professor stiglitz, this goes back to and onto lawrence summers. it is not secular stagnation, it is a complete focus on growth. explain to us why secular stagnation is off the mark. dr. stiglitz: the idea of secular stagnation was there is something wrong with the economy such that even at zero interest rates you cannot maintain full employment. that led to the idea that the zero lower bound, it was the inability to get interest rates negative that prevented an economic recovery. my view has always been that the reason the economy was weak in the period of after the great recession was we did not have enough fiscal support. it was not anything about secular stagnation, it was about a policy failure. president obama could not get support from the republicans of a sufficient fiscal stimulus to get the economy back to a robust recovery. today, with president biden, we have shown that if you given a fiscal stimulus you can get a strong economy. the real question facing us today is whether we will be able to get the second dose, the broader on infrastr

stiglitz told me that while the fed was doing some good, he also had concerns at the time. >> the main concerned about was that the way they were trying to revive the economy waa kind of trickle down economics. the way quantitative easing works is that it's a lowering of the interest rates that leads stocks to go up. and so who owns the stocks? it's the people in the top. not just the top ten percent, one percent, one-tenth of one percent. and so it increases enormously wealth inequality. we had had increasing inequality really since the late '70s and this was putting that on steroids. so the immediate objective of saving the banking system was achieved, but the broader objective, which was helping the economy recovery quickly in a robust way, in a way with shared prosperity, total failure. >> jacoby: what sort of response did you get from folks at the fed to what you were saying at the time? >> "our mandate is to do what we can to increase employment, to use the tools that we have, and that's what we're doing." >> jacoby: was that even part of the discussion at the time in the boardro

coming up, joseph stiglitz, prize-winning economist at columbia university, professor of a can,.new york city this morning -- of economics. from new york city this morning, good morning. this is bloomberg. ♪ laura: with the first word news, i'm laura wright. a house committee investigating the attack at the capitol could subpoena former president trump's top allies. members of the panel made it clear that the former president's activities on january 6 are a central focus of their probe. yesterday, they heard dramatic testimony from four police officers who helped defend the capitol. congress is going back to the masks. they have reimposed mask wearing requirements for all lawmakers and others on the house floor. violators can be fined. several staffers have tested positive in recent days. second quarter sales beat estimates at mcdonald's. u.s. customers proved willing to pay higher prices at the fast food chain, and there were fewer pendant related closures in international markets. comparable store sales rose almost 41% globally from a year earlier. spotify added fewer users in