Trump Directs Federal Job Cuts; Musk Defends Downsizing

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:10.080 --> 0:00:10.640 Good morning. 0:00:10.640 --> 0:00:13.480 I'm Nathan Hager and I'm Karen Moscow. Here are the 0:00:13.520 --> 0:00:15.000 stories we're following today. 0:00:15.480 --> 0:00:18.680 Karen, we begin in Washington, where President Trump has directed 0:00:18.720 --> 0:00:22.360 federal agencies to comply with job cuts led by Elon 0:00:22.480 --> 0:00:25.680 Musk and his so called Department of Government Efficiency. A 0:00:25.720 --> 0:00:28.880 White House fact sheet seen by Bloomberg shows agencies will 0:00:28.920 --> 0:00:31.280 be permitted to hire no more than one employee for 0:00:31.320 --> 0:00:34.120 every four that leave, and they'll have to limit hiring 0:00:34.159 --> 0:00:38.040 to essential positions. As heard here on Bloomberg Radio, the 0:00:38.080 --> 0:00:40.760 President spoke to reporters in the Oval Office. 0:00:41.400 --> 0:00:44.520 I hope that the court system is going to allow 0:00:44.640 --> 0:00:46.159 us to do what we have to do we got 0:00:46.200 --> 0:00:50.960 elected to, among other things, all of this fraud abuse, 0:00:51.120 --> 0:00:54.400 all of this this horrible stuff going on, and we've 0:00:54.440 --> 0:00:57.520 already found billions of does not like a little bit, 0:00:57.800 --> 0:01:00.080 billions many billions of dough. 0:01:00.640 --> 0:01:03.320 And standing alongside President Trump in the Oval Office was 0:01:03.360 --> 0:01:07.319 the world's richest man. Elon Musk defended his cost cutting approach, 0:01:07.360 --> 0:01:10.880 which did involve obtaining access to sensitive computer systems and 0:01:10.920 --> 0:01:11.839 employee data. 0:01:12.520 --> 0:01:15.480 Your tax dollars need to be spent wisely on the 0:01:15.480 --> 0:01:18.560 things that matter to the people. I mean these things 0:01:18.600 --> 0:01:22.560 like it's just common sense. It's not draconian or radical. 0:01:22.640 --> 0:01:25.080 I think it's it's really just saying, best look at 0:01:25.080 --> 0:01:28.360 each of these expenditors and say, is this actually in 0:01:28.360 --> 0:01:30.039 the best interest to the people, and if it is, 0:01:30.080 --> 0:01:32.319 it's proved not, we should think about it. 0:01:32.720 --> 0:01:36.440 Elon Musk also increased attacks on federal officials and judges, 0:01:36.480 --> 0:01:39.800 who he says are stalling progress and cost cutting, but 0:01:39.959 --> 0:01:42.399 he also says he expects resistance. 0:01:42.959 --> 0:01:45.959 I fully expect to be scrutinized and get a daily 0:01:45.959 --> 0:01:47.040 proctology exam. 0:01:47.040 --> 0:01:51.000 Basically, and must call for the impeachment of some officials. 0:01:51.040 --> 0:01:53.800 He says they're being corrupt and activist and. 0:01:53.880 --> 0:01:56.600 Karen one of the world's most successful multi strategy hedge 0:01:56.600 --> 0:02:00.640 fund founders, Ken Griffin, is praising Elon musk efforts. The 0:02:00.680 --> 0:02:04.800 Citadel CEO spoke at the UBS Financial Services Conference in Miami. 0:02:05.480 --> 0:02:08.320 This is a man who slept on the floor of 0:02:08.360 --> 0:02:11.839 his factory to make sure testls got produced. He will 0:02:11.880 --> 0:02:14.639 do what it takes to win. We want people who 0:02:14.639 --> 0:02:16.320 are in Washington who will. 0:02:16.160 --> 0:02:18.480 Do what it takes to help the American taxpayer and 0:02:18.480 --> 0:02:22.239 the American people Win Citadel CEO Ken Griffin, though did 0:02:22.280 --> 0:02:25.639 criticize President Trump's approach to tariffs. He says the trade 0:02:25.639 --> 0:02:29.880 plans dull the country's competitive edge and breed mistrust amongst 0:02:29.880 --> 0:02:31.400 allies Nathan. 0:02:31.440 --> 0:02:33.880 Many on the Democratic side of the aisle have not 0:02:34.120 --> 0:02:38.520 been as supportive of the administration's efforts. Massachusetts Senator Elizabeth 0:02:38.560 --> 0:02:42.560 Warren tells Bloomberg Balance of Power that Elon musk move 0:02:42.720 --> 0:02:46.040 to shut down us AID is effectively a move to 0:02:46.080 --> 0:02:50.760 shut down the government. Donald Trump, through his co president 0:02:50.880 --> 0:02:53.680 Elon Musk, is in the business of trying to shut 0:02:53.720 --> 0:02:58.320 down the government right now and doing so illegally. Senator 0:02:58.320 --> 0:03:01.359 Elizabeth Warren also accused tru Ump and Musk of effectively 0:03:01.440 --> 0:03:04.880 sidelining the nation's financial cops by shutting down the Consumer 0:03:05.000 --> 0:03:09.400 Financial Protection Bureau. Here Senator Warren's full conversation with Bloomberg's 0:03:09.440 --> 0:03:12.560 Joe Matthew and Kayley Lines on the Bloomberg Talks podcast 0:03:12.560 --> 0:03:13.640 feed then Karen. 0:03:13.720 --> 0:03:16.120 Senator Warren's comments come as The Wall Street Journal reports 0:03:16.160 --> 0:03:19.280 the Trump administration is looking into plans to consolidate the 0:03:19.320 --> 0:03:24.160 power of banking regulators without congressional approval. The journal says 0:03:24.280 --> 0:03:27.440 administration officials are looking into whether they can collapse the 0:03:27.440 --> 0:03:32.239 Federal Deposit Insurance Corporation the FDIC, into the Treasury Department. 0:03:32.560 --> 0:03:35.520 The report says staff inside the FDIC and the Office 0:03:35.560 --> 0:03:38.040 of the Controller of the Currency expect to hear from 0:03:38.040 --> 0:03:39.880 the Department of Government Efficiency soon. 0:03:40.560 --> 0:03:44.440 Meanwhile, on Capitol Hill yesterday, Nathan Senators heard from a 0:03:44.480 --> 0:03:47.960 Federal Reserve Chair Jerome Powell, who testify to the Senate 0:03:48.000 --> 0:03:51.040 Banking Committee. Powell told them he thinks the Central Bank 0:03:51.160 --> 0:03:53.520 does not need to rush to lower rates. 0:03:54.040 --> 0:03:56.960 As the economy evolves. We will adjust our policy stamps 0:03:56.960 --> 0:03:59.640 in a manner that best promotes our maximum employment and 0:03:59.640 --> 0:04:03.080 priced ability goals. If the economy remains strong and inflation 0:04:03.160 --> 0:04:05.920 does not continue to move sustainably toward two percent, we 0:04:05.960 --> 0:04:08.040 can maintain policy restrained for longer. 0:04:08.480 --> 0:04:12.000 Von yields climbed after Fed Chair j Powell's comments, Markets 0:04:12.000 --> 0:04:14.480 are pricing in around thirty three basis points of cuts 0:04:14.480 --> 0:04:17.400 in twenty twenty five, with the next move not expected 0:04:17.440 --> 0:04:21.240 until September. Powell will testify in the House today. Stay 0:04:21.279 --> 0:04:24.080 with Bloomberg for full coverage of his remarks starting at 0:04:24.080 --> 0:04:26.760 ten am Wall Street time on Bloomberg Radio and the 0:04:26.800 --> 0:04:29.719 Bloomberg's podcast page on YouTube. 0:04:29.800 --> 0:04:31.919 Well ahead of all that, Karen, investors will have a 0:04:31.960 --> 0:04:35.760 key economic report to digest this morning. The Consumer Price Index, 0:04:35.839 --> 0:04:38.559 says do out at eight thirty am Wall Street Time. 0:04:38.680 --> 0:04:41.800 Let's get a preview now from Bloomberg's John Tucker. So, John, 0:04:41.800 --> 0:04:42.600 what are we expecting? 0:04:42.760 --> 0:04:43.000 Well? 0:04:43.200 --> 0:04:47.000 Inflation Nathan proving to be stubborn as a mule. When 0:04:47.000 --> 0:04:50.360 you strip out more vulnerable components, economists suspected jump three 0:04:50.440 --> 0:04:53.840 tenths of eight percent month over month at three point 0:04:53.880 --> 0:04:56.479 one percent on a yearly basis. Now, remember the federal 0:04:56.480 --> 0:04:59.440 reserves target is two percent. If those turn out to 0:04:59.440 --> 0:05:01.680 be the number in this morning's report, the Fed will 0:05:01.720 --> 0:05:04.120 be in no rush to cut of indust rates. As 0:05:04.320 --> 0:05:08.200 Chairman Pale indicated, January would mark the fifth month in 0:05:08.279 --> 0:05:11.240 the last six that the core CPI has advanced three 0:05:11.240 --> 0:05:14.960 tenths of a percent. That is consistent with stalled progress 0:05:15.000 --> 0:05:19.279 and reducing inflation. The overall CPI probably will be driven 0:05:19.279 --> 0:05:23.039 by higher prices for energy and food, most notably eggs. 0:05:23.640 --> 0:05:25.640 Keep in mind, too, that a lot of companies and 0:05:25.680 --> 0:05:28.720 service providers they tend to hike prices and fees at 0:05:28.720 --> 0:05:31.680 the start of the year when consumers seem to be 0:05:31.760 --> 0:05:34.520 more willing to absorb the extra costs. In New York, 0:05:34.480 --> 0:05:36.120 I'm John Tucker, Bloomberg Radio. 0:05:36.320 --> 0:05:38.799 All right, John, thank you. In addition to CPI, traders 0:05:38.800 --> 0:05:41.080 continue to follow FED speak to get hints on the 0:05:41.120 --> 0:05:44.280 path of interest rates. Yesterday, New York Fed President John 0:05:44.320 --> 0:05:47.600 Williams said he expects inflation to slow toward two percent, 0:05:47.960 --> 0:05:51.560 but notes that policy related on certainty clouds the economic outlook. 0:05:51.760 --> 0:05:55.240 Williams added he'll closely watch prices to assess the impact 0:05:55.320 --> 0:05:58.480 on tariffs. Today, traders will hear from Atlanta FED President 0:05:58.560 --> 0:06:01.120 Raphael Bostik and Fedgunir Christopher Waller. 0:06:01.480 --> 0:06:04.400 On the geopolitical front, careen, President Trump is hailing the 0:06:04.440 --> 0:06:08.120 release of American Mark Fogel. The schoolteacher had been detained 0:06:08.160 --> 0:06:11.839 in Russia since twenty twenty one. Fogel was at the 0:06:11.880 --> 0:06:13.640 White House after his release. 0:06:14.360 --> 0:06:18.360 The super organism of people that came to my support 0:06:19.920 --> 0:06:24.479 and the love that I was given sustain me for 0:06:24.560 --> 0:06:26.200 three and a half years, and. 0:06:26.240 --> 0:06:29.240 Mark Fogel is calling President Trump a hero. The President 0:06:29.279 --> 0:06:32.479 says the terms of Fogel's release were very fair, but 0:06:32.520 --> 0:06:35.000 he didn't go into specifics. Trump says he hopes the 0:06:35.040 --> 0:06:37.800 move will allow Russia to work toward ending the war 0:06:37.920 --> 0:06:39.559 in Ukraine well Nathan. 0:06:39.640 --> 0:06:42.520 President Trump also backed off threats to withhold aid from 0:06:42.640 --> 0:06:45.360 Jordan after King of Dullah agreed to accept two thousand 0:06:45.440 --> 0:06:48.600 ill children from Gaza. Trump had threatened to withhold aid 0:06:48.680 --> 0:06:51.799 from Jordan and Egypt ahead of the King's visit Tuesday 0:06:51.880 --> 0:06:56.160 should the countries not accept Palestinian refugees. President Trump reiterated 0:06:56.160 --> 0:06:58.960 plans for the US to take ownership of Gaza and 0:06:59.000 --> 0:07:02.719 for Jordan and Egypt to absorb Palestinians, which Arab states 0:07:02.760 --> 0:07:07.479 are firmly against, and Trump's warning that Israel's break and 0:07:07.520 --> 0:07:10.520 Trump's warning that Israel break it ceasefire if AMOST delays 0:07:10.600 --> 0:07:12.480 the release of hostages by Saturday. 0:07:12.760 --> 0:07:15.680 Finally, Karen Apple has renamed the Gulf of Mexico the 0:07:15.680 --> 0:07:19.320 Gulf of America on its Apple Maps app. That follows 0:07:19.360 --> 0:07:21.800 the executive order the President Trump signed on his first 0:07:21.880 --> 0:07:24.480 day in office to change the name of the body 0:07:24.480 --> 0:07:27.520 of water. Comes after the US government updated its official 0:07:27.560 --> 0:07:30.680 map to reflect the new name as well. Alphabet's Google 0:07:30.800 --> 0:07:33.120 has made a similar update to its Google Maps, so 0:07:33.280 --> 0:07:35.240 has Microsoft's bing Maps. 0:07:38.920 --> 0:07:40.720 Time now for look at some of the other stories 0:07:40.720 --> 0:07:42.640 making news in New York and around the world. And 0:07:42.680 --> 0:07:45.880 for that we're joined by Bloomberg's Michael bar Michael, good morning. 0:07:45.720 --> 0:07:48.400 Good morning, Karen. The morning commute could be a bit 0:07:48.480 --> 0:07:53.200 tricky after more winter weinther accumulating snow will linger into 0:07:53.240 --> 0:07:55.880 this morning. For New York City and central New Jersey. 0:07:56.160 --> 0:08:00.000 The snowfall began last night north and west of the city. 0:08:00.000 --> 0:08:03.120 I barely got snow, if any, but in southern New 0:08:03.200 --> 0:08:05.680 Jersey close to a half a foot fell, where a 0:08:05.760 --> 0:08:09.200 winter storm warning was issued tonight. A new system light 0:08:09.280 --> 0:08:12.320 snow returns, changing the rain over night and could cause 0:08:12.360 --> 0:08:16.360 some icing problems before the rain ends Thursday morning. Meanwhile, 0:08:16.400 --> 0:08:19.440 in Washington, d C. A winter's Storm warning remains in 0:08:19.480 --> 0:08:23.320 effect until seven am. Heavy snow has also been falling 0:08:23.400 --> 0:08:26.800 in mid Atlantic states. This first responder is with the 0:08:26.840 --> 0:08:30.600 fire department in the Potomac Mills area of Virginia. If 0:08:30.600 --> 0:08:33.240 you don't need to drive, you should be off the roads. 0:08:33.559 --> 0:08:35.440 One of the biggest things that I've seen is that 0:08:35.520 --> 0:08:39.520 a lot of accidents happen from people not being properly prepared. 0:08:39.840 --> 0:08:43.360 He called it the most difficult fifteen months of his life. 0:08:43.640 --> 0:08:46.319 New York Mayor Eric Adams denied that he broke the 0:08:46.400 --> 0:08:49.760 law in his first public remarks since the Justice Department 0:08:49.800 --> 0:08:54.360 instructed Manhattan federal prosecutors to drop the corruption case he faced. 0:08:54.720 --> 0:08:57.559 Adams also says he realizes as many New Yorkers do 0:08:57.679 --> 0:08:58.400 not trust. 0:08:58.200 --> 0:09:01.880 Him no, but I must continue to regain your trust. 0:09:02.559 --> 0:09:05.320 I have learned a lot over the last year, and 0:09:05.440 --> 0:09:08.800 this experience has been humbling many or. 0:09:08.800 --> 0:09:10.920 Adams went on to say we can put this cruel 0:09:10.960 --> 0:09:15.320 episode behind us. President Trump's longtime confident, Steve Bannon, pleaded 0:09:15.360 --> 0:09:18.920 guilty to a fraud charge relating to duping donors who 0:09:18.960 --> 0:09:21.800 gave money to a fundraiser to build a wall along 0:09:21.840 --> 0:09:25.319 the southern border. The plea deal means Bannon avoids jail time. 0:09:25.640 --> 0:09:29.760 After yesterday's court hearing, Bannon said New York's law enforcers 0:09:29.840 --> 0:09:30.959 should be investigated. 0:09:31.800 --> 0:09:35.320 I'm calling on right now the Attorney General Pam Bonnie 0:09:35.360 --> 0:09:40.319 to begin an immediate criminal investigation to Letitia James Alvin 0:09:40.320 --> 0:09:42.440 Bragg Oliver for what they did to President Trump. 0:09:42.720 --> 0:09:46.280 Finally, a dog from the Working Group is named beston 0:09:46.400 --> 0:09:48.600 Show at the Westminster Kennel Club Dog. 0:09:48.400 --> 0:09:52.160 Show for Beston's Show at the one and forty ninth 0:09:52.240 --> 0:09:56.080 annual Westminster Kennel Club Dog Show. 0:09:56.120 --> 0:09:58.680 I choose the Giant Sall. 0:10:00.440 --> 0:10:03.280 The Giant Snauzer from New Jersey won the award at 0:10:03.360 --> 0:10:06.800 New York's Madison Square Garden last night. Global News twenty 0:10:06.800 --> 0:10:08.679 four hours a day and whenever you won it with 0:10:08.720 --> 0:10:12.719 the Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg. 0:10:12.240 --> 0:10:15.040 Herron Monty from New Jersey. I love it. Thank you, 0:10:15.080 --> 0:10:22.560 Michael Barr. Time now for the Bloomberg Sports Update. Brownt 0:10:22.559 --> 0:10:25.200 to you. I Tri State Outie. Here's John stash Hour, 0:10:25.280 --> 0:10:25.959 John good lerning. 0:10:26.160 --> 0:10:26.319 Thanks. 0:10:26.400 --> 0:10:29.559 Karrent's top team in college basketball, the Auburn Tigers coming off. 0:10:29.559 --> 0:10:31.680 I lost to Florida, but still ranked number one and 0:10:31.720 --> 0:10:34.040 now twenty two and two with an eighty to sixty 0:10:34.120 --> 0:10:37.840 eight win at Vanderbilt. Saturday, Auburn visits our tribal Alabamo, 0:10:37.880 --> 0:10:41.200 who's ranked number two. Crimson tie twenty one and three, 0:10:41.280 --> 0:10:44.240 Blue Out Texas one O three to eighty. Clayton Kershaw, 0:10:44.240 --> 0:10:46.439 at age thirty six, will be back for an eighteenth 0:10:46.520 --> 0:10:49.240 season with the LA Dodgers. He had knee and toe 0:10:49.240 --> 0:10:53.040 injuries last season, only pitched seven games. That's a Bloomberg Sports. 0:10:52.760 --> 0:10:56.000 Update Coast to coast. 0:10:56.040 --> 0:10:59.920 I'm Bloomberg Radio Nition White on Sirius XM and around 0:11:00.120 --> 0:11:03.800 the world on Bloomberg dot Com and the Bloomberg Business app. 0:11:04.000 --> 0:11:05.960 This is Bloomberg Daybreak. 0:11:06.320 --> 0:11:09.200 President Donald Trump is moving ahead with his push to 0:11:09.280 --> 0:11:11.679 slash the size of the federal government. He assigned in 0:11:11.760 --> 0:11:14.719 executive order for agencies to work with Elon Musk and 0:11:14.760 --> 0:11:17.640 his Department of Government Efficiency and to hire no more 0:11:17.679 --> 0:11:21.319 than one person for every four who leave the federal government. 0:11:21.520 --> 0:11:23.800 Elon Musk was in the Oval Office as the President 0:11:23.840 --> 0:11:24.680 issued that directive. 0:11:24.880 --> 0:11:27.960 The people voted for major government reform, and that's what 0:11:28.000 --> 0:11:29.360 people are going to get. They're going to get what 0:11:29.360 --> 0:11:30.679 they voted for and for more. 0:11:30.720 --> 0:11:32.960 This morning, we are joined by Terry Haynes, the founder 0:11:33.000 --> 0:11:35.360 of Pangea Policy. It's great to speak with you this 0:11:35.440 --> 0:11:38.640 morning after we saw that rare appearance from Elon Musk 0:11:38.960 --> 0:11:42.280 defending the so called Doge effort, but at the same 0:11:42.360 --> 0:11:47.080 time saying that you know, with all the revelations that 0:11:47.120 --> 0:11:49.680 he's put online, there are going to be some mistakes 0:11:49.880 --> 0:11:53.800 that he's going to need to be corrected. Is a 0:11:53.880 --> 0:11:56.680 move fast and break things model the right approach when 0:11:56.679 --> 0:11:58.800 it comes to reigning in the federal government. 0:11:58.880 --> 0:12:02.200 Terry, good morning, Good morning, Nathan. I think what they've 0:12:02.280 --> 0:12:07.520 concluded before the inauguration is that it's pretty much the 0:12:07.559 --> 0:12:11.080 only way. One of the older adages of Washington has 0:12:11.080 --> 0:12:15.000 never let process be the issue, and lots and lots 0:12:15.040 --> 0:12:18.160 of presidents have followed that in pursuit of bigger goals. 0:12:18.760 --> 0:12:21.600 Ronald Reagan, for example, came in in part on the 0:12:21.640 --> 0:12:27.040 expectation that from his supporters that he'd do something broadly 0:12:27.080 --> 0:12:31.600 similar to what's happening today. But they concluded that that 0:12:31.679 --> 0:12:33.760 was going to actually break things. He didn't have the 0:12:33.760 --> 0:12:37.520 political support for it or the political environment for it 0:12:37.600 --> 0:12:40.679 with one House Democratic, and what would have you know 0:12:40.840 --> 0:12:42.800 ended up happening is he ended up focusing on big 0:12:42.800 --> 0:12:47.480 policy issues and kind of let the the machinery of 0:12:47.640 --> 0:12:51.240 Washington aside. Same thing right before nine to eleven, Don 0:12:51.320 --> 0:12:55.480 Rumsfeld wanted to end the Pentagon's a lot of waste, 0:12:55.520 --> 0:12:58.440 fraud and abuse, and the next day we had nine 0:12:58.480 --> 0:13:00.200 to eleven and that was the end of it. But 0:13:00.920 --> 0:13:03.360 here I think they've decided this is the only way 0:13:03.400 --> 0:13:06.280 to do things, and if they end up with seventy 0:13:06.280 --> 0:13:10.559 five percent of what they propose and try to achieve 0:13:10.960 --> 0:13:12.200 that'll be a good time for them. 0:13:12.640 --> 0:13:15.080 Is it really the only way, though, Terry. I mean, 0:13:15.120 --> 0:13:19.560 we've already seen the massive amount of lawsuits that have 0:13:19.280 --> 0:13:22.920 put up against the DOJE effort, and lots of criticism 0:13:23.559 --> 0:13:26.360 from Democrats as well when it comes to these ideas 0:13:26.400 --> 0:13:29.000 that have been thrown out of you know, shutting down 0:13:29.440 --> 0:13:33.720 certain agencies that have Congressional approval and would presumably need 0:13:33.800 --> 0:13:36.240 Congress to say so to get rid of. 0:13:37.160 --> 0:13:41.640 Well, these days, there will always be lawsuits, and I 0:13:41.640 --> 0:13:45.520 would note for the audience that it's they're just injunctions. 0:13:46.040 --> 0:13:49.319 What will end up happening is these things go fully litigated. 0:13:49.480 --> 0:13:52.679 And that's fine. They expected that. I think Trump now 0:13:52.720 --> 0:13:55.080 has said twice this week you know he expects that, 0:13:55.160 --> 0:14:00.640 and he's pretty even keeled about it. They think that. 0:14:00.880 --> 0:14:03.600 The second thing is that the machinery of Washington today 0:14:03.600 --> 0:14:07.200 with the tiny Republican majorities, is one where you can't 0:14:07.280 --> 0:14:12.240 get efficiencies done quickly and effectively. You know, whether it 0:14:12.320 --> 0:14:16.640 be collapsing departments or agencies or anything else. And you know, 0:14:17.000 --> 0:14:18.920 when you need sixty votes in the Senate, it's just 0:14:18.920 --> 0:14:22.360 not going to happen. So there's that. Finally, you know, 0:14:22.400 --> 0:14:25.040 what they're looking at is a situation where you know, 0:14:25.120 --> 0:14:28.640 the government, excuse me, the public has long since supported 0:14:29.240 --> 0:14:33.000 the idea of pursuing efficiencies in government, thank you. And 0:14:33.040 --> 0:14:36.040 I talked a couple of months ago about this brewing 0:14:36.080 --> 0:14:38.840 DOJE idea, and I said, look, I'm you know, they 0:14:38.920 --> 0:14:42.200 want to get two billion or excuse me, two trillion efficiencies. 0:14:42.240 --> 0:14:44.680 I guarantee you they can find half of that right 0:14:44.720 --> 0:14:49.520 off the top, and they're they're working on that, you know. 0:14:49.640 --> 0:14:53.280 But finally, I would also point out that they're not 0:14:53.400 --> 0:14:57.080 talking about ending entire programs. They're not talking about ending 0:14:57.120 --> 0:14:59.240 for an aid for example. What they're trying to do 0:14:59.360 --> 0:15:01.360 is is you know, I would look at it as 0:15:01.440 --> 0:15:04.800 essentially kind of purifying the stream and making sure that 0:15:05.440 --> 0:15:08.280 the dollars that are going where they're supposed to go 0:15:08.320 --> 0:15:11.720 are going for proper things and not for the long 0:15:11.800 --> 0:15:14.720 laundry list parade of horribles that we've seen earlier. 0:15:15.160 --> 0:15:16.960 There's still going to be a lot of question, isn't 0:15:17.000 --> 0:15:20.960 there about whether Elon Musk should be leading this effort. 0:15:21.320 --> 0:15:25.080 He's been named a special government employee, but he hasn't 0:15:25.120 --> 0:15:29.360 been confirmed by the Senate. His position doesn't require Senate 0:15:29.400 --> 0:15:33.880 confirmation because there's a question still, isn't there about what 0:15:34.040 --> 0:15:36.440 exactly that position is. We got about a minute left. 0:15:37.080 --> 0:15:39.800 Yeah, there are questions about that, and they're going to 0:15:39.800 --> 0:15:43.600 be questions about that. You know, I'd say that the 0:15:43.640 --> 0:15:46.680 two things. One is that you know, people that are 0:15:47.080 --> 0:15:51.000 focusing on Musk Qualm Musk are missing the point. It's 0:15:51.120 --> 0:15:53.360 you know, you're not We're not in a situation here 0:15:53.800 --> 0:15:58.400 where the president has been supplanned somehow, or in a 0:15:58.440 --> 0:16:02.040 situation where the president very clearly is saying, you know, 0:16:02.080 --> 0:16:03.800 this is a guy who's doing this job before me 0:16:03.960 --> 0:16:07.800 and subject to my approval. The other thing is, you know, 0:16:07.840 --> 0:16:10.040 there's a political dimension to this, and the political dimension 0:16:10.160 --> 0:16:14.320 hugely favors Republicans. On this Democratic Party is essentially split 0:16:14.400 --> 0:16:16.200 right down the middle on whether they had to be 0:16:16.200 --> 0:16:21.640 spending time on nattering on about Musk or actually getting 0:16:21.680 --> 0:16:25.520 around a series of issues that actually help average people. 0:16:25.680 --> 0:16:28.560 And you know, the folks who are going on and 0:16:28.560 --> 0:16:31.280 on about Musk like this is some great constitutional crisis, 0:16:31.280 --> 0:16:33.080 I think are missing a much bigger point. 0:16:33.880 --> 0:16:36.800 This is Bloomberg day Break, your morning podcast on the 0:16:36.920 --> 0:16:40.440 stories making news from Wall Street to Washington and beyond. 0:16:40.640 --> 0:16:43.040 Look for us on your podcast feed by six am 0:16:43.080 --> 0:16:46.480 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:16:46.720 --> 0:16:49.560 You can also listen live each morning starting at five 0:16:49.600 --> 0:16:52.320 am Wall Street Time on Bloomberg eleven three to zero 0:16:52.320 --> 0:16:55.200 in New York, Bloomberg in ninety nine to one in Washington, 0:16:55.280 --> 0:16:59.880 Bloomberg ninety two nine in Boston, and nationwide on serious xm. 0:16:59.760 --> 0:17:03.840 Chan Plus listen coast to coast on the Bloomberg Business 0:17:03.880 --> 0:17:06.960 app now with Apple CarPlay and Android Atto interfaces. 0:17:07.200 --> 0:17:10.200 And don't forget to subscribe to Bloomberg News Now. It's 0:17:10.240 --> 0:17:12.960 the latest news whenever you want it in five minutes 0:17:13.040 --> 0:17:16.160 or less. Search Bloomberg News Now on your favorite podcast 0:17:16.200 --> 0:17:20.360 platform to stay informed all day long. I'm Karen Moscow. 0:17:20.160 --> 0:17:22.679 And I'm Nathan Hager. Join us again tomorrow morning for 0:17:22.720 --> 0:17:24.680 all the news you need to start your day right 0:17:24.680 --> 0:17:26.160 here on Bloomberg Day Ray