>> you are saying pockets of frothing us come through. >> this looks like pockets of frothiness. >> we have a massive wealth rebalancing in the world. >> we have a revolution between the haves and the have-nots. >> it is the retail investors that could end up getting hurt. next the nature of the market is sometimes to go a little bit crazy. >> not every company can be an apple for tesla -- people are looking for things that did not exist. >> next year when things start to look more normal, then you'll have the hammer come down on some of those companies. >> this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathan: good morning. alongside tom keene and lisa abramowicz, i am jonathan ferro. it is friday, take a deep

breath. a real sense of injustice in the last 24 hours. we stick to the facts in the next few to be well. tom: we will do the facts, and there is some speculation, but you lead with the critical thing for global wall street and washington this morning, the calendar date -- it is friday, and in all of these crises, the number one goal is to get to the weekend and let people call him down and that is the goal and the next 12, 15 hours. jonathan: ijonathan: am not sure they will come down to the next 48. lisa abramowicz, what a morning. lisa: the concern is wide and robinhood, some of these other brokerages shut down some of the trades. tom: because they had to, lisa, they have to. lisa: right, but there is a feeling of who is driving the decisions -- the dtcc demanding increased amounts of money from these company spent the issue

you talked about, the feeling of injustice, what will be driving that -- the feeling that washington, d.c., is getting involved, and what will be the outcome? this is a big deal. jonathan: i will bring you that they give. lisa: you want me to do the morning briefs. jonathan: i want you to explain to people on radio what has happened to you. tom: your cheek is bruised. lisa: john and tom got into a fight. i broke them up. my pinky took one for the team. tom: ken langone had to re-find good -- refinance nyu, the emergency bill. you're right cheek. jonathan: i have done my best with the makeup. do i need more? lisa: let's talk about the morning agenda. and :00 a.m., we will look at

personal spending -- we will be looking for in the declined in spending -- benefits continue to creep in. at 10:00 a.m., university of michigan sentiment index and home sales -- two bright spots. people have maintain confidence in the u.s. economy as the vaccination schedule gets underway as well as feeling we will get to an end and people are buying homes because they want to get out of cities, etc. -- this is been the same story, low interest rates. 11:00 a.m., president biden, vice president harris receiving an economic briefing with janet yellen. interesting to hear her address some of the issues in the economy and the underlying economy, which is a different story than what we see in amc and gamestop. i'm loving -- jonathan: i am loving this.

radio is missing out. lisa: i look like a raptor. tom: is your cast alexander mcqueen? lisa: i am going to brand of us. jonathan: i could see zero hedge in small print along the bottom of it. lisa: just move on. [laughter] jonathan: shaving -- shaping up. i am sure i am getting in trouble. the dow, will that get in trouble. i will get in trouble with myself. yield of two basis points. euro-dollar, 120, 134. let's get straight to it. dan alpert joining us now. i have asked a simple question to tip the conversation -- your take on the events of this week?

dan: summon a waste to analyze it. how do you draw a parallel to the storm in the capital, to the storming of wall street -- and you have a broader market question. we have endured years, decades, really, of the secondary market shrinking in importance in terms of the profits of capital formation which has retreated to the private sector. have as many stocks on the big board today as before. the truth is the markets are there to discuss -- provide price discovery and liquidity to foster capital formation there. not the capital formation themselves. they are the secondary market. you have punting around in the second harry -- secondary market that has been complicated by a mechanical problem. you created a low latency environment. you had high-frequency trading before. now you have super micro training because of order application by citadel and other

groups like that trying to make money off of spreads. the question is -- you raised earlier in this, what is going to happen when people are outraged because washington steps in? washington has been stepping into the financial markets since the 1930's. tom: i want to bring up the bug on gamestop -- i want to stand up the price. we're getting some trading. we have popped up nicely. we have broken through resistance on the intraday moments ago -- the resistance that 36370 and we're above 350. dan dan alpert -- in your class club to talk about the oversupply. -- classic book you talk about oversupply. is he creating a common good for america, or is it almost moving

deck chairs on the titanic? dan: i would go the opposite way. although this intersects at the revolution of the masses against regular order, and that is, in and of itself, generated by the existence of the internet, and the massive and high-speed movement of information among people. you get this in a political sphere. you had this in the financial sphere for a very long time. now you actually have national security issues arising over it with homegrown terrorists and what have you. there is a commonality to all of this. i am not saying you shut down the flow of information, and even if i said it, it would never happen, but as a practical matter, regulators need to start looking at this time the perspective of what these new technologies mean to markets. lisa: with all due respect, people would say this is democratizing of markets --

hedge fund managers are playing by different rules and individual investors are trying to play by the same rules. putting aside the actual technical aspect of the liquidity issues and the rules, and how they are manufactured, how does all of this -- i get that it is not going away anytime soon, affect your thesis as an investor? dan: i think those of us that our value and fundamentally oriented are looking for an entry point. the market has been destroyed by many things, and this is the list of it. you have the market at valuations that are not really sustainable and over the long-term, when i say long-term, the next few months, the market will break down and test that level of pricing. whether this is some sort of indication of a top -- i am not so sure -- this recent volatility, because i think it stems from a very different

source, but at the end of the day i think that is the bigger issue, where the market is valued overall. tom: with great respect to your wonderful project with cornell law, i have to ask you about the labor market -- you are doing incredibly granular work. what is the quality right now of the american job market? dan: the quality is you have pretty much erased all of the low-quality jobs in people on the benches. the issue is going to be how to get people back to work. one of the things that is incredibly distorted is you have average income level and hourly wage skyrocketed because the elimination of these low-quality jobs. you can look at it and say i want all the low-quality jobs to come back, or you can say how do we progressively replace low-quality jobs with better quality jobs that pay more? that is where the issue of the change in administration has come in. i think that is going to be incredibly powerful.

looked -- here's the problem we have got. we are going to subsidize the loss of employment. we have continuation of the federal unemployment benefits subsidy -- we have continuation of the facility of claim unemployment, resumption of ppp on top of it -- we will subsidize the loss of jobs. the question is how do we conduct fiscal tapering in the future. remember in 2013 we talked about paper tantrums. we will have an issue of physical tapering going forward, and the markets will be very responsive towards the end of this year to any signs of physical tapering if thats th only thing supporting the economy. jonathan: great to catch up. dan alpert thank you. gamestop flanagan, up 78%. tom: it is up 70%.

i see a constructive take -- stronger rim be, which is clearly china banking issues. other than that, the best news on the screen as we moved to the re--- real yield on radio, television -- the special two-hour show -- 1.07 on the 10-year yield -- if we were doing gamestop, robinhood, $1 billion, we would talk about the lift and they yield. jonathan: we have to talk about the perceived injustice. connected to that, the amount of the grossing we have seen. tom: we will now that. you are dead on -- the jp morgan note is hugely valuable on the nonlinear calendar of how you get out of a short squeeze --

not bill gross, how you degross. jonathan: nice. he is here all week. can we see that again? lisa: tom or john? jonathan: lisa, you are the main event. tom: injury on the radio. jonathan: we have our fingers crossed for you. coming up, michael kushma, morgan stanley. this is bloomberg. ♪ ritika: with first word news, i am ritika gupta. gamestop rallied after brokerage robinhood said it would look to trading richard shenzhen some of the stocks. robinhood ignited an outcry from

customers and american politicians. meanwhile, the brokerage raised $1 billion from investors after the stock market central clearing have demanded more collateral. president biden is working the phones, trying to round of the republican votes for his 1.9 joined other stimulus plan. he spoke to republican senators susan collins and rob portman this week. republicans have given the stimulus a cool reception. winning bipartisan support would enable it to move more quickly through congress. the european union is raising pressure on astrazeneca over coronavirus maxing shortages. the european commission president demanded that the drugmaker fulfill its contractual obligations. the dispute was triggered by the decision from astrazeneca to prioritize britain over the eu. british prime minister boris johnson expects 300,000 people to leave hong kong and moved to

the u.k., taking advantage of a new visa route to leave the former british colony. global news 24 hours a day on air, and by bloomberg quicktake, powered by (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you to maintain comfortable, correct form. that means better results in less time. you can do an uncomfortable, old-fashioned crunch or an aerotrainer super crunch. turn regular planks into turbo planks without getting down on the floor. and there are over 20 exercises to choose from. incredible for improving flexibility and perfect for enhancing yoga and pilates. and safe for all fitness levels.

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>> it is nonnegotiable for us to

comply with our clearinghouse deposits. we just have to do that. robinhood has always stood and will continue to stand with the individual investor. >> we do not have a problem, but i do believe there are others that do. this problem is looking to snowball, and even those of us who do not have a problem may have a problem with bankruptcies. speaker pelosi: the fcc is taking a look. we will all be reviewing this, but interesting. jonathan: we heard from nancy pelosi -- all speaking to bloomberg. good morning, alongside tom keene and lisa abramowicz, i'm jonathan ferro. we are spending a little more time lately talking about this 1

-- it might be the first time we have done this in quite a while, bitcoin -- i did it -- up by about 10.5%. it is the anti-institution trade for some people this morning. tom: gamestop of 349, still elevated off the stoppage of trading yesterday. i want to summarize, a $1 billion request by robinhood. also the utilization of two letters of credit reported, jp morgan and goldman sachs. "new york times" has that -- $600 million. that is a lot of money last 12 moneys -- 12 hours. emily wilkins joins us. of course emily wilkins and i know when the balance of power, it is a most-watched show. she and i will be doing balance of power at 12 noon.

i have been studying. there are 400 35 representatives. i am on top. emily: wait to go, tom. tom: i want to talk about that moment -- in the zeitgeist this morning the democrats are at the tipping point where they go it alone on fiscal stimulus. is that a valid statement? emily: absolutely. if you look at congressional democrats, the ones in the house, the senate, they are getting ready to start the foundation of going at it alone. president biden is not ready to throw in the towel. he has been making calls to republican lawmakers, rob portman, trying to figure out if there is some middle ground. he wants to make sure this first major bill has republican support. tom: i got to go to the crisis at hand -- gary gensler comes in usually qualified.

everybody, even the critics are loving the moment to get gary gensler in. we'll be his relationship to the people you covered each and every day? emily: first, the people i cover each and every day have to get him in. the confirmation process has been really slow. part of that has been the senate trying to figure out how they will work in a 50/50 continuum, but you are right, gensler is someone that has bipartisan support. i imagine that he will be -- spending time in front of congress, particularly on both the economics and now the recent news that has been captivating everyone this past week about the stock market. jonathan: let's talk about the stock market -- what is the last time senator cruz and congresswoman ocasio-cortez agreed on anything? emily: actually last year, there was a fringe issue. take about it like this, these are both individuals, they are not considered centrist

republicans, centrist democrats. they are more the extremes of their partisan you will eventually see these strange bedfellows pop up. unfortunate, it sounds like a shut down any other further working with cruise. the question is is the momentum from the leaders of the party, centers of the party to look into getting something done. jonathan: do you sense there is? emily: this is obvious a huge story, something that has captivated a lot of individuals. there are a lot of individuals that have ties to broad -- the financial sector. this is something you will see, been these committees in congress. whether or not it breaks through the massive priorities to get to the floor or have legislation be passed. i think that is the thing that remains to be seen. lisa: there is momentum, but towards what end, for the populace investigation of who is

financing robinhood, the gary gensler route of trying to limit the higher risk trade. where is the momentum in washington, d.c.? emily: there will be momentum on both sides. right now you are seeing it for the little guy, but that is because the lawmakers tend to be more vocal than others. i think you're going to see lawmakers defending the financial institutions of wall street, defending the new traders that have come and upended the assumptions about the markets. jonathan: great to catch up. tom: i want to weigh in here. jonathan: tom keene, emily wilkins, midday. tom: emily nailed it, and i will be all washington and do my david westin imitation pit will

be great. i want to emphasize this for everyone involved -- it is more important that what is going on right now is not new. francine nailed it this morning when she noticed silver on the lme and what it is doing. this is a short squeeze. they have been around since biblical times. jonathan: nothing new about a short squeeze, something new about what we experienced this week. this has not just come out of nowhere. i remember talking about was having on embedded boards, conversations happening, the new breed of investor starting to take part in equity markets. you remember it. lisa: g #btv -- come, guys. -- on, guys. lisa: it is also the proxy war

on populist versus establishment and it is what we are seen time and again. it is in thing to see a ship up with aoc and ted cruz joining alliance because they both weigh in on the populace side of things, the irony being that populace and sent -- centrist and democrats trying to back wall street. jonathan: i think the question -- the lesson that comes out of the week is the institutional side. do your homework on the short side -- i know some people do their homework on the short side. we speak to many of those people, the amount of homework they put into coming up with the idea and constructing the trade, but some of these names have gotten squeezed and these were heavily shorted, crowded names. speaking to some by friends in the industry and the hedge fund world, surprised by some of the names that got caught off guard. tom: i'm going to say short interest flow is nonlinear.

if you go from american airlines, 25% and out, and out, and out towards 100% committed becomes a tougher task to win. my question is where as the general counsel to say that is a stupid idea, don't do that. stupid- [announcer] imagine jonathaving fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music)

jonathan: what a week it has been -- from our -- from new york city to the audience what, good morning. features called back on the s&p by .5%. on the nasdaq, we are down by 0.75%. the worst week for the russell going back to late october before the vaccine news and the huge move we saw in the small caps. small caps unchanged on the session. we have barely talked about the bond market all week. the bond market, for all the talk of tapering, federal reserve, chairman powell, yield is up, couple of basis point, 10-year. 30-year, couple of basis points. your 30-year yield, 1.833.

-- 1.83. in foreign exchange, to play a talk about euro-dollar. i want to talk about bitcoin, up about 11.8, let's call it 12%. a lot of people are talking about the perceived injustice of this week. i think this is the anti-institution trade taking hold. this has been part of the move against institutions and so-called elites. bitcoin is part of that. tom: bitcoin is part of that -- it is a currency basically built from the ground up, built without the institution -- built on the retail side and when you talk about the meme-ification, if you want to extrapolate some broader meeting, who knows. if you go right now and talk

about some of the biggest movers, volume-wise, it is all the meme stocks, and this idea that it is more about putting an evaluation on the stock but to some extent this is about sticking it to the proverbial man, i don't know who the man is, but they are sticking it to someone. tom: romaine bostick, do you know what the short interest is on gamestop? romain:e remember, we were above 145 at the start of the week. that dropped below 100, believe it or not, at some point this weekend that was the bear correction. it is back higher right now, 123%, but when you look at the microstructure of the market, you are still seeing about 35%, 36% of the trade commune at that ask price.

that gives you some sense of where we might be going, 19% coming in. that structure is more in favor of the bid than what it was earlier in the week. lisa: we have been hinting at it all morning -- can you give us a sense of what led to robinhood shutting down trading? what were the collateral requirements? romaine: there is the official word you are getting from robinhood, basically this is a decision we made our own to protect investors. there is reporting from bloomberg reporters this was about the collateral, the clearing, and the idea where there was a lot of concern. you're talking about two days in some cases per there was a lot of concern volatility was too much. i don't know enough to say on air, the dollar amount, but it was a significant amount that we

saw a lot of brokerages clamp down on some of those trades to try to even this help you we have seen restrictions lifted. you are seen gamestop of 80%. whether we see renewed --it is possible. tom: thank you. michaelkushma, we have been remiss in not covering fixed income. is it of significance the 10-year yield enjoyed a 0.99 and is up seven or even basis points and a cup of coffee -- is that an important data point? michael: it does look like the floor has changed and the trading range has moved higher. given the volatility in the equity market, bad data

information on pandemics, slow rollout on vaccines, the yield could not get back to 1% and stay at 1%, suggests optimism about the future to just three of the economy is still pretty strong, the vaccines will poke her and it is still quite optimistic for the economic outlook and we will have one of the strongest economies in recent history this year. . jonathan: you are talking about the fundamentals. briefly on the price action, do you think the credit market in fixed income is insulated from some of the activity we have seen in stocks? this week michael: -- this week? michael: i think it has been credit markets are responding in the same direction. equity market weakness leads to weakness in a green markets, but the relationship has weakened. it is not responding one to one, or as much as you had thought, yet this was a fundamental move in the equity market. it was telling us something

about the future prognosis for earnings, etc.. the bond market does seem to -- does seem to suggest it is a technical -- in the equity market. jonathan: when we saw the short volume trade blowup, how did credit respond? do you remember? michael: i don't remember exactly, but i do remember as volatility rose, there is a correlation in the equity market in general and credit spread -- spreads. lisa: there is a question of how much it helps specific names, amc got bit up in the bridge got longer, but also because they are a hot stock for reddit. american airlines, same thing -- the stock pops dramatically. bondholders have a bigger equity

cushion. do you play in these names? u.s. seen it in credit prices going up. do you think this is a viable trade? ? michael: it is a nice thing dynamic pit we have not been done who about the covid-impacted sectors in the economy, waiting for more clarity on how the sectors of the economy will reopen given the lags in vaccine deployment and things like that. there is no doubt a fundamental relationship between equity violations and credit risks. the more a company is worth it has less default risk. they are comfortable with a longer term prognosis for airlines or other indices. that does fold well for the debt longer term.

we're not convinced there is a fundamental change. lisa: zooming out, is there a broader lesson -- for a long time, credits were given a boost to equity markets -- companies were borrowing money. has the regime gotten turned on its head -- now the equity rally is boosting the acquisitions of some of these more beaten up countries. michael: there is a help. you have the equity cushion, we call the distance to default -- the stronger the equity cushion, the farther you are away from default in terms of equity owners providing more cushion. given the volatility in equity markets, it is not clear to us yet that the company who called the all clear, everything will be fine, it does look better overall.

there is a fundamental relationship if they hold over time. tom: it is widely understood the short squeezes a nonlinear event -- a lot of literature same thursday was sport, maybe friday will be less sport. can you speculate that it is nonlinear, it will fade away into next week, or will the stresses continue, providing risk to major banks like yours who might have letters of credit at risk? michael: those are all the questions pit i don't know the answer to that question. when you trade in options, there are nonlinear movements, which create by momentum when prices rise. it leads to higher prices, which might lead to more short

covering. the dealer community might have acceleration in buying, which could lead to nonlinear momentum. it does come to an end, and how that and is not exactly cleared. tom: beautifully explained. jonathan: saw the guests have to navigate these questions delicately. michael, thank you. let's go to lisa's point, briefly -- the equity cushion can disappear as quickly as it grew. that is the problem for credit investors, particular in amc, as they put away the prospect of bankruptcy in the immediate term. it'll be interesting to see if anyone uses this equity cushion as a resource of capital. there has been some reporting that amc is considering another capital raising the equity market. which companies take advantage of this? you remember hertz 12 months ago

went through bankruptcy and began to do a stock race? tom: i will be honest, i am just not literate on this, but you go to the bloomberg screen, weighted average across the capital, and you can see the oddities of some of these capital structures. you are right, they can be opportunistic. franco made usually depends on the tone of the cfo and the tone of major investors in whatever company you are talking about. lisa: wasn't that one of the craziest things that hertz was going through bankruptcy? tom: none of this is in the textbooks i use. lisa: i was thinking about that, but that is what it feels like with amc -- we will pounce on this, and why shouldn't they? tom: i would emphasize, good morning to -- z bodie. none of this is in the textbook. jonathan: jim polson coming up.

from your c-suite this morning, good morning. alongside -- from new york city this morning, good morning. alongside tom keene and lisa abramowicz to the beautiful morning. it is also absolutely freezing. lisa: you got that right. jonathan: this is bloomberg. ritika: with the first word news, i am ritika gupta. on capitol hill, to 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 said people on wall street only care about the rules when they are the ones getting hurt. donald trump has agreed to help her public and strive to retake control of the house next year. the former president met with house minority leader kevin mccarthy. republicans need to win seven seats to regain the house.

mccarthy has backed off his previous statement that trump more responsibility for the attack on the capital. mexico has undertaken -- overtaken india is a country with the third highest total of coronavirus fatalities. more than 155,000 people have died from the virus. on the u.s. and brazil have more deaths. 's mexico president is currently being treated for the illness. two americans who helped -- former chairman escape prosecution in tokyo failed in the latest attempt to avoid criminal charges in japan. a federal judge has ruled that can now be extradited, but that is unlikely to happen soon. they have appealed the ruling. the london stock exchange group has continued -- completed its $27 billion takeover of -- kicking off an era where a majority of revenues will come

from dedicated will be trading power whose -- powerhouse across fixed incomes. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪

>> the internet is very loud if you are listening to the wrong channel, i guess, and the market

behaves pretty well considering how angry the mobs were. frexit points out there is a lot of activity in finance and financial markets that is not particularly productive or particularly rational, and there is a need for adult supervision. >> what we have learned is there is a group of people that are not being considered, and there are people making markets. we have to take it seriously, understand it, and they will be a driving force going forward. jonathan: you heard from larry summers who believe people need adult supervision, marcelo, the softbank international ceo. i am not going to comment on any of that. down 20 9 p.m. the market retreating a little bit on the session and on the week -- down

29. the market retreating a little bit on the session and on the week. tom: there is some resiliency. you wonder why the vix is at 33, and it is the moment we are in -- no question about that. jonathan: actually pretty euro-dollar, a little bit of a lift, up .02%. tom: look at the social aspects. we usually speak to him about apple, facebook, the usual tech, but alex webb is excellent as a student studying this modern technology. alex, i will cut to the chase -- product was sitting next to me and one of her girlfriends made $20,000 yesterday on gamestop. i remember the first time i used amazon and lo and behold a cardboard boxes showed up. what is the lessons learned for the youth of the world as they see this gamestop event occur? alex: i don't think we have reached the end of the lesson. we are halfway through. i think the column this morning

made a similar point -- it is not a lesson, it is a syllabus. we have to see how this plays out. the lesson could be it continues on the trajectory somehow, and the difference between tesla and gamestop -- tesla has an international property. gamestop doesn't. there is no guarantee the stock will decline, but we do not knowable happen in three, 4, 4 -- 3, 4, 5 months time. they will be volatility fueled by reddit and other forums, but the easy path to quick money, i am not sure we are clear that is the main take away just yet. >> -- not lisa: there is all the -- also the question on how it is handled with respect to social media. read it -- reddit cd -- set ceo saying there was nothing untoward.

there are being forced to restrict certain -- robinhood been forced to show certain trading based on capital calls and financial aspects. for mcgregor three standpoint, how our government officials -- from a regulatory standpoint, how our government officials interacting with this? alex: it is very hard to tell. to me, the thing that was seen as a sensible solution given the potential to manipulate markets facilitated by some of these forms, if you're going to talk about stocks in public arenas, b should have a verified identity, otherwise it leaves it open to all sorts of vulnerability could i wrote about nokia yesterday. there is no reason why nationstates couldn't think about targeting stocks in a particular way in forms with

sock puppets, personalities feeling the discussions. we don't necessarily know who is behind them all, and that might be enriched in place to start. lisa: when you talk about nokia, can you give a sense of how much this robinhood trend has moved over to europe right now? alex: it is in pretty limited so far. the key difference here is most of the trading apps don't have direct access to european exchanges. the trades on nokia are on its u.s. listing, and that has driven a lot of the volume in the 30% or so search we saw. proportionally, that will be a lot less than what we saw in gamestop. it is still $8 billion in market capitalization. for the moment, it has restricted companies that have

those restrictions. tom: greatly appreciated a little bit of the social aspect of what we see. we are learning a lot tick by tic. chinese u.n., a new strength -- yuan, a new strength. it is at 6.4278, maybe indicates a flight, almost, to yuan quality given the liquidity issues in china. jonathan: i think we have lost sight of the broader story for 2021 -- there are many challenges community this year, and i don't think they're just risks that we're seeing those risks materialize. we have seen this play out in europe. any other week, that would have been the focus. the case study we have for the vaccine rollout has been israel -- it has been tremendous, the numbers of staggering, they have managed to vaccinate a huge portion of society very quickly. one thing they have not managed

to do is pare back on restrictions. that will be the test case for many people, market participants as well -- how quickly can a place like israel vaccinate its society. how quickly after that can they remove restrictions, and you have to push out the idea of reopening the economy from the middle of this you the back end of the year and what does this mean for the market? tom: we are going to push it out pad that is where my head is, but away from that, to your good point, the distractions of gamestop and doing this in a brutal economy, the thing that rings to me from chairman powell's comments, it got heated, and he said look we are still 10 million jobs under. that is the heart of the debate. jonathan: lisa, there is a lot of work to do. lisa: the concern i have is that medical professions and the new strain can be transmitted more

easily and increasing the proportion of the population that has to get inoculated to reach herd immunity and it is reaching its substantially. that is what you have seen in israel, that even though they have had 30% of the population and documented, they are still seen a surge in cases as the new strain takes hold, and this does indicate we may be pushing out the recovery of couple of months at least. jonathan: the bar for reopening the economy worldwide is getting higher, not lower. alongside tom keene and lisa abramowicz, i am jonathan ferro. coming up on the program, jim polson. gamestop absolutely flying going into the opening bell. we will see if that holds. equity futures are down .08% on the s&p. we are down 31 of the s&p. the asset market, euro-dollar up zero point 02%. -- 0.02% 30 yields are higher. two basis points on the u.s. 10-year now.

heard on bloomberg radio, seen on bloomberg tv. tom called me last night. i have to get the end -- 3-1. literally the only thing you said. bye. lisa: every conversation he ever had. ♪

>> this is a review of interviews and analyses from around the world. >> we have always been a mixture of inks. we are always stronger. >> growth is a way to stay competitive. >> are you worried people want take the vaccine? >> we remain concerned about vaccine has.

-- about vaccine hesitancy. >> we are seeing it come through. >> pockets of frothiness and some irrationality. >> we have a massive wealth balancing going on. >> we have a social revolution going on between the haves and the have-nots. >> retail investors could end up hurt. >> not every country -- company can be an apple or tesla. >> next year, when things look more normal, you are going to have the hammer come down on some of those companies. >> t