professor stiglitz: you're absolutely right. we do not want to go back to january 2020. as president biden said, we want to build back better. part of building back better is to build back with less inequality. two measures are important. most americans do not realize that adjusted for inflation, the minimum wage in the united states is the same level that it was roughly 65 years of -- 65 years ago. can you imagine no pay raises in 65 years? the other thing is it would be good for our economy to have that kind of increase in the minimum wage. it will not cause a loss of jobs. it will actually stimulate the economy. the other thing was an increase in earned income tax credit. a way of rewarding work -- we need to do that more, and a lot of my more conservative friends agree that is important. they would rather have more of that. they think in the balance, they would like to see an increase in the earned income tax credit. one of the things that is very notable about the united states that distinguishes us from other advantage countries is we do not have an ecosystem of so

trump and the plans of the last nine months -- let us listen to joe stiglitz.rtunately, the united states did not have leadership at the top, and we did not get the kind of program that some of the other countries like denmark, and the result of that is we had this enormous spike in unemployment. as the numbers today point out, another 900,000 people on unemployment and another almost 500,000 under the special program, self-employed whose income plummeted. those are drastic numbers. so you are right, what we are going to have to -- we will be -- we should be worried about, will there be this long-term scarring? i am hopeful that as the economy picks up again, many of these people will naturally get rehired. but i think what will have to happen -- i think we will have to have some programs to help retrain workers. one of the things that is going to be happening is there may be some restructuring of our economy. we know that, we need that. but whenever there is restructuring, you have to have some assistance to enable a move from sectors of the past like the foss

matt: that was joseph stiglitz speaking with us about the long-term damage to the economy.leaders say stricter lockdown could be necessary. the eu lockdown could last until the summer. this is bloomberg. ♪ >> governing council decided to keep the key ecb interest rates unchanged. we will conduct purchases until at least march, 2022. a coordinated fiscal stance remains critical. the risk around the euro area growth remain tilted to the downside but less pronounced. we are monitoring very carefully exchange rates. we are very attentive. all instruments can be adjusted and nothing is off the table. until the governing council judges the coronavirus phase is over. it is a balancing act. matt: that was christine lagarde signaling the economy is headed for a double-dip recession. india's foreign secretary says his country is prepared to discuss a new administration -- it has just begun the world's largest vaccine program including with its own homegrown shot. india has begun shipping vaccines out to other countries. >> last year at the general assembly, the prime minister said in

or zag, robert room -- robert room and, and joseph stiglitz -- robert rubin, and joseph stiglitz. policy by those three noted officials. lisa abramowicz and tom keene on economics with sam stove all. i have to start with where we were with matt o'connor of deutsche bank. thank you for emailing in a note where doug kass has said the banks have come awfully far, awfully fast. sam tov -- sam stove all, all of the banks. sam: we are seeing better numbers expected for this fourth quarter. diversified banks were expected to be down 22% in the fourth quarter earningsf, now off only 17%, the -- so things are looking to get a little better. regional banks were 13.5%, now 12.5%, and things have not gotten started. where there is a vacuum of valuations is where they are most likely drawn. tom: the other idea that you have so many decades of experience on, corporations and ceos adjust to the cards that have been dealt. do you anticipate a lot of adjustment by companies this year, that will surprise with utter margins down the income statement -- better margins down the income statement? sam:

if you were in the middle, just stiglitz -- >> joe, i'm an investment banker now.> do you own or rent? i think you're heading back down to dc? do you own or rent >> i'm staying in new york thank you for having me. >> i don't think i believe you thank you, peter. >>> 27:25. breaking jobless claims numbers. stay typed >>> welcome back to "squawk box. rick santelli here live at cme hq awaiting the most recent reads on initial continuing claims initial claims, 965,000. that is a big jump, well above expectations asterisk the first couple weeks of any new year have lots of seasonalities. i'm not talking about the already seasonal adjustment process, just seasonalities. when you add in the bill that was signed, stimulus in december by, i don't know, the former president? i don't know, he was impeached anyway, what we see is implementation there also puts some funk in the numbers but nonetheless, it's a big jump there's a rather large jump in continuing claims. we're expecting potentially to have our first breach, first continuing claims number under 5 million. that isn't

anna: that was the nobel laureate joseph stiglitz speaking in the long-term damage from coronavirus. with the economy, the global economy, focus on europe. the u.k. and eu have to resolve the issue of financial services the two sides hope to achieve a memorandum of understanding by march. we are joined by the european commissioner for financial services and the capital market union. good to speak to you. i will start on the subject of equivalents. can you give us any sense of the timings you are working to? you have a deadline in mind when it comes to deciding whether to grant equivalents? -- equivalence? >> our timeline is to reach a memorandum of understanding by march. that would be about how we operate as partners. then we would look at the details. we do not have a timeline about what needs to be done. we warned market participants of what would happen with brexit. some have made changes. i am happy to see our preparation work was good. there are a number of areas which we already took action. we will be looking within the european union to see how we can move those critical inf

coming up later, nobel laureate joseph stiglitz, 4:30 p.m. in new york, 9:30 p.m. in london.omberg. ♪ president biden: america has been tested and we have come out stronger for it. we will repair our alliances and engage with the world once again. not to meet yesterday's challenges, but today's and tomorrow's challenges. guy: president joe biden of course speaking at his inaugural address yesterday. he will have his first talk with a foreign leader today, prime minister trudeau. the press secretary expects calls to be with allies. a focus on what is happening with the virus on the vaccine, ebony welk -- emily wilkins joins us. he has signed a bunch of executive orders. what else where we get? emily: around 2:00 p.m. we expect biden to make remarks in terms of the covid-19 vaccine. we heard from officials they were shocked at the state the trump administration left it. the trump administration was very decentralized, up to states and localize officials. biden wants to centralize that end is talking about invoking the defense protection act to make sure there are enough doses o

the laureate, stiglitz, this afternoon on bloomberg.ood morning. ♪ >> there is no question there is broad support for second economic relief package. >> i think what governors need is not just short-term stimulus, but probably something we can play out over the next. >> couple of years. >> initial proposal for his double the size that wall street was expecting. should end up in the low end of the $750 million range. if they try to get 10 republican votes. >> let us not pretend we are in intensely part of this environment and joe biden wants to win on his agenda and will use every political trick to do it. tom: yesterday was wonderful. the conversations put together. we were blown away by some of these conversations and perspective, a window into some patient people waiting to voice their interest in america. eric nielsen, he is an optimist. renewed america, no doubt. what is the price of stimulus? erik: when you have the central bank that buys the debt and keeps interest rates low and the cost of doing it is huge. i am an optimist. i am

tom: i don't want to go all sandy grossman and joe stiglitz on you, but i want to talk about the informationut there. do we have too much information visible now, or are we still drowning out in the equity markets and in all of our long, short, and all the silliness? or is it still information we cannot see? are we drowning in visible information from all the trading volume? ric: there is an issue that the nature of markets, sometimes you can go a little bit crazy. that is just a history of financial markets. charlie kenda brooke was one of my professors. quite a character. in his book, this is what happens. people get sometimes a little rusty. that is one of the reasons why you want central banks to be there, to make sure that -- the central banks can come in to stabilize the situation if bad things happen. this is what the fed has been able to do very successfully, extremely successful in this covid crisis. one of the things that people don't realize how lucky we are, that covid did not occur 15 years ago before the last financial crisis. it took 18 months for the fed to figure out what to