good morning welcome to "squawk box" on cnbc. it's monday, another week. an endless possibilities of what might unfold let's take a look at the u.s. equity futures this hour you'll see things are trading lower with the dow down by 170 points right now nasdaq indicated down by 44. the s&p off by about 17. you have to remember, both the dow and s&p 500 are working on four-day winning streaks all three of the major averages ended at record highs on friday and you are talking about what's been happening with all of these issues the biggest gains we've seen in six weeks for both the dow and the s&p 500. if you want to take a look at treasury yields, that was a big story last week. we finally saw the ten-year move back above 1%. first time since march right now it looks like the yield is above 1.1% at 1.07%

30-year at 1.86% andrew >> the big story over the weekend, twitter, facebook, snapchat are among the platforms that have blocked or removed president trump's access following the breach of the capitol last week. shares of those social media companies have taken a tumble over the weekend, including twitter, down about 6% in addition, apple, amazon and google took steps to boot parler, a social media app popular among conservatives. some rioters used parler to organize the attack on the capitol. he accused big tech companies of conspireing to eliminate his platform from competition. we'll have a lot more on this story in the next hour because it's a very, very big one.

not just because of the president but what it really speaks to in terms of these big tech companies and what they can or cannot do joe? >> it is it's the -- the world is moving in a direction that some people might feel a little uncomfortable with i think you probably -- or all of us, andrew, at this point it's almost like, okay, you're off twitter. you're done with twitter and then you say, i'm going to go to parler and so twitter says that we don't want you and twitter's friends at amazon, apple, google all decide, you can't go to parler all of a sudden you've got nothing. >> i'm actually -- just so you know, i'm not bothered by it. >> because they can do what they want they can do what they want i understand that. >> as long as they're not conspireing together i actually think this is the ultimate version of the free market at work these are private enterprises making private decisions to do

business with -- >> they can do what they want. i understand that. >> exactly. >> i understand they can do what they want. >> i think it speaks to is how powerful all of these social media companies have become and how much we rely on these big technology companies for so much information. it's been amazingly silent from the white house since that time. i think maybe that caught all of us a little bit by surprise. if you turn off twitter, you turn off the noise almost entirely. >> i wouldn't want -- these -- some of the individuals running these companies deciding what i can see. i understand they're allowed to do it. here's what i decided. let's say the cancel culture that pervades college campuses and who can speak there and who can't. >> it was at rutgers, my alma mater. >> sorry i didn't mean to bring that up i wouldn't want the squad deciding what i can see.

i wouldn't want certain entities deciding that this is no longer okay it's starting to remind me of like joe mccarthy or something i don't know i think it's a slippery slope. i don't want to head there >> two quick comments. >> did they say not responsible -- there are two extremes they're either not responsible for anything or they're responsible for picking and choosing in broadcast, we decide what guests come on and who gets to talk we are publishers, so to speak it's a really complicated question and i think the reason that you see twitter shares down today and some of these other companies as well is it probably means they're more ripe for any sort of regulation the left and the right look at it differently but they all want to regulate them. >> there's pressure on big media companies not to carry fox anymore. >> what i was -- >> is that okay? >> i was making two points look, every cable network

doesn't have to carry every cable channel. every book publisher doesn't have to publish every book every newspaper doesn't have to - >> i hear you. what you're allowed to do and the kind of world you want. >> i was going to make another point. i want to make two points. one is that becky referred to the president and he's been silent that's a decision he's made on his own. he is still the most powerful person in the world. he has an entire press corps standing by right outside his door if he wanted to go to the podium and make a statement, i imagine a lot of media would carry it, assuming he is not inciting violence or something else if he wanted to put out press comments, statements and the like, you would be hearing from him. the idea he's silent because he doesn't have twitter, i think, is a bit of a false -- >> i think maybe mike pence is the most powerful man in the world right now. >> maybe >> i'm not kidding either.

>> the second thing is, i don't believe in cancel culture at all. i mean, you and i can debate that, but the first amendment protects my ability to speak and to say what i want it doesn't mean that other people have to listen to it. that's the difference. >> andrew, i even think the aclu is at this point, you know, between a rock and a hard place, too. we always have jonathan, and he's always saying, the aclu is behind us. i think the aclu at this point is like -- we're headed in -- theoretically into a place where -- if i can't watch fox news, what do you suggest for me, andrew they better get some new content on netflix you know what i'm saying or. >> or nbc. >> i'm going to pick up a good book i'm going to start reading a good book because -- anyway -- >> 1984? >> there's another thing that got me i'm going to talk to eamon

this is all controversial. house lawmakers are gearing up to try to remove president trump from office. eamon javers joins us with more. i understand there's reasons with impeachment, whether you can't run again for office, whether you get secret service i understand all those reasons but when i see a headline that says, we really got to rush to impeach because this guy's going to be gone if we don't do it quick enough the normal reason you want impeachment is to remove someone from office. you don't have time to do do it because he's going to be gone. to me -- today's the 11th. we're talking about the 20th, right? that's a week from wednesday >> nine days. >> there's a big rush to do it before he's already gone anyway, which is what you're trying to accomplish anyway. there are those other things you want to mrirn as well. i understand that. >> and that seems to be what

this is about. let me run you through what we think is going to happen now based on what speaker of the house nancy pelosi said yesterday. in a letter to colleagues she said she will move forward with a resolution today, calling on mike pence to move forward with the 25th amendment and remove the president because he's no longer capable of performing his duties she says she'll give pence 24 hours to move forward with the cabinet and remove the president today. if he does not do that, she says, then they will move forward with impeachment articles to the house floor as soon as later this week. all of that is because democrats are saying they feel the president needs to removed immediately. they're concerned about a number of things, including a potential pardon spree by the president of the united states before he leaves office. they're also concerned about whether or not he'll be able to run for office again all of this is unclear in terms of where it's going to go in the

united states senate mitch mcconnell suggesting because of senate rules they may not be able to move forward with an impeachment removal until january 19th remember, they have to hold a trial under the constitution the president has to be given the opportunity to defend himself in that court-like setting that we saw last time. not clear it could happen before january 20th when joe biden will be sworn in as the next president of the united states practically this is about two things one is whether or not the president can run for office in 2024 a majority vote in the senate could block him from that. and then the other thing is a message to history about what congress will toll late and not tolerate from presidents of the united states and what behavior congress views as acceptable from a president of the united states there's also that question in the short run about whether the president could move forward with pardons of a number of people, including anybody involved in the rampage on the

capitol on wednesday a lot of onsiderations we think it will begin today. >> conjecture over the weekend on when it would be started. if you have 100 senators, it could be quicker if you don't get that, impeachment, mcconnell said, would be after he's already left office >> if you can move forward with unanimous consent in the senate, you can almost do anything it's likely that one of the president's supporters in the senate will block that, whoever it is. josh hawley, ted cruz, whoever you might see. they have to go through the normal procedure that will take some time this could happen as a vote after the president's already out of office. the question for democrats is, do they want the first days of the john administration to be consumed with an impeachment vote in the senate when they're trying to get their nominees confirmed and moved forward.

the senate locks down on an impeachment trial, they're trying to have confirmation hearings for major cabinet positions. they're trying to move forward with legislative effort of the biden administration you've seen some democrats suggest they could vote to impeach and then hold the articles, not send them to the senate until after biden's first 100 days and make it a vote about whether trump is eligible to run again in 2024 under the impeachment process, that's one of the possibilities. you can simply ban somebody from ever participating in federal public life again. that's a question as well. >> eamon, all right. what was it -- who was the fireside chat, was that -- is that fdr that fire -- >> fdr, yeah. >> is there actual wood in there? you have the guests going? it's very cozy. >> i have to admit, this is a gas fireplace, as much as i hate that very convenient but it's -- less atmosphere, right? >> i used to love listening to

fdr fireside it was very cozy when he did it. >> did he actually have a fire, though it was radio you can't tell. >> you're right, i couldn't see the fire okay i'm kidding. >> you're remembering back to those days >> teddy roosevelt ha-ha. >> exactly eamon, one quick question on this in terms of if they actually move forward for itch peoplement, xlekt if i'm wrong, i think it's majority vote in the house and 66 senators, so two-thirds of the senate i don't know what the count is i heard a count as low as 34 senators saying they would be in favor of it but then you heard all the republican senators speaking out saying they thought it was impeach anl, what happened last week i know these are shifting sands but how likely would it be to see 67 >> i don't know that we have an accurate whip count to get a sense of whether this could pass to convict and remove the

president in the senate. you are seeing a couple of republicans calling for the president to resign right now. saying he should be out of office immediately presumably those republicans are votes to convict and remove once you get there, if you get there. i don't know that this would pass the politics of this are shifting second by second. i will say what we learned over the weekend about how horrific this attack was, more video coming out of officers being beaten nearly to death with american flagpoles, officers being crushed indoors as rioters organized, rioters stormed the capitol building and tried to force their way in those sorts of images and the visceral fear that a lot of members felt as those rye lent protesters stormed the building, that will play into how they vote as well this goes beyond the ordinary political calculus and goes into a real fear they felt as they

were being evacuated and not at all clear that they were -- that their lives were safe. >> thank you as you mentioned, moving target here we will continue to listen to you about how things are working on the ground. when we come back, stocks pointing to a pullback from last week's record highs. we'll talk strategy right after this by the way, check out the price of bitcoin it tumbled overnight after reaching a high of nearly $42,000 last week. right now, trading around 34,000 and change, 34,778 know "squawk box" will be right back these days, we want sophisticated but simple. cutting edge made user friendly. in other words, we want a hybrid. and so do retailers. which is why they're going hybrid, with ibm. a hybrid cloud approach with watson ai helps manage supply chains while predicting demands with ease.

from retail to healthcare, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm.

welcome back to "squawk box. here's a look at this week's agenda plenty of economic data coming on the way, and retail sales data for the crucial month of december earnings season kicking off on friday with reports from citigroup, jpmorgan and wells fargo. the annual consumer electronics show kicks off the tech event, though, will be held virtually the jpmorgan health care conference begins this morning as well. we have a huge lineup coming from it starting with the ceo of biontech and the next hour with the ceo of gilead. wall street coming off a record week. if you look at the futures this morning, they're pulling back a little bit the dow futures are down by

almost 200 points. s&p futures off by 20. the nasdaq down by 53. joining us right now is david lebovitz from jpmorgan asset management what is the overwhelming theme as we kind of get into this year, is it stimulus or do you think the concern of higher taxes will eventually take over? >> so, i think in the near term, all eyes remain firmly focused on outlook for policy, both monetary and fiscal. withthe democrats taking both seats in the georgia election last week, it looks like we'll get more fiscal stimulus than expected this year it does look like it's going to materialize sooner than expected as well. i think what you've seen in markets, interest rate markets and equity markets over the past week is a continuation of that reflation trade and a lot of optimism bubbling up around the

potential for the economy to come back online this year i think there's a firm expectation that the second half of this year will be pretty good and that's what you're seeing in terms of equities over the past couple of days >> financials are your top pick. i get it if you're looking at stimulus, that means you're looking at a lot fewer bad loans coming through. you also have to look at higher rates. why do you think rates have been ticking higher >> i think rates are moving higher for two reasons a lot of the move we've seen in rates has been driven by an increase in inflation expectations so effectively what you're seeing are markets price in. a more robust rate of economic growth, an economy which is going to run hotter than a lot of people expected as a result, inflation ebbing higher do i necessarily think inflation is going to get out of control no and i think if it were to begin to seem like inflation was

taking off, the fed would respond and that could certainly undermine risk assets more broadly. at the current juncture, i think this is a healthy indication you see break-evens nearing their highest level in six years reflecting that optimism around the economy over the course of the coming 12 months i think the beginning of the story around financials has really been about higher rates and a steeper curve. we know that that's good for bank profitability i do think that narrative can evolve, though as banks are beginning to increase dividends again as buy back programs are able to come more fully back online, there's also a yield component to this we think a lot of investors will gravitate to, particularly in a world where interest rates remain historically low. >> how much of the inflation picture is because of a weakening dollar as we talk about spending more and more and rung up the deficit and then the fed continuing to print, too >> a weaker dollar is definitely

part of it i think there's a broader narrative here around the issue of our twin deficits in this country. the federal budget deficit and then the trade deficit as well i think the weaker dollar is kind of a convenient way to explain some of this increase in inflation expectations as a percentage of gdp, we don't really import enough stuff for a weaker dollar in and of itself to be the sole driver of higher inflation. but the combination of that weaker dollar, those twin deficits and really the idea there's so much pent-up demand for services and experiences and that demand should be realized later on this year all of these have effectively come together and are boosting the view on inflation. you know, i think it's important to recognize that in the background there are all of these structural forces. demographics, income inequality, technical adoption, which will weigh on inflation structurally over the long term but in terms of the next 12 to 18 months, we

do envision a world where inflation hopefully runs a bit hotter than what we saw over the course of the prior expansion. >> how much do you think the market has taken into consideration the idea that we're very likely going to see higher taxes the democrats won the senate they have 50 votes plus the tie-breaking vote with the vice president. you think about higher taxes on wealthier americans and that could cut into some of the consumption we've seen to this point. then you think about if something were to happen to the business tax, if those went up to, let's say, 28% from 21%, has that played its way into the market at this point >> i don't think it has. and i think what's particularly interesting to me, coming out of the election last november, there was this idea that we were going to end up with a divided government that kind of put things like taxes and regulation off to one side. now that we've seen this blue wave come to fruition, investors for the most part feel -- seem to be focused wholly on the

stimulus part of the equation. do i think taxes are headed higher in 2021 no i think policy makers can recognize the economy is too fragile to handle something like that on the business and corporate side 2022, there's a chance it is a midterm election year so not necessarily what a lot of people would do if they're trying to get re-elected firmly within the next three to five years i think we'll be dealing with higher taxes in the united states. when we look back at the post-war period, coming out of world war ii, that was a lever the government chose to pull a question of when as opposed to it, based on my reading of the tea leaves something the market seems to have pushed off to one side and remains firmly focused on the potential for more government spending and more fiscal stimulus over the course of the coming months. >> good to see you this morning. thanks for your time.

>> thanks for having me. coming up, we'll take a look at an investigation which is under way in florida in the vaccine line jumper. robert frank warns us next with a look at how some wealthy people are hoping to pay for an early jab as we head to break here's a look at the biggest premarket decliners in the s&p 500.

competition beat us, again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. got to do something. workday! i think i got something. work... hey, rob, you're on mute. hello. [all] hey... there he is. workday, the finance, hr, and planning system for a changing world. ♪ch-ch-changes

the moxie showerhead speaker. ♪ ooh la la by cherie only from kohler. i hope my insurance pays for it. can you tell me how much this will be? - [cashier] 67. - sorry. - wait, have you heard about goodrx? goodrx finds free coupons to help you save up to 80% on your prescriptions.

- wow, i had no idea. - [announcer] goodrx, stop paying too much for your prescriptions. some wealthy americans are maneuvering to get the covid vaccine before others. an investigation is under way in florida. robert frank joins us with a look at how they're cutting the line and what's being done about

it hey, robert? >> florida's department of health and the inspector general launching an investigation into a luxury elder care home that gave vaccines to wealthy donors and members of a nearby country club media reports say the health system that runs a nursing system in west palm beach, they vaccinated wealthy board members, their friends and members of the palm beach country club instead of all of its elderly residents and staff. at the center of the controversy are bill and david mack, the new york developers who reportedly helped friends get vaccinated. the macks told cnbc they were asked to assist morris with its vaccination program and did nothing wrong. the practice many is run by cvs and walgreens as part of a national contract. florida senator rick scott calling for a congressional investigation calling all of this disgusting and immoral. we reached out to wall greens,

who told us they assumed everyone being vaccinated at morris life was either staff or a resident and that they were, quote, misled and that they are cooperating with investigators back to you. >> you hear a lot anecdotally about people flying down to florida. if you're 65 or older you can get a vaccine? i got a recorded call from essex county for who can do it in new jersey and it hasn't budged. age doesn't matter it's all front line people, still in 1-a it seems like a snail's pace here while down in florida they're already on elderly people not just 75, i think 60 -- you may know better than me. can someone at 65 or over? >> you're absolutely right instead of going from medical staff then to essential workers then to 65 plus, florida went straight from 1-a to everyone 65 plus which is why a lot of

people are going to florida. the challenge is they won't have enough vaccines for people 65 plus, so you have people waiting in their cars overnight trying to get vaccines. there aren't enough for all the people in florida and the people going to florida 65 or older but that is the rule right now, is 65 or older in florida are eligible for this next wave of vaccines >> going to be some clamoring for some of these northern states if florida can do it, what do we need more help dispensing it? what's the delay you think, robert florida's got a lot of people. if it can be done there, it seems like it could be down elsewhere, unless some states don't have enough of the vaccine. >> well, even if florida, even though they're inviting everyone 65 plus to come and get it, they clearly don't have enough. you need more vaccine and more capability and logistics to get it into people's arms. both of those are missing in

every state. >> thank you, robert frank, for updating us on that. i know -- i know bill mack that's interesting knowing some players involved here. andrew when we come back, we'll kick off our coverage at jpmorgan health care conference. biontech, co-developer of the first covid vaccine for use in the u.s. plus, we'll bring you the ceo of gilead in the 7:00 hour. "squawk box" returns after this. i made a business out of my passion. i mean, who doesn't love obsessing over network security? all our techs are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business. seriously, i don't have the bandwidth. glitchy video calls with regional offices?

yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't. let's take care of business. at&t.

good morning welcome back on this monday morning. we've been watching the we can f futures. s&p futures are down by 19 and the nasdaq down 51 probably worth pointing out all three major averages closed at record highs again on friday

andrew we want to get to the jpmorgan health care conference because meg tirrell joins us with a very special guest this morning. >> ugur sahin, biontech co-founder, joins us now thank you for joining us to kick off our jpmorgan health care clinic i want to ask you about these new strains that we're hearing about around the world originating in the uk and in south africa and you showed data last week reassuring news that your vaccine appears to protect against at least one shared mutation in those strains. tell us about the south african variant in particular, how worried you are about whether that could evade the vaccine's protections. >> good morning, meg indeed, we have the virus is mutating now in regions in the world. we have now new mutants that have been discovered

we know this is going to happen and we can confident that based on the mechanism of our vaccine, even though they are mutations, we believe the new response induced by our vaccine could also deal with the mutated virus. so far we have shown in the past that about 10 new mutations could be -- last week we found another mutation present just in the uk variant and also in the south african variant. and this mutation is an important -- an important mutation because it could change structurally the protein but it seems -- it appears that the new response against our vaccine also neutralizes this mutation and we are going to present more data in the coming days. also looking for the other type

of mutations in the uk variant and the south african variant. >> if you found that there was any reason the vaccines wouldn't be quite as protective, how quickly could you pivot to create a new construct and are you already working on that just in case? >> yes with the message on the technology has one key advantage, it can be hanged. we can change the vaccine in the next few days and deliver a new vaccine within six weeks in principle. it's technically possible and if needed, we would go for that this would also bring prior discussions with regulatory authorities, the fda, whether the fda that such a vaccine is used or whether the vaccine

request additional studies be done before the vaccine could be made available we are confident the vaccine would allow us to be extremely fast in responding to a mutation or to a virus variant which comes with different. >> six weeks are you already working on potentially designing those new constructs so you could get a jump on it if it turns out one of these variants or one we haven't found yet can invade the current vaccine? >> of course that is what is happening. from pfizer we are monitoring new mutations. we are monitoring new viruses and over time when a new virus appears, which seemed to have other biological properties, we find the sequence and if prepared, we could respond quickly.

>> when do you expect to have data on whether the vaccine prevents transmission, the actual ability of the virus to infect cells we know it does a great job at preventing disease but what about transmission >> we are collecting data which provides an indirect measure of tech we will investigate whether the vaccine is also able to prevent a symptomatic disease, which is highly correlated with transmission we expect to have thdata at the end of january, mid-february, so the studies are already ongoing and we have to see >> doctor, the platform itself, and i'm not talking about vaccines, but i'm talking about the ability now to actually get the messaenger rna to get it to

the site where it could be used, obviously the vista's open for any genetic defect in a human that you could solve with the problem messenger rna. it seems like you could start addressing some of these diseases you would need an injection every time to provide that is there a time release version you can do or is there a way of getting it around for some of these genetic detisht cficienci could be solved for these rnas >> there are 20 different ways in which messenger rnas can be engineered for example, one option is also to deliver a messenger, other gene editing enzymes by messenger rna. if you would provide messenger into a certain tissue, you might

change a genetic defect. this is only possible if you combine the messenger and technology with editing gene technology. >> then it gets more dangerous, i guess, because it becomes a permanent part of the genome, would it not, if it went in, and then you have all different things to consider at that point. >> i can't -- yeah you make a protein replacement treatment where you provide messenger rna every week or every second week. and these are also applications which are currently tested in models and i'm sure these applications will go into clinical testing within the next years. >> the potential for this technology is just huge. feeling like we're at the beginning of it is really an amazing point. just one more question before we let you go have you had your vaccine yet for covid?

>> so, we are not yet allowed to take our vaccine, but we found a day to make the vaccine available to the manufacturing teams and we will hopefully get the team members and maybe myself also vaccinated in the coming weeks >> all right we look forward to hearing about it thank you so much for being with us this morning. >> thank you so much it's a pleasure. >> guys, i'm going to send it back to you. we have gilead ceo daniel o'day coming up next hour. >> absolutely. meg, thank you for bringing us that interview you're going to be -- you've been doing such an extraordinary job, but i know you'll be doing a more extraordinary job throughout this week with so many must-see interviews >> i can just say -- hey, joe? >> yes >> can i just say, that's

stunning to me dr. sahin developed this and he hasn't even been able to take itty et. >> i was thinking making light of that saying, if it was us, wouldn't - >> yeah just shoot yourself in the leg. >> you can't really joke that's the way it should be. he's not - >> i would take it my gosh. >> i know. i know i know but i was going to ask him, come on, doctor come on. >> you could save everybody else on the planet but not yourself >> i know. it's amazing that's jumping the line. he can't jump the line no one can jump the line. >> okay. but i watched all of these congressmen jump the line because they're essential. i think this guy is essential. this guy is essential before any of the rest of them are. >> right. >> what did you think -- we never -- >> there's a 30-year-old congressman taking the shot. >> what do you think when moderna chose to allow its senior executives, the board and

their family - >> all in favor of it. >> -- to take it >> these are the people working on it and i'm okay with it there are so many questions for people who say, when the pfizer ceo didn't want to take it first because he didn't want to jump the line, they said he was afraid to take it because the vaccine was unsafe i'm okay with people saving the planet to go ahead and and take the shots they've been giving to everybody else, especially when you consider people have jumped the line. >> my view was actually if moderna wanted to have senior executives and their families take it and do it -- not as a publicity stunt but a way to help people feel more comfortable about it. >> right. >> and would disclose, meaning everybody -- you would say the ceo took it, you would say the spouse took it and the kids took it you kids can't take it, anyone over 18. if everyone you disclosed took it, great. i thought the biggest problem with the ma moderna is they wouldn't say who was taking it or not so you wouldn't know. >> i don't know.

disclose it, do whatever you want with it jonah salk, when he developed the polio vaccine, he gave it to his kids first i'm okay with it if you're that convinced it's safe, because you've done it, you've invented -- >> then tell everybody you're doing it you can skip the line as long as everybody knows what you're getting. now we know, by the way, the value of the vaccine, given what's happening in florida. people are paying up for it. there'ss also a value to do it. >> if in some crazy universe they said, look, if the "squawk" crew, you, becky and andrew would take it, it would really help everyone take the vaccine -- >> i would take it. >> yeah, but you -- you're jumping the line you still can't get around that. >> you're jumping the line, right. the 30-year-old congress people i taking that, i thought the same thing you've got to be kidding me. i get it if you have the leadership of the transition for government to do it but for all to jump the line because they're essential before these other people, that's ridiculous. >> that's what i said that day

you haven't been too essential for the last six months, have you? the most nonessential employees in the country. coming up, big tech cracking down on president trump. we'll talk about what the ban on the president's accounts mean, along with the shutdown of social media app parler and what that means for silicon valley. pay off my student loan debt.

they were able to give me a personal loan so i could pay off all of my credit cards. i got my mortgage through sofi and the whole process was so easy. ♪ express yourself ♪ ♪ express yourself ♪

companies and social media companies that have taken action over the weekend to limit president trump's online presence we'll talk about it and debate it right after the break

competition beat us, again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. got to do something. workday! i think i got something. work... hey, rob, you're on mute. hello. [all] hey... there he is. workday, the finance, hr, and planning system for a changing world. ♪ch-ch-changes say hello to a drug-free way to ease stress. stress comfort. a gummy supplement with lemon balm plus saffron,

to naturally boost your mood. stress comfort from nature's bounty.

>> so what we're really talking about here as you're getting to the original question is about power and who has the power and

who should have the power to essentially regulate our speech. and i think this is the -- you know, becky was talking about this earlier i think this is -- the question is do you want a mark zuckerberg or jack dorsey at twitter or any of these other guys to be able to have that power to decide what is the speech that we want to hear. by the way, how does that square with democracy and to your point about the other providers, i think the one thing that's incredibly important here for us to remember is there's an oorge ri sin that goes back a number of years, this is not about last week, and it is that for years the tech platforms either did not have or did not consistently enforce their own standards about what are the rules on their platform how do they regulate hate speech or incitement to violence?

they either didn't have them or didn't enforce them. had they had them in place, we wouldn't find ourselves in the position we are now because they would have been enforced all along. i think that's the essential problem that we've got now >> dan, let me ask you are you of the view that these companies are going to face, you know, severe regulations as a function of this or do you think that in the end people are going to look at them and say they're actually acting responsibly given what's happened given the feeling, by the way, in the capitol right now? >> i don't think they're going to face huge regulation, less because of what they did and more of what happened last tuesday in georgia we're going to learn a lot i think about how and why all these tech platforms acted at the same time. again, remember they didn't act wednesday night, they didn't act thursday, they all acted the next day, clearly one after another. maybe it was a question of

conscience dominoes or maybe there was something in terms of law enforcement going to these companies and asking them to act, but i think the fact that the democrats run the senate for the next couple years means they probably will not face any sort of regulation tied specifically to this, although some of these individual companies do have antitrust issues and i think apple has made the jump back into the antitrust debate with the move on parler. >> it's a much longer conversation i wish we could have it. i'm sure we'll have you back over the next coming days. want to ask you about what's happening with pac money and a number of large corporations including jpmorgan, citigroup, goldman sachs, others withdrawing their money, at least pausing some of their giving right now based on what's happened, especially to some of the lawmakers who supported overturning the election results. in the meantime, i'm going to si send it over to becky. >> thanks, andrew. when we come back, we have

much more on the fallout on the al breach. we'll talk to greykroft founder alan patricoff coming up in the alan patricoff coming up in the next hour.♪ ♪ for every trip you've been dreaming of, expedia has millions of flexible booking options. because the best trip is wherever we go together. ♪

because the best trip ismy retirement plan with voya even after paying for this. love you, sweetheart. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement.

futures going into a lower open this morning after wall street closed at a record high on friday. we have what you need to watch on today's trading session straight ahead. pressure continuing to mount on president trump as lawmakers in the house begin their efforts to try and remove him from office a live report from washington is

coming up. and big tech companies blocking president trump's access to their platforms and kicking off an app that had become popular among his supporters we'll hear from early apple investor alan patricof as the second hour of "squawk box" begins right now good morning welcome back to "squawk box" right here on cnbc i'm andrew ross sorkin along with becky quick and joe kernen. take a look at u.s. equity futures at this hour it does look like we're going to open lower dow off 185 points right about now. nasdaq looking to open down about 52 points and the s&p 500 looking to open down about 17 points joe? >> thanks, andrew. get back to eamon. the fallout facing president trump over last week's violent attack on capitol hill

house speaker nancy pelosi says lawmakers plan to move forward with impeachment efforts if other attempts to remove the president from office fail eamon javers rejoins us now with more eamon? >> reporter: yeah, joe nancy pelosi laid out the plan last night in a letter to colleagues what they're going to do is try to put the pressure on mike pence to invoke the 25th amendment and remove the president from office immediately. she said the house is going to move on a resolution calling on pence to convene the cabinet and remove the president today now that resolution, of course, nonbinding the decision would be up to the vice president and cabinet if the vice president and cabinet don't move forward, which seems like the most likely scenario at this point, then pelosi says in 24 hours they're going to get ready to move impeachment articles to the floor and vote on those relatively quickly in an attempt to remove the president in the nine days left in his term in office not at all clear what's going to happen in the senate where mitch mcconnell has said he doesn't

think they can move forward on impeachment until as early as january 19th, one day before the president is set to leave office but hanging over all of this and the reason the politics of this are so different is we've seen a number of senate republicans call for the president's immediate resignation. this is not like the last impeachment. a lot of those members of congress fled the capitol in terror last week we've been looking over the weekend at a lot of the horrific images of violence and getting more of a sense of what could have happened that was much worse in the capitol last week twitter said on friday night they're seeing new calls by separatists who want another attack on the capitol. there's another talk on what happens on january 20th. will there be additional terrorist efforts in the capitol

on those two dates this impeachment debate under siege and a question about whether there's more violence to come, joe. >> after the articles go in today, what do you expect to hear tomorrow or the next day, eamon? did it slowly just takes over? >> i don't know. it depends where republicans are. the impeachment will gather some in the house it didn't gather any the first time the democrats impeached the president. people were killed many republicans fled for fear of their lives the crowd was chanting for the death of mike pence, the vice president of the united states, and something even more horrific could very easily have happened if any of those members of that mob got any of those lawmakers

by the scruff of the neck last week that didn't happen, thankfully, but i think a lot of lawmakers have a sense it could have and i think that changes the dynamic of the vote. we'll wait and see they stayed true to the legitimacy of the electoral college even in the final hours in the pro trump lines we'll see how much that violence will change minds on capitol hill. >> all right, eamon. thank you. andrew >> okay. thanks, joe. meantime, some new questions for boeing this morning, this after the indonesian 737 jet liner crashed shortly after takeoff. phil lebeau. >> reporter: investigators in the java sea are trying to retrieve the black box and cockpit voice recorder let me show you when this

sriwijaya 737 took off on saturday it took off at 2:36 in the afternoon. four minutes into its flight when it went down. and it went down very quick losing 10,000 feet in altitude in basically a minute and that's where investigators right now, they're in the water 62 people were killed in this 737 crash off the coast of indonesia. investigators have indicated where they believe the black box was at, where the cockpit recorder is at let's talk about this sriwijaya 737-500. it was 26 years old. approximately 100 of these types of planes are still flying primarily with smaller airlines overseas hundreds are still in the air. it has a strong safety record. take a look at shares of boeing. keep in mind boeing whenever there is a crash of one of their planes or airbus does the same thing, they help with the

investigation. there will be shares of ge that people will be focusing on today. why ge because as part of its joint venture with saffron out of france, the cfm 56-3 engines were on the plane powering the plane. more questions than answers at this point and the key here is how quickly can they recover the black box and the cockpit voice recorder that will hold a lot of answers in terms of what happened at the very end >> phil, you know, does this have any real impact it sounds terrible to say this will it have a real impact on boeing or not? >> well, the stock is down 2% today? any time you have an airplane crash, all of the aviation stocks take some kind of a hit the question is whether or not it's long term from that you need answers from the crash investigation.

remember what happened with the downed 737 in iran immediately afterwards people started saying oh, yeah people on the ground, they heard things, maybe there were mechanical issues. it didn't take long for people to say hold on a second. let's see what answers come out from the investigation i know that's not the answer people want to have right away, but it's so early that it's hard to know whether or not this is something bigger or if there was an isolated incident separate from anything mechanical related to the plane or the engines that brought this aircraft down. >> phil lebeau, always good to see you. thank you for helping us understand this better appreciate it. meantime, social media site parler feeling the backlash from last wednesday's attack on the capitol. google and apple removing parler from their app store and it was removed at midnight saying it has seen a steady increase in violent content. all of that follows twitter's

permanent ban of president trump's account on friday. we'll find out what tech investor alan patricof thinks of all of this joining us later this hour. becky. andrew, thanks still to come this morning, gilead raising the full year guidance including sales of the covid fighting drug remdesivir daniel o'day joins us coming up next gilead shares were in the green this morning. first as we head to a break, we have other headlines this morning. shares of eli lilly soaring after the company said an experimental alzheimer's drug helped patients in a small trial. we have to talk about bitcoin. eli lilly, shares up 16% we'll focus on that in a little bit. bitcoin price down by 9% this morning. 33,655 that comes after hitting a record high of 42,000 at the end of last week "squawk box" will be right back.

get back to meg at the jpmorgan health conference there's a special guest. >> dan, thanks for being with us this morning let's start with your news of the day. you raised the full year guidance because of remdesivir

sales raising $2.3 billion tell us about this guidance raising and what it means for the path of the pandemic so far. >> that's right, meg obviously revenues are important. we've invested a lot in remdesivir and we'll continue to invest in remdesivir i think the important news here is the impact for patients in hospital systems we know obviously hospitalizations have quadrupled since october and we're just learning now that one out of every two patients in the hospital are receiving remdesivir that reduces the hospital stays by up to a week and reduces the chances of patients going on to more severe illness and dieing by 70% if given early in the hospital these are important benefits and i know the colleagues and i at gilead are pleased that this is one piece of the puzzle in

helping with the pandemic. we're certainly not done we're continuing to invest. >> tell us about what data we should be investing in and the inhaleable form of remdesivir. is that still an option? when should we hear about those data >> we have 40 ongoing clinicalrr it stops the replication of the virus. it's most effective if it's given earlier in the course of hospitalization and illness. we have studies can we take this outside of the hospital in an out-patient setting with three iv infusions or an inhaled version. we'll expect to see data in the coming months in 2021. later in the stages of the disease where we know the inflammatory process creates bigger issues for patients, we

know today in the hospital remdesivir is being used in combination for those late stage patients with decks meth thxame all of those 40 trials are ongoing. you're going to see a lot of that coming in 2021. we're firmly committed we understand, i mean, the burden this pandemic is causing to society, to patients and families and our scientists and team at gilead and frankly the industry, so impressed by the industry response with vaccines, therapeutics all coming together to end this pandemic. >> we were just talking with biontech ceo about the potential for the new strains of the virus to affect the vaccine. how are you looking at that in terms of an anti viral drug like remdesivir

does it work the same way against the variants that have been identified? >> that's a really important question, and what we know is that remdesivir works -- the source in the cell where the virus replicates, and what we know is in these new variants that part of the cell is not changing at all. in fact we fully expect remdesivir to be effective against the new strains. we're doing the testing. we've tested remdesivir in more than 2,000 variants in the lab and it changes its effectiveness. i equate it, meg, to tamiflu, another medicine discovered by gilead scientists. for two decades tamiflu works against many different strains of the influenza virus from season to season where the vaccine has to alter and change because of the way it works on the virus. i think there's a lot of pa ira littles here between the ways that anti-virals work versus the

antibody drugs and the vaccines. i expect remdesivir with these variants will continue to make an impact on patients. >> mentioning tamiflu sort of reminds us that gilead has this long history and expertise in antiviral drugs. i wonder as you look at the landscape of research in this space against covid, it's been really interesting to see, you know, remdesivir was the first drug approved for this disease we haven't seen a lot of other successful antivirals so far develop. why do you think that has taken longer and does gilead see anything interesting that you see in licensing or taking into the company or that you might consider a competitor? >> well, i don't think there's any competitors in this field. we're all working together to find different ways to have an even greater impact on this virus, and what i can say is, you know, two decades of experience on antivirals in

gilead, it's one of the most impressive things i've seen at gilead, to see this level and depth of expertise you know, i mean, this is the same company that turned hiv into a chronic illness, that cured hepatitis c. so these scientists understand very well that oftentimes you need a combination of approaches to get truly sustained respon s responses. so our scientists are working on that, both inside the company and collaborating with other companies that have different technologies to look for ways to have an even greater impact upon the disease. and i can tell you, meg, we won't rest until frankly hiv is cured, inle we cure other forms of hepatitis and until we are able to also cure coronavirus. so a lot of work on that but what i would say is the company equally now is taking that same level of scientific expertise into new fields of high -- of really high medical

need, including cancer i mean, we now have a portfolio of cancer medicines that is second to none, and i spent three decades with one of the top cancer companies i really am impressed by the work we're doing to extend the lives of patients living with cancer, including a really difficult cancer like triple negative breast cancer we're seeing a doubling of survival with our medicine trivelde we're seeing a tripling in antivirals and other areas like cancer >> you know, it's interesting to see how gilead is sort of shifting its pipeline. i want to ask you also about the news today with your forecast, whereas, obviously remdesivir sales are higher, you are seeing an impact in being able to start treatment with prep creft to treat people with hepatitis c. how are you seeing that evolve, the ability for people to start getting this important care?

>> well, look, you know, we feel the needs of patients out there. obviously with the pandemic the ability to access your physicians and the health care system has been hampered i mean, systems have had to pivot to focus on covid, and rightfully so. and i think coming out of this pandemic we're going to see even greater needs in some of those areas, like hiv and like cancer. and that's, again, why i'm so pleased with the company and frankly the industry has been able to do two things at once. yes, we're focusing on putting tremendous amount of efforts in ending the epidemic, but we haven't taken our eye off the ball of moving to the next stage of medicines for patients for other devastating debilitating illnesses. i can give one example back to our hiv leadership, which is, you know, we have medicine that, you know, one pill once a day for treatment and also for prevention of hiv.

we've -- last year, you know, we provided some data on the ability to think of moving that to once every six months with a subcutaneous injection we know that that would make a big impact on ending the hiv epidemic so, you know, there's a lot going on here, meg, and there's a great patient need coming out of this epidemic that we have to be ready for i'm proud to say we'll be ready for that >> all right dan o'day, thank you so much for joining us we look forward to hearing about those updates. thanks again >> thank you, meg. >> guys, back over to you. >> meg, thank you again for bringing us a remarkable and important interview. coming when you we return, what a biden stimulus plan will look like and how the government is going to pay for t. our panel of tax experts will bring us the answers. as we head to a break, look at futures this morning we are in the red across the board. the dow is actually looking like it's getting worse this morning. dow off 231 points now

nasdaq off 85 points s&p 500 off 24ois. pnt ♪ hey you, yeah you. i opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. i just discovered sofi, and i'm an investor with a diversified portfolio. who am i?! i refinanced my student loans with sofi because of their low interest rates. thanks sofi for helping us get our money right. ♪

do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. our friends sold their policy to help pay for their medical bills and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life

insurance is a valuable asset that can be sold. we learned that we can sell all of our policy or keep part of it with no future payments, who knew? we sold our policy. now we can relax and enjoy our retirement as we had planned. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance. still to come this morning on "squawk box," the battle

lines are already being drawn around what the next covid relief bill should include the elements in play for the first major piece of legislation for biden and the democrats in washington. later, google, apple, amazon banning the parler app over the u.s. capitol chaos we'll speak with u.s. tech investor alan patricof, big tech's battle and the future of social media take a look at some of the stocks this morning. ahead of the open you see facebook down by about 1.6%, amazon off by .7, apple down by 1.3% and then there's twitter which has banned the president for life and is down by 6.7% we'll be right back. sales are down from last quarter

but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today.

welcome back to "squawk box" this morning the next covid relief package will likely be the first major piece of legislation for the democrats during the biden administration already the battle lines are being drawn. ylan mui joins us with more on it good morning. >> reporter: well, that's right, andrew biden will unveil his plan on thursday and democrats in congress are planting their own

flag at the head of that moderate senator joe manchin said the $2,000 stimulus checks can't be a carte blanche senator bernie sanders is calling them a promise that must be kept. unemployment benefits isn't easy either ron widen is pushing to boost the benefits by $600 a week all the way through october. but that might be too much and for too long for some democrats. remember, there were 18 house democrats who voted against the $2 trillion aid package back in october. many seats are now held by republicans which means democrats' margin of error is smaller in the house progressives have their own wish list as well that includes canceling $50,000 of student debt compared to the $10,000 biden has proposed we want to strengthen worker protection, raise the minimum wage and create $6,000 -- 6,000

jobs to care for elderly and children this is whether biden can unite the democratic caucus and win over 10 republican senators. back to you. >> thanks for that and specifically the sense is that he's going to talk obviously about covid, but is the view -- i know axios was also reporting this, he's not going to touch on what happened at the capitol last week, that's a third rail for him in some way? >> reporter: well, we're going to see him multiple times before he actually unveils this plan on thursday, but certainly i think that it's going to be a very difficult position for biden to call for him to leave before inauguration day he's trying to keep above the f fray it's difficult to hammer home that message if you're talking

about impeachment or the 25th amendme amendment. >> thank you appreciate it. let's talk about the government and how it's going to pay for more covid relief. joining us is grover norquist, the president and founder of americans for tax reform and stephanie kelton, professor of economics at suny stoneybrook. grover, it's been a while. stephanie, get to you in a minute grover, it's been a while. since the last time modern monetary theory and all ways that applies to the fed and congress has really become a lot more mainstream. are you on board >> no. if you take money out of the economy, you take money out of the economy and spend it the list of tax increases that biden and the democrats around him have put forward both in the campaign and speech after speech and -- is really amazing i mean, you're talking about taking the corporate rate up

higher than china's. one of the disadvantages we had before the republican tax cut was that you paid higher taxes, 35% for corporate earnings in the united states, 25% in china or germany all other countries werelower than we were biden's plans are to take it up to sometimes he says 28 during the campaign he repeatedly said 35, but both of those are higher than china's, foremost for the rest of the world. he wants to limit how much money you can put in the 401k. 100 million americans will see the 401ks damaged because corporate income tax is higher and there will be less value in companies that are taxed highly and 401k will shrink he wants to limit how much you can put in the 401k. he's promising more auditors to more, more irs agents. he wants to bring back targeting the poor, low income people. he wants to bring back the

obamacare individual mandate tax. 5 million americans were hit with that. 3/4 earn less than $50,000 a year biden said he would bring that back he wants a payroll tax hike of 12.4% of earnings over $400,000 a year that's not indexed to inflation. if you're earning $250,000 a year and you will be paying an additional 12.4% marginal tax rate on your earnings. in addition to taking the top rate up to almost 40% and on capital gains he wants to take that also up to almost 40% highest since jimmy carter in 1977 he wants to go back to jimmy carter's tax rates on capital gains taxes which, remember, even the democrats were involved in and made jimmy carter back off of but that's the opening bid for biden. that's not the most left wing part of his party. these are biden's promises or

threats. a carbon tax to hit all-americans. a sugar tax and a tobacco tax were put forward in the green new deal packages. watch to see if those will be hitting as well. the other big question we have is where will he be about fighting against the digital services tax on america's rather large and successful companies like google, facebook and apple that trump people fought it very hard unclear that biden with his new let's get along with european will continue to try to stop those taxes targeting american companies, not european companies. >> stephanie, i don't know how long the interview is going to be, but that's how long it took grover just to summarize what's on the table for -- i mean, there's hardly any time left. >> i left some out. >> and he left some out. what are the chances we get a lot of that? and you think -- would you put yourself in the camp that you -- you would back most of the taxes

that grover just mentioned that the president-elect has planned? >> well, let's talk about what grover left out, okay, which is all of the additional spending that president-elect biden is talking about doing. so, look, people who have looked at the biden economic plan and scored it and compared it against other scenarios that we might have been facing, another republican presidency, split house, a sweep by republicans, you lay out all of the different possible scenarios that we could have found ourselves in and somebody like mark zandi, moody's analyst has done this and what did he find he found that the best case scenario in terms of the economy was for joe biden to be elected president for the democrats to take both the house and the senate you get a more ambitious recovery program, you get better economic outcomes and so, you know, the win is for the economy as a whole under the entirety of what joe biden is talking about

doing for this economy so, look, are we going to get some tax increases maybe. i suppose so but from what i'm hearing from president-elect biden now, he is talking about the kinds of investments he wants to make in this economy to restore jobs, to create economic growth and he's very openly saying this is going to involve continued deficit spending so, you know, he's not playing up the tax piece, he's playing up the fact that we've got to make investments in the economy that is going to take spending to restore the economy when you look at the entirety of the proposal you get a stronger, morre robust recovery even with tax increases alongside the proposed spending. >> go ahead, andrew. >> hey, grover we've talked about taxes and big government, small government for a long time. during this covid pandemic you along with many others but your firm did take part of the covid relief package, right? there was ppp that you took.

how do you think about that in the context of taxes now >> look, two things. the ppp says the government damaged you by its actions, it compensates you so you don't lose -- you don't have to fire employees. and when the government comes in and shuts down a restaurant like a city does or the governor and then they say, oh, by the way, have you to keep paying your property taxes but we've shut you down, that's a takings and that should be compensated and there's an effort -- there's judicial questions now, legal cases in kansas where they're saying if the government shuts down your business, they have to compensate you for that clearly. ppp was an effort to do that, but the most -- if you look at the difference between states and how -- what their unemployment is, it's a question not of covid but of the shutdown how strict has the shutdowns been they go after restaurants which are a minuscule part of covid but they've done tremendous damage to tens of thousands of

small businesses in the country. i would prefer the government start by doing less damage rather than compensating people for damage we should be moving forward. the earlier discussion, we saw jimmy carter's efforts this is more of that we saw clinton's efforts, taxes, spending this is more of that we also saw the effort by obama. the obama spending, the obama deficit spending gave us the weakest recovery since world war ii in terms of jobs, in terms of gdp. it was a very weak recovery which is how trump won, because people were so grumpy that the overall economy was doing so poorly they haven't learned anything. they're going back to the same. >> i want to make a similar point to stephanie stephanie, we've given a nobel prize -- we've given three of them out to three different economists every year, and yet the debate still rages about whether money is treated better in the public sector or the private sector nobody's getting closer to the other's viewpoint on this.

i would just say if just endless stimulus, more and more spending always would result in higher gdp and better growth and higher stock prices, it just seems like that would be -- this is an absurdist argument, but why not just spend as much as you -- why not give everyone 50 grand instead of 2 grand and just spend all of that? everything is going to be fine the economy just will rocket and the stock market will be at 100,000? but we know that growth and wealth is generated by the private sector and it's just spent by the public sector >> okay. look, let's talk about what causes the economy to grow, right? it's spending. so we can't make spending the enemy of, you know, prosperity because gdp is nothing more than a measure of total spending in the economy. and, you know, quite frankly, cash registers don't

discriminate they don't discriminate a public spent dollar from a private spent dollar the point is capitalism runs on sales, right so whether it's the private sector or the public sector generating the spending that leads to someone else having income that then you get a multiplier effect, more robust recovery, the realities is right now the private sector is spending less. why? because of the pandemic. because consumers are cutting back and when consumers cut back, businesses lose out on customers so their revenue goes down, so profit comes down so government can come in and backfill some of that lost spending and help to support the economy. at some point the recovery will take hold and it will be appropriate to withdraw the fiscal support it isn't a permanent increase in large deficits, it's temporary and it's there to help lay a foundation for a sustainable recovery. >> grover, the argument that the other side would make is that sooner or later interest rates

rise based on the amount of money that we borrowed and that that becomes a permanent governor on any decent growth and is what holds things down, because you've spent too much. is that what -- but rates are so low that that doesn't seem to be that -- the issue right now. >> inflakes will come back down. >> we've tried these policies. >> the arguing it. >> the island.

>> can you make a go of it >> they may have some money. thank you, grover. stephanie, thank you the debate rages on, stephanie what are those nobel prizes for? why can't someone tell me, which is true. it's never going to happen. >> we'll come back again. >> that's why i love economics there are no truths that are objective. anyway, thanks beck. >> we all see it differently tomato, tow matteau. when we come back, a new street high on tesla shares. we have the details after the break. then tech investor alan patricof with a move for big tech to ban parler check out futures under pressure dow futures down by 200 points now. s&p fewer tires off by 20.

all three major averages cing om off new records set on friday. we'll be right back.

welcome back to "squawk box" this morning a couple of stocks to talk about and tell you about right now bank of america upping its price target on tesla to a street high new price $900. piper downgrading salesforce the total $43 billion. piper lowering its rating to neutral. lululemon expects revenue an earnings for the fourth quarter to be at the high end of the prior range. they previously had expected fourth quarter growth in the mid single digits. now saying, rather, it expects revenue to grow in the mid to high teens percentage range. we've got a lot more coming up in just a moment social media app parler in a big battle with big tech we'll hear from alan patricof about the banning of the social

media platform mohamed el erian on the move with the state's enocomy and so much more. "squawk" returns right after this instantly clear every day congestion with vicks sinex saline nasal mist.

for drug free relief that works fast. vicks sinex. instantly clear everyday congestion. it's time you make the rules. so join the 2 million people who have switched to xfinity mobile. you can choose from the latest phones or bring your own device and choose the amount of data that's right for you to save even more. and you'll get nationwide 5g at no extra cost. all on the most reliable network. so choose a data option that's right for you. get nationwide 5g included and save up to $300 a year on the network rated #1 in customer satisfaction.

it's your wireless. your rules. only with xfinity mobile. not because i didn't want it. i worried it was too expensive, and i was having a hard time paying our other bills. but now, for the first time in our lives, i can do both. covered california was made by californians for californians. and it makes health insurance more affordable, with financial help for people who need it. covered california. this way to health insurance. enroll by december 15th. getting back to the top stories. big tech muzzling much of the president's online presence. at the same time apple, google, amazon taking action against the social media app parler. joining us now is alan patricof.

he is the founder and managing director at greycroft and early investor in apple. alan, let's walk through how you're thinking about this right now. there are conservatives right now who are saying they are being muzzled, this is their free speech being taken away as a tech investor you think those companies have the right to go ahead with that. why don't you explain. >> certainly i think we're blending different issues they have a right to do whatever they want. i think it's their responsibility to police what's going on over their network. this gets to the whole question of section 230 and how much responsibility they have for carrying other people's content, but when you're letting social media take over and letting indiscriminate comments appear on your network and have access

to the number of people that these social media sites have today, it's a concept. overthrow the government the regulations and getting the media there. we have a major source of news and we see evidence. whatever happened. the action it was going.

>> the regulation is warranted i'm a free speecher. first amendment person you can't have what we have. the companies we're talking about, several of them, many of them have become in effect

utilities. they are monopolies. they do control the data forget about the speech, the data is what concerns me that's been a matter of my concern for all the last year or two and saying we had to do something. i mean, congressman sipilone has built these hearings, these antitrust hearings and i think they're going to get into that that's separate and apart to the issue that's being discussed this weekend, which is parler and twitter and how they're acting to try to control what's going on going over their network to stop rioting. >> alan, i put the two thoughts together for a reason because i agree with you that, you know, you don't get to say just anything on these platforms and get away from it -- and get away with it, but at the same time if you're making the argument that these companies are utilities or monopolies, that puts them in an entirely different category. the water company doesn't get to decide they stop serving you

water because they don't like what you're saying that's where i got confused. i hadn't looked at it until i looked through your comments are they publishers? are they broadcast companies or are they monopolies that puts them in two different categories. >> i think people are using these raleils. they're a transportation company and the trains have a different responsibility it's different than the rails themselves i believe you have to think of that separately, and i don't want to, you know, conflate the two issues right now we're focused on companies like parler and twitter and others which are -- well, i shouldn't even conflate them parler is promoting the speech that's happening, twitter is giving access to it. i think from the standpoint of them providing the rails, they have to be very careful about, you know -- i don't think you

conflate water companies with this you can compare this to perhaps verizon or at&t and -- or cnbc or -- i mean, i don't think your network that you would allow me to get up and preach overthrow the government storming the capitol. >> alan, here's the utility question to me do you need twitter in your life do you need parler in your life? do you need facebook in your life or instagram or any of these social media companies i do believe you need a telephone in your life, that's true therefore, you need apple or you need an android phone. you need obviously the cellular network that's going carry it. the question is do you think the social media companies are so instrumental and important in your life that unto themselves they are utilities >> andrew, you'd have to parse them one by one. i would personally say an easy one is google. i don't think people could survive without google

if you asked me a question right now and i was struggling on the air, i'd go to my phone. the only place i would go to get the answer would be google i think that's the same with facebook has become utility. i said on your program when facebook went public that the day it went public that it is in effect a utility the question was asked by joe how long would it be around? i said, it's become part of your life you can't do without it. the key is the data they control. every day the data gets stronger and stronger with more and more users with whatsapp, instagram the confluence of data is so strong that you can't survive without several of these twitter, i don't know about. you probably could that's another issue i don't want to get into one by one. i think congress is going to do -- has to do something about this, will do something about it for one thing, it will probably take longer than anyone would

like, and at the end of it they'll figure out a way to protect the smaller -- to protect users against the use of their data, give a broader usage to the data so that it isn't concentrated in a couple of places five or ten years from now, i mean, i can't imagine how strong these social media sites could be if there isn't some kind of regulation we can have constructive regulation and apple, you know, with its 30% toll charge has to be looked at also. i'm not excluding them i don't own stock in any of these so i'm perfectly free to comment. >> hey, alan, the aclu has even weighed in a little, and not sharp -- not strongly, but it's sort of like raising one eyebrow on the kind of precedent some of this sets. we're going to have the adl gentleman on later, jonathan, and he points out, you know, things like white supremacists inciting violence. that's all clear and easy to see. those are -- you're actually on

the rails, so to speak, you're abdicating some type of action what about ideas what about ideas -- and i mentioned on college campuses that connie rice isn't welcome and ben shapiro gets canceled. there's a movement to say fox news shouldn't be on different networks because of those ideas. don't you worry that we're headed down a slope, and even if we're not, you're going to inflame a lot of the people that, you know, thecountry is still divided. there's a lot of people that this is going to inflame even greater just in terms of thinking it's unfair the way a certain side is being treated. >> joe, i don't think it's one side necessarily i think we're talking about hate, preaching violence and things that are in extreme i think having different points

of view, i may not be a big fan of tucker carlson. as long as he doesn't go over the line, i mean, you know, there's no reason in the world why a network can't be conservative, another be liberal and have points of view that are hopefully based on fact. when you get to extreme views that have no basis in fact, and i'm not going to be the decider of what's facts but we can all agree on the facts. >> the ceos of the companies are becoming the deciders. i don't know, in the past we've seen, i don't know, just worrisome -- i would be worried about some of these guys just knowing what i've seen in the past, that they would be the -- you know, be the gateway to -- it's their companies, as you say, they can do what they want, but i think the precedent is being set that people should worry about. >> joe, these arguments have been going on for years about -- >> right. >> -- limiting free speech i think there comes a time, and last week we did the rubicon of

something has to be done on a constructive basis to not let what happened last week ever happen again where this country can't afford to have it in terms of its image, in terms of what we all believe in. i'm very much in favor of this being brought to the front and people taking constructive positions, and i think private companies are entitled to do what they want and acting responsibly. i hope your network would do exactly the same thing. >> alan, it's great having you here a lot talking about. we didn't get to spac. we'll have you back. there's much more to discuss. >> let's talk about spacs. >> thank you very much >> ♪

♪

. good morning futures in the red as we get set to open the second trading week of 2021. the dow and s&p 500 are coming off their best week in six and growing calls for impeachment. congressional democrats set to begin efforts to remove president trump from office just days after they say he incited a violent mob to storm the u.s.

capitol. the tipping point. after twitter expels the president, tech giants crack down on social network parler. we'll speak with the head of the antidefamation league on this week's moves the final hour of "squawk box" begins right now. you good morning and welcome to "squawk box. i'm joe kernen along with becky quick and andrew ross sorkin futures pulling back from new highs from last week about 220 points, 230 points s&p down 23 and change nasdaq down 75 also treasury yields treasury yields at this hour 1.1% on the 10-year.

some of the most exciting. tesla, bitcoin is not a stock but all the way back down to 33,000 and change which 33,000 is a lot, just under 34,000 but up from, where were we, 8, 9,000. down from almost 42,000 just a couple of days ago do the math. $9,000 on 42 is a pretty big percentage loss. >> thanks, joe let's get you caught up on the continuing fallout from last week's riots at the u.s. capitol which came after president trump rallied his supporters at an event nearby congressional democrats will begin efforts as soon as today to remove the president from office house speaker nancy pelosi says lawmakers will move to impeach the president, but before that today house democrats will be seeking to vote on a resolution that calls on vice president mike pence to invoke the 25th

amendment to remove president trump from office. yesterday pennsylvania senator pat toomey became the second republican senator to call for trump to leave the president has been uncharacteristically silent over the weekend, partly because twitter personally banned his personal account from the platform on friday evening parler, which is another social network where some of trump's supporters have gathered recently, had its app dropped by the google and apple app stores on friday and saturday because of what the companies say were messages inciting violence earlier this morning amazon web services pulled the plug on parler basically forcing it offline. we'll talk about this coming up about this aspect of the story at the bottom of the hour with the ceo of the antidefamation league joe? let's get to the markets we showed you the futures at the top of the hour. they are in the red. might this be the start of a needed cooling off period? we love that question. ask it all the time. >> yeah.

>> been a crappy question to ask over the past eight or nine months probably. cnbc senior markets commentator mike santoli joins us now. 200 points off the all-time highs. >> well, listen, joe, twice over the last eight or nine months we have had a constructive cooling off period maybe i think if you loved the market longer term, you might be hoping for one now markets are starting to run a little bit hot and the choice is chill out or overhead. this is the s&p 500 along with bolinger bafrp e er band. you see the s&p on friday's close nosed above the other one. that was the peak in september, 10% correction you nosed above it in early june it's not a prediction, it's saying that the market has essentially gotten a little bit stretched relative to its own behavior on the s&p 500. one of the reasons the market has been so strong and powerful

and starting to heat up, you have the reflation trait, cyclicals and all of that flying at the same time as the fin techs and all of that. this is the more volatile, cyclical semis, banks, things like that, they have been flying iwc is micro cap stocks. this is over the last couple of months you see how they've taken flight splv is lower volatility risk appetite is riding high good thing broad rally. bull market. credit looks good. fed is friendly. it's one of the tactical things to wonder if, in fact, we were getting a little too frothy in the very short term, joe >> we have had a couple of guys pretty smart talk about between now and the end of 2021, mike, where they're looking for maybe, you know, high single digit overall but in between a 20% pull back, right

paulsen based on the vaccine and reopening trade when it finally happens, when a lot more people get the vaccine, a lot more things do reopen, that's when we get a breather that could be 10, 15, 20% as far as a pull back. so this is 200 points. a pull back now of 20% would be back to about 25,000 on the dow, i think, right >> yeah. i do think some of those calls though are for a 15% or so decline off of higher levels everyone is trying to be cute about the cadence of it. other folks have been bullish. into february and march if things at this point to go at this pace you're going to be in a position where there's going to be a lot of air under the market may not be the case just yet. >> thank you, mike see ya andrew >> thanks, joe. joining us right now to discuss the markets and more is mohamed el erian, president of queens college cambridge good morning to you, mohamed you wrote a piece over the weekend entitled rising treasury yields flash a warning sign.

how bright is that warning sign right now to you >> it is getting brighter but it's not that bright i think the path of least resistance is still up, andrew you've heard me say that for months the technicals supporting this market are strong, but if you're looking for warning signs, there are some warning signs coming out of the fixed income market >> so, mohamed, what do you think will be the tipping point? if you're looking at that warning sign to flash from yellow to red, what's going to do it? >> in the first five trading sessions we've had 20 basis points steepening in both 210s and 230s said other ways, 10 year yields have gone up around 20 basis points 30 year yields have gone up around 20 basis points the 2-year yield has been anchored by the fed. it has been going up for the wrong reasons, not because of growth, but a combination of

buyers getting more hesitant and people worried just about inflation. not about reflation but inflation. so if that continues, if you get another 20 basis points, another 5 or 6 trading sessions, then it's flashing yellow a lot brighter at that point. >> wanted to ask you about equities in terms of where you think they're headed, but you've often talked about trying to pick the right equities. tom lee has a note out this morning about what he's calling a new investment theme i never thought i'd read this. violence in america is the investment theme he talks about people moving from suburbs to low crime areas. from cities and suburbs to low crime areas. he talks about people trying to create distance, home security systems and the like, car security he talks about weapons obviously, self-defense, and then he talks about cyber crime, security software and bitcoin. do you agree with that

>> i agree with the notion of thinking of themes i don't agree with that particular theme i think the big trade for a couple of years has been just bet on the s&p just bet on indices. just bet on the nasdaq it doesn't matter. they're all going to go up i think we're looking at a much more differentiated value for stocks and devaluation i think themes matter. there are people with defensive themes and what you just heard is a defensive theme i'd rather have a balance sheet theme as a defensive theme but i think the general point, andrew, is that themes are going to start to dominate over just index passive investing. >> mohamed, we've talked a lot about bitcoin and what it represents in many ways in terms of what's going on with monetary policy around the country. in the u.k. this morning, the u.k. regulators warning investors that they could, quote, lose all of their money

we've watched it drop from $40,000 to $35,000 that was before this comment took place are you of the view that cryptocurrency investors could lose all of their money? >> no, not lose all of their money but lose part of their money and you're looking at someone who sold, you know, too early. i came with you on set a while ago and said i would bybee low 5,000, which i did shtsz and i sold at 19,000 i sat there and watched it double in less than a month. look, understand what's going on in the bitcoin market. there is a significant base of people who are long-term holders and they have different reasons to do so they mistrust the liquidity injection. they're worried about inflation. they're worried about all sorts of things. above that there's a really big layer of speculators that is where the risk is for bitcoins will it eliminate everything no i don't think bitcoins are going to disappear i don't think they're going to lose all of their value. could they lose part of their

value? sure it all depends on the speculative behavior we see elsewhere in the marketplace there's many, many pockets of excessive risk taking right now. >> so if you were to look at that now, $34,000 price that's on the screen, what percentage of that or what number of that do you think is the quote, unquote, speculator price versus the fair value i know we've struggled for a long time, if not forever, since bitcoin emerged to think of what fair value could even be >> i don't have an answer. my gut feeling was around 19, 20 that's why i sold. it turns out to be wrong it got driven higher than that that was my gut feeling. i don't think anybody has an analytical model to answer your question, andrew. >> mohamed, we're going to leave the conversation there always good to see you and get your perspective on all of this and look forward to speaking to you again, very, very soon

becky. >> thank you >> thanks, andrew. when we return, what has to go right for the economy to see a springtime rebound it might be more than you think. right now as we head to a break, a few of this morning's top headlines. first of up, bank of america upping its price target on tesla to a street high level of $900 a share. separately, reuters is reporting that tesla is in the hunt for a design director in china with the company looking to create cars geared towards chinese consumers. lululemon raising its fourth quarter guidance thanks to holiday demand they expect revenue and profit to come up in the high end of its prior forecast, however, shares are lower this morning. and some spac news for you today. digital asset marketplace bakkt will go public with a vpc acquisition. bakkt was launched by

intercontinental exchange in 2018 you can catch jeffrey sprecher at 9 a.m. eastern time stay tuned quk x"ilbeig back.

welcome back to "squawk box" this morning take a look at the futures again. we are down 216, 217 on the dow. nasdaq looking to open lower about 81 points down and the s&p 500 looking to open off about 22, 23 points off. check out shares of neo. it's the chinese based electric vehicle maker unveiled the new luxury sedan shares hitting record highs this morning. separately jpmorgan raising the price target from $50 to $75. it's up 11%. more coverage of that and more you can go to cnbc pro where you can read about analysts forecasting returns following nio's investor day. coming up, the head of the antidefamation league weighs in on president trump's expulsion for twitter and big tech's wider crackdown on content that it

says encourages violence. dr. scott gottleib will join us to talk about a new vaccine rollout that president-elect biden wanted to initiate stay tuned, you're watching "squawk box" on cnbc ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪

automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. got to do something. workday! i think i got something. work... hey, rob, you're on mute.

hello. [all] hey... there he is. workday, the finance, hr, and planning system for a changing world. ♪ch-ch-changes wall street seems to be banking on a springtime rebound for the economy based on a

successful rollout of the coronavirus vaccine. senior economics reporter steve liesman joins us with a look at everything that has to go right for this bounce to take place, and it's a lot steve. >> reporter: yeah, it's interesting, joe look inside wall street forecasts for growth average is strong, 6% of the spring and summer shows most economists basing their optimism on the u.s. to achieve herd immunity in the next quarter or two allowing for a return to nearly normal economic activity. trying to deal with the uncertainty around forecasting herd immunity. almost every part of the equation has uncertainty underlying these forecasts here's the basic equation they're using. they figure there's already natural immunity in the country about 25% of people who have had the virus. vaccinations would have another 50% leading to the uncertain number, 75, 70, 80 they settle on 75% for herd immunity

vaccinations a function of supply and distribution and demand which is how many americans want to take the vaccine. compared to other nations, the u.s. nation is among the least willing to take the vaccine. daan struyven from goldman sakes says a lot of things have to go right to get a jab in people's arms which is why the risk is skewed to the down side. oxford economics, they have a base case. 60% of the population vaccinated by june. more than 70% in the optimistic case and below 750% in pessimistic. forecasters are looking closely at the escalating spread of the virus and the new strain to see if that changes the need for vaccinations or again pushes out the time line. goldman sachs in a report that was released yesterday sees

these challenges as temporary. they push out the time line a bit. they have a steeper ramp up in growth in the summer joe, i think it's fascinating that this is how you make a forecast you have to get herd immunity, vaccination and natural immunity. >> by state. >> that's another aspect to t. then by country because there's comparisons that i have which i didn't show you that show how the u.s. is doing. by the way, relative to other countries, the u.s. on vaccine distribution is doing pretty well >> not fast enough, is it, steve? >> right anyway, we're going to move on thank you, steve hopefully things getgoing a little bit quicker near term. see you later. thanks, beck thanks, joe. let's talk more about covid-19 and the vaccine rollout right now. joining us for that is dr. scott gottleib of course, when president-elect

joe biden takes office, he says that he's going to move rapidly to lease most available doses rather than saving supply for people's second dose that will be a reversal of the trump administration's approach. joining us is former fda commissioner scott gottleib. his latest op ed he talks about the new variant of the coronavirus and how vaccines can be adapted to ensure immunity. we'll get to that in a moment. dr. gottleib, why don't we start with the idea that you've been advocating for, get the doses out and we'll catch up. >> i think it's good news. we need to worry about the second doses and make sure we have enough supply you don't need to stockpile 5% of the vaccines being produced there are two debates. some people argue we could forego the second dose or delay it, deliberately delay the second dose. i don't think we should do that.

i think we should prescribe it the way it was studied the second argument is do we need to be stockpiling fully 50% of all of the doses coming off the manufacturing line to make sure everyone gets their second dose on time should we take a risk and get more doses out and expect future supply can be used to provide the second doses i'm in that camp i think we can push out more vaccine given the fact this is the most critical part of the epidemic and take a little bit of risk that there could be a delay. i don't think there will be. i think the manufacturers will keep up. i see no reason why there will be a problem we could stockpile a little bit. we don't need to be stockpiling fully 55% given the public health urgency as a backstop to the new variants. >> we have spent a lot of time talking about what a mess it is in terms of distribution and getting shots in people's arms i think i heard 22 million doses have been distributed and maybe

more should have and could have been distributed if we've been keeping up and doing what you suggested. even beyond that, even with the stuff that's distributed we can't get it properly into patient's arms we have something like 6, 6.5 million doses of the 22 million that have made their way into a person's arm what is going on when do we get to the point where we streamline this a little better? when can we get past this idea of everybody fighting about who's jumping the line and who's not? how long are we going to be stuck in this limbo? >> i think that's one of the keys we are very focused on creating a system to make sure no one we don't deem eligible to get a vaccine. the more rules, the more penalties we put in place, the fewer vaccines will be delivered. that's the bottom line if we want to make sure there's absolutely no one who purportedly jumps the line, would he'll have a system that crawls we need to get over that and every vaccine we can get into someone given the urgency is a public health win in some

regards. there's 47 million vaccines that have been allocated at about 7 million have been injected there's about 40 million vaccines sitting on the shelf. with the states, with the federal government doesn't really matter. they're not in a patient's arm there's 50 million senior citizens over the age of 65. those 40 million vaccines look pretty attractive if your goal is to vaccinate the entire population of senior citizens. you have more supply than you think you do in terms of the biden administration, it's very hard to fix the system that's been created. what they can do, they'll try to fix it over time, what they can do right away is wrap around it. create new distribution points in stadiums. that's a good idea you can drive a lot of volume. a lot of people don't want to go to a stadium, especially a senior citizen i come back to pushing it through avenues where they go,

big box stores they can engineer and push vaccine through big box stores you could allow people to go online and schedule appointments two months out so people have some certainty about when they're going to get vaccinated and some of this uncertainty is taken away >> i hope people are listening i think that's an important step earlier today we spoke with dr. sahin, the ceo of biontech i don't know if everybody knows, he's the guy who actually developed this vaccine, the biontech pfizer vaccine. he did it in a few hours in his lab in january a year ago. he had been working in this field for a long time using this very technology. he told us today he hasn't even gotten the shot yet. what the heck is going on with that he's an essential employee, right? >> well, he is an essential employee i don't know how i feel about not inoculating him and his team that's working on this i'll leave that decisionto him but he is a very important

person in this whole effort. look, i think there is a real hesitation -- >> he said he would take it. they won't give it to him yet. >> i don't know about that i mean, i think that hopefully it's available to him. maybe i should look at that. as you know, i am on the board of pfizer. >> i know. >> there is a lot of worry about getting ahead of the line but, yeah, he's an important person in all of this i hope that he's staying safe. >> hey, scott, what do you make of -- there's a number of elite medical centers and when i mean elite medical centers, i'm talking about columbia university, harvard, vanderbilt, others, you probably read this in "the new york times" yesterday where they decided to inoculate everybody, including administrators, people who were 20 years old, people who have nothing to do with dealing with

covid directly problem? not a problem? how do you think about it? >> well, look, at least someone's getting vaccines in arms, right? i don't blame the university, i blame the government rules that have been imposed on them. the state has said you cannot distribute the vaccine to anyone but a health care worker within the institution. when it's run out of front line health care workers to vaccinate and they have leftover vaccine, what are they going to do? they find other people part of the institution to inoculate this is part of the problem with the rules that don't allow the vaccine to start dribbling out to populations who are eligible, who want the vaccine. >> right one other question which is a number of large companies are lobbying the government to have access to the vaccine and distribute it themselves how do you feel about that given the complexities of it but also what it might mean for smaller businesses, retirees and the like >> yeah, i think that's unlikely to happen until we get into

probably march the way the government is contracted for these vaccines i don't think you're going to see the government give up the pole position on distributing the vaccine. maybe as we start to get into the early spring my belief is that the demand is very deep. there are people who want this badly but it's not wide. once we get 60, 70, 80 million americans inoculated, we're going to find it's a little more difficult to get people to come out to a stadium and line up and we have to look for other delivery routes to make it easy for people to get these inoculations we're living in this belief that the demand is endless and it's not. by the end of february we will find we have to open up eligibility pretty wide to get people to come in to get inoculated we won't be in a rationing situation. it will end sooner than we think. >> scott, we also keep tracking these new variants and wondering how effective the vaccinations will be against the new variants what can you tell us to give us i guess some hope on that front?

>> yeah. there's experimental data that pfizer has done that shows that the vaccine should be effective against the u.k. variant it's early data. it's just laboratory data, but it was encouraging we don't have data yet but it's being developed against the south african variant. that's a little more concerning because it mutated on the spike protein. it won't be binary it won't be that we wake up and the vaccine is no longer effective. what could happen is over time as the virus drifts, the vaccines become less protective. there's no reason to believe that happened yet. that will be a gradual evolution. the data we have suggest that the u.k. variant's .2, .3% of the infections that comes from i will lllumina. we don't have information on the south african variant. ireland has a raging epidemic, the u.k. variant went from 9% of

infections to 25% of infections over a two to three-week period. saying we only have .3% of the variant that are u.k. will grow quickly. >> dr. gottleib, thank you always good to see you and a programming note, don't miss another big lineup of health care executives tomorrow on "squawk box" and throughout the day on cnbc. ceos of eli lilly and pfizer will join us next on "squawk." coming up, twitter's decision to ban president trump, is enhanced social media much more of a possibility? the leader of the antidefamation league will join us. stocks of twteitr, facebook and snap down. twitter down by 8% stay tuned, you're watching "squawk" on cnbc broken windshield... take 1...

hey guys, my windshield just got broken, i feel like i need to blow off some steam. let's go... 1, 2, 3, 4... mr. blanks? there's no need to be stressed. geico makes it easy to file a claim online, on the app, or over the phone. yeah, but what if i never hear back? that's gonna make me want to go jab...jab! nope! your geico claims team is always there for you. that makes me want to celebrate with some fireworks. 5,6,7 go... boom, boom, boom, boom boom boom boom boom boom, yeah! geico. great service without all the drama.

to end them, cybereason built a cyber security solutioning. so advanced... it can end attacks today -- on computers, mobile devices, servers and the cloud. and deliver future-ready protection, keeping you sharp for tomorrow. join us, the defenders, in our mission. cybereason. end cyber attacks. from endpoints to everywhere. jpmorgan and citigroup are halting donations to political action committees following the riot at the capitol by president trump supporters jpmorgan saying it's pausing

contributions for at least the next six months. citi will be pausing donations in the first quarter i spoke with goldman sachs last night and they also should be on that list. in addition, hotel chain marriott in the blue cross/blue shield group say they're going to stop giving money to republican lawmakers who backed efforts to disrupt last week's electoral vote count in congress we're seeing a real move by companies in terms of how they're reacting with their money. joe? >> thanks, andrew. twitter, facebook, snap chat, other social media companies have banned or moved to restrict president trump's presence in the wake of the riot at the capitol last week a number of companies citing the risk of incitement to violence joining us jonathan greenblatt, antidefamation league. long time no see it's been a matter of hours. just last -- was it thursday or friday last week anyway, we're going to -- we love having this conversation together, the two of us, and i

don't know, what would we call it the slippery slope part 8? that's my worry when we talk about when we go back and forth. a lot of times, john, you mention the aclu, i brought them up before that, you know, even they might weigh in on this. you always looked at the aclu as an ally. i want to read quickly what an aclu lawyer did say about the latest move. we understand the desire to permanently suspend him now meaning trump. it should concern everyone when companies like facebook and twitter yield unchecked power to suspend people especially when political decisions make those so easy. the aclu, they're raising half an eyebrow to this >> look, at at adl we've been

fighting for the first amendment over 100 years many times many occasions we have been aligned with the aclu. anthony romero is a good friend of mine. i'll be very honest. we don't always agree with them. we didn't agree with how the charlottesville rally happened the unite the right melee book ended what we saw last week. we didn't see eye to eye on that i won't disagree about the fact that some of us feel very uncomfortable with the tech giants having so much control over free speech, but i think we should be looking at this problem in its totality which means it's not just the fact they choose to pull down certain voices it's that they have chose to elevate certain voices and the fact again that you could take examples of speech that is not protected like blatant calls to violence and promote them on platforms that reach hundreds of millions of people, you and i have had this conversation, joe, it's been somewhat theoretical

last week we saw the real world consequences of these companies elevating the worst elements of our society. >> right. >> and that i think -- i think you and i and our entire country needs to reckon with do we feel comfortable with these essentially media businesses promoting the most violent and hateful content because now we see what can result. >> couple of other things that i thought were interesting now president trump is one person, but dick costello, the former ceo of twitter back in june tweeted me first capitalists who think you can separate society from businesses are going to be the first people lined up against the wall and shot in the revolution i'll happily provide video commentary then in the journal, jonathan, they went and talked to a leks yeah navalny and he said he gets

death threats every day on twitter and nothing ever happens to them, that there's violence all the time threatened on twitter and it's selectively enforced he also says that while twitter is a private company, we've seen many examples in russia and china of private companies becoming the state's best friends and enablers when it comes to censorship. so it needs -- don't you agree it needs to be -- these edicts need to be enforced on both sides, left and right whenever violence or any of these things that we don't want published, that it should be equally enforced there's no guarantee that's going to happen. >> well, look, i mean, the law is very clear. again, inciting violence is not expressing an opinion, right it's a call to arms that threatens lives and that does not encompass in the first amendment. you can't do it on cnbc or

"shark tank," you shouldn't be able to do it on facebook or twitter. these businesses, to your point, they have a moral obligation as well they called on facebook to make changes when we saw white supremacists subverting the pamela form aflat form it took businesses, regulators and suddenly they started to move twitter has stepped up in a way, we commend we called on jack dorsey to permanently ban donald trump and he did the reality is, i agree with you, companies should not be agents of the state, but companies shouldn't be agents of chaos. all we would ask is they apply the same kind of calculus that broadcast networks do, newspapers do to make sure the content that flows into the mainstream of america isn't undermining that democracy this isn't abstract. we saw what happened five lives lost on wednesday morning -- wednesday afternoon

it's tragic and it was avoidable, joe it could have been avoided >> becky. >> jonathan, you compare it to what newspapers and television stations do. i appreciate that 100% it's a lot easy other for a television or new hampshispapere you're controlling information flow the greatest strength of these social media platforms is the greatest weakness. it's this flood of information that's coming out. i don't want to give them an easy out on any of this. i think they need to be held to account for this, but how do you do it when you have so much that's flooding in all the time? you figure you write computer programs and it's going to strip off anything that sounds like it might be inciting violence do you have to have a human part on top of that, a human component? >> becky, i think that's a very fair question. let's just think about this for a moment in facebook and twitter you have -- those are two of the most innovative companies in the american economy

frankly, i would say that facebook alone is the most sophisticated advertising platform in the history of capitalism they earn $70 billion in 2019. i don't think we have the 2020 numbers yet. if there was ever a business that could figure out how to leverage its extraordinary capabilities and point it towards better outcomes, i think that's facebook. here's the other thing, new platforms need to build this into their design when they launch that's why parler went down. parler went down last night. it styled itself as a platform for free speech and it became a cesspool of hate speech. the content on there killed jeff bezos, when john matzi launched parler he could have done it with the right guidelines in the first place and he didn't do it. that's why companies like apple, google, amazon are saying we don't want to be involved with a business that's promoting violence we have to figure this out i used to work in silicon

valley i know what they're capable of i'm sure they can do it if they put the resources towards it. >> one of the things that's fascinating that happened with parler, the responsibility has moved up the stack, if you will. it used to be that we would talk about the apps themselves, parler regulating itself, twitter regulating itself, facebook regulating itself now you have a situation where the platform itself, the apples, the googles, aws which is providing the back end service for parler is saying, no, no, we can't do this. does this change the dynamic and responsibility that those folks, the apples, goingless, awss have in terms of what's going on inside these apps on their platform and how are they going to police that i'm thinking even of a signal or whatsapp and the amount of information and sometimes misinformation that's being circulated in those circles oftentimes in an encrypted fashion. >> so, yeah, that's a great question

there are a few pieces to it number one, i do think the sense that we belong and have to behave in a moral way and belong to a shared society has moved up the stack. you have not only the companies that enable you to download the applications, likely google or app apple, you have hosting companies like microsoft or amazon, you have payment services, web security services, cloud flair. all of them are realizing maybe we actually need to think about the businesses that we do business with and the whole value chain, if you will i do think part of what's happening here is they're realizing that employees are no longer going to tolerate it. their ability and ability to detect this, we don't want to be at a company that does business with the worst elements of society so you're seeing this change i think it's a healthy one for the economy. ultimately it doesn't make me comfortable that a few companies control speech, but at least they need to enforce their own terms of service that's all we're talking about. >> we'll have you back, john

people are worried we get to the point where the cancel culture we see on college campuses where conservatives basically aren't welcome. we're not talking about -- we're talking about banning ideas, not banning hate speech or violence. we just worry that -- >> that's a different conversation that's a different conversation. >> these guys that are in charge of these places are perfectly capable of something like that and we don't want to go there. we don't want to go there, a lot of people don't. jonathan, we're going to have you back and we'll have slippery slope part, i don't know what it is now i don't know the french for those numbers when they get too high we'll see you later. thanks becky. when we come back, jim cramer will weigh in on the market week ahead. we do have a lot to get to this morning. take a look at the future. p w futures down by 260 points s&off by 30. nasdaq off by 106. we'll be right back.

and even now, many experts predict the next gold rush is just beginning. so call u.s. money reserve. the only precious metals organization led by a former director of the united states mint. as one of the largest u.s. gold coin distributors in the country, u.s. money reserve has proudly served hundreds of thousands of clients worldwide. there may have never been a better time to start diversifying your assets with physical gold and silver. and right now it's easy to get started. pick up the phone right now. call to receive the complete guide to protecting your hard earned assets. don't put it off another day. the call is free and you'll speak with one of the u.s. money reserve account specialists who will get you your free information guide in the mail right away. - i enjoy buying gold. gold has protected me. i feel comfortable when i got involved with gold and it's something i could physically touch. i have it and i have it secured. of all my years involvement with buying gold

it's only gotten better in my faith in the company, u.s. money reserve. that's the company i do business with. and i don't see doing business with anyone else. - [narrator] if you've bought gold in the past or would like to learn more about why physical gold should be an important part of your portfolio, call to receive the complete guide to buying gold, which will provide you important, never seen before facts and information you should know about making gold, silver, and platinum purchases. for faster wealth protection request a digital version of our complete information kit which will be emailed for faster delivery. - pick up the phone and call america's gold authority, u.s. money reserve. with nearly two decades in business, over a billion dollars in transactions, and more than a half a million clients worldwide u.s. money reserve is one of the most dependable gold distributors in america.

welcome back to squaukz "squawk. cnbc headquarters with jim cramer i want to get your thoughts on this, coming off this last conversation, that we just had i look at this situation and i don't see conservatives being censored i don't think that's what's happening. imminent violence is being censored and rightly, based on the fact that five people were killed

last week and there are people out there online right now talking about doing something similar again. >> look, there was a really important thought by timothy snyder, a great yale professor, this weekend, in "the new york times," talking about people who are trying to change, gain, just kind of game the system and traditional republic, and then there are people who want to break the system, and they want to break the system in two different ways break the system that they want to kind of reinvent the system then there are people who want to incite violence and that goes back to the doctrine of yelling fire in a crowded theater, so i think if you're inciting violence, there is no free speech for violence and no free speech for racists and these are not, let's just say violating anybody's right, they're chartered principles of the united states that should not be overthrown by violence i'm with julian, i don't think

it's left versus right, i think it's overthrow versus nonovernonoverthrow. >> how do you think about the tech stocks and what may or may not come with a regulatory perspective with twitter stock something down in the order of 8%. >> after facebook went through that morass of different things that they did, there was really no consequence, and not that i actually want to buy twitter because i think they could have a slowdown because of this, because no, i think it always seems callous to say it doesn't affect the stocks but it will not affect the stocks if the companies are continuing to be able to offer a bargain, in advertising, one of your guests said that. i do think that what becky said, which is the idea that look, we have newspapers and we have rules. these companies need to be able to invest, to be able to be sure that they are not plotting on facebook how to take over the

capitol. i don't think that's free speech i think that that's inciting violence so yes, you need a unity and the whole motto for these places is not have unity. >> very true and very hard given the opinion of it. we'll see what happens with all of it. we'll sue in a couple of minutes. we -- we'll see you in a couple of minutes we'll talk about the lower futures in just a moment after the break. a medical bill for twelve-hundred dollars. i had no idea i'd have to pay that. that's right. it's hard to know exactly what your health insurance is going to cover, so you gotta protect your blind side. aflac! aflac pays you money directly to help with expenses health insurance doesn't cover. really? aflac. get help with expenses health insurance doesn't cover. get to know us at aflac.com.

working, parenting, problem solving. get help with expenses health insurance doesn't cover. 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. new chapter wellness, well done.

welcome back to "squawk box.

the movers to talk about this morning with regard to analyst coverage initiated, tesla down, despite a target of $900 by analysts at bank of america, they think that stock is playing catchup and they're playing catchup with that political rating and it still remains a neutral rating here. and uber, down pre-market despite a top pick being named at morgan stanley and they like. so positivity around the delivery platform uber eats and boeing a top pick by analysts at rw baird, they think the positivity of air travel in 2021 will carry that stock higher so watching those three movers, they are getting hikes but still down pre-market. back to you. >> great, thanks. joining us for more on the markets, keith banks, bank of america. really, bank of america vice chairman and head of investment

solutions, we used to talk to a guy named phil dow, and eugene profit comes on a lot to talk about how to make profits and you're keith banks, there you have it. beginning of anything troubling today in terms of how far everything has come and it's a monday but it is a new year, and we're coming off all-time highs, but some of the leadership, some of the biggest leaders are really the ones pulling back today. is this the beginning of something? >> we don't think so, joe. i mean as we look at the backdrop right now for equity, we think economists are still underestimating the level of gdp that we saw in the fourth quarter, and we're going to see in 2021. we think we're still seeing underestimation of what the power of the stimulus is doing, and is going to do, both monetary and fiscal, so we think we're going to see some dramatic

revisions upward so that's a positive number one if and when that happen, and we think it will, that tells you there's a good chance you will see earnings revisions go higher also and then, you know, there's just a strong underpinning. the consumer is actually in good shape. we've got strong disposable income we've got tremendous savings rate $1.4 trillion in savings, joe. we've got this pents-up demand that we think in the second half of the year, on top of the stimulus, both monetary and fiscal, when people are able to spend, we call it bench spending, kind of a new term out there, we will see a big lift in the second half of the year, and put all that together and it is a pretty good backdrop for equities >> we could spend and spend and stimulate and stimulate, forever, and sooner or later, it seems like that is not a lasting way to run an economy. are you, make me chase, just not

right now, kind of a guy any comeuppance down the road? any day of reckoning when rates come up? i don't know, paint a scenario that could potentially happen. >> look, i think as part of this, joe, we expect to see long gain and rates move higher, and we think what will come with this is inflation which is partly while we're seeing long gainer rates that could move as high as 1.5% by the end of this year, so i think initially, it's going to be a very positive thing, and the other big driver we think joe will be flows the last two years, 94% of flows have been to fixed income. so as rates move up, we think that will be another good catalyst but to your point, depending on what kind of additional stimulus we see this year, it's pretty clear we're going to see more. and what level does inflation become a problem but between here and there, we do think the markets will lift further and the environment will stay positive. >> all right, keith, those are soolgting words, as we now are

down 300 though. hopefully, thanks, we appreciate you coming on today. and we have moved noun, down 300 points, negative on the dow. >> from all-time highs though. as we have pointed out we're going to do it all again tomorrow hopefully, hopefully we'll still be around. make sure you join us tomorrow the "squawk on the street" is next good monday morning. welcome to "squawk on the street". futures are weak amid the tension in washington. democrats preparing impeachment proceedings. corporate america responds further to the capitol attack. our road map begins with possible impeachment, as the house readies a vote potentially this week. what big tech silencing of the president says about its influence and an exclusive with the chairman of the new york stock exchange, in just a fe