the next two or three hours. what will you be watching you

for --watching for? emily: these gentlemen will be on very different tracks throughout the day. president trump will go to andrews, where he will give a speech. biden will attend mass today, accompanied by both democrats and republicans. jonathan: let's talk about policy. we will be getting policy changes today as well. what do you have your eyes on? emily: the executive orders that president biden is expected to be signing. at least 15 orders today spanning a wide range, including ending construction on the border while in mexico, expanding the in fiction moratorium, keeping interest off of student loan debts. a couple things we have seen with the coronavirus, and some policy changes. lisa: how much teeth do these

executive orders have in the outset? emily: they have the teeth that are needed to get things done. we will see some bigger policies that will need to go through congress like more coronavirus funding, changes with immigration, tax reforms, but for a lot of things, these were things that the trump administration did with the stroke of a pen, and it is something the biden administration can revoke with a stroke of a pen. tom: mr. biden communicated through an aide this morning that he will not mention the former president. he must address republicans on capitol hill. what do you expect to hear from president biden on the unity that he desires from those republicans? emily: i think people talk about themes that we have already heard him touch on, being a president for all americans, including americans who didn't

vote for him. biden has made it clear he wants the support from republicans in congress. he does not want to have to push through things on partyline votes. whether or not that actually happens remains to be seen. jonathan: 70 million americans did not vote or joe biden, who is about to become president of the united states. i am always fascinated with the word " unity" and whether it is just lip service as it is the right thing to say. the last couple of weeks have proven that it is more than that, but you have to get those 70 million americans to come along. what is the message to them today? emily: two different messages. number one, offering that olive branch, being a president for all americans. i know that we are hearing these things over and over, but we did not hear this from the trump administration.