here to explain is that conard -- ed conard. ed, thank you for joining us.gratulations on the new book. what have we gotten wrong about inequality? why has it turned out to be good? thei think that we saw wages of the 1% with the middle class and we blamed one for the other one and they are really two completely independent anomalies. the success of the 1% is driving employment and accelerating growth, relative to other economies like germany, france, japan and the rest of europe. it is not responsible for the slow growth. joe: what is the evidence that the 1% has, the rise of the 1% and extreme wealth has not been a detriment to the overall economy? ed: there is overwhelming evidence. look at the entrenchment of the status quo, you see the fortune 500, you see ceos and their tenures declining. and if you look, there is turmoil, the largest companies of 2000, most of them are gone except for microsoft. there are new competitors emerging in that sector. if you look at u.s. growth relative to other high wage economies, we have accelerated and allocated resourc

edward conard is not the blame for economic stagnation. in the redistribution programs hurt the middle class look for these titles this coming week and watch for many of the authors on book tv on c-span two. the war in court have as the equality and growing the meaning of equality in the constitution that was not the burden worn burger himself was a judge on the dc circuit who was running for the supreme court. they have given a series of quite sober and semi- academic -- academic critique in the criminal procedure area but behind the scenes he wasn't wasn't quite so sober and so discreet and in the correspondence that he head with his old friend harry blackmun who was a judge at that time back in minnesota we see the real burger. burger wrote to his wife if i was to stand still for some of the idiocy i would want to shoot myself in later years. these guys just can't be right. there is nothing to do but resist. in another letter in march 1969 which was four weeks before he was named to the court he was very sharply critical of the court re

"i respectfully disagree with ed conard's book, but i respect that he makes his case."john micklethwait p will not come on unless i quote churchill. we will have him on after we quote mr. erdogan of turkey. from london worldwide, this is bloomberg. ♪ francine: this is "bloomberg ." veillance i am francine lacqua with tom keene. let's get straight to the "bloomberg business/." new stagnation in germany plus service economy offset an improvement in many factoring -- in manufacturing. gauge is just above the point that divides expansion from contraction. the london stock exchange warns that 100,000 jobs could be cut if the job is clearing financial transactions leave london because of brexit. there are very few financial centers outside london that could accommodate clearinghouses. thatman newspaper reports commerzbank may cut 5000 jobs, 10% of the bank's workforce. commerzbank is germany's second-largest lender. next week, the ceo will present his plan to boost profits to the bank cross board. that is your "bloomberg business flash." francine: receptivity and aired a gun