talk to joseph stiglitz about what worries him about the u.s. economy.rish drugmaker could help make pfizer millions if it goes through. ♪ scarlet: it's time for the bloomberg business flash. almostsoros is firm has $500 million from an account run by bill gross. the redemption is a setback for bill gross who has struggled to attract assets at his new on because of mediocre returns in the first year. as fun declined 1.2% this year trailing 71% of similar funds. alix: a big deal in biotech, dayax.s buying dyax makes a promising treatment for a rare genetic disorder. scarlet: volt wagon failed to report one death in three injuries involving its vehicles as required by law. the lawsuits tied to the accident which was filed in last eight years was not found in records cap by the national highway safety administration. the database is designed to save lives by spotting defects. 2 scarlet: you can always get more business news at bloomberg.com. alix: it's time to check on some company movers. monthlye had the macau gaming numbers but less bad. a decline of 28.

stiglitz earlier, joseph stiglitz they nobel prize-winning economist.id that when mario draghi said he will do whatever it over, that only papered the cracks caused by the faulty design of the currency bloc. was savedaid europe by draghi's statement. call "ahat i confidence trick." he said there will be nothing behind that assertion. he goes on to say there's a real risk. the likely they muddle through is very high. joseph stiglitz has spoken. manus: mark, thank you very much. mark barton charting the markets. let's get to anna. she is standing by. chuka umunna. anna, take it away. anna: thanks very much. let's get straight to our guest, mr. chuka umunna, former shadow business secretary. thanks for joining us. let's talk a little bit about the big picture here. we are wondering whether george osborne is going to step away from this commitment to create a 10 billion pounds surplus by 2020. is that going to be one of the big focuses? mr. umunna: that will be a focus. we've got a situation in the u.k. where the public have been offered this ridiculous cho

el laureatenob joseph stiglitz is rewriting the book on the economy. what he says that paul krugman is wrong on negative rates. and an expansion into the investigation of europe's largest automaker. oil making a comeback in russia. we have a breakdown of the country's crude market. ♪ david: welcome back to bloomberg markets. i'm david gura. time to look of the biggest business stories. george soros has pulled almost $5 million from an account managed by bill gross. that is after he left pimco to capital ind out janice janus capital group. assets, atum for med closing last friday. shares of valeant are rising today. they will not release any new allegations against the drug maker. valeant shares plummeted 20% in one day after the company was accused of reporting fake sales. you can always get more business news at bloomberg.com. let's head back to our markets desk with julie hyman. julie: let's see how these stocks are trading today. it is a mixed picture. let's start with visa buying visa europe. they're taking advantage of that european revenue. maste

tom keene of bloomberg surveillance asked joseph stiglitz about this this morning. >> the fundamentalblem, though the federal cannot lower interest rates below zero. they have been at zero for very long time. if only we could have the negative interest rates, the economy would recover. i think that is basically wrong. rates -2% real interest because zero is been the nominal interest rate. we have had slow inflation, 1% to 2%. it has never -- it has not helped a lot. if we went two -4%, minus five present, would it make a difference? it would make a little difference but not a big difference to the real problem is people do not have income. so they do not expand. that we are in. that was joe stiglitz. much more ahead, including aig -- should it break up? ♪ . . . betty: live from bloomberg's world headquarters in mid-noun -- midtown manhattan, i am betty liu. this is "bloomberg market day." crumpton liverk at the bloomberg news desk. good afternoon, mark. jet: a russian error crashed in egypt yesterday, and the cause of the crash is under investigation. u.s. officials say that terrorism

bookcan you say about a with joseph stiglitz and paul turner? you cannot do that.yergin is coming up on oil. we will talk to him about the prize and the quest for hydrocarbon stability. stay with us. from london and new york, this is "bloomberg surveillance." ♪ tom: good morning, everyone. what an interesting friday market. euro at 1.08 moments ago. the canadians lost to the pittsburgh penguins. i had a little bit to do with that as well. loonie, 132.70 4 -- 1.3274. what do you have this morning, david? stephanie: i'm sorry, you're getting me. nordstrom.ws out of we are paying attention to jcpenney today, and who better then federica marchionni? we will sit down with cisco cbo -- cisco ceo chuck robbins. lot aboutwe talk a grexit and the referendum. today we had the british bankers association saying that the u.k. needs action to keep tanks in london. -- to keep banks in london. we have a great guest in new york, adair turner. given what we know, should britain wish them the best of luck and send hsbc off, somewhere else where they would be able to tolerate a monst

amy: we and today with part two of my interview with joseph stiglitz and his plan to address income inequalitye has written a new book called "rewriting the rules of the , american economy: an agenda for growth and shared prosperity." i asked him what an agenda for growth and shared prosperity would look like. quick it is about rewriting the quarrels -- >> it is about rewriting the rules. amy: who does that? >> it has to be with commerce and with a lot of popular support and in the way we're beginning to do that, you know, the fight for 15 movement, raising minimum wage, that is one of the rules, but one of our points, we need a more copper is a agenda than just raising the minimum wage. and if we make -- and the two words there, for "growth" and "shared prosperity," so our view is that the only sustainable prosperity is shared prosperity and that one of the problems is that the way the rules have been rewritten since the beginning of reagan has been to actually slow the american economy. and let me give you one example. when you have corporations having a very shortsighted view, paying their

spending ourselves into penury in terms of deficits and the $3 trillion over the next 30 years that joseph stiglitzprize laureate, said the iraq war is going to cost us? not just the immediate war and all that, but all the follow-ups of the veterans and so on. bill gates sr. and the famous trial lawyer in texas, joe jamail, could easily fund reopening our courts so ordinary people can use them, so ordinary people who are wrongfully injured can have their day in court and not be blocked by what is maliciously called tort reform by taking people's age-old rights of having a trial by jury away from them. they could open up the courts to poor people. because bill gates sr. has made that one of his missions in life. he's a corporate lawyer, but he made opening up access to justice one of his missions in life. warren buffett, he's worth now $52 billion. for $1.25 billion, i can show warren buffett in 3 years maximum how to completely transform the tax system so it is an efficient, fair source of revenue without inequities that exist today and the perverse incentives that distort investment into unproduct

the van that was at central park -- later seven avenue today on bloomberg radio, joseph stiglitz willnd michael mckee. with astiglitz is out new book, "rewriting the rules of the american economy." we will talk with him about the republican field. that will get his blood going on a monday morning. stay with us. "bloomberg surveillance." i am running next year. ♪ tom: good morning, everyone. "bloomberg surveillance," new york city and london. hot for the runners yesterday in the marathon. it is gorgeous out there, the third week of september as well. it is time to do a forex report as well. there is not much going on -- euro-yen shows a little bit of lift in the last week toward abenomics. i am going to look at turkish than dollar-lira stronger 2.81. this is good news off of the erdogan and election. let's go off to our business flash. here's david. david: the irish drugmaker shyer has agreed to buy dyax. the perdition from the analyst to correctly forecast that oil prices would collapse -- gary ross says opec will probably hold production steady next month. getting one big investment