treasury secretary larry summers sees more downside risks to markets.his is bloomberg. ♪ vonnie: former u.s. treasury secretary larry summers says that while it is difficult to call the market tough valuations have gotten ahead of the economy and the economic fundamentals in this month. he spoke on bloomberg daybreak: americas. it is notetimes think actually all about donald trump. there e a lot of things going on in the world like a data flow from the actual economy and including the data flow from europe where parts of europe have picked up and that is part of what drives markets as well. i understand why there is more encouragement about the economy. i'm not sure i see what in the economy would justify a market move of the magnitude we have seen in the last month. it wouldn't surprise me to look back and see that there was a bit of a sugar high in some of the valuations that we are seeing. but calling market tops is impossible. to say that there may be a sugar high element is not to deny the possibility that the sugar high could get someone higher. t

larry summers, think you very much. i want to get larry back in the treasury with a sword. [laughter] jonathan: you are watching bloomberg. ♪ city,an: from new york you are watching "bloomberg daybreak." let's get a check of the markets. global equities, it has been a market going nowhere anytime fast. inis like watching paint dry the run-up up to easter. futures go nowhere. we are down about 0.1% on the s&p. treasuries much firmer yesterday, yields much lower. we tested the end of the range for 2017. we just dropped below the 1.06 handle on euro-dollar. one place they are not watching the paint dry is moscow. secretary of state tillerson is meeting with his counterpart in moscow to talk about syria. president trump was on the phone with president x of cna to talk about north korea. we are traveling -- talking to nick watt. what do we know about what is happening right now with the talks? where do they stand between the russian foreign minister and rex tillerson? what do we expect to come out of this? halfway through a w

we've got larry summers with us, mr. secretary, welcome.ice to speak with you. >> glad to be with you. >> you come down on the other side of this economically. you call what we learned from the president's economic team on taxes yesterday ill-advised and that it could undermine the secretary of treasury's credibility. i guess you're not buying 3% economic growth pays for all of it, huh? >> i haven't seen any analysis. most presidential campaigns during the primaries when they put out a tax plan they put out more than one page and they put out some analysis and some model and some careful articulation of the proposal and estimate its effects. there is none of that coming from the administration, and yet there's this confident statement that it will pay for itself. i don't know how they could possibly know without having done any economic work and this is a subject that's been enormously studied by economists of both sides of the aisle. we've got lots of experience with broad based tax cuts. the bush tax cuts at the beginning of the last deca

i would encourage people to read the speech the got larry summers fired. he talks about the research is specially with boys and girls that yes the are certain aspects talking about women at the cool level because of those in the differences so those that spent time with their kids so with male and female at the end of the day is obvious to those biological differences anybody in the medical field will tell you that the phrase that is coming across that they are with you from the of moment of conception to death with the hormone old reproductive reality. >> how can we protect the unique contributions of civil society. >> the began this is where they make important contributions and others like him who are finding the effects on children but society is starting to celebrate the 80th of single mothers. id but women are doing to be providers for their families so for some it was a celebratory movement because they saw women replacing men but in reality you don't how-to look far to see that documented research of women raising children without a father especial

treasury secretary larry summers talking to bloomberg.et a roundup of the stories you need to know to get your day going in today's edition of the daybreak. bloomberg subscribers go to dayb on their terminal. it is also available on mobile in the bloomberg anywhere app to be you can customize your settings to only get news on industries and assets you care about. this is bloomberg. ♪ ♪ isy: welcome back, this "daybreak asia," i am ramy inocencio in new york. shery: i am shery ahn in hong kong. toshiba narrowed the amount of bidders in the field for their memory chip business. we will get you more on that story, now we know they are narrowing the number of bidders they want for the toshiba chip business. that has been a key issue for the company as it struggles to survive. a big struggle today and overnight has been what president trump has said. he has talked about the dollar being too strong and also his comments about maybe reappointing again chair janet yellen, re-nominating her and saying he likes the fed's low interest rates. th

i give the example of harvard university which in the aftermath of former president larry summers daring to propose there are aspect of female and mail -- male that are not social -- sought to address the campus rape student by telling students they would be punished if they participated in single sex clubs. never mind noting there were equal numbers of clubs for male and female. students in the clubs were not eligible for school endorsement for scholarships and sports team captain positions. the school wasn't prepared for the response which includes hundreds of female students many victim of sexual assault marching through campus and launching a twitter campaign with hash tags such as assault is not our fault. the school's reaction was calling the women discrimnitory. quote change is difficult and initially met by opposition. few today would reverse the then controversial decisions. we continue to believe gender discrimination has no place on harvard's campus. women are sexist for demanding single sex safe places even when they have been aasausaulasaulte. the last example i will give is

and the example of harvard university which in the are not the former president larry summers daring to propose there is some aspects of maleness in femaleness that are not social constructs. this is not a gender equity campaign that sought in part to address the campus sub one issue the time to be punished with a purpose driven single sex clubs. the school had an equal number of such clubs for males than females. given fitness clubs would be ineligible for things like school endorsement or scholarships and sports teams captain seats. the school was not prepared for the response which included hundreds of female students, many of them that dems have sexual assault, angrily marching through campus claiming the school is taking a face they think i'm launching a twitter campaign with the hash tag such as the fault is not our fault and hear her harvard. the school's reaction was to call the women discriminatory by issuing a public statement with condescension. change is difficult and often met initially by opposition to that was certainly true with assets through a gender barriers at har

bi actually encourage people to go read the speech that got larry summers fired because he goes intothis a lot as well, thoughts about the research especially with boys and girls that find that yes, there are certain aspects of culture there are social and he talked about for example women not excelling at least in equal levels, at certain high levels because of sort of innate differences between men and women, especially women's desire which has been documented extensively by the foundation to spend more time with their kids so i think certainly you can look at within male and female this and find the whole spectrum of experiences. there are still at the end of the day of patently obvious in the biological differences that anybody in the medical field will tell you are immutable. the phrase that i kept coming across was something that mayo clinic uses to talk about sex which is they are with you. they are with you from the moment of conception to death and those are some of the deeper chromosomal hormonal reproductive realities but now we are actually trying to deny they are real. >

we'll talk to larry summers.mour this morning having the best day since january of last year. the dow is up 13. in july of '98. they i did active duty 11 years. and two in the reserves. our 18 year old was in an accident. when i call usaa it was that voice asking me, "is your daughter ok?" that's where i felt relief. it actually helped to know that somebody else cared and wanted make sure that i was okay. that was really great. we're the rivera family, and we will be with usaa for life. usaa. we know what it means to serve. call today to talk about your insurance needs. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. and at $4.95, you can trade with a clear advantage. the power of a low volatility investing approach. the power of smart beta. power your client's portfolio with powershares. before investing, consider the fund's investment objectives, risks, charges and expenses. call 800-983-0903 for

bill, you mentioned the column by larry summers. think one issue he flags as one of the red herrings that the u.s. is pursuing to its detriment as opposed to, for instance, more robust regional initiatives, is currency practices. and starting to ahead now the u.s. treasury's semi annual currency report is due this friday, also this friday, april april 15th. secretary mnuchin when asked about chinese currency practices as the summit last week wrapped up, he pointed to the forthcoming treasury report. what do you expect to see in the report this friday, and also if i may -- we recently heard members of the trump cabinet emphasize weigh they call currency alignment which they distinguish from currency manipulation. what does currency alignment men? what might be the administration's intent in adding that kind of concept to the fray. >> there's been a lot of attention focused on this upcoming report, partly or large by because the president said that on the first day he's in office he's going to declare currency manipulator. now today p

treasury secretary larry summers says he sees more room for downsizing -- for downside and upsides.

coming up later today on bloomberg television, a conversation with larry summers.at at 8:00 a.m. in new york. this is bloomberg. ♪ [ engine revs ] [ screams ] [ shouting ] brace yourself! this is crazy! [ tires screeching ] whoo! boom baby! rated pg-13. [ screams ] did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's over 6 times faster than slow internet from the phone company. say hello to internet speeds up to 250 mbps. and add phone and tv for only $34.90 more a month. call today. comcast business. built for business. francine: this is "bloomberg surveillance" on the road. i'm here in brussels. we need to look at the market and look at the updates but first, the first word news. moscow times is challenging the u.s. to clarify its position of foreign policy. withillerson is meeting whenounterpart at a time tensions have increased. he faces questions over the contradictory ideas from the u.s.. the u.s. says evidence shows tha

larry summers famous with the secular stagnation thesis.hat route, but felt that way. >> can it with the election? >> it can. the annual growth rate in the business cycle it 2.1%, per capita, it's weaker, the poorest performance. >> you're positive on the economy. what do you see happening here? >> well, you know, first on mr. dimon's points, those are old news, and at this point, they are practically ancient news. the most important issue is it's conflating structural problems with what's going on sicklically, and cyclely, things have not been this good in many years. we started a new growth rate cycle upturn forward overall economy starting before the election in the middle of 2016. before that we begin an inflation sierkle upturn that we needed. moreover, the global economy is now a tail wind on the u.s. economy helping us further, and all of this is adding up to essentially the best as i said, the best cyclical outlook we had in many, many years, which is why the fed is finally able to start a full fledged rate hike cycle. >> okay. >> w

larry summers, working in two democratic administrations, he suggests the answer's no. >> but there iso, no serious reading of the evidence to suggest they came close to paying for themselves by stimulating economic growth. >> while the trump administration officials think they can bump up growth to 2% a year, they agree that more than growth is going to be needed to offset revenue lost from tax cuts. >> this will pay for itself with growth and with reduced reduction of different deduct n deductio deductions, and closing loopholes. >> here's a big complaint we're hearing a lot of today, just not enough data released to the street or public to figure this out. that's curious as he said the treasury has 100 people working on scoring different scenarios. bill, it might have been good to make some of that scoring available, but mostly what we're seeing from the street are estimates of modest growth effects from the taxes. >> all right. steve, thank you very much. now caught in between the tax reform discussion is the possibility of a government shutdown at week's end. white house budget di

treasury under robert ruben and larry summers, ruben said a strong dollar is in the national interested to let that mean lots of different things over the course of eight years. we didn't think -- we would worry about changing language but usually we didn't change the language to have a president with a completely different attitude, a less disciplined approach to dealing with the currency, i call that a shift. if he talks so much about it will he have lessfect on where the market goes because we will read less into it? i suspect you will find his language has less and less impact unless it is associated with something concrete. it was in the case of the discussion on china. if that is off the table and it really is rhetoric, people will be looking at fundamentals. given how the reflationary mood has changed. so you never know. david: there you go. stefanie flanders stays with us. coming up, we talk with michael of m.k.m.. that is coming up here on bloomberg "surveillance." ♪ francine: this is bloomberg "surveillance" with david and francine from london and new york. we're joined by f

when i said that to larry summers, how great -- he said you will gauge how well an administration isoing based on whether ceos like it? yeah. i didn't know i was so naive to say that might be a good thing. >> can i say one other thing about that. it's very difficult to come on television -- >> and say something nasty? >> especially when you're invited to the meeting and say, no, no -- >> tom farley, there was a bounce. he had this big smile. >> i understand. >> he has some pretty white teeth. he's -- >> very handsome man. >> yeah. >> he is. >>> coming up, thank you, gentlemen. >>> when we return, educating the american work force. that issue discussed at president trump's meeting yesterday with business leaders. charles phillips was there. he will join us next. we'll talk about the meeting and more when "squawk box" returns. ♪ ♪ ♪ wanna get away? now you can with southwest fares as low as 59 dollars one-way. yes to low fares with nothing to hide. that's transfarency. may not always be clear. but at t. rowe price, we can help guide your retirement savings. so wherever your retirement

she will even be joining them on vacation this summer. larry: nice. we are saying thanks to the weather has finally turned. almost, dare i say it, too nice? sunday we had that bonus day, had some sunshine. things kind of turned a little bit. this afternoon, going to be the friday is when we get ready to kick off the weekend. i and giving you the green light. biking early, watch for the fog this morning. same thing if you are driving. fog hanging low. low on the horizon. it was beautiful. the scattering of the light through the atmosphere and some of the moisture in the air created that. later today, 9:00 to 10:00, sunshine. 71 noon. another 10 degrees, 81 by 2:00. mid-80's by 5:00. tracking a little rain, showers, maybe even a few storms will come our way after 9:00. nothing severe. should be over by the time the sun comes up tomorrow. tomorrow, a really nice day. a bigger change for the weekend. saturday to sunday, close to 90 with a few sunday. the cooler of the two days. a lot of humidity will step up the heat index temperatures. this front will al

summer. nancy: but keep umbrellas handy. doug: always good here. nancy: larry, you weren't here on friday but we were in love with the wild flowers in bloom in california. larry: it was neat. but later you were telling and we will have the new video of the perspectives on the flowers. >> never estimate your ability. mentally or physically. nancy: but first, why a woman ran the boston marathon again. 50 years after the first time. this is a look of what is coming up tonight -- nancy: and jummy olabanji with a preview of tomorrow's "good morning washington." >> tomorrow, the dangerous area coze. targeting you. >> and the conversation the couples need to have before they walk down the aisle. >> stay with us wit hey allergy muddlers are you one sneeze away from being voted out of the carpool? it's starts working hard at hour one and works twice as hard when you take it again the next day. stick with zyrtec® and muddle no more®. there's the view. there's more to life than the climb. you've gotta stop and look around a little. come, shed life's layers in asheville. l

summer? >> pete: syndicated radio host larry elder joins us now.doing well. this is a good question. you spend this whole year in all of these different classes hanging around in these safe places. >> abby: paying how much money. >> pete: yeah, you're paying how much money. of course they're coming back, you're not only cleaning all of their laundry, now you have to clean their brains a little bit. where do you start? >> in my first book i have a whole chapter about bias, and you start by arming your children with the information. i think most people don't know that liberals outnumber conservatives on college campuses by about a factor of 12 to win. if you can find a conservative in the department, it's often the case that in a women's studies department, for example, you won't find a single conservative. also, whether or not this bias affects the teaching in the class is important. and there's a study by the national organization of scholars that looked at it the u uc campuses here in california that said that the teachers have long since crossed

larry: that's like three grand this week. look at you, learning the lingo. hot but what today? veronica: exactly. summerf the week. just in time for folks heading to the amusement parks. minor issues on aerial roads, impact goes up to moderate with the more moderate rain that we will have. coming our way for the afternoon and evening rush. ponding late in the day, let me show you what's going on right now. nothing too heavy. generally light showers moving through. right now, we are going to stay kind of flat, maybe 57, 59 for a high temperature. here, thebreak or two bigger changes for us coming from 59 today to 75 degrees. for saturday.rmth sunday, maybe a lake a shower. julie? looking at problems on the outer loop of the capital beltway traveling from maryland to virginia, the crash occurred at the american legion bridge. because of this incident, heads coming from river road towards tysons. temple hill near curvy road, that has been reported in that direction. follow police direction in order to get by. in virginia, 395 is open for business trying to get past edsall road. eastbound traffic has been a

larry: yeah. this has been a good couple of days to go to a movie. but not in the few you are choo. >> summere no mistake. change is underway. we are looking at watching the planes. there are five to eight lined up but weather is perfect. 70 in reagan. it's 70 at quantico. there is more sunshine west of town. east of town, you may not see it yet but the sunshine is coming your way before sunsets tonight. temperatures drop in 60's. tonight with the clear skies overhead. there is a chance for area of fog. late tonight. you have to deal with it in the morning commute. 65 to 52. this is a clear watch and the storm that has bugged up. as we go through the bus stop. cool in morning. 76 at the midday. 85 for dismissal time. friday is terrific. saturday is hot. temperatures in the upper 80's. in the next hour we will highlight ten days and what to expect and return to spring or a glimpse to summer weather? we will let you know. alison: see you then. thanks. eleanor holmes norton has again introduced a bill requiring federal employees to live in the district. they say the u.s. marshalls, the district

larry smith. and i'm autria godfrey. we are also waking up to rain. let's get right out to stormwatch7 meteorologist eileen whelan. toss to eileen - another cool, breezy, rainy day - transition day wednesday - summerke warmth by the weekend - 1st 90 degree day possible today: cloudy, cool, and breezy. rain likely. highs: 59-61 winds: ne 10-15 mph tonight: scattered showers. lows: 54-57 winds: n 5 mph tuesday: clouds early, late day sunshine. warmer. highs: 75-79 winds: nw to se 5 mph developing now-- dollar construction project in college park-- goes up in flames. the blaze grew to 5 alarms monday-- and firefighters have been on the scene all night long. john gonzalez is live in college park. what is going on john. brand new informatoin coming out this morning involving the incident where a out this morning involving the incident where a brand new informatoin coming out this morning informatoin coming out this morning involving the incident where a doctor was dragged off a united flight. sam sweeney is at the live desk. the incident report is now out. the three officers involved in the incident are still off the job. 69 year old doctor told officers he wasnt getting off the plane. when the first 2

summer driving season be a good one. >> so if you both own refiners, i imagine that when larry said b.a.t.was a sigh of relief for you. >> i hope not to step on anybody but it's not clear how that sector responds because different refiners source their oil from different areas. >> marathon? >> it's a lot on the continental u.s. >> more importantly, iranian election, it's what happens, do sanctions get restored once again. that's what's most important as it relates to energy. >>> up next, next week's earnings and final trades. ♪ whoa that's amazing... hey, i'm the internet! i know a bunch of people who would love that. the internet loves what you're doing... ...so build a better website in under an hour with... ...gocentral from godaddy. type in your idea. select from designs tailored just for you and publish your site with just a few clicks-even from your... ...mobile phone. the internet is waiting start for free today at godaddy. why pause a spontaneous moment? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is h

summer months so today. >> god i know. >> i know. morning showers now warm and humid and this afternoon we are going to see a few more thunderstorms roll on through. these storm reports that larryreferred to in his story there, yeah around the region this storm moved through and only took half an hour like you said and multiple trees down around the region and here is the storm that came in here through 8:15 to 8:45 there was a severe thunderstorm warning issued from the national weather service. today a few more isolated thunderstorms possible especially with heat and humidity building around the region. right now showers. no lightning for frederick through hagerstown. these are going to wander around for the next hour. as we head through the afternoon you see the showers back off to the west will sweep on through as well. so we are partly cloudy right now. rather warm but we are going to see another round of showers head on in. as we head through your evening hours i think the future cast is under doing it a tt mentioned. we have a cold front, warm and humid into the 80s. thunderstorms for your drive home but they don't last all evening. your weekend a lot more rain to go thr

larry: our area isn't alone with the train troubles. amtrak announcing that it will replace signals at the penn station after the two derailments causing problems along the corridor. you can expect delays in the summer. >> if feels like summer today. >> the temperatures are climbing. it turns into delightful day. number wise is fine. we have plenty of sunshine. 79 for the average temperature. once we get past tomorrow morning there could be isolated showers that are developing ahead of the cold front. we will see the shower chances. most are displaced south we could see an isolated rumble of thunder. this is everyone warmer on saturday. a lot to share for the weekend and the next ten days in 13 minutes. larry: okay. thanks. new developments tonight in the murder of a delaware state trooper. the suspect was kill this would morning when he came running out of this house shooting. after 15 hours of the standoff with police, brad bell is live in bowie where the state trooper grew up. brad? brad: we saw this sad fact. he lives in delaware and he is from bowie. they announced two more sad facts. we knew he was married and we learned that he left behind a 5-year-old daughter. >> news of the murder of the d

saturday and sunday it's feeling like summer and those numbers even go higher as we go into early next week. >> they do.hank you, drew. >>> on to sports. >> larry's latest. >> good game at at&t park. giants searching for offense against the dodgers and an old friend would help out in their cause. plus the for millions of baby boomers there's a serious virus out there that's been almost forgotten. it's hepatitis c. one in 30 boomers has hep c, yet most don't even know it. because it can hide in your body for years without symptoms, and it's not tested for in routine blood work. the cdc recommends all baby boomers get tested. if you have hep c, it can be cured. for us it's time to get tested. ask your healthcare provider for the simple blood test. it's the only way to know for sure. >>> good evening. desperate for offense, the giants called up the hero from their 2014 championship team. michael morse, was not in the line-up tonight against the dodgers, and runs were scarce once again. catch of the night, look at this guy in the stands here. barehanded. exactly 28 years to the day after kevin mitchell made his famous catch. you remember that. cory s

larry: thank you. transit officials kicking off the campaign this morning. the public education push is designed to increase vigilance of the pedestrian and cyclists heading from spring to summer71 pedestrians and the cyclists die in traffic related crashes last year. that is 30% of all traffic deaths. alison: still to come at 5:00, a noise complaint that turns into a party when the cops show up. vienna where students are learning the a, b, c's. that's coming up in "spotlight on education." larry: it ended with a kiss. the race to save a gator's life in florida and the wild snapping battle it took toic ma it happen. man: hey baby, how are you? woman: i have a surprise for you. man: you have a surprise for me? narrator: at dominion, 1 in 5 new hires is a veteran. and when they're away, they miss out on a lot. but they won't miss out on financial support. because we cover any difference between their military pay and their dominion salary, and continue benefits for them and their families. why do we do it? because our vets sacrifice enough. "dominion. depend on us for more than energy." ♪ stand by me. brian: a look at the weekend outlook. a lot of things happening including the