romer: you know, first, i worked on the government side of the microsoft case. proposed apps ops breakup of microsoft with -- which the judiciary rejected at the appeals court level. i think it is unlikely the judiciary that is more conservative now is going to approve a breakup of these firms. i think we have to be realistic about that. what i think we need to do instead of focusing just on breakups or at least government force breakup is to change the incentives to get them to ship away from -- shift away from targeted advertising, surveillance buying model, and go back to the old model where people pay to get things. so we can use things like the tax code as i suggested to create incentives for firms to stop relying so much on advertising and to rely more heavily on subscriptions, the way netflix does. haidi: is this tech dominance related to the stickiness of a high on appointment rate, of the stickiness of the low participation rate that we are seeing in the u.s. labor market? dr. romer: yeah. i don't think so. reasonable people can differ but i don't think

paul romer of nyu, the nobel laureate. longer-term term issues we have to grapple with.'s deal with the near-term. this wednesday news conference with chairman powell. the incoming data will indicate the sequencing for the federal reserve. the risk relative to the expectation is the june cpi inflation surge motivates the committee to accelerate taper talks. deutsche bank goes on to say, and send a clear signal tapering could be as early as september. tom: will they do that with the pandemic news flow? jonathan: i think that is the big question. how they grapple with the incoming information? the data makes them accelerate the timeline, or dare i say it is the outlook that will change things in this federal reserve? tom: it will be made up monday, tuesday, into wednesday. matt was eddie on deutsche bank on the parlor games of where growth is. he has a more optimistic view that goldman sachs, even into 2023. he goes below potential way out in 2024. jonathan: i will speak to a big bowl, michael purves -- a big bull, michael purves. he upgraded his target to 4800. while you

jonathan: wonderful to catch up with paul romer, the nobel laureate and and why you economic professorand nyu economics professor. alongside tom keene and lisa abramowicz, i'm jonathan ferro. here's your equity market this tuesday morning. your s&p down nine points, negative zero point 2%. yields in four basis points on tens. your 10 year yield, 1.2511%. zero firmer. briefly, some euro strength. $1.1011, positive 0.1% on that currency pair. $71.91 on wti after a huge amount of earnings. three names make up 1/4 of the nasdaq 100. it is apple, alphabet, and microsoft. tom: we will stop now and look at apple. willpower with us with baird -- will power with us with baird. he shows you his belief in his track record from another time. this is a guy who, just before covid, was outperform on 90. you sustain your outperform today. simply, can beijing upset the apple cart? can beijing, all of this in china, derail your outperform? will: that is a good question. good morning. thanks as always for having me. china is always a big wildcard. at least at this point, it has still been a big driver of

paul romer, nobel prize-winning economist, he was former economist at world bank, he was liberal thatto pass legislation to real in big tech names. of course he is talking about apples, facebooks, all of them. can it happen, harmeet? is it too late? are they so powerful neither political party will find a way to real them in? i feel like it is getting worse. >> it is getting worse. one of the things i've been talking about on your show and many others these companies are global. their shareholders are global. they have bigger markets of consumers in other countries that are used to censorship. for example, to do any business in china which roemer cited as an example or you know, sort of a bellwether of censorship they had to give, google has to give all of its information about searches, is required to ban certain search terms in those countries. we have the first amendment here in this country. so i don't think that type of regulation is either appropriate or hopefully will ever happen or if it happens survive court scrutiny in our country but what could happen and should happen thes

otherwise romer floors wouldn't have known to take those pitches either way, kind of a tense moment.ent after the game into his back pocket for that card again. that's part of the game is, is the mental side, right? so any advantage that we can take over? you know, weather teams are paranoid, whether they think we're doing something that we're not. it's just a way to hopefully get a distraction off the hitter and to get onto the base runner so they can't make their pictures. so you got to sell it sometimes. you know, we're in the entertainment business, so you know, just it's just another way that you can try and impact the game from the base path to try and get your guy at the plate a better pushed it. little subplot, all in good fun. meantime nba it's the draft on july 29th that's coming up, and the warriors figured, have a busy time between then and now, one of the things they've got an unrestricted free agent kelly oubre jr. who was notified earlier in the year, apparently by steve kerr that he's seen in the warriors future as a role player kind of coming off the bench that didn'