and our news maker of the hour, former treasury secretary larry somers will join us in the studio, samell for two hours. it's november 16, "squawk box" starts right now. ♪ >>> live from new york where business never sleeps, this is "squawk box." >>> good morning. welcome to "squawk box" on cnbc, i'm andrew ross sorkin along with joe kernen and michelle caruso-cabrera. dow looks down, the same thing with the s&p 500 and the nasdaq. look at asia overnight. a bit of a mixed picture. the nikkei up in sort of a big way. up a little over 1%. nothing to sneeze at. european equities now, we'll show you what's going on there. a bit of red there. except in italy and spain. >> here are the big stories we're watching. let's start with oil. the international energy agency out with a new report. it expects global oil consumption to peak no sooner than 2040. some minister also meet

charlie: when you say stagnation, is this what larry somers calls secular stagnation, -- david: it is version of it. charlie: -- which is a restriction on traditional growth rates? david: yes. it is two things. growth has slowed down and inequality has risen. so for most people, the amount of their share that's growing is very slow. you look at net worth. for a typical family, it's lower than it was in the 1980's. that is shocking. look at income. charlie: 36 years ago, it's lower? david: lower. it was for the mid-1980's, so call it 30 years ago. you look at income. they've grown for the working class, extremely, extremely slowly. you look at family formation. for college graduates, divorce is a lot less common than it used to be. for people who haven't graduated from college, growing up in a family with only one parent it's more. , many more people are in jail than used to be. drug abuse is much worse. i mean, there is this famous study that came out in the last couple of years showing that, for large groups of whites without a college degree, lifespans have not gotten longer. and so

. >> you could see some of larry somers programs adopted by trump. >> did you see this column written where somers is now against it? >> he said two things. one which i agree with and one which i find amusing. the peter navarro and wilbur ross plan, you can only do infrastructure if it has tolls and fees. that's not the one he has in mind. and the other is where larry says i can borrow too much money. he has evidence, that's what peter navarro does, but we don't know that. >> who do you have in mind to be the chair of the fed? >> are you interested? >> i'm not interested. but you could be. >> no i'm not interested either. i think it's going to be a big shake up at the fed. janet yellen's term as chairman and stan fisher's term address vice chairman with up. >> do you think they go early as the way mary jo white went early? >> no, i feel they feel strongly about the eniindependents of th bank, they will feel it is their duty to stay there. i think maybe kevin walsh may come back. john taylor, the stanford economis economist. >> sheila bear? >> i don't think so. >> what happens in the m

. >> when you say stagnation, is callshat larry somers secular stagnation, which is a restriction on traditional growth rates? >> yes. it is two things. growth has slowed down and inequality has risen. so for most people, the amount of their share that's growing is very slow. you look at net worth. for a typical family, it's lower 1980's.was in the lower?ears ago, it's >> lower. call it 30 years ago. you look at income. the workingn for class, extremely, extremely slowly. formation. family for college graduates, divorce is a lot less common than it used to be. for people who haven't graduated, it's more. many more people are in jail used to be. drug abuse is much worse. there is this famous study that came out in the last couple of years showing that, for large groups of whites without a havege degree, lifespans not gotten longer. and so when you think about this and despair, to me, it helps explain some of what happened here. i am frightened about where we now go, because trump does that it a platform seems to me addresses many of these issues. about theeply worried civil liberties