i am david westin.ance of power," where the world of politics meets the world of business. i am david westin. the houses expected late today to pass a resolution urging vice president pence to invoke the 25th amendment to remove president trump and then pick up the one proposed article of impeachment tomorrow. president trump spoke about this a short time ago on his way to texas. president trump: we want no violence, absolutely no violence. on the impeachment, it is a continuation of the greatest witchhunt in the history of politics. it is ridiculous. it is absolutely ridiculous. this impeachment is causing tremendous anger, and you are doing it, and it is a terrible thing they are doing. david: we welcome and entertain for a report -- we welcome anna edgerton for a report on

i'm david westin.o mark crumpton for bloomberg first word news. mark: the top story we've been following all day, it is election day in georgia. both president trump and president-elect biden held last-minute rallies on the eve of a boat which will determine which party controls the u.s. senate. republicans need to win just one of the two seats to maintain their majority. democrats need to win both. wallolls close at 7:00 street time, when our special coverage begins on bloomberg television and radio. in england, the government says one out of every 50 people has the coronavirus. prime minister johnson says nearly a quarter of everyone in the country over 80 has been vaccinated. speaking in london, prime minister johnson underlined his promise to vaccinate almost 14 million people at the highest risk by mid february. prime minister was speaking one day after placing the country under its third national lockdown since the pandemic began. european union says it will push to save the iran nuclear agreemen

i'm david westin. the house considers eco article of impeachment against president trump. for a recap of what is to come, emily wilkins. we have seen the debate again. -- begin. >> yes. we saw speaker pelosi come to the floor to talk about why the impeachment articles are being brought forth. they contain two articles, for trump's words and actions and for tampering with the presidential election. we know the house democrats do have enough votes to make sure they move and approve this article of impeachment today. we are seeing them being joined by a number of house republicans. so far, that number is only five, although we expect more. from there, the article will go to the senate, where a trial will be held. that might not start for another week or so as it is currently out. mitch mcconnell [indiscernible] you could potentially move other republicans to vote for trump to be removed from office. dave: thank you. that is bloomberg's emily wilkins. whether or not president trump becomes the first presid

david westin holding court on all of washington at 12:00 noon today.e try to get back to normal, and normal is 12 and 15 page reports that are compelled to be read. that is usually the case with pimco. andrew bells -- andrew balls joins us now. i like the behavioral contract of the -- construct of the pimco report. i'm going to go back to a tv show long ago and far away of the police in brooklyn -- be careful out there. you make it very clear within the certitudes of 2021, we need to be careful. what does that mean? >> i like the hill street blues reference, if that's right. this is the way markets work. it may look very difficult out there now in terms of covid across the world, but the market looks forward to vaccination and the recovery. we forecast a strong recovery from the second quarter onwards. the strongest growth in a decade this year. but the markets have priced this in if you look at equity markets, risk asset hate your. as we say, we have a pretty optimistic view on the outlook, looking through this difficult first quarter. but be careful

thanks to rick davis and david westin, who will be covering the story throughout the evening. from new york, bloomberg. ♪ joe: for historical perspective on the moment. i want to bring a professor of studies at university -- university of virginia. what do you think, how are you going to remember this moment? >> we never had a president impeached twice. certainly never a president impeached at the end of a term. and i think we will view this as part of the unprecedented nature of donald trump the man and donald trump the president. he was unprecedented in his demagoguery and took a chaotic approach for four years, so it's not surprising and its historic and unprecedented. romaine: headline crossing the wire, president trump is expected to impeachment by video. we have not heard from the president himself yet, but when we do we will somehow relay you that information. barbara, let's get back to the historic nature of this. i guess really the idea here of what is the actual impact, you are impeaching a president one week before he scheduled to leave office anyway. a president wh

joining us is bloomberg balance of power anchor david westin. result but there will be a lot of fire and fury over the next few hours. walk us through. david: at 1:00 the senate will go into the chamber of the house and vice president mike pence will be presiding over this. one by one they will call the order of the states in alphabetical order and there is somebody appointed called the teller who will read out the electoral college votes. if there are objections from the house and senate in writing, at that point they go back to their respective chambers, the senate goes to theirs, the house goes to theirs, then they have two hours of debate. the fury will come in those debates. alix: what is the role of the vice president? david: he is just supposed to report what is being written down. donald trump thinks it's up to mike pence and he has to have courage, but as far as everyone else is concerned, legally, constitutionally's job is to read the numbers. that includes numbers if the objections are defeated which is expected with each objection. im

david westin leading our coverage tonight.ia senate runoffs, there will be coverage to the day, no question about that. dow futures up 63. look for that direct coverage beginning at 7:00 p.m. tonight, the georgia senate runoffs as well. the businessh flash, this is bloomberg. ritika: jp morgan is trying to set up another chinese a joint venture in wealth management. the bank is in preliminary talks with china mergers bank. it wants to expand on a strategic partnership with products set up in 2019. global banks are trying to capitalize on china's decision to open their financial industry. bidding in a 5g airwaves auction in the u.s. has passed a record $76.5 billion. there is a frenzied demand for capacity that consent carriers like verizon and at&t to the debt markets to finance the bill. the auction run by the fcc started last month with 57 potential bidders. company --s gambling online sports gambling company draftkings may -- today. draftkings is still up more than 150% since going through a public reverse merger in april,

haidi: david westin.et's get you to corrina mitchell was first word headlines this hour. -- karina mitchell. karina: there is other news to tell you about. famous tech stocks are in the spotlight with u.s. officials said to be considering an order prohibiting americans from investing in them. alibaba and tencent are the latest to face action from the trump administration as the state department discusses expanding action against companies deemed to be linked to the chinese military. china says the u.s. has been flip-flopping on policy for years, calling for respect for market principles amid the uncertainty over mainland companies trading in new york. the foreign ministry says the trump administration has been oppressing overseas firms, warning the policy will hurt the u.s. more than china. beijing says action against chinese companies will undermine america in global markets and u.k. government is warning the latest drivers locked down will last for several months as reported infections hit their highest

scott will beorah joining balance of power was david westin on bloomberg television and radio. erg. ♪ david: from bloomberg world headquarters in new york to our audiences worldwide, i'm david westin. we want to turn to georgia because tomorrow george is going to hold perhaps the most consequential senate runoff election in history. emily wilkins is on the scene to cover it. andave president trump president-elect biden heading to the state today. give us a sense of their closing arguments. what are the messages they are trying to get across? emily: the main message we have heard from both campaigns is that the stake of the senate is here in georgia. who wins the runoff is going to determine which party winds up controlling the senate. it will be interesting to hear what biden and trump say today in light of trump's call yesterday to georgia's secretary of state raffensperger asking him if he could find votes to overturn what georgia voters did. david: that was big news. if you a

david westin at 11:00 a.m. ♪ >> my fellow countrymen -- >> i, dwight d. do solemnly swear -- >> let us encourage individuals at home and nations abroad to do more for themselves. >> ladies and gentlemen, the president of the united states. >> a few of us here today, this is a solemn and most momentous occasion. in the history of our nation, it is a commonplace occurrence. the orderly transfer of authority as called for in the constitution. >> president, neither prince nor pope, and i do not seek a window on men's souls. >> my fellow citizens, today we celebrate the mystery of american renewal. >> that i will faithfully execute the office of the president of the united states. >> i will exit kate -- i will execute the office of the president of the united states faithfully. >> so help me god. >> that i will faithfully execute -- >> that i will faithfully execute -- >> the office of president of united states. ♪ tom: just a superb set of voices across the decades. thank you, sarah rappaport, a lot of work to put that together. joseph grogan, this is an impo

i'm david westin.dative has begun discussion on a single article of impeachment against president trump. now we welcome bloomberg reporter emily wilkins. tell us what is to come. emily: the house has cleared a procedural vote on the impeachment for later today. that means they are about to move into actual debate on the impeachment. we know that the democrats have the votes they need to approve the impeachment resolution. we know several republicans, including conference chair liz cheney, will be joining them in about. exactly how many republicans is unclear. we know there is a lot of debate on it at this point. after the resolution clears the house, it will be sent to the senate, where there is a trial. the exact timing on that is a little bit l

coming up, former new jersey governor will join balance of power with david westin aztec traits flat l heavy in the rest of the market. this is bloomberg. ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, i am david westin. welcome to "balance of power," where the world of politics meets the world of business. we will start with a check on the markets, as we usually do. joining us is abigail doolittle. we like to think it is all about the government. how much of this is risk off because they are not sure about the stimulus package? abigail: i would say a lot of it has to do with the government and that the stimulus has stalled. it does not appear to be passing anytime soon. on this, over the last few days we have had a pause, even an unwind of the reflation trade. we have the s&p 500 down .1%. there was a risk of moment about an hour ago, telling you about the jitters investors have when the s&p 500 and the other indexes all down more than 1%. at this point some of the more reflation sensitive

that is atlanta hawks owner tony ressler speaking to david westin. bloomberg radio to hear from the more newsmakers and get analysis from the daybreak team broadcasting live from our studio in hong kong. also bloombergradio.com. plenty more ahead. stay with us. ♪ haidi: a quick check of business flash headlines. gary cohn is back in business, named the vice chairman of ibm. he will be working with the ceo on a wide range of initiatives including business developments and client relations. reported aupplier higher than expected quarterly revenue thanks to robust demand and 5g devices. sales top $25 billion in december with revenues beating estimates of more than $70 billion -- $17 billion. he was already the richest person in asia but has now topped warren buffett on the bloomberg billionaires index. than $13 billion have sorted this year, making him the sixth richest person on earth. they: and as we head to opening in japan and south korea come here is sophie cameroon. -- sophie kamaruddin. insole, we are watching apple suppliers and factories -- ove

david westin looks at the potential trade-offs. sident biden wants to raise the federal minimum wage to $15 an hour, a measure he included in his day one priority of passing a stimulus bill to support the economy. >> people in both parties now recognize it's time to raise the minimum wage, so hard working people earn at least $15 an hour minimum. david: a move to $15 an hour to be more than double the current federal more -- current minimum wage, which hasn't been changed since 2009. if past, it would provide a pay hike to more than thousands of americans who are earning minimum wage. >> $15 minimum wage basically gets you to the poverty line for a family of four. david: until now, it's been the states leading the charge, with 29 states and the district of columbia already taking action. >> all of the evidence, historically, is the economy rose after the minimum wage has been raised. it is not the burden that has been told. david: critics say that raising the minimum wage could come at the cost of millions of jobs. >> one thing that

coming up, governor phil murphy of new jersey will be joining "balance of power" with david westin onberg television and radio. do not miss that conversation. this is bloomberg. ♪ ♪ david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, i am david westin. welcome to "balance of power," where the world of politics meets the world of business. we will start with a check on the markets. joining us is abigail doolittle. what is going on in the markets. i see equities are down. abigail: there is a risk off tone. earlier today it felt as though traders were trying to push out of the malaise we have had over the last couple of days at the reflation trade has gone on pause as investors and traders realize it may take longer to get a big stimulus deal done then had been thought. at this point we have the major averages done -- the major averages down a little bit reemphasizing the idea that the reflation trade is on pause. we have the nasdaq 100 joining the negativity. earlier it had been higher but it is down .1%. big tech in the form of the faang inde

look for that with david westin. kevin cirilli throughout the day will have the stories right now riveting washington. there's only one story for so .any of us we did not participate in the intoing shock of february march. with us now is howard ward of gabelli funds. was your study of it in march and through the year like every other market pullback, or with this time different? howard: good. this was very different because of the speed. we had the fastest, deepest one-month decline in stock market history, a 30% plunge in the month of march. we then had the best 100 day rally in the stock market that 60%, and youing had perhaps the shortest recession on, which has given way to what still appears to be a fairly sharp v-shaped recovery. see recorded now to gdp and corporate profits in 2021, and annualized profits in 2020 look like aty are poised to come in record levels. we are still somewhat in that mode. tom: lisa, we have missed the story. howard ward says it. gina martin adams says it. the earnings derivative of q

joining us is david westin.umber of different reasons why chuck schumer may be saying this. some may be simple party politics. others may be because he is concerned over what happens the next 30 days. which one do you think? david: i cannot be in his head, although those are the relevant questions, whether this president could do something irrevocable that could damage the nation in the next 13 days. the reason the 25th amendment exists is for incapacitation, and what is required is the vice president and a majority of the cabinet certifies to an official on the hill and they could do that today in theory. alix: good perspective. it feels like coming out of this is, what's the future of the republican party to be? and what the relationship between democrats and republicans will be, talk about aoc tweeting about members being held -- david: it is also about the nation overall, will we come together as a people? you have to ask yourself if you are joe biden, do you like this or not? does this move him forward to p

our david westin, host of "balance of power" is with us now.e have been looking at live shots of the new senate on the floor, senate majority leader chuck schumer has taken the gavel and says this is a new chapter. at the big question is, will this really be a new chapter? and can president biden unite lawmakers and the country? david: it is a big, big task. we will see whether they can do that. chuck schumer is majority leader as you say, but it is a 50-50 split in the summit. kamala harris will cast the deciding vote. they have a tall order. most people who know joe biden well, and he is very well known in washington, they think he is a leader who could reach across the aisle, if there is, it is joe biden. but there is fracturing in the country, without a doubt. emily: we are waiting for president biden to sign a few more executive orders possibly this hour. what is his schedule for the rest of the day? and what is priority one tomorrow? david: he has a lot of executive orders that he has or will sign across a wide range of subjects, really t

a wells fargo securities economist will be joining david westin. that wraps up for me and guy. had the fed at 6:00 p.m. this is bloomberg. ♪ ♪ david: from bloomberg headquarters to our audiences worldwide, welcome to "balance of power", i am david westin. the story is the phenomenon that is gamestop with its stock up again, some big short-sellers get out of the game. for an update we welcome romaine bostick. give us an update. it changes moment to moment. romaine: you are looking at a stock is up 1400%. this started late last year in december. a lot of retail traders decided that some of the short-sellers involved with this stock were not getting enough attention to what they felt was more of a long-term bull gaze. they went into the options market and started to buy and just put pressure on the price

david westin with kevin cirilli. mr. bided will speak.e the president-elect got a heads up on this number. you have to wonder how he amends a single word. lisa: you did not need to have a heads up seeing the high-frequency data that the economy had declined. the beige book yesterday showed a deceleration. tom: i do not read the beige book. lisa: you watch him alone. tom: i watch my fifth version of home alone to look at the trump rate at central park south. it is true, it is out there, and we know it, but there is nothing like michael mckee said, the actual statistic always has an impact. lisa: people struggling to understand how quickly the labor market can recover. once people can go back to bars and restaurants, people can get reemployed. the scarring implications not only after people of been out of work, but in an economy that is fundamentally transformed in a much bigger way remains to be seen. tom: is never boring as it was for claims, and we move through the economic week. the president-elect to address the nation tonight with a f

caroline: stay tuned for our special coverage at the end of this with david westin. this (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. that means better results in less time. and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now. david: from new york to around the world, this is a special edition of balance of power, covering the unrest in washington dc today as pro-trump demonstrators, really rioters, ultimately charged capitol hill and the capitol building itself, entering the senate chamber while trying to tally up votes. for a review of this deeply disturbing day, we welcome our colleague laura davis.

i'm david westin. ♪ david: this is a special edition of balance of power.e covering this motion and riding on capitol hill in washington dc. they are joined by our bloomberg washington bureau chief. is a rather remarkable development. we know that president trump taped a video placing to go home. i understand that it was a fraudulent election, but still, go home and be peaceful. now we have facebook pulling down that video. facebook saying this is an emergency situation. we are taking appropriate emergency measures. this is pretty extraordinary. people -- theynt were saying this is on your head if you don't take this down. >> i agree and we know that donald trump has been at war with the social media companies. it is a continuation of that. the interesting thing to me is that several people, including joe biden himself said donald trump needs to go on national television to try to calm the waters. of course, it is donald trump, he has to praise or offer protesters.hese even while allegedly trying to calm things down, he managed to splash a little more water

he spoke to bloomberg's david westin about the power of the president's words. yesterday was that people actually took it to heart in a way that manifested itself as illegal activity, and a violent illegal activity. that is where the underestimation was. people of a lot of this country, maybe not a lot, but certainly enough yesterday, to break the law, to try and frustrate our constitutional processes. that is shocking to me. because if the president ever walked into my office when i was chief of staff and said, i would like you to do something illegal, i would have looked at him as though he were nuts. we have it -- we would have quit if he was serious about it. didn't think ordinary, rank-and-file citizens would think, yeah, this is a great idea for us to break into the capital with guns and other circumstances and break the place up. that is what is so wrong about yesterday. that's why you are seeing resignations today. ck, i agree with you, there is a rich history of demonstration in this country. but in this instance, we had the president saying that the pr

tom: emily wilkins in atlanta, and for the next few days, david westin leading our coverage. right now, on the markets, david riley joins us. a huge value to us in 2020. we will see if that can struggle forward and do it again. how was your 2020? what a strange year. an absolutely extraordinary year, and it does intolike it is strangling ling intotraggli into 2021. david: but there we go. say that we are looking forward to 2021 with a reasonable degree of optimism. rotation out of tech stocks that performed the best and into some of the cyclicals and more beaten up areas? is that still on? but toi think it is on, the point you have been making, one of the key parts of that rotation is what happens to core rates and particularly, u.s. rates. they haven't really been moving, and as long as they remain very well anchored, then actually, it is kind of hard to see why some of those outperforming sectors, particularly u.s. tech, is going to meaningfully underperform. i think that leg of the rotation, i think you need to see higher treasury yields and at the moment, that is not barki

our special coverage of the biden inauguration, david westin will anchor a special balance of midnight in hong kong, catch that on bloomberg tv also bloomberg radio and quicktake. let's take you to karina mitchell with the first word headlines in new york. karina: the italian prime minister has won a vital confidence vote in the lower house but faces a test in the senate tuesday, after losing support of a small coalition party. success would let him stay in power, even if the support would fall short of a majority. conte is under fire for the coronavirus, the eu recovery fund, and his plans to borrow 32 billion euros. in other news, china says it has decided to sanction some u.s. officials over washington's reversal of decades of policy over taiwan. the foreign ministry says the u.s. move to relax restrictions on interaction with the island as well, and measures will be imposed in response. the health secretary alex azar visited taiwan in august, provoking an angry reaction from beijing. china is also accusing washington of lies and conspiracy theories, after the trumpet administration

sheila bair is joining "balance of power" with david westin on a day where tech is up another record,the nasdaq. this is bloomberg. ♪ david: from bloomberg world headquarters, where the world of politics meets the world of business, president biden delivered a message of unity to meet together in his inaugural address yesterday, now he has to turn encouraging words into concrete actions, actions that republicans as well as democrats can support. for an early take on the prospects, we welcome republican congressman james comer of kentucky, a ranking member of the oversight committee. as a republican, what would you like to hear from the new administration to convince you that they really want to bring people together rather than bring people together on a partisan basis? rep. comer: i was excited to hear his remarks yesterday when you talked about unifying america, but then he walked across the street and started doing executive

david westin will have an extended "balance of power." watch that on bloomberg television, radio and, quick. -- radio, and quicktake. let's get the first word news with karina mitchell in new york. karina: as president trump's time in the white house comes to a close, he is wishing the next administration luck while his legal team blocks attempts to access his tax returns. washington under strict security following the assault on the capitol two weeks ago. the top republican puts the blame squarely at trump's door. sen. mcconnell: last time the senate convened, we just reclaimed the capitol from violent criminals who tried to stop congress from doing our duty. the mob was fed lies. they were provoked by the president and other powerful people. karina: treasury secretary nominee janet yellen met republican resistance to joe biden's coronavirus relief plan. she says now is the time to act big on support for the economy. her opponents, however, are wary of the $1.9 trillion cost, saying now is not the time for a laundry list of reforms. yell

coming up, a former hp ceo will be joining david westin on balance of power. mberg. ♪ ♪ david: from bloomberg world headquarters in new york to our tv "balance of power "balance of power audiences worldwide, welcome to -- to our tv and radio audiences worldwide, welcome to "balance of power." with me as kailey leinz. i think we had a high from the inauguration and stimulus. it seems we have come off of that. kailey: we are still off of record highs on the major averages. this is a market contending with what could be a very difficult road forward for president biden's $1.9 trillion stimulus package, plus worsening virus headlines across the world with the possibility of lockdowns getting extended in europe. that said, we are off the lows of the session, the exception being the socks index, the one that tracks -- the sox index, the one that tracks semiconduc

it will be fronted by david westin and kevin cirilli. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. francine: economics, finance, and politics. this is this is bloomberg. i'm francine lacqua in london. the data out of china, six point 5%. he gdp picks up where it left off before the pandemic, leaving china the only major nation that grew in 2020. here is what guests have been saying about the figure. >> the overall quarter really seems to have shown that the economy has ended the year on a strong note. the manufacturing is doing well. >> the chinese data, in line with expectations. very positive for the country and the region. >> t

i am david westin. this week, interviewing larry summers of harvard. unders of charles schwab. penny pritzker. >> the marketplace is driving this. frankly, the government is catching up. david: sheila bair. >> we need to go big right now. the economy is still in serious trouble. david: and

coming up on "balance of power" with david westin, wilbur ross will be joining him ahead of jay powell's this is bloomberg. ♪ david: from bloomberg world headquarters in new york to television video come welcome to "balance of power," where the world of politics meets the world of business. big fed day today. we will hear from the fed chair jay powell, speaking at a special event in princeton. we look for to hearing what he will say in light of the alarming jobless claims numbers, which were much higher than had been anticipated. just a short time ago our colleague mike mckee had a talk with mary daly, president of the san francisco fed, and she emphasized that we have a big holder climb out of when it comes to unemployment. she said she was not entirely surprised that it spiked, given where we are right now. talking about fiscal stimulus. there is a concern about the economy. we will talk about it even as we wait tonight at 7:15 eastern time to hear from president-elect biden, who will lay out his stimulus package. reports are it will be $1.3

i'm david westin. k, larry summers of harvard. >> instead of being one of seven or one of age, and scripts of movies, we are one of one. david: megan greene of harvard. see a focusing to on small business, which is the right place to start. >> nothing like

i believe david westin is speaking to mr.and who has a look lisa: in order -- has a look at gamestop. lisa: a look at reddit? jonathan: i refuse to believe this is discrete short selling. lisa: this is the new game, the question is, how much do banks want to associate themselves, especially for retail investors might end up on the wrong side, eventually, not necessarily in the -- the near term. when things normalize a bit. tom: gamestop bouncing up against resistance. coming up, bank of america chief executive officer brian moynihan . features at -40, good morning. ♪ jonathan: good morning, good morning for the can down to the open starts now with 30 minutes, futures down 1% on the s&p 500. we begin with a big issue, markets on edge ahead of a busy day and wall street, investors bracing for impact. more stimulus talks out of washington, d.c. with president biden pushing a spending plan saying it's crucial for the vaccination effort. president biden: it will require congress to pass the american rescue plan to provide funding

brian moynihan and david westin in conversation with the gentleman from bank of america, the ramificationsmarket volatility and derivative instruments to our major banks. this is bloomberg. ♪ >> the euro has strengthened a little over the few weeks. it is something we monitor carefully. it is one of the factors, not the exclusive factor, but one we take into account. when assessing where inflation is going to go. if it becomes too dominant and threatening to derail our inflation directive, we would have tools to counter that. francine: french central bank governors speaking to me of -- me a little while ago, once again saying they're looking at effects levels and they have all the tools available, he says, to counter draw strength. let's get back to davide serra. if you are a european bank dealing with lockdowns, vaccinations are taking time, and you also have ecb that could cut interest rates further, where do you move? davide: first of all, banks have one great advantage. they keep de facto booking revenues. if you are a fashion retailer or you may cars, your top line is really impacted.

coming up, boston group ceo joins david westin, rich lesser. that is coming up. mberg. ♪ david: from bloomberg world headquarters in new york to our television and radio audiences worldwide, welcome to "balance of power." joe biden unveiled his plan seeking 1.9 trillion dollars from congress for immediate relief for the u.s. economy. first we will hear from president elect biden, are we not? we were going to play a little of what president-elect biden had to say, but we will go to larry summers. i got to talk to larry summers for his reaction to what president-elect biden has proposed. larry: this is the boldest economic proposal since the great society and the new deal. one way to look at it is in 2009

coming up, and executive chairman joining balance of power with david westin.omberg. ♪ welcome to this special two hour addition of balance of power. iners are at the polls today georgia choosing both of the states senators in runoff elections. i will be joined by our bloomberg political reporter. great to have you with me. there's a lot we don't know going into today. what do we know? >> this has been a record-breaking election in terms of the vote. it is also been record-breaking in terms of the amount of money spent and raised. these are the two most expensive senate races in american history. you have $450 million raised by one race. overon the other side, $300 million. these are expensive races. lots of re

. ♪ >> coming up, wilbur ross joins david westin on balance of power at 12:00 p.m. in new york.omberg. ♪ alix: if you predicted and most were unprepared for covid-19. we spoke with eileen murray about mass unemployment. >> advanced economies have grown rapidly over the last 20 years but jobs have not. i look at that and look ahead over the next five, 10, 15 years. it worries me we are not re-skilling employees. some places say government needs to get involved. i agree. it has to be a combination of government and business, as well as education. much the same way the pandemic we are living through required a lot of smart people to get together to get the vaccine, think about distribution, supply chains. this unskilled worker is the next pandemic that is coming. it is not going to be solved by a 12 to 18 month study on vaccines or more security with respect to something like a 9/11. we need to get on this. my goal is to get people to recognize this is the problem, which i am hearing more and more about. let's start doing something about it. >> i want to draw out what the risk is i

some great coverage coming up now with david westin. this is bloomberg. ♪ david: good morning.ife from headquarters in new york, this is going to rtv, radio, and quick -- our tv, radio, and quicktake audiences worldwide. this is a different inauguration day for many we have ever seen. there are no people because of covid-19, and the requirement for social distancing. on the stage itself, people are distanced quite a bit apart. we see almost no one on the mall whatsoever. we do have 25,000 national guardsmen stationed around the capitol. as we continue to watch images of people gathering on the stage, i welcome throughout the program jeanne zaino, political contributor from iona college, as well as rick davis from stonecourt capital.

. ♪ david: another week for the history books, this is bloomberg wall street week, i am david westin.ek, contributors larry summers of harvard, our guest from the financial times. >> it also means that inflation could be more of a green light. david: and our guest from rock creek. former secretary of homeland security, jeh johnson. >> the action on trump's accounts was extraordinary, but probably overdue.

. ♪ ♪ can bloomberg world headquarters to our audiences worldwide, i am david westin.power. late yesterday, president trump responded to the crisis at the capital in a recorded address in which he said he condemned the people who stormed the capital and at the same time acknowledged that there will be a new administration taking over. pres. trump: a new administration will be inaugurated on january 20. my focus turns to ensuring an orderly transition of power. welcome our political contributor to respond to what has been an already extraordinary week. the president said there will be a new administration. he never used joe biden's name. now he says he is not going to the inauguration. is this what we need for an orderly transition of power? >>

we will wander through the day with kevin cirilli, david westin with balance of power in a little overur. and kevin cirilli on bloomberg radio. with a special report. a single senate race in georgia and that's nothing of the history to be made today in washington. we will cover that as well. we will continue the dialogue forward on the american corporation, and one of the people who can do that is david's efflandt -- is david, the president and chief executive officer. we've been talking about american corporations and the challenge and changes they are seeing in use of technology in this pandemic. and that is of course his wheelhouse. thanks to emily wilkins in atlanta. stay with us through this day on this political moment on radio and television. this is bloomberg. ♪ lisa: i'm lisa abramowicz, in for jonathan ferro. markets are grappling with the issue of a blue suite. to this georgia runoff -- >> this is what markets and equity markets in particular are looking at. >> a georgia vic rate for the democrats, because without georgia, you will want to be heading back to value, to cyclic

david westin will host an extended balance of power in hong kong and you can catch it live here on bloomberg tv, radio, and on dictate. a couple of big voices coming up next, a senior fellow in bloomberg contributor, niels ferguson, joining us at the bottom of the hour. and we will be speaking to kevin rudd later on daybreak asia. later with all of that, let's get over to karina mitchell. >> the italian prime minister has one of vital confidence vote but faces another test in the senate on tuesday after losing the support of the party. this would let him stay in power even if support fell short of a majority. he's under fire on coronavirus and his plans to borrow another 32 billion euros. meanwhile china says they have decided to sanction some u.s. officials over the washington reversal of decades of policy on taiwan. they had moved to relax restrictions on interactions with the island and measures would be imposed as a response. alex azar visited in august and had an angry reaction from beijing. beijing is also accusing washington of conspiracy theories after the trump information -- the tr

david westin with the timely conversation and perhaps news on impeachment. dow futures up 32.mberg radio and bloomberg television, good morning. ♪ ♪ lisa: for our viewers worldwide, i am lisa abramowicz in for jonathan ferro. "the countdown to the open" starts right now. democrats pushing ahead with impeachment. vice president mike pence preparing to push back, rejecting demands to oust president trump under the 25th amendment putting the house on track for an impeachment vote as early as wednesday. the house putting forth resolution accusing the present of high crimes and misdemeanors for "inciting an insurrection." joining us now from washington is bloomberg's very own kevin cirilli. what is the latest? kevin: impeachment vote likely happening tomorrow in the democrat-controlled house of representatives. it comes as republicans have been vocal that they believe this is not the proper channel or the path forward they would like to see with just eight days until joe biden is s

♪ emily: -- david: welcome to bloomberg technology, i'm david -- david westin sitting in only for theoment for emily chang. first a look at the markets, optimism that the economy will benefit from government support after hours where it was all about the impeachment. ed ludlow has more. >> the news being that the house has the votes to impeach president trump for a second time. 232 in favor, 197 against. 10 republicans voting in favor of impeaching donald trump. not a lot of action out there on the financial markets, where we are waiting on futures, but currency markets are very sanguine. euro-dollar is pretty static. in terms of the story of the day this was about the outperformance of technology stocks, leading the games in the narrative boosted by the news of a stimulus from the biden presidency. you can see it there, the new york index up 1% and outperforming the s&p 500. i want to focus on the philadelphia semiconductor index . more modest games, but the story here is intel, up 6% on the day on this news that the ceo will be replaced. gelsinger was a longtime employee of intel pr

i am threatening to do it for david westin. you nailed it this morning. this is going to go to other asset classes. tell me what you have learned about commodity-based london with silver? francine: i was looking at some of the option trades. this is thanks to the power of bloomberg. it is incredible when you look at the number of volumes on silver options. traders on right saying this is our next -- reddit saying this is our next big squeeze. if you are a hedge fund manager, gu make a reddit account -- do you make a reddit account and try to follow what they do? there is a great piece that came out moments ago saying whatever this will turn into, it will be historic for finance. i go back. the only one in the building besides me is marty that actually remembers the hunt brothers. francine: before that, tulips. tom: marty remembers the tulips. francine: you are not around for that. tom: what you will need to focus on them a thank you to aberdeen standard who nailed it, watch the vix. it's not supposed to be there with the doubt. with our news in new york c

tom: emily nailed it, and i will be all washington and do my david westin imitation pit will be greati want to emphasize this for everyone involved -- it is more important that what is going on right now is not new. francine nailed it this morning when she noticed silver on the lme and what it is doing. this is a short squeeze. they have been around since biblical times. jonathan: nothing new about a short squeeze, something new about what we experienced this week. this has not just come out of nowhere. i remember talking about was having on embedded boards, conversations happening, the new breed of investor starting to take part in equity markets. you remember it. lisa: g #btv -- come, guys. -- on, guys. lisa: it is also the proxy war on populist versus establishment and it is what we are seen time and again. it is in thing to see a ship up with aoc and ted cruz joining alliance because they both weigh in on the populace side of things, the irony being that populace and sent -- centrist and democrats trying to back wall street. jonathan: i think the question -- the lesson that comes

david westin with the gentleman from honeywell.is bloomberg. ♪ [opening bell] lisa: i am lisa abramowicz in for jonathan ferro. we begin with the big issue. big banks unofficially kicking off earnings season and trading lower following quarterly results. financials struggling to justify outperformance in 2021 despite bottom line beats across the board. >> the market not liking any of them. shares of all three are lower in premarket trading. wells fargo taking the biggest hit, down more than 4% ahead of the opening bell. citibank and j.p. morgan down about 2% each. let's begin with j.p. morgan because it is lower despite the fact it was a record quarterly profit. generated $12.1 billion. a 37% jump in

ian bremmer with david westin with the balance of power at 12:00 noon. futures, negative 24.cinated. ♪ jonathan: from new york city, good morning, good morning. the countdown to the opening bell starts now with futures down 26, off by 7/10 of 1%. market participants worldwide focusing on the pandemic policy response in washington, d.c. >> there is a huge amount of uncertainty. >> they don't have control of virus. >> uncertainty in terms of how quickly the recovery will happen. >> this passage -- package is a fiscal support package more than a stimulus. >> it remains to be seen what actually comes out. >> definitely an element of uncertainty. >> we are uncomfortably more -- on the course of policy. >> until then, the virus will continue to be a significant issue for

i'm david westin.ith reddit a gamestop short-sellers at the top of the news, even as the market rebounds from a down day yesterday. we are joined by the coanchor of "what did you." thank you -- "what did humans." -- "what did you miss? " brian: it open lower and bounced around all day long. there was volatility trading not only on gamestop, but a lot of the other means stocks -- ansi, blackberry, american airlines getting bumped up as well. what is interesting now is this has become a much bigger story than8 the price 8 -- a bigger story than the price. we are talking about big brokers saying they are

manus: that was the bank of america ceo, brian moynihan, speaking to david westin. it is upon us.orld economic forum looking a little bit different this year. virtual. it's the agenda. the world leaders and bloomberg will bring you a piece of the action all the way. do not miss today's lineup. executives for standard chartered, blackrock, and fidelity international join the bloomberg team. this is bloomberg. ♪ annmarie: 6:45 in the city of london. i am annmarie hordern with manus cranny in dubai and we turn our attention to the oil sector. london energy reported fourth-quarter results that beat analysts estimates. joining us is nick walker. very good morning to you. i'm sure you are happy with these results after a tumultuous 2020. i want to start out with where you see oil demand going from here. 20/20, we had these between supply and demand shocks. things have obviously cooled down but what do you see in the short and medium-term in the market? >> it's good that we recovered. our sense is that we should see around this level looking forward but i think when covid is behind us, a