it look like larry summers agrees as well.e het out at treasury secretary yellen over her views inflation is likely to be there at the start of year and fade later on. until the fed and treasury fully recognize inflation reality, they are unlikely to deal with it successfully failure from the fed to react to fully and persistent inflation constitute the biggest policy mistake in years. when will they have to acknowledge inflation? at least the market bleefs it is here to stay. that is what the break-even rates are telling us. the 10-year at a nine-year high. we're still getting an equity market able to hit records. leets dive in and look at what these equity markets are congress to. we have novartis hitting third quarter e.p.s. coming in beyond estimates. 1.71e.p.s. the stepped was for $1.64. they are looking at auctions for the review. this is a business they are ago at retaining the business, or possibly separating it. their guidance is unchanged. it is a beat for the third quarter, e.p.s. we are getting lines crossing. let'

according to the famed economist, not something we usually agrees with me larry summers, he served under obama -- the united states now we are witnessing the gathering storm of inflation which is causing serious concern over at cnbc. listen closely because this is a preview of coming attractions because of joe biden. >> i don't know if you guys heard what larry summers said, this is a former democratic treasury secretary saying he's never seen such a woke federal reserve come a bunch of bankers. he said they are way too woke. a generation of central bankers defining themselves by their wokeness, defined themselves by how socially concerned they are and he is really worried that inflation is going to be out of control. >> when you lose larry -- >> sean: it's really bad and it gets worse, we will update you on other things they had to say about how his dark winter is pretty much back with a new wrinkle. look at your gas tank, how much does it cost you to fill your tank? your heating bills were about to jump 54% as "the wall street journal" put it, a winner of giant gas bills is coming. if

anna: the views of larry summers.hinking, didn't we hear about other views on jerome powell, who was criticized for not being concerned enough around the climate. it seems like the left of center policies in the u.s. are divided on what they think of the fed. mark: it seems that larry summers' comments were more targeted at gelling yellen -- janet yellen, and there is that mindset. it is not a different fed, but we have seen less of this. i do agree that we seem complacent about the inflation risk and are concerned about keeping asset prices and growth up, and not the inflation bogeyman. anna: is that because everybody is woke in central banking, or we have not seen inflation for a long time, and structural factors may take us into a deflationary environment? mark: it is a great question, but i will go for the latter, it is about they are underestimating the inflation. anna: for the moment we will get a bloomberg first word news update. juliette: germany's olaf scholz says the government will drive forward expansion a

larry summers has slammed the fed for their woken us.o you think it a -- plays any part in a delay? daniel: that's a tough one to get into. i don't think elizabeth warren would accuse larry summers of being woke. they've made it very clear, the fed, that they are interested in broader underlying measures of employment that go beyond the monthly rate that we get in the first friday of every month. you have to go back before the pandemic before saying that gains won't spread equally among societies. have they overcompensated for that? it's a possibility. it's a stretch to say woke. manus: those are larry words, not yours or mine. thank you very much. to the banks. bank of america will kick off a busy day-to-day in terms of the report cards. jp morgan's mixed numbers. let's bring in our finance editor, adam hyde. good to have you with us. a little bit of worry we had yesterday on the consumer and corporate landing. how important is today for the likes of city? adam: yeah. obviously huge. it's a big day in terms of getting the full perspecti

that's the one thing that i'll with larry summers on. it's harder than it looks and you don't know what you got until it's gone. presidents be wouldn't let any of this happen for all joe biden does with a stroke of a pen is undo everything. on the border, sean? i was part of working with the white house legal counsel. when we threaten mexico with tariffs, people's heads exploded. but we got them on that thread. 24 hours, 15,000 troops to the border. give us those agreements. doubled back to get the same thing. we stopped that border crisis in its tracks. 2 million illegal aliens coming across the border. simplyno going to put downward pressure on the people who can least afford it which are blue collar lower income americans. >> tucker: very informative and frightening. joining us >> sean: fox news contributor kayleigh mcenany, leo 2.0 terrell terrel with us. congrats on the book. let's start with you and i want you to analyze this, the differences of tax cuts versus tax increases. getting rid of burdensome regulation. energy independenc

in other words, is larry right, is larry summers right that that is what has been driving a lot of thently experiencing? what they found is the answer is unequivocally no, that this year, that spending will add something like 0.3% points to the inflation index that the federal reserve cares most about and that next year it will add about .2% to inflation. in other words, it is practically negligible. and what we're dealing with our supply chain and reopening, the pressures related to those kind of challenges are pushing inflation higher but it doesn't appear that it is correct to say that the government pushed spending too far. >> and what about the long-term issue of entitlement spending, medicare, social security all going? people say, look, we're facing a future where spending is going to take off, so we have to be careful today. >> look, we have commitments that we have made to retirees, to dependents, to the disabled in the form of social security, and we have commitments that we have made to people receiving medicare. and so there are two separate questions here, right? one is ca

we spoke to larry summers who said that it is a digital gold hedge against inflation. >> what you saw bitcoin has had some emergence as a digital gold. the thing you want to hold if you are worried about inflation. emily: more of that interview coming up in a bit on this week's addition of wall street week. for more on the week that wasn't crypto, i want to bring in the ceo of epiphany, a global crypto trading firm for investors and our managing editor. her team is always incredibly busy here at bloomberg news. i want to start with you. given the activity this week, your exposure to institutional investors, what was behind the search in bitcoin this week and the drop off we saw towards the second half of the week and what are you expecting going into the weekend? guest: thank you for having me. i think the surge has to do with the etf that has been approved this week. there have been a lot of talks in the crypto community to attract bitcoin. i am on the same page as those folks. it is an inexpensive way to gain exposure to bitcoin. however, the impact in the crypto space has been posi

that's the one thing that i'll agree with larry summers on. it's harder than it looks. you don't know what you got till it's gone. president trump wouldn't let any of this happen. all joe biden does with a stroke of a pen is undue everything. on the border, sean, was part of working with the white house legal counsel. we threatened mexico with tariffs. people's heads exploded but we got them. in 24 hours, we sent 15,000 troops to the border. give us the agreements. we doubled that with honduras, guatemala and el salvador. we stopped that border crisis in its tracks. we got two middle illegal aliens coming across. right now it's going to put downward pressure on the people that can least afford it, which is blue collar, lower income americans. stagflation is cruel. >> sean: thanks, peter. joining us now, the author of "for such a time as this", kayleigh mcenany and leo terrell. congrats on the book. great to have you both. let's start with you. i want you to analyze this. the difference is, tax cuts versus tax increases. getting rid of burdensome regulation. energy indep

larry summers has argued that right now because of really the covid relief spending that was in his viewlation. someone, i should explain, does support a lot of the social spending and infrastructure bills, but he feels like all of it together is producing inflation and the numbers do seem to be ticking up, right? >> well, look, one of the first things that we teach students in their very first economics course is not to confuse correlation with causation. yes, we had two things happen. we had a huge increase in fiscal support. so large government deficits that have supported the economy and pulled us out of a recession very, very quickly. and, yes, we have higher-than-normal inflationary pressures. not just here in the u.s., fareed, but, of course, around the world. so you can look at these two things and say they're happening alongside one another, therefore, it must be evidence the government has pushed too far with fiscal policy. that in fact the spending is creating the extra inflationary pressures we see today. i don't think that's right at all. if you look at what -- let's say the

democrat larry summers. finally your thoughts about inflation and where we are on that issue? >> i think it's hard to predict what inflation is going to do in the future. we are seeing it now, people are seeing it in the prices they pay for food and gasoline. but $1.9 trillion that the biden administration put out in january. now asking for trillions of dollars more i hope you understand what a trillion is. a million seconds ago it was early october. a billion seconds ago george henton walker bush was president a trillion seconds ago. a trillion seconds ago neanderthals walked the earth. trillion is enormous amount of money. creating inflation hurting the american people. >> bret: senator mitt romney we appreciate your time tonight. >> thanks, bret. >> bret: the dow closed record close. the 64, 1722. the nasdaq jumped 137. president biden has selected the president of the national school board association to a federal panel that develops tests to track student progress. viola garcia leads that group which wrote a letter to the president calling parents protesting at school boa

>> you know, i think larry summers is sensible, and he is speaking the truth.we've seven seen already is the from the biden administration you remember when they said inflation is going to be temporary. we have seen that it is not temporary. it's gone up every month of the biden presidency. and here we are heading into the holiday season when we're facing not just historic inflation, but now a supply chain crisis. this is on top of a labor shortage. so these are economic crises created by joe biden and house democrats and, frankly, unified democrat far-left government spending that we've seen from the beginning of this year. so janet yellen is dead wrong with. the last thing you want to do when we're facing inflation ask every american family feels it is to, essentially, spend trillions is and trillions of dollars, again, that we don't have that our next generations are going to have to pay the bill for. larry: you know it's the also interesting to me, elise, in this bill or this framework or whatever it is the you've got spending on programs for, let's say, on

earlier today, bloomberg caught up with former treasury secretary larry summers.arry: this is the most important global economic agreement of the 21st century so far. it is important in reality because it is going to fortify tax collections to corporations from companies all over the world. it is important in principle because instead of countries running a race to the bottom, with respect to taxing business income, they are now going to level up in a way that is going to be fairer and permit tax reductions on working people all over the world. ♪ amanda: this is bloomberg markets. i am amanda lang alongside alix steel. time for stock of the hour. oshkosh has no problems getting orders, but lately filling them is another story. there shortage of parts, uding computer chips, causits fourth-quarter outlook. dave? dave: let's be clear, we are talking about their fiscal fourth-quarter, which just ended. it is a company that makes fire equipment, the luke perry vehicles, and, yes, they brought down their numbers in terms of what they expect to report from -- fire equipm

this week, special contributor larry summers on tapering, growth rates, as well as monetary stimulus. a difficult inflationary dynamic. david: former hp ceo carly fiorina on reining in tech giants. and getting supply and demand back in the line.

janet yellen over the weekend, what she said was parlay bid larry summers pushing back on janet yellen saying inflation is more of a concern. just edging a little higher. the futures in terms of the nasdaq complex. gaining .5%. we also have alphabet, amazon, microsoft as well. let's get the bloomberg business flash with laura wright. >> barely four months out of bankruptcy has placed an order for tesla cars. tesla soared. hertz said the model three will be delivered to the u.s. and parts of europe. a study found bitcoin's ownership is still concentrate traited in just a few hands. the top 10,000 individual investors control about 1/3 of the crypto currency in circulation. the biggest 10% of miners control the mining capacity. the u.s. lender said it will continue to provide services for exesing contracts. citi is refocusing its asia presence on singapore, hong kong, the u.a.e. and london. facebook shares gained in late trading. in the earnings, mark zuckerberg called negative pres around facebook a coordinated effort to paint a false picture about the economy. i spoke to one investor a

i think larry sanders assassination over hers any day. >> summers was right, he was ahead of the curveow how janet yellen with a straight face who believes the climate change is an essential threat, wants to have a $3 trillion tax hike which will damage, destroy our economy and the european if they go along with it but here's the other piece is the federal reserve, yelling used to run, they are pumping money in his though we were still in an emergency and we are not in an emergency so i am concerned what could be pandemic related price increases as poor to get jammed up, if the fed keeps pouring money in that is going to cause a major inflation while the tax hikes throw the economy into recession, those are the risks. laura: strong policies you helped advocate for and push through work. people didn't like his tweets or this or that, his policies worked, we know how to grow the economy, keep china on its heels and shut the border, we know how to do it. he doesn't want to do it and as a result they don't want to do it. >> did you see those revenue numbers, unbelievable revenues, more tax

and this was: by myself and larry summers and the senior minister of singapore and we found for regional gaps in pandemic direction. we found in global network surveillance and research to present emerging infectious diseases, we found as we combat resilience that means that our health systems were just not preferred mostly in rich and poor countries. we found there was not an adequate supply of medical food and countermeasures to the ofs pandemic and equity of access was not prepared for access to this and the last was in global governance . there was optimization to make sure funding came on time and that the national financial assets were effective as there was no organization to really accountable for all the outcomes. we made three recommendations and i'll be very fast. one is that increased we all have to increase spending domestically to prevent that health system. in low income countries middle income countries we've actually suggested one percentage point of gdp extra spending over the next five years in order to be successful. in addition to this we are also saying we need incr

i know this is an area that larry summers, some of his public comments i agree completely with. >> larryn on bloomberg talking about this repeatedly. is your view on inflation? is it transitory or do we have a longer-term problem? >> there's no question that we have inflation today. the fed models and the treasury models don't necessarily predict what's going to happen in the future because ensuring fiscal and monetary response. my concern is that we will have inflation, it will continue. some of it may be transition, but look at energy prices. something i never thought we would see during covid as you saw negative prices of oil. now the biden administration is talking about releasing oil from the strategic reserve. clearly, we have inflation and energy. the good news is economy is rebounding very strong. labor prices are up. i do worry that this will be ongoing inflation and we could easily end up with 3.5% 10 year treasuries. that increases the cost of the national debt and creates budget issues. paul: that was steven mnuchin speaking with david westin. let's stick with the u.s. econom

larry summer has described fiscal policy as the most irresponsible since the 1970's.cisely what drives. inflation rates higher. that would be a major policy error. it could happen. it doesn't has to lamb and the fed needs to starts becoming more ail give in i'm sorry response. it remains tock seen. haidi: cluck lieberman. great to have you with us. you can get a round-up of the stories you need to know to get your day going. a subscription of daybreak or cum your setting so you get the news and the industrials that you care about. this is bloom berk. ♪ -- bloomberg. ♪ >> busy/headlines. a record share buyback of up to $6.2 billion. despite earnings narrowly missing expectations. the biggest legendser joined the other banks in an effort to buy back 13 billion on a stronger than anticipated recovery from the pandemic. oil output and prices pushed it up 30 billion. it's its c.e.o. expects energy demands about the remain high. and american airlines canceled more than 1,000 flights over the weekend, blaming weather for the destruction. the arum scrammed for than 6700 fligh

a top analyst on why he thinks those gains could be short lived and former treasury secretary larry summerson called it the next roku did spike as much as 16% we'll be right back. dates matching your job description. visit indeed.com/hire >>> time now for a cnbc news update with shep smith hi shep. >> thank you from the news on cnbc, a key fda advisory committee voted unanimously today to recommend booster shots of the moderna vaccine. the recommendation applies to a number of groups, among them seniors, adultings with health problems or a job living conditions make it very difficult and where you could be at increased risk. a final decision from the fda is expected within a few days it then goes to the cdc commit tee which is set to vote next week. >>> former trump senior adviser steve bannon expected to be held in contempt of congress because he didn't testify and turn over documents related to the january 6 insurrection at the capitol. congressman thompson that chairs the house committee investigating say it is committee will vote next tuesday to hold bannon in contempt of congress if t

now the one democrat that did care, former treasury secretary larry summers is speaking out. >> a generation of central bankers that are defining themselves by their wokeness. they're defining themselves as how socially concerned they are. >> laura: well, he's right about that. he didn't quite go far enough. biden's puppeteers deserve a lot of blame here, including ron klain. the same ron klain that just revealed of what he really thinks of the pain that are feeling from the high cost of living. he like add tweet calling the problems high class problems. what a moron. biden is just shuffled from one lame controlled event to another, always surrounded business his protected press cocoon. this bunch biden has running the country is not just asleep at the wheel, they're not even in the car. yesterday we discovered that mayor pete is on paternity leave. okay. no big deal. people take maternity leave. big deal. it's not like he has an important cabinet positions. he's only the secretary of transportation when we have historic delays in major ports in the united states. remember, his big solution

two treasury secretary's, larry summers on the economic outlook. >> that is accommodation that does notnything other than taking a big risk on the infl

and now the one democrat who did care, larry summers, is speaking out. >> a generation of central bankers defining themselves by their wokess. biosocial the concerned they are. >> he didn't quite go far enough. biden's puppeteers deserve a lot of blame including chief of staff ron crane who is responsible and that's the same ron crane who just revealed what he really thinks the pain people are feeling from the high cost of living. he likes a tweet calling inflation and supply-chain show called high-class problems. meanwhile president biden shuffled from one lane control event to another always surrounded by his protective press cocoon. this bunch biden has running our country isn't just asleep at the wheel, it is not even in the car. yesterday we discovered mayor pete is on paternity leave. people take maternity leave, big deal, not like he has one of those important cabinet positions. he's only secretary of transportation when we have historic delays at major ports in the united states which is big solution, apprenticeships. the public consider these people such inconsequential figures a

worsens inflation which the angle warned you about early this year as prominent democrats like larry summers, but biden's so-called experts just kept downplaying it. >> i see important transitory influences at work and i don't anticipate that it will be permanent. >> most of the price increases we've seen were expected and expected to be temporary. >> laura: last week, the definition of the word temporary changed. >> supply bottlenecks have developed that has caused inflation. i believe that they are transitory but that doesn't mean they will go away over the next several months. >> laura: depends on what the meaning of the word temporary means. the scenes of huge traffic jams at major airports where ships are idling for weeks and even months is another devastating indictment of the biden administration. new york, l.a., and now savannah, georgia, are in total gridlock. 1 yard in chicago reportedly had a line of trains waiting to be unloaded that stretch for 25 miles. but at least we have a former road scholar has transportation secretary to fix it for us. >> what we are looking at is basical

spring master, larry summers, former treasury secretary said the economy doesn't have a supply capacitymeet all of the demand for pumping in and as a result, you are likely to do is causing too much money chasing too few goods and as a result lead to sustained increases in the level and the danger here is if people start expecting the inflation to go up, and it is permanent in terms of growth rather than transitory, people going to of negotiations and demanding increasing get into the wage so you get distortions in the economy once inflation takes off. kennedy: i knew government was screwing everything up to explain it, i am impressed by that so let's talk about reflation. what is that? that sounds exciting but couldn't be all good news, right? >> economists have been struggling to find a word to describe what we are going through because gdp is still going up, employment going up but mo slowly than before so we haven't got a fancy word like in the 70s stagflation which meant stagnation of gdp with rising prices so i think we are going through at the moment is a dangerous form of reflat

larry summers on his inflation debate with treasury secretary yellen. >> i have a norma's -- enormoustary yellen. >> new ceo jose minaya on his way of hedging inflation. >>

so if we're all feeling this, and even larry summers is saying this is a problem that's not going awaye soon, why does janet yellin not see and feel this? >> so it has been their view and i've disagreed with that view for months that inflation is transitory, but yes it's going to go up but come straight back down again. there's enough evidence here and doug just said it to suggest that inflation will be more persistent and higher than what both the federal reserve and the administration expects. now, i bring the federal reserve in because while i disagree with doug, this is not a biden administration issue. a lot of the things in front of congress today would enhance supply responsiveness, would increase labor participation which means it would address the supply problem which is pushing inflation higher. this is a federal reserve issue and the fed has been behind the curve for too long. >> sandra: interesting analysis. some are making the case there's something this administration could do to alleviate at least the supply chain crisis that is leading to a lot of these high prices and

i want -- you are referring to larry summers, he is something as a roadblock to achieving that goal. was in an interview with politico magazine. why do you think that? claudia: this is not about larry. it is about the change that needs to happen in economics. of a generation of economist, particular macro economics, there is i have a mental model, i have a way the world should work and i keep going back to it. larry did an interview and he was clear i do not have a model. he has an intuition from years of experience watching the economy, but the real contribution of the nobel prize today is to say let's step back, let's get the data, let's look at the world and not do introspection. it is too hard and can lead you astray if you are doing that from the ivory towers in cambridge, massachusetts. larry just happens to be a flag bearer of the old guard. particular in this crisis, particular in the way different groups of people, marginalized workers, the ones who end up looking at amazon, they need economists to be looking at the data, not sitting back and using past experience, using int

. >> shannon: we have this coming from larry summers, he was part of the obama administration. treasury secretary, he was very well respected. now he's saying things about inflation that some on the left are telling him it's time to sit down and shut up and stop getting out there and spreading these warnings. he said we have a generation of central bankers who are defining themselves by their wokeness, they are defining themselves with how socially concerned they are come up more danger than had been during my career and losing control of inflation. he said the focus needs to be elsewhere. >> we do know climate change is going to have a dramatic effect when coastal cities are dealing with rising sea levels when we have more frequent and more intense natural weather disasters, obviously we will have massive economic impacts in states like florida and texas, what happens when these very intense hurricanes hit major cities. if he's talking beyond things in climate change, he might have an actual argument. i want to go back to one thing that david just said that i think is patently

it is interesting how larry summers took to twitter, how about that, social media, to fire back against janet yellen saying he is wrong about inflation being a problem. he also went on to say that he is seeing them losing control of inflation. he thinks that her view is wrong . a 50/50 chance. he points out that inflation is already running at 4%, 5% year-over-year compared to the target. he also mentioned as far as he is concerned, the gap between what the treasury officials and reserve officials keep insisting is going to be transitory, how far away they are from the businesses where people are buying stuff in the store. this is the conversation we have with people all of the time, haidi. haidi: yes, and we heard from alan greenspan, saying he is concerned that some of these factors, yes, may be transitory, he said, but when you take a look at underlying inflation, taking a look at the debt situation and the labor market, he is concerned that some of these factors weighing in good actually be more elongated, kathleen. kathleen: and if we think of a legendary fed chair like paul volcke

republicans and democrats alike that look at this objectively including larry summers, the former obama treasury secretary says this will add more to the inflationary pressure. and our debt is at historic levels. it's a lot more spending. 1.5 or 1.75 trillion is being portrayed as something moderate, the compromise. gosh, you know, a billion dollars is -- a trillion dollars is a thousand billion dollars. it's amazing that we're throwing around trillions as if it's nothing. by the way, love your home studio. great to have you back. we missed you. >> neil: thanks very much. i appreciate that. you raise up a point how numb we are to these numbers. one trillion used to be the entire u.s. budget. those days are gone a long time ago. we're looking at likely a record deficit when all is said and done after this additional spending. there's been a move by some of your republican colleagues to bring back a balanced budget amendment or a puch like that to keep spending within a certain percentage or the debt as you were mention, a percentage of the economy size and the budget size. but it never h

they went after larry summers that suggested this was a longer term problem that needed to be taken seriouslyite them right now. the real problem, the big challenge, the long-term challenge is people don't feel confident that the economy will recover. that things are going to get better. that is because this is what they're seeing in their day-to-day lives. the poll that you showed earlier with 43% of americans saying that groceries and day-to-day goods have increased significantly, 40% seeing that they've seen a little increase. that's 80 plus percentage of people that see that they're feeling this in their pocket books. that's rough ground for the biden white house. >> bret: we'll put that up. it's the fox poll, bills for groceries and every day items. 83% to your point that feel it. that affects things. if you look at the condition of the economy in that poll, excellent or good, 26%. that's seeing a drop, only fair or poor, 73%. leslie, the messaging here at the ports of los angeles and long beach, that the supply chain problems are a good thing, that it means good things are happening. do

we had that jack dorsey tweet that we're in hyper-inflation, larry summers said he's never seen anythingy isn't that pressing against the market? the markets keep going up and is in spite of these inflation fears. >> look, ultimately inflation will be the headwind that breaks this market's back. i think the reason why it hasn't hurt in the near term is there's been a lot of bearish sentiment. the bears are having to play what i call the catch-up trade there. so there's a lot of capital chasing. i think inflation is going to really hurt this market the first half of next year. i expect to see a double-digit drop in the equity market at that point. i think the fourth quarter's going to continue to stay strong though. but without a doubt, i think everyone can finally admit what we've been saying, it's not transitory, and it's only going to get worse, unfortunately. david: i could throw another log on the fire there, jon than, which is in the past when you've had these inflation spikes starting richard nixon, you had price controls. and price controls lead to shortage, and we already have th

larry summers says the economic agenda won't work.ators on the democratic side said afghanistan is a disaster. it's everybody saying what's going on? we've never seen anything like it. we have read about the buchanan presidency and some of us lived through carter. is it incompetence? accidental? non compos mentis problems with the president or is it by iddesign, anarchy, nihilism that would never let a crisis go to waste during the tragedy of 2020 to have an agenda that doesn't poll on any of its items 50%, but through the sheer fear of this chaotic, anarchic, we are going to have a new agenda that is socialist, and nobody knows. they do know one thing, tucker. the academic world and the abstract world is not just parlor games. it matters. critical race theory as we wrote off as racism -- necessary toic fight racism, nobody would believe that, we thought. or new monetary theory, print money to get prosperity. or critical legal theory that there's no connection between innate natural b law and real l. we said nobody would believe that

this week, larry summers on inflation debt that won't go away as he predicted. >> we see inflation becoming. i have been alarmed and i am alarmed now. david:

braynard may be a part of that according to larry summers.vorite. the he doesn't get it, look to braynard. she's younger, she's more pleasing to the liberal element of the democratic party. remember, that's the part of the democratic party that joe biden has been most anxious to please since he became president. neil: yeah. you these 503 senators to write -- 50 senators to write off on it. if it is powell though, whatever the qualifications, wouldn't the markets be disappointed -- >> yeah. neil: would they be disrupted? >> i think so because of the fact that they would worry that she would kind of lose sight of the power of the fed in terms of maintaining some kind of monetary stability. now, i should mention, by the way, i said nobody knows exactly how she'd be with modern monetary theory that aoc and the squad type of people in congress like so much. she has in the past, a couple years ago, written some things against it. some people say she's been more convinced than she was before that that might be the way to go. but i think the market w

larry summers has been sounding alarm bells for months.sten to what he calls very disturbing inflationary numbers last week. >> now we see inflation becoming more widespreads spreading to the housing and labor markets he says we're more in danger of losing kropf -- control of inflation. >> i think he's wrong. it's something that's obviously a concern as we make further progress on the pandemic, i expect these bottlenecks to subside, americans will return to the labor force, as conditions improve. remember, the spending we did that partially has caused this high demand for goods, it's been very important in making sure that the pandemic hasn't had a scarring effect on american workers. it's given them enough income and support to get through this while still being able to put food on their tables, keep roofs over their heads. >> right. >> when you don't hear people talking about, i'm worried about being ability to get a job, remember that's a very good impact that the rescue packages had. what we're talking about with infrastructure and bui

as i said, you also have larry summers, a democrat, said we're in more danger of losing control of inflation have a generation of central bankers defining themselves by their wokeness. what he means by that, there's this woke idea that you can print as much money as you want, have deficit spending, print more dollars and it will take care itself. that what causes inflation. the trillions of dollars that we spend in covid relief the past year under republican and democratic administrations has been monetized. that debt spending has been monetized by the fed. the fed buys up 60% of it. they just print money in order to cover that purchase. so that is why the president today spoke about this bill will pay for itself. they're worried about deficit spending causing more inflation. they know that that is the history of deficit spending. they're making up all kinds of ways to pay for it. now they have this new wealth tax, something called unrealized capital gains. they're going to take -- they say it's billionaire's money that they have and they're doing to tax the stock holdings that they have bef

former treasury secretary larry summers is blasting the fed for risking losing control of inflation.rs said there is a generation of central bankers defining themselves by their woke us -- they pay too much attention to social issues and not enough to the biggest risk of inflation since the 1970's. the white house says it will not support president trump's executive privilege over records related to the january 6's insurrection. it has ordered national archives to turn over documents within 30 days. the former president has indicated he might start a legal challenge to keep the records shielded. eight out of 10 british companies struggle to find workers left month even though many are increasing wages. survey found the british commerce forecast worse. global news 24 hours a day on air and on bloombergquint take powered by more than 2700 journalists and analysts in more -- bloombergquint take, powered by more than 2700 journalists and analysts. this is bloomberg. ♪ jonathan: live from new york city for our audience worldwide, this is bloomberg surveillance -- these are the numbers fro

this week, larry summers. >> markets are substantially underestimating what is likely to happen to interestng. david: and whatever grand could mean for the chinese economic growth engine. >> i

. >> you say, madam secretary, that the former obama administration treasury secretary larry summers,ol of inflation. but it was months ago that president biden said this thwas temporary. now you say inflation, correct me if i'm wrong, may not subside until the second half of next year. clearly, madam >> well, i stild still would say it's temporary, but i don't mean just a matter of a month or two. although monthly inflation rates have substantially declined from where they were just four or five months ago. but what we're really seeing is the impact of the covid pandemic is sevi severely disrupted econ activity. it's hugely boosted spending on products and goods and diminished spending on surfaces. it's created an enormous demand for misconductors and these supplies, although they've increased, have encountered battlenecks and it's really caused some inflationary increase in recent months as people get back to work, as we defeat the pandemic, and as demand shift back to surfaces and as supply has a chance to adjust, i believe price increases will normalize and we'll see lower monthly

. >> you say, madam secretary, that the former obama administration treasury secretary larry summers, man you know well, is wrong -- you said wrong, the u.s. could use control of inflation. it was months ago that president biden said this was temporary. now you say inflation -- correct me if i'm wrong -- may not subside until the second half of next year. clearly, madam secretary, this inflation problem in the u.s. is not temporary, right? >> well, i still would say it's temporary, although i don't mean just a matter of a month or two. although monthly inflation rates have substantially declined from where they were just four or five months ago. but what we are really seeing is the impact of the covid pandemic has severely disrupted economic activity. it's hugely boosted spending on products, on goods, and diminished spending on services. it's created an enormous demand for semiconductors and the supplies, although they have increased, are -- have encountered bottlenecks. and it's really caused some inflationary increase in recent months as people get back to work, as we defeat the pa

former obama economic advisor larry summers is going after the biden administration on another crisiscreasing until the fed and treasury fully recognize the inflation reality they're unlikely to deal with it successfully. really bringing it all home a "new york times" headline, this year's thanksgiving meal is poised to wallop the wallet. the price of everything in potatoes to coffee is soaring. 16 pound turkey that was $13 two years ago will cost almost $22 this year. one woman telling the times i dread buying vanilla. power panel. former speaker of the oklahoma house, richard fowler, fox news contributor. gentlemen, great to have you in focus. t.w., i'll start with you. inflation. biden has got to do something. >> there is no doubt, harris, thank you for having me. joe biden and his failed economic policies in 10 months has set america back 40 years after squandering the recovery he inherited from donald trump less than a year ago. it is jimmy carter 2.0. the difference is jimmy carter was just incompetent. joe biden is intentional. he really wants to be a one-term president to fini

particularly what's kind of astounding me when you have an outstanding harvard professor by the name of larry summerst was in clinton the's cabinet as secretary of treasury and he told the us in january and then genre peopled it in april, you shouldn't -- repeated it in april, you shouldn't spend any money, we already spent too much in 2020 to get us out of the virus and get the vaccine going and get the economy turned around. already at christmas he said it was too much. now $6 trillion on top of it is going to throw gasoline on the fires of inflation. and they want republicans to help them increase the debt limit. we don't agree with the policy. they don't even let us at the table to talk these programs over with us. so why would we help them accomplish what they want to accomplish when it's it's going to ruin it for our grandchildren and great grandchildren with this tremendous debt besides the inflation? mike: you made reference to the debt ceiling. that's expected to come due around the 18th or 19th of this month. how does that play out, sir? >> well, i think i just said so. it's going to play o

former secretary of the treasury under bill clinton under the top economic advisor to barack obama, larry summersas been talking about inflation for months and a lot of people worry when you take an inflationary overheated economy and you have $3 trillion which is what these 2 billion bills would do, 3 trillion in government spending you will make it worse and there's a lot of economic experts that say pass or not pass it, inflation will continue well into 2022. >> let's break this down, long-term and short-term, that is definitely true 17 nobel prize-winning a economist are those that we talked about doing things to allow americans to get back to work, putting money in their pockets and making childcare more affordable will help with inflation in the long run, there is a short-term transitory the ones that we are already seeing slow down a little bit but very mindful because that's impacting americans. that is a consequence of the economic effects of the pandemic. there are so many things that are happening in our economy, distortion, disruption, things in our supply chain that are affecting cri

former president obama treasury secretary larry summers has been sounding alarm bells for months.e a listen to what he calls very disturbing inflationary numbers last week. >> now we see inflation becoming more widespread in a wider range of products, spreading to the housing and labor markets. i've been alarmed for a long time and i'm more alarmed now. >> more alarmed now. and summers added this, quote, we're in more danger than i've been in my career of losing control of inflation in the u.s. is he wrong? >> i think he's wrong. i don't think he's we're about to lose control of inflation. i do agree we're going through inflation that's higher than americans have seen in a long time, and it's something that's obviously a concern and worrying, but we haven't lost control. as we make further progress on the pandemic, i expect these bottlenecks to subside. americans will return to the labor force as conditions imp improve. remember, the spending we did that partially has caused this high demand for goods, it's been very important in making sure that the pandemic hasn't had a scarring

larry summers, former treasury secretary for clinton, head of the national economic council for obamat the u.s. is more at risk of losing control of inflation than anytime during his career that he has seen but treasury secretary janet yellen janet yellen says it is all under control. >> i think he is wrong. i don't think we're about to lose control of inflation. i agree of course we are going through a period of inflation that's higher than americans have seen in a long time and it's something that obviously a concern and worrying them but we haven't lost control. reporter: summers today is doubling down on his warnings, tweeting his rebuttal to yellen saying this, quote i believe the gap between treasury and fed statements and the everyday experience of businesses and consumers in terms of inflation has widened in recent months. until the fed and treasury fully recognize the inflation reality they are unlikely to deal with it success fully. as concerns about rising inflation rise there are questions about potentially trillions of new government spending in president biden's social p

edward: inflation, larry summers, democratic economic advisor in february wrote an op-ed in "the washingtone do the american rescue plan the way it was, then, at the end of the year we'll see record levels of inflation. we're seeing 13-year high of inflation now. so it is very interesting. so coca-cola ceo james quincy is warning about sporadic product shortages in addition to inflation. also through 2022. i mean, how does this get sorted out and do you see it going that long? >> well i mean if demand exceeds supply, one of two things happens, they don't get what they want, what you're hearing from the businessmen, or they raise prices to try to cut off the excess demand. so you know we've got inflation baked in the cake. we've got some supply chain inflation, producer price index has been rising at double-digit rates this year and so that says 2022 is going to have some evidence of one of those two things already. the question will we make it worse? edward, here's the thing, we have a gdp report today that showed nominal gdp, nominal production income in the economy is growing at 8%, a qua