From your times, I'm likeable borrow. This is daily today as President Elect job assembles his cabinet, his most high profile. Appointments are beginning to give us up picture of the direction and ambition of his presidency. To start, I spoke with my colleague Jean smiling Fines choice of Treasury secretary in the midst, new financial crisis, it's Tuesday December first. This is CNN breaking new we're following breaking

is present. Electro by announcing historic pigs for top posts in his cabinet. Envy seniors has just confirmed that President Elect Joe Biden will dominate JANET Yell aunt JANET. Yet one- and this is the breaking news- will be the nominee for Treasury secretary, if approved by the Senate. Yelling would be the first woman to hold the cabinet level position of Treasury secretary in the agency's one hundred year. History, but boy will shape. Her work cut out for her starting on day one. You know you cover economics for the times, which is why we want to talk to you about Joe Biden choice for treasurer secretary, which is JANET Yell and- and I want to see- by asking you how important it you think, the jaw Of Treasury secretary is going to be in this incoming national administration. Given this,

donation that she will be walking into. I think the honestly hard to overstate how important this job is going to be. You know the Treasury secretary is the person who raises with Congress over for spending packages, and so I think her role in negotiating with what looks quite possibly like a republican Senate is going be really crucial in shaping both the size in the scope of the next men spending package and the ongoing relief to this corona virus pandemic, and then I think she's all would be a really important voice in talking about what kind of reforms need to be made coming out of this crisis. But at that moment we're gonna have Talk about how financial regulation responds and how government spending packages should be shaped going forward, and I think, on all of those issues, JANET Yellin is going to really be the voice at the forefront So when it comes to the economy, she

will be the single most important person in the by restriction. I would say yes from a political standpoint: she will be the most important said deserted form, the first line of defence for the economy against the ongoing effects of this pandemic, recession, So what should we know about JANET, yellow, and how she arrives on Biden. they are. Where does that story start getting Ellen was kind of a long from birth. so I think you're gonna have to go back to deserted her routes to talk about how the story started. It is born in beverage Brooklyn, so middle class neighborhood in Brooklyn. She is the the teacher who stayed home to raise her and a doktor she weighs clasped. Victoria editor of her school newspaper, she went quite famously interviewed herself for the school newspaper, because the newspaper editors today I interviewed the valedictorian, oh geez, As you know, she had Iraq, collection, which came

this issue has emerged from the start. She went ahead, Brown University, I always like math and science, and my went off the college with the thought I might be a map major and she knew she wanted to study something Math II because she white man. But I was fortunate to taking economics during my first year at Brown, and that was love at first sight and I never looked back. But when she took economics she just fell in love

She realised that it had this huge potential to shape the public conversation and to have an impact on ordinary people's lives, and that was what she wanted was brutally about things that are fundamental to human welfare opportunity, the ability, the support one's family and to achieve one schools to have a secure retirement to see once children advancing do well. She was never after getting some sort of Wall Street job with economics degree. She was really interested in having some bearing on how the world played out for real people. I think one thing that import. You know about any Eleni. She ascribes to this ideology, which is called keynesian economics, and just that it's just that any time the economy is going badly and

are not playing out ass, she would want. There is some government role, aid writing the ship and we shouldn't well a prolonged period of very high unemployment. Free markets are good news. They generally are beneficial, but they dont work perfectly. They have imperfection ends, and sometimes they break down, and when that happens, the government needs to step in and fix the problem, and I guess that tie them with my own upbringing. My parents to grow up, they were college students during the great depression and influence their wives, and so she is very much of that sort of activists. Interventionist, vein of economics. You know I heard very often when I was growing up about what it meant to family life. If someone was the job and that philosophy really went on to influence every job, she talks about her entire career and what were they

Scots. So she worked in a number of key economic policy positions. Boss, you know as an academic, then she was at the Federal Reserve Bank, which is the nation central bank. Then she moved to the White House as a top economic advisers. So she was in a really chief advisor to the President and she ultimately lands in the two. Thousands at the Federal Reserve Bank of San Francisco- and I think what s interesting about her time in San Francisco is that she is in charge in that role of kind of key tabs on the entire West Coast Economy- and she is talking people on the ground and noticing that something weird is happening with the housing market house. Prices in development prices are really getting out of line with. You know what economists call fundamentals, what what should be justified based on economic conditions and she's, sort of getting worried that a financial bubble is for me out there, and so in this role. She really sort of sir.

as an early person saying there might be something going wrong in the economy and she turns out to be right. She doesn't spotted early enough for the federal do anything about it. Unfortunately, but she is right to housing bubble burst

There is a huge recession, the worst recession, since the great depression throws millions of people out of work. Unemployment has basically ten percent in a terrible terrible far from this, but I think her presence and noticing it is something that aren't her a lot of kudos, both with democratic policymakers and with economists throughout the field curve room over the past five years. A murder fathers way back from the worst recession since the great depression. So then you fast forward at twenty thirteen and the labour market is still looking wrath. The economy is still growing slowly, and this is surprising to everyone, because at this point were technically four years after the recession, so thing should be picking up my. How, but nothing is everything is very painful. Still, nobody ever says restored a lot of work to do to rebuild the middle class and been burning key.

said chair who got us through. The initial phases of the crisis has announced that he stepping down to his job is going to be open to the others, one or two minutes to pay tribute to them for his extraordinary service. So, but I also want to announce my choice were much true, though the Federal Reserve faced with filling what is arguably the most important job in the global economy. At that moment, one of the most important appointments that anymore can make Barack Obama decides that he is going to dominate the motions for most economists and policymakers, her advice, term yelling and making their decision, and he cites her record, but the housing market. You sounded the alarm early about the housing bubble, courage, strong background and economic

She doesn't have a crystal ball, but what she does have is a keen understanding about how markets and the economy work and really voices confidence that she's the right person to lead us to a sex period way. I'm absolutely confident that you will be an exceptional chair of the Federal Reserve and evidently Congress agrees because she's confirmed their all and she is headed to the fad as its first ever female chairwoman. Thank you, Mr President. I am honoured and humbled by the faith. placed in me. I pledged to do my utmost to keep that trust, and so how do we start to see her Kinsey Uneconomic, philosophy and all her ears, experience throughout the feds start to turn into policy at this.

Really delicate moment in the american economy right. So she comes in to this kind of me and honey fourteen that is weak, but slowly healing, and has it slowly heels. Economists are starting to get worried that the FED, which has interest rates at very low levels, in order to stimulate demand at their primary tool for doing that, needs to get on the ball. You know they need to start hiking those interest rates to slow things down a little bed by Jenny, Elam looks around and he sees an economy that still isn't pulling workers and faster, and she feels that there is more room to run with this labour market, and so what we see her do is plot a really patient path forward for interest rate increases. She doesn't do it quickly. She what's the economy continue to heal. She lets the labour market continue to poor people in, and the reason is that you know when the FED is balancing its two jobs, which is to maintain stable prices.

and to find and foster maximum employment? She really overweight and maximum employment sided at equation. You know she wants to get people into the workforce and working, and I think you know this is a consistent view to yawn is held for a long time, and it is something that she pairs with a real concern for making sure that the fox it sort of the margins of the labour market. You know minorities, people with us, education, etc, making sure they d have opportunities. So you know, as fetch her she starts to talk about inequality, view still do in continually increasing inequality. United States rudely concern me, which is really an issue that the fat is kind of stayed away from, because for a long time it's viewed as a political button and she's kind of the first fetcher comes in and says. Air quality is not a political issue and equality is an economic issue and we need to be thinking about what it means for the future of our economy. It is no secret that the past few decades of war

the inequality can be summed up as significant income and wealth gains for those at the very top in stagnant living standards for the majority, and she thinks that could really hot back their economies potential. In the longer term- and she also actually says in his speech- I think it's appropriate Ask where you this trend is compatible with values rooted in our nations history, among them high value. Americans have traditionally placed on equality of opportunity that it's out of line with America Ideals path and that sets up a real tension moment between her and Congress monument. So she is testifying before the House financial Services can admit of any who is at the time a republican representative from South Carolina basically tells her sticking your nose in places that you have no business to be achieved, taking her nose somewhere that it doesn't need to be in talking about it

quality and economic issue. You have no business in the long term, labour markets and, to the extent use claim to be wanting to help six income, inequality and wealth distribution this nation in the in the men, in the view of many of us, you're, actually making it worse, and she very much defends herself one hour. I false also talked about long run, for cheap problems and deficit problems, but you might elitism country. In there response. You went to liberate links, not order. Madam share, I think correctly so to point out that you're, not political, and we start to talk about items that are outside of your direct us. Your jurisdiction for military argius. Little of my predecessors have talked about large important economic trends and problems affecting the country. Will you whether it has to do with.

Aid or productivity we weren't real only was right here doesn't work on its very pot I feel has on. I am I Don T do I am. She says this is a political and not doing this and my party's and leaning I'm doing this, because this is an economy. the issue that we all need to care about. This is very much within my purview and I think the thing that is worth knowing is that in both of these issues in full employment and an inequality, Jenny ON has really been vindicated in the years since the FED now talks about inequality all the time. They very clearly see it as something that they need to be a tune to unaware of, and they also very much a view for employment as something that they need to wait. A little bit more heavily relative translation when their setting policy ha, and so I think she has very much- proven to be pretty preshent as policymakers. She was ahead of the game here and I think it important to emphasise that she walked a middle line on both of these things. You know, in neither case, did she come out all guns, a blazing

saying that we need to deal with these issues in this moment and hears I'm gonna do it etc, etc. She kind of managed injected into the policy conversation in a way that it hadn't been there before, and so she is the kind of person who maneuvers behind the scenes to really elevate issues without kind of ever being labelled? As someone at the extremes of a policy conversation So, as a kind of diplomacy and subtlety to this progressive economics that she's practising from the FED, absolutely, I think you can kind of see her as an extremely prattle. progressive. So, of course, President Obama leaves office in twenty sixteen and President Elect Donald Trump. Who is not a subtle or diplomatic progressive is now president and he is a populist he

a conservative republic in and so what happens to JANET Ellen Saddam tramp is a big fan of low interest rates and he actually considers Jenny Alien to stay on in her role at the fat, but he ultimately decides that he wants his own person and not job, and so he replaces her with one of her republican colleagues at the FED Board and she started exit stage left Tina. if this had got it, which I think brings us to Now- and I have to imagine that a big reason why President Lech Joe Biden is choosing yeah and in this moment, is because This experience she has now getting the american economy. Its last major financial crisis, absolutely

I think anyone really brings three sort of key ingredients to this role in. Oh, she has the crisis chops, that's really important, and he has really deep relations on capital hell because of that period of her life- and you know this era when she was really interfacing with these senators and representatives a lot as FED chair and finally, she's got really good diplomatic relations. You know she was four years one of the people who went to group of twenty meetings and all these big international shindy eggs U S representative! So people recognize her globally so really across all three of these policy dimension, she's going to bring sort of this reputation to the Treasury A really dire economic moment order it back.

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yeah, we'll be confer Venosa was already confirm his FED chair, but that was six long years ago. I think when I speak with analysts. Their perception is definite. that she is a good shot at a fairly comfortable conference. and the reason is that senators don't love to back away from their previous positions or who have previously voted to confirm her for fair chair, which is such an important role, I want to say you know, I thought that person was totally qualified to lead. The global economy is spent chair, but not s, Treasury secretary HA doing debts clearly part of the regulation that binds is made here. I think so, and she's extremely qualified and interesting way. The progressive wing of his party seems to kind of embraced her, despite the fact that she has relatively centrist background in views and why even got it. I think it is because she has so consistently Benny pro Labour Voice,

and she seems like a realistic possibility. You might academic with warrant, but you get JANET yelling and you feel, like you, ve, definitely gotten a win for workers, and so they are comfortable with her because of that, surgeon. Let's assume, based on what you just said that JANET Yellin is confirmed and achieve. Parents and economy far worse than the one she confronted as the FED chairwoman in twenty four ten, given how she handled the last financial crisis. What do you expect? A JANET yellin solution to today's economic crisis would look like so I think there are a lot of unknowns, but there are a couple of things we can pretty definitively say based on things she had sat recently. The first point there is that she is clearly going to favour an aggressive government response to this crisis. I think one very specific place. We could see that play out. Is when it comes to state and local governments, so state local governments are really struggling amid the corona virus pandemic. They haven't had

the amount of revenue coming in in their spending a lot of money on the public health response, and so she has been a steadfast advocate for making sure that money gets to those entities, because if you don't get money to them their major employers and eventually they will lay off workers. And so she has been saying like, let's not repeat, the mistakes of recessions past when we haven't supported these state more quantities enough. Let's get their money now, and so I think that that something you'll see her pushing for us. As Treasury secretary and what else do you think, would characterize her response, this kind of interventionist approach to through the pandemic recession. I think we'll see her really embracing some of the things the Democrats have been pushing for all along. I imagine that that's gonna look like your continuing unemployment. Insurance benefit

in a continuing them at generous levels, maybe reinstating expanded unemployment insurance which expired earlier this summer, but was it you know helpful feature early in the crisis as if it was the six hundred dollars a week to people lost their jobs from the federal government, yeah yeah absolutely, and so I dont think we know exactly the contours of what that look like yet, but I think we can certainly expect that she's gonna take sort of that support for household support for families, role that she has often played Ino as an outside advocate. I can shopping that to the treasury. and if this Congress remains republican, I wonder how successful you think yellin could be in actually getting these interventionist policies that you just described past. I think if this Congress remains republican, he is going to really

struggle to get state and local supports through you know. That is something that I think she's been very clear. There is no question in her mind that that is needed, but I think it's just very hard to sell what the Republicans, I think that you might see greater success in things like unemployment, insurance and there's really simple reason for that which is many many people who are constituents to many many different congress. Members are suffering right now and need unemployment, insurance benefits, and so there is some more by partisan support to. You know really help your base out, and so she might have better luck allowing those dimensions than she well with the state and local stuff. So, like president, elect fine, JANET Yon has a lot riding on those two centre: races in Georgia and the Democrats, winning those seats right that phone. There are other thing she can deal without dissent.

You know there there are places she can have an impact just unilaterally Ash Treasury Secretary MIKE what she will be central to negotiating trade deals, and I think it's important that her outlook here contrasts really sharply with the top administrations. You know where the Trump Administration sought Trade is generally a bad deal for America and really tried to rewrite the robot Jenny. Alan looks a trade and sees it as something that has really help the economy to grow faster and had just myriad benefits that need to be taken into account when you're trying to rework the system she recognises that their flaws. I dont think that we're going to see a return to sort of the ninety nine. These in the nineteen eighties,

This sort of full fledged embrace of free trade with limited rule book. I think what we're going to see is a very sort of measured approach to trade that emphasizes global cooperation. Emphasizes leadership at international bodies like the World Trade Organization, but also tries to make sure that there are safety is in place to make sure that workers at those at the bottom of the income background here in Amerika. I dont get hurt by these policies, so Indiana Jones you, the United States, can actively participate in global trade without it to borrow Donald Trump word. Screwing american workers right. So, finally, Gina you started by saying that it would be hard to overstate what yawns importance would be as Treasury secretary because of the significance of this financial crisis and the responsibility that she will have for trying to solve. But also, you said because of the regulations that might follow

we eventually emerge from the crisis. What did you mean by that? You know. I think that it's gonna be really interesting to watch her in action after the pandemic Because this is really the moment that her career and her experience has been felt towards you know she has very much spent her time in economic policy, a kind of trying to carve out a space where she poets training wheels on capitalism. You know makes its Amer for households and for business as anything Treasury secretary is going to be a really interesting perch, from which she concerted further those goals, Enzo and you can see here be activist in kind of pushing for common sense, middle of the road reforms that nevertheless leaves the system a little bit more guarded things like stabilizers

kicking any time. The economy takes a turn for the worse that don't necessarily require Congress to vote to pass a package. So, for example, if unemployment shoots up, maybe unemployment insurance immediately becomes more generous and that's the kind of thing that we seen her talk about the fact that that could be useful and I think you could see her really have a bully pulpit to push for. If policies like that again them, but she can certainly advocate, for them is treachery secretary, and I think, at the end of the day, what we're just gonna see asserted this realization of her career, long, economic philosophy, which is just that you know capitalism works markets work, but sometimes the government needs to step in and make sure that they are fostering an equal chance for everybody and every sort of you, no positive economy that can lift all boats. I think this is kind of her moment to make sure that that comes true

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What else you need tendered? I will now scan this document and immediately delivered to the Wisconsin Elections Commission to be filed on Monday. President trumps attempt to deny Joe Biden his victory hid its latest roadblock when officials in this concept in Arizona sort of fine binds victory, despite pressure from the president, not to do so. At the same time, the president was again rebuffed in Georgia, which has also certified Biden as the winner, the truth matters, especially around election administration. On Monday to top republican officials, there, secretary of State, Brad Reference Programme and Governor Brian Camp rejected trumps demand made

twitter. They investigate baseless claims of voter fraud and, in the case of the governor that he illegally interfere in the election process on trumps behalf. There are those who exploit the emotions of many trump supporters with fantastic claims, half truths, this information and frankly they are misleading. The president Well, apparently it just to put this in perspective or seventy average in terms of new case numbers is north of fourteen thousand fourteen thousand six hundred and fifty seven to be precise I'd, be in dire warnings about the pandemic. The governor of California, Gavin Newsome said that the states intensive care unit could be

overloaded by the middle of December and that hospitals could be fooled by Christmas. If these trends continue, we're gonna have to take much more dramatic, arguably drastic action, including taking a look at those in work bought new. Some said that he may impose severe restrictions, including regional stay at home waters in the coming days. that's it for the deal I'm likeable bar see tomorrow. Hi, I'm Kristen minds are, and I'm the co of innovation uncovered uncovered anew. Podcast the world is changing in real time, often in ways we don't notice and can't product innovation. and covered explores the breakthroughs that our driving our cultural, now from how we play

What we consume to how we learn more, The ideas that are reshaping a reality in extraordinary way is innovation uncovered is upon Kasparov Vasco Cute. You two anti brand, listen today invest. Distributors ink