well, when was this larry summers killed? a couple years ago. here in town? so, jaja summers is coming back to avenge his brothers death, is that it? yeah. well you can't exactly blame him for that. oh, please hoby, now don't joke this is serious. now i can't tell him to move on, not unless he's done something. hoby. well i don't know who killed larry, but he deserved it. and his brother jack is of the same rotten breed. well, how old 'a man is s ? oh, about 23 now. that'll make him all of 18 when he went to prison, that's kind of young to be rotten all t t way through, isn't it? he is though, he couldn't be any other way. alririt, henriettta, i won't argue with you anymore. now, what else can you tell me about this larry summers? who works at the hotel restaurant? yeye. well she was engaged to larry at one time, but she didn't kill him. are you sure about that? i'm sure. and you might talk to tenner. tenner? well he's only been in town a few weeks. well he's from abilene. and larry spent a couple of years in abilene. alright. ?? is tenner in his office? thank

plus advice for the new president from larry summers. larry: there is a big difference between an adverb and a plan. michael: next, global perspectives of the economic politicalamerica's decision. >> the dollar is now political currency. michael: this is bloomberg. ♪ michael: this is "bloomberg best ." i am michael mckee. donald trump campaigned on fierce principles of populism and protectionism, but in his first days as president-elect he struck a more moderate and conciliatory tone. as he prepares to take the helm of the u.s. economy, donald trump should the world expect? it was a topic of vigorous debate this week on bloomberg television. >> what are you telling clients today? >> donald trump in his campaign has had a message about more protectionism, so in the european open, i think we will be watching very closely, for example, how the european consumer stocks start to react if they face greater protectionism. in the united states, we will be watching managed-care companies because if donald trump and his administration rollback what

i think larry summers called it a misreading of the literature. and you look at the evidence that he puts forward about the 1%, i think he misstates the evidence in the book and that most of the evidence points to the fact that 70% of the wealth of the top .1% has come from self-made business founders, not from public company ceos negotiating with their cronies. i think another thing you look at is kaplan studies from the university of chicago that shows ceo pay hasn't outstripped private company ceo pay where the people sitting on the board of private companies own the business. so you're not negotiating with your cronies. the two growth rates have been very, very similar which is an indication that public company boards are not increasingly doing their job less and less effectively. if anything, we see faster turnover in ceo pay. i mean, ceo tenures have gottennen shorter over time. >> host: okay. so you're skeptical about education, you're skeptical about a wealth tax a la piketty. what would you do? [laughter] >> guest: one of the things i say

vonnie: that was larry summers on bloomberg daybreak., president-elect donald trump set to meet with president obama in just a few minutes, he has arrived at the white house. we will watch that. have a look at equities because stocks are off their highs of the day in the u.s. and in europe. stocks lower in europe after rising earlier. this is bloomberg. ♪ mark: is a let -- it is 11:00 a.m. in new york. 30 minutes left of the trading day in europe today. i am mark arden. vonnie: i am vonnie quinn. this is the european close on bloomberg market. ♪ mark: we are going to cover stories out of china, wall street, and the u.k. in the next hour. here is what we're watching today. right now, president-elect donald is meeting with president obama as americans begin the transition of power. howill bring you a story on data sciences picked up disturbances that would later lead to votes. comparing earlier gains after a rally in the wake of donald trump's win. we will talk to investors as trump dramatically transforms the landscape. and donald trump's

larry summers joins us next. this is bloomberg. ♪ jonathan: from new york city, this is bloomberg daybreak. let's get a check of the markets viewed risk on, a little bit more nuanced than not. it is very much a rate story. utility selloff, banks outperform, that is the story in europe with the dax up 90 and so 1%. yields up across the board, up 20 basis points yesterday on the 10 year. i can tell you today, $13 billion worth of 30 year debt coming into this market, an interesting time to sell that stuff. alix: a trump victory is putting one sector in focus, health care. their biggest intraday gain since august of 2005. kate moore is back with us. the index was up almost 4% yesterday. do you feel this kind of rally is sustainable if we see a shift in the affordable health care act? kate: there is definitely a reason for it to move from a laggard. anddemand growth is there they have contracted this year even if most markets have stabilized. i think more importantly looking at the sector, let's look at the rotation

larry summers tried to solve the very same problem with his idea for infrastructure.d we would all agree that infrastructure spending's probably better than just redistribution in terms of future growth. but what he doesn't tell you in his proposal is unless it increases government spending, then it's not borrowing the money that's sitting on the sidelines and putting it to youth. it both has to invest in infrastructure and increase government spending. government spending's at 36% of gdp, projected to grow nine points over the next 30 years as baby boomers retire. that's up to 45%. the debt is at 75% of gdp up from 35, it's projected to go to 140, and those projections are low because they assume we're going to drive the discretionary spending to zero which we're not going to do. so the imbalance is even greater. do i think that spending more money through the government rather than the private sector is going to help us more in the long run? it's just hard to believe. but if someone said would you rather spend a dollar on infrastructure than some entitlement program

this is prompted one comment from a former treasury secretary, larry summers.did he have to say? definitely attracted attention, larry summers saying india's cash band will not fight corruption. is hurt ordinary citizens, you're mom-and-pop businesses. in his words, those were the largest amount -- those with the largest amount of ill-gotten gain do not hold their wealth in cash. converted itdy into foreign exchange. it's the penny fortunes that are being targeted, not the most problematic ones. pretty much targeting the wrong people here. >> thanks for that. breaking news just crossing the at 100rg, were looking staff from the religious p.m. in hong kong. i have an update of the top stories. -- the first time in 13 days that china has raised the rates from the preceding day. it traded at an eight year low on monday. abandoning intervention measures and accelerating measures before donald trump becomes president next year. japan has lit it also -- has lifted all tsunami alerts. people living on the coast were warned to move to higher ground but no major damage

larry summers is a friend of mine and i have a lot of respect for larry summers.ie: basically arguing there is a sort of built-in -- larry: the american economy has grown since world war ii by 3.5% full-year -- 3.5% per year. for the entire 20th century, including the depression, the american economy grew at 3.5% per year. there is this categorical imperative that we have to grow -- it needs reform but fair enough. charlie: reform the fed or what? larry: i would reform the fed. a strong dollar, that is what i asked for in monetary policy. we haven't in 20 years. it has been up, down, up, down. charlie: how is it today? larry: today, it is good. charlie: in the obama administration. larry: yes. there is not much left to go in terms of where you can stimulate economic growth. from monetary policy. you have to go to fiscal policy which is where you are. that is where the differences,. your argument is that you have to reduce taxes. larry: reduce tax rates, rollback regulations. unleash the energy industry. meaning anything you do withrespect to energy respect to addr

you have people like larry summers and paul krugman bashing drunk. e larrys policies summers' policies. francine: it is broad picture. say i want you may less red tape, but then you need quality regulation. sharon: correct. you need to figure out what is going to be pro-market, what is going to be the optimal way in which you regulate the economy that is going to lead to the types of outcomes. this has to get through congress. there's a 60-vote culture. it's not clear he's going to get any of these projects spent. he's got a long path to go. even on the trade agreements, he can't arbitrarily reduce the tariffs like this. he can start of, but that is a legislative process as well. is higher tariffs across the board both for the united states and for our trading partners. you're not understanding what exactly that is. francine: jim, on the surface of it, you could say there are very similar policies to krugman. it depends on how you implement them. who is the person that should become treasury secretary? does donald trump need to get people that are fro

i'm trying to sell, larry summers tried to sell the samefo problem with this idea for infrastructure.we would agree infrastructureee spending is probably better than just redistribute in terms of future growth of what he doesn't tell you is unless it increases government spending then it's not borrowing the money that sitting on the sidelines and putting it to use. folks have to increase infrastructure and government spending. government spending is at 36%, projected at state and local, projected to grow as baby boomers retire. that's up 45%. the debt is a 75% of gdp. is projected to go to 140. those are low because they soon will drive spending to their which were not going to do. so the imbalance is even greater. do i think spending more money through the government rather than the private sector is going to help us more in the long run? it's hard to believe but if someone said would you rather spend a dollar our infrastructure than some entitlement program for richfo guys like me, i would rather spend it on infrastructure. i want to increase government spending? no. my argument is

larry? >> summers. >> larry summers is a friend of mine. have i a lot of respect for rose: basically arguing. there is a kind of built in. >> no, the american economy has grown since world war two by three and a half percent per year, okay. and in fact for the entire 20th century, honestly, i did the work on this, including the depression, charlie, the american economy grew at three and a half percent a year. >> rose: let me see. >> so don't tell me there's this cat gor kal imperative that we have to grow at-- . >> rose: we don't have any monetary policy to go to much any more reasons fair enough t needs reform but fair enough. >> rose: reform the fed or what. >> reform the fed, their targets. we have a strong dollar, that's what i ask for in monetary policy. let's have a stable, strong dollar. >> rose: do we have a strong dollar. >> we haven't in 20 years. it's been up, down, up, down. >> rose: how is it today? >> today it's good, it's okay. >> rose: okay. and the obama administration. >> yes, yes. >> rose: do we have a strong dollar, that

. >>> still to come, larry summer also join us in studio. we'll talk politics with him, and at the top of the hour, sam zell will join us as guest host. you're watching "squawk box" on cnbc. hey, jesse. who are you? i'm vern, the orange money retirement rabbit from voya. orange money represents the money you put away for retirement. over time, your money could multiply. hello, all of you. get organized at voya.com. we're drowning in information. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley. >>> time for the executive edge with a touch of politics today. carl icahn confirming that the president-elect is looking at wall street veteran stephen mnuchin as treasury secretary and wilbur ross as commerce secretary. icahn tweeting both are good friends of mine and more importantly two of the smartest people i k

. >> larry summers has saieven infrastructure that donald trump is set to be planning well .ot help anything that does not generate a commercial return will not be included. if it is that kind of fiscal funding, does that change the growth trajectory for the u.s. gekko >> i think it does. i think there is real risk about how you implement a plan of that size. the u.s. has not had a private partnership in infrastructure. if you wanted it done from the primaryector, infrastructure happens. i think there is real risk. maybe not as easy as one things through thes plan government proven channels. >>>> you have touched on why thy got it so wrong. the expected life and of humans. >> i think there has been a underestimation of medical break is. the hiv virus and the retroactive drugs for that. most recently our focus is on therapy.g genetic that is not built into the estimates. we think within the lifespan real and willme life ban further. >> interesting tidbits i was reading yesterday that the life and and louisiana is six years connecticut. something to think about. >> thank you for joining us. mo

and larry summers shares his advice for donald trump. rallyinge shift from to governing. the federal reserve by increasing debt and spending. there halfway through trading session. let's go to julie hyman. the dow did rally. it did touch an intraday record. at the s&p and nasdaq are languishing here. the nasdaq getting pulled down by technology which we will

and obama went to tim geitner and larry summers who were seen as the architects and he was able to gethem through. the republicans have that majority. i think rudy giuliani and donald trump will get what they want. i will just say really quickly, it's just so striking how many white men we're talking about. who is the first woman appointee going to be? >> when he announced his economic team it was on my show, saying 13 white men here and then they came out with some women. >> but that is part of what this election is about. women support a him who say wanting to see women faces and we just care about ideas of people. so, thank you very much to all of you. >>> there are new intelligence reports to tell you about that suggest the leader of isis may be hiding in northern iraq. abu al bagdadi. is that worth the distraction from freeing that city? reports from the front lines next. healthy, free, the world before me, the long brown path before me leading wherever i choose. the east and the west are mine. the north and the south are mine. all seems beautiful to me. are you ready?? you gotta

larry summers and a bal board os a couple of weeks ago just extrapolated the line out to the 2040s and the 2050s. i don't know if we can really do that, but if you do, you have a spooky society staring you in the face. >> how are they supporting themselves is it just disability programs where do they get their meals everyday? >> we have a chapter in the book that tries to parse some of that out. i don't think that the census bureau statistics fully reflect the benefits that people around the country are getting. it's not a crime they also represent capital gains in things like that. it's done by the census on the one hand and the ex- on the other hand. it's to some degree moonlighting but to a small degree it's not a major source of income. above that is government benefits. when it comes to actual spending patterns we can't parse out of the box working into the unemployed. about three quarters are in the latter category so it's predominantly them. they're spending patterns not surprisingly are lower than the national average but interestingly enough, they are not in the bottom quintil

i think if you got bob rubin and larry summers and any of the past treasury secretaries over the past 20 years and asked them whether they knew steve mnuchin, thought he knew anything about monetary policy, i'm pretty sure all of them would say no, because we had these discussions back when he became the head of the finance committee and he did not reassure anybody then because no one knew the guy. the weaknesses mitt romney had when he ran for president is he never explained how he felt personally about what happened to people who lost their jobs or were hurt financially by the activities of bain capital. i hope both these guys are pressed by both parties when they're up for confirmation because both are involved in things that hurt consumers, hurt workers, even if other times they were creating jobs. john: i know the bell went off. just on mnuchin, some people need to focus on one west, the bank he's accused of having improperly foreclosed on homeowners, a lot of bad stuff. we have to look into this more carefully. duringongress does the confirmation. he needs to explain how he feel

guests is at least as good as mine things are going in a direction which does not look at all been larry summers in a blog of his a couple of weeks ago just extrapolated the line out to the 2040s in the 2050s. i don't know if we can really do that but if you do that you have to really have a spooky two-tier society staring you in the face. >> how are these guys supporting themselves in the disability patchwork or whatever. where do they get their meals every day. >> i have a chapter in this book chapter eight which ties to parse some of that out. i don't think i'm totally successful because i don't think that the census bureau and their statistics fully reflect the benefits of people around the country and what they're getting. it's not a crime cps also wait underestimates capital gains and stuff like that. as far as i can make out from looking at the income in the spending statistics which are done by census on the one hand in the bureau of labor and statistics consumer expenditures on the other hand it is to some degree moonlighting but to a very small degree is a not a major source of income.

larry summers tried to sell the same idea for his idea of infrastructure and we all agree that it's betterthan just redistribution but what he doesn't tell you in the proposal is unless it increases government spending and it's not borrowing the money sitting on the sidelines so folks have to invest in infrastructure and increase government spending. it's a 36% of gdp state and local include included, projecto grow nine points over the next 30 years that's up to 45%. it is up to 35 and projected to go to 140 and those projections are low because they assume we will drive the spending to zero which we are not going to do. so, the imbalance is even greater. do i think spending more money iand the government rather than the private sector will help us more in the long run it's hard to believe that if someone said what you rather spend it on infrastructure than an entitlement program i would say yes i would rather spend on infrastructure, it's my argument is whether the government spends over the private sector either way it consumes the resources. so if the government consumes it then they wi

and i think -- ruben and alan greenspan and larry summers and i don't know where you were, but you can speak to that. there was a reasonable, political economy point of view which said, i did it. we might want to regulate these things more. practically if we try to for that we'll get killed by lobby and won't get anywhere and we're just energy on something and should have used our energy for something else. >> that's one more example, though, of -- very powerful people are making a huge amount of money on this status quo. and then it's hard to change the status status quo and no one stood up against that. i thought actually you didn't mention enough in your -- in your treatment of home -- [laughter] the -- the element of greed and profiteering not alan greenspan, but all of the financial sector that was from the mortgage originator on up that was profiting so pee it shall enormously from this that financial sector grew out of o proportion. prevent me to have to look at that. >> previous book called more money than god and hedge fund and i've done greed, but -- you're probably right tha

and i think bob rubÉn and alan greenspan and larry summers, i don't know where you with but you can speako that, there was reasonable point of view, i didn't, we might want to regulate these more. we will get killed by the lobbies, we won't get anywhere and spent our energy onon something and we should use energy for something else. >> one more example, though, of very powerful people are makingw a huge amount of money on the status quo and then it's hard to change the status quo. and no one stood up against that. you didn't mention in your treatment --t of hom [laughter] profhe element greed and profit but all the financial sector that was from the mortgage originators on up, profiting so enormously from this, the financial sector grew out of all proportion. >> it's a fair point. >> does that mean we have took live with that? >> my previous book was more money than god. history of hedge funds. i've done greed. but you're probably right that the whole story of the power of extremely profitable financial institutions is something that i could have played out more. i think i do get to it in

people can, i think if you got bob rubin and larry summers and any of the past treasury secretaries and asked them whether they knew steve mnuchin, thought he was a reassuring signal, monetary policy, i'll pretty sure they would say no. we had these discussions when he was head of the finance committee. he didn't assure anyone then because no one knew him. >> one of the weaknesses romney had, he never explained how he felt personably what happened to people who lost their jobs or were hurt financially. i really home these guys are pressed by both parties. both are involved in things hurt consumers and workers. >> we have to say joust mnuchin. some people need on focus one west on. this bank out in california the man owned. he is accused of having improperly foreclosed on homeowners, red lining, a lot of bad stuff. we have to look into this more carefully. >> congress did you think during confirmation. he needs on explain how he feels about what happened. donald trump is doing a victory lap right now into tomorrow over a deal that he and the vice president elect had mike pence struck. it

elizabeth warren is tied with larry summer. >> does she have a -- >> i wish i could roll tape of how went down to your stomach. >> it was kind the way you described our faces. >> thank you very much. on deck, there you are, four stocks in focus. hey nicole. hey! i just wanted to thank your support team for walking me through my first options trade. we only do it for everyone gary. well, i feel pretty smart. well, we're all about educating people on options strategies. well, don't worry, i won't let this accomplishment go to my head. i'm still the same old gary. wait, you forgot your french dictionary. oh, mucho gracias. get help on options trading with thinkorswim, only at td ameritrade. did yon your prescriptions? to save up to 95% introducing blink health. blink has negotiated some of the lowest prices so you can get your same medication, at your same pharmacy, for a lower price. just go to blinkhealth.com, pay for your prescription, and pick up at your regular pharmacy. blink is accepted at nearly every pharmacy nationwide. go to blinkhealth.com and get $10 off your first purchase

. >> rose: when you say stagnation is this what larry summers called secular stagnation. >> yes a version of it. >> rose: which is a restriction on traditional growth rights. >> yes. it is two things, is it that growth has slowed down and inequality has written. for most people the amount of their share is growing is very very slow. you look at net worth for a typical family it's lower than it was in the 1980's. that is shocking. you look at income gains. yes. lower. for the mid 80's so call it 30 years. look at incomes they've grown for the working class extremely slowly. you look at family formation. for college graduates divorce is a lot less dhun. for people who haven't graduated from college going up in a family only for one pairment, many more people are in jail than used to be. drug abuse is much worse. there's the same study that came out in the last couple years showing that for large groups of whites without a college degree. life spans have not gotten longer. and so when you think about this stagnation and despair, to me it helps explain some of what happened here. now, i am fr

since the great recession, the american enterprise institute hosts former treasury secretary larry summers and harvard university economist robert -- it's live at 9:00 a.m. eastern here on cspan 3. >> election night on cspan, watch the results and be part of a national conversation about the out come. be on location of hillary clinton and donald trump headquarters and watch victory and concession speeches, starting live at 8:00 p.m. eastern and throughout the following 24 hours, watch live on clrks span. on demand at cspan.org. >> next road to the white house rewind and the president gerald ford and former georgia governor. this debate took place in san francisco on october 6, 1976 and focused on foreign policy and defense issues. topics included u.s. soviet relations. the credibility of the u.s. -- in the wake of vietnam and water gate and the size of the u.s. military budget. jimmy carter went on to win the general election with 58%. the league of women voters sponsored this 90 minute debate. >> until gerald r. ford of michigan republican candidate for president and jimmy carter of georg

larry summers? >> i think most economists would say and even mr. ers would say that anything that would boost infrastructure would be a good thing. how exactly it is done we can debate. i think mr. trump is trying to balance the fact that everything he wants to do will require money on the physical side -- on the fiscal side. he is trying to be creative -- i don't think that is a bad idea -- that i don't think he will be as effective as direct payments. i have to say, when president obama did that in 2010, the effects were not that great so maybe getting into some kind of public, private sector partnership may be effective. you are coming up with your outlook as you are forecasting how much it factors into his trade. we heard the protectionist rhetoric. how difficult does that make your job? >> if you take extreme assumptions it could really hurt the economy. raising tariffs against china is not going to happen. i do think trade laws and all kinds of restrictions will be tightened a little bit, not a lot would be my guess. i think, that said, the gr

guest: i have to say if i listen to trump's macro economics, it could be larry summers. speeches about infrastructure spending, in one way, this is conventional keynesian economics. brexitin contrast to the narrative. it's all about controlling the leavingement of people the single market. if i listen to trump, he lists macro economically, it sounds keynesian. it looks like house republicans, it's about deregulation. so far, everyone has gone silent on all the other policies that might be negative for growth. scarlet: they are just not sure what's to come next. my chart looks at the 30 year yield. it has spiked up recently because people are thinking trump's policy proposals sound inflationary or boost inflation. then, we have the jobless claims which have been steadily declining. over the long-term, it's at near record lows. guest: what is important is to understand how prices work. the first thing you can observe facts in theic united states have been stable, but look at the volatility. look at the volatility you have seen in the 30 year interest rates. you start the y

he appoints timothy geithner is that treasury secretary and larry summers is the economic head.you remember that feeling? nobody got active. nobody state active. there was a silence during those two years when we had the house in the senate. we thes a mistake that people, the grassroots, did not stay active and stay on his case. he goes up to capitol hill and he is cool by yahoo! -- kum bayah. he wasn't phony. we needed some of you with some boots on that was going to go up there and kick some butt and get he diddone and w and not do it. we stayed silent. we got active after her we lost the house and senate. what happened the next year? occupy wall street. a couple of years after that? black lives matter. movements began during the obama years that are thriving today whether we call ourselves occupy wall street or not, we changed the whole dynamic and the american public understands the 1% versus the 99%. amy: as people are making their decision to vote for, and it may just not be between trump and henry clinton, it is also about whether to even go out to vote. i want to get you

even back in 2000, against what bill clinton and larry summers wanted, i proposed that derivatives beded publicly. if we had done that, we may have avoided the problem of what happened. i was one of the main proponents of the consumer protection financial board. sometimes our banks do horrible things with payday loans, they are making our servicemen and veterans pay hundreds of percent interest. i always oppose wall street when they are wrong. i do not needlessly attacked them in terms of name-calling. when they are wrong, i go after them. there are plenty of people on wall street not too happy with chuck schumer. ms. long: he has learned from he -- he has learned from the master about the public and private positions. if you take a look at his donor list during the period leading up to the 2008 financial crisis, you will see quite a list of the famous too big to fails -- merrill lynch, lehman brothers, bear stearns, citigroup. you look at his disclosures, they are all the ones who filled up his coffers. i don't think they were that unhappy with what he was doing. in fact, he was loos

treasury secretary larry summers speaking this morning.we know, obama is meeting with donald trump at the white house. this is a face to face meeting questioningof trump the ability of the first black u.s. president. they have been in there for a while. roughly an hour. we did frog test -- we didn't broadcast earlier when the plane landed. michelle obama is speaking with mrs. trump. and then they will go and have lunch with paul ryan. after that, the senate majority leader, they will meet with mitch mcconnell. there, we will begin to see the shape of the legislative willa that the republicans craft and that donald trump will endorse. there are a huge amount of policy questions that remain about where the ministration will place priorities. continue toill monitor everything in washington, d.c. and around the globe. this is bloomberg. ♪ wow, x1 has netflix? hey, drop a beat. ♪ show me orange is the new black ♪ ♪ wait, no, bloodline ♪ how about bojack, luke cage ♪ oh, dj tanner maybe show me lilyhammer ♪ ♪ stranger things, marseille, the fall

there is an argument and its ironic and argument made by the likes of paul krugman and larry summers.n we were going offset infrastructure spending with higher taxes. the issue i think is how far trump can execute given the allergic reaction some republicans will have two large-scale infrastructure spending and large deficits. if he does raise the rate of itwth in the private sector, could be a win-win. for me, donald trump is the ascent of money. don't -- onf you wednesday, we speak with the former minister of scotland. we are back. this is bloomberg. ♪ francine: the president-elect has been tweeting. this is one of his latest tweets. that's a very different tweet to what he tweeted about six hours ago saying they were professional protesters and very unfair. fromlked about spending the house. if donald trump does not unify and support diversity in this he spur growth? willem: he should encourage it. six scientific nobel prizes in the u.s. this year, all six were born abroad. he was elected on the platform. will he follow through with it? willem: i doubt it. at least not anything lik

since the great recession, the american enterprise institute hosts former treasury secretary larry summers and harvard university economist robert -- it's live at 9:00 a.m. eastern here on cspan 3. >> election night on cspan, watch the results and be part of a national conversation about the out come. be on location of hillary clinton and donald trump headquarters and watch victory and concession speeches, starting live at 8:00 p.m. eastern and throughout the following 24 hours, watch live on clrks span. on demand at cspan.org. >> next road to the white house rewind and the president gerald ford and former georgia governor. this debate took place in san francisco on october 6, 1976 and focused on foreign policy and defense issues. topics included u.s. soviet relations. the credibility of the u.s. -- in the wake of vietnam and water gate and the size of the u.s. military budget. jimmy carter went on to win the general election with 58%. the league of women voters sponsored this 90 minute debate. >> until gerald r. ford of michigan republican candidate for president and jimmy carter of georg

yesterday.ory speech nothing on trade, all about infrastructure, so much infrastructure would make larry summersthink the bigger question for economyat with the u.s. converted to full employment and the fed reaching inflation goals come is this a wise they could do? in the u.s., the construction industry, jobs are going begging. job openings are surging, an open question is whether we want to spend a lot on infrastructure which would potentially take resources away from the residential housing industries in the u.s. and whether that is a wise thing to do. i do not think this is a doomsday scenario for the economy that the markets initially -- francine: they are recuperating a lot. you are one of the best thinkers we have in terms of policy and disaffected people and regulation, what have you learned in the last 48 hours? >> the preoccupation here has been the news that prince harry's new american girlfriend which seems like a very clever toe by the royal family retain the special relationship with the u.s. at a difficult moment. the markets do not know how to digest this. argumenta respectable f

this is the larry summers argument.or three years in a row, that is enough confidence that should drive businesses forward. francine: thank you so much, adam posen, of the peterson institute. tom and i are fighting it out, who gets the next question. schatzker sits down with a chairman and ceo. that is at 10:30 a.m. in new york, 3:30 p.m. in london. this is bloomberg. ♪ francine: this is "bloomberg surveillance." i am francine lacqua in london. tom keene is in new york. here is taylor riggs. says it hashansa run out of legal options to stop the pilot strike that led to 5000 flights being canceled. analysts are suggesting -- pilots are striking in a pay dispute for the fifth time in seven days. -- omists northwestern university press david drawn of his testifying for the government in the trial over whether the merger should be arrive to take place. the company could raise prices up to 10% without losing business because of lack of competition. biggestthe world's automakers will join forces to set up the european network

move up because of the high leverage and the structural head winds that i have talked about and larry summersnon: of course, janet yellen will be speaking tomorrow before congress. you mentioned the strong u.s. dollar. there is a report by the research head indicating that the u.s. dollar or should be considered a new fear index. we have years of easy fed policy that has led to global explosion in dollar denominated liabilities. a stronger dollar may mean less f an appetite for credit, less of u.s. dollar demand. what do you make of that argument? bill: i think there is something to it. the old fear index, there is a suggestion that it no longer is an appropriate indicator, that the dollar is a better indicator in terms of fear or lack of fear. to a certain extent, that's true, but on the other hand, a strong dollar over the past several weeks at least, it's an indication of hope for a stronger u.s. economy relative to other global economies. i think it's some of both, but it is becoming a fear index that should be watched and should be observed. scarlet: should be watched and observed as it

>> no, janet yellen is politically savvy, she outmaneuvered larry summers. a different washington and alan greenspan had worked for many years inside an administration as chairman of the council of economic advisers and as a close a different washd alan greenspan had worked for many confidant of republican presidents. wereew where the levers and janet yellen has not done the same kind of politics. vonnie: thank you. u.s. electionof results on bloomberg television, tuned in for election coverage starting at 5:00 p.m. eastern with a two-hour with all due respect special with mark halperin and john heilemann. at 7:00 p.m., election special with david gura and megan murphy . coming up, more on the u.s. economy. joined by austan goolsbee from the university of chicago school of business and the foreman chairman of the council of economic advisers. this is bloomberg. ♪ vonnie: this is bloomberg markets. i am vonnie quinn. a long race for the white house with campaigns by hillary clinton and donald trump that they did two visions of america that were very different

even back in 2000, against what bill clinton and larry summers wanted, i proposed that derivatives beded publicly. if we had done that, we may have avoided the problem of what happened. i was one of the main proponents of the consumer protection financial board. sometimes our banks do horrible things with payday loans, they're taking our servicemen and veterans pay hundreds of percent interest. i have gone after them with that. i always oppose wall street when they are wrong. i do not needlessly attacked them in terms of name-calling. when they are wrong i go after them. there are plenty of people on wall street and not to happy with chuck schumer. ms. long: he has learned from he has learned from the master about the public and private positions. if you take a look at his donor list, including the period leading up to the 2008 financial crisis, you will see quite a list of the famous too big to fails -- merrill lynch, lehman brothers, bear stearns, citigroup. you look at his disclosures, they are all the ones who filled up his coffers. i don't think they were that unhappy with what h

if you look at his policies, he has the larry summers program, infrastructure spending, tax cuts, thatthe fiscal solution. francine: if donald trump gets into the presidency will he definitely replace janet yellen, 2018? alex: that is certainly what the market would expect. i do not think he is necessarily going to get through huge fiscal expenditures even though it sounds good. francine: alex friedman in london, james rickards in new york. coming up, more on the fed's future. we will look at how the election will impact the world's most important central bank. this is bloomberg. ♪ ,rancine: from washington, d.c. all eyes on washington, d.c. that is capitol hill. it is election day finally. a lot of my colleagues are tired that it has taken so long and may be over so quickly. here is mark barton with your asset check. worldlet's look at wei f equities futures. this is the column i want you to stare at, equity index futures. yesterday,wer after rising for the first day in 10 after the longest losing stretch since 1980. well the index swings an average 1.5% the day after the vote, gains