$1 billion to cover trades. its chief executive tells bloomberg it restricted buying of certain stocks to protect its financial positions. the e.u. is set to tighten rules on the export of coronavirus vaccines. ursula von der leyen tells astrazeneca it must honor its contract. and h&m earnings beat expectations amid lockdowns as the new chief executive cuts costs during her first year -- during the pandemic. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london, tom keene in new york. 80% of what we do the next two hours will be focused on robinhood and the underlying issues with the central bank governor of ireland. he says there is nothing to worry about in terms of financial stability, but we are also not sure how this will play out. tom: it is new. a writer from the new york times neil that when he said -- it is

going through the securities trading industry. it is not a surprise there was a $1 billion cash call. the letters of credit taken out with j.p.morgan and goldman sachs. the mystery, francine, is what happens on this friday. francine: 100%, and there is one thing that caught my eye, silver market options, and looking at it now, i have to say there was an unprecedented surge after the reddit day traders talked after the short squeeze. let's get to first word news with ritika gupta. ritika: good morning. the stage is set for another wild day in the market. that plans yesterday sent gamestop rallying after robinhood said it would lift trading restrictions on some of the stocks. robinhood's position to limit the risk itself ignited an outcry from customers and american politicians. the brokerage raised $1 billion from investors after the central

clearing hub demanded more collateral. president biden is working trying to round up republican votes for his 1.9 trillion dollars to most plan. he spoke with republican senators susan collins and rob portland this week. there was a cool reception. it would enable it more quickly to move through congress. european union is raising pressure on astrazeneca over coronavirus vaccine shortages. european commission president ursula von der leyen demanded that the drugmaker fulfill its contractual obligations. there was it it -- the crisis could leave the e.u. to impose export restrictions on vaccines. boris johnson -- they would take advantage of a new row to leave the former british colony.

about 3 million people in hong kong are eligible. the u.k. offered the procedure after accusing china of breaking a joint agreement by imposing a new national security law. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i am ritika gupta. this is bloomberg. tom? tom: thank you so much. two ideas here, folks, renminbi to strengthen yesterday afternoon. that got my attention in a separate story. showing attention in the overall market. i wanted to describe the stocks right now. amc with single digit. it is up nicely to 13-ish level, moving minute by minute. gamestop was a 193 close, in the vicinity of a premarket, now at 414. the symbolism of gamestop moving up and through the level of 550,

585, seen yesterday, would be a joy norma's -- a ginormous moment for wall street. francine: ginormous. i really like the story. i was looking at some of the graphics that you can see on bloomberg tv. luckett we have access to things like that in times like these. silver markets seeing this incredible surge. i was looking at the options, tom, and they took me aback. day traders talking up the metal as the next short squeeze market. that is the options market i found, others may have a different way of looking at silver, but it is just incredible how fast things can turn. stocks in europe sliding overall . i guess they are trying to figure out what the volatile trade speculation means. there is also cash squeeze in china. let's not forget, this has global implications, the dollar

on track for its biggest weekly gains since october. to put all this in context and together, if you guessed discussing gamestop. >> there is a lot of misinformation out there. this was a technical and operational decision. >> it is a game of musical chairs, where you have too many people short, and when the music stops they have to find a seat. >> everyone is talking about rational or irrational exuberance, and what we have seen is actually some cash on the sidelines. >> the administration is taking a look, the sec is taking a look. >> it is not enough to comply with our financial requirements and our clearinghouse deposits. we have to do that. >> we have an automated liquidation system. >> it has become very clearly a deeply personal phenomenon.

i would equate it to, like, folks voting with their dollars in order to get back at more maybe a statement towards big finance. >> technology disrupts every industry. >> actually these retail investors are coming to look down their nose and chuckle about it. >> now you have a diversified -- with 40 to 50 million people basically trading stock. francine: joining us now, from bloomberg opinion, to try to make sense of this. thank you both for joining us. marcus, what are we living through. what will this become? marcus: i think we have probably seen the worst of this. this mini crisis, with what happened in washington earlier in the month, there is an overall excitement. but compared to march-april of

last year where we did have systemic problems and the fed did extraordinary things even compared to the financial crisis, it is important for regulation. it is not important for systemic risk here. the fact that the whole collateral and clearinghouse are working its way through was seen with the margin imposed and more required, if his -- i think the system is working. i don't necessarily think that the system itself is at risk. francine: you had a brilliant article that actually called the french revolution of gamestop, and you draw the parallels between what is happening in this, which is reddit day traders versus wall street and what could happen at bitcoin. >> to prove the point, elon musk just the word bitcoin in his twitter bio and immediately

moved the market. bitcoin is up 13%. marcus is right. there is not so much systemic happening now, but the thing is, technology accelerates human nature. this is just human nature playing out, and regulators -- i think obviously crowds can be wise. they can also be dumb. i also think that if you have no rules or if the rules are not clear, then you're going to have problems. between the sec and regulators, it is a pretty existential issue. how do you avoid being disrupted by social media? tom: wonderful to have both of you with us today. marcus, i want to go to j.p.morgan, a note about d grossing, where is -- which is where you and roy and -- where you unwind all the different --

what kind of a cash call can someone like robinhood go through? is it one and done, or can they do this through friday, through the weekend into monday and tuesday? marcus: the point for me is that you don't give more money to something like robinhood unless you are confident that what you give them is sufficient and that the business itself is sound. i think the system is working here. it is a cash call and investors are prepared to put their money behind something like this. then that is great. if regulators have to step in and support -- the parallel is mf global. we don't want systemic crunch whereby people cannot reach accounts. i don't think we are at the stage. access to capital -- that process is working smoothly. i think it is a very healthy time. tom: i want to emphasize for francine and all of us at surveillance, we are really not trying to be inflammatory. i want to make clear that the $1

billion from investors of robinhood is completely separate from the letters of credit from j.p. morgan and goldman sachs. those are bank agreements with a great tradition and separate from the cash call. lionel laurent, i want to get back to the social issues as well. this is a learning curve for everyone on social. as i said yesterday, i take great issue with the idea of the boys on the couch. i just flat out disagree with it. what have the sophisticates learned on social that they can do again? lionel: well, if you are an influencer, if you have a lot of followers, right, you can get your trade done. if you are on reddit and you are the first person to say look at this and everyone follows you, you can get in and you can even get out. but for all of the other people who are in the trade, it is a bit like the reverse of melvin. you can have the best trade in the world. how do you get out of it?

i'm sure a lot of people have made money from this trade, and other people are wondering how they are going to get out of it. francine: i know we have been looking at some of the movement on silver options. does that the next thing that will blow up? our hedge funds now looking at reddit to try to figure out what happens next? marcus: definitely come i think all of the hedge funds will be upping their ai to make sure that they can analyze reddit for future signs. clearly silver is one of the things -- what is happening is people are not looking at banks or systemic stocks, which i wrote about yesterday. they are looking at things they know, things they understand -- came stocks, tech stocks, crypto stocks. commodities like silver, that is clearly -- they probably read a book on silver at some point.

it is interesting here. at some point we may have to question whether we can post anything on social media or any forum for an investment bank. other than that, it seems to me that the regulators are doing the best they can. francine: elon musk put #bitcoin, which is i think the same thing that -- jack dorsey had on twitter. is he now the most important stock picker in the world? marcus: key is absolutely loving this. and earlier today he put another post up, you cannot short your house. well, that happened in 2008. you cannot short your car or anything physical, so why can you short stock? he is trying to get the shortselling practice band.

--banned. i think that is wrong. but clearly that is what he is railing against, trying to get the short practice band. tom: dennis gartman killing at the other day. and steen jakobsen at saxo bank it was brilliant as well. francine alludes to silver, and for you and me -- because lionel is way too young to remember this -- silver thursday. it was 40 years ago, folks, where the hunt brothers cornered the silver market. are we just back to good old cornering of markets? marcus: precisely that. clearly this is exactly what people have done. they work out where it is easy to squeeze, and it is just good old squeezing of markets. it is just -- in the sense, it

is little guys saying an evil hedge fund, who creates a position, it is just -- it is fascinating to watch. the markets do seem to be working in the normal sense. tonka lionel, in 1980 that was not reddit or twitter or social to help the hunt brothers. how do we manage the social now, or is it what it is? lionel: can i take you back even further, tom, to 17th century amsterdam, when you had -- as the bitcoin of the day and the east india company? the east india company was the gamestop of that time, and you could spread information very easily without reddit. you could run around and say this company is not doing very well. you drive down the price, you short it, and then you ask the government to bail you out. so this is very cynical. and regulators get in the middle of it.

tom: there is a banner for the next block -- "lionell laurent, cynical." started in the 17th century. you took the other side of the tulip trade, right? francine: yeah, we did. actually, jenna ways a very known at looking at their purse springs, that's their purse strings, and investments. tom: they have been short venice for 100 years, i know. francine: i am also obsessed -- i don't know if you have seen the video of a normal person in her car expending the stock market. it has 16 million views right now. a lot of people cannot get enough of that. we should get her on. tom: we should have had a dining table -- a video of the dining table last night. rodda was going on about her friends. francine: coming up, and

exclusive conversation with mark carney. focused on the u.n. and climate change. we will talk about climate change and financing climate. that is 6:30 am in new york, 11:30 a.m. in london, and so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

francine: this is bloomberg surveillance, tom and francine from london and new york. we are going to talk about valuation, but we need to talk about this mega fight going on between retail versus wall street fulsome we are delighted to be joined by luke hickmore, aberdeen standard investment's director. rate to have you today. how much focus -- great to have

you today. how much focus and how much time do you spend figuring out what happens to gamestop here? are there market repercussions beyond that? luke: -- francine: i'm not sure we can hear, luke. this is one of the funny moments where the zoom call was down and he can hear our producers but cannot hear us. can we do a data check, tom? tom: frankly, it is a good time to do that. let's take advantage of this, and i don't mean any disrespect to mr. hick more. what is so important, the aggregate, folks, is this morning i want you to follow the vix. this is the volatility of the standard & poor's 500, and it is not supposed to be at 34. a guy out at twitter nail this yesterday. that the vix is supposed to be right now like 27 or 26 maybe, i'm guessing, and we have an

elevated vicks, and that is your thermometer to get into the market. gamestop 02. francine: there are these lingering concerns about the volatile retail straight -- retail trade speculation, and we have the cash squeeze in china. take-two with luke hickmore. can you hear us? luc: i can definitely hear you. hopefully you can hear me. francine: does gamestop translate into your world? does it start infecting the markets? luke: it is hard to say. there are a few things that might come through out of this. we talked about the cds market and how that is being used for people to short credit for years. maybe we might see some of the hedge fund shifting into that space, actually generating a little bit more volume, which would be good.

other than that, it is hard to say how much of an impact that has on credit and debt markets, apart from we are all just stuck in the headlights like everybody else. as tom says, that vix move could end up being really important. there is a very clear linkage between vix and where high-yield credit in particular starts to trade. this continues to move higher in vix, we could see spreads reacting quite suddenly, i think, over the next few days. francine: my only question of the day is, are you now on reddit, trying to figure out what will happen next? luke: i have been on reddit and while, but i am not a big user of it. however, my wife is, and she has been sending me fascinating posts from people. i am trying to figure out where the crowd on reddit will attack next. that bear hunting seems to be on. it is a dangerous want to try to follow. the silver one, the physical

silver bear can be used to bring that back down to more supply demand that level, right? tom: thank you for coming on and bringing that up. it is francine having that cocktail at the dorchester during the lme week. luke, this is really important. the idea of intangibles like stocks and fixed income versus the tangible world of mining. are we at risk of a run on silver, or does tangible asset get in the way of that? luke: i think it does get in the way. your commodities should trade at the lowest production price. they should not trade against this speculative bubble that gets bumped up. i was reading one of your articles today, three times the amount of outstanding futures and fiscal stock, so if we get the traders to come in with the fiscal stock, that will come back down to a more balanced

price, quite quickly, i feel. tom: we stagger into february to move away from the mania of the moment. one of the manias is that the guesstimate of inflection -- -- one of the manias is that the guesstimate of inflation -- what is the call with -- luke: let's face it, we are going to go higher in inflation over the next couple of months. there is very little we can do about it, and again it goes back to commodities. this time last year we were talking negative oil prices. that has to work its way out of the basic area of inflation over the next couple of months. i would expect 3% maybe in march, but i don't think it is going to stay there. the conditions are not right for inflation to take hold long-term, which is what the fed is going to look at. i don't think the conditions are there long-term. francine: give me a sense of

what you make of the ecb trying to convince the market that a rate cut could be coming. are they ready to cut rates, and what does that mean for where you want to be positioned in the markets? luke: it is strange, isn't it? they seem to be changing their view quite a lot on this. we are not going to cut rates again, and more recently, it changed again. it does feel like the markets starved -- if we did not have the other mess going on, right back with him stuck in silver, that would be one of the most important topics. there is a very good chance they will cut rates, i think. perhaps not by much, but just to show intent. perhaps also increasing some of their asset buying programs, because the european economy, the major economies that you could look at is one i think that is at most risk going forward, not seeing growth coming back in a reasonable way, and germany in particular could see some sticky unemployment for

a couple of years. tom: we saw a renminbi go to new strength in the new york afternoon yesterday. it was something to see that quote, right now 6.44 on renminbi, which speaks volumes. what is the outcome of our viewers and listeners worldwide to strong pacific rim? luke: look, watch what the -- we have seen market volatility wherever it comes from, one of the places it comes from is the stronger and stronger rrr. the overnight rates pushing of the renminbi as well, are warning signs. if the chinese authorities get on top of this in the next couple of days, then perhaps they are not looking for a stronger renminbi, what if they are, that changes the game an awful lot. again, that could be short-term inflation rather than long-term structural change. but those indicators of risk are

starting to flashy yellow, i think, from china. tom: this has been very valuable. futures -44. the vix out four big figures. you heard luke hickmore say that is something to watch, dirty 4.28 as -- 34.28 as well. we go back up to 400 now, about 150 points below the nirvana of yesterday with gamestop. my book of the year a few years ago, mariana mazzucato has something new out. mariana mazzucato on the casino. stay with us. this is bloomberg. ♪

♪ tom: good morning, everyone. "bloomberg surveillance." we begin in america. an early morning on a $1 billion

bailout of robin hood. much more going on. we will touch on that but many other discussions through the morning. i really want to stay with you through the morning as we trying to bring some common sense to what is going on. it is a historic morning for wall street. we get lucky to book mariana mazzucato to beat up on her new book. it's far more important to speak with a ucl professor. the moment at hand is in the mission economy. it's about the new rules in the midst of capitalism. professor, you were my book of the year a couple years ago. i have not really looked at "mission economy" yet but thrilled you have a new book out. i want you to sit in london where you are and comment on how you observed gamestop. comment on this clash of

technology with a traditional process of capitalism. mariana: well, you know, let's broaden the gates a little bit. we have tech, the digital platforms we are talking about, we have climate change, we have the health pandemic. what they all have in common is we need to govern the process in the common interest. the common theme in my different book is that unless we actually know how to shape markets, as opposed to constantly just fixed market failures, in any of these areas, we get it wrong. i do think the covid moment where we have the digital divide , the health pandemic, where this particular crisis is sitting on top of a climate crisis, we just have to go back to first principles. that's what the book is about. tom: i want to talk about something in your book, serendipity and collaboration. we are seeing serendipity, sing collaboration by smart, young people sitting on couches sing to hedge funds, forget about it,

we make the rules. how collaborative is this new technology? whether it's a crisis like gamestop or the broader world economy? mariana: when i say go back to first principles, we should also ask, where does this technology even come from in the first place? i talked about how everything that makes our iphones smart and not stupid, from the internet, gps, siri, and i can go on, was all actually government finance. what happens when this technology and the algorithms underlying them are increasingly also about extracting value, not creating value? what does it mean to truly have a public-private partnership? a symbiotic, mutualistic partnership? that's why the moon landing is so amazing. there was huge amount of private sector innovation and investment from companies, and of course

large state funding from nasa and other public entities, but they were going after a common project. what is the common project underlying today's news? francine: what is that common project? we are fighting climate change, everything we are doing, but what should it be? everything we are doing is under the presence of the capitalism that we know. mariana: let's not forget there is different ways of doing capitalism. i gave a talk this past monday at the world economic forum where you and i were together physically. all of the talk again is about stakeholder capitalism. if we properly had stakeholder capitalism and not just capitalism maximizing shareholder value, kind of gaming the system, then that would be a very different conversation, whether we are talking about digital platforms, health, or climate. we need to remember that there is different experiences in the world. stakeholder capitalism has been

practiced in certain companies in certain parts of the world. we need to learn from those experiences and walk the talk. there is no better place than the vaccine to talk about that. it is not enough to have pfizer, the national institutes of health, which is public money, moderna, oxford university investing into something. how do we then govern it for purpose? what is the common purpose? with the vaccine, it's not just to get a vaccine, it's to make sure that everybody gets vaccinated. francine: if you look at the commission, they cannot even have access to the vaccines because they started too late. where do you start in actually changing so that you create the system that you are sink, which is -- seeing, which is mission-critical? you are achieving the goal that you set out. mariana: we are bringing in different issues that are all related. one issue is the capacity and capability on the ground organizationally. whether we are talking about the

european commission or u.k. government, which has outsourced its capability and capacity so much to the private sector that a couple weeks ago, a tory lord said that the government had become infantilized. you lose your capacity to manage anything, whether it's brexit or covid. the question is, going forward, how can we govern and shape and create markets to achieve the goals that we need? which is inclusive growth, sustainable growth. i think at the center of the covid recovery scheme, and we are talking about building back better, has to be green growth. this is where the european commission has got it right more so than the u.s., more so than china. the current recovery team is conditional no longer on austerity, which is the conditions that we set in the

financial crisis for the recovery scheme, but on investment. investment on digital and climate. tom: you have a phrase that is absolutely spectacular. folks, if i was sitting in happy valley right now on the deck of francine, this would be my title for this year's davos. it is shaping, not fixing davos. that is absolutely brilliant. this describes so much -- you know i hate the phrase thought leaders and all that other malarkey. this is so true. they are trying to shape the message and not fix it. discuss that. mariana: i am not sure what you just said but what i usually say is we should stop fixing market failures, actually waiting for the market to mess up before policy comes in. we need a different type of policy, a different type of

public-private ownership that shapes markets to deliver the outcomes that we actually need. that requires fundamentally different partnerships, literally a new contract. i'm not a big fan of getting lawyers involved but i really want to start thinking about contracts, procurement projects -- contracts. we would have a very different outcome today in health and also around -- sorry. tom: take it narrow. should gary gensler with the biden administration be more proactive about fixing, not shaping, wall street, given the crisis it is in this friday morning? mariana: well, i'm in, the big issue is, what is the relationship between finance and the real economy? most of global finance actually ends up back in the financial sector. in the u.k., something like only 20% of financing goes into the real economy. once it goes into the real

economy, how can we make sure it actually helps us steer our system in fundamentally different ways? everybody talks about the green transition. biden is talking again about the green deal but finance has to be part of that solution. unfortunately, we have lots of short-term finance, speculative finance. even venture capital is very exit driven. that ended up hurting the biotechnology industry. we have to avoid that currently with all the innovation happening again in space, with elon musk and cleantech. we cannot have exit driven finance just trying to get a return and really creating a mess that we have to pick up. tom: i want to come back with mariana mazzucato and francine and really dive into climate change, what it means for the mission economy. we are going to take a break so she can decide whether to go long or short gamestop. -41. dow futures, negative -290.

>> on capitol hill, two house and senate committees are promising to hold hearings on those gyrations in the stock market. lawmakers from both parties expressed outrage at robinhood and other platforms that limited trades in companies like gamestop. incoming senate banking chairman sherrod brown says people on wall street only care about the rules when they are the ones getting hurt. donald trump has agreed to help republicans try to retake control of the house next year. the republicans need to win seven seats to regain. the house mccarthy has now backed up his previous statement that trump bore responsibility for the attack on the capitol. mexico has overtaken india as a country with the third highest coronavirus fatalities. only the u.s. and brazil have more deaths.

mexico's president is currently being treated for the on this. -- the on this. -- illness. two americans who helped carlos ghosn escape prosecution in tokyo failed to get pardons from japan. they cannot be extradited. that's unlikely to happen soon. they have appealed the ruling. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. francine? francine: coming up later on bloomberg markets, the goldman sachs chief economist at 10:00 a.m. in new york, 3:00 p.m. in london. i know they will talk treasury yields and gdp. i think they will have a thing or two to say about gamestop as well. this is bloomberg. ♪

♪ >> as we build back better, as we transition to a low carbon economy, as we build businesses out of the pandemic, we keep a very firm focus on these areas of policy so that we are not leaving either communities or populations behind. >> we not only have committed to but also need to keep those commitments to have a more inclusive recovery from this crisis, a more green and sustainable recovery, and frankly, one that pays attention to the needs of the people who are living and working in the economy. >> i do not think the world should rely on esg to be making up the rules that really governments should. >> it is so important to push

through the boundaries. maybe it is easier to become, as a woman, a leader in that type of society that are led by example, not by whatever -- politics. francine: various global leaders speaking from the virtual davos and bloomberg's year ahead conference on the need to focus on equality. we are back with mariana mazzucato of ucl. we were having a spirited conversation, as we always do with you, about what needs to change in capitalism. halfway through your book, and i cannot say enough of it, i just started. you put it very simply, it is very efficient. we have to select a mission, implement a mission and energizes citizens for the mission. what do citizens want today? mariana: it's interesting

actually because i feel like there is more movement within citizen organizations than in global governments for a green transition. friday's further future has galvanized students of all ages to tell our generation or even the older generation that they really did not do their job. the moon landing was sort of a top-down mission, right. that was almost purely a technological one. the kind of missions we need today are much more social. they require political change, behavioral change, and also technological and organizational change. one of the questions of who defies what they are -- defines what they are. let's not start from scratch. we have the 17 sustainable development goals. every country globally has signed up to them. they should take their names out from signing it if they are not serious about. how can we create moon shots like a plastic free ocean, carbon neutral cities?

even fighting knife crime in london. the interesting with the apollo program is that it required so much intersectoral innovation. it was not just aeronautics, it was nutrition, materials, electronics, the entire software industry was in many ways a spillover of that. we need to stop having a sectoral approach or obsessing over things like artificial intelligence and ask, what are the problems we are facing today? how can we design the kind of questions together? but then do everything we can by using innovation policy, industrial strategy, procurement policy. francine: what are you expecting from the biden administration? i mean, what will their mission be? mariana: first of all, we need to remember that biden is coming in after four years of mercantilism. trump really did bring us back about 400 years. in the 1600s, it was all about

getting the exchange-rate right, building walls, trade agreements, the 1651 navigation act. after that, there was a lot of attention to industry, navigation. if we really want to make america great again, that is actually going to require science, technology investment and innovation. the first thing he did almost on day one was bring the u.s. back into the cops agreement and talking about getting into the -- back into the world health -- wto. what does it need to fuel american and global solutions, especially global cooperation? because no one country is going to solve climate change on their own and that's very true also of the health and. by definition, because it's a

pandemic, we need to solve this together. what is it going to meet for actual u.s. policy? he is talking a lot about science and technology. i think we need to be careful not to go backwards and think that somehow that technology is a panacea. minutes ago -- on the back of our previous discussion minutes ago, we have to govern this process in order to meet these societal goals. tom: two days ago 52 years ag -- 54 years ago was the greatest failure of apollo. one of the great distinctions here is the apollo program and all of nasa allowed and modeled failure. do we have a modern capitalism starting from 2007 that has a fear of failure? mariana: what's interesting is, you know, that the whole tech community that we were talking about before brags about how risk-taking they are and how they do not feel failure. so much of the technology that

they used came from a risk-taking government. that has almost become an exception to the rule. most civil servants globally work in public organizations where you fear making a mistake. because if you do make a mistake, you are in the front page of the daily mail. one of the first things we need to do when we talk about partnership and talk about goals and working together is to admit that we are going to have a trial and error process. if you are fearful of those errors, you're in trouble. you should also be fearful if you have not invested within your own organization on how you learn from extermination. so just making mistakes -- experimentation. so just making mistakes is not a thing in itself. how do you learn from expense? unfortunately, -- experience? unfortunately, so many organizations have stopped making investments within their own capacity. i have a chapter in the book where i talk about how nasa

talked about the need to both collaborate with the private sector but also know how to do that. they said if we stop investing ourselves in research and development and also in other types of intraorganizational capacities, we won't even know how to write the terms of reference. they also said we need to be aware of brochuremanship, which is an interesting word. that basically meant, let's be careful not to just be convinced by shiny powerpoint. if we are going to collaborate to get to the moon and back in one generation, we are going to need sort of serious innovation capacity in both the public and private. i think we have currently lost that in many public organizations and we especially have problematic partnerships. there is no better place than health to see where it really went wrong. tom: it's a wonderful book on the "mission economy" where mariana mazzucato straps the great triumph of the apollo

program over the challenges of capitalism moving forward. we are watching gamestop and the rest. coming up, california state teachers retirement system. i think he was in and out of gamestop like five times yesterday, something like that. 3:00 p.m. this afternoon, the gentleman with an actuarial assumption. stay with us. this is bloomberg. ♪

♪ tom: "bloomberg surveillance." good morning. francine lacqua and tom keene. we are looking at our bloomberg terminals try to figure out premarket. gamestop at $400 level now. right now on the social aspects of all this, alex webb we demanded we get two questions in. i don't want to talk about gamestop. i don't want to talk about the finance part of this. i want to talk about the social. are you surprised at what we are seeing on reddit? >> no. i think if you look at the trends of the past year, it should not be a surprise to anyone that where you might have had small pockets of people in towns, villages, cities around the country meeting in small groups to discuss topics about

which they are passionate, the fact that now these groups can meet in forums and on facebook, twitter and elsewhere and find like-minded people and rally together to discuss a common cause, that is a thing that has really risen to prominence this year and indeed over the past five years. it has become particularly acute in the past 12 months. tom: does information harm? this phrase too much information. do we have too much information within our financial system? >> look, i always tell people whenever i am writing a story, i would rather have too much information than too little. what has always been the risk is that markets become complacent. people saying, i think stock x is going to go through the moon is very different from presenting a substantive based argument demonstrating white think that is the case --

demonstrating why you think that is the case. tom: i wanted to get this in, folks. alex webb on the social aspects that we are seeing. a wonderful column out today on this on bloomberg opinion. we are going to drive it for the conversation on the moment at hand. if you are just joining, $1 billion cash call from investors for robinhood, including the utilization on top of that letter's of credit from jp morgan and others. is a crisis? i'm not sure. what i know is it is a friday and we will have good conversations. christopher marangi gabelli funds will weigh in with -- christopher marangi will weigh in with gabelli funds. stay with us. this is bloomberg.

♪ tom: this morning, the bill is

due for the free lunch. investing for everyone. the adults enter the casino and demand robinhood put their money in motion. the dtcc demand friday pretrade, $1 billion. robinhood, they take advantage of credit lines from jp morgan and goldman sachs, an additional 500 million, give or take. gamestop, gamestop from 500 to 100 to 193 to a clear and present $400 per share. the gentlelady from the bronx, the gentleman from texas, aoc and ted are on the same page. does las vegas treat their customers this way? good morning, everyone. "bloomberg surveillance." i am tom keene at the casino in new york, francine lacqua at the casino in london. aoc and ted in agreement. we