host: let's start with janet yellen. you did a piece last week "policy is not janet yellen's forte it is what she is in for now." she was fed chair under president obama into president trump's term. now she is nominated to head treasury. what is in store for her? guest: she was at the fed for a long time. for though she was the fed four years, she was the vice chair before that, she was the president of the san francisco reserve take -- reserve bank. she was on the board of the clinton administration and she was on his council of advisors. thoughre jobs where even there is a lot of negotiating that has to be done, think of the fed as an academic institution. they don't have to get involved in the rough and tumble of politics. they're not negotiating quite so openly on capitol hill. the treasury is different. the former treasury official said the treasure is going to move 10 times faster than the fed and the white house moves faster than the treasury. what she is in for now is more of a political role then she had at the

janet yellen is memorable. worked with her when she was the vice chair at the federal reserve and when she was at the chair and i work very closely with her as she has been the president of the american economics association. she is absolutely the most qualified person to be secretary of the treasury. i'm really excited that she is going to be taking on that

janet yellen is memorable.the federal reserve and when she was at the chair and i work very closely with her as she has been the president of the american economics association. she is absolutely the most qualified person to be secretary of the treasury. i'm really excited that she is going to be taking on that role. it is true when you are heading the fed, i'm sure, but certainly true in her current job. it is notjust economics, is it? it is politics. the decision you taken these jobs can have a big impact on the president. absolutely. now, janet yellen was the chair of the council of economic advisers decorate —— decades ago. so she is not foreign to the political sphere, and some may not believe it, but the federal reserve were now making big policy decisions which is exactly what she was overseeing in her tenure as chair, there isa in her tenure as chair, there is a lot of politics. going on within the board and a lot of working with congress. and testifying and pounding the pavement on the hill. so this is

joe biden announces nominations for top posts in his senior economic team including janet yellen, whoould become the first female us treasury secretary. authorities in south australia are preparing to reopen the border with victoria and greater sydney as the state records no new coronavirus cases in 2a hours. as deforestation of the amazon ra i nfo rest as deforestation of the amazon ra i nforest in as deforestation of the amazon rainforest in brazil reaches its highest level in a decade, scientific analysis agree the paris climate agreement girls are within reach. and, why covid—19lockdown measures have seen a surge in tv watching and online streaming around the world. 0h, oh, my lord, everything has changed. the first of all, we have to be tested every single day. the governor of california, gavin newsom, has said he may impose tougher coronavirus restrictions in the next two days, including a possible stay at home order to counter a surge in cases in the state. the most populous county in the us, los angeles county, which has over ten million people living there has already taken s

this is the thing with janet yellen.esident obama did in terms of fiscal policy at the fed when she was fed chair, she still kept interest rates very low which screwed over the middle-class savers and income inequality given her federal policies, federal reserve policies under her watch as vice chair and chair and fiscal policies under obama which she supported, dramatically in the obama years. i couldn't help but laugh listening to her talk about the middle class needs to be saved when the policies she enacted hurt the middle class. the policies she is looking to reverse clearly under a trump help to the middle-class and working-class. it is very stark and a story that is not being covered. neil: interesting point. the incoming administration will always trash what they inherited from the prior one. donald trump was fond of saying he inherited a depression in the worst economic time ever at all of that. if memory serves me right wasn't quite that bad, but to be fair the prior administration said quite rightly in this ca

janet yellen is absolutely memorable. she was the vice federal chair and when she was the chair. i have worked very closely with her as she was president of the american economics association. she is the most qualified person to be secretary of the treasury. i am very excited she will be taking on that role. it is true when you are heading the fed, but true in her currentjob, it is notjust economics, it is politics. the decisions you take in these jobs can have a big impact on the president? absolutely. janet yellen was the chair of the economic adviser decades ago, so she is not foreign to the political sphere and some may not believe it, but the federal reserve, when they are making big policy decisions, which is exactly what she was overseeing as chair, there is a lot of politics going on with inside the board and a lot of working with congress, testifying and pounding the pavement on the hill. this is absolutely a more political position and she brings experience and skills in this area as well as being amazing at eco

janet yellen saying some interesting things.he is free now in a way, when she was not at the federal reserve, talking about the dignity of working and that is why she got into labor economics in the first place. dreamedged to build the for all americans, talking about everything from disparities that keep women out of the workforce to small business lending, denying businesses a chance to grow. how will she enact this early in e, assuming the senate confirms her? kathy: the best way she can do that is try to build coalitions to pass some additional fiscal those whocularly for are struggling and hurt by the pandemic. biden referred to the k-shaped recovery, and it is true. some are doing quite well and even prospering with the financial markets rallying, where others have been unemployed for a long time and are actually facing an end to the benefits if they are not extended by the end of the year. crisis.ally a we have 20 million americans continuing unemployment claims and benefits. it is of utmost importance. has the knowledge,

and now i turn this over to the new team, starting with our next secretary of treasury, janet yellen.gain, janet, thanks for accepting. appreciate it. i think they're going to clean this off for us here. >> thank you, mr. president-elect and madam vice president-elect. it's my great honor to have this opportunity to serve you and the american people and to join this incredible economic team at this moment of great challenge for our country. mr. president-elect, when you reflect on what your father taught you about how a job is much more than a paycheck, i hear my own father who raised our family in working class brooklyn. when he graduated from medical school during the great depression, he looked for a home and a place to hang his shingle near the brooklyn docks. back then, bush terminal on the upper new york bay was a thriving hub for manufacturing and transportation. and for the union workers whose livelihoods depended on them. knowing they didn't have cars, my father found a home near a bus line. he started his family practice in the basement while we lived on the floors above. at

let me just holes for a moment i'm bringing janet yellen janet yellen would be if she. replied i come west to be the treasury secretary so it would listen to what she had to say. in a action will produce a self reinforcing downturn causing yet more devastation. and we miss we risk missing the album to redress deeper structural problems inequality and stagnant wages especially for workers who lacked a college education. communities that have seen industry disappear with no good jobs replacing lost one this racial disparity a job opportunities housing food security. alan gemini's if he wanted to have a cabinet that looks like a merica night. but i think he's getting closer to it and we're hearing speculation that he may well appoint the 1st needs of american to a cabinet position to become the interior secretary and so that i think is a step in the right direction when he makes cabinet more reflective of what america is is like as a whole i think brianna makes a very good boy that that on progressives there are a lot of these positions it's same old same old is people tha

janet yellen, herself, is seen as very moderate. she does have a social heart, but she already worked in the advisory team of former president bill clinton. so what this team is to deal with 1st of all is to convince congress hundreds of billions of dollars for spending and to help the population. and then later on, probably dealing with the debt load to texas will become an issue, but that's not going to be the 1st thing on their agenda. so we've had financial results from zoom, the company that's been helping a lot of us to stay in touch with each other during coronavirus lockdowns and how is the video conferencing software company doing yeah, helping and profiting itself. i would say the company had a stellar quarter revenue up by a biologist, 370 per cent, interested me enough. the stock actually tanked by 15 per cent. a couple of reasons . 1st of all, for the current quarter of the xoom only only expects to have a revenue increase of about 330 percent. so that would be less than in the 3rd quarter. and then also more and more l

that he hopes will lead the nation toward a pandemic recovery his pick for treasury secretary janet yellen would become the 1st woman to hold the post if confirmed by the u.s. senate. with the u.s. economy suffering from pandemic related restrictions with high unemployment and companies losing money joe biden has pledged to move fast to provide relief now his economic task force is taking shape. a 1st rate team that's going to get us through this ongoing economic crisis and help us build an economy back not just build it back to build back better than it was before and keenness tested an experience that includes americans from a variety of backgrounds led by one familiar face former fed chief janet yellen biden's pick for treasury secretary and the recovery act that followed so many people struggling to put food on the table and pay bills and rent it's an american tragedy and it's essential that we move with urgency. inaction will produce a self reinforcing downturn causing yet more devastation team in place president elect biden says he's working on a new plan that can be launched on day

janet yellen began. janet, thanks for accepting the question that they're going to clean this office. oh, while we wait for the disinfecting of the podium, just sort of recap what we've been listening to see, that's the president elect, joe biden. introducing his economic team. his message to america is help is on the way and he said that his team is ready to start on day one set to address the structural inequities that the pandemic has laid. bare. he also nominated janet yellen to be the 1st female secretary of the treasury, and she's speaking now. let's take a listen economic team at this moment of great challenge for our country. mr. president elect. when you reflect on what your father taught you about hell we job is much more than a pay check. i hear my own father who raised our family in working class brooklyn. when he graduated from medical school during the great depression, he looked for a home in a place to hang it shingle near the brooklyn docks backs in bush terminal on the upper new york. t

gene, let's talk about janet yellen and other members of the team and why janet yellen is the right person to run treasury, the first woman and obviously someone with superb qualifications. >> i mean, janet yellen, it's hard to think of someone who has not just her resume but her heart, her academic brilliance, and someone who absolutely commands respect on both sides of the aisle, and globally. and at a time of crisis like this, go to someone where there's such competence in her head and her heart and her experience, makes that very, very strong pick. but i think what's really distinctive about this team is that, to use words i like and i think joe biden does, this is an economic dignity team. this is a team of not, you know, ivory tower folks. this is a team of people who actually in their areas, heather buescher, jared bernstein in fighting for full employment policies, cecilia rouse for being someone who has fought against hiring discrimination and things like college completion, these are people who can help with the tangible policies, the building back better portion of his economic

laura: joe biden has chosen janet yellen as his treasury secretary.expected to be the economic job. faceseets the country great challenges but must restore the american dream. china's economic offensive against australia may end up backfiring. it is awarded to countries not to criticize beijing but china's moves are adding to concerns about economic coercion and may push nations closer to the u.s. bitcoin has hit a record, beating its previous high set in december of 2017. it takes this year's surge to more than 170%. even with the recent rally, bitcoin ownership remains concentrated with a small number of investors. recorded to flipside crypto, about 2% of accounts control 95% of positive digital assets. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. anna: thank you very much. as we have been covering, unicredit shares falling as the ceo says he is stepping down after four years. the announcement comes amid clashes with the board amid

he will nominate janet yellen for treasury secretary . if confirmed, janet yellen will be the first woman to lead the treasury. >> it was an inspiring move. she is respected both at home and abroad. she is respected in financial markets and in the rest of the economy. >> reporter: her former colleague says the nominee is the best person for the job. she is no stranger to breaking glass ceilings. she was the first woman to head the federal reserve . >> she was the federal reserve chair. now to be the treasury secretary, it is really something you do not see. >> reporter: janet yellen served on the task force for covid-19 . >> she spoke about direct relief for businesses. >> reporter: janet yellen said , to recover we must restore the american dream. each person must rise to their potential and dream even bigger for their children. challenges she will face head- on . >> many of the businesses and households are running out of money and time. what we need is another relief package. the sooner the better. >> reporter: this receives senate con

i now turn this over to the new team, starting with the next secretary of treasury, janet yellen. again, janet, thanks for accepting. i think they're going to clean this off for us here. >> i put it in my book. my mask. >> thank you, mr. president-elect and madam vice president-elect. it is migray great honor to joi this incredible economic team at this moment of great challenge for our country. mr. president-elect, when you reflect on what your father taught you about how a job is much more than a paycheck, i hear my own father who raised our family in working class brooklyn. when he graduated from medical school during the great depression, he looked for a home and place to hang his shingle near the brooklyn docks. back then, bush terminal on upper new york bay was a thriving hub for manufacturing and transportation, and for union workers whose livelihoods depe depended on them. knowing they didn't have cars, he found a place near a bus line. he started his practice in a basement and we lived in the floors above. end of the day, he would talk to me, my brother, my mom, about what

class roots the need to help these people in order to help the country in the words of janet yellen. she said that any inaction on these areas will be contributing to a downward spiral that investment is needed in order to lift everyone up and lift the country up completely. and we see that again in the people that were selected for this team, who have a history of working on and advocating for strong fiscal policy, incentives to increase employment and to you in particular, raise black unemployment numbers and things like that. they have a history of working for these causes. so clearly the campaign message of joe biden, now being taken to the next level with his transition team, he promised to as soon as he gets into office, start with introducing his relief plan. and he said, even if there is a short, a stopgap measure passed by congress before the end of the year, that it would be just a star in that he would be ready come january 1st with more presence salumi with the latest from wilmington in delaware, christine thank you. the ethiopian government says a senior to gray and poli

janet yellen is a brilliant economist.think she can handle the political part of this as treasury secretary. >> as tom foreman laid out, she can. getting bipartisan support right now for a major cabinet pick is almost, you know, unimaginable. it's the unicorn of political problems, and she seems to have solved it. i think it's not just because thoo she's the first woman, but the first fed chair. she has credibility with wall street, and main street. income inequality, called it un-american, and now she's got different tools at her disposal as treasury secretary to deal with them that could be suited to the times. >> you'll have a picture of a woman in those cold marble halls at treasury. all those pictures of dudes, finally you will have a woman in the halls of the treasury. >> john, republicans are apparently going to try to label some of biden's nominees as elites. i guess i missed the memo on being on public assistance as a child, how is that going to fly? >> it's predictable and totally wrong. donald trump, in addition

nathan: i think the employment of janet yellen -- the appointment of janet yellen to be secretary of treasury is a splendid appointment. she comes with platinum plated credibility. when she speaks, others will listen to her across the political spectrum. the treasury is a different building than the federal reserve, but i think that janet yellen's insights into the labor market are going to be critical in helping to get the economy back on normal footing. i think it will be very hopeful there, like the actual regulation managing the dollar, the china relationship. these are all things that she has thought about and dealt with at the federal reserve and as and i can to make for many years. i think she will have a very six .ctive and constructive tenure lisa: there's been some concern about whether she will continue the strong dollar being a good thing narrative, or whether she will piggyback with what president trump was saying and what a lot of economists say, which is that a weaker dollar will give a tailwind to the u.s. economy. nathan: i think this is one of the key issues on the

matt: larry summers was i think encouraging janet yellen to adopt a strong dollar policy when she steps into the top spot of treasury. --president-elect biden well, if the democrats win this georgia runoff, does that mean we can count on even more dollar strength? how do you see those election results coming in? erik: the odds of the democrats winning both races is very low. odds is even too high. purdue did very well, and probably will win a hand that will win handily -- will probably win handily against us ff based onnst oss the polling.

janet yellen is going to meet with us. that sends a strong signal that they completely understand the s playant role that cdf i' in the u.s. economy. her role as a fed governor, she showed a real interest in this area and also the deputy secretary. he had the experience of working on affordable housing funds in d.c.. we think we have an administration that understands the true importance of cfi's. that, married with a strong bipartisan support we have in congress, that will be good for cdfi's. >> you are well known for having very hands on initiatives with your banking customers in

former fed chair janet yellen tapped to be

after announcing, former fed chair janet yellen would be hspic for treasury secretary.ry vaughn with more, the question what the team will mean for us taxpayers. hillary? reporter: hi, connell t could mean billions of dollars added to the debt on day one which ultimately taxpayers pay the price down the line. president-elect joe biden saying this economics team is working on additional stimulus package if the one ultimately gets passed in the lame-duck session this winter in his opinion not enough. >> but any package passed in a lame-duck session is likely to be at best just a start. my transition team has already working on what i will put forward in the next congress. reporter: biden's nominee for key economic positions announced today are now putting his plans for higher taxes and massive government spending in the spotlight. former fed chair janet yellen, his pick for treasury secretary was against president trump's tax cuts and jobs act in 2018 that cut taxes for millions of middle income earners saying at time the economy did not need a boost. now she will be in a

president-elt announced he has assembled his court economic team led by another brooklyn native, janet yellen, will be the first woman to ever hold the title of treasury secretary. the president-elect economics to include has the experience, , te knowledge, the prowess to meet the seriousness of this moment. more than that they understand the needs of all americans because they represent all different kinds of americans. they will get to work not just on rebuilding our economy but striving to provide rater and more equitable prosperity to future generations. alongside the president it lacks people express national security team and his soon to be announced health team, his economic team will ensure that the incoming biden-harris r the ground running. everyone knows the senate plays a pivotal role in confirming a new presidents cabinet. in the t midst of this once in a century crisis gets impaired next administration can count on the senate to confirm its cabinet without delay. so hearings on president-elect biden nominee should begin in january immediately after the georgia runoff elections.

he just me janet yellen as treasury secretary a move that still requires senate confirmation but would make allen the first female in this position she tweeted this morning recovery hinges on restoring the

francine: what is the first to do on janet yellen's list? rebecca: that is a good one. i think right person at the right time in that she has been at the council of economic advisers, so she has been in the white house. she's been chair of the fed, now treasury. we are in a world where we believe auditory and fiscal policy have to be much more closely aligned. the fact that she understands how the fed works inside out and can really bring those two bodies together to make sure the fed can facilitate the budget deficits we need, the fed needs to keep printing. we expect qe is going to be running in the markets disc cap in about 7% of gdp over the next year or two at least before tapering begins. they are going to facilitate the large budget deficits by keeping interest rates low. i think janet yellen is going to be part of the team trying to make sure we have enough fiscal support to bridge the gap until the vaccine can allow a real reopening of the economy. that is a couple quarters away, and even then, we are in one of the lights at the end of the tunnel, or silver lin

nominees include janet yellen to be treasury secretary.his is 45 minutes. >> good afternoon, everyone. thanks for being here. i hope everyone had an enjoyable and safe thanksgiving. even if it was far from the traditional large gathering with family and friends. apart from many we loved. i hope you had a good thanksgiving. i know times are tough but i wanted you to know help is on the way. last week, i announced the nominations of staff for a critical foreign policy and national security positions. the first rate team that's going to keep us safe and secure and today i have the pleasure of announcing key nominations and appointments to the critical economic positions that will lead this nation. a first rate team that's going to get us through this ongoing economic crisis and help us build an economy not just better than it was before. a team that's tested and experience that includes groundbreaking americans who come from different backgrounds but who share my core vision for economic relief here in the united states of america. given a fa

he'll nominate janet yellen, former chair of the federal reserve, to et treasury sey. today first, mr. biden:'s women of color for 2 other key positions,ra nanden to run the office of management and budget and cecilia rouse to chair the council of economi advisers. we take a closer look ter in the program. meanwhile, thelections chief in georgia announced probes of alleged efforts to register ineligible or dead voters for 2 u.s. senate runoffs.or but a's secretary of state brad raffensberger again rejected claims that president trump lost the state becausef fraud. >> there are those who are exploiting the emotions of many trump suppters with fantastic claims, half-truths, misinformation and, frankly, they're misleading the president as well, apparently. >> georgia has certified that president-elect biden won the state by about 12,700 votes. today, arizona certified a biden when by a little more than 10,000 votes. and, wisconsin finished a partial recount, confirming another biden victory. in iran, funeral services were held for the founder of thetr c's military nuclear

most notably janet yellen , his pick for treasury secretary. what do we know about janet yellen ?will be her strategy to jumpstart the economy? >> she has some bay area ties. she was a uc berkeley economics professor. she is the former federal reserve chair. she was the first woman to be in the federal reserve chair. janet yellen will be the first woman to serve as treasury secretary. when you look at our method and others named on the economic team, these are champions of labor rights. of marginalized workers and protecting them. in a statement announcing the nomination as some of these people, creating an economy that gives every single person across america a fair shot in a equal chance to get ahead. these are difficult times because of the pandemic. we are in a huge recession. it is clear this economic team is telegraphing the fact that their focus will be on helping those that lost their jobs as a result of the pandemic. much of the unemployment money is running out. they will focus on helping small businesses. many of them have shuddered in the bay area because of the pandem

president-elect biden has chosen janet yellen as his treasury secretary, and there appears to be little she will be confirmed with no one questioning her abilities as an economist and central banker. but the job also includes issues with trade relations and sanctioned. for a view on how treasury secretary yellen could change economic relations with the rest of the world, we welcome the senior managing director of bda partners. you know the international economic sphere so well. as you look forward to what will be a yellen treasury, how will that change, and the deals that you can do? >> there are two different worldviews. we have seen under the trump administration obviously a very combative approach to international relations, particularly attempts to make bilateral transactions with reallynt countries which allows the u.s. to use its economic might in a narrow way to bully other countries. janet yellen comes from the opposite worldview, which is one of multilateralism and consistent with the more traditional u.s. worldview post the second world war, which is the strong institutions br

but talk to us a little bit about janet yellen being the treasury secretary and how that might impacthe federal reserve, if at all. how well her knowledge of the federal reserve help here in her role? brian: janet yellen is one of the most interesting treasury secretary's we have had, because her resume is unparalleled. we have not had a central banker running the treasury. that being said, is central central banker does not usually involve himself or herself in fiscal policy, but that will be janet yellen's focus. because of the gridlock, her tools will be somewhat limited. but that being said, she has an outstanding relationship with the fed and jay powell. i think they will collaborate where they can. -- it isnk it is looking like it will be a successful marriage between the fed and the treasury for the time being. but in terms of her affecting fiscal policy, she is limited, so she will need get congress on board. for all the reasons we have been talking about, i think it will be tough, a tough challenge for anybody to get major changes in fiscal policy going forward. vonnie: it ha

he's selected janet yellen to serve as his treasury secretary. will be the first woman to hold that post. what else do we know about her style and vision? >> i can say emphatically that part partisan politics play no, sir role in our decisions about the appropriate stance of monetary policy. >> hard nosed, clear eyed, janet yellen's nomination has triggered a flurry of praise from the right for her foresight and independent and from the left where she is called smart, tough and principled. >> she doesn't have a crystal ball. she does have a keen understanding about how the markets and economy works. >> her education from harvard, bro brown, she kept watch over the treasury. by the time her four-year term came to a close, however, donald trump was in office. he once said yellen should be ashamed of her work and has openly criticized the fed ever since. >> the federal reserve raised te rates too fast and too soon. >> obviously the president has a right to comment on the fed but i would worry if it continues and intensifies it could undermine confid

janet yellen will lead as treasury secretary.igroup ceo michael corbat spoke exclusively to david rubenstein about janet yellen's nomination as treasury secretary and why the u.s. needs more targeted stimulus. >> i would say that not just citi, but i think the banking industry had a good relationship with her. into or if sheed is voted into the seat, i think she will do a great job. i would expect that relationship to continue. anotheralso shout out glass ceiling broken in terms of her then becoming the first female treasury secretary. david: let's talk about the economy for a moment. there are many people around the country who think the economy could use another stimulus bill. we could not get one so far before the election but may be in the lame-duck there might be one, and may be in the new congress. do you have a view that the economy needs a stimulus bill in order to get forward -- go forward before we get a vaccine? >> it is unclear whether we will get that new stimulus package between now late january. but i think if we d

he has relied on her guidance and janet yellen has said in the past under the correct circumstances, under certain circumstance that she would advocate for negative interest rate policy. she would advocate federal reserve buying equities. i wouldn't be surprise if she advocate federal reserve delivering money directly to americans, directly into the bank accounts, by the way which would require an act of congress. but guess what? she will be the chief negotiator there in congress. that is why she was celebrated coming on. she scares the dickens on me, jay powell, adamant, held the line against negative interest rate policy failed miserably in europe and in japan, i'm concerned that he could be swayed by janet yellen and her gravitas in his mind to take on policies that have been dreadfully damaging in other parts of the world. charles: so to that point the market is hearing a piece couple hours ago in the "washington post" saying 45 of the 50 biggest companies in america made money this year. 27 though did it while laying folks off. go back to you first, steve moore on this, you know

big titans agreeing on one thing today the need for congress to bring aid to the economy here is janet yellen >> so many people struggling to put food on the table and pay bills and rent it's an american tragedy and it's essential that we move with urgency >> the team introduced today signalled they will focus on minorities, women, and those hit hardest by the pandemic. earlier in the day steven mnuchin called on congress to use unused funds given back by the fed chair's act. >> there are small businesses at risk of being out of business during this winter custom could be a tough few months. at the same time we are getting the news about the vaccines when are more effective and they have come sooner. there really is in the medium term upside risk here. >> mnuchin took tough questions about his controversial decisions to end five fed emergency lending programs he insisted he was following the letter of the law and said he was looking forward to reviewing $908 billion bipartisan senate aid proposal they agree on it but can't agree on it i guess. >> i wanted to focus on the data manufacturing, d

janet yellen nominated for treasury secretary. she was the president of the federal reserve bank of san francisco. she was the first woman to head the u.s. federal reserve. as "today in the bay's" tracie potts reports, she'll make history again if she's granted this new role. >> reporter: president-elect biden named his economic team with two historic firsts. janet yellen the first female treasury secretary and neera tanden the first woman of color nominated as white house budget director. republicans are already lining up against tanden calling out hundreds of deleted tweets criticizing republicans. >> what she did is pretty reckless and, unfortunately, will have to pay the price for it. >> hypocrisy is astounding. if republicans are concerned about criticism on twitter their complaints are better directed at president trump. >> reporter: votes in wisconsin and arizona are certified despite president trump's lawyer crying foul. >> i call this the mccarthy era on steroids. >> reporter: and despite baseless claims of fraud in georg

some like janet yellen could cruise through the process.inds. i want to get to manu raju who is tracking all of the nominations on capitol hill. manu, what signals have you been seeing and hearing from republicans as you walk the hall ways about the biden nomination process? >> reporter: lukewarm reception at best. republicans are signaling they may so some deference to biden's candidate nominees, not total. republican whip, john thune, told me this morning that basically they will prioritize national security nominees. but nominees they consider out of mainstream they will resist, and whether mitch mcconnell, if he is still the majority leader, schedules votes on cabinet nominees will be a big question. already some push back, including about tony blinken, the president's secretary of state, president-elect's secretary of state nominee. josh hawley, republican from missouri said that blinken is clearly a war forever kind of guy, also very pro-china. blinken was confirmed by the senate, only got two votes for deputy secretary of state, at t

welcome back on his first foxsupport they just about janet yellen, that's exciting.of lefties which means they believe in deficit spending for the going to spend a bunch more money and even janet yellen has talked about the joy of raising taxes. what does that typically due to an economy when you have high taxes and a lot of spending? >> >> it slows the economy. this is an inequality dream team first of all. there also are keynesians which are old-school they like to do fiscal spending during a recession. perhaps not during a recession , these are borrowers though. i don't see this being paid for by tax increases significantly which is why wall street is sort of excited for they like it janet yellen she is with the college when she was fed chair which means she doesn't care so much about inflation she's more concerned by the unemployment rates. all these people in their own way are more focused on fairness. this whole team is kinda like biden is trying to fix like many centuries of economics field. with one mass hiring is what basically went on here. it is appealing

host: let's start with janet yellen.ou did a piece last week "policy is not janet yellen's forte it is what she is in for now." she was fed chair under president obama into president trump's term. now she is nominated to head treasury. what is in store for her? guest: she was at the fed for a long time. for though she was the fed four years, she was the vice chair before that, she was the president of the san francisco reserve take -- reserve bank. she was on the board of the clinton administration and she was on his council of advisors. thoughre jobs where even there is a lot of negotiating that has to be done, think of the fed as an academic institution. they don't have to get involved in the rough and tumble of politics. they're not negotiating quite so openly on capitol hill. the treasury is different. the former treasury official said the treasure is going to move 10 times faster than the fed and the white house moves faster than the treasury. what she is in for now is more of a political role then she had at the fe

what kind of impact do you see this new team having and in particular, seems to me that janet yellen treasury secretary. would you agree with that? >> it seems so, although we had senator holly yesterday signaling his discontent with yellen's views about international trade, so i think yellen will get confirmed pretty easily. i don't think republicans are going to roll over on any of mr. you know, i do want to say a couple of other things. one is i'm talking about this wall street journal editorial piece, i'm on the news side. that came from the opinion side. we try to keep the two sides separate. i don't want to represent myself as someone on the opinion side of the paper. having said that, i do want to -- i think this issue of the differences between the biden -- i'm sorry, between the obama and the trump economies is kind of complicated. so if you look at economic growth, the economic growth rate, the economy grew at a 2.25% annual rate during the obama expansion, during the years when the economy was expanding under obama. if you look at the expansion under trump, in other words,