faster, my point is, if you think sentiment is too giddy today, how giddy is it going to be by the fall. >> the sun came out this morning. probably will come out as you say in the future as well. can do it today. thanks, jim. we appreciate it we're out of time. futures are up again that will be new highs, i think. we'll do it all again tomorrow unbelievable make sure you join us tomorrow "squawk on the street" is next good thursday morning, welcome to "squawk on the street". i'm carl quintanilla with jim cramer and david faber the world reacts today to one of the darkest days in the history of our democracy futures resilient, but more important this morning, we'll talk about how u.s. assets and corporate leaders will adjust to yesterday's assault. our road map begins with the historic moment for american democracy, congress confirms joe biden as president-elect after a trump-fueled mob invades the u.s. capitol

>> capitol hill is quiet this morning, and as you see, and just saw, futures are higher as well after yesterday's violence. wall street is hitting a new record, which begs the question at what point is the trigger for stability? and as for specific company stocks, twitter is one of them some research on a lot of different companies. those shares are under pressure after it and other social media companies temporarily locked president trump's account and removed some of his posts as well carl >> jim, interested to know which story you're more focused on, the behavior of assets in the wake of yesterday, or the way in which corporate leaders and american companies are going to help -- are going to have to help address what happened yesterday? >> i think the corporate leaders matters the most i think business has become one of the great forces for social change and business has offered

a plea for unity and also condemnation it is hard to focus on stocks. look, it is what i do. i focus on stocks. but i watch what everybody else watched. and i think that it sickened me. i have been thinking about historical precedence. like you dent waon't want to got way. i want to think forward. i want to think about unity. i want to see who is in favor of unity, which may make some judgments on people who obviously are divisive but, david, i'm sure as you know, it is the confluence of stocks making money, helping money is something we're on cnbc, but it is rough. it is rough after yesterday. >> it is you know, jim, we have been getting the question for quite a long period of time, you have and i have, carl i'm sure has as well, which is, well, there is a pandemic raging in the country, people are dying at rates we have never seen, what, 3600 a

day. there are millions of people who don't have jobs, who are on food lines, and yet the stock market is hitting new highs and now you're getting the same question, which is how are the two so divorced, our democracy, and the scenes that we saw play out yesterday, potentially in peril, certainly at a low point, recent low point, and yet the stock market continues to power higher it seems completely divorced from other realities >> well, i think you need sellers to knock a market down and we just don't have a lot of sellers. we'll have reflation trade in and out rotations, but i think one of the things we learned, carl, in the last let's say decade is that you buy stocks at the beginning of the year because you need to invest, you ned to -- you're going to retire one day, you got your kids going to college and these are the

things that are causing the steady increase in prices because we really have no other place to go. now, some people say what you're saying, jim, what you're saying is the fed i'm saying the corporations themselves the managers kind of know how to handle this. so we're not so happy with the way the government may be, but the managers just continue to offer good products, they buy back stocks, they raise dividends, they pay attention to shareholders in the way they never have, and in the case of tech, tech is needed because of what david said about the pandemic, which we cannot avoid, it is terrible to see what we saw in the capitol, but the pandemic, it took something like that to overshadow the pandemic, carl, because, man, as someone who just got -- just ended my quarantine, it is frightening out there. >> yeah. jim, your point about corporate

leaders response is remarkable we're trying to take stock of what a lot of corporate leaders have said. tim cook, for example, saying those involved in yesterday's assault of the capitol need to be held account. others suggesting that vice president pence should explore the 25th amendment al kelly telling his own employees according to the journal that yesterday was one of the darkest days in the country's 245 years. but to your point, a lot of american companies are used to dealing with countries where there is political instability and you have to believe that to some degree they will bring that intelligence home. >> what a great point. you never thought to apply that to the united states but it isn't like most of these companies haven't dealt with venezuela. david, you know what i just did? i put us in the same sentence as venezuela and without being facetious or comical but this was a kind of a lesser

developed country situation where not unlike ecuador, they were able to overthrow the government by going to the state house. by going to the president's house. it is confusion, david, it see we know that the government wasn't going to be overthrown. at the same time, we know our political leaders have a game plan for political instability it is not as important as the corporate leaders who seem to have a better game plan. are corporations just better at dealing with confusion and chaos than political leaders who many of whom seem craven or afraid. >> it is a great question. it is an interesting point, and it is certainly one that i think has come to the fore over the last few years, where you made this point earlier, where we have seen corporate america step up and step in to avoid where typically the federal government would have taken the lead, whether that's efforts towards diversity, whether that is efforts on the environment, or

any number of other areas that, again, you know, we row lie ere the federal government to deal with, but corporations pushed largely by their shareholders, let's not forget that, decided it is in their interest to take a more firm stance on some of these things now, again, under a biden administration and by the way, let's n iccally controlled senate and house that got lost yesterday, ossoff won, maybe that changes but, you know, maybe it doesn't. maybe it is here to stay the same way that esg is a way to look at -- through -- at investments, a lens through which is not going away. >> it is really interesting. i hadn't thought about that. great insight, david carl, the ceos' response to the shareholders, the politicians are responsible -- responsive to the voters if the voters do things out of

sync with what the founding fathers wanted, the politicians feel the need, i think, to be out of sync with what the founding fathers, the history of the country is the ceos are very much in tune to what the shareholders want and in many cases the share holders were at odds with 70 million people who voted for president trump. >> and it will be a difficult needle to thread, jim. i did notice this morning, high frequency economics said that we do expect this episode can and will affect investor sentiment about u.s. securities. and we'll be sensitive about various sell side calls, but citi takes u.s. to neutral, versus other global markets. >> i think that that is shortsighted i think had the executives have done in this country is so

remarkable that to put their work aside because of what people who climbed the steps of capitol have done or the schism in the country is wrong, particularly because i think that the watch word for all of us, i think all of us, both sides, is how do we get to more unity, not it how do we get to more divisiveness. and whether someone is in the white house, who promotes unity, such as president-elect biden, or one who i think provokes he did vdivisiveness, it means if the divisive person had won, i get that but if the person who wants to unite our great country comes in, i don't get why you would downgrade. i think you would upgrade. >> right guys, an eventful overnight in congress as that final electoral count happened about 3:30 in the morning. eamon javers has more on what happened while we were all asleep >> yeah, carl. what happened yesterday was the constitution and the democratic process came under violent attack at the u.s. capitol, from

a group of trump loyalists who stormed the building but in the end of the day, both the constitution and the democratic process held fast, as the senate and house of representatives continued their joint session after the floor of the house and the senate had been stormed overnight, by those trump loyalists. they continued to count the electoral college votes. right after they re-entered the joint session, and resumed the count. vice president mike pence, who was presiding over the entire affair, as the president of the senate, had these words to say about what had happened last night and what might happen to come take a listen. >> to those who wreaked havoc in our capitol today, you did not win. violence never wins. freedom wins and this is still the people's house. >> hours later, the vice president certified his own

defeat, and signified that joe biden and kamala harris will be the next president and vice president of the united states that makes the electoral vote count official and over. moments after the vice president declared that, we saw a tweet from danis scavino this tweet comes from the social media director's account, in the name of the president, saying, even though i totally disagree with the outcome of the election, and the facts bear me out, nevertheless there will be an orderly transition on january 20th i have always said we would continue our fight to ensure that only legal votes were counted. while this represents the end of the greatest first term in presidential history, it is only the beginning of our fight to make america great again because we did not see the president issue this statement, he did not issue a press release around it, we can't say for sure the president authorized that or even saw that tweet before it went out from dan scavino.

you would assume he would not put out such a tweet without the president's blessing but we don't know we haven't seen the president issue a statement to the country on camera today or late yesterday in the wake of this violence we saw the president issue some tweets, we saw they released a video. he hasn't taken questions, he hasn't issued an address to the nation, we'll wait to see how the president handles this throughout the day today the next thing we're expecting in terms of the chronology is a press conference from the speaker of the house, that is expected at 1:00 p.m and we'll see where we go throughout the day today as washington tries to pick up the pieces, carl >> yeah, mick mulvaney said we have to also make that same assumption those are the president's thoughts and we'll talk more about big tech's move yesterday. we'll check in with jim, also talk about overall election risks, something we have been talking about for several weeks. and we'll talk to andy card this morning, former white house chief of staff, about the chaos in washington, the biden transition and a lot more. futures are positive don't go away. that does the same.

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president george w. bush who called yesterday's capitol hill attacks an attack on our democracy. joining us this morning is andy card andy, really appreciate your time on what is obviously a difficult day. thank you. >> i am thrilled to be with you. i'm very troubled about what happened yesterday, i'm optimistic that america is going to rally and start polishing on

democracy. >> i was going to ask you right now, as you read it, was yesterday an abhorrent event that will be self-corrected and denounced, or in some ways did the country change forever on wednesday? >> i pray that it will be denounced, and we will all work together to make sure that we are the best example of how a democracy can work, because the world is watching us if we don't do it right, bad things or even worse things will happen with other countries around the world yesterday was a sad day for democracy. but i'm hoping it is a wake-up call to everybody else in america so that we can work together when i first got involved in politics, there was more rug than fringe. now there is more fringe than rug. you can't govern well without standing on the rug. help find the rug to stand on and give people permission to bring their views to the debate, but have the courage to stand on

the rug of compromise and getting things done. >> obviously a big part of our discussion today is the role of american business. i wonder how cryou think they pa this they got more vocal over the last couple of years where does it leave them to donating to areas that were traditionally republican, supporting ideas that were traditionally republican, and where does that leave them how much of a pivot do they have to make? >> well, i think the core of the republican party is still a good core i do think donald trump kind of stole the republican party and abused it and used it. and maybe he used and abused at any rate, there was some phenomenal republican leaders out there that understand the difference i thought mitt romney and lindsey graham did a good job last night you can look at our governors like charlie baker in massachusetts, chris sununu in new hampshire, for example they're doing the right things

and republicans have a phenomenal victory in the elections last november, even though donald trump highlighted his defeat, the truth is, republicans did very well in state legislature races all around the country, gubernatorial races, so the party is still strong. its ideals and principles are important. but we just can't attack the institutions of democracy the way it happened yesterday. and i was grateful for the commentary from president george w. bush, and i'm also grateful that the senate and the house last night stepped up and did their constitutional responsibility we have a president-elect who will be taking the office of the presidency on noon time on january 20th and that should be good for the marketplace, good for business, but i do say, you know, we still are going to have a divided government, because i know what it is like to be in the executive branch, when the senate is tied i watched jim jeffords switch parties from republican to

democrat in 2001 and that meant i went from negotiating with republican chairs of committee to democrat chairs of committees in the senate and it was very difficult a challenge, but we got through it and our democracy worked, i think we can do it today i would say, i understand it is going to be hard to get things done, hard to get things done isn't necessarily bad, as long as everybody is working in good faith. and i think we can get people to work in much better faith than they did for last six months >> good to see you, i haven't seen you since my old "kudlow & cramer" days >> thank you >> let me ask you, if you wanted to approach what is needed to have unity to go forward, what would you do i mention this because 74 million people voted for president trump. a very surprising number of representatives in the house yesterday felt that they did not -- should not certify these results. some senators did.

there seems to be, i can't think of one, maybe you've got it, a way to unify the nation. i'm not asking for an end of political discussion but i do think that yesterday we got to the point -- we have to recognize, we have two nations, how do you bring together two nations, only once in our country has that ever happened, obviously, and that is in 1865 >> well, i pray that we do not fall into the trip of 1864 and '65. but instead we work through, number one, respect the nature of our democracy and respect the different views in our democracy. joe biden won a phenomenal victory for president of the united states. 306 electoral college votes, which were cast yesterday, counted and certified. and then obviously a phenomenal number of people who showed up to the polls to vote from, had a record number of people voting for him for president of the united states. the record for the second most

number of people voting for a presidential candidate actually was donald trump in this election so we should be celebrating that on november of last year, a record number of people participated in our democracy, and both candidates got more votes than anybody running for president has everreceived before so both sides should respect that i'm praying that president-elect biden and his team will respect that 74 million people plus voted for donald trump, which is a huge vote, and obviously joe biden got many more votes than that i hope that they learn to respect each other i'm asking republicans that run the losing side to respect the results of the election and celebrate the number of people who showed up to vote for republicans in that election we actually did very well at the state and local level as republican candidates. didn't do well at the national level. >> on another network you were

asked a question about who will be the leader of the republican party these next four years. you couldn't answer the question i can understand why you might not be able to >> i suggested a few names. >> but watching mitt romney last night, shoot daggers into the back of josh hawley as he was up speaking, you see the two sides here what happens to your party which side -- where does it go from here given what seems to be the division there and the great influence still that president trump is going to have over it >> well, i think it is -- the party is going to be challenged. it is going to be challenged we got to find our center of gravity and recognize where it is, and, yes, we have to understand what the fringe is saying, and what their concerns are, but we have to invite people to be part of the solution, which means give permission to compromise, give permission not to compromise your values, but compromise on the technical details of governing. and we can do it take a look at what is happening

in the states. a lot of states are very well run with republican leadership and if you start your way up the ladder in politics, going from local government to state government to national level, then you understand the obligations of leadership and compromise and listening i think we got to get back to the point where we can say, i respect your opinions, i don't agree with them, i want you to teach me more. there must be a good reason why you are where you are an i would like you to listen to me describe where i am and why i'm there myself and maybe we can find that there is more common ground that we should acknowledge and stand on, rather than pretend that we're in complete separate universes that's what i would recommend doing, but i do think it is going to be a battle i don't think there is going to be one leader of the republican party emerging in the short future i think it is going to be a lot of people auditioning for it and we'll he see how they're doing and we have to get through the pandemic we have to get through the inauguration we're going to have a new president. let's rally behind him, maybe

not agreeing with all of his policies, but let's help him find the tools necessary to govern with confidence we want him to govern with confidence and include us in the process. don't be a dictator. don't be an autocrat don't be a kleptocracy do it the right way. the world is watching. pay attention to what is happening in the pandemic. we have a raging pandemic, literally more people are dieing in this country than have died in this country in its history, almost it is unbelievable we got to get there. give our government a chance to work demonstrate real cooperation between the local level, the state level, and the federal level. and all three of those levels of government are working together to deliver the vaccine, to take care of the people, and get us back on an economic foundation that we can stand on, and, yes, people need help the empathetic, be sympathetic and do it.

>> andy card, conversation will continue, hopefully with you in the coming weeks and months. thank you. appreciate it. >> thank you futures are green. close to the highs of the session. our new house is amazing. great street, huge yard. there is a bit of an issue with our neighbors fencing. neighbor 1: allez! (sound from wind chimes) neighbor 2: (laughing) at least geico makes bundling our home and car insurance easy. which helps us save even more.

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welcome back want to get a bit on the market here as we get ready for trading, three minutes from now. we have seen an amazing move in the banks. lesser in -- but also noticeable in my area, sort of the old media companies, huge moves in three days let's start with the banks goldman sachs is up 8% morgan stanley 7%. wells fargo 8% in three trading days. >> and the financial tech

stocks, which for the longest time have been the refuge are under pressure they have moved up greatly and people seem to want risk of banks. now, i would come back and say is it risk of banks or are people looking for value and there is not much value left people seem to be running toward the industrials, the transports. those are very, very expensive levels i've never seen them. but you've got banks that are still selling at 14, 12, 10 times earnings if you think that net interest income is going to start expanding, if you look at the way interest rates traded, if you think there is a so-called reflation and there is going to be a lot more money in people's pockets, you could argue that perhaps these are the stocks to own. now, david, one thing i point out is that should they have been the stocks to own six months ago >> right. >> all of this was predictable, i believe. so, again, i find these moves -- i don't want people to be buffaloed by them. when you buy a stock, we own a

travel trust, goldman sachs, bought it at 200 it just -- it just rallied a level -- almost 50%. david, nothing has really happened in goldman, it is just a perception that maybe goldman is worth more than it was. i don't tend to like that kind of buying. >> that gets back to the idea, is it sustainable? if so, that is the question, i guess, can -- at the end of this year, are we going to be talking about the significant rally overall in the financials? >> there is no reason to believe that changes in washington have anything that is good to say we discussed senator warren yesterday, not a fan of the banks. i think the numbers will matter immensely. i don't think stocks sell off on numbers as much as we thought. but this is a new level of pricing that we were back here for bank of america, jpmorgan was very high. goldman sachs, morgan stanley, they changed their model so i could see they could be worth more but if the stocks don't digest,

let's say they're not the value that they represented even three months ago. >> yeah. well, carl, financials, along with any number of other sectors that have seen significant moves higher these first three trade g ing days will be a folk us as we get ready for the opening bell. >> no question about that, guys, awe watch red fill in, multiple upgrades for jpm a fairly steady diet if this were a normal day of downgrades, including some of the supermarkets, barclays, some of the defense names out of baird, another one for coke, that makes it three this week alone. >> coke, they refer to this irs decision, which, again, should have been factored in. it happened before it is being used as an excuse by analysts i think very much don't even want to offend the management of coca-cola. they pin it on the irs look, this is entirely part of

the reflation trade. there is nobody that thinks you're going to get stimulus, stimulus, stimulus, and buy the stock of coca-cola, i can add -- pepsico. the one i thing is most interesting, a downgrade of 3m at bank of america and that is about the change of the guard in the senate because, david, there has been lingering water contamination stories about 3m that are true, under a president trump, 74 million people listen to me clearly, and people voted for trump, that was just less important. okay if you make it more important, then suddenly it is going to squeeze the price earnings multiple i think the senate is going to make it more important >> you're talking about p fast something we asked mike roman about, the ceo of 3m in the past it is a potential and significant liability for the company and to the note that you're referencing, the analyst simply says they believe

democratically controlled committee and the environmental protection agency will accelerate legislation and regulation around p fast contamination negative headlines and lawsuits with actions likely to drive derating of 3m shares and downgraded to underperform >> otherwise, givend cn the coht it would be screaming. china, which people like, lots of industrials, it's got auto. it is handicapped. is this the -- is this the love canal of occidental? no and i think mike roman has done a lot of good thins. there is a recognition there is a change in washington, about the support for the plug powers of the world, support for alternative energy tesla, again, nice upgrade of tesla, seems facetious, but it is true. and downgrade of companies that have disspoiled the environment, including companies that continue to generate a lot of methane. so that's a big change in

washington now that the republicans have lost control. >> without a doubt something we kind of lost sight of a bit yesterday as the day wore on and the lead for ossoff grew and finally was called, that race. so unexpectedly perhaps, certainly if you ask people a month ago or a few weeks ago that the democrats would pick up both seats in the senate, i don't think that was an odds on favorite, but it occurred and democrats will have control of the house, the senate, and the white house. by the way, jim, you saw plug power, it is up 25 or so percent. they have a deal with sk group, one of the leading south korean business groups, they were -- they are forming a strategic partnership to celebrate hydrogen as an alternative energy source in asian markets entered a definitive agreement for sk to make a $1.5 billion strategic investment in plug power and form a joint venture in south korea. >> this is so important.

what it says, this is something i've been focused on endlessly, is that countries are making a big bet on hydrogen. why? because if you do green hydrogen, it literally does not impact the environment at all. south korea has put a very definitive goal, reaching $40 billion in -- they want hydrogen economy, they call it, $40 billion by 2040. this is the way to jump start that i have andy marshall tonight from plug. i've been recommending the stock for a long time. why? because i think that this is the -- if you can get the price down, the rival to electric, maybe even better, because we still, with electric, we plug into a system that is still not largely coal-based like it used. a chunk of coal and has natural gas. i think hydrogen is a fuel lindy, one of the biggest, the biggest use of hydrogen, says it is too expensive south korea says so what >> up 30%.

>> yeah. >> yeah. a lot of shorts in the name too, by the way >> interesting yeah, jim, you've been advocating hydrogen for quite some time. >> i love this >> social media, of course, there is two big stories, one is the suspension of the president's account on twitter and facebook and instagram and snap the other is this negative catalyst call on twitter out of citi, they reference concerns about daus, say it could suggest a repeat of q3 when we all remember shares went down 21% in a hurry. >> yeah, i read that piece, it was using third party analysis, it is the only social media company that is barely up. remember, we had this incredible run, snap, incredible run in pinterest. facebook has been treading water, but the instagram part is still growing. i hesitate to bet against twitter for one particular reason it can still be bought by someone. david if you remember, kicking

around the $30 bid i think that there is a tremendous amount of advertising still going away from print, still going away from radio, still going away from tv, going to roku, going to twitter, and but they -- they don't obviously have a -- jack dorsey doesn't want to sell you get the stock low enough, it is going to be poorly valued versus the rest of the group >> maybe, though that is not the case as we see the performance over the course of the year. you're right, there was a period where it appeared that might be a likely outcome but it seems to have passed. and you get a lot of headaches when you buy twitter let's be honest. just dealing with a lot of different things coming at you that have nothing to do with the bottom line. >> that's very true. i think that when -- let's say there were a warren commission for what happened yesterday, would they find, david, this these different media organizations -- these social media organizations not unlike what happened in -- were a principle way to be able to organize >> i don't know the answer to

that >> do you want to know >> we're still wondering what exactly was going on with the capitol police and the inability to control -- take control of the building and defend the building. jim, back to stocks, nvidia is a name, of course, that i think you know and have been associated with perhaps more than any other name. maybe amd. this morning, citi, says they expect outperformance out of ces. remember, ces is coming up it is going to be virtual. but and it has been down 17% versus the stock up 24% since early september. >> and what happened on september 13th >> i forget, what happened >> when they announced they were going to buy -- >> right, the arms deal. >> the british authority said wait a second. >> the chinese authorities are more of a question mark. >> right you know i am a big believer in nvidia in the last 48 hours, people who know this industry very well and are very focused on it, told me this one could be dead on arrival. >> it could be tough

by the way, we haven't mentioned it, which is the alibaba tencent potential. if it were to occur, and it has not yet and it very well may not, but the u.s. reports were yesterday and the stocks did move yesterday, you see alibaba down a bit, the u.s. officials considering prohibiting americans from investing in alibaba and tencent. these are the two largest chinese companies. $1.3 trillion in market value. jim, that is just a different set of circumstances than ones we have been dealing with in terms of chinese telecommunications companies that nobody has ever heard of. >> this would be the equivalent, if there weren't so much going on, whether what happened in washington and the pandemic, this is the equivalent of financial war, david you're taking a company, alibaba, one of the world's largest, and deciding, you know what, we're closing off china, tencent, amazing company, there are always people who are going to be saying these are companies

that are controlled by the prc it is a communist country, a dictatorship, very rare you have any company that is divorced from that. but this is an amazing moment because you got the prc saying, wait a second, jack mal lay low you're talking about freedom, you have the united states saying, you know what, we don't want to be part of the portion that is the largest economy in the world, and some people say the united states is, i think, that's a dispute since the pandemic has been cured there for the most part and not in our country. but i got to tell you, david, i saw that and i said, wow a lame duck president, basically cutting us off , whether you hate them or like them, alibaba, david, is a major worldwide company. >> no doubt. and, carl, this would be -- if that were to occur, it would be a seismic shock. so many u.s.-based investors own shares of alibaba here, they own

tencent as well. doesn't trade here in the same way. but it would be very significant and something worth keeping again a close eye on and we'll see what the transition of power in a couple of weeks means in terms of the approach to china, though there may not be that much different >> well, david, i mean, do you think that the way to pressure hong kong to be chinese to let go of the hong kong repression would be to use a financial? to use -- >> i -- personally, i don't -- you were advocating for no chinese ipos, i remember that. chinese company after chinese company would become public that to me also is something that -- do you really want to go down that road? >> i did suggest that, a lot of times i think i was harder line than the trump administration on what to do with china. didn't want a lot of these

companies that were not -- did not have adequate financials to come here. because people are losing so much money and one of my jobs is to try to help people lose less money. but if they -- i always think -- i always thought alibaba is a great company because they look like an american company the financials of alibaba are every bit to me as open as are amazon i don't know if you agree with them you taught me alibaba. you taught me -- no, you had me sit down with people who run it, and to me, they were very similar to what we try to have in terms of disclosure here. >> strong disclosure >> strong. >> relatively strong versus many of the other companies, much more difficult to get a full understanding of what is going on carl, don't want to foregeget shares of tesla. we haven't mentioned it. 41 minutes in. they're up and up nicely i have 745 billion as the market

value. that may be off. i haven't checked what the real number is in terms of shares out. regardless, it is a very big number >> yeah. yesterday one of the first names we mentioned as you noted is taking a little bit longer to get to it, 789 all time high as more of the sell side tries to play catch-up today, it is rbc going to 700, and a sector perform, but way late. >> right i want to be kind to joseph spack. this is not my usual nice guy, i don't know joe spack >> the analyst >> rbc he did it. this is a very hard sentence for an analyst to write. no graceful we to put this other than to say we got tesla stock completely wrong but how they got it wrong is fascinating. they did not expect that capital would be so easily available to the company. and that is not -- david,

remember we always felt that maybe netflix was going to run out of money >> yes >> that's what happened here the analyst made a misjudgment, frankly, not on the car, but on the ability for the -- this company to raise endless amounts of capital so that therefore they can hit a 2025 delivery of 1.7 million david, the capital markets worked. >> there was a time raising $5 billion for tesla was dilutive you're talking about $750 billion market value, raisingb e they have an unlipp eunlimited o capital. the ability to open plants is the reliant on that need for capital and they have as much as they would ever could want. >> carl, china was trigger for them they're opening a big plant in austin i keep thinking about, don't think people understand, unless you spend a lot of time in germany or family is from

germany, that when they're opening in berlin what they're basically saying is bmw, and mercedes, look out you didn't develop the ev. we got it. and the possibility that they could double the size. look, there is a volkswagen plant that i was in a town recently, not before the pandemic, that employs 52,000 people in pueblo, mexico when i listen to what elon musk wants to do, he wants to put out as many cars as volkswagen with 5200 people. i just think that we have to watch that this man can build a plant in any part of the world and sell a lot of cars and the -- each time we think about what happened with the stock, we got to remember, got added to the s&p, and i'm not sure everybody bought all the index funds bought the stock at once. maybe it is -- it almost seems like there are index funds that are short the stock per se, meaning they have to cover and this endless move has

allowed elon musk to tap david is right f y if you want 5 billion, it can be done between now and "squawk alley. >> and it wouldn't be the first time that we would see a 5 handle get done like that. s&p record high. all sectors green. maybe except for utilities and the vix, back below 24 to bob pisani. hey, bob >> hello, guys happy thursday new high, but there is a little bit of bifurcation occurring this is different than november and december look at the sectors, yes, banks are doing great, of course, on that yield curve steepening, that's the major story there tech is back again and consumer discretionary strong but cyclical sectors, energy industrials are lagging a little bit. along with the defensive groups like consumer staples and utilities. slightly different story than it was in december. we may have a little bit of a

new time developing. banks, david mentioned this, very impressive moves in last few days the bank index was down about 10% in 2020. it was a loser, even though it has the appearance of coming on strong, because we're ending the year strong. but this has been a great couple of days for them a lot of confusion yesterday, a lot of emails from friends saying how could the markets be up with all this chaos in washington and, bob, whatever happened to the idea that a blue wave is bad for the stock market a lot of cross currents. important to explain what is moving the markets now i think in terms of buckets, i call them. the stimulus, the vaccine, the virus and the taxes that are out there. so the most important thing is the stimulus now it means more checks in people's hands, it means more infrastructure, it means more aid to local governments overall. that's moving the market then you have the vaccine versus the virus. that's going to determine the pace of the recovery are we going to get a strong recovery, beginning of the second quarter, third quarter, fourth quarter, that's the main determinant and that's a wild card there is another kind of wild card sitting out there, that's

the whole taxes issue. that's been sitting there for a while. we have to figure out what is going on with that everybody says, you can't raise taxes now, the economy is too weak maybe that's an interesting narrative, but capital gains is a different story. remember, the top tax rate for capital gains right now, top earner rate is 20% biden's proposal is to prove the 39% for those making over a million dollars. you might say, that's nothing. it is not nothing. it is a substantial part of the universe of people that own stocks, wealthy people that make money. they buy the stocks. and the bulk of the capital gains are in technology. that's why technology was weak yesterday. if you look today, we got a little bit of a bounce back in technology megacap stocks, where a lot of the capital gains are, and that's an indication this is in the an immediate worry for the market but if you think about it, well, you might not be able to have big increase in taxes immediately, capital gains on rich people, that may generate a lot less controversy that's what you call low hanging fruit and i think that's going to be out there for a while.

we have to get through the covid winter see some announcements today bed, bath & beyond, not great, missed on earnings no real earnings guidance at all. flat comp store sales for the current quarter. there is a sign. kind of on the weak side, retail side, with people not having much in the way of checks. that's why the stimulus discussions are going to be so important. one thing for sure, we're drinking a lot more. did you seat constellation report beer sales way up. the beer division, david, shipments up 28% 28%. and i think that is a new historic high there for constellation. i'll check that. it looks like it to me david, back to you. >> thank you, bob. drinking more. hmm. yeah i get that one still to come, an exclusive interview with t-mobile ceo mike seifert. we'll get his take on washington, a lot more to talk to him about bond report, and let's give you a look at how treasuries are

faring this morning. there it is. you see the ten-year is above 1% heard jim paulsen at the end of "squawk box" say maybe 2% by the end of the year. jobless claims falling slightly. they are still quite high. 787,000. we are going to finish with a look at eurozone yields. moving lower on weaker than expected consumer inflation data negative .554. "squawk on the street" will be right back woo! you are busy... working, parenting, problem solving. at new chapter vitamins we've been busy too... innovating, sourcing organic ingredients, testing them and fermenting. fermenting? yeah like kombucha or yogurt. and we formulate everything so your body can really truly absorb the natural goodness. that's what we do, so you can do you.

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i think it is important for the community to make it clear we are americans that care about the democratic process in the system of democracy i've been involved for some time and a bit of a meltdown yesterday. >> morning this morning.

with a lot of private equity >> i think the markets remain worse from what is said. he made a good point that of what happened in previous year and this year. i really need to know in the commission what the heck is going on? i don't know with so many new pet owners,

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a couple of big guests today on mad >> andy marsh and bill newlands. we'll also talk pot. i understand the circumstances yesterday make it seem very

difficult to be indicted about anything other than agitated about the situation in washington but i have to do my job. >> hopefully we can get back to a place where this is the main discussion see you at 6:00. good thours morning. welcome to "sqwawk on the street." stocks do go positive for the week amid the tour moil in washington on wednesday. s&p as congress confirmed biden's win. a statement issued by the president vowing an orderly transition we go to washington following the chaos on capitol hill. we turn to eamon javers. >> this morning, law enforcement is trying to put the pieces together of exactly who is behind the violence we saw there is a lot of videos of the faces who conducted the attack and surveillance video from

inside the fbi looking for more information from the public about who some of these people were a tweet from the fbi that they are seeking to identify individuals instigating vie loss in washington, d.c. around january 6. if you have information, go to the fbi website. they are asking for information to come forward to the fbi so they can figure out exactly who is behind this to figure out which laws were broken and asking questions about how the inauguration will proceed on january 20 we have no new details around theplanning of this event. officials will be able to secure the capitol of the inauguration of joe biden and kamala harris that will be an inauguration we have not seen before given the social unrest officials will

have their hands full with that in terms of the events in washington, d.c., we will see a press conference from speaker of the house nancy pelosi at 1:00 p.m. we have not seen or heard from the president this morning he's banned from twitter for inciting violence on the internet at any point the president is taking meetings or phone calls but nothing public so far today. >> the take on the democratic senate >> the investigation will take place and what exactly is going on in their inability to protect the building would have expected would have taken place

there would have been an investigation. the capitol police were clearly overwhelmed. heartbreaking video of officers fighting fist to fist just below the rotunda of the capitol a capitol police officer on his own trying to defend the stairs leading to the senate being overrun desperately calling for backup these were pathetic scenes i mean that in the literal sense of the world as officers were overrun by the angry trump mob storming the building. a lot of questions will be made about the tactical response. how this happened, what was the leadership failure that failed to prevent this. how come the capitol police weren't appropriately positioned to respond to this and who bares the responsibility as to who did what inside the

capitol, there is security video of those entrance points where they were able to break in at those entrance points at the point where the building was stormed yesterday. >> indeed, eamon, fbi as you imply looking for assistance in figuring out what happened there is not a square inch of the capitol grounds that is not covered in some way by video surveillance we have record highs now on the dow the s&p. the director of operations for ubs services i can't believe i read it but for those of us tired oldmarke veterans, yesterday was a bit of a flashback to the late 60s. >> it was, carl.

>> they realized that the mood in washington had to change a little bit that people were going to be embarrassed to show

that with the congressmen first setting up to speak against the certification of the electoral vote and then some of them changing almost in midsentence that led the market or some people trading to say, you know what, nobody is going to want to look to be obstinate after this. you will want to look like you are working for the united states and working if you are a republican, perhaps you will better accommodate what biden is doing if you are biden and that team, you might not want to go for anything that is way out of the norm this kind of will drive the politicians to the middle. at least that's the market perception >> in terms of sector oriented

leadership now, with the rates we are seeing today or is this more about industrials >> it is kind of a one-two punch. the idea of a major infrastructure package maybe not going on the full length of the hiesen hour highway. truly national, massive in size that will help everybody from the caterpillars on down in size but it is going toput the feeling that such a massive

program will put pressure on the rates and the banks and other financials it is kind of a one-two punch. the stimulus package itself helps the infrastructure people and will also help the financials is it will help that yield curve make money off their declaration. >> i want to step back from what we are seeing today speaks to the divergence between main street and wall street wasn't enough to jar the market yesterday and today, what would be >> there were a variety of things that would jar the market

it isn't always right but it looks ahead. at some of the darkest points of world war ii, things turned higher the selling ended. coincident with the battle of midway yet, the market looks ahead. i do think part of the reason that those reasons yesterday didn't look ahead and these guys will look ahead and nobody wants to look like they are too strident here. to step away from your question for a brief moment i think the other thing you want to be careful of are these closing days going into the

inauguration i see others talking about invoking the 25th amendment to instantly remove trump from office, et cetera. i think you want to be careful of that. those people rushing into the capitol think he was robbed of the election if they further make him look like a marter, then that will not be a good thing. that will get his apostles and advocates even further riled up. that morgan, would be something -- it began to see that happen, and there by exacerbating the feelings of his apostles will swing the balance the other way. now it is not about people trying to cooperate and looking at republicans trying not to be

obstructi obstructionists. we are not there yet, thank god. i hope we never get there. i hope that answers your question >> is that does raise one last issue that is a little separate from markets if it is not the 25th amendment, the people that stormed the capitol, most argue, need to be arrested or somehow penalized for their action i can't imagine that you are saying that also turns them into martyrs. >> no, no, no. vile lags violation of law is there. by then, i assume the 13 days will have expired. the inauguration will have taken place. you have to go back to trump's initial election, the democrats were casting doubt of the

legality, now became far more exacerbating with him claiming that the election was stolen this is not a temporary thing. we have to get this water to stop boiling everybody should be prosecuted who violated any of the laws of trespassing. i think that will be done in an orderly fashion. what i was concerned about with the 25th amendment is that it begins to look preempted instead of waiting those 13 days and he's gone. i think the market so far is looking at the bright side of it everybody will be more cooperative in washington. it will prevent wildly radical programs more middle of the road as everybody tries to look like they are cooperative americans with one another. >> even as you say it, the

acting homeland america chief is calling on americans to strongly condemn the violence that happened on wednesday. thank you so much. art cashin of ubs. >> still to come, t-mobile ceo and his take on washington thtoat sck is up 2.5% this morning. the s&p and the dow record highs. stay with us see every delivery...

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business leaders have been speaking out on what has been a tumultuous last few days former ceo of kellogg, cofounder of empath. always great to have you give me your take as somebody who is runup of a large company and served in the government at a high level what were you thinking what you watched these images yesterday >> i couldn't believe it i couldn't believe that was happening in the u.s disgusting, criminal it was hard to imagine that was happening. this morning, we saw images we didn't see last night. people tearing officers apart, stealing things disrespecting

congress it was unbelievable. i never thought i would see that here a tendency to think yesterday was the worst. we got through it. we have 13 days to go. my sense is that the trump presidency is a bit of a catalyst and the real change is now coming i'm talking about changes to society. the republican party cannot stay together we'll probably see it split up if the republicans don't gain some members from current democrats, they are going to become a regional small party and the democrats will have it it will become a one-party state. society will become even more split. people were empowered and emboldened this is the beginning of what's to come. >> i asked andy carter about it.

as someone who has been part of a republican administration, what are your expectations you see the republican supporters going to one side and maybe others around a mitt romney or the like >> in terms of my wish would be a party that moves towards the center, center right there will be those that don't agree. current trump supporters they will not be in agreement with that. i don't see how they can reconcile. if you have a center right party, maybe there is a possibility you can bring over as many center democrats as possible so-called red dog the democrats. what used to be blue doing democrats. form something of scale. if you don't do that, you will have a dysfunctional republican

party that will continue to get smaller and smaller. >> the country is very divided right now. incredibly divided we've seen friendships ripped apart by this, families ripped apart by this on both sides. we've seen workforces and companies impacted by this how does unification actually begin, more specifically, how do companies and byridge that divid of americans >> that's a great question my biggest source of optimism is the private sector, i can assure you every ceo in the country is trying to unite their company. they are trying to move forward. they are trying to say we are not going to tolerate any violence or divisions. the private sector is where it starts i believe they will take the

lead that doesn't worry me. i have a great deal of faith and confidence in corporate america. even though some republicans will sound like a bad concept but it is society at large where we will see the divisions within the party and what does that mean eventually. almost the people outside of the corporate america structure. the people outside of our normal institutions this is not about wall street. not about big, bad, multinationals this is about main street now. and the problems are going to occur on main street >> mr. secretary, i wonder if some of the projections are right. i'm looking at a goldman note

today. lowering their forecast. much brighter picture for the year does that not act as some kind of salve for those who feel egreived for this country? >> first of all, we have to take care of our problems we have a huge deficit we have to take care of that we have to take care of problems we have with allies and trade. but it is going to be a time of normality. i don't believe president-elect biden has a mandate for radical left ideas i think he will find a way of uniting. i don't see a green new deal or anything of radical left or anything being introduced of radical right by members that will be good for business

a time when we are not criticizing the fed or corporations we are just letting things move ahead in a normal fashion. the market is showing it people feel comfortable. we are going back to what it used to be from a policy point of view, not a society point of view the divisions of society have to be confronted. that's a big issue again, the presidency was the catalyst now comes the change people will become emboldened. people will see this as an opportunity for leadership, whether splinter groups, whether inside the gop or inside certain caucuses in the gop. this will create more divisions in politics and in society in business, in the stock

market, in trade i think we can go start working our way back to normal to back to some predictability, which i think is what we need. also, bit way, coming off of covid as the vaccine takes hold. there has been a lot of pentup demand people wanting to do things they haven't been able to do in the past nine months i'm pretty optimistic. >> if you don't have a well-functioning society that will mean a lot of things. it is going to catch up with the business community eventually, isn't it >> eventually. it is how long does it take at some point let's talk it a social civil war. wars start and wars end. how long it is going to take to bring this down, pacify it it could be a year, two, it

could be five. and yes, eventually, that will spill over into society. look, demand will be there people want to spend their money. employment will be there it is not a done deal that this will bring down the economy but it will bring down safety. it will bring down eventually -- and you are making a good point. eventually, foreign investors will have to ask do i want to invest there will my plant be overrun because i'm a foreign investor those things will have an impact, they will. in terms of 2021, i feel second half of 21, first half of 22 i feel pretty good about the economy. i feel awful about our society, about the republican party and about where we are going >> we see that of course with the screen to the right of you,

mr. secretary. always appreciate you taking time >> thank you good to see you, david >> you too all-time highs across the board. s&p, 3,800 keep a close eye on social media names. facebook and twitter locking the president's social media and lynwood as well. twitter locking his account permanently. re-entering data that employees could enter themselves?

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twitter and facebook temporarily locking president trump's accounts with twitter warning of a permanent suspension if violations continue julia has more >> twitter locked president trump's account for the very first time speaks of three tweets that violated policies of inciting violence and spreading misinformation about 3:00 a.m. this morning, trump's account deleted those tweets twitter has a 12-hour block after that deletion. he should be able to start

tweeting again this afternoon but twitter warned he would be permanently suspended. facebook is blocking trump from posting for 24 hours saying it is removing any post that supports the storming of the ugs capitol including the video about the protest and misleading post about the election results. youtube removed the president's video as well alleging fraud saying it is it removing any content that breaks its rules. these platforms are also drawing criticism as being tools to incite a group called red state sustain egs asked 8,000 users to share the address of what they call enemies, including members of congress and saying people should be prepared to use force. tweeting that jack dorsey and zuckerberg have blood on their hands and former facebook security chief criticized

facebook and twitter and said they had no choice but to cut off the president. he tweeted that before he took those steps. one platform not drawing criticism is snap. it 0 stopped promoting trump's account back in june yesterday, they blocked the president's account entirely and will keep it locked until the company sees fit >> thank you in that same vein, we are getting comments from palentire. >> speaking right now as he was asked to comment on those events here is what he had to say >> a monocrome of adult leadership whether it is a university, church, synagogue,

mosque this is below that line and we shouldn't tolerate it. >> he went on to say what he saw happen yesterday and the inflammatory tone of elected leaders, he found it concerning and depressing, it coroweds trust. the president crossed an important line and said, i am largely in support hereof silicon's actions, referring to the actions taken by social media companies like facebook and twitter because karp has been such a critic and in fact moved headquarters from palo alto to denver >> because they have significant government contracts and do focus on national security definitely significant comments from a significant founder of a company that plays in that

space. it is time now for a covid news update with sue herrera. >> good morning. here is what is happening this hour the nation's attention was focused on violence at the capitol building more american covid-19 deaths were recorded yesterday than any day so far in the pandemic johns hopkins puts the toll at almost 3,900 topping the previous high of 3,800 deaths on tuesday. also saw the second highest daily case count at 253,000. >> newly elected republican senator from kansas states he has tested positive. he has no sim possibles and is quarantining >> a lockdown in place of a city of at least 10 million people near beijing after covid cases have doubled some chinese vaccines along with the astrazeneca vaccine are

being reviewed by the world health organization for possible listings cong up, exclusive with the ceo of t-mobile. after this break stay with us

welcome back getting a check on the markets right now. we are at session highs this morning. the dow is at more than 300 points s&p breaking above 3, 800 and nasdaq up 2% right now in the wake of yesterday's violence on capitol hill business leaders are calling for unity. saying, quote, it could not be clearer for the nation and law makes to unite around president-elect joe biden. thank you for being with us

today. >> always great to be here especially on a slow news day like today to help you out >> so slow talking about your original reason for coming on, you did announce earnings. we have heard from quite a number of business leaders in the last 18 hours given the events we did see on capitol hill as the ceo of a major company in the u.s., what is your reaction? >> yesterday, we were shocked. our instincts when something big happens in this country is two fold first, make sure our people are safe and make sure our network is operating to keep the people, the public safe and connected. right after that is to have something to say our first words were to our own people i immediately reached out to all of our people to make it clear when something like this

happens, we have to denounce it. the violent disruption of our sacred democratic processes has to be denounced. we can support the people's rights to peace fully process but what we saw yesterday wasn't that it is so important in 21 as we start this year in the transition of power, we have got to learn to be able to disagree with each other without hating each other the vitriol on social media now, we have to learn how to speak with each other and listen to each other in this country >> you just touched onsomethin that is quite a debate within board rooms and probably c suites is how outspoken should the ceo and leader of a company be your predecessor was pretty outspoken on a lot of issues

when he was in your position i wonder, when you see -- there is a sense out there perhaps if rioters can breach the capitol building, what is safe rule of law is one of those key pillars. does this chip away at that sense of uncertainty, that sense of rule of law here in the u.s of course it does. i think that's why we were all so shocked to see the steps of our capitol occupied by people attempting to disrupt our democratic processes. of course that shocks us at the same time, we have to turn the page. we have to ask ourselves what we can do to defend those processes going forward. it will take a different kind of resource in this country being able to listen to each other and find common ground

what we saw yesterday is extremism. in this country, there are great ideas on both sides of the political spectrum we need leadership that wants to listen i add my voice to the many that say the people have spoken and its time for this country to move forward behind new leadership and that's is going to happen here in two weeks. >> so president-elect biden becomes president later this month. in the midst of everything happen, we did see two democratic senators elected in georgia as well. what does not only the biden administration and the democratically controlled congress mean in business for you and the telecom industry more broadly >> we've been here before. at t-mobile, we are eight years into an historic turn around and success run. for four of these years we were exceeding and outpacing everyone

under obama administration and four years of doing the same under the trump administration we are about building great networks, connecting people and outgrowing the competition >> mike, david getting to the numbers you put out in terms of preliminary fourth quarter 1.6 million. postpaid phone $824,000. very strong numbers. i twwonder, looking at the quarters and charter added more customers than you guys did. is cable becoming a real competitor to you? charter and our parent company comcast? >> of course, we take everybody seriously. buts that why we are the growth leaders. 5.5 million postpaid accounts. the most in the industry

we were so proud to announce that one thing, when it is hyper competitive, we find a way to succeed. when it is more moderate, we find a way to succeed. the last couple quarters, there has been a muted switching environment. we've been able to post some of the most impressive growth numbers. it shows the emerging leadership potential we have in the network a greena in this country that is something we've never had before a company able to offer the best value and the best network that just bodes really well. >> that goes to the sprint spectrum 80 billion plus already in the c band and another 13 billion for clearing cost. you were coated saying, at&t and

verizon will kill each other over c band in order to not be left outside the party on 5 g because they are stuck do you stand behind those comments >> i can't make any comments direct or indirect around the option it is a demonstration of our model and why it is so different and more powerful what you see from our competitors we smashed our goal. 106 million people covered by 5g that's incredible. verizon has 2 million. it shows the difference. they've been at this two years and managed to cover 2 million we've taken it to 106 million. we are taking it to 200 million.

we'll cover more people with ultracapacity 5g per week this year than they've done in their entire history it just shows our models are so different. our strategy is so different not to diminish the fact that we've covered 280 million people with 5g. >> i do wonder as we see the 5g rollout happen how you think about the security discussion around this, whether the fact that we just saw this recent russia hack or the role that connectivity has played even mobilizing people yesterday. the national security with 5g, how do you see that evolving >> especially compared to the alternatives

one of the things i'm excited is for enterprises to not just broadly look at 5g it propagates better it is highly secure. there is plenty of advantages in an area where people are increasingly concerned about securing sensitive data and preventing financial harms and other harms from hackers >> thank you for joining us today. we appreciate it the stock is up more than 2% carl rg as are a lot of stocks today, dow above 31.1 the vix is lower as well we'll be back in a minute. d wat. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows?

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take a look at shares of tesla. up 5.3%. you did have a reversal this morning from rbc saying, there is no graceful way to put this other than we got tesla stock completely wng sla deliveries to 1.7 million. elon musk now the wealthiest person on planet earth we'll be right back.

city of philadelphia activating the command center to monitor any unrest following the chaos in washington on wednesday. philadelphia mayor joins thus morning. mr. mayor, we really appreciate your time. thanks for joining us. >> my pleasure, good morning >> we've had had some reports of municipal buildings being shut in texas and michigan and the last 24 hours just briefly what is the situation in philadelphia and what sort of what is your level of tolerance at this point? >> at this moment we're calm

we have our command center activated. nothing out of the ordinary. and we're anticipating some potential protest activity this weekend. we're prepared for it. certainly nothing like may and june where every city in the country is going through major issues but we're confident we'll be okay hopefully >> is it your sense as we get through inauguration that we have seen the worst, that this has been -- that is repulsed enough people to where this behavior would not be repeated do you think you'll be on high alert for the next few weeks >> we're going to be on high alert for the next couple weeks. the problem is you don't know what he's going to do. i suspect and i'm hoping that there are people at high leflves of government that will stop him from doing anything worse than what happened yesterday.

i worry about an international event he can start to take attention from it. this is something we should be considering. >> mayor kenny, i'm curious. if the city is on high alert right now, that is -- >> i wouldn't say high alert. >> you're on alert you're on alert. and certainly it's a city that has seen its fair share of protests and the like over past year in general as well. i'm wondering, the resources that requires, does that have any impact on vaccine rollout? what does that do to your ability and efforts to rollout vaccines as quickly as possible? >> the problem with vaccine rollout is availability of vak teen that's the problem from the very start of the pandemic when the president was calling it a hoax and going to take bleach and, you no hknow, that created a situation where people refused to comply with common sense suggestions on wearing a mask

and social distancing. he gave people the ability to resist that and expanded the virus even more. same problem we have with the vaccine. it is warp speed and not working. we hope in the next couple weeks when biden comes in over 30, 60 days we can start getting on some kind of national program, some kind of national track to address all these things that have not been addressed by this administration >> and mr. mayor, if you want to sense of the division in this country, you can look no further than my twitter feed this morning we're getting a lot of criticism from some viewers that we're treating -- that we did not treat the unrest the sum you summer you referenced in the same way that we were dealing with the riots in the capitol. do you see the he quif lens between the two? >> i see yesterday was the worst

thing i've ever seen in america. what we went through in june had to do with protests. a lot of them got out of hand. there was looting that was extremely terrible but it's not the same tenor. the other issue is can you imagine thousands of black people, people of color invading the capitol what would have happened to them yesterday some of these people -- law enforcement folks are saying selfies with them. how do they get through bicycle barricades i remember when the rnc and dnc were held in philadelphia and the conventions. we had barriers that you couldn't get over, you know, with a pole vault if you tried there were barrier thatiers that them out that is much worse for the

country, much worse than we experienced yesterday. >> as we're talking, facebook is out with a post, mr. mayor, saying that they're going to indefinitely now block -- or put restrictions on the president's account. at least through the end of the presidency we'll see what impact that has what does that tell you? >> banned from twitter i mean the president of the united states has been banned from facebook and twitter? first of all, i think social media honestly has been the downward spiral of a lot of problems we have in this country. i think the ability to go on it anonymously and say what you want to say and not have to back it up or expose yourself to your comments and put your name on it i think is really been a disservice to this country for all the good that social media and technology has done for this country, that kind of petty, infantile nastiness, anonymously is really ruining this country

>> mr. mayor, we look forward checking back with you hopefully on the vaccine front and look forward to warmer weather as well appreciate it. >> thank you we'll get there. >> good luck >> good luck and stay safe. >> we'll turn to julia boorstin on this facebook move which julia can't be overstated what a shift this is for zuckerberg >> that's right, mark zuckerberg posting the dramatic move they believe the risk of allowing the president to continue to use the service are too great and they'll be blocking the president on facebook and instagram indefinitely and at least for the next two weeks until the peaceful transition of power is complete. now, carl, as you mentioned, this is a dramatic move for facebook because mark zuckerberg stated repeatedly that he believes that facebook is a very necessary platform for free speech he is always really sided with the side of free speech rather than more regulation he has called for regulation to

help create guidelines to understand how to limit speech on the platform. this is really a dramatic move saying it is simply too dangerous to allow the president to use the platform. this is an extension of a 24-hour block that facebook had put on the president that began last night and they're now saying that this will be extended indefinitely. >> so that point, julia, i just wonder how much of this given the fact that we have been having these conversations i mean, think about the tech selloff we saw yesterday in part because of the expectations that we're going to see tighter regulations. revisit a sharper, stronger revisit of section 230 with this new administration i mean, is this zuckerberg and facebook looking to get ahead of what might be inevitably that? >> you know, i don't know if it's as much that, morgan, and more the fact that there's been a lot of criticism of these platforms for enabling the organization of some of the rioting that we saw yesterday. and the question of whether or

not facebook is just simply not quick enough to take things down and whether or not even if something is up for 30 seconds, it can be shared many times in that period. so i think there is this question, you know, not just what they face from capitol hill, this question whether facebook is biassed in how it regulates content on the platform or whether it can be used as a tool for bad and whether they need to be much more stringent in preventing that from happening. and simply right now they think the risk is too great for the next week. there is a very, very bold move by mark zuckerberg >> to that point, in referencing something that tom friedman said earlier, there was a period before the election where facebook was elevating more credible news content into people's news feed and then they apparently stopped doing that you know, do we have any sense that they're going to revisit that policy and perhaps make it permanent as well? >> well, look, they have been trying to elevate reputable news, particularly about coronavirus. they've been elevating, you

know, correct news from reputable sources around the election if you go to instagram right now, they here is the election news you need to know. here's what's happening right now. but i think what has shifted is for many years zuckerberg said that they believe that people needed to know what the president was saying think needed to know if he was saying things incendiary now they're saying we don't want to be people to be insighted to violence i want to read a comment over the last several years we allowed president trump to use our platform consistent with our rules. at times removing content or labelling a post when they violate the policies we do this because the public has a right to the broadest possible access to political speech, even controversial speech but the current context is now fundamentally different using our platform to insigh