Bloomberg Surveillance

Ian Bremmer, Eurasia Group's president and founder, discusses his top risks for 2017 and says traditional alliances are crumbling. Lawrence Summers, former U.S. treasury secretary, says the risks to the global economy are enormous. Then, Nouriel Roubini, Roubini Global Economics' co-founder and chairman, says there is a huge amount of uncertainty about economic policy, both in the U.S. and in Europe. Also, Dom Barton, McKinsey & Co.'s global managing partner, says it's technology -- not trade -- that's dislocating jobs. Doug Kass, Seabreeze Partners' founder, says Donald Trump is making volatility great again. Finally, Raghuram Rajan, former governor of the Bank of India, says central banks are in the "process of exit."See omnystudio.com/listener for privacy information.

Abby Joseph Cohen of Goldman Sachs joins Tom Keene for a special hour of Bloomberg Surveillance. Their conversation touches on a wide range of topics in economics and finance looking to 2017 including the Trump presidency. Also, a special look back to the challenges she has faced across her storied career.See omnystudio.com/listener for privacy information.

Luigi Zingales, a professor at the University of Chicago's Booth School of Businesss, discusses what to expect in Donald Trump's first 100 days. Dennis Ross, a distinguished fellow at the Washington Institute, says a one-state solution in the Middle East will not work. Finally, Don Rissmiller, Strategas's chief economist, says it's hard to accelerate employment gains in the second half of a business cycle.See omnystudio.com/listener for privacy information.

John Silvia, Wells Fargo Securities' chief economist, says fiscal policy structure should the No. 1 priority for Donald Trump. Neil Shearing, chief emerging markets economist at Capital Economics, says the biggest risks to emerging markets next year will be domestic in nature. Finally, John Ryding, a co-founder of RDQ Economics, says we are in a new environment of fiscal stimulus at a time of relatively full employment.See omnystudio.com/listener for privacy information.

Marc Chandler, Brown Brothers Harriman's head of currency strategy, discusses the Fed and how he expects to see the British sterling head weaker. Tony Crescenzi, a PIMCO portfolio manager, says credit markets are fully priced for a good scenario. Finally, John Nixon, a former CIA analyst, says the politicization of intelligence has done more harm to foreign policy than anything in the last decade.See omnystudio.com/listener for privacy information.

Michael Holland, chairman and founder of Holland & Co., says markets are pricing in stronger growth and discusses why financials are up going into 2017. Neil Dutta, Renaissance Macro Research's head of U.S. economics, says the tax code needs an overhaul. Finally, Jonathan Golub, RBC Capital Markets' chief U.S. market strategist, says inflation is coming naturally from the unemployment rate being under 5 percent.See omnystudio.com/listener for privacy information.

John Lipsky, former IMF first deputy managing director, discusses managing director Christine Lagarde's negligence conviction. Howard Davidowitz, Davidowitz & Associates' chairman, talks to Tom Keene and David Gura about the state of retail during the holiday season. International Rescue Committee's CEO, David Miliband, says refugees are a symptom of political failure. Finally, Deustche Bank's Rocky Fishman says there won't be a single moment that defines what the euro zone looks like a year or two from now.See omnystudio.com/listener for privacy information.

Ellen Zentner, Morgan Stanley's chief U.S. economist, says many politicians are focusing on the positives of Donald Trump's tax policies and not on the negatives of his unknown trade policies. Prior to that, Strategas's Chris Verrone says the market rally after the presidential election is actually not that extraordinary. Diane Swonk, founder of DS Economics, says she's cautious about fourth quarter GDP growth. George Friedman, founder of Geopolitical Futures, says the first flashpoint that Trump will have to deal with is the Middle East. Finally, Ron Bonjean, a Republican strategist, says Trump captured lightning in a bottle with populism.See omnystudio.com/listener for privacy information.

Stephen Roach, a senior fellow at Yale University, talks to Tom Keene and David Gura about the shift in the U.S. relationship with China. Prior to that, Bloomberg's Lionel Laurent discusses European banking. Then, Steve Auth, CIO of Federated Investors Equities, says the economy doesn't go anywhere without confidence. Also, Princeton University's Alan Krueger discusses the evolution of terrorism in the 10 years since he published "What Makes A Terrorist?" Finally, Deutsche Bank's Sebastien Galy discusses the future for emerging markets under a Donald Trump presidency.See omnystudio.com/listener for privacy information.

Bob Hormats, Kissinger Associates' vice-chairman, discusses Donald Trump's foreign policy with China. Prior to that, Tom Keene and David Gura talk to PIMCO's Jim Moore about retirement. Also, John Vail, Nikko Asset Management's chief global strategist, says Japan's economic landscape has been looking good since Trump's election. Finally, Michael Darda, MKM Holdings' chief economist, talks about the velocity of money and growth potential of the U.S. economy.See omnystudio.com/listener for privacy information.

Joe Quinlan, the chief market strategist for U.S. Trust, gives an outlook for 2017 and discusses rising global obesity. Then, Chris Grisanti, CEO of Grisanti Capital Management, says banks are attractive because as rates rise, they can finally earn money in the lending game. Also, John Allison, former CEO of BB&T, says he thinks Mike Pence can influence Donald Trump into becoming a libertarian. Finally, Bloomberg's Greg Viscusi discusses the news that IMF Chief Christine Lagarde was found guilty of negligence.See omnystudio.com/listener for privacy information.

John Taylor, an economics professor at Stanford University, says the advantage of a monetary strategy or rule is that you don't have to keep talking about it. Prior to that, Peter Tague, Citigroup's co-head of global M&A, says the Chinese have been more aggressive on deal-making on a cross-border basis, driven by a desire to access technology. Then, BlackRock's Jeffrey Rosenberg says correlations on debt versus equity have displayed less certainty and less reliability than we've come to expect.See omnystudio.com/listener for privacy information.

Daragh Maher, HSBC's head of FX strategy, says the euro decline will push markets to think about parity. Then, Admiral James Stavridis, dean of Tufts' Fletcher School, says Rex Tillerson meets the standards of Secretary of State quite well. Finally, Deutsche Bank's Alan Ruskin says sterling has not fully priced in Brexit and if there's a meaningful downturn next year, sterling will weaken.See omnystudio.com/listener for privacy information.

Mike Mayo, a banking analyst at CLSA Americas, says U.S. banks are very strong. Prior to that, Jean-Claude Trichet, former ECB president, discusses the role shadow banking played in the financial crisis. Then, Peter Hooper, Deutsche Bank's chief economist, says the Fed has to catch up with the market. Finally, Doug Kass, Seabreeze Partners' president and founder, says investors seeing sunny days ahead may be disappointed.See omnystudio.com/listener for privacy information.

Barry Eichengreen, a professor at UC Berkeley, says faster growth heals a lot of wounds economically and politically. Prior to that, Gideon Rose, editor of Foreign Affairs Magazine, says Donald Trump picking Rex Tillerson for Secretary of State suggests a change in relations with Russia. Then, David Herro, Harris Associates' CIO, says BNP Paribas, Credit Suisse and Lloyds are attractively priced. Finally, Charles Plosser, former president of the Philadelphia Federal Reserve Bank, says productivity is the big concern.See omnystudio.com/listener for privacy information.

Gary Shilling, president and founder of A. Gary Shilling, and Kroll Bond Rating Agency's Chris Whalen, discuss their outlook for the European banking industry. Then, Oppenheimer's Fadel Gheit discusses oil, the OPEC meeting and Donald Trump's possible pick for Secretary of State, Rex Tillerson. Finally, Harm Bandholz, Unicredit's chief U.S. economist, says the Fed will keep the dot forecasts flat.See omnystudio.com/listener for privacy information.

Ruchir Sharma, Morgan Stanley's chief global strategist, says we're seeing a different deglobalization with Donald Trump than we saw in the 1930s and the trend is accelerating. Prior to that, Shannon O'Neil, Council on Foreign Relations' Latin America senior fellow, says the biggest challenge in Latin America is populism; the undermining of political institutions and checks and balances that make democracy work. Also, Steve Wieting, Citi Private Bank's global chief strategist, says Trump's tax cuts and substantial fiscal stimulus will lead to faster nominal growth.See omnystudio.com/listener for privacy information.

Athanasios Orphanides, a professor at MIT and a former ECB official, discusses the merits of the Federal Reserve's dot plot and central bank transparency. Then, Abby Joseph Cohen, president of Goldman Sachs Global Markets Institute, says the market is shifting into more cyclical aspects of the stock market. Also, Michael Lewis discusses his new book, "The Undoing Project," which traces a "bromance" between Israeli psychologists Daniel Kahneman and the late Amos Tversky, whose work sparked the rise of behavioral economics and led to shifts in sports, medicine and government. Finally, Southwest Airlines CEO Gary Kelly says he's hopeful that regulation will abate with Donald Trump.See omnystudio.com/listener for privacy information.

Richard Haass, president of the Council on Foreign Relations, and Michael Spence, a professor at NYU, weigh in on European and American politics, saying the euro zone remains flawed and globalization is moving faster than politics. Then, Gerard Cassidy, RBC's managing director of equity research, says Bank of America is the best too-big-to-fail buy and has had a great turnaround. Finally, Utah Senator Mike Lee says there are some potential anti-competitive concerns with the AT&T/Time Warner deal.See omnystudio.com/listener for privacy information.

Dennis Gartman, editor of the Gartman Letter, says the price of crude oil will fall to zero in 30 years. Then, Kate Moore, BlackRock's chief equity strategist, says she's most focused on monetary policy from the ECB and how it moves markets. Finally, Mario Gabelli, founder of Gabelli Funds, says Donald Trump's notion of lower taxes, less regulation and reestablishment of entrepreneurial innovation isn't bad for any entrepreneur.See omnystudio.com/listener for privacy information.

BMO's Brian Belski and Eurasia Group's Ian Bremmer discuss the future of Europe after the Italian referendum. Then, former IMF Chief Economist Olivier Blanchard says China's power within the global supply chain could easily cripple the U.S. Also, Luigi Zingales, a professor at University of Chicago's Booth School, says it's the dawn of Donald Trump's crony capitalist world. Finally, Carl Weinberg, the founder of High Frequency Economics, discusses Italy's economic future.See omnystudio.com/listener for privacy information.

Tom Keene and David Gura talk to Janus Capital's Bill Gross about the job report and the Fed. Prior to that, Carl Weinberg, High Frequency Economics' chief economist, says Italian banks are in trouble, no matter the outcome of the Italian referendum. Finally, Ira Jersey, a fixed-income strategist at OppenheimerFunds, says we'll see an uptick in yields for a few years and his colleague, Brian Levitt, says markets are starting to price in optimism.See omnystudio.com/listener for privacy information.

Former IMF Chief Economist Kenneth Rogoff says India's currency crisis is exacerbated by policy implementation issues. Then, Daniel Yergin, the vice chairman of IHS, says the OPEC production deal will work. Also, Harvard's Nicholas Burns says President-elect Donald Trump should align himself with German Chancellor Angela Merkel. Finally, chess grandmaster Fabiano Caruana says Magnus Carlsen's opponents can never recover, once the current world chess champion gets even a tiny advantage over them.See omnystudio.com/listener for privacy information.

Ian Shepherdson, Pantheon Macroeconomics' chief economist, says Italy leaving the Eurozone would be an "end of the world event," while TS Lombard Research's chief economist, Shweta Singh, says things won't dramatically change after the Italian referendum. Then, Stephen Schork, editor of the Schork Report, says the OPEC deal is great news for U.S. producers. Finally, Anthony Scaramucci, co-managing partner of SkyBridge Capital and an adviser to Donald Trump, says Trump will use trade tariffs as a last resort.See omnystudio.com/listener for privacy information.

Tom Keene and David Gura talk to Adam Posen, the president of the Peterson Institute for International Economics, about what we know about Donald Trump's economic plan. Then, Bob Greifeld, Nasdaq's CEO, says 2017 will be a year of increased IPOs. Also, George Bory, the head of credit strategy at Wells Fargo, says companies may see a powerful trickle-down from Trump's economic plan. Finally, Mortimer Singer, the CEO of Marvin Traub Associates, says he's never seen anything like the way midtown Manhattan retail has been negatively affected by the security around Trump Tower.See omnystudio.com/listener for privacy information.

David Gura and Francine Lacqua, filling in for Tom Keene, discuss Fidel Castro's legacy and what his death means for the future of Cuba with Julia Sweig, a professor at University of Texas at Austin and the author of "Cuba: What Everyone Needs to Know." Prior to that, Sheila Bair, the president of Washington College and former chairman of the FDIC, says the populist backlash to the economic crisis helped Donald Trump win the election. Then, Gideon Rose, the editor of Foreign Affairs Magazine, says it's unlikely Trump will live up to his campaign rhetoric. Finally, Bill Lee, Citi Research's head of North American economics, says Trump won't be able to reflate the economy until 2018.See omnystudio.com/listener for privacy information.

Howard Davidowitz, Davidowitz & Associates' chairman, says we will see more brick and mortar stores close as online sales grow. Then, Jerry Storch, CEO of Hudson's Bay, says that while 85 to 90 percent of sales are taking place in a brick and mortar store, more of the growth is taking place online. Finally, Don Rissmiller, Strategas Research Partners' chief economist, says the biggest thing he's worried about is rising tensions with China over trade.See omnystudio.com/listener for privacy information.

Glenn Hubbard, the dean of Columbia Business School, says he is optimistic about the policy agenda that President-elect Donald Trump has set out. Prior to that, Howard Ward, Gabelli Funds' CIO for growth, says Amazon will have an outstanding holiday season. Finally, Harm Bandholz, UniCredit's chief U.S. economist, discusses what could happen to the U.S. economy under Trump.See omnystudio.com/listener for privacy information.

Komal Sri-Kumar, the president of Sri-Kumar Global Strategies, and Kim Schoenholtz, a professor at NYU's Stern School of Business, discuss the possibility of a "rules-based" Federal Reserve. Prior to that, Alberto Gallo, Algebris Investments' head of macro strategies, says the U.S. and U.K. populism wave is emerging in Europe. Finally, Jim Paulsen, a Wells Capital Management strategist, says dollar strength is peaking and will come down over the next couple of years.See omnystudio.com/listener for privacy information.

Diane Swonk, founder of DS Economics, says not being able to have a grown up conversation about long-term fiscal sustainability is a real issue. Prior to that, Martin Feldstein, the National Bureau of Economic Research's president emeritus, says exceptionally high asset prices are a risk to the economy. Then, Pablo Goldberg, a BlackRock portfolio manager, says it's crucial to hedge against dollar moves. Finally, Daragh Maher, HSBC's head of FX strategy, says he's still bearish on sterling.See omnystudio.com/listener for privacy information.

St. Louis Fed President James Bullard says Donald Trump's policies may improve U.S. productivity. Prior to that, UBS' Geoffrey Yu says the Turkish Lira is among the most vulnerable to changes in exchange rates. Then, Michael Feroli, JPMorgan's chief U.S. economist, says Trump's fiscal policy has several layers of uncertainty. Finally, Joachim Fels, PIMCO's global economic adviser, says populism means the EU may break up in the next crisis.See omnystudio.com/listener for privacy information.

Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, says that politics never comes up in Fed meetings. Prior to that, Ian Shepherdson, Pantheon Macroeconomics' chief economist, says fiscal stimulus is the wrong thing at the wrong time. Then, Ajay Rajadhyaksha, Barclays' head of macro research, says under a Donald Trump economy, economic drag from trade barriers should be more than offset by economic stimulus. Finally, Sam Stovall, S&P's head of U.S. equity strategy, says returns average 15 percent in years of a GOP government.See omnystudio.com/listener for privacy information.

Alex Salmond, the former First Minister of Scotland, and Holger Schmieding, Berenberg's chief economist, discuss the election of Donald Trump, Brexit and the rise of protectionism. Then, Joseph Nye, a professor at the Harvard Kennedy School, says that Trump can't let Vladimir Putin off the hook. Also, Jim O'Neill, the former U.K. Treasury Minister, discusses how the United Kingdom fits into Trump's foreign policy. Then, Charles Wyplosz, a professor of economics at the Graduate Institute of International and Development Studies, says that Trump's victory is making him rethink Marine Le Pen's chances in the French election. Finally, Dane Davis, an analyst at Barclays Commodities, says Trump is making metals great again.See omnystudio.com/listener for privacy information.

Tom Keene and David Gura talk to Robert Skidelsky, a historian & House of Lords member, about Donald Trump's economic plan, which Skidelsky says is broadly a fiscal stimulus package. Then, Luigi Zingales, a professor at the University of Chicago Booth School of Business, says Trump's inexperience means he will depend heavily on his advisers. Also, former Minneapolis Fed President Gary Stern says the Fed will be cautious about placing any bets until they understand what fiscal policies will actually be implemented. Finally, former ECB President Jean-Claude Trichet says Trump's victory and Brexit are signs of people's anxiety.See omnystudio.com/listener for privacy information.

David Folkerts-Landau, Deutsche Bank's chief economist, says Italy is better outside the Eurozone if the country refuses to reform. Then, Tom Keene and David Gura talk to Frank Newport, Gallup Poll's editor-in-chief, about the difficulties found in state-by-state polling. Also, Charles Dumas, TS Lombard's chief economist, discusses the future of the Federal Reserve under a Donald Trump presidency and says inflation will be up to 2 percent next year and 3 percent the following year. Finally, Julian Jessop, Capital Economics' chief global economist, says that rising bond bond yields represent the long-awaited normalization of interest rates.See omnystudio.com/listener for privacy information.

Tom Keene and David Gura talk to Niall Ferguson, a senior fellow at Stanford's Hoover Institution, about the role of populism in Donald Trump's election. Then, Willem Buiter, the chief economist at Citi, discusses what the role of the Fed could be under President Trump. Then, Robert Sinche, a global strategist at Amherst Pierpont, says he's still looking for an overshoot in the Mexican peso. Also, Rich Greenfield, an analyst at BTIG, says ESPN's struggling to expand because viewers have an infinite number of other options to watch. Finally, Bret Baier, host of "Special Report" on Fox News, says the Republican party has no excuses to not get anything done.See omnystudio.com/listener for privacy information.

Steve Rattner, Willett Advisors' chairman, says Donald Trump's policies can transform the U.S. economy. Prior to that, John Burns of John Burns Real Estate Consulting, says the housing market is recovering and new home buyers are slowly entering the market. And Harris Associates' David Herro says that Trump was able to convince Americans that he understands them. Narayana Kocherlakota, a Bloomberg View contributor and former president of the Federal Reserve Bank of Minneapolis, says the central bank has tools to dampen inflationary risk. Finally, Rhode Island Governor Gina Raimondo says the federal government needs to step up with infrastructure spending because states can't afford to bear the entire burden.See omnystudio.com/listener for privacy information.

On an extended episode of Bloomberg Surveillance, Tom Keene and David Gura discuss the election of Donald Trump. Mohamed El-Erian, Bloomberg View columnist and chief economic adviser at Allianz SE, says Trump's victory shows how quickly the improbable can become reality. Bob Hormats, Kissinger Associates' vice chairman, says if President-elect Donald Trump is wise, he will reach out to Hillary Clinton to repair the fractured country. Then, Tom Barrack, the founder of Colony Capital, says the cadence of Donald Trump as President will be much difference than the cadence of Donald Trump as candidate. Tim Pawlenty, CEO of the Financial Services Roundtable and former Governor of Minnesota, says a Trump presidency could benefit banks. Also, Ian Bremmer, president of Eurasia Group, says we will see an incredible amount of international hedging away from America. Finally, David Malpass, founder of Encima Global, says the GOP-led House and Senate will be critical for Trump's policy implementation.See omnystudio.com/listener for privacy information.

On election day 2016, Tom Keene and David Gura talk to Yale professor Stephen Roach, who says the decency of the American people will prevail when choosing the next president. Then they speak with Greg Valliere, Horizon Investments' chief global strategist, who says the GOP may split into two major parties after the U.S. election. Also, Harris Associates' David Herro says a Clinton presidency and a GOP congress is the best market outcome. Finally, Dennis Gartman, editor of the Gartman Letter, says he's a big fan of gridlock -- and that a Clinton presidency with a Republican House and Senate is the best of all worlds.See omnystudio.com/listener for privacy information.

Tom Keene and David Gura talk to former the Federal Reserve Chairman Alan Greenspan, who says that Fed forecasts are no better than those of a good economist. Prior to that, RBC Capital Markets' Jonathan Golub says fiscal policy attempts to move something that is unmovable while Carl Weinberg, High Frequency Economics' chief economist, says the Fed is tightening in December no matter who wins the election. Then, James Stavridis, dean of The Fletcher School at Tufts University, says if Hillary Clinton wins, she will unlikely be different from President Obama. Finally, Dan Clifton, Strategas Research Partners' head of policy research, says Hillary Clinton has suggested she's going to try to be bipartisan early on in the administration if she wins.See omnystudio.com/listener for privacy information.

Bill Gross, a fund manager at Janus Capital Management, says people should be cautious despite a good jobs report because structural changes such as technology are displacing jobs. Prior to that, Ellen Zentner, Morgan Stanley's chief U.S. economist, says the jobs data bar isn't set high for a December Fed rate hike. Alan Krueger, a Princeton University professor, says he doesn't put a lot of weight on today's job report ahead of the Fed's decision next month.See omnystudio.com/listener for privacy information.

Stephanie Flanders, chief market strategist at JPMorgan Asset Management, says pound strength after the UK vote was significant, but whether it lasts is a big question mark. Charles Dumas, chief economist at TSL Research, says the BOE may exceed their inflation target by the end of 2016. Danny Blanchflower, a former BOE policymaker & Dartmouth professor, says the U.K. court ruling forces the government to make a more clear position on their bargaining position to leave the European Union. Jack Bogle, founder of Vanguard, says free trade uncertainty is a big negative.See omnystudio.com/listener for privacy information.

Willem Buiter, chief economist at Citigroup, says the Fed is excessively sensitive to what it thinks the markets might do and how markets react. Jim Grant, editor of Grant's Interest Rate Observer, says Janet Yellen and central banks ought to be nearly invisible. Ken Doctor, author and columnist of Newsonomics, says we have half the number of journalists in local newsrooms than we had in 1990. Anne-Marie Slaughter, New America CEO & Princeton professor, says part of the problem of globalization is that it has left so many people who aren't part of a global network behind.See omnystudio.com/listener for privacy information.

Michael Darda, chief economist at MKM Holdings, says the Fed desperately wants to move short rates up and is likely to do so in December. John Glass, an analyst at Morgan Stanley, says Shake Shack is unique within the market because of its fantastic brand and high volume of sales. Jay Winik, a historian commissioned by the Council on Foreign Relations, says the election isn't rigged, but we may be facing warning signs that we need to make our voting system more secure.See omnystudio.com/listener for privacy information.

Steve Rattner, Willett Advisors chairman, says that a divided government, an ongoing email investigation and a low approval rating should make Americans depressed about a possible Clinton presidency. Peter Hooper, chief economist at Deutsche Bank Securities, says the euro economy hasn't taken any significant hit from Brexit so far. Steve Wieting, global chief strategist at Citi Private Bank, says central banks are on a reasonable course heading into 2017. Doug Kass, president of Seabreeze Partners, says Disney has its own problems, including falling earnings estimates, and isn't a likely bidder for Twitter.See omnystudio.com/listener for privacy information.

Bob Doll, chief equity strategist at Nuveen Asset Management, says rates are in a long-term bottoming process. Gene Munster, an analyst at Piper Jaffray, says Google has a lot to be excited about and has kept revenue growth going. Sara Senatore, a senior analyst at Sanford C. Bernstein, says the Chipotle brand is still very good. Robert Peck, senior director of internet research at SunTrust Robinson Humphrey, says big tech companies are continuing to grow and it shows the power and scale of companies like Google and Amazon.See omnystudio.com/listener for privacy information.

Bloomberg Intelligence's Paul Sweeney weighs in on Twitter cutting nine percent of its workforce. Seth Masters, chief investment officer at Bernstein Global Wealth Management, says bond investors should shorten duration as long-duration debt faces price risk with rising interest rates. Ira Jersey, senior portfolio manager at OppenheimerFunds, says he is overweight on emerging markets and bullish on Brazil. Ken Sena, managing director at Evercore ISI, comments on Twitter's earnings and the AT&T and Time Warner merger.See omnystudio.com/listener for privacy information.

Dominic Konstam, global head of rates research at Deutsche Bank, says the U.S. will have to consider negative rates on a five- to 10-year view. Walter Piecyk, a BTIG tech analyst, says Apple needs to focus on getting iPhone volumes up to gain Samsung customers who don't have a product. David Kostin, chief strategist at Goldman Sachs, says top-line revenue growth is likely to grow four to five percent. Jonathan Miller, president of Miller Samuel, says there is slack in the suburban markets and it may take another year for it to tighten like it has in the city.See omnystudio.com/listener for privacy information.

Kate Moore, chief equity strategist at BlackRock, says nimble and different companies are capturing growth. Mohamed El-Erian, chief economic adviser at Allianz, says a low-growth economy is giving rise to the politics of anger. Michael Chertoff, chairman of the Chertoff Group, says Yahoo's failure to disclose the hacking of 500 million accounts will have an impact on the merger with Verizon. John Engler, Business Roundtable president and a former three-term governor of Michigan, says we need to retrain people who have lost jobs to fit with our new economy.See omnystudio.com/listener for privacy information.

Three experts on media and telecom weigh in on the AT&T and Time Warner merger. Scott Galloway, a professor of marketing at New York University, says we are at peak advertising and people will pay to opt out of advertising. Craig Moffett, a partner and senior research analyst at MoffettNathanson, says an AT&T and Time Warner deal won't result in cost savings. Rich Greenfield and Walter Piecyk, analysts at BTIG, say we are moving away from watching linear television and moving to an on-demand world with no commercials. Plus, Oliver Hart, a professor of economics at Harvard University and this year's Nobel Prize winner in economics, says he would ask about the efficiency gains of AT&T and Time Warner.See omnystudio.com/listener for privacy information.