joe stiglitz. he's really put his finger on the notion that our city is not like the law of -- our economy is not like the law of gravity. there are economic laws, perhaps, but there's an awful lot of it that is tilted by rules that we've written for the economy. and those rules currently favor certain kinds of financial interests over, for example, labor. you know, the tax, the enough structure for corporate ceos. so maybe could you talk a little bit about, you know, the trade-offs that we make when we sort of reward financialization over productive investment, when we reward financialization over, you know, hiring people who can also be customers. these are some of the kinds of trade-offs you talk about in your book. >> yeah, for sure. so stiglitz's book is amazing, and this plan that he's developed which was supported by the roosevelt institute is a bug part of the sort of backbone of my book. i get into some of the suggestions and the pivot points he talks about. one of the things that strikes

we will speak with joe stiglitz of columbia university. 4:30 p.m., london time, this is bloomberg. mark: live from london and new york, i am mark barton vonnie:. i am vonnie. you are watching bloomberg markets. time for a look at the biggest business stories in the news. tesla motors and city shareholders will vote on their merger. companieson musk led merged last july but they faced shareholder lawsuits. tesla says it will give shareholders more details and updates next month. samsung electronics and the u.s. comes from a product -- consumer product safety commission agreed to recall smartphones. it increases the number of devices that can be returned to 1.9 million. owners will be able to exchange their devices or receive a refund. has -- government the decision will have little impact on the business but it could send a signal to other banks and hedge funds with criminal records. a representative couldn't be reached for comment and the labor department didn't immediately respond to requests. and that is your business flash. mark: still ahead, we watched shares of wells fargo --

among others, joe stiglitz has been very good on this.christine lagarde's level of economic growth? where is your new terminal value, if you will? >> my growth model used to say that everything is that are -- better with butter, everything is better with growth. [laughter] it has been too low, for too long, benefiting too few. we are advocating a three-pronged approach using all the levers in the toolbox and benefiting all, not issue. >> -- not the few. >> we have to ask about brexit and the effect on sterling. >> is the uk's still open for business, after what we have been hearing this week? >> i think you have to ask the u.k. authorities. but it seems to be the determination, to continue to do trade. i think the terms under which it will trade with europe, for instance, it is not yet really certain what it will be, so we welcome the certainty about timing, but the certainty about terms and conditions, when it comes to financial passports for banks, when it comes to tariffs and the norms. >> i looked at a 100 year chart the other day of

among others, joe stiglitz has been very good on this. your is history -- where's terminal value? mother used to say that everything is better with butter. everything is better with growth. it has been too low for too long and benefiting too few. a three-front for approach using all lovers in the toolbox. tom: we've got to ask about brexit and the effect on sterling. can you get home? all, is therst of uk's so open for business after what we heard this week? >> i think you have just the u.k. authorities. i think the terms under which it will trade with europe, for instance, it's not yet really certain what it will be. we welcome the certainty about timing, but the certainty about terms and conditions when it comes to financial passports for banks, when it comes to harmonization of norms. are in an outright bunch of sterling. are in an outright bunch of sterling. where have a point currency destruction, debate shifts? >> i don't have a magic point. i would observe that the outcome runrexit is under a mild under the first scenario that we forecasted. aerling is definitely facing hit

joe stiglitz has been very good on this. where is christine lagarde's level of a, growth?will? ms. lagarde: my grandmother used to say everything is better with butter. everything's better with growth. it has been to low for too long and benefiting too few. we are looking at the three-pronged approach using all levers in the toolbox, benefiting all, not the few. tom: we have got to ask about brexit and the effect on the sterling. francine: is the uk's still open for business after what we have been hearing this week? ms. lagarde: i think you have to ask the u.k. authorities, but it seems to be the determination to continue to do trade. i think the terms under which it will trade with europe some of her instance, it is not yet really certain what it will be. so we welcome the certainty about timing, but certainty about terms and conditions and it comes to financial passports for banks, when it comes to harmonization of norms -- tom: and outright plunge in sterling today. five dollars per pound in 1934 and down we go through the years. where inhad a point every dialogue, cur

joe: coming up, nobel prize-winning economists joseph stiglitz on why he thinks the ecb has failed. this is bloomberg. joe: i'm joe weisenthal. "what'd you miss?" a number of developments on brexit today. the plaintiffs are saying article 50 cannot be triggered without a vote in public. earlier today, vonnie quinn discussed the issue with nobel prize-winning economist joseph stiglitz, an economics professor at columbia university and chief economist at the roosevelt institute. as a new book out. the european central bank has failed. mario draghi said they would do whatever it takes and he has done a lot but the danger of the single mandate was evidenced so clearly in 2011 when jean-claude treacy a -- jean-claude trichet a raised interest rates twice as europe was going into a double-dip recession. any economist would have said that's very foolish he would have said my mandate was focusing on inflation. , it didn'tmmer happen, but i saw a glimmer of inflation and my job was to make sure that glimmer did not become a reality. that is one example. it has to be focused on employment, on