joining she is larry summers, he was treasury secretary under president clinton, later served as presidentis still a professor. welcome, larry. let me ask you first about this new study you have put out in the "journal of the american medical association" where you estimate that the cost of this pandemic will be four times larger for america than the global financial crisis in '09 and the number you put is $16 trillion. that is staggering. >> it is, and it's because the fatalities are a part of it. the disturbed almost destroyed in some sectors economy is part of it. the fact is that for a lot of people who get covid, they are going to be serious follow-on consequences and there is a tremendous amount of anxiety and depression. put a dollar figure on that, as best economists do, you get to a quite extraordinary sum, and it points up the insane folly whether this is costing us dozens of billions of dollars a week that we are investing so little in having a supply of ppe, in having a competent testing regimen. the cost of incompetence here dwarves the human cost of the vietnam war in terms o

. $16 trillion according to larry summers and david cutler.er associates, ray dalio says china has an upper hand on the u.s. on a number of issues. and is on beijing's side the next u.s. administration will have to deal with china's continuing rise. >> time is on china side. -- china's side. what will be a difficult situation in the new administration is destiny is on growing andchina doing better probably. laura: facebook users are consuming twice as much fake news as they did in 2016 according to a report. et repeatedly has released fake news. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. anna. matt. lauralaura matt -- monday. the u.s. election -- president donald trump returns to the he feelstrail boasting energized and powerful after his recovery from covid-19. joe biden holds a lead over likely votersith in michigan and wisconsin. joining us now is our senior international editor, jodi schneider. what was the main message

that the boomers themselves like clinton and and all his financial advisors like robert rubin and larry summers they set in motion the through cities trap whereby china wouldn't be able to rise so fast so there's a lot of turmoil that you know this election won't decide but it's only going to continue to accelerate because it's already set in motion they can't stop it so that is usually the time when you go into gold so here's a chart to say like well let's look at what gold versus bitcoin are doing well gold has not provided a hedge against recent equity volatility bitcoin meanwhile has crushed it and that would go with the volatility is being caused by the collapse of the boomer and their rule of. how they rule the world in the financial system that is was disintegrating so it makes sense that gold would not respond it would go down with them whereas bitcoin is the rise of the millennial and generations easy and these generations coming up with what they're they're going to inherit the world and it sounds like they might have a positive impact right and people know about program training and

which did see an explosion of fraud and the markets and she warned about that but alan greenspan larry summers and bill clinton won that argument they said that fraud was necessary. here we are what we're seeing is mainstream media elites are saying well we're willing to offer so overlook fraud if you will hire some minority workers whoever the victim of that fraud is on the other side we don't know j.p. morgan settled with the department of justice and paid a $120000000.00 fine so we don't know who the victims were of the of the precious metals fraud who is on the other side of those trades that lost you know money to the trading desk at j.p. morgan but whatever those victims the victimization of those people apparently is worth it if there is some minority hiring at j.p. morgan well i'm one of the victims right because i'm a big buyer of precious metals name and i didn't pick that price discovery and you know i'm a victim and i should have as much say as a victim as anyone else in the society who's paying themselves as a victim who gets a nice film made about j.p. morgan why can't jamie diam

contributors larry summers of harvard. without stimulus at a moment like this is kind of like wading into a crowd not wearing a mask. david: afseaneh of the rock creek group. and bloomberg's stephanie flanders. stephanie: the idea that this is really going to be a much easier thing the second time around is wishful thinking. david:

david: contributor larry summers from harvard to.iorina. >> technology needs to come to grip with the fact that this is a new era. david: and

that's according to larry summers and david cutler. they arrived at the figure by adding the cost of loss-of-life and help to direct economic impact. facebook seen twice as much fake news than they did in 2016. the outlets that repeatedly published false and deceptive content has increased over 100% since four years ago. at the latest evidence facebook is struggling to stem the flow -- it is the latest evidence facebook is struggling to stem the flow of misinformation. global news 24 hours a day on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm leigh-ann gerrans, this is bloomberg. china's exports rose for the fourth straight month while imports surged. pointing further recovery for global trade and a domestic rebound. 'se data indicates china relatively rapid return to production has enabled it to take full advantage of manufacturing reopening and consumer demand elsewhere. the resurgence in europe and elsewhere poses a threat to recovery and with geopolitical tension

i will be joined by larry summers of harvard and lori hinle of state street global.ns is "balance of power" bluebird television and radio -- bloomberg television and radio. ♪ david: this is "balance of power ." president trump talked about a coronavirus being a vaccine -- a vaccine being available by next year end. a treatment from gilead. scarlet fu has some of the details. scarlet: remdesivir was a treatment he was given after being diagnosed. the company gapped higher at the open as much as 4.9%. this was originally developed to treat ebola. it has become the first covid drug to get fda formal approval. before that it was available under emergency use authorization. gilead can now move forward with marketing the drug. ve new brand name will be cklery. chargesaid it would $3100 for most patients. sales ofestimate 2020 be about $2.2 billion. the company is expected to sell 1.5 million doses this year. another blockbuster drug could make a huge difference and gilead will need it. it is getting a lower return from research and development. 40% versus 42%. the fda appr

we will in two weeks have larry summers kampeter blair henry speaking about with the treasury should do. and then we will shift to the international sphere and international organizations and european organizations and what they should be doing to rebuild the global economy. starting in january, we will put out a comprehensive land developing some proposals we have made from priorities and we will continue to track how the global economy is coming together. i am grateful to all my colleagues and our board members who are participating in board us into who support stakeholders who want us to come up with practical ideas to be within the sense of very realistic and we are talking to whoever is in office about what you can do better but to be ambitious and not constrained by short-term politics and push for what can be done realistically. we are not wedded to the old ways, we are embedded to empirical reality. our emphasis on the u.s. administration on europe and international organizations is not to say that the people on the other continents of africa of latin america of asia eastern

theill talk to one of former students of larry summers. "balance of power" on bloomberg television and radio. ♪ ♪ mark: i'm mark crumpton with bloomberg first word news. it is deadline day for house speaker nancy pelosi and treasury secretary steven mnuchin and on covid-19 relief. thatpeaker remains hopeful she and secretary mnuchin can reach a deal. they are scheduled to speak by phone today at 3:00 washington time. the speaker was interviewed last hour by david westin. speaker pelosi: we all want to get an agreement because people need it. it is urgent. our economy needs it. we have one bump in the road with the appropriations committee. not sure they will be ready, but let's hope that they are. we are starting to write the bill. then we can have the negotiation. i am optimistic. mark: those familiar with the talk say a price tag for a potential deal is inching closer to $2 trillion, though, numerous policy differences remain unresolved. president is demanding that attorney general william barr begin an investigation of joe biden's son h

. >> joining me now is larry summers, former treasury secretary under president clinton, former director of national economic council under president obama. larry, thanks for being with us. >> good to be with you. >> what's the effect of punting -- they weren't coming to an agreement but what's the effect of getting rid of any possibility of help with stimulus until after the election. >> less confidence, more unemployment, more unemployment, lower output and incomes and throwing away the best insurance policy we could have had against a recession. this is like living in california in the midst of a dry season and canceling your fire insurance. it's hard to understand as a rational act. >> it doesn't make any rational sense to you. this would follow -- the idea is this stimulus package would follow on the initial one, which is designed to ensure that businesses could weather short-term recession, they would not sustain permanent damage. it wasn't going to cut it for the whole pandemic. what happens in the second round is not approved? >> we're taking a big chance, bigger chance on having

$16 trillion, four times the cost of the great recession, according to former treasury secretary larry summers fellow harvard economist david cussler. added the cost of loss-of-life and health to the direct economic impact. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: coming up, morgan a blue sleep in the united states election would be most positive for european stocks. that's right, european. more on that next. this is bloomberg. ♪ ♪ now, they say i'm immune. i feel so powerful. i will walk into the audience, i will walk in their and -- in there and will kiss everyone. i will kiss the guys and the beautiful women and everybody. i will just give you a big, fat kiss. annmarie: that was the president of the united states in a rally in florida. he is back on the campaign trail after testing positive for covid-19. and they say is safe to go back on the campaign trail. now on what a potential blue sweep could mean in risk assets. what are they saying? juliette: we are he

david: special contributor larry summers of harvard. of activate. >> the unintended consequence to this is really damaging businesses that are up-and-coming. david: allianz. neil ferguson of the hoover institution. and the ceo of ge

mindful back in 2016 when the dow is trading 17000 former obama administration officials like larry summerssteve ratner spoke confidently about a market crash, severe downturn, paul said a global downturn, it is trending around 27000 now, we see the headlines coming out the chatter is president trump would seize control the judiciary, this is a direct quote, put in a fascist state that he is white supremacist, he is racist, you see this talk coming out about president trump of the other networks, when you hear that what is your first reaction. >> what a pack of nonsense, when you look in retrospect it seems quaint. we hear similar levels of hysteria this time around, we hear gay couples are getting married because they might not have that right next week, this is nonsense, he's the most gay from the president in history and the judiciary did not change other than the presidents filling open slots the obama left unfilled so the market has done great fire to covid which came from abroad we had historic growth, lower taxes and what biden is offering is a tax increase of 4000000000000.85% of am

this week, special contributor larry summers of harvard. former fed chairman alan greenspan. recognize entitlements. david: roger ferguson. former ibm ceo sam palmisano. sam: you miss innovation cycles because you are distracted. and you're constrained during innovation. david: katie koch of goldman sachs.

in two weeks we'll be having larry summers and pete blair henry speak about what the u.s.reasury should do. international organizations, foreign governments, particularly european organizations, and what they should be doing to rebuild the global economy. starting in january, we'll put out a comprehensive plan developing some of the proposals we've made from our fellows' priorities, and seeing how they and we'll continue the track of how the global economy is coming together. again i'm very grateful to all my colleagues at the peterson institute. our on-board members, who are participating, our board members who support us and to our stakeholders who want us to come up with practical ideas. our role at the peterson institute is to push out the envelope. be within the tent in the sense that we'll realistic and we're talking to whoever is in office in an official role about what you can do better, but to be ambitious, not to be constrained by short term politics to actually push for what can be done realistically that is better and we're not wedded to the old ways. we're sim

larry summers, bob diamond of atlas will join us tonight. 6:00 p.m. eastern time on bloomberg television and radio. still ahead, our stock of the hour, pfizer, as it talks about seeking emergency use authorization for vaccine. this is balance of power on bloomberg television and radio. david: this is balance of power on bloomberg television and radio. i'm david westin. pfizer and it's partner plan to seek emergency approval from the f.d.a. for their covid vaccine. we have details in the stock of the hour. scarlett: it rose as much as 3% to a six week high. helping to lift the health care sector to the pest performance among 11 groups. the c.e.o. posted an open letter on pfizer website. i point that out because they are explicit for every step in drug and development. there is a lot of public interest in this as well as accusations of politicization of the process. nevertheless, here's the gist of it. in order to meet pfizer's late november filing target, a lot lies on the safety review. it has to be proved effective in a large trial. it requires half

this is a study put out and is co-authored but larry summer, top economic adviser to president obama.term effects of all of this. but it doesn't take into account the treatments and vaccines that we were just accounting or fiscal stimulus, a, that already came and, b, that might still be coming. stuart: absolutely fascinating of. $16 trillion. all right, good report. >>> the market shows a mixed bag here. we're down on the dow, up on the nasdaq. more "varney" after this. muck flush. ♪ ♪ before nexium 24hr, anna could only imagine a comfortable night's sleep without frequent heartburn waking her up. now, that dream... . ...is her reality. nexium 24hr stops acid before it starts, for all-day, all-night protection. can you imagine 24 hours without heartburn? . . . when i was in high school, this was the theater i came to quite often. ♪ the support we've had over the last few months has been amazing. i have a soft spot for local places. it's not just a work environment. everyone here is family. gonna go ahead and support him, get my hair cut, leave a big tip. if we focus on our local comm

larry summers coauthored this report last week showing that the hole in the economy over a ten-year periodg to be something like $15 trillion. so it is not just getting back to, you know, last year's level. it's getting back to the baseline growth rate of the economy that would take you back to full employment that's really the we when do we eliminate the inflationary notebook gap? that's three or four years down the line. >> if we do get full stimulus and vaccine in the next months, where would the yields and stocks be in 12 month's time. >> you will be a huge risk on trade into the marketplace flows out of the equity market i think you will see in that scenario a shift to value stocks that's when you get the replace in trade i have to say being a long term bond bull for a period of say six months -- we saw this recurringly with all the stimulus look at all the qes that came out in the last several over that ten-year period you went through months where ten year wend up 75 basis points i think it will be a good buying opportunity. vaccine, huge fiscal stimulus, we are off to the races the

the transition period and thinking about the policy process, you arrange for general jones and larry summers were going to run the nationals could counsel and the ndc respectively to operate and coordinate and so they were in the white house. i'm curious, why you decided that was important and if, in fact, it turned out to be an effective strategy? >> thanks to the miller center and to the partnership for putting this program on. it's really terrific. i think this this is a good transition from the last panel, but obviously i had the expensive come into the clinton administration in its early days and then handed off to andy and josh at the in what i was the chief of staff. i have reflected a lot on that. .. i told him i thought one of the biggest mistakes that president clinton had made is that he waited until the very end to pick his white house staff, he concentrated on picking his cabinet and that i thought was understandable because he had been a governor where his cabinet was his staff but i suggested we reverse the process, i noticed andy, talking about the transition to bush 43 made

care. , andg the transition thinking about the policy process, you arranged for general jones and larry summers, the national security council security council the nec respectively to coordinate as though they were in the white house. thaturious why you decided that was important and if in act it turned out to be better strategy? >> thanks to the miller center and to the partnership for putting this program on, it has been terrific. i think this is a good transition from the last panel. theously i had had experience of coming in to the clinton administration in its early days and then handed off to andy and josh at the end. i had reflected a lot on that. when i first was asked to cochair the transition and help run the transition, that was in the summer before the financial crisis had really developed. i went out and saw then senator obama in his home in chicago and we talked it through. i told him i thought one of the big mistakes that president clinton had made was that he waited until the very end to pick his white house staff. he concentrated on picking his cabinet and that i thought was un

quite a comeback from the plunge in the second quarter and that would be the spring and early summer. larry us what he thinks the economy will do in the fourth quarter and weekly jobless

quite a comeback from the plunge in the second quarter and that would be the spring and early summer. larry kudlow joins us later to tell us what he thinks the economy will do in the fourth quarter and weekly jobless benefit-- numbers prove to increased economy. there is a one month to in germany, not good for our market, same thing in france and a record number of new cases in america over the last seven days. that's not good either and a time clearly running out for stimulus package before the election. we will ask larry kudlow about that. dow industrial 900-point drop yesterday, dead flat at the opening of this morning, pretty much the same story for the s&p, modest rebound for the nasdaq. this is the big day for big tech, apple, amazon, google and facebook will tell us how they are doing financially. report on this about 4:00 p.m. eastern this afternoon. extreme importance because these are the most important and powerful countries in the world. their stocks have had a terrific run, but they have come off their highs and we will ask if the blue is coming off the big tech. campaign headl

a lover of books and learning, larry never wanted to leave the classroom. he taught summerd trips to the courthouse and washington d.c. when he eventually retired, the 78-year-old worked at the local library. quiet, but witty and harious to those who knew him best -- larry loved cheering on his home teams in new orleans with his daughters and granddaughters. nursing was more than a job to 62-year-old patricia edwards. she wore old-fashioned scrubs to the intensive care unit in greenville, south carolina where she worked nurse pat was one of the first in line to treat covid patients. she was fearless, even when battling cancer, and made those around her feel safe, her daughter said. thanksgiving was pat's favorite holiday. she spent the day in the kitchen, blasting old school r&b with her five children and thirteen grandchildren. john e thrower jr. had a megawatt smile. a bus driver in richmond, virginia, john was a dedicat worker who loved talking to his passengers, his wife said. always jolly and busy, john also had a passion for cooking; a skill he learned from his mom. h

summer. now, the election looms and we will wait until after that to see what happens. >> let's say it is the lame-duck, larry is leader mcconnell on the same page as you and president trump? is he going to politically speak and handcuff you during the lame-duck on any stimulus deal? >> mitch mcconnell of known for a long time, he is a very wise. he told us during this process that if there was a genuine bipartisan bill, and many of his asks are part of that bill, that he would be foraged. but we did not get those asks. you know one of them, you know swells anybody, you cover the beat. what is the issue of small business liability insurance. we should have built in some safeguards that would help reopen the sector. and rehire the workers. why did we do that? gross negligence is one thing, okay you're going to go to jail. but we don't want to get caught up in a maze of trial lawsuits, trial lawyer lawsuits. this would help the economy immensely pray the republicans are not want to spend a lot of money. that they thought was unnecessary to bail out states and localities. president trump agreed that sort of. it'

larry, i hate to hear people aren't going to celebrate the holidays after the summer we had something forward to. what do you think? >> i'm not sure i believe the survey results there. i think when thanksgiving and christmas roll around people are going to be -- there is so much pent up frustration, people will want to gather with family or in the case some people not open the door to their family members if they do show up. i think people -- >> this is a good excuse. >> it is. it is. i'm just following the survey results. sorry. >> we may have to social distance from family. the holidays are a big thing around your house, as well. >> yes, i wonder if larry is speaking from experience about the door not being open. >> sounds like it. [ laughter ] >> anyhow, anyhow yes the holidays are very important to me and my daughter and my two little grandsons whom i love more than life itself live on the east coast. i'm definitely going to go there to visit them for christmas if i have to drive across the country, i plan to go. >> i knew you would. >>> why work from home when you can work from a

larry and liz? and cau excuse me. >> thanks, spencer. you're choked up about this one last blast of summerou. >>. >>> autonomous vehicles will roll on the streets of san francisco soon. crews received a permit allowing it to test five driverless vehicles. these vehicles will be limited to specified streets, speed limits not exceeding 30 miles per hour. they can be tested any time during the day but not during heavy fog or heavy rain. cruise is a division of general motors, the fifth company to receive a driverless testing permit from the dmv. they began testing with safety drivers back in 2015. >>> all right. screams, scares and thrills all from the safety of your car? up next, the haunted house experience that but i can't say i expected this. because it was easy. to fight these fires, we need funding - plain and simple. for this crisis, and for the next one. prop 15 closes tax loopholes so rich corporations pay their fair share of taxes. so firefighters like me, have what we need to do the job, and to do it right. the big corporations want to keep their tax loopholes. it's what they do. w

larry. if he is well aware that his words would incite violence or criminal behavior he should be more cautious. there is a track record here. this summerid when the looting starts, the shooting starts. there candidate been a causal section with people making that with any crimes being committed. he is already successful in a case that cited bounds against him in louisville. he has a difficult track record, yet we can't always prove 23 in the law. >> thank you both. >>> coronavirus just reached a mark in the united states that has not happened in two months. it's not a good mark. we will tell you what it is next. renew active. only from unitedhealthcare. ♪ lift it ♪ press it ♪ downward dog it ♪ watch it ing my name is henry. working within amazon transportation services, i really saw the challenge of climate change. we want to be sustainable, but when you have a truck covering over 300 miles, or you have flights going hundreds of miles, it's a bit more challenging. we are letting the data guide us to the best solution. it's inspiring to try to solve a problem that no one else has solved. that's super exciting. it's insplook at that to s

larry flanagan, general secretary of the teaching union, the educational institute of scotland. thank you forjoining us. your reaction to whatjohn sweeney has announced in the way that exams will be assessed in scotland next summeron has been made in terms of the school session, that clarity is important for our teachers and young people. we will agree with the deputy first bennett stated that the —— the use as an alternative method for national five as well is welcome. excessive workload because schools are already under pressure just dealing with the complications of covid—i9 and of course we cannot see a repeat of last years situation with their sda trying to overturn a number of those professional judgements but giving those safeguards rethink their national five cancellation is the best way of handling the current situation. i think there is probably still some concern about the ability to deliver exams for the higher and advanced higher and if the situation does not improve and there will also be a requirement but for the moment those exams will go ahead. are you calling now for the cancellation of those higher and advanced higher exams? we have been involved in discussions and put out alternatives and the

soaring in the polls and became the darling in the summer of '92, and then we'll pick up the rest of the story in a little bit. >> let's show that "larry king live" february 22, 1992 interview wen ross perot announces his willingness to run. >> let's go to grassroots, america where people are hurting and saying, why are we in this mess? first of all, look in the mirror. we're the owners of this country. we don't act like the owners. we act like white rabbits that get programmed by messages coming out of washington. we own this place. >> is there any scenario in which you would run for president? can you give me a scenario in which you would say, okay, i'm in? >> number one, i don't want to. >> but is there a scenario? >> number two, if you're that serious, you, the people, are that serious, you register me in 50 states. and if you're not willing to organize and do that, then this is all just talk. >> wait, wait, wait. are you saying -- >> i'm playing to the ordinary folks. if you're dead serious, i want to see some sweat. why do i want to see some sweat? i said it earlier, i want you in the ring. >> carolyn barta, let me ask you how mu

started soaring in the polls, and became a darling of the summer of 92 and we will pick up the rest of the story in a little bit. >> let's show that larry king live february 20th, 1992. when ross perot announces his willingness to run. >> everybody is saying why are we in this mess. look in the mirror. we are the owners of this country. we don't act like it. we act like we get programed by messages coming out of washington. >> is there any scenario in which he would run for president. ? can you give me a scenario? >> number one, i don't want to. if you are that serious, you the people are that serious, register me and 50 states. if you aren't willing to organize and do that, then this is all just talk. >> are you saying? >> if you are dead serious, i want to see some sweat. i want to see some sweat. i said it earlier. i want you in the ring. >> caroline, let me ask you about how much of a surprise that announcement was, by the time it was made in february 92? >> it surprised most people, but the truth of the matter was that he had been out on making speeches for several years, particularly leading up to the larry king live it to view. i

proposal from republicans from late summer but about $400 billion short of the bill passed by the house democrats. speaking yesterday on cnn, white house economic adviser larry kudlow said if we could get this thing settled on the democrat side, we will get it settled on the republican side. we'll hear from republican senator kevin cramer he will be joining us coming up at 8:00 a.m. eastern time. joe. >> thanks, becky a lot of sports yesterday. this is one aspect of it the los angeles lakers leaving the nba bubble with a trophy the lakers won the 2020 nba championship, last night's game six over the miami heat. it's the team's first title since 2010 and the 17th total championship which ties the celtics for the most of any team and lebron james became the fourth player in history to win a championship now with three different teams. later this hour we're going to talk about the lackluster tv ratings for the sports restart and what's been keeping viewers from tuning in it was a plethora yesterday of things to watch. we had the rays, the tampa bay rays playing houston i lost money there but i did make a little on the first, because houston scored first i manag