Los Angeles Fires Rage; Blue Origin Launch Delayed

Bloomberg Audio Studios, Podcasts, radio News. 0:00:10.240 --> 0:00:13.440 Good morning, I'm Nathan Hager and I'm Karen Moscow. Here 0:00:13.440 --> 0:00:15.160 are the stories we're following today. 0:00:15.360 --> 0:00:17.560 Karen, we begin with the latest on the wildfires in 0:00:17.560 --> 0:00:19.880 Los Angeles. The death toll is now up to at 0:00:19.960 --> 0:00:22.959 least twenty four and more than twelve thousand buildings have 0:00:23.000 --> 0:00:25.560 been turned to ash in the Pacific Palisades and Delta 0:00:25.600 --> 0:00:29.000 Dina regions. Over the weekend, firefighters got a brief break 0:00:29.000 --> 0:00:31.360 from the punishing Santa Ana wins that have spread these 0:00:31.400 --> 0:00:34.840 flames across nearly thirty eight thousand acres, but another round 0:00:34.840 --> 0:00:37.480 of wind gusts is in the forecast this week. Here's 0:00:37.479 --> 0:00:39.760 Los Angeles County Fire Chief Robert Luna. 0:00:39.840 --> 0:00:41.760 The fires may be closer to being over. 0:00:41.880 --> 0:00:44.000 You hear that from our fire chiefs if it goes 0:00:44.040 --> 0:00:46.720 that way, But we do have this pending weather event. 0:00:47.400 --> 0:00:49.879 We are not going to de escalate the number of. 0:00:49.840 --> 0:00:52.720 People that we have out ree Fire Chief Robert Luna. 0:00:52.800 --> 0:00:55.520 The National Weather Service has issued its most severe alert, 0:00:55.560 --> 0:00:59.960 a particularly Dangerous situation warning from Malibu, the San Fernando Valley, 0:01:00.040 --> 0:01:02.840 and much of Ventura County. More than seven point seven 0:01:02.880 --> 0:01:06.080 million people in southern California are facing critical fire weather 0:01:06.160 --> 0:01:07.120 conditions today. 0:01:07.800 --> 0:01:10.200 Well, Nathan, this disaster is on track to be the 0:01:10.280 --> 0:01:13.640 costliest in US history. ACU Weather has raised its estimate 0:01:13.680 --> 0:01:16.560 for total economic losses to between two hundred and fifty 0:01:16.560 --> 0:01:20.640 and two hundred and seventy five billion dollars. FEMA Administrator 0:01:20.720 --> 0:01:23.880 Deana Criswell says things will need to change when it 0:01:23.920 --> 0:01:24.800 comes to rebuilding. 0:01:25.160 --> 0:01:27.600 We have a lot of science and technology out there 0:01:27.640 --> 0:01:30.399 that shows ways that we can make these homes stronger 0:01:30.640 --> 0:01:33.319 and more resistant against these fires. That's really where we 0:01:33.319 --> 0:01:35.440 need to focus our efforts as we move into the 0:01:35.440 --> 0:01:36.400 rebuilding phase. 0:01:36.760 --> 0:01:40.559 And as FEMA's Dan Chriswell, who appeared on CBS's Face 0:01:40.640 --> 0:01:44.080 the Nation, California Governor Gavin Newsom has issued in executive 0:01:44.200 --> 0:01:48.080 order suspending some environmental and regulatory hurdles to speed up 0:01:48.080 --> 0:01:51.400 the rebuilding process. He and other local officials have faced 0:01:51.400 --> 0:01:54.760 heavy criticism for their response, but newsommetals NBC's Meet the 0:01:54.760 --> 0:01:56.720 Press they're up to the challenge. 0:01:56.880 --> 0:01:59.200 We have fourteen thousand people work in the line right now. 0:01:59.240 --> 0:02:01.320 We double the nation on guard. We have sixteen hundred 0:02:01.320 --> 0:02:04.040 and eighty they're helping on logistic side. I was just 0:02:04.080 --> 0:02:06.920 with folks from Mexico. Seventy three folks will be relieving 0:02:06.960 --> 0:02:09.280 some of our hand crews. We've got nine states that 0:02:09.320 --> 0:02:12.400 are now providing under this EMACS system support. So we've 0:02:12.400 --> 0:02:13.280 got the resources. 0:02:13.639 --> 0:02:15.160 And you can hear meet the press and face the 0:02:15.240 --> 0:02:17.160 nation every Sunday on Bloomberg Radio. 0:02:17.400 --> 0:02:20.959 It's turned out of politics Karen. Justin Trudeau says Canada 0:02:21.080 --> 0:02:23.959 is ready to respond with counter tariffs if the US 0:02:23.960 --> 0:02:27.680 imposes tariffs on Canadian products. The outgoing Canadian Prime minister 0:02:27.720 --> 0:02:29.919 said his government is not looking for a trade fight, 0:02:30.000 --> 0:02:33.359 but we'll have to retaliate if the US tariffs Canadian products. 0:02:33.880 --> 0:02:37.240 We are the number one export partner of about thirty 0:02:37.240 --> 0:02:41.360 five different US states, and anything that thickens the border 0:02:41.400 --> 0:02:47.480 between US ends up costing American citizens and American jobs. 0:02:47.720 --> 0:02:50.480 That's not what President Trump got elected to do. I 0:02:50.560 --> 0:02:53.440 know he got elected to try and make life easier 0:02:53.840 --> 0:02:57.800 for all Americans, to support American workers. These are things 0:02:57.800 --> 0:02:58.680 that are going to hurt them. 0:02:59.240 --> 0:03:03.239 Justin Trudeau those comments on MSNBC. Canada buys more US 0:03:03.240 --> 0:03:05.080 made goods than many other country. 0:03:05.639 --> 0:03:08.840 Meanwhile, Nathan Jamie Diamond is speaking out about tariffs in 0:03:08.840 --> 0:03:12.120 an interview with CBS News Sunday morning that JP Morgan 0:03:12.280 --> 0:03:15.560 CEO says they can help the US. 0:03:15.320 --> 0:03:20.040 To me Tariff's early way. Every tool properly used that 0:03:20.120 --> 0:03:24.440 can help get some posicians resolved, unfair competition, NAS security issues. 0:03:25.320 --> 0:03:29.000 Like any tool, if it's misused, you can do damage too, And. 0:03:29.040 --> 0:03:32.160 JP Morgan Chase CEO Jamie Diamond says he has not 0:03:32.320 --> 0:03:35.760 spoken with President elect Donald Trump about tariffs Well Karen. 0:03:35.760 --> 0:03:39.280 President elect Trump's cabinet choices will begin facing Senate confirmation 0:03:39.440 --> 0:03:43.960 hearings this week. On Thursday, Treasury Secretary nominee Scott Bessett 0:03:44.120 --> 0:03:47.080 answers questions we get more from Bloomberg's Doug Prisner. 0:03:47.440 --> 0:03:50.080 Bessett is founder and leader of the macro hedge fund 0:03:50.160 --> 0:03:53.800 Key Square Group. If he's confirmed, Bessant will immediately resign, 0:03:54.240 --> 0:03:56.920 and a document released by the Office of Government Ethics 0:03:57.000 --> 0:03:59.600 indicates Key Square would be wound down at the end 0:03:59.600 --> 0:04:03.400 of March. Bessid will also divest underlying assets to avoid 0:04:03.440 --> 0:04:07.280 conflicts of interest. He's disclosed assets worth at least five 0:04:07.320 --> 0:04:10.480 hundred and twenty one million dollars. Some of Besson's potential 0:04:10.520 --> 0:04:13.640 conflicts will take longer to resolve he's invested at the 0:04:13.720 --> 0:04:16.320 least a quarter million dollars in three funds that allow 0:04:16.400 --> 0:04:19.200 him to withdraw no more than twenty five percent of 0:04:19.240 --> 0:04:20.760 its holdings each quarter. 0:04:21.240 --> 0:04:21.760 In New York. 0:04:21.760 --> 0:04:23.240 I'm Doug Prisner, Bloomberg Radio. 0:04:23.400 --> 0:04:25.360 All right, Doug, thank you well. Vice President de Like 0:04:25.440 --> 0:04:28.279 jd Vance is dialing back on his running mates, promised 0:04:28.279 --> 0:04:31.720 to part in. All protesters involved in the US capital 0:04:31.800 --> 0:04:34.039 riot on January sixth, twenty twenty one. 0:04:34.480 --> 0:04:37.520 If you committed violence on that day, obviously you shouldn't 0:04:37.560 --> 0:04:39.080 be pardoned. And there's a little bit of a gray 0:04:39.160 --> 0:04:41.599 area there, but we're very much committed to seeing the 0:04:41.640 --> 0:04:43.919 equal administration of law. And there are a lot of people, 0:04:43.960 --> 0:04:46.160 we think in the wake of January the sixth, who 0:04:46.200 --> 0:04:48.240 were prosecuted unfairly. We need to rectify that. 0:04:48.640 --> 0:04:51.120 And Vice President de Like vancevan the comments on Fox 0:04:51.279 --> 0:04:53.760 News Sunday. You can catch the program Sunday afternoons on 0:04:53.800 --> 0:04:55.040 Bloomberg Radio. Ok. 0:04:55.160 --> 0:04:56.520 And you're gonna have to wait a little longer so 0:04:56.680 --> 0:04:58.679 the rest of us actually for the next space launch. 0:04:58.760 --> 0:05:02.080 Jeff Bezos's Blue o And has delayed the inaugural takeoff 0:05:02.080 --> 0:05:05.440 of its new flagship rocket to deal with an unspecified 0:05:05.480 --> 0:05:08.360 issue on the vehicle. The company says it is reviewing 0:05:08.480 --> 0:05:12.520 opportunities for the next launch attempt for the new Glen Rocket. 0:05:12.800 --> 0:05:14.200 The Jeff Bezos backed. 0:05:14.000 --> 0:05:16.600 Firm is trying to mount a challenge to Elon Musk's 0:05:16.600 --> 0:05:18.200 industry leading SpaceX. 0:05:18.600 --> 0:05:20.599 Well, we do have a milestone for one of Elon 0:05:20.680 --> 0:05:24.440 Musk's other businesses. Nathan Tesla has overtaken Audi and Go 0:05:24.560 --> 0:05:27.640 global car sales for the first time. Howdy sold one 0:05:27.640 --> 0:05:30.560 point sixty seven million vehicles in twenty twenty four, down 0:05:30.600 --> 0:05:33.600 twelve percent from a year earlier. Tesla delivered almost one 0:05:33.600 --> 0:05:35.440 point eight million vehicles last year. 0:05:35.680 --> 0:05:38.920 Train of Markets now Karen futures are lower following Friday's 0:05:38.960 --> 0:05:42.159 job related selloff on Wall Street. The drop came after 0:05:42.320 --> 0:05:45.200 the economy in December added the most jobs since March 0:05:45.360 --> 0:05:49.320 and the unemployment rate unexpectedly fell. Cameron Dawson is chief 0:05:49.360 --> 0:05:51.040 investment officer at new Edge Wealth. 0:05:51.480 --> 0:05:54.560 It is that question of is good news good news 0:05:54.680 --> 0:05:57.160 or is good news bad news. We think at the 0:05:57.279 --> 0:06:00.520 end of the day, strong jobs are over all good 0:06:00.560 --> 0:06:02.800 for the equity market, but we have to take a 0:06:02.880 --> 0:06:06.159 hit to the valuation first to digest these higher yields. 0:06:06.520 --> 0:06:09.240 If we continue to see this labor market hold in 0:06:09.360 --> 0:06:10.400 better than expected. 0:06:10.600 --> 0:06:12.839 New Edge Wealth's Cam Dawson notes the S and P 0:06:13.000 --> 0:06:15.719 five hundreds one and a half percent drop on Friday 0:06:15.800 --> 0:06:18.080 wiped out the indexes advance for the year. 0:06:18.640 --> 0:06:20.840 Well, Nathan, let's turn to the economy now, and a 0:06:20.880 --> 0:06:24.640 former Federal Reserve Vice chair, Randall Quarrels, believes the Fed's 0:06:24.680 --> 0:06:27.840 independence is not going to be threatened by president like 0:06:27.920 --> 0:06:31.480 Donald Trump, and Karrels spoke with Bloomberg's Steven Engel. 0:06:31.720 --> 0:06:35.680 Structurally, the FED can't really be affected by the president's 0:06:35.680 --> 0:06:38.320 bully pulpit. And you know, the people who are appointed 0:06:38.320 --> 0:06:40.440 of the FED generally have fairly thicked skins. So while 0:06:40.440 --> 0:06:43.960 there's certainly political pressure, there's not really political levers that 0:06:44.000 --> 0:06:46.080 someone can pull to affect their independence. 0:06:46.360 --> 0:06:48.960 And Randall Quarrels was a Trump appointee to the FED. 0:06:49.040 --> 0:06:54.120 He served as vice chair of Supervision until twenty twenty one. 0:06:55.760 --> 0:06:57.400 Time now for look at some of the other stories 0:06:57.400 --> 0:06:59.200 making news in New York and around the world, and 0:06:59.200 --> 0:07:01.039 for that we're joined by Bloomberg's John Tucker. 0:07:01.160 --> 0:07:04.599 John good morning, Good morning, Karen House. Republicans from New York, 0:07:04.640 --> 0:07:08.160 New Jersey and California, unhappy with a cap on state 0:07:08.240 --> 0:07:11.200 and local tax deductions, say talks on the issue with 0:07:11.240 --> 0:07:14.080 Donald Trump over the weekend were positive. Let's find out 0:07:14.120 --> 0:07:16.080 more this morning from Bloomberg's Jeff Bellinger. 0:07:16.400 --> 0:07:20.040 Representative Nick Lolatta of New York said in an interview, 0:07:20.200 --> 0:07:25.200 Trump is willing to engage in a solution. Representative Nicole Meliatakis, 0:07:25.280 --> 0:07:28.320 another New Yorker who attended the gathering of about sixteen 0:07:28.360 --> 0:07:31.560 House Republicans with Trump at his Mari A Lago resort 0:07:31.640 --> 0:07:34.920 in Florida, posted on x that the meeting was productive. 0:07:35.360 --> 0:07:39.200 Significant expansion of the salt deduction cap is already emerging 0:07:39.240 --> 0:07:42.680 as a potential demand by some Republicans in return for 0:07:42.760 --> 0:07:47.120 their support of any larger text related package. Jeff Bullinger, 0:07:47.240 --> 0:07:48.200 Bloomberg Radio. 0:07:48.400 --> 0:07:52.360 Hospitals across the country dealing with a wave of respiratory illnesses. 0:07:52.800 --> 0:07:55.600 The CDC says at least thirty five states are seeing 0:07:55.680 --> 0:07:59.600 high levels of flu covid RSV, even the common cold. 0:07:59.840 --> 0:08:02.200 So far this season, the flu alona sent more than 0:08:02.280 --> 0:08:05.520 sixty three thousand people to the hospital and crowns at 0:08:05.600 --> 0:08:09.680 least twenty seven hundred deaths, including eleven children. President Biden 0:08:09.720 --> 0:08:13.400 delivers a foreign policy speech today the State Department White 0:08:13.440 --> 0:08:15.880 House Press Secretary Karean John Pierre. 0:08:16.200 --> 0:08:19.320 He has some thoughts on the future, not just of 0:08:19.360 --> 0:08:22.400 the country, but how this country moves forward as a leader. 0:08:22.520 --> 0:08:24.920 This is one of several appearances the President has been 0:08:24.920 --> 0:08:28.360 making as he prepares to leave office. January twentieth, a 0:08:28.400 --> 0:08:32.040 Top eight and President like Donald Trump's incoming administration signals 0:08:32.040 --> 0:08:35.319 the Ukraine will be asked to lower the conscription age 0:08:35.480 --> 0:08:39.520 to strengthen its battlefield position. Michael Walls, a former Army 0:08:39.559 --> 0:08:42.439 Green Beret whom Trump tapped as his White House National 0:08:42.559 --> 0:08:46.400 Security advisor, suggested the expanded draft age would help Ukraine 0:08:46.480 --> 0:08:49.760 overcome a shortage of troops. Right now, the draft age 0:08:50.120 --> 0:08:53.160 is twenty five global news twenty four hours a day, 0:08:53.200 --> 0:08:54.800 whenever you want it. We have Bloomberg News. 0:08:54.840 --> 0:08:55.000 Now. 0:08:55.080 --> 0:08:57.760 I'm John Tucker, and they see he's Bloomberg. Karen. 0:08:58.080 --> 0:09:04.959 All right, John Tucker, thank you time now for the 0:09:05.000 --> 0:09:07.680 Bloomberg Sports out Day, brought to you by Tri State Outie. 0:09:07.880 --> 0:09:10.000 Here's John stash Hour, John, Good morning, Good. 0:09:09.840 --> 0:09:11.920 Morning, Karen. Last time there was an NFL playoff victory 0:09:11.960 --> 0:09:14.679 by Washington was nineteen years ago. The team had a 0:09:14.679 --> 0:09:16.920 different owner, they had a different name and their current 0:09:17.000 --> 0:09:20.760 quarterback was five years old or rookie qube Jadeen Daniels, 0:09:20.960 --> 0:09:23.960 who led the Commanders to twelve regular season wins, eight 0:09:24.040 --> 0:09:26.200 more than they had a year ago, led them down 0:09:26.240 --> 0:09:28.079 the field in the final minute of Tampa Bay, and 0:09:28.120 --> 0:09:30.920 they kicked a field goal on the final play from 0:09:30.960 --> 0:09:34.079 thirty seven to send Washington to the final Eightue. 0:09:37.760 --> 0:09:51.600 The Washington come, Tony Calme, I have seen it all NBC. 0:09:51.800 --> 0:09:53.920 The Call Commanders won a back and forth game with 0:09:53.960 --> 0:09:56.560 the Bucks twenty three twenty. They'll not play Saturday night 0:09:56.600 --> 0:09:58.719 in Detroit the first two games of the day. Liked 0:09:58.720 --> 0:10:00.679 the games this past Saturday, one easily by the home 0:10:00.720 --> 0:10:03.640 team Buffalo be Denver thirty one to seven. The Bills 0:10:03.679 --> 0:10:05.800 are nine to zero home. They'll be home Sunday night 0:10:05.840 --> 0:10:08.760 against Baltimore. Philadelphia down Green Bay twenty two to ten. 0:10:08.800 --> 0:10:12.080 The Eagles await the winner of tonight's game. Vikings and 0:10:12.200 --> 0:10:15.840 Rams moved from Los Angeles to Phoenix. To no one's surprise, 0:10:15.960 --> 0:10:17.320 Mike Rabel and they had the new coach of the 0:10:17.320 --> 0:10:20.480 New England Patriots. He was a Pats linebacker for eight years, 0:10:20.559 --> 0:10:23.680 coach the Titans for six replaces Gered Mayo, who got 0:10:23.720 --> 0:10:26.040 just one season after Bill Belichick coached the Pats for 0:10:26.120 --> 0:10:28.880 twenty four at the guard. In an offensive explosion by 0:10:28.880 --> 0:10:32.240 the Knicks, they shot fifty eight percent, beating Milwaukee won 0:10:32.360 --> 0:10:35.160 forty to one, Zho six, Jalen Brunson forty four points. 0:10:35.160 --> 0:10:37.400 He had twenty three in the first quarter. The Nets 0:10:37.400 --> 0:10:39.960 lost a heartbreaker at Utah. Jass scored with two seconds 0:10:40.040 --> 0:10:42.680 left in overtime and won by a point. The Celtics 0:10:42.679 --> 0:10:45.560 beating New Orleans by a point in Melbourne. They're playing 0:10:45.559 --> 0:10:48.440 now opening around the Australian Open, and ten time champion 0:10:48.559 --> 0:10:52.000 Novak Djokovic lost the first set to nineteen year old 0:10:52.040 --> 0:10:56.280 American Nisshesh Basavaretti. They're now tied one set, all straight 0:10:56.360 --> 0:10:59.040 set wins for Carlos Alcarez and top seed Onick Center, 0:10:59.040 --> 0:11:02.079 as well as Coco Gone, John Starshaw or Bloomberg Sports, 0:11:02.120 --> 0:11:03.160 Can Ivern and Nathan. 0:11:05.240 --> 0:11:09.480 Coast to Coast on Bloomberg Radio nationwide on Sirius XM, 0:11:09.559 --> 0:11:12.400 and around the world on Bloomberg dot Com and the 0:11:12.440 --> 0:11:15.560 Bloomberg Business app. This is Bloomberg Daybreak. 0:11:15.840 --> 0:11:18.760 Good morning. I'm Nathan Hager as the wildfires continue to 0:11:18.880 --> 0:11:22.320 rage in southern California. Firefighters could struggle to catch a 0:11:22.360 --> 0:11:25.000 break from the winds that have spread the flames across 0:11:25.040 --> 0:11:26.760 an area more than two and a half times the 0:11:26.760 --> 0:11:30.400 size of Manhattan. Los Angeles County Fire Chief Anthony Moroney 0:11:30.400 --> 0:11:33.000 says dangerous conditions are in the forecast for much of 0:11:33.040 --> 0:11:33.680 this week. 0:11:34.160 --> 0:11:39.720 Next predicted red flag ends on Wednesday, so please rest 0:11:39.760 --> 0:11:43.880 assured that first thing Thursday, we will start talking about 0:11:43.920 --> 0:11:48.040 repopulation and evacuation order and warning areas. 0:11:48.600 --> 0:11:50.800 And this morning we were joined by Bloomberg News senior 0:11:50.880 --> 0:11:53.240 editor Bill Ferries. Bill, good morning, I know you've been 0:11:53.280 --> 0:11:56.120 following this situation as closely as anybody. I guess the 0:11:56.160 --> 0:11:58.520 firefighters got a little bit of a break from the 0:11:58.559 --> 0:12:01.280 winds over the weekend, but it's not lasting long. 0:12:01.400 --> 0:12:06.080 Good morning, Good morning, Nathan. That's right. Firefighters started to 0:12:06.080 --> 0:12:09.600 make some progress over the weekend. That Palisades fire is 0:12:09.720 --> 0:12:14.720 about thirteen percent contained as of Sunday evening. In La 0:12:14.960 --> 0:12:18.760 they Eton fire twenty seven percent contained. But as you 0:12:18.800 --> 0:12:22.040 were suggesting there, the conditions don't look good in the 0:12:22.120 --> 0:12:25.920 days ahead. National Weather Service has its most severe alert 0:12:26.559 --> 0:12:30.120 out there for places like Malibu, San Fernando Valley parts 0:12:30.120 --> 0:12:34.760 of Ventura County. They're warning about what they called explosive 0:12:34.920 --> 0:12:40.040 fire growth potential beginning late Monday and carrying on through Wednesday. 0:12:40.480 --> 0:12:43.280 So I think people who are out there are going 0:12:43.360 --> 0:12:46.560 to continue to be glued to those fire tracking apps. 0:12:47.400 --> 0:12:50.360 Seven and a half million people or so are facing 0:12:50.400 --> 0:12:55.240 this critical fire weather condition and they could have additional 0:12:55.559 --> 0:12:59.880 evacuations and movements. The fires have already burned forty thousand acres. 0:13:00.080 --> 0:13:03.800 More than one hundred thousand people have been had to 0:13:03.920 --> 0:13:06.600 leave their home so far, So looks like a rough 0:13:06.640 --> 0:13:09.800 start to the week, really beginning in the afternoon or 0:13:09.840 --> 0:13:12.400 evening on Monday in southern California. 0:13:12.880 --> 0:13:16.000 Just to talk about the scope of this disaster, forty 0:13:16.080 --> 0:13:21.360 thousand structures destroyed just puts a tip to the iceberg 0:13:21.480 --> 0:13:24.520 of the kind of damage, the kind of economic loss 0:13:24.920 --> 0:13:26.559 that we could see from this. 0:13:27.679 --> 0:13:30.080 Yeah, the area that's been burned, I mean it's already 0:13:30.280 --> 0:13:34.280 a larger area than cities like San Francisco or Pittsburgh, 0:13:34.600 --> 0:13:38.040 Boston or Miami. So that's just the area that's been burned. 0:13:38.880 --> 0:13:42.400 ACU weather Ink, which looks at, you know, disasters and 0:13:43.000 --> 0:13:46.199 the costs, they've put out an estimate of two hundred 0:13:46.200 --> 0:13:49.559 and fifty to two hundred and seventy five billion dollars 0:13:49.600 --> 0:13:53.800 in total costs that includes the damage and rebuilding and 0:13:53.880 --> 0:13:55.600 lost wages and things like that. 0:13:55.960 --> 0:13:56.840 But that is up. 0:13:56.880 --> 0:14:00.080 It's almost double their previous estimate of fifty to one 0:14:00.120 --> 0:14:02.160 hundred and fifty billion just a few days ago. 0:14:03.240 --> 0:14:06.640 What does this mean for the insurance industry? How can 0:14:07.320 --> 0:14:11.000 Southern California rebuild from this kind of disaster? I mean 0:14:11.559 --> 0:14:13.840 is are we going to have to face the question 0:14:13.880 --> 0:14:16.040 about whether it's Southern California is ensurable. 0:14:17.160 --> 0:14:19.960 It's gonna be It's gonna be just a brutal blow 0:14:20.600 --> 0:14:23.560 to the insurance industry. And remember, you know, broadly is 0:14:23.600 --> 0:14:27.560 an industry. It comes after a series of major hurricanes 0:14:27.920 --> 0:14:31.560 that hit the southeast United States last year. That's going 0:14:31.640 --> 0:14:34.720 to be a real question going forward. What happens to 0:14:34.800 --> 0:14:39.440 those rates? Does it make living in Southern California even 0:14:39.520 --> 0:14:42.720 more costly going forward? And how many years will it 0:14:42.800 --> 0:14:45.640 take to rebuild? Remember LA's hosting, you know, they're hosting 0:14:45.720 --> 0:14:48.920 the Olympics in just a few years. Typically these kind 0:14:48.960 --> 0:14:51.520 of disasters that it could take a decade or more 0:14:51.560 --> 0:14:55.680 to fully recover from this kind of a natural disaster event. 0:14:55.960 --> 0:14:59.280 And to see the response that we've seen so far 0:14:59.640 --> 0:15:02.600 and the questions that have been raised about how this 0:15:02.720 --> 0:15:05.760 even started, what can be done to prevent this kind 0:15:05.800 --> 0:15:07.840 of thing from happening. I mean, we've seen some pretty 0:15:07.840 --> 0:15:12.400 withering criticism for some of the local leaders in that region. 0:15:12.520 --> 0:15:13.720 Got about a minute left. 0:15:13.760 --> 0:15:17.080 Yeah, Mayor Karen Bass coming under a heavy fire for 0:15:17.520 --> 0:15:21.040 her budget cuts that hit the fire department. In the end, 0:15:21.040 --> 0:15:23.320 I think the fire department got more money this year 0:15:23.360 --> 0:15:26.800 than last year, but there's a lot of deferred maintenance. 0:15:27.160 --> 0:15:30.640 You hear union fire union leader saying that, Listen, there's 0:15:30.680 --> 0:15:34.400 a lot of trucks that are still waiting for repairs 0:15:34.400 --> 0:15:36.960 that could be out there doing some fighting. Of Course, 0:15:37.040 --> 0:15:40.520 like everything, it's getting heavily politicized. But right now, the 0:15:40.560 --> 0:15:43.240 focus is really what might be coming in the next 0:15:43.240 --> 0:15:46.360 seventy two hours for southern California and whether they can 0:15:46.400 --> 0:15:49.640 get past and whether firefighters can kind of get a 0:15:49.680 --> 0:15:52.920 stronger grip and get more of this under control. 0:15:53.160 --> 0:15:56.560 This is Bloomberg Daybreak, your morning podcast on the stories 0:15:56.640 --> 0:15:59.640 making news from Wall Street to Washington and beyond. 0:16:00.000 --> 0:16:02.320 Look for us on your podcast feed by six am 0:16:02.360 --> 0:16:05.760 Eastern each morning on Apple, Spotify, or anywhere else you listen. 0:16:05.960 --> 0:16:08.800 You can also listen live each morning starting at five 0:16:08.840 --> 0:16:11.560 am Wall Street Time on Bloomberg eleven three to zero 0:16:11.560 --> 0:16:14.480 in New York, Bloomberg in ninety nine to one in Washington, 0:16:14.520 --> 0:16:18.480 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:18.680 --> 0:16:20.240 XM Channel one twenty one. 0:16:20.640 --> 0:16:23.360 Plus listen coast to coast on the Bloomberg Business app 0:16:23.400 --> 0:16:26.240 now with Apple CarPlay and Android auto interfaces. 0:16:26.440 --> 0:16:29.440 And don't forget to subscribe to Bloomberg News Now. It's 0:16:29.480 --> 0:16:32.200 the latest news whenever you want it in five minutes 0:16:32.320 --> 0:16:35.440 or less. Search Bloomberg News Now and your favorite podcast 0:16:35.440 --> 0:16:39.640 platform to stay informed all day long. I'm Karen Moscow. 0:16:39.400 --> 0:16:41.920 And I'm Nathan Hager. Join us again tomorrow morning for 0:16:42.000 --> 0:16:43.920 all the news you need to start your day right 0:16:43.920 --> 0:16:45.400 here on Bloomberg Daybreak