joe: i'm joe weisenthal. romaine: and i'm romaine bostick. less than stellar jobs report, but not enough to knock the markets down. joe: the question is, what do you miss -- what'd you miss? caroline: the economic recovery is going full steam, but there is still a load of work to be done. there continues to be incredible difficulties issuing the millions of people unemployed. there are calls for more stimulus, which come without gop support, it would seem. many pockets of the population are struggling. joe, investors cheered stocks today, because with the bad news comes hopes of more relief in the sign of a package. but the economic face of it, the numbers are not where they need to be. joe: in the short-term, we have been talking earlier this week about how the data was looking better. everyone has been predicting this winter slowdown. it may be a little worse on the labor market front, at least according to this one report that we got today. nonfarm payrolls just 49 k gains, about 100 k shy of expectations. the labor participation rate fell

i am joined by joe weisenthal, the host of "what you miss? -- "what'd you miss?" will this change the game for bitcoin or is this just a small step? joe: i will say a few things. part of bitcoin's rise over the last months has been growing institutional acceptance. there is less career risk if you are associated with it, less embarrassing, so big companies like tesla, a big, successful company like tesla, it absolutely helps that story. the other thing is is i think there is a lot of cfo's who are looking at other people making a lot of money and, "should i get involved in this? should i allocate some of our treasury to it? why not?" companies are making that decision, "everybody else is doing it. i feel like i should." so that accelerates this process. emily: someone else who is probably also happy about elon 's, a guest on bloomberg a couple of hours ago who says he thinks the price could get to 100,000 dollars. let's take a listen to say. >> i initially thought $50,000, $60,000 per get things are happening faster than i predicted. the corporate adoption rate, th

francine: and joe weisenthal. tom: he owns so much of it, joe loaded the boat on bitcoin years ago.is cost basis -- francine: and remembers his password, unlike other people. tom: joe weisenthal him a star of the afternoon. i am he cannot join us. francine, what are you looking at into the weekend? francine: i think it is the reflation trade. i'm interesting in the idea of if you look at volatility, it has not done much, but volumes in u.s. securities are so high, and what that means for the market. tom: i'm watching big tech. they have not done anything. they are quiet. stay with us. i think there is a simulcast next. this is bloomberg. ♪ >> the pandemic is still not over. >> the risk of doing too little is far worse. >> the economy could bounce back much faster than people anticipate. >> the fed wants inflation to pick up and give the economy a chance to run hot. >> we are flooding the economy with monetary stimulus. >> where'd you put your money? >> this is bloomberg surveillance with tom, jonathan ferro, and lisa abramowicz. jonathan: this is bloomberg surveillance live on bloom

joe: i'm joe weisenthal. romaine: i romaine bostick. ocks do miniaturize, but the trendline on volume is down. joe: the question is, what'd you miss. caroline: meme stocks like gamestop and emc have come back to earth in last training sessions, there is signs of a run-up in newest reddit rocket ships, like a rocketship maker. what are the many issues left? we are going to focus on how fintech and wall street approach this new breed of wall street trader. the u.s. treasury secretary janet yellen has called a meeting of regulators to deal into the events of the past week. on the platform side, robinhood and other silicon valley companies looking to disrupt finance are learning the hard way they need to stress-test the business world financial goals. one committee that poses regulatory liens longer than the others, successful history for paypal, reported earnings after the bell. joe: absolutely. paypal along with crypto, anything like this, fintech, phenomenal window that is part of the story, but not doing a whole lot after hours. romaine:

joe: i am joe weisenthal. >> i am romaine bostick. joe: the question is, "what'd you miss?"aroline: the energy crisis is still front and center. in the u.s., it has knocked down the power for days for millions in texas and central parts of the country with blackouts expecting to last until at least thursday, and oil production has plunged to nearly 40 percent. coronavirus vaccine the shipments, delayed. amazon closed facilities to illinois and the texas. the crisis leaves many questions about, how did we even get here, and what policy and new technology can be used to make sure this does not happen ever again? the data we are getting on the lack of power is remarkable. : joe it is -- joe: it is striking that we are in this crisis and it seems to be getting worse. this is a great chart that we have on the terminal looking at total electricity load in texas, and it is lower or several points yesterday and a little bit higher than it was, but this is not recovery. the story of today is continued deterioration in the total energy grade right now in texas. an extraordinary cascad

joe weisenthal is allowed in their. tom: it's the age factor here. jonathan: it's an age factor? 've got special rules. jonathan: so why is joe allowed in? tom: joe is been sterilized. jonathan: can i touch on the price action. tom: touch on the price action, please. jonathan: futures up nicely, up 31 on the s&p 500. almost breaking 3800, up by about 0.8%. the 10 year up three basis points on the session. euro-dollar, $1.20. i would say take a look at euro sterling, comfortably below $0.90. the vaccine has started to emerge in the last couple of months, and it is in favor of the euro. tom: stronger euro, weaker yen. it is a really odd revolution around the euro, but i am watching met. $1.19 would be really interesting to me. gamestop bounces a little bit. silver, really textbook rollover here in prices. for those of you on radio, it is real simple. we go up to 30, come down, and it has been well contained and has a definite downside bias. as we heard the senator from maine, we speak with emily wilkins of bloomberg government. emily, what is the ability for compromise here, to go f

joe: i am joe weisenthal. romaine: markets flat. down on the week. joe: the question is "what'd you miss?". >> we have this reflation trade. the vaccine rollout will gain momentum. the trade was up this week. ppi, inflation, reflation, in fact, the worst start for bonds since 2013. this trait is picking up speed. joe: it is picking up steam. what we haven't seen, real rates, the rates on the tips, those have been low, but in recent days, picking up. extremely low. 30 year bonds, you getting paid for positive real rate. you can see the number because it is so tiny. , but you're getting a rate higher than inflation. romaine: cash out your bitcoin and roll it over. joe: some pretty fat yields. alex, everyone rushing into it. >> you know, increases everywhere, especially let's talk about the back end, but you know we would be remiss if we did not talk about the federal reserve. the fed said we will not extend our durations when it comes to asset purchases. everyone thought there would be conversation about yield curve control. john williams said, oh, no,

joe weisenthal, thank you so much, as always, for joining us. all right, coming up, we are continuing the tesla/bitcoin story, also diving into where apple stands with electric cars. speculation. -- lots of speculation through the weekend. all of that next. this is bloomberg. ♪ emily: as we have been covering, bitcoin surging to another record high monday as the cryptocurrency touches the $44,000 mark, in part because of tesla's big $1.5 billion investment, becoming the biggest company to back the currency. mike novogratz spoke earlier. mike: young people are buying into the future, and they see cryptocurrencies as their currency, and so elon is a genius in that he realizes listen to the people. the balance sheet, he worries about the dollar, but it is more the messaging, soon to be allowing customers to buy in crypto and to see every company in america do the same thing. >> it is not just companies thinking about this. you have the mayor of miami looking at adopting bitcoin on their balance sheet. how realistic is that, and are more cities like

i'm joe weisenthal. romaine: i'm romaine bostick for the second day, concerns about inflation. e: the question is, what'd you miss? caroline: looks like a semiconductor church we were one about at the end of 2020 is your. gm with a cautious cover forecast as it is damaged from a shortfall being felt throughout the global industry. semiconductors, they are a bellwether of the world economy, and this supply issue has the potential to spill over to everything from cars to mobile phones to fridges. and it speaks to the concerns romaine just mentioned, the supply-side struggles and warnings about inflation that many have been wringing their hands about. joe, where is the inflation -- totally muted. but are pressures perhaps building as these shortages and semiconductors seem to show? joe: inflation is right around the corner. it's coming, i swear, i promise. i know it didn't happen last month or the year before or five years. it's coming, though. data still not showing any real signs of burgeoning price pressure. it will probably start to turn up again in the next few months because

joe: i'm joe weisenthal. romaine: and i'm romaine bostick. joe: the question is, what'd you miss?aroline: we saw the cooling off of some of the hot trades, and tesla, cathie wood's ark etf falling, and now the question, is it a blip or was today's bounce back an end of the month close? could tech set off once again on monday? that's pretty wild. joe: i start every day these days by looking at the ark etf, because it encapsulates so much of that momentum trade. tech, tesla, biotech and bitcoin in it, so everything that is momentum. down 14.5% on the week. earlier today, it had not reached those tuesday lows and bounced back a little bit. if you are looking forward, you have to keep an eye on that to see if it is a blip or the start of a meaningful change in how the markets trade. romaine: when you hear people talk about shorting the ark innovation etf and other etf's, we no tesla -- we know tesla is in there but some other names as well, baidu, others. joe: if you short it, you are shorting the future. for more on the wild week that was in the markets, let's bring in process it rep

. >> i am joe weisenthal. romaine: i am romaine bostick. worst day in month until cathier wood and others starting buying the dip. joe: the question is "what'd you , miss?" caroline: wow. it felt like a pullback on risk. nasdaq 100 tumbling as much as 3.5%. then came the by the dip mentality. the u.s. central bank nowhere close to pulling back on help for the economy. was talks did get a rebound leaving only slight losses, except a few. before we get the dip into the story, green energy names. talk to us about the wild swings and the recovery that we saw. joe: nothing happened today in the end, at least on some of the really big names who we check in the morning when we get up everyday. what you see, nasdaq i think was down 3.5%, around 9:45. came back basically to even and then hardly fell at all. just huge declines off the bat. the aforementioned ark and tesla and these other momentum names. pretty impressive recovery. romaine: bring it back to the gamestop saga, news crossing the wire on gamestop, their cfo is announcing his resignation.

amber: let's bring in joel white -- joe weisenthal. ichael thaler who has transformed his company into a bitcoin holding company. what were some of your key takeaways from that interview? joe: there's not a bitcoin etf on u.s. markets but it is the closest thing, in the sense that they have bought a lot of bitcoin. shares is that company are really sort of tracking those holdings. they seem to want to acquire more. it is very interesting. he has been very influential. you see more companies do it. tesla is the other one. seen a handful of others. he has this argument which is that it is very risky to hold cash. so ultimately, the best thing to hold as an alternative to that, in his view, a company should hold significant amounts of capital. and working cash. and that bitcoin is an excellent as it to hold. obviously look, bitcoin had an incredible run. in the end, i think that is a big part of the story. it is an asset that has gone up. matt: you know, the hard part to understand is the use case for bitcoin. and that may sound rich comin

>> i am note joe weisenthal when it comes to chips.ut it is interesting to unpack how the chip shortage and what is happening in chips to -- chip stocks now plays into the reflation trade. part of the bigger picture or is this an issue focused just on chips? there is a chip shortage. we did get a biden administration this week, saying they are going to take aggressive steps, to aggress that chip shortage. so i guess we should find out in the next couple of weeks and months, whether this is part of that broader reflation picture lifting asset classes. or whether this is a chip-semiconductor issue? romaine: we will see how that affects the new facebook watch. caroline: [laughter] romaine: we are still a service economy in the u.s., i'm not sure what goes on in the u.k. a lot of service stocks under pressure, they haven't quite rebounded. concern we are not back out cruising, going to parks, to movies, all the things we would normally do. are you seeing activity in those names? are people saying now is the time to get into that? >> i am n

joe: i'm joe weisenthal. romaine: i'm romaine bostick. four-day rally has the indices at record highs. joe: the question is, "what'd you miss?" caroline: once again, talking about earnings after the bell, snap and peloton, some stock showing movement but moves pale in comparison to speculation on volatility we have been seeing in mean stocks for 2021. the media may be dissipating, gamestop down for 2% today. but there are still 16 reddit-loved companies that are up double digits this year. we seem to be paying more attention to hard economic data again. and it is good timing therefore that we get the u.s. stocks report tomorrow, with indications the recovery is stronger than thought. so the outlook is affecting rate markets, you see the curve steepening, joe. let's not get boring and talk about fundamentals first. let's go back to market shares in penny stocks. joe: big question, what does that 530 curve meet for does coin? we will break it down. but for real, penny stocks, we are going to talk about -- we don't talk about those. look at j

joe weisenthal i'm sure would give -- get up early. he only gets up at 10:00 a.m. or something. francine: he starts tweeting at 4:00 a.m. tom: the heart of the matter is robinhood is robinhood. with silver, you're playing around with very, very experienced, entrenched entities, aren't you? marty: you are indeed, and one of them including citadel, which is reported to be one of the top holders of the contracts that underlie the silver price. and there are very different mechanics to the silver etf than there are for basically gamestop and other securities. and the end of the line, taking possession of this physical commodity may be in-store, as well, so it's a very different market. the institutions are net long. meaning they hold. they're not shorting the metal. how this all ends is likely to be badly for the retail investors. tom: it'll likely end badly for them, and is likely short-term. by the way, i thought bloomberg's reporting was really smart. was there any indication of people walking away from the short squeeze? i don't see it. marty: we don't see any indication of that

i thought joe weisenthal was great an hour ago. is silver not the same as gamestop? jonathan: no.om: it's popping to $30. the basic idea, silver up. the street, including jeff currie, is long. gamestop stock is up in the world hates it. jonathan: for me, the hangover of last week, not a single name. it is not a single commodity. it is about market democratization. it is incredibly ironic that the platforms that actually fueled this movement of market democratization last week have been accused of undermining it. that will be the hangover this week as well. that is what the regulators will want to look at. that is what politicians will be asking downing d.c.. what happened asking down in d.c. -- asking down in d.c. what happened last week? why does wall street have the advantage over everyone else. i'm sure it was the same for you and lisa, the amount of messages i had from senior individuals on wall street who agreed that the caricature of what was happening on the retail side was totally misplaced. it wasn't as if we all hunkered down into one camp on wall street and one camp on

joe weisenthal wrote about this, picking up on the work of a good friend of this program.t happened the last time the economy opened up? you see it around june. upside surprise. that is what this is. this is the data relative to what is expected by economists, and what have we seen, those upside surprises have started to pick up. bpi, retail sales, we are seeing the same story play out all over again. economists under appreciating and underestimating how quickly the u.s. economy bounces back. morgan stanley picking up on this, a high pressure economy looking at 6.5 percent gdp growth. next year, 3.6 percent. switch up the board. yields drifting higher. the curve has started to steepen. we have 128, 30 at 0.1265 and a fed wanting to sit at the front end. the economy is looking good. tom: thank you so much. sterling, 139 .44 as well. right now, without -- rob carolyn joins us. it is -- he is wonderful at putting scope and scale on storms. it is five below zero in north dakota. next monday it is scheduled to have a high of 43. after a deep-freeze like this, after 73% of ameri

joe weisenthal of bloomberg markets was talking overnight about how this feels like we are getting a fundamental change in the economy like a higher inflationary tilt. do you think that is valid as somebody who invests in indexed funds, as someone who invests more broadly in the markets that we are entering a new regime where there is a new paradigm? barry: i have to begin by pointing out we have seen a decades worth -- 12 years worth of forecasts of inflation and hyperinflation and currency depreciation, and they have been nothing but wrong because they have completely misunderstood the output gap, both in employment and production, and you do not get inflation when you nearly have low rates and you did not get inflation when you have merely fiscal stimulus. i was just reading a piece, i do not want to name shame anybody, but from august 2009, warning about inflation, the fed is doing it, it reflects a fundamental misunderstanding of how the economy works. one day we will have inflation. one day we will have wage pressure, but to get to that you needed a lot of things to happen besi

he is speaking to joe weisenthal at the bloomberg event, the crypto summit.you want to continue to watch , you can do that online. able to offer you multiple choices here today. let's talk about what is happening with european equity markets today. equities certainly having to react to that. session lows -- we were actually at session lows here in europe. the bond market move is really worth paying attention to. i, the spanish market -- ibex, the spanish market is outperforming today. the dax, you can see, is down by 0.7%. the european central bank continuing to do relatively well. in terms of the bond markets, i think this really is where the action is. i know bitcoin is exciting, but bond markets, worth paying attention to. thinking of the potential for the blue over -- blow over is definitely there. you can see eight basis points in germany. france is eight basis points. the ecb could push back. what marcus was saying -- the interesting thing would be to buy. hit the bid hard, and not the market back. we are seeing the curve moving, almost across the curve