right now on monday, as we look at sport -- the sport of economics is led by michael spence from stanfordrsity. professor spence, thrilled to have you with us. we see a white house looking for wage lift and one of the great thinkings, including what we saw from jamie dimon's letter was the ability to get wage growth in america. how do you get wage growth given technology and how you get wage growth given the concentration of wages like amazon and others? prof. spence: it is a complicated challenge. there are a number of things that are important. the tax system that is affect income. second, you need to strengthen the institution that supports unions and change the bargaining power. that is especially part and when you have buying power. third, you have to deal with the skills challenge that we face. wages will reflect the value of various labor in the marketplace regardless of these changes and bargaining power. we know that as our economy transforms digitally, we need a new set of skills, institutions, public and private, that help us. tom: professor, your wonderful book, what is the ne

i can't say enough how michael spence, the laureate which was out front on this.tical essay 11 years ago. michael spence said be careful what you wish for with regulation because you are going to have a successful group, and what is their choice of what to do with all of that profit? jonathan: all that profit and all of that cash. consumers, businesses. that is what you've got to wade through. lisa: this idea of how it really just intermediates the banks, that they won't need to lend if they have so much money. morgan stanley shares up 1.5% in premarket trading. that is outperforming bank of america and citigroup's share prices, and this is on the heels of goldman. this goes to the strength and immunization they have given that they have smaller consumer lending and corporate lending footprints. they are less successful to lacking loan growth. i find that an interesting theme in the year very much fueled by the fed. jonathan: sonali basak stopping back in a moment. from new york this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferr

michael spence, i thought was brilliant on it. lisa: and the note from the white house today.dea they are talking about how we may see wage deflation because of the averages in the way the data was collected. a lot of lower wage workers exited the workforce en masse last year or a year ago. you got the increase in average wages. tom: jon from coventry emails in , says tommy did a worse job than lisa on football talk. lisa: aw. in fairness i did not really try. [laughter] at least you tried. you put your hat in the ring. your tots will still be in the super league. tom: i think ted lasso is on the short list. he is an american. what are you watching this week in the economic data and bond data? look at the bond offering from morgan stanley. lisa: the banks have been flooding the market. people think to raise capital due to the tightening in certain restrictions. basically they cannot use their treasury holdings, cannot exempt them from their capital requirements. tom: they are all going back to the trough. on politics, former senior advisor to president obama, valerie jarrett,