Bloomberg Surveillance

Martin Feldstein, Harvard University George F. Baker Professor of Economics, says now is the time for tax reform because the politics are right. Henry Olsen, EPPC Senior Fellow, says President Trump needs to recover his populist mojo. Matt Hornbach, Morgan Stanley Global Head of Interest Rates Strategy, says it's time for the next bond market phase. Michael Chui, McKinsey & Co. Senior Fellow, says there is enough work for people to do, even with the increased use of robots. 

Brian Wieser, Pivotal Research Group Senior Research Analyst, says Europe won't continue to let tech companies not pay taxes. Christopher Verrone, Strategas Research Partners Head of Technical Analysis, says small caps are in a position to reassume leadership. Megan Greene, Manulife Asset Management Chief Economist, says there is very little in the tax bill that will boost productivity. Jonathan Golub, Credit Suisse Chief U.S. Equity Strategist, says it's a great environment for banks right now 

Scott Galloway, NYU Stern Professor and author of "The Four," told Jon Ferro and Tom Keene that we're about to see Margrethe Vestager go gangster on big tech regulation. Rich Greenfield, BTIG analyst, says it's not clear how Amazon, Apple, Facebook and Google will weaken given their size right now. Paul Sweeney, Bloomberg Intelligence Director of North American Research, says his team is beginning to analyze blockchain in the marketplace, from consumer to financial services.

Highlights from the roller coaster week for Bitcoin as it hit record highs and gets the green light from regulators to allow trading on the CME and Cboe. Guests include:Steen Jakobson, Saxo Bank Chief Economist, Joseph Stiglitz, Columbia University Professor, Christopher Ailman, CalSTRS Chief Investment Officer, Anne Richards, M&G Investments Chief Executive, Robin Niblett, Chatham House DirectorJim McCaughan,Principal Global Investors CEO and Elaine Ou, Bloomberg View Columnist.

Geoff Dennis, UBS Investment Bank Head of EM Strategy, says they have told their investors to be careful being long on technology. Stephen Schork, Schork Report President, says the Black Swan for the 2018 oil market is Saudi Arabia driving Qatar into the arms of Iran. Ashwin Alankar, Janus Henderson Global Head of Asset Allocation and Risk Management, thinks a lot of people are misinterpreting bitcoin as the blockchain. Ben Emons, Intellectus Partners Chief Economist, says Marvin Goodfriend's nomination could lead to a big shift in the Fed's agenda next year.

Joseph Stiglitz, Columbia University Professor, says the tax 'trigger' in the proposed tax bill is the worst kind of economic policy that you can imagine. Yanis Varoufakis, Former Finance Minister of Greece, says the architecture of the European economy can't sustain the shockwaves of this post globalization era. Jeffrey Currie, Goldman Sachs Global Head of Commodities Research, says its very surprising that the oil markets have not moved higher given the strength of the fundamentals and geopolitical risks. James Stavridis, Tufts Fletcher School Dean, says the chances of war in the Korean Peninsula have gone up.

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Richard Clarida, PIMCO Global Strategic Advisor, says Jerome Powell is an excellent appointment for Fed Chair. Catherine Mann, OECD Chief Economist, says it's not clear how much corporate tax reform is in the GOP package but we haven't seen the full details yet. Diane Swonk, Diane Swonk & Associates CEO and Founder, says the payback from infrastructure spending has been lost on lawmakers over time.

Julia Coronado, Macropolicy Perspectives President & Founder, says a 3% productivity growth is unrealistic under any economic investment boom. Guy Chiarello, First Data President, says people are getting comfortable with online and mobile retail. Jerry Storch, Storch Advisors CEO and Former CEO of Hudson's Bay, says the future is bright for retailers who make rapid changes.

Howard Davidowitz, Davidowitz & Associates, says he has a lot of doubts about Walmart being able to pull off the Amazon model. Grover Norquist, Americans for Tax Reform, says the Senate tax bill is likely to pass at the end of next week. Lin Noueihed, Bloomberg North Africa Bureau Chief, says the Egypt Sinai mosque attack is a particularly large scale attack.  

Brian Levitt, OppenheimerFunds Senior Investment Strategist, says they're seeing a very nice investing backdrop in emerging markets. Philip Verleger, PK Verlerger President, says the recent events in Saudi Arabia are what are going to impact oil prices. Sony Kapoor, Managing Director, Re-Define, says businesses in the U.K. can no longer sit on their hands and wait to do their contingency planning for Brexit. Julian Mark Kheel, The Points Guy Senior Analyst, says U.S. Airlines have an eye on Ryanair because they'll have to compete with or match their ticket prices.

George Bory, Wells Fargo Securities Head of Credit Strategy, says this year's M&A activity showed a notable slowdown because of politics and tax structure. Steve Bell, Bipartisan Policy Center Senior Advisor, says the Republican proposed tax bill will help the Democrats next year if passed. Tobias Levkovich, Citigroup Chief U.S. Equity Strategist, says Investors are caught between two very powerful forces: FOMO (Fear of Missing Out) and FOMU (Fear of Messing Up)..

Harm Bandholz, UniCredit Chief U.S. Economist, says the time for tax reform is right but we don't need a tax cut in this environment. Jeffrey Sachs, Columbia University Professor, says the debt to GDP ratio has doubled in the last decade and will double again.Michael Nathanson, Moffettnathanson Founding Partner & Senior Research Analyst, says Twitter is not a great place for advertising and branding. Steve Hanke, Johns Hopkins University Professor, says the political mess and resulting hyperinflation in Zimbabwe is transferable to other nations. 

Representative Jim Renacci, a Republican from Ohio, says he's a big believer in the 401(k) and that the Republicans risk holding the majority if they don't pass the tax bill. Prior to that, Willem Buiter, Citigroup's chief economist, offers his global growth outlook for the year ahead. Finally, Rich Greenfield, a media analyst at BTIG, says future generations aren't going to watch linear TV but they'll consume more content than previous generations on an array of platforms. 

Kathy Fisher, the head of wealth and investment strategies at AB Bernstein Private Wealth Management, predicts we're going to be in the longest recovery for the economy and markets we've ever seen in modern history. Libby Cantrill, PIMCO's head of public policy, says at best, the GOP bill is "tax reform lite." Mickey Levy, Berenberg's chief U.S. and Asia economist, says the lack of wage growth is a structural problem for the United States. Finally, Brooke Lampley, the incoming vice chairman of Sotheby's fine art division, says the $450.3 million sale of Leonardo da Vinci's "Salvator Mundi" is fitting given the scarcity and prominence of his work. 

Richard Haass, president of the Council on Foreign Relations, says the U.S. has isolated itself from trading allies and that it shouldn't be complicit to Duterte's government in the Philippines. Dennis Gartman, publisher of the Gartman Letter, says the bull market for stocks has come to an abrupt stop. Finally, David Rosenberg, Gluskin Sheff's chief economist, says the bog bond story could be in China right now.

Stan Collender, MSL Group's executive vice president, says the GOP tax bill isn't economic in origin, but totally political. Prior to that, Conrad DeQuadros, senior economist at RDQ Economics, says we're not yet at levels on the yield curve where we need to be worried about a downturn in the economy. Bloomberg TV anchor Jon Ferro joins for a beat to mourn Italy not qualifying for the 2018 World Cup. Rajiv Jain, founder and CIO of GQG Partners, says he's pretty upbeat on a long term basis about emerging markets in Africa. Finally, Nick Heymann, William Blair & Co.'s co-head of global industrial infrastructure, says General Electric is attempting to offset its inherent cyclicality. 

Jeff Sprague, founder of Vertical Research Partners, predicts upwards of ten percent of General Electric staff will be out the door in the next 36 months. Prior to that, Seth Masters, the former CIO of AB Bernstein, says the changes at GE symbolically highlight the passing of the baton from the U.S. being defined as a great manufacturer to the industry contributing to a smaller portion of GDP. Jared Bernstein, a senior fellow at the Center on Budget and Policy Administration, says the $1.5 trillion loss from the tax bill makes the GOP look like fiscal chicken hawks. Finally, Ed Hammond, a senior deals reporter at Bloomberg News, says Qualcomm rejecting Broadcom is the least surprising news of the day. 

Barry Eichengreen, a professor of economics at University of California Berkeley, discusses global currencies and comments on China's move to open markets for financial firms, saying "it will take time, if it happens." Prior to that, Gabriela Santos, global market strategist at JPMorgan Asset Management, says we should be expecting some correction in the markets. Finally, Steve Rattner, chairman at Willett Advisors, says there's a better than 50/50 chance that the House flips in the 2018 elections. 

Nobel Laureate Edmund Phelps says it would be good to try out higher interest rates and that reopening coal mines in the U.S. wouldn't send a good signal to the rest of the world. Prior to that, Jens Nordvig, CEO of Exante Data, says if U.S. tax reform doesn't happen in the coming months, the dollar may drift weaker. Finally, Krishna Memani, Oppenheimerfunds' chief investment officer, says the core of the Fed under Jay Powell won't be dramatically different than under Janet Yellen.