LA Under Siege as New Fire Burns; Remembering Jimmy Carter

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 --> 0:00:18.439 Karen, we begin with the deadly, out of control wildfires 0:00:18.440 --> 0:00:22.040 in California. At least five people have been killed, hundreds 0:00:22.079 --> 0:00:24.800 of thousands out of their homes. Let's get the very 0:00:24.840 --> 0:00:27.360 latest with Bloomberg's John Tucker, John and Nathan. 0:00:27.440 --> 0:00:32.320 Los Angeles has plunged into its worst natural disaster in decades. 0:00:32.400 --> 0:00:34.239 One of the worst I have ever seen, if not 0:00:34.400 --> 0:00:35.000 the worst. 0:00:35.120 --> 0:00:38.440 LA Fire. Captain Eric Scott. A new wildfire flared and 0:00:38.520 --> 0:00:42.720 slowly expanded in the Hollywood Hills, fed by hurricane force winds, 0:00:43.080 --> 0:00:45.480 and some residents tried in vain to fight back. 0:00:45.840 --> 0:00:48.000 The balcony was on fire and I went around the 0:00:48.040 --> 0:00:49.360 back to grab the garden host. 0:00:49.560 --> 0:00:52.680 For a brief period winds died down. Cruz took advantage 0:00:52.680 --> 0:00:54.640 of the window to attack the fire from the air. 0:00:57.080 --> 0:01:00.720 There are currently five fires burning across Laws Angelus. One 0:01:00.800 --> 0:01:04.440 hundred thousand residents have been forced to flee. This evacuation 0:01:04.600 --> 0:01:08.399 area includes landmarks like the TCL Chinese Theater and the 0:01:08.480 --> 0:01:12.000 Dolby Theater, the home of the Academy Awards extending to 0:01:12.120 --> 0:01:16.560 a section of Hollywood Boulevard. Los Angeles Mayor Karen Bass to. 0:01:16.600 --> 0:01:20.279 Those who fled their homes, especially those who have lost 0:01:20.319 --> 0:01:20.959 your homes. 0:01:21.280 --> 0:01:24.600 Our hearts are breaking for you and we stand with you. 0:01:24.959 --> 0:01:28.520 Since the nineteen ninety four Northridge earthquake, has a disaster 0:01:28.640 --> 0:01:31.640 affected so many lives across the city At once of 0:01:31.800 --> 0:01:33.480 John Tucker Bloomberg Radio. 0:01:33.640 --> 0:01:36.440 All right, John, thank you About the Los Angeles wildfires 0:01:36.480 --> 0:01:38.720 are projected to be one of the costliest and natural 0:01:38.760 --> 0:01:43.039 disasters in US history. Acueather estimates the damage and economic 0:01:43.120 --> 0:01:46.360 loss to be between fifty two and fifty seven billion dollars. 0:01:46.640 --> 0:01:50.120 Blazer's burning around Santa Monica and Malibu are consuming some 0:01:50.160 --> 0:01:53.240 of the most pricey real estate in the US, affecting 0:01:53.320 --> 0:01:56.280 areas where the median home value is more than two 0:01:56.320 --> 0:01:57.160 million dollars. 0:01:57.280 --> 0:01:57.720 Man Karen. 0:01:57.720 --> 0:02:01.320 President Biden has canceled the final overseas trip of his presidency, 0:02:01.400 --> 0:02:04.560 choosing to remain in Washington to monitor the response to 0:02:04.640 --> 0:02:07.960 those devastating fires. Biden was scheduled to leave for Rome 0:02:08.080 --> 0:02:08.919 this afternoon. 0:02:09.680 --> 0:02:13.519 Meanwhile, Nathan President Biden is celebrating a labor crisis, averted 0:02:13.680 --> 0:02:17.680 that could have snarled American shipping. The International Longshoremen's Association, 0:02:17.800 --> 0:02:20.720 a major US doc workers union, has reached a tentative 0:02:20.720 --> 0:02:23.280 agreement on a new six year contract with the US 0:02:23.320 --> 0:02:27.280 Maritime Alliance, the group that represents ocean carriers and terminal operators. 0:02:27.560 --> 0:02:30.720 A source tells Bloomberg the deal guarantees union jobs when 0:02:30.840 --> 0:02:35.120 certain technologies are implemented, including these semi automated cranes that 0:02:35.200 --> 0:02:38.600 became a sticking point in the negotiations. It also preserves 0:02:38.639 --> 0:02:41.240 a sixty two percent pay raise that both sides agreed 0:02:41.280 --> 0:02:44.840 to in October after a three day strike shut down 0:02:45.000 --> 0:02:47.600 every major port on the East and Gulf Coast. 0:02:47.880 --> 0:02:50.560 Later today, Karen, of course, the nation says goodbye one 0:02:50.639 --> 0:02:54.000 last time. It's a former president, Jimmy Carter. We get 0:02:54.000 --> 0:02:57.160 more from Bloomberg's David Gura. In Washington, the. 0:02:57.120 --> 0:02:59.680 Federal government is closed for a national day of mourning. 0:03:00.000 --> 0:03:02.239 Former President Carter has been lying in state in the 0:03:02.360 --> 0:03:05.079 US capital, and thousands of people have visited the Capitol 0:03:05.160 --> 0:03:08.959 rotunda to pay their respects. After a departure ceremony, this morning, 0:03:09.000 --> 0:03:11.640 there will be a state funeral at the Washington National Cathedral. 0:03:11.960 --> 0:03:14.800 Former presidents will attend the service along with lawmakers and 0:03:14.840 --> 0:03:18.520 military leaders. Later, in Carter's home state, there will be 0:03:18.520 --> 0:03:21.200 a private funeral service and the thirty ninth President will 0:03:21.240 --> 0:03:23.680 be buried next to his wife, the former First Lady 0:03:23.760 --> 0:03:28.440 Rosalind Carter, in Plains, Georgia. In Washington, David Gura, Bloomberg Radio. 0:03:28.600 --> 0:03:31.200 Thank you David, and stay with Bloomberg for full coverage 0:03:31.240 --> 0:03:34.000 of President Carter's funeral. Live coverage at David Gurra and 0:03:34.040 --> 0:03:37.160 Bloomberg Zan Marie hordern starts at nine am Wall Street 0:03:37.160 --> 0:03:39.400 Time on Bloomberg Radio and Television. 0:03:39.800 --> 0:03:43.440 Well Nathan. President elect Donald Trump will attend today's state funeral, 0:03:43.480 --> 0:03:45.520 but tomorrow he's scheduled to face sent and sing in 0:03:45.600 --> 0:03:48.560 his New York count money conviction. Trump has asked the 0:03:48.560 --> 0:03:50.800 Supreme Court to step in and put the case. 0:03:50.640 --> 0:03:53.040 On hold and now, just as Samuel. 0:03:52.600 --> 0:03:54.960 Alito has confirmed he had a phone call with the 0:03:54.960 --> 0:03:57.720 President elect the day before he put in that request. 0:03:58.080 --> 0:04:00.600 In his statement, Alito says one of his former law 0:04:00.600 --> 0:04:02.720 clerks asked him to take the call so he could 0:04:02.760 --> 0:04:06.320 recommend him for a role in the Trump administration. Alito 0:04:06.400 --> 0:04:09.000 says he did not discuss the hush money case or 0:04:09.080 --> 0:04:11.840 know that Trump had filed for an emergency stay. The 0:04:11.880 --> 0:04:14.880 head of the nonprofit group fixed the court, tells Bloomberg 0:04:14.960 --> 0:04:18.360 Law All three, Trump, Alito and the former clerk should 0:04:18.360 --> 0:04:18.800 have known. 0:04:18.680 --> 0:04:19.720 Better, well, Karen. 0:04:19.720 --> 0:04:22.440 Now we turn to a Bloomberg News exclusive. The artificial 0:04:22.440 --> 0:04:26.760 intelligence phenomenon may result in thousands of job cuts on 0:04:26.839 --> 0:04:30.320 Wall Street. Let's get the details from Bloomberg's Lisa Matteo. 0:04:30.440 --> 0:04:35.080 Lisa, Bloomberg Intelligence surveyed a peer group that included City Group, JP, 0:04:35.200 --> 0:04:38.440 Morgan Chase, and Goldman Sachs, and they found that AI 0:04:38.600 --> 0:04:40.880 could push global banks to cut as many as two 0:04:41.000 --> 0:04:44.000 hundred thousand jobs in the next three to five years. 0:04:44.200 --> 0:04:46.800 And this is as the technology takes tax over currently 0:04:46.800 --> 0:04:49.440 that are carried out by human workers, and that amounts 0:04:49.520 --> 0:04:53.039 to about three percent of the industry's global workforce. So 0:04:53.279 --> 0:04:57.159 who's affected Back office, middle office operations likely to be 0:04:57.240 --> 0:05:00.760 the most at risk. Bloomberg Intelligence predicts A could meet 0:05:00.760 --> 0:05:04.039 improved earnings, with banks adding as much as one hundred 0:05:04.080 --> 0:05:06.880 and eighty billion dollars to their combined bottom line in 0:05:06.920 --> 0:05:10.760 twenty twenty seven as AI powers and increase in productivity. 0:05:11.040 --> 0:05:12.880 Lisa Matteo, Bloomberg. 0:05:12.480 --> 0:05:16.000 Radio Alisa, thank you well. Chip stocks maybe under pressure 0:05:16.080 --> 0:05:18.760 when trading resumes tomorrow. The stock market, of course, is 0:05:18.800 --> 0:05:21.640 closed today for the funeral of Jimmy Carter. After the 0:05:21.680 --> 0:05:24.640 belly yesterday's shares of Nvidia drop more than one percent. 0:05:25.000 --> 0:05:28.480 President Biden's administration plans one additional round of restrictions on 0:05:28.520 --> 0:05:31.760 the export of artificial intelligence chips from the likes of Nvidia, 0:05:32.200 --> 0:05:35.080 just days before leaving office. Begin more with Bloomberg, se 0:05:35.080 --> 0:05:35.480 and King. 0:05:35.920 --> 0:05:38.560 First of all, is it going to get implemented? Secondly, 0:05:38.880 --> 0:05:41.800 we'll have to wait and see. That will take a 0:05:41.839 --> 0:05:44.440 lot of time to sort of pass. How these restrictions 0:05:44.600 --> 0:05:47.600 will affect what companies do, And clearly they're going to 0:05:47.640 --> 0:05:49.760 look very closely at what they can get away with. 0:05:49.839 --> 0:05:52.800 And we've seen in the past with these restrictions, you 0:05:52.839 --> 0:05:55.799 see an initial essential shut down of shipments to certain 0:05:55.839 --> 0:05:58.480 places and then sort of gradually comes back as the 0:05:58.520 --> 0:06:00.240 lawyers work out what they can get away with. So 0:06:00.279 --> 0:06:02.680 it's going to be pubably chealthy to start off with. 0:06:03.240 --> 0:06:05.400 And bloomercy and King says the goal is to keep 0:06:05.440 --> 0:06:08.400 advanced technologies out of the hands of China and Russia. 0:06:08.640 --> 0:06:11.680 Well, Karen, the outgoing chair of the Securities and Exchange Commission, 0:06:11.760 --> 0:06:14.440 says there is more still to be done in regulating 0:06:14.440 --> 0:06:18.359 the cryptocurrency market. Bloomberg's David Gura spoke with Gary Gensler. 0:06:18.680 --> 0:06:25.440 In this field, it's rife with bad actors. I've been 0:06:25.480 --> 0:06:29.719 around finance for over four decades, and everything in the 0:06:29.800 --> 0:06:35.080 market's trade on a mixture of fundamentals and sentiment at 0:06:35.080 --> 0:06:38.560 any given time. I've never seen a field that's so 0:06:38.720 --> 0:06:43.160 much wrapped up in sentiment and not so much about fundamentals. 0:06:43.839 --> 0:06:46.159 Gary Gensler will step down as Chairman of the SEC 0:06:46.279 --> 0:06:49.359 on January twentieth, the day President elect Donald Trump is 0:06:49.400 --> 0:06:52.400 sworn into office. 0:06:53.640 --> 0:06:54.880 And it's time now for a look at some of 0:06:54.920 --> 0:06:57.000 the other stories making news in New York and around 0:06:57.000 --> 0:06:58.880 the world. And for that we're joined by Bloomberg's and 0:06:58.920 --> 0:06:59.599 Michael Barr. 0:06:59.640 --> 0:07:01.400 Michael Morning, Good morning Karen. 0:07:01.480 --> 0:07:04.279 Another blast of winter weather is set to grip the 0:07:04.320 --> 0:07:06.520 South at the end of the week, bringing a heavy 0:07:06.560 --> 0:07:10.200 snow and possible difficult driving conditions over the coming days. 0:07:10.600 --> 0:07:14.080 Schools and cities from Texas to Georgia are shutting down. 0:07:14.440 --> 0:07:18.160 Shoppers like this man and Jonesborough, Arkansas, are stocking up 0:07:18.200 --> 0:07:19.000 the head of the storm. 0:07:19.200 --> 0:07:21.080 I've got a half gallon milk. I'm gonna stop and 0:07:21.080 --> 0:07:23.800 get me some meal so I don't have to get out. 0:07:23.840 --> 0:07:24.800 That's bad weather. 0:07:25.240 --> 0:07:28.320 Oklahoma City pre treated all of their roads ahead of 0:07:28.320 --> 0:07:33.080 today's snowstorm. Okay Sees public Works Emergency Operations manager Mike 0:07:33.160 --> 0:07:36.160 Love says they added beat juice to their mix. 0:07:36.600 --> 0:07:38.800 He juice is an additive that we put in our salt. 0:07:38.800 --> 0:07:39.040 Brian. 0:07:39.200 --> 0:07:41.960 We do a twenty percent to ten percent mix depending 0:07:42.000 --> 0:07:44.040 on what kind of temperatures we're going to deal with. 0:07:44.040 --> 0:07:45.880 And what it really does is it makes our salt 0:07:45.880 --> 0:07:46.520 work better. 0:07:47.240 --> 0:07:51.559 Meanwhile, Virginia's capital, Richmond, remains under a weather related water 0:07:51.680 --> 0:07:55.400 boil advisory. New York Mayor Eric Adams is set to 0:07:55.440 --> 0:07:58.560 deliver his State of the City address today. Adams will 0:07:58.600 --> 0:08:01.560 deliver it at the Apollo Theater in Manhattan at noon 0:08:01.600 --> 0:08:05.280 Eastern time. The address comes as Adams faces legal troubles 0:08:05.280 --> 0:08:09.680 over accusations of taking luxury trips for political favors, something 0:08:09.720 --> 0:08:14.280 the mayor denies. The outgoing Secretary of State is dismissing 0:08:14.360 --> 0:08:18.240 the notion President elect Trump will try to take Greenland. 0:08:18.640 --> 0:08:21.960 Secretary of State Anthony blinkln was asked about it while 0:08:22.000 --> 0:08:22.520 in parents. 0:08:22.880 --> 0:08:26.920 The idea expressed about Greenland is obviously not a good one, 0:08:28.000 --> 0:08:30.480 but maybe more important, it's obviously one that's not going 0:08:30.480 --> 0:08:32.480 to happen, so we probably shouldn't waste a lot of 0:08:32.480 --> 0:08:33.199 time talking about. 0:08:33.679 --> 0:08:36.319 Earlier this week, President elect Trump declined to rule out 0:08:36.400 --> 0:08:39.720 using military force to take Greenland and the Panamont Canal. 0:08:40.400 --> 0:08:43.920 New York City's Taxi and Limousine Commission is proposing changes 0:08:43.920 --> 0:08:47.920 to Uber and Lifts driver paque calculations to close a 0:08:47.920 --> 0:08:51.840 loophole that has denied drivers millions of dollars. The proposal 0:08:51.880 --> 0:08:54.960 would effectively raise driver rates by six point one percent 0:08:55.360 --> 0:08:58.880 and includes changes to utilization rates and a new rule 0:08:59.000 --> 0:09:03.160 requiring seventy two hour advance notice to drivers before locking 0:09:03.160 --> 0:09:06.360 them out. However, Uber and Lyft are opposing the plan, 0:09:06.440 --> 0:09:10.120 morning that it would lead to more expensive rides for consumers. 0:09:10.559 --> 0:09:13.840 The New York Taxi Workers in Lion supports the proposal 0:09:14.120 --> 0:09:17.840 as a stepped towards better driver pay and job security. 0:09:18.200 --> 0:09:20.120 Global News twenty four hours a day and whenever you 0:09:20.120 --> 0:09:22.720 want it with Bloomberg News Now, Michael Barb, This is Bloomberg. 0:09:22.800 --> 0:09:29.839 Karen all Right, Michael Barr thank you time now for 0:09:29.880 --> 0:09:32.920 the Bloomberg Sports update, Brocky, you by try stayed out. 0:09:32.960 --> 0:09:35.439 Ye here's John Stanshower, John, good morning, good morning. 0:09:35.440 --> 0:09:36.920 Here a little more like it for the next They 0:09:36.960 --> 0:09:39.120 had lost a season nine three games that are really 0:09:39.160 --> 0:09:41.600 bad outing the other night against Orlando, but back at 0:09:41.600 --> 0:09:44.240 the Garden they beat Toronto, a team with only one 0:09:44.280 --> 0:09:47.920 win in this last fifteen games, one twelve to ninety eight. 0:09:47.960 --> 0:09:49.920 Coach Tom Thibodeau enjoyed this one. 0:09:50.240 --> 0:09:52.559 I thought we came out with a with a really 0:09:52.640 --> 0:09:58.160 strong spirit of togetherness, and you know, good things come 0:09:58.160 --> 0:10:03.679 from that. So thirteen that plays real fast, and Bill 0:10:03.720 --> 0:10:06.920 test you in terms of defensive transition, and I thought 0:10:07.360 --> 0:10:09.080 our guys responded well to that. 0:10:09.679 --> 0:10:12.360 In that loss to the Magic Karl Anthony Towns didn't play. 0:10:12.440 --> 0:10:15.040 He returned led the Knicks with twenty seven points, thirteen 0:10:15.120 --> 0:10:18.400 rebounds nets. At Barkley's lost to much improved Detroit one 0:10:18.480 --> 0:10:19.240 thirteen ninety eight. 0:10:19.280 --> 0:10:20.680 Pistons move over five hundred. 0:10:20.840 --> 0:10:23.120 The Big NBA game was in Cleveland, just the third 0:10:23.120 --> 0:10:26.280 game in history where both teams were riding winning streaks 0:10:26.280 --> 0:10:28.839 of at least ten games. The Cavs beat Oklahoma City 0:10:29.080 --> 0:10:31.560 one twenty nine one twenty two. It's their eleventh win 0:10:31.559 --> 0:10:34.000 in a row. They're now thirty two and four. The 0:10:34.120 --> 0:10:37.160 Thunder dropped to thirty and six. It ends there fifteen 0:10:37.240 --> 0:10:40.280 game win streak. The NHL game in Los Angeles between 0:10:40.320 --> 0:10:43.040 the Kings and Flames postponed due to the fires in LA. 0:10:43.080 --> 0:10:46.520 There's an NFL playoff game at Sofi Stadium Monday night, 0:10:46.640 --> 0:10:49.480 Rams and Vikings. The NFL announced if it's determined the 0:10:49.520 --> 0:10:53.000 game can't be played in LA, it'll be moved to Phoenix. 0:10:53.040 --> 0:10:54.200 Sixteens looking for a new. 0:10:54.040 --> 0:10:56.559 Coach, including the Jets, who have a long list of candidates. 0:10:56.600 --> 0:11:00.320 To interview yesterday was Kansas City assistant Matt Nagy, former 0:11:00.360 --> 0:11:03.040 head coach in Chicago, the Bears are looking again. They 0:11:03.080 --> 0:11:05.680 spoke with Mike Grable, who seems to be on everyone's list. 0:11:05.720 --> 0:11:09.120 New name has emerged in Chicago, Iowa state coach Matt Campbell. 0:11:09.160 --> 0:11:12.160 Tom Brady has an ownership stake in the Raiders. Reportedly 0:11:12.240 --> 0:11:14.720 they asked Brady's old coach, Bill Belichick if he was 0:11:14.800 --> 0:11:17.600 interested in He said he was not. Belichick just recently 0:11:17.679 --> 0:11:21.320 hired at North Carolina. College football playoffs semifinals starting tonight 0:11:21.320 --> 0:11:24.160 in Miami with Penn State against Notre Dame. Texas takes 0:11:24.240 --> 0:11:27.080 on Ohio State tomorrow and Dallas. The four teams left 0:11:27.440 --> 0:11:30.360 four of the seven winning this teams in college football history. 0:11:30.640 --> 0:11:33.119 John Stashaway, Bloomberg Sports Karen Nathan. 0:11:35.280 --> 0:11:39.440 Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, 0:11:39.559 --> 0:11:42.400 and around the world on Bloomberg dot Com and the 0:11:42.440 --> 0:11:45.560 Bloomberg Business app. This is Bloomberg Daybreak. 0:11:45.880 --> 0:11:48.720 Good morning, I'm Nathan Hager. This is a national day 0:11:48.760 --> 0:11:50.880 of mourning in honor of the late Jimmy Carter. The 0:11:50.880 --> 0:11:53.760 thirty ninth President, has been lying in state since Tuesday 0:11:53.840 --> 0:11:56.400 night in the US Capitol ahead of the state funeral 0:11:56.440 --> 0:11:59.920 later this morning at Washington National Cathedral House. Speaker My 0:12:00.120 --> 0:12:03.240 Johnson honored President Carter as his flag draped casket arrived 0:12:03.280 --> 0:12:04.440 at the Capitol this week. 0:12:04.920 --> 0:12:07.000 We all know that his care for humanity didn't stop 0:12:07.000 --> 0:12:10.320 at building homes. In the face of illness. President Jimmy 0:12:10.360 --> 0:12:13.199 Carter brought life saving medicine. In the face of conflict, 0:12:13.240 --> 0:12:17.040 he broke he peace in the face of discrimination. He 0:12:17.120 --> 0:12:20.240 reminded us that we are all made in the image 0:12:20.240 --> 0:12:20.560 of God. 0:12:21.200 --> 0:12:23.840 And this morning we're pleased to be joined by Terry Haynes, 0:12:23.960 --> 0:12:27.000 the founder of Pangaea Policy. Terry, thanks so much for 0:12:27.040 --> 0:12:29.760 being with us. How can you sum up the legacy 0:12:30.000 --> 0:12:31.520 that Jimmy Carter leaves behind? 0:12:31.520 --> 0:12:35.120 Good morning, Good morning, Nathan, and then thank you particularly 0:12:35.200 --> 0:12:37.600 for having me on to talk about Jimmy Carter today. 0:12:39.240 --> 0:12:42.240 Two things to start. One is, this is a man 0:12:42.360 --> 0:12:46.240 who wanted to live a useful life and he achieved 0:12:46.280 --> 0:12:49.480 that not just with the presidency, but with the Carter Center, 0:12:49.559 --> 0:12:52.679 with Habitat for Humanity and a great deal more, for 0:12:52.880 --> 0:12:57.320 some of which Speaker Johnson mentioned there too. It's hard 0:12:57.320 --> 0:13:01.280 to imagine that it's true that Carter was president nearly 0:13:01.360 --> 0:13:04.920 half his life ago, so he had an unprecedented opportunity, 0:13:05.440 --> 0:13:09.720 uh to have a post presidential career and really shaped, uh, 0:13:09.920 --> 0:13:13.640 you know, ironically, together with Richard Nixon, to some extent, 0:13:14.280 --> 0:13:18.079 exactly what a post presidential career looked like, you know, 0:13:18.160 --> 0:13:20.760 the in the Carter the Carter Presidency, I would say, 0:13:20.840 --> 0:13:23.880 just in some a lot you know, people have redibituaries 0:13:23.880 --> 0:13:26.920 and all the rest is really a hinged the world 0:13:27.000 --> 0:13:29.040 we live in today, and a lot of a lot 0:13:29.040 --> 0:13:32.120 of reasons in a lot of ways. Finally, I would 0:13:32.120 --> 0:13:35.880 say that the markets particularly have Jimmy Carter to thank 0:13:35.920 --> 0:13:40.480 for today's market strength, because it was Carter's determination to 0:13:40.600 --> 0:13:46.200 break us inflation. Uh that, including by appointing Paul Volker 0:13:46.320 --> 0:13:50.800 the FED share and sticking with it, that really created 0:13:50.880 --> 0:13:54.600 the the economy and in the United States prosperity that 0:13:54.640 --> 0:13:55.640 we all enjoy today. 0:13:56.520 --> 0:14:00.000 There have been parallels drawn between how President Carter handled 0:14:00.120 --> 0:14:03.959 the inflationary situation to how President Biden has handled his 0:14:04.000 --> 0:14:05.840 own inflationary situation. 0:14:05.960 --> 0:14:07.280 What are the parallels you had drawn? 0:14:08.679 --> 0:14:11.760 You know? I would say two things. One is I 0:14:11.800 --> 0:14:19.000 do see the similarities, of course and Carter. Inflation ruined 0:14:19.040 --> 0:14:23.720 Carter's presidency as much as it ruined Biden's presidency. But 0:14:23.800 --> 0:14:28.080 the big difference between Carter and Biden unappreciated it's time, 0:14:28.160 --> 0:14:32.080 I would say, is that Carter was doing something about 0:14:32.120 --> 0:14:35.920 it by appointing Vulker and really wanting to crack down 0:14:35.960 --> 0:14:40.600 on inflation. And to Carter's great credit, he stuck to it. 0:14:41.360 --> 0:14:44.360 He told Vulker, you take care of the interest rates 0:14:44.360 --> 0:14:46.880 in the economy, I'll take care of the politics. Well, 0:14:46.960 --> 0:14:50.680 Vulker took care of his half, but circumstances made it 0:14:50.720 --> 0:14:53.440 too much for Carter to take care of the politics. 0:14:53.720 --> 0:14:57.800 And I would also give Ronald Reagan a shout out 0:14:57.800 --> 0:15:02.360 here as well, because Reagan continued those policies with Volker 0:15:02.800 --> 0:15:05.720 at some cost to his presidency as well. It's forgotten 0:15:05.720 --> 0:15:09.360 now that Reagan's first two years plus were anything but 0:15:09.480 --> 0:15:14.360 smooth on the inflation and economic front, but things eventually 0:15:14.920 --> 0:15:17.400 worked out and smoothed out thanks to both of those 0:15:17.440 --> 0:15:18.680 gentlemen sticking to it. 0:15:19.000 --> 0:15:20.560 Only have about thirty seconds left. 0:15:20.560 --> 0:15:22.840 But of course these remembrances are coming at a time 0:15:22.880 --> 0:15:27.240 of presidential transition. We're expecting differences to be put aside, 0:15:27.240 --> 0:15:29.640 at least for today. What's it going to take to 0:15:29.680 --> 0:15:34.320 bring the comedy comedy passed today in Washington? 0:15:35.360 --> 0:15:39.600 Passed today? You know, I think my answer to that, Nathan, 0:15:40.280 --> 0:15:43.920 just as when you and I talked after January sixth, 0:15:44.160 --> 0:15:47.720 twenty twenty one, is a little more humility from everybody. 0:15:48.280 --> 0:15:52.160 People get way over their skis on rhetoric, people get 0:15:52.200 --> 0:15:56.240 way over their skis on divisiveness. We're entering a period 0:15:56.280 --> 0:16:01.360 here with geopolitical competition and conference We're a little more 0:16:01.440 --> 0:16:05.040 humility across the board. With Serve Washington very well. 0:16:04.960 --> 0:16:08.360 This is Bloomberg Daybreak, your morning podcast on the stories 0:16:08.440 --> 0:16:11.480 making news from Wall Street to Washington and beyond. 0:16:11.720 --> 0:16:14.120 Look for us on your podcast feed by six am 0:16:14.160 --> 0:16:17.560 Eastern each morning, on Apple, Spotify, or anywhere else you listen. 0:16:17.760 --> 0:16:20.600 You can also listen live each morning starting at five 0:16:20.640 --> 0:16:23.360 am Wall Street Time on Bloomberg eleven three to zero 0:16:23.360 --> 0:16:26.280 in New York, Bloomberg ninety nine to one in Washington, 0:16:26.320 --> 0:16:30.280 Bloomberg ninety two nine in Boston, and nationwide on serious 0:16:30.480 --> 0:16:32.040 XM Channel one twenty one. 0:16:32.440 --> 0:16:35.160 Plus listen coast to coast on the Bloomberg Business app 0:16:35.200 --> 0:16:38.040 now with Apple CarPlay and Android auto interfaces. 0:16:38.240 --> 0:16:41.280 And don't forget to subscribe to Bloomberg News Now. It's 0:16:41.280 --> 0:16:44.000 the latest news whenever you want it in five minutes 0:16:44.120 --> 0:16:47.240 or less. Search Bloomberg News Now on your favorite podcast 0:16:47.280 --> 0:16:51.440 platform to stay informed all day long. I'm Karen Moscow. 0:16:51.200 --> 0:16:52.200 And I'm Nathan Hager. 0:16:52.360 --> 0:16:54.400 Join us again tomorrow morning for all the news you 0:16:54.440 --> 0:17:05.040 need to start your day right here on Bloomberg Daybreak