economy, jack lew, former u.s. treasury secretary. meeting with michael anchor in dubai, manus cranny. manus, good to see you. manus: or to see you as well, nejra. that as get straight to the former treasury secretary. i want to start with the big issue. welcome to bloomberg, jack lew. >> good to be with you. how take of a global risk for -- could a hard brexit for the eu if that is the case? jack: from the beginning i have theys got the brexit affect economy of united kingdom, secondarily the economy of europe, than on the third level, the global economy. i was not in favor of it, but i think that to say that it would cause a global crisis would be a bit of a stretch. the banks of the u.k. are well and capitalized, there could be on, but i think the question really has to do with the general health of the economy in the u.k. and the integrity of political alliances in europe. i think the challenge going forward is to find a way to maintain economic and political unity in a world where some of the current arrangements are coming under

juliette: jack lew offered another perspective on the global economy with attention to how policy inaffect growth and spillover to assets around the world. he spoke in dubai. recovery. periods of growth do not go forever. a deficit policy in the united states at a time of economic growth for trade wars that are man-made problems. you see uncertainty and disruption put into an economy that already late in the cycle. >> the deficit is blowing out trillion dollars is what the cbo verdict. my question is -- when does the debt hike begin to matter? both you look at the debt, the deficit and accumulated debt, we made progress in the time i was in office stabilizing things. from 10% of gdp to 3% of gdp. we stabilized the debt. we are driving policies that are sitting -- hitting 100% of gdp faster. you know when business cycle ends, there is going to be a need for government intervention and if you have already spent -- yout your fiscal resources do not have resources to spend when you need to stimulate the economy. the cost of service in debt will squeeze out important things like investing

treasury secretary jack lew offered another perspective on the global economy.ticular attention to how policy in washington may affect the and spill over to assess around the world. he spoke in the by -- in dubai. growth don'tnd time-out, but they don't go on forever. with the policies that make it difficult for growth to continue. whether it is deficit policies in the united states at a time of economic growth, trade wars that are man-made problems. i think you see a lot of uncertainty and disruption put into an economy that is already late in a cycle. >> the debt is something that is blowing out. $1 trillion is with the cbo predicts. jack: if you look at the deficit and accumulated debt, we spent time stabilizing things. we went from 10% of gdp to 3% of gdp. stabilized in the mid-70's. we are putting in place policies that are driving it to hit 100%. that is a mistake. when a business cycle ends, there is a need for governmental intervention. and if you already spent your fiscal resources during growth, you don't have the resources to spend when you need to st

anybody who was omb director and then became chief of staff, you know, like jack lew would be the first to tell him, josh bolton, and others, you can't do that. you can't do both jobs at once and being acting chief of staff is also a recipe for failure because you're walking around with an expiration date on your forehead and people will not take you seriously. you know, there are many other things we could talk about but another huge problem is that this president is headed into a world of trouble, a series of investigations that will make al hague's final days look like a walk in the park. >> you want a chief of staff without an expiration date with authority and mick mulvaney doesn't meet the standards on those fronts? >> there was no plan "b." plan "a" was nick ayers. they threw into the chair somebody who gets along with donald trump. his principle qualification is that he played golf with trump and that trump can stand to have him in the same room. so -- >> interesting. nick ayers didn't want the job on a permanent basis or decided he didn't want to. trump didn't agree to that bec

jack lew was chief of staff for president obama and then went to the treasury department and josh bolton succeeded he and he was a fantastic chief of staff. so i think he comes with the right credentials. he's very intelligent and he's smart. he gets both of it. he also was very respected on capitol hill. he knows what it means to govern. he was elected to congress and was a co-founding member of the freedom caucus. he's close with mark meadows. i think that he's a good choice for this president to be chief of staff and i hope that he decides to stay in that position. he'll come to recognize that it's a wonderful position to have but i think he is well suited to do it and i'm glad he's offered to do it on an acting basis. mark meadows and chris christie turned down the job. you hope he stays in the role but surely that's not a great starting position. >> because he works in the white house complex right now, their offices are in the eisenhower executive office building right next to the white house. many of the people who are staffing the president at the white house actually work in the

i think jack lew was budget director and then ended up as chief of staff.here is a reason budget directors get picked. mick mulvaney has a familiarity with every aspect of federal government. so for being the conductor, he's perfectly -- he's got the perfect job to learn. >> right. and it's also true that the short list wasn't all that long. so white house officials we talked to really waved us off the notion jared kushner was a serious contender. >> bossy was the front runner to me an hour ago. >> inside the west wing he was seen as a polarizing figure. he never really won jared and ivanka. which you need to be chief of staff. >> there's one director of communications. there's one political director in this white house. and they are all named donald j. trump. >> pure and simple. he is better off. this might be what he -- it's an acting chief of staff. but you know what? his office will be in the eisenhower building anyway. all right. we're going to pause here. >>> does every vote count? oh, boy, does it. did a candidate ignore that advice? oh, boy, he did.

[laughter] >> let me tell you about a big guests coming up on bloomberg television, jack lew will be2:15. if your watching out of sydney, that's a quarter past 5:00. check that out. this is bloomberg. ♪ rishaad: main and market's just set up shop in just a short while. three minutes to go there. hong kong up by 1.4%. david telling me it's off the highs of the day by about 70 points. the shanghai composite eking out some small gains. let's look at some of these , when macau not having a good time of it. that 2.4%, deutsche bank out with a note saying that winter is coming for the casino stocks. on the other hand, we have nano banned, upwill be 4%. also looking forward to the afternoon business in tokyo. look at the latest on japan. some stocks entering the nikkei, couple of them leaving. the japan reopen is next. ♪ place, the xfinity xfi gateway. and it's strengthened by xfi pods, which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. p

thatpeople have forgotten jack lew and john woo -- jack china and theu in investigation in 1992, thereas a big congressional investigation the got shut down after the republicans to our of .he house of representatives fred thompson was following the line. and he wasdemocrats about to investigate republicans , and that was when he got told to shut down the investigation. a lot of people have forgotten that china at one time, we had a big investigation into that sort of thing. separateople have to the difference between collusion and conspiracy. host: you said earlier you are for term limits. the presidency is already term limited. what term limits are you talking about? caller: congress, the congressional term limits. if people need to change things, they need to change their representatives. i live in virginia, but if i don't like nancy pelosi i have to move to oakland. host: entree is calling from deerfield beach, florida, on the isocratic line -- andre calling from deerfield beach, florida, on the democratic line. caller: i would like to comment on the virginia caller. i agree with t