Trump Picks Bondi After Gaetz Drops Out; Bitcoin Closes in on $100,000

Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan 0:00:10.840 --> 0:00:13.800 Hager and I'm Karen Moscow. Here are the stories we're 0:00:13.840 --> 0:00:14.640 following today. 0:00:14.840 --> 0:00:17.720 Karen, we begin with politics and a new choice from 0:00:17.840 --> 0:00:21.080 Donald Trump to lead the Justice Department. The President elect 0:00:21.120 --> 0:00:24.920 is nominating former Florida Attorney General Pam Bondi to run 0:00:25.079 --> 0:00:25.639 the DOJ. 0:00:26.000 --> 0:00:28.280 We get the story from Bloomberg's Doug Prisner. 0:00:28.680 --> 0:00:31.960 The selection of Bondi comes after Trump's first pick, Matt Gates, 0:00:32.000 --> 0:00:36.440 withdrew from consideration. The former Florida congressman faced scrutiny over 0:00:36.479 --> 0:00:40.040 allegations of sexual misconduct. Now Gates denied them, but he 0:00:40.120 --> 0:00:43.920 lacks support among Senate Republicans to be confirmed. In Bondi, 0:00:44.080 --> 0:00:47.800 Trump is elevating another longtime ally with Florida roots. In 0:00:47.840 --> 0:00:50.920 the first Trump administration, Bondi worked out of the White House, 0:00:51.000 --> 0:00:55.440 assisting in communications related to Trump's first impeachment trial, and 0:00:55.520 --> 0:00:59.400 as Florida ag Bondi earned national attention for her efforts 0:00:59.440 --> 0:01:01.440 to overturn earn the Affordable Care. 0:01:01.200 --> 0:01:03.960 Act in New York. Come Doug Krisner, Bloomberg Radio. 0:01:04.560 --> 0:01:06.440 All Right, Doug, thank you, well. Matt Gates may be 0:01:06.600 --> 0:01:09.080 out as Attorney general, but there's still a push on 0:01:09.120 --> 0:01:12.240 Capitol Hill to release the House Ethics investigation on the 0:01:12.240 --> 0:01:16.640 former Florida Congressman. Illinois Democrat Sean Caston sits on the 0:01:16.640 --> 0:01:17.600 Ethics Committee. 0:01:17.640 --> 0:01:20.120 It matters for the integrity of the law. It matters 0:01:20.160 --> 0:01:22.200 for the integrity of this House, and it matters for 0:01:22.240 --> 0:01:25.600 the respect that we expect the American people to give us, 0:01:25.680 --> 0:01:29.240 that those of us entrusted with this job will uphold 0:01:29.480 --> 0:01:32.440 the United States as a land where all are treated equally. 0:01:32.200 --> 0:01:36.200 Under the law, and Democratic Congressman Sean Casten there besides 0:01:36.240 --> 0:01:40.679 them as conduct accusations. Gates is facing a campaign finance questions. 0:01:40.959 --> 0:01:44.560 Federal filing show the former congressman's main campaign arms spend 0:01:44.560 --> 0:01:48.520 one point two million dollars on e merchant fees to Stripe, 0:01:48.640 --> 0:01:52.040 the San Francisco based fintech. It's about nineteen percent of 0:01:52.040 --> 0:01:55.560 Gates's contributions. In campaigns typically spend one to four percent 0:01:55.600 --> 0:01:56.720 on payment processing. 0:01:56.880 --> 0:01:59.560 The Karen president like Trump still hasn't made a decision 0:01:59.600 --> 0:02:02.040 on a trailer secretary, but there is new word on 0:02:02.080 --> 0:02:05.160 how his thinking around the position is going. According to 0:02:05.160 --> 0:02:08.280 The Wall Street Journal, Trump is considering naming former Fed 0:02:08.320 --> 0:02:11.600 Governor Kevin Walsh to lead the Treasury Department, then putting 0:02:11.680 --> 0:02:14.239 him in charge of the Federal Reserve when Chairman J. 0:02:14.440 --> 0:02:17.799 Powell's term ends in twenty twenty six. At the same time, 0:02:17.840 --> 0:02:20.359 Trump could pick Key Square Group founder Scott Besson to 0:02:20.440 --> 0:02:23.880 lead the National Economic Council, then take over Treasury if 0:02:23.919 --> 0:02:27.079 Worsh becomes FED chair, Aids tell the Journal Trump could 0:02:27.160 --> 0:02:30.160 change his mind. He is also considering Apollo Global Management 0:02:30.200 --> 0:02:32.280 CEO Mark Rowan for Treasury. 0:02:33.000 --> 0:02:36.320 Well. Another major story where following this morning Nathan involves 0:02:36.400 --> 0:02:40.920 a warning from US intelligence and national security agencies. It's 0:02:40.960 --> 0:02:44.600 about a sabotage threat from Russia. Get the detls from 0:02:44.600 --> 0:02:45.680 Bloomberg's Oliver Crook. 0:02:45.960 --> 0:02:47.960 This is part of the sort of broader conversation that 0:02:47.960 --> 0:02:49.800 we've been having for a long time in Europe and 0:02:49.840 --> 0:02:52.160 in the United States about the sort of hybrid warfare 0:02:52.200 --> 0:02:55.240 that Russia has been waging in various different sectors, whether 0:02:55.280 --> 0:02:57.880 it's sort of in civilian infrastructure or just sort of 0:02:58.120 --> 0:03:02.880 some psychological dimensions, and of course the question of social. 0:03:02.560 --> 0:03:03.799 Media, all of these sorts of things. 0:03:03.800 --> 0:03:08.120 But this is specifically directed at defense companies, warning basically 0:03:08.160 --> 0:03:11.840 that there could be active Russian sabotage to operations in 0:03:11.880 --> 0:03:14.560 the United States and also abroad, and this is also 0:03:14.639 --> 0:03:18.000 coming as sort of Russian intelligence groups allegedly also tried 0:03:18.000 --> 0:03:21.880 to identify and recruit individuals sort of insiders of these 0:03:21.880 --> 0:03:24.680 industrial bases to try to sort of sort of convert 0:03:24.720 --> 0:03:26.840 them or get information from them and. 0:03:26.760 --> 0:03:30.800 Bloomerge Oliver Kruks as President Biden's outgoing administration, has warned 0:03:30.840 --> 0:03:34.560 allies about the risks of stepped up Russian sabotage if 0:03:34.560 --> 0:03:37.520 the US and its allies allowed Ukraine to fire Western 0:03:37.600 --> 0:03:39.280 weapons deep inside Russia. 0:03:39.560 --> 0:03:42.600 Meanwhile, Karin the US has confirmed Russia fired an experimental 0:03:42.640 --> 0:03:46.640 intermediate range ballistic missile at Ukraine. President Vladimir Putin says 0:03:46.640 --> 0:03:49.440 the attack was in retaliation for Ukraine's use of American 0:03:49.480 --> 0:03:51.320 and British made missiles earlier this week. 0:03:52.040 --> 0:03:55.600 Right, we consider ourselves entitled to use our weapons against 0:03:55.680 --> 0:03:58.960 military facilities of those countries that allow their weapons to 0:03:58.960 --> 0:04:02.320 be used against facilities, and in the event of an 0:04:02.440 --> 0:04:05.960 escalation of aggressive actions, we will respond decisively. 0:04:07.200 --> 0:04:10.200 In a televised address in Rasha, Vladimir Putin warned US 0:04:10.240 --> 0:04:13.320 air defense systems would be powerless to stop the new missile. 0:04:13.320 --> 0:04:16.120 He says it flies at ten times the speed of sound. 0:04:16.760 --> 0:04:18.960 Well, Nathan, Now to the latest on the war between 0:04:19.000 --> 0:04:23.160 Israel and Hamas Benjamin Etniel, who is criticizing the International 0:04:23.200 --> 0:04:26.479 Criminal Court for issuing arrest warrants against him and a 0:04:26.520 --> 0:04:29.680 former minister, and said his government won't be deterred from 0:04:29.720 --> 0:04:32.279 continuing its war against Hamas and Gaza. 0:04:32.440 --> 0:04:34.479 I want to thank our many friends around the world, 0:04:34.720 --> 0:04:38.520 especially those in the United States who've condemned this outrage 0:04:38.680 --> 0:04:41.320 and who have said that this decision will have severe 0:04:41.400 --> 0:04:45.240 consequences for the ICC and those who cooperate with its decision. 0:04:45.560 --> 0:04:48.040 Israel will not recognize the validity of this. 0:04:48.080 --> 0:04:52.160 Decision Nanya, who says the court's announcement was anti Semitic 0:04:52.200 --> 0:04:55.640 and Israel will keep defending its citizens. The ICC also 0:04:55.680 --> 0:04:59.040 issued a warrant for Hamask commander Mohammed Daif, who Israel 0:04:59.120 --> 0:05:01.280 said was killed in Gaza months ago. 0:05:01.440 --> 0:05:04.839 Training The markets now, Karen futures are lower following yesterday's 0:05:04.880 --> 0:05:08.599 dowlead rally on Wall Street. Bitcoin is on the rise again, 0:05:08.640 --> 0:05:10.839 nearing the one hundred thousand dollars level. Right now, the 0:05:10.880 --> 0:05:15.039 digital token is just shy of ninety nine thousand. Mike 0:05:15.120 --> 0:05:18.200 Reagan is Bloomberg's crypto team leader. He says it's not 0:05:18.520 --> 0:05:21.479 just because president like Donald Trump wants to deregulate the 0:05:21.520 --> 0:05:24.760 crypto industry that Bitcoin's moving on up. He says, it's 0:05:24.760 --> 0:05:28.360 about Trump's promise to create a strategic bitcoin stockpile. 0:05:28.800 --> 0:05:31.280 The market is thinking there's a good chance of that, 0:05:31.440 --> 0:05:33.880 and not only that that other governments will have to 0:05:33.920 --> 0:05:37.120 follow suit. If the US suddenly is treating bitcoin like 0:05:37.279 --> 0:05:41.000 a major reserve asset, other governments will likely be inspired 0:05:41.080 --> 0:05:43.599 to do the same. So that's kind of the backdrop 0:05:43.720 --> 0:05:46.760 for this just parabolic rally to the upside that we've seen. 0:05:46.880 --> 0:05:49.400 Bloomberg's Mike Reagan says the crypto market as a whole 0:05:49.400 --> 0:05:52.600 has gained more than nine hundred billion dollars since Trump's 0:05:52.640 --> 0:05:53.279 election win. 0:05:54.000 --> 0:05:56.719 Well Nathan, the Euro trading at inslow's level in two years, 0:05:56.720 --> 0:05:59.320 and traders ramping up bets on interest rate cuts from 0:05:59.320 --> 0:06:02.359 the European Central Bank. The drop comes after gauges of 0:06:02.400 --> 0:06:05.960 business activity and the bloc's two biggest economies contracted more 0:06:06.000 --> 0:06:09.640 than expected. Rachel Evans, managing editor for FX and Rates 0:06:09.640 --> 0:06:13.200 for Bloomberg News, says traders have up December ratecunt bets 0:06:13.360 --> 0:06:16.960 from fifteen percent yesterday to fifty percent today. 0:06:17.360 --> 0:06:19.400 These are bad data figures. 0:06:19.400 --> 0:06:20.920 They are going to have to look at these and 0:06:20.960 --> 0:06:23.039 think about does that really make sense for them to 0:06:23.080 --> 0:06:25.880 kind of continue with their hawkish stance or do they 0:06:25.880 --> 0:06:27.280 need to think about, you know, even if they're not 0:06:27.320 --> 0:06:30.360 going to go big in December, adding to bets next 0:06:30.440 --> 0:06:33.960 year And indeed the market is now predicting six bets 0:06:34.240 --> 0:06:35.719 by the ECBN twenty twenty five. 0:06:36.160 --> 0:06:39.440 Bloomer's Rachel Elevens says the euros slide follows the composite 0:06:39.520 --> 0:06:43.039 PMI shrinking to forty eight point one from fifty in October. 0:06:43.400 --> 0:06:45.880 In merger news, Karen a deal to create the largest 0:06:45.960 --> 0:06:49.480 US pay TV service is all but dead. DirecTV has 0:06:49.520 --> 0:06:52.880 notified Echo starve it's intention to terminate an acquisition of 0:06:52.920 --> 0:06:55.360 Dish Network after they failed to win the consent of 0:06:55.440 --> 0:06:58.000 bondholders for a key debt exchange. Under the terms of 0:06:58.040 --> 0:07:01.320 the original transaction, Direct TV was to acquire Dish and 0:07:01.360 --> 0:07:04.320 the Sling TV for Echo Star for a dollar plus 0:07:04.360 --> 0:07:06.719 the assumption of about nine and three quarter billion dollars 0:07:06.800 --> 0:07:09.479 in debt. DirectTV, which is owned by AT and T 0:07:09.560 --> 0:07:12.720 and joint venture partner TPG what had become the largest 0:07:12.720 --> 0:07:16.800 PayTV provider in the US with about eighteen million subscribers. 0:07:17.240 --> 0:07:20.080 Awesome stocks on the move this morning, Nathan gap It 0:07:20.240 --> 0:07:23.200 is up more than fourteen percent, the operator of Old 0:07:23.280 --> 0:07:26.400 Navy and Athleta, raising its full year outlook for sales. 0:07:26.440 --> 0:07:29.239 The apparel retailer says all of its brands are gaining 0:07:29.280 --> 0:07:30.000 market share. 0:07:30.400 --> 0:07:33.239 On the flip side, Karen, shares of Intuit are falling 0:07:33.320 --> 0:07:36.200 by more than five percent. The maker of Turbo tax 0:07:36.320 --> 0:07:39.680 tax preps software gave a sales and profit outlook for 0:07:39.720 --> 0:07:45.320 the current quarter that fell short of analyst testaments. 0:07:45.320 --> 0:07:46.640 Good is time now for a look at some of 0:07:46.640 --> 0:07:48.800 the other stories making news in New York and around 0:07:48.840 --> 0:07:51.640 the world. And for that we're joined by Bloomberg's John Tucker. John, 0:07:51.680 --> 0:07:53.760 good morning, and Happy Friday, Karen. 0:07:53.800 --> 0:07:57.040 The federal government, including TSA air traffic controllers in the 0:07:57.080 --> 0:08:01.280 airline industry, they're getting ready for a record breaking Thanksgiving 0:08:01.280 --> 0:08:04.960 holiday week. Let's get more from Washington and Bloomberg's Amy Morris. 0:08:05.400 --> 0:08:10.120 Transportation Secretary Pete Buddhajeedge told the Senate Appropriations Committee that 0:08:10.160 --> 0:08:13.280 the regulations put in place in the past four years 0:08:13.600 --> 0:08:16.800 are supported by passengers pretty much across the board. 0:08:16.920 --> 0:08:21.280 The public has been universally supportive. Any airline that failed 0:08:21.320 --> 0:08:26.360 to proactively offer refunds to passengers could be in violation 0:08:26.560 --> 0:08:27.400 of federal law. 0:08:27.680 --> 0:08:31.559 The CEOs of Delta and Southwest Airlines say they hope 0:08:31.560 --> 0:08:34.720 the government will be more pro business when President elected 0:08:34.760 --> 0:08:38.800 Donald Trump returns to office in Washington. Amy Morris Bloomberg Radio. 0:08:38.960 --> 0:08:42.560 Senator doob Casey, part of the Democratic political dynasty, has 0:08:42.640 --> 0:08:46.400 conceded to his Republican opponent, David McCormick and the Pennsylvania 0:08:46.440 --> 0:08:49.480 Senate race, a race that was so close it triggered 0:08:49.520 --> 0:08:52.760 a recount. McCormick was declared the winner by the Associated 0:08:52.800 --> 0:08:55.760 Press earlier this month, until the state ordered the recount 0:08:55.800 --> 0:08:58.240 because the margin was less than one point five percent. 0:08:58.640 --> 0:09:02.520 The Commonwealth Secretary said this was only the eighth time 0:09:02.679 --> 0:09:05.520 that the recount provision was triggered since two thousand and four, 0:09:05.880 --> 0:09:08.960 when the state law was passed. A flash drought that 0:09:09.120 --> 0:09:11.640 has taken hold of much of the US is threatening 0:09:11.679 --> 0:09:14.960 to push beef prices higher and could damage winter weak 0:09:14.960 --> 0:09:17.880 crops across the Great Plains. The amount of land affected 0:09:17.880 --> 0:09:21.400 by all classes of drought increase through October across the 0:09:21.400 --> 0:09:24.360 country now covers more than forty five percent of the 0:09:24.440 --> 0:09:28.199 contiguous US. While the dryness in the East has led 0:09:28.240 --> 0:09:31.520 to wildfires and water shortages, it's the drought across the 0:09:31.559 --> 0:09:34.480 Great Planes that has led to higher beef prices and 0:09:34.559 --> 0:09:38.240 more than sixty years after President John F. Kennedy was assassinated, 0:09:38.280 --> 0:09:42.439 conspiracy theories still swirl. President Like Donald Trump, promised during 0:09:42.480 --> 0:09:45.440 his re election campaign he would dig classify all the 0:09:45.480 --> 0:09:50.760 remaining government records surrounding the assassination. Today's sixty first anniversary 0:09:50.840 --> 0:09:53.600 will be marked with a moment of silence in Dally Plaza, 0:09:53.920 --> 0:09:57.720 where Kennedy's MOTORCID was passing through but he was fatally shot. 0:09:58.040 --> 0:10:00.360 Global News twenty four hours a day, whenever you wanted 0:10:00.400 --> 0:10:03.840 with Bloomberg News. Now, I'm John Tucker. This is Bloomberg Karen. 0:10:04.280 --> 0:10:11.040 All right, John Tucker, thank you time now for the 0:10:11.040 --> 0:10:14.120 Bloomberg Sports Update. Bronkie you by Tri State Odie. Here's 0:10:14.200 --> 0:10:16.239 John stash Hour, John, Good morning. 0:10:16.040 --> 0:10:16.760 Good morning, Karen. 0:10:16.800 --> 0:10:18.800 The Yankees in their history have won more than their 0:10:18.880 --> 0:10:21.920 share of MVP awards. Jogi Bart won three, Roger Morris 0:10:21.960 --> 0:10:24.720 and Alex Rodriguez two, but only once Mickey Mantle and 0:10:24.760 --> 0:10:27.920 his triple crown season of nineteen fifty six had a 0:10:28.000 --> 0:10:31.760 Yankee won the MVP unanimously. Aaron Judge got every vote 0:10:31.760 --> 0:10:33.880 after a season where he hit three twenty two with 0:10:33.920 --> 0:10:36.520 fifty eight home runs and what Judge was most pleased 0:10:36.559 --> 0:10:39.720 with one hundred and forty four RBIs eeach offseason. 0:10:39.880 --> 0:10:41.840 I try to like look back on the season and 0:10:41.920 --> 0:10:43.680 see where I could try to improve and get better 0:10:43.679 --> 0:10:46.360 for the next season. And that's one aspect of my 0:10:46.400 --> 0:10:48.200 game I wanted to improve on, is they're driving more 0:10:48.240 --> 0:10:50.360 runs in and it definitely helps when you got a 0:10:50.400 --> 0:10:51.560 lot of guys on base in front of you. 0:10:51.679 --> 0:10:54.800 Judge on y ESPN Jowyo TONI won NL MVP. That 0:10:54.920 --> 0:10:58.240 was also unanimous. Upset in the NFL. Cleveland came in 0:10:58.280 --> 0:11:00.680 two and eight Pittsburgh eight and two. The Brown's early 0:11:00.679 --> 0:11:03.400 fourth quarter took a twelve point lead the Steelers rally 0:11:03.440 --> 0:11:05.520 they hadn't scored a touchdown in the last seven quarters. 0:11:05.559 --> 0:11:08.600 They scored two tds in a minute forty two and 0:11:08.679 --> 0:11:11.640 led by one, but the Browns drove and scored in 0:11:11.679 --> 0:11:14.400 a heavy snowstorm with a minute left to win. 0:11:14.440 --> 0:11:15.400 Twenty four to nineteen. 0:11:15.480 --> 0:11:18.240 Daniel Jones won only three games over the last two seasons. 0:11:18.320 --> 0:11:20.960 He admitted in a prepared statement, that's why he's no 0:11:21.040 --> 0:11:22.920 longer the giants starting quarterback. 0:11:23.160 --> 0:11:25.320 There have been some great times, but of course we 0:11:25.360 --> 0:11:27.600 all wish there'd been more of those. I take full 0:11:27.640 --> 0:11:31.720 responsibility for my part in not bringing more wins. No 0:11:31.760 --> 0:11:34.560 one wanted to win those win more games worse than me, 0:11:35.600 --> 0:11:37.200 and I gave everything I had on the field and 0:11:37.200 --> 0:11:38.040 in my preparations. 0:11:38.040 --> 0:11:40.439 Almost certain Jones won't play for the Giants again. Spent 0:11:40.520 --> 0:11:43.360 part of yesterday's practice on the scout team playing safety. 0:11:43.480 --> 0:11:46.240 Rangers lost three to two in Calgary. Devils beat Carolina 0:11:46.280 --> 0:11:48.600 four to two. Islanders lost two one at Detroit, heartbreak 0:11:48.640 --> 0:11:51.600 for Saint John's. In the Bahamas, the Red Storm led 0:11:51.640 --> 0:11:54.400 Baylor by fourteen at the half and by five with 0:11:54.559 --> 0:11:57.520 eighteen seconds left in the second overtime. Baylor won with 0:11:57.559 --> 0:12:00.520 a three pointer at the Buzzer Seaton Hall on Charleston, 0:12:00.559 --> 0:12:03.000 South Carolina one in overtime over VCU. 0:12:03.440 --> 0:12:06.199 John Stashiyaway Bloomberg Sports Karen and Nathan. 0:12:08.320 --> 0:12:12.440 Coast to Coast on Bloomberg Radio Nationwide on Sirius XM 0:12:12.520 --> 0:12:15.440 and around the world on Bloomberg dot Com and the 0:12:15.480 --> 0:12:19.520 Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm 0:12:19.600 --> 0:12:20.240 Nathan Hager. 0:12:20.360 --> 0:12:24.360 Gates out Bondi in president like Donald Trump is named 0:12:24.400 --> 0:12:28.280 former Florida Attorney General Pam Bondi to be his attorney general, 0:12:28.679 --> 0:12:31.640 hours after Matt Gates abruptly pulled himself from the running, 0:12:31.679 --> 0:12:34.439 saying he didn't want to be a distraction. But Republican 0:12:34.520 --> 0:12:37.360 Senator Kevin Kramer says Gates just didn't have the votes. 0:12:37.800 --> 0:12:41.760 Simple math. I think it was made clear that there's 0:12:41.760 --> 0:12:44.079 not a path, and if there's not a path, you 0:12:44.600 --> 0:12:47.080 just spent a lot of political capital for a losing cause. 0:12:47.280 --> 0:12:50.080 Republican Kevin Kramer there on the shifting deck chairs in 0:12:50.160 --> 0:12:53.080 the Trump cabinet decision making for more. We are joined 0:12:53.120 --> 0:12:56.680 by Bloomberg's Kevin Whitelaw and Kevin So Matt Gates is 0:12:56.800 --> 0:13:00.679 off the scene. But Pam Bondi maybe Florida's former attorney general, 0:13:00.679 --> 0:13:02.880 but a pretty familiar name inside the belwayh is someone 0:13:03.120 --> 0:13:05.160 very loyal to this incoming president. 0:13:05.200 --> 0:13:07.079 Good morning, Hey, good morning. 0:13:07.160 --> 0:13:10.360 Yeah, you know, with with Pam Bondi, she's picking someone 0:13:10.400 --> 0:13:14.400 who's whose qualifications are a lot more straightforward for the 0:13:14.480 --> 0:13:17.400 job than than Matt Matt Cates's ever were. You know, 0:13:17.480 --> 0:13:20.800 she served eight years as Attorney general in Florida and 0:13:21.080 --> 0:13:23.280 has a legal career on both ends of that. But 0:13:23.559 --> 0:13:27.280 she also served as as part of Trump's impeachment defense, 0:13:27.480 --> 0:13:30.160 was was you know, connected to various parts of his 0:13:30.240 --> 0:13:33.880 first term, and has worked at a think tank associated 0:13:33.880 --> 0:13:37.319 with him, and been both basically a staunch loyalist in 0:13:37.800 --> 0:13:41.760 TV appearances and and other other venues throughout you know, 0:13:41.880 --> 0:13:45.120 basically the whole time. So, yeah, he's he's still picking 0:13:45.160 --> 0:13:47.640 someone who he feels is going to be loyal to him, 0:13:47.720 --> 0:13:50.680 is going to carry out his agenda. But she does 0:13:50.760 --> 0:13:53.840 have much more extensive legal experience and and you know, 0:13:53.960 --> 0:13:57.280 has obviously served in a similar kind of role for 0:13:57.320 --> 0:13:58.439 the state of Florida. 0:13:58.679 --> 0:14:01.760 The attorney general position and is typically seen as having 0:14:01.760 --> 0:14:05.200 a firewall between the Justice Department and the White House. 0:14:05.360 --> 0:14:08.920 Could Pam Bondi's ties to former President Trump be a 0:14:09.000 --> 0:14:11.000 hindrance once she faced the Senate confirmation. 0:14:12.160 --> 0:14:14.160 I mean, I think at this point, given the fact 0:14:14.160 --> 0:14:16.080 that she is qualified, and given the fact that the 0:14:16.080 --> 0:14:18.719 Senate already made it clear that that they weren't to 0:14:18.840 --> 0:14:20.280 be able to take the first one. I think her 0:14:20.280 --> 0:14:22.960 path is probably a lot clearer, although obviously it's still 0:14:23.000 --> 0:14:26.120 early days to sort of figure that one out. It 0:14:26.200 --> 0:14:28.600 doesn't seem to, you know, from what we've seen so far, 0:14:28.640 --> 0:14:31.680 that Republicans are all that concerned about sort of that 0:14:31.720 --> 0:14:35.920 loyalty factor. But I definitely think that for Democrats there's 0:14:35.960 --> 0:14:39.400 an enormous amount of concern that the traditional sort of 0:14:39.400 --> 0:14:44.360 boundaries of a you know, slightly independent Justice Department are 0:14:44.480 --> 0:14:48.080 not going to be in place under a Trump administration. 0:14:48.200 --> 0:14:50.280 But I think that's probably true almost no matter who 0:14:50.280 --> 0:14:50.680 he picks. 0:14:50.960 --> 0:14:52.920 Now, if mag Gates didn't have the support from Senate 0:14:52.920 --> 0:14:55.760 Republicans on Capitol Hill, could some of Trump's other cabinet 0:14:55.800 --> 0:14:57.320 picks be watching their back now? 0:14:58.320 --> 0:14:58.480 Well? 0:14:58.520 --> 0:15:01.640 Yeah, I mean I do think that there's clearly some 0:15:01.720 --> 0:15:05.600 questions surrounding his choice to run the Pentagon. Pete hedg Seth, 0:15:06.000 --> 0:15:08.800 I think the the the some of the allegations that 0:15:08.800 --> 0:15:13.760 have started to come out, including a police report about uh, uh, 0:15:14.160 --> 0:15:20.280 you know, a possible sort of uh encounter, are definitely 0:15:20.320 --> 0:15:23.800 something that that uh that is worrying a number of 0:15:23.960 --> 0:15:26.600 Republican senators I don't. I'm not. It's not clear yet 0:15:26.600 --> 0:15:28.880 they're ready to block him over that, but it is 0:15:28.960 --> 0:15:31.200 going to give them cause for concern. I also think 0:15:31.600 --> 0:15:35.440 Telsea Gabbert's nomination for Director of National Intelligence has raised 0:15:35.440 --> 0:15:38.800 some some concerns given given some of the statements she's 0:15:38.840 --> 0:15:42.680 made about Russia and Syria and other things. So unclear 0:15:42.720 --> 0:15:46.160 as to whether they'll they'll muster any kind of objection. 0:15:46.440 --> 0:15:46.600 Uh. 0:15:46.680 --> 0:15:49.200 You know, Trump does have a margin of a couple 0:15:49.240 --> 0:15:54.480 of senators, so it does take basically four senators would 0:15:54.480 --> 0:15:57.160 have to vote no to to to deny him any 0:15:58.040 --> 0:16:02.040 confirming his nomination. That may be, you know, tough to assemble, 0:16:02.120 --> 0:16:06.920 given you know, the Republican's desire to support Donald Trump. 0:16:07.280 --> 0:16:10.600 Still a lot to watch as the cabinet filling continues. 0:16:10.760 --> 0:16:14.120 Thanks Kevin for Bloomberg's Kevin whitelaw there with us this morning. 0:16:14.200 --> 0:16:17.320 Karen, Well, Nathan, we want to turn now to our 0:16:17.360 --> 0:16:20.920 discussion with Citadel founder Ken Griffin. Griffin sat down with 0:16:20.960 --> 0:16:23.480 Bloombergs and Ally Bassek at the Economic Club of New 0:16:23.560 --> 0:16:26.520 York discussing a range of topics, including the election and 0:16:26.600 --> 0:16:28.720 President elect Trump's economic proposals. 0:16:28.880 --> 0:16:29.720 Let's listen in. 0:16:29.880 --> 0:16:36.520 The American voters have said resoundingly and immigration inflation are 0:16:36.600 --> 0:16:39.680 two of the most critical problems that our country faces, 0:16:40.240 --> 0:16:42.800 and immigration is an area that the Trump administration is 0:16:42.800 --> 0:16:45.960 going to be very focused on, and it's an area 0:16:45.960 --> 0:16:49.840 of real concern to me because much of our nation's 0:16:49.880 --> 0:16:54.560 success is rooted in our ability to attract the best 0:16:54.600 --> 0:16:58.440 and brightest from around the world to work for American 0:16:58.480 --> 0:17:00.720 firms and to start American firms. 0:17:01.600 --> 0:17:03.280 Roughly half of all the firms in. 0:17:03.280 --> 0:17:05.120 The Silicon Valley that have been launched in the last 0:17:05.160 --> 0:17:09.880 twenty years are led by immigrants, and I would say 0:17:09.960 --> 0:17:15.840 roughly the majority of Citadel's leadership team is immigrants. These 0:17:15.920 --> 0:17:19.120 people that have come to this country, they've left everything 0:17:19.200 --> 0:17:22.840 behind because they believe in the American dream and the 0:17:22.880 --> 0:17:27.240 opportunity that our country represents. And yet I think everyone 0:17:27.320 --> 0:17:32.959 agrees that the chaos on the southern border represents a 0:17:33.000 --> 0:17:36.800 broken immigration policy where there's very little control over who 0:17:36.880 --> 0:17:40.240 comes into our country, whether they come here to pursue 0:17:40.240 --> 0:17:43.640 the American dreamer for more nefarious reasons. I think there's 0:17:43.800 --> 0:17:48.040 widespread agreement across our country that we need to secure 0:17:48.040 --> 0:17:50.720 our southern border and that we need a far more 0:17:50.920 --> 0:17:55.000 orderly structure for immigration to America. So this has been 0:17:55.000 --> 0:18:00.000 a really important voice that the American voters have delivered 0:18:00.200 --> 0:18:03.879 to Washington, and I'm pleased to see that pure that voice, 0:18:03.880 --> 0:18:07.560 But I'd like to see Washington now execute on an 0:18:07.600 --> 0:18:14.280 immigration policy that is thoughtful, that protects this nation's great 0:18:14.359 --> 0:18:18.040 stature in the world of being the country you come 0:18:18.119 --> 0:18:19.600 to pursue your dreams. 0:18:20.280 --> 0:18:22.600 Prior to the election, you have a Committee for the 0:18:22.640 --> 0:18:25.960 Responsible Federal Oral Budget saying that you would really have 0:18:26.040 --> 0:18:29.680 an administration with the proposed policies ahead that would add 0:18:29.680 --> 0:18:32.280 seven point five trillion dollars to the national debt over 0:18:32.280 --> 0:18:37.160 the next decade. How do you start to trim that sat? 0:18:37.280 --> 0:18:39.639 I mean, how do you start to bring that number down? 0:18:40.080 --> 0:18:41.080 So here's the question. 0:18:41.359 --> 0:18:46.480 How much did both candidates run on a strategy of 0:18:46.640 --> 0:18:50.480 promise the world and then deliver reality post election? 0:18:51.480 --> 0:18:53.280 I mean, neither party had. 0:18:53.200 --> 0:18:55.520 A compelling story as to how they were going to 0:18:55.520 --> 0:18:58.920 put America's physical house order. And I think it's very 0:18:58.920 --> 0:19:03.640 difficult to have judged either Vice President Harris or President 0:19:03.720 --> 0:19:06.840 Trump on the merits of their economic policy because neither 0:19:07.040 --> 0:19:11.760 set forth a plan that was substantive, tangible, and would 0:19:11.800 --> 0:19:13.119 achieve the results that we need for. 0:19:13.160 --> 0:19:16.200 The American people. I think that's part of the reason. 0:19:16.000 --> 0:19:18.639 That, for example, the Secretary of Treasure is so important, 0:19:19.240 --> 0:19:21.520 the role of the Senate, the role of the House. 0:19:22.480 --> 0:19:25.560 We're going to have to see the Republicans govern and 0:19:25.640 --> 0:19:30.600 make some very difficult decisions about where to cut what 0:19:30.720 --> 0:19:35.560 tax cuts, if any happen or are maintained. We've got 0:19:35.600 --> 0:19:37.960 to put the fiscal house in order, and these are 0:19:38.080 --> 0:19:40.760 really unpopular decisions for politicians to make. 0:19:41.720 --> 0:19:44.040 A big part of that seven point five trillion dollar 0:19:44.200 --> 0:19:48.000 projection really does come from tax cuts, more than you've 0:19:48.000 --> 0:19:50.840 seen in twenty seventeen. Do you think any of those 0:19:50.960 --> 0:19:54.280 can get done with where the deficit stands today? Of course, 0:19:54.680 --> 0:19:57.719 this administration is very different than when we saw Trump 0:19:57.800 --> 0:20:00.800 back then, given the size of the de to sit ballooning. 0:20:01.359 --> 0:20:06.359 So in both scenarios, Trump has inherited the following problem. 0:20:07.040 --> 0:20:12.160 American productivity is below where it needs to be for 0:20:12.320 --> 0:20:15.639 us to make the to deliver on the promises that 0:20:15.680 --> 0:20:18.640 we have delivered to our retirees in our forthcoming retirees. 0:20:19.720 --> 0:20:22.880 There's no way out of our current situation in terms 0:20:22.880 --> 0:20:25.719 of the promises that we've made. Other than to get 0:20:25.720 --> 0:20:30.320 American productivity. I think in the first set of tax cuts, 0:20:31.240 --> 0:20:33.320 and to be clear, I think Trump made a bet 0:20:33.440 --> 0:20:38.920 if we cut taxes, if we incentivize corporations and investors 0:20:38.960 --> 0:20:41.480 to take more risk, to put more money into R 0:20:41.520 --> 0:20:44.080 and D, to put more money to capital, to put 0:20:44.119 --> 0:20:47.600 more money into software, and to modernize their businesses, we 0:20:47.640 --> 0:20:51.200 will get the productivity gains that we need. Now, we'll 0:20:51.200 --> 0:20:53.280 never know the answer to that because the pandemic had 0:20:53.320 --> 0:20:54.120 shortly thereafter. 0:20:55.000 --> 0:20:55.919 We just won't know. 0:20:56.800 --> 0:20:59.159 And then the Biden administration. I think one of the 0:20:59.200 --> 0:21:03.240 real challenges for American business is the Biden administration was 0:21:03.400 --> 0:21:10.159 four years of extremely difficult regulatory policy and an extremely 0:21:10.280 --> 0:21:16.160 activist both DOJ and FTC that really struck at the 0:21:16.200 --> 0:21:20.880 core of America's competitiveness and our ability to increase productivity. 0:21:21.680 --> 0:21:24.280 So the big problem is we've got to get Partica 0:21:24.320 --> 0:21:27.240 to be growing. I don't think we have the fiscal 0:21:27.400 --> 0:21:32.320 room to cut taxes from where they are today, and 0:21:32.400 --> 0:21:35.000 I think there's a real question about where do we 0:21:35.040 --> 0:21:38.200 need to raise taxes to start to put our house 0:21:38.240 --> 0:21:38.640 in order. 0:21:38.840 --> 0:21:41.600 You said just a couple of days ago, you're anxious 0:21:41.760 --> 0:21:44.639 about the president elects willingness to engage in tariffs as 0:21:44.640 --> 0:21:47.760 a matter of trade policy. What does the economy look 0:21:47.840 --> 0:21:51.520 like if he's successful in carrying out the policy that 0:21:51.600 --> 0:21:52.440 he campaigned on. 0:21:54.040 --> 0:22:00.479 I am I am gravely concerned that the raw of 0:22:00.600 --> 0:22:06.200 tariffs puts us on a slippery slope towards coroneism capital 0:22:07.440 --> 0:22:11.840 So when you when you implement tariffs for the American 0:22:12.440 --> 0:22:16.800 companies that produce goods in America, there's unquestionably a short 0:22:16.880 --> 0:22:22.160 term benefit. You've just taken your competitors and severely disadvantage them. 0:22:23.240 --> 0:22:24.600 The challenge with this and we. 0:22:24.520 --> 0:22:27.320 Know this, We know this from the history of economics. 0:22:28.200 --> 0:22:32.520 Those same companies that enjoy that momentary sugar rush of 0:22:32.640 --> 0:22:38.919 having their competitors removed from the battlefield soon become complacent, 0:22:40.160 --> 0:22:46.400 soon take for granted their newfound economic superiority, and frankly, 0:22:46.520 --> 0:22:50.159 they become less competitive on both the world stage and 0:22:50.240 --> 0:22:51.840 less competitive at meeting the needs of. 0:22:51.800 --> 0:22:52.840 The American consumer. 0:22:53.359 --> 0:22:56.480 And then, of course, once you're in this world where 0:22:56.520 --> 0:23:01.320 companies know that their very existence is because of tariffs. No, 0:23:01.520 --> 0:23:04.719 so the terriffs came down, they wouldn't be able to compete, 0:23:04.800 --> 0:23:07.840 they wouldn't be able to thrive. Now You're going to 0:23:07.880 --> 0:23:12.520 find the halls of Washington really filled with the special 0:23:12.560 --> 0:23:17.000 interest groups and the lobbyists as people look for continued 0:23:17.560 --> 0:23:22.040 higher and higher tariffs to keep away foreign competition and 0:23:22.160 --> 0:23:26.640 to protect inefficient American businesses that failed to meet the 0:23:26.680 --> 0:23:28.200 needs of the Maria consumer. 0:23:28.560 --> 0:23:31.960 This is Bloomberg Daybreak, your morning podcast on the stories 0:23:32.040 --> 0:23:35.080 making news from Wall Street to Washington and beyond. 0:23:35.320 --> 0:23:37.720 Look for us on your podcast feed by six am 0:23:37.760 --> 0:23:41.160 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:23:41.359 --> 0:23:44.240 You can also listen live each morning starting at five 0:23:44.280 --> 0:23:46.960 am Wall Street time on Bloomberg eleven three to zero 0:23:46.960 --> 0:23:49.880 in New York, Bloomberg in ninety nine to one in Washington, 0:23:49.960 --> 0:23:53.880 Bloomberg ninety two nine in Boston, and nationwide on serious 0:23:54.080 --> 0:23:55.640 XM Channel one twenty one. 0:23:56.040 --> 0:23:58.760 Plus listen coast to coast on the Bloomberg Business app 0:23:58.800 --> 0:24:01.600 now with Apple car Play and Android Atto interfaces. 0:24:01.840 --> 0:24:04.880 And don't forget to subscribe to Bloomberg News Now. It's 0:24:04.880 --> 0:24:07.639 the latest news whenever you want it in five minutes 0:24:07.720 --> 0:24:10.840 or less. Search Bloomberg News Now on your favorite podcast 0:24:10.880 --> 0:24:14.560 platform to stay informed all day long. I'm Karen Moscow 0:24:14.840 --> 0:24:17.359 And I'm Nathan Hager join us again tomorrow morning for 0:24:17.400 --> 0:24:19.320 all the news you need to start your day, right 0:24:19.359 --> 0:24:20.800 here on Bloomberg dbreak