he is on wall street week this week so we will talk -- so he will talk with david westin. this is bloomberg. ♪ matt: this is bloomberg markets. former treasury secretary larry summers says there are too many variables from consumer spending to labor strikes and the potential government shutdown to rule out a u.s. recession amid the federal reserve rate hike pad. here is some of his conversation with david westin on wall street week. >> it is possible we will have the proverbial soft landing, but i think the risks that inflation will be worse than what they say are very real. you've got the uaw strike, you got oil prices having spiked, you've got a budget deficit that this year will approach 8% of gdp if you take out the student loan accounting. and you've got a variety of technicals like health insurance that are getting ready to kick in. i think you've got real concerns on the inflation side. at the same time, you've got concerns on the others that the consumer, since labor day, it's not much time yet but looks like the consumer is slowing a bit, delinquencies are startin

jon: that was a ceo and chairman larry talking to david westin.t: on this edition of wall street week what you can catch fridays at 6:00 p.m.. jon: it has been fascinating to watch ge shareholders buying into the turnaround story. still a ways to go to where the stock was about a decade ago and as we kick off this september trading story, we are looking at some cautious action for the s&p 500 today, outside of that interest in energy stocks, investors keeping an eye on where the economy goes from here, down 12 points in intraday trading. this is bloomberg. ♪ ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. so, you've got the power of xfinity at home. now take it outside with xfinity mobile. styles and textures. like speed? it's the fastest mobile service around. with the best price for two lines of unlimited. only $30 bucks a line per month. that's hundreds in savings a year when you

joining us is david westin and mary barra, the ceo of general motors.ani: for our audience, we welcome mary borrow. you where the woman of the hour whether you like it or not. what comes next? we know there are individual plants that they have struck at. how far away are we from layoffs as plants run out of parts? >> i want to say that i'm extremely disappointed and frustrated we are even at a strike. general motors has a strong offer on the table and its historic. it's the largest increase from a wages perspective and are up to 115 year history along with world-class health clear benefits and many other provisions like job security and a cola adjustment. when you look at the agreement on the table, we really don't need to be here. they have one plant down now and it will impact three very important products. our chevrolet colorado and eric gmc canyon are midsize pickups that are in strong demand as well as our chevrolet cargo van the does well in the market. this is having an impact and we will have to. see where they go next we are ready for this. as

earlier this morning david westin spoke with the ceo of general motors mary barra. take a listen. mary: or than once a day, calls, texts, meetings. i have been at the table myself over the last few days. i will continue to be extremely involved. our team is ready there waiting to negotiate. by request is, the uaw leadership needs to get back to the table so we can get the problems solved and get people back to work. another important point is for every job at general motors has there are six more jobs in the economy that depend on us running. this is broader than general motors. it is important for planned cities especially and really the nation. jon: let's get more details with kailey leinz. geez i want to start with you. what is the latest we know things about where things stand? keith: they are not bargaining today, a little concerning. hopefully they will start bargaining again this weekend. the way they have opened up with the plans they chose, around 13,000 workers out of 150,000. one person described it as more of a skirmish than a war. it will get worse as they expand it t

i am david westin.week larry culp of ge on his 5 years of turnaround for an american icon and what comes next. >> you are far better off being

i am david westin. summers of harvard on how the fed is handling a stronger-than-expected economy. larry: i think the fed is too optimistic. david: stephen rat

this is bloomberg "wall street week", i am david westin. summers of harvard on the more jobs numbers out on the eve of of labor day. larry: i think the road to a

i am david westin. this week, special contributor

former prime minister tony blair spoke to our david westin. >> aa will change everything, it should changeovernment and public services operate. it has enormous potential to change health care for the better. but there is risk. caroline: all of this comes as we prepare ourselves for the u.k. to hold its first global ai summit. let's talk about the ai presence and u.k.. you are in san francisco, trying to export the u.k. and the seller can't tech giant saying this is what the u.k. has to offer. why is the u.k. so focused on putting in stake in the ground when it comes to ai? >> the ua, the u.k. has an enormous amount of research around ai. the reason ai will help unleash the positive change in the world . to get a common understanding will keep us safe with this technology. ed: does the u.k. generate nearly -- genuinely believe that the ship has sailed with ai or is it moving quickly to catch up? >> i think it has a leadership position and it. a lot of fundamental research is being done in the u.k.. we are seeing that nai, talent is extraordinary in the u.k. has quite a leap globally and ca

david westin with ceo mary barra.d of gm. what do you need to know? $94 a barrel for brent crude. good morning. ♪ the power goes out and we still have wifi to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network. the power goes out and we still have wifi to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network. >> live from new york city this morning, good morning, good morning, equity futures going back a little bit on the s&p 500. the countdown to the open starts right now. >> everything you n

alix: that was dave ratner, chair and ceo talking to david westin, on the uaw strike.he bailout of the u.s. auto industry during the crisis in 2008-2009. that brings us to the question of the day -- why is the auto sector running on empty? joining us is subadra rajappa. you are a rates person and not a car analyst but all of these stories intersect. you have a potential recessionary fear if you have a full strike. 42% increase in wages. that is a wage inflationary scenario and higher oil prices. how do you wrap that into thinking about the bond market? subadra: it is difficult. this is a moving target. we have had several strikes, ups, and others. we have had issues with the trucking companies. it is really hard to gauge what is going to be over the long run. wages have been high and sticky. we have not really seen a precipitous rise in wages. but broadly speaking a combination of both higher oil prices as well as pressure on the labor market, very tight labor force, is going to put pressure on inflation. that is where we are trying to gauge how much of an impact this

haidi: former aide treasury secretary larry summers is speaking exclusively with david westin on walltreet we. you can get around up of the stories you need to get your day going in today's edition of daybreak. terminal subscribers can find that dayb and customize your settings for the news on the industries that you care about. this is bloomberg. ♪ the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com haidi: let's get top corporate developments we are tracking this hour. southbank has lined up some of arm's largest customers as strategic investors. sources telling bloomberg include nvidia, apple, and an could put amounts ranging from $25 million to $100 million. a show of support from the tech industry could bolster the offering with an investor roadshow expected to kick off next week. india's richest bank owner as resigned as the lender. his resignation

. >> ge's ceo speaking to bloomberg's david westin.all street with. let's check some of the top corporate stories. softbank's arm, planning to raise up to $4.7 billion in the chip designer's long anticipated ipo. this marks lowered ambitions for a debut that was once expected to generate roughly twice that amount. arm will offer 95.5 one million american depositary shares for 47 to $51 each. even at the bottom of that range, the ipo will still be the world's's biggest this year. the ftc looks set to filed an antitrust suit against amazon later this month. this after the company failed to offer concessions to settle the claims. sources say the ftc plans to target the e-commerce giant's popular marketplace for third-party merchants paying a commission on each sale. they account for more than half of amazon's online sales. ubs executives, weighing their options to renegotiate parts of the deal credits we struck for its securitized products a business. sources tell bloomberg the bank is unhappy with the terms credit suisse agreed to when i

jonathan: larry summers on wall street week with david westin on negotiations between uaw and detroit'sps this the last big opportunity to extract as much as you can out of detroit's victory. -- big three. tom: it is history making and of course, of this is the heritage, joe biden looking backward on this. i do not think he is looking forward yet. his heritage is so steeped out of scranton. it was early politics. it is a huge backward look for the president. i did not say it in a mean way. it is nostalgic. jonathan: the election just around the corner. looking at markets right now, equity futures positive by 0.4%. yields unchanged on the 10 year. crude new highs for 2023, short of 90 on wti. we are up here by a little more than 1%. tom: if you have a grandfather who grew up pretty darn poor and did pretty darn good, he would only drive a cadillac. that cadillac we stepped in it as a kid had a plaque on the bottom of the door were you stepped in and it said body by fisher. we go to lansing michigan. he happens to be in london but craig trudell lived uaw, he lived michigan and he lives wh