joining us in new york, professor sharon o'halloran, jim rickards. first let's kick off with some thoughts from bloomberg's political and economic editor, michael mckee. we are seeing a donald trump that is going to the white house today. when can we expect to year more details and to know who he will surround himself with? michael: normally a transition takes place during late november, early december, up to the first of the year. we don't know anything about how donald trump will manage things because we've never had a person like donald trump in this situation. policy, there's something the markets seem to be betting on. it is hard to know whether the option is justified. he wants to raise tariffs and cut taxes. then the question is, what is the balance? he can raise tariffs unilaterally. congress has to weigh in on tax cuts. suppose that happens. you get a combination of both. then growth is probably going to be slower. i've got a chart here that shows that exports have been rising faster than imports. they have been growing while imports have be

i am very pleased to welcome professor sharon o'halloran.i was surprised about of the last three weeks is that the equities were changing, fx was changing, but our expectations of what the fed will do in december did not change. is that because we were always thinking clinton would win or did it have little impact? michael: it had little impact in the short run and will have more impact in the long run. if donald trump wins and the markets crash, that will have an impact on december but if clinton wins, status quo and they are probably going to go in december. janet yellen and stanley fischer's terms are both up in 2018, and the president normally reappoint them late in 2017. this could quickly become an issue because donald trump does not like either and would probably replace both. the clinton administration would probably look to keep both so we will have to see what happens. there are two open seats on the fed. president obama has nominated two people who have not been able to get a hearing. we will see if president clinton or president