alan blinder, former federal reserve vice chairman.oming up, more on what janet yellen would mean as treasury secretary. what would it mean for the aspect of financial regulation? this is bloomberg. ♪ caroline: today we are focused administrationed -- with the bite in administered -- what the biden administration will mean for the economy and the marketplace. joe: financial stocks doing extremely well of late. financial stocks, we know they got hammered earlier in the year. snp financials, pretty impressive comeback lately, lagging behind the overall market. still, what does that mean? 's pick ofelect biden janet yellen for treasury, what would it mean for financial regulations? let's bring in a professor of law at columbia law school. in your view, what needs to be the regulatory priority under the next administration from treasury and how closely does yellen'snow about viewpoint match the priorities we seek? to thential threats non-bank financial sector, and i think that is completely in line with janet yellen's recent statements reg

alan blinder, former fed vice chair, thank you very much.et's now go to the bloomberg new economy forum. bloomberg's erik schatzker is hosting a panel with ray dalio, the cochairman and co-ceo of bridgewater associates, and the executive chair of santander. they are talking about what investments will look like in a postcrisis world. let's listen. news of major progress on vaccine developed has looked at our hopes on vaccine development debt on that -- on vaccine development has raised our hopes. what do you see of the most lasting effect of the pandemic for years to come? anna, why don't you start us off? >> sure. we have learned a lot on a personal basis and in our professional life, and i think this is going to really result in permanent consumer behavior. how exactly that is going to happen is not easy to predict right now. i think first of all, there is a .uch faster digital adoption just to give an example, this was the case in argentina and the u.k., 80% of all our sales of financial products were online. the average for the group was

mnuchin'sis motivation -- we heard the commentary about alan blinder about how it was mean and nasty. then that the nature of it is even legal under the cares act come and you argue that it is not. with the news we got this week -- i think was yesterday, or two days ago, it's not even legal. what specifically about this in your view could be reversed? skanda: thanks for having me on. the transfer that secretary mnuchin announced, or a spokesperson announced, from the exchange stabilization fund, the funds allocated toward these special-purpose vehicles for lending that the fed was managing, secretary mnuchin has called this back and is trying to make the claim that i can move this money into what is called the treasury general fund. once it enters their come in needs new approval from congress. the problem with this reasoning is it actually goes against the very set of purposes permissible for how secretary mnuchin can use the funds that were appropriated to him. he cannot just pay this back to the general fund whenever he wants. there is a very clear timeline. the timeline specifies

with the leading central banker, alan -- adam blinder of princeton university.tay with us worldwide. this is bloomberg. ♪ ritika: this is bloomberg surveillance. 500a is joining the s&p exmouth as its largest ever new member. it follows months of speculation which helped the company valuations skyrocket to almost $390 billion. it will be one of the index's .ost influential members outlines widening losses and plunging revenue due to the pandemic. it is projecting optimism for rebounding demand when the economy does recover. the listing is set to be one of the biggest this year. sources tell bloomberg the company plans to raise as much is dollars. easyjet is extending terms of its u.k. government back loaned -- back loaned fulsome in the face of new lockdowns in europe. britain's biggest discount airline is posting a loss of over $1.1 billion for the year through september. it plans to fly number than 20% of his usual capacity this quarter. that is your latest bloomberg business flash. tom? francine? francine: thank you so much. we are getting breaking news, pric

alan blinder professor of economics -- blinder, professor of economics at princeton university.ul to have you with us. as the markets price in policy gridlock going into the election results, will the fed before's to do more heavy lifting for monetary policy? -- what the fed before's to do more heavy lifting for monetary forced tol the fed be do more heavy lifting for monetary policy? , they will, but i won't say heavy lifting. they are never out of ammunition, and even if they are, chairman powell would never say that they are. but i think there are extraordinary things they can do. but it is nothing comparable to what they have already done. they have already shot a lot of their ammunition. and if there is no fiscal package, which is what we have been struggling with for a few months now, who knows what is going to happen during the transition? but if we are in that situation, it is likely we will need something else from the fed. it would be better to have it from the fiscal authorities, but if they don't deliver, it is likely that it will be from the fed. haidi: so there is

. >> guys, bring in alan blinder, former vice chair of the federal reserve, professor of economic andfairs at princeton. alan, it's great to have you back good morning >> good to be here good morning to you. >> you had nice things to say in some of the news reports about her nomination to treasury we've talked about her credibility, her rolodex, her knowledge of international policy but there has to be an early crucible what do you think that first crucible is going to be? >> the first unless it gets resolved before she takes office assuming it's her, which everybody does, is this crazy thing that secretary mnuchin did, canceling the fire insurance policy while there are fires in the neighborhood, even though it hasn't hit your house yet. why anyone in their right mind would want to do that is beyond me i know it's beyond jay powell, he almost said so sean beyond janet yellen if that hasn't been straightened out before she gets in the office, that will be job number one for her. >> i read some interpretations last week that the move by treasury might allow congress to put forward a fi

from fed chair powell in the next week, what we hear from treasury secretary mnuchin, and what we alan blinder last week, that what treasury secretary mnuchin, he called it mean, called it crazy, the fact that it has gotten a little bit harder to have that safety net in terms of programs to support small to medium-sized enterprises, programs that supports municipals. but the insurance policy was there. how will we see janet yellen steer that from a treasury policy perspective and support theo's economy when some of the akamai data is not looking so the u.s. and support economy when some of the economic data is not looking so pretty. jonathan: looking for to catching up with drew matus a little bit later. for our audience worldwide, heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ♪ ritika: with the first word news, i'm ritika gupta. president trump says he will relinquish power if the electoral college signals joe biden's victory, but says he may never concede defeat and could despite inauguration, no evidence of widespread fraud. the u.k. and the eu are ready

the conversation on economics, alan blinder of princeton coming up on bloomberg.mberg radio and bloomberg television, stay with us. good morning. ♪ businesses today are looking to tomorrow. adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. ♪ from new york and london for our audience worldwide, good morning. the countdown to the open starts right now. but he futures down 24 on the s&p, we begin with the big issue. joe biden warning of a dark winter ahead. president-elect biden: things will get tougher before they get easier. that requires bearing no effort to fight covid so we can open businesses safely, resume our lives, and put this pandemic behind us. it'll be difficult but it can be done. jonathan: the

shery: alan blinder speaking to caroline hyde and joe weisenthal.'s get a check of breaking news. j.d. health, the health unit of tocom, says it is seeking up 3.5 billion dollars in a hong kong ipo. trading is expected to begin december 8. they are offering shares at 52, 8, and 70, $58 hong kong each. 381.9 millioning shares, hoping to raise $3.5 billion in that ipo. again, the price $58 hong kong. begins training december 8. here is a quick check of the headlines. dell technology posted quarterly revenues that beat expectations in a signed demand for pcs remains above in the work from home era. sales rose almost 3% in the october period with profits almost half as much -- above as forecast. dell has been moving to modernize by using a subscription model, letting clients pay for products as they go rather than upfront. revenueted quarterly above wall street estimates, listed by customer upgrades for remote work and education. income was down slightly to $15.3 billion through october of remained above forecasts $14.7 billion. profit was $.62 a share,

recovery some of the people who were signing it include jason firmen, economic adviser, as well as alan blindertimulus at the scale of the recession will boost consumer spending, drive to economic recovery and shortening the recession. now a recent survey by franklin templeton found many families are planning to cut their holiday budgets this year as hope dims from washington. according to the survey, without another round of checks, 37% of americans will say they will spend less this season but if congress were to step in, that number would drop to 30% now, the letter does not specify exactly how big those checks should be. democrats have proposed $1,200 for adults matching the amount of the first round of stimulus and also propose boosting the amount for kids to $1,200, as well critics concerned that many people who may not need the money might still get the benefit. now, the letter does emphasize that direct payments are most helpful when they are targeted at the bottom half of households david, the letter says that that is one way to ensure that the minority communities who have been hit ha