joining us now is glenn hubbard. glenn, are you actively advising the campaign?tly? what's your status right now with -- campaign. got to get out of -- two weeks ago. are you actively advising the president-elect and the administration or not? >> i am not. >> all right. are you a tpp proponent? >> well, sure. i am a tpp proponent, but i don't think that's the biggest deal right now. i think there's actually a lot of reason to be optimistic from the overall policy from the president-elect for regulatory reform. that's a big story. >> it's weird, isn't it? i guess you never get everything that you want. but there's single issue voters. i guess there's single issue economists. that's not the first thing you think of even though it was in the video, you don't immediately say wow we're closing borders and getting too nationalistic. you think the other things might account for the action in the stock market and the other animal spirits right now? >> i absolutely do. if you want to restart growth tough change expectation. the place to start is tax and relation. i think

i had a great conversation last night with glenn hubbard of the columbia business school. the new president, maybe some experts should play in. here is olivia blanche are -- olivier blanchard. tom: a brilliant essay by olivier blanchard. it is a great introduction to adam posen, professor blanche -- whatible colleague is needed within the politics of washington? adam: i cannot say because it depends on how much backbone the supposedly conservatives in the congress have. if trump is part of a dialectic between him and the openly conservative people in congress to get the kind of mainstream infrastructure investment that blanchard was talking about, and tax cuts are really about tax reform, then we have got something. is, as i haves spoken about and others have spoken about, subsidizing infrastructure projects that are more glamorous but would have taken place anyway, and open-ended tax cuts that will last forever, then we have a budget problem and nothing to show for it. tom: i love the idea of talking about karl marx. help me here with the realities of fiscal and monetary

the dean of columbia business school, he is a republican, glenn hubbard on donald trump economics andump team. from london and new york, this is bloomberg. ♪ >> i am optimistic, if you want to be in the interest business, you have to -- in church business, you have to be optimistic and cautious and i have both. -- i am both. in italy, and this is true also for the rest of europe, the reforms have to continue. is something that can accelerate or slow down the reform but in the end, reforms will be achieved because they have to. that is earlier about the italian referendum, his first interview since he took charge of generali in march, the italians biggest insurance. rupert harrison of blackrock still with us. if you look at political risk, french elections which may see marking the pen coming to a second tour, are the markets pricing and more political upheaval in europe? rupert: following brexit and donald trump, there is a higher political risk premium. with the italian referendum specifically, everyone is positioning for a no vote so a yes vote would be a short-term positive surpris