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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Care We begin with a dangerous situation this morning in

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Speaker 3: southern California. Tens of thousands have fled their homes as

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Speaker 3: wildfires burn out of control in the Los Angeles area.

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Speaker 3: We get the very latest now with Bloomberg's John Tucker,

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Speaker 3: John and Nathan.

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Speaker 4: It sounds like a freight train moving through. Mandatory evacuation

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Speaker 4: orders have now been expanded the parts of northern Santa Monica.

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Speaker 5: The wind is so.

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Speaker 2: Strong it will almost knock you over, and the embers

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Speaker 2: are blowing through the parking lot and the actual to

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Speaker 2: hit you.

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Speaker 4: In the eyes. The Palisades fire has burned almost three

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Speaker 4: thousand acres, with those strong winds hampering firefighting efforts. Here's

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Speaker 4: California Gvinor Gavin Newsom.

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Speaker 6: Having just quite literally an hour or so ago, gone

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Speaker 6: up the canyon and soft firsthand the impact of these

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Speaker 6: swirling winds and the embers and the number of structures

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Speaker 6: that are destroyed, not a few many structures already destroyed.

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Speaker 4: Governor knew Someome declaring a state of emergency isolated wind

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Speaker 4: gus could be as strong as one hundred miles per hour.

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Speaker 4: The fires that prevented emergency vehicles from getting through and

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Speaker 4: on Sunset Boulevard, bulldozers were brought in to push abandoned

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Speaker 4: cars to the side and create a path. Over two

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Speaker 4: hundred and twenty thousand customers are without power. I'm John Tucker,

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Speaker 4: Bloomberg Radio.

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Speaker 5: All right, John, thank you, well.

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Speaker 2: We want to get the latest on Politican Now and

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Speaker 2: the wide ranging news conference from President elect Donald Trump.

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Speaker 2: He called reporters to mar A Lago to announce a

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Speaker 2: twenty billion dollar data center investment, but he also used

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Speaker 2: the event to ramp up threats on Canada, Greenland and

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Speaker 2: the Panama Canal. Trump was asked directly whether he could

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Speaker 2: assure the world he'd rule out military force to take

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Speaker 2: over Greenland or the Canal.

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Speaker 6: No.

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Speaker 7: I can't assure you on either of those two, but

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Speaker 7: I can say this, we need them for economic security.

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Speaker 5: The President elect also said.

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Speaker 2: He we'd use economic force to make Canada the fifty.

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Speaker 7: First state, because Canada and the United States, that would

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Speaker 7: really be something you get rid of that artificially drawn

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Speaker 7: line and you take a look at what that looks

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Speaker 7: like and it would also be much better for national security.

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Speaker 7: Don't forget we basically protect Canada.

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Speaker 5: And Trump took a swipe in Mexico with this announcement.

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Speaker 7: We're going to be changing the name of the Gulf

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Speaker 7: of Mexico to the Gulf of America.

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Speaker 2: Donald Trump has threatened both Mexico and Canada with new

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Speaker 2: tariffs if they don't do more to stem migrant and

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Speaker 2: drug flows into the US. Well.

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Speaker 3: Meanwhile, Karin, a group of House Republicans is going to

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Speaker 3: meet with President elect Trump ahead of a looming fight

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Speaker 3: over extending his twenty seventeen tax cuts.

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Speaker 4: We get that.

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Speaker 3: Story from Bloomberg's Doug Krisner. The meeting will happen at

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Speaker 3: mar A Lago this weekend and include twenty GOPIS House

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Speaker 3: members from New York, New Jersey, and California. New York

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Speaker 3: Representative Nick lo Lotas says the plan is to discuss

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Speaker 3: increasing the ten thousand dollars cap on state and local

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Speaker 3: tax deductions known as SALT. It disproportionately hurts voters in

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Speaker 3: three high tax states. Lo Lotus says the group will

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Speaker 3: push for a reasonable adjustment to the cap. It was

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Speaker 3: imposed as part of the twenty seventeen tax bill, and

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Speaker 3: now Republicans in Congress are beginning to negotiate a package

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Speaker 3: to extend those twenty seventeen tax cuts. In New York,

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Speaker 3: I'm Doug Krisner Bloomberg Radio.

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Speaker 2: All right, Doug, thank you all and videos. Jensen Wong,

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Speaker 2: the CEO at the center of the artificial intelligence boom,

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Speaker 2: says he's ready to meet president like Donald Trump and

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Speaker 2: offer his help to the coming administration. Long spoke with

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Speaker 2: Bloomberg's Ed Ludlow.

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Speaker 5: I'd be delighted to go see him.

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Speaker 8: Have you been invested?

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Speaker 5: Not yet, but I would be.

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Speaker 3: Delighted to go see him and.

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Speaker 9: Congratulate him and do everything we can to help this

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Speaker 9: administration succeed.

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Speaker 2: Donald Trump has said that he will and post trade

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Speaker 2: tariffs and may affect companies like Nvidia, which rely heavily

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Speaker 2: on overseas sales and outsourced manufacturing.

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Speaker 3: Well Karendon Vidio was one of the biggest losers in

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Speaker 3: yesterday's declines on Wall Street. The AI chip giant fell

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Speaker 3: more than six percent. Megan Horneman, chief investment officer at

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Speaker 3: Verden's Capital Advisor, says there's some tough sledding ahead for

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Speaker 3: last year's tech darlings.

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Speaker 1: I think the Magnificent seven specifically are going to have

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Speaker 1: a bit of a difficult year now. While there may

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Speaker 1: be earnings growth there, I'm not saying this is a

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Speaker 1: negative earnings growth environment, but the interest rate environment is

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Speaker 1: not going to be as favorable as to really to

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Speaker 1: warrant these elevated pe multiples to Sometimes we don't see

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Speaker 1: a correction that's really led by any specific catalyst, but

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Speaker 1: just evaluation correction, and I think the Magnificent Seven can

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Speaker 1: be due for that in the first half of this year.

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Speaker 3: It's Verden's Capital Advisors Megan Horneman, a gauge of the

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Speaker 3: Magnificent seven. Megacap stocks sank two and a half percent yesterday.

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Speaker 2: And Nathan we'll get a schlu of economic reports to

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Speaker 2: day because of the closure of the markets. Tomorrow, the

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Speaker 2: labor market will be in focus ahead of Friday's jobs report,

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Speaker 2: and we get a preview from Bloomberg's Michael McKee.

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Speaker 10: Investors like to trade on the ADP employment report, even

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Speaker 10: though it usually bears no resemblance to the non farm

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Speaker 10: payrolls number. Due Friday, ADP found one hundred and forty

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Speaker 10: six thousand new private sector jobs in November, while the

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Speaker 10: government reported one hundred ninety four thousand for December. The

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Speaker 10: payroll processor anticipates us slow down in that job growth.

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Speaker 10: If that happens, it may influence some final estimates for Friday.

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Speaker 10: Right now, the range of economists forecasts is quite wide,

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Speaker 10: from ninety five thousand to two hundred three thousand. We

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Speaker 10: also get jobless claims today, moved from Thursday because of

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Speaker 10: the memorial service for former President Jimmy Carter. Little change

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Speaker 10: from continuing low levels is forecast. Michael McKee, Bloomberg Radio.

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Speaker 3: Mike Thanks in company news, JP Morgan Chase is preparing

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Speaker 3: to require all its employees to return to the office

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Speaker 3: five days a week. That would end the bank's hybrid

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Speaker 3: work option. We get more from Bloomberg newsc Your finance

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Speaker 3: reporter Strint Orogen.

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Speaker 11: It's very fair to assume Jmie diamonds on boarded does

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Speaker 11: anyone on board is Jamie Diamond Everyone else has to

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Speaker 11: fall in line. But all the sense we're getting unless

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Speaker 11: plans fallow out last minute, is sometime in the next

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Speaker 11: few weeks, and then we could two. You could very

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Speaker 11: well see Jpmullen come out and say they want everyone

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Speaker 11: back in office five days a week.

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Speaker 3: Bloomberg Street nott O Rogen says the largest US bank

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Speaker 3: employees more than three hundred thousand people globally.

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Speaker 5: Well, Nathan, one billion is not enough.

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Speaker 2: Indonesia kept a ban on the sale of Apple's iPhone sixteen,

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Speaker 2: saying it's one billion dollar plan that includes building an

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Speaker 2: air tag factory is insufficient to meet local investment requirements.

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Speaker 2: The government said it is willing to negotiate with Apple,

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Speaker 2: but may impose sanctions if the company continues to not

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Speaker 2: comply with local investment rules.

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Speaker 3: And Karen, NFL gamblers are winning too much. That's the

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Speaker 3: word from FanDuel owner Flutter. Shares of that company fell

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Speaker 3: five percent in Europe after warning its fourth quarter profits

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Speaker 3: would be hurt after a string of quote very unfavorable

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Speaker 3: sports results in the US. Flutter says NFL games have

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Speaker 3: been the most customer friendly since it launched online sports betting.

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Speaker 2: Time off for a look at some of the other

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Speaker 2: stories making news in New York and around the world,

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Speaker 2: And for that we're joined by Bloomberg's Michael Barr.

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Speaker 5: Michael, Good morning, Good morning, Karen.

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Speaker 12: Former president Jimmy Carter will continue to lie in state

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Speaker 12: after his remains arrived in Washington Tuesday. Carter served as

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Speaker 12: president from nineteen seventy seven to eighty one and went

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Speaker 12: through a rocky four years of economic unrest and international

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Speaker 12: unrest that ended with his defeat to Republican Ronald Reagan.

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Speaker 12: In a ceremony, Vice President Kamala Harris spoke about Carter's

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Speaker 12: political legacy.

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Speaker 8: The wake of Watergate, Jimmy Carter passed historic ethics legislation

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Speaker 8: to help rebuild America's faith in government.

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Speaker 12: Also a Tuesday ceremony, House Speaker Mike Johnson spoke about

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Speaker 12: Carter's long devotion to service after he left the White House.

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Speaker 13: We all know that his care for humanity didn't stop

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Speaker 13: at building homes. In the face of illness, President Jimmy

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Speaker 13: Carter brought life saving medicine. In the face of conflict,

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Speaker 13: he brokeer peace in the face of discrimination. He reminded

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Speaker 13: us that we are all made in the image of God.

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Speaker 12: Carter will remain at the Capitol until Thursday morning, when

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Speaker 12: he is transported to Washington National Cathedral for a state funeral.

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Speaker 12: Rescue workers in Tibet are searching for more survivors and victims.

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Speaker 12: One day after a strong earthquake level thousands of houses

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Speaker 12: and killed at least one hundred and twenty six people

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Speaker 12: and injured around one hundred and ninety others. Tens, quilts

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Speaker 12: and other relief items were being delivered to the Western

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Speaker 12: China region to provide shelter for those whose homes are

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Speaker 12: uninhabitable or unsafe. Whintery temperatures fell well below freezing overnight.

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Speaker 12: The earthquake struck about fifty miles from Mount Everest and

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Speaker 12: the border with Nepal. It's not cleared for takeoff yet,

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Speaker 12: but a new technology could be poised to change the

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Speaker 12: future of transportation. Some few American companies are developing flying cars,

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Speaker 12: also called air Taxis Bevertt is the CEO of California

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Speaker 12: based Joby Aviation.

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Speaker 9: We see this as a new class of transportation as

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Speaker 9: a first step in moving into the skies for our

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Speaker 9: daily transportation.

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Speaker 12: Bevertt with Joby Aviation says the electric vertical takeoff and

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Speaker 12: landing aircraft has already been given their own FAA designation,

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Speaker 12: although they're not allowed to carry civilians just yet. Global

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Speaker 12: News twenty four hours a day and whenever you want

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Speaker 12: it with Bloomberg News Now. Michael barn This is Bloomberg.

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Speaker 3: It is five to eleven on Wall Street. Donald Trump

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Speaker 3: says he will not rule out using military force to

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Speaker 3: take control of Greenland and the Panama Canal, and he

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Speaker 3: says he would use economic force to absorb Canada. And

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Speaker 3: that was just a small part of a wide ranging

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Speaker 3: news conference at mar a Lago.

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Speaker 7: We're spending hundreds of billions a year to protect it,

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Speaker 7: We're spending hundreds of billions a year to take care

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Speaker 7: of Canada.

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Speaker 3: And for more. This morning, after that news conference, we're

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Speaker 3: joined by Bloomberg's Kevin Whitelaw Kevin, good morning. We did

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Speaker 3: hear quite a number of threats from President elect Trump

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Speaker 3: at marl Lago. How much of this could he be

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Speaker 3: serious about?

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Speaker 9: Well, I mean, it really brought back a lot of

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Speaker 9: memories from the first four years of of of his administration,

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Speaker 9: because you sort of end up, you come to the

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Speaker 9: end of one of these things and you do try

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Speaker 9: to find out you pick it apart what is real,

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Speaker 9: what's not, what's serious, what's not, and what's literal and

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Speaker 9: what's not. And I think that it's going to take

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Speaker 9: a while before we can really actually understand what he's

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Speaker 9: really looking for in each of these situations, and I

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Speaker 9: think the notion that he's going to, like, you know,

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Speaker 9: invade Greenland is not where this is headed. But having

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Speaker 9: said that, you know, it shows that he is feeling

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Speaker 9: that he is not constrained by any of the you know,

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Speaker 9: sort of general practices of the past. He's not going

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Speaker 9: to come in and be listening to a lot of

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Speaker 9: the sort of you know, Republican graveyards and folks who've

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Speaker 9: been around for a long time. He's going to act impulsively.

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Speaker 9: He's going to be looking for deals, and he's going

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Speaker 9: to be looking for a high profile ways to show

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Speaker 9: that he's making a difference and making an impact. And

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Speaker 9: whether that means that Denmark, for example, would be able

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Speaker 9: to satisfy him by you know, perhaps allowing additional US

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Speaker 9: military activities in Greenland or some kind of other economic deals,

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Speaker 9: that is where we'll have to see. So what the

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Speaker 9: bottom line is take a little while to actually sort out.

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Speaker 9: But in the meantime it puts a real squeeze on

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Speaker 9: certainly Denmark, which which finds itself in a suddenly uncomfortable position.

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Speaker 3: Yeah, it certainly does not just Denmark, but Panama as well,

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Speaker 3: and even Canada. And I mean we've already seen the

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Speaker 3: fallout from how to confront presidental like Trump with a

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Speaker 3: Canadian Prime Minister Justin Trudeau announcing that he's going to

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Speaker 3: step aside in a couple of months.

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Speaker 5: Where could things.

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Speaker 3: Go as we start to prepare for the presidency of

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Speaker 3: Donald Trump in less than two weeks.

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Speaker 9: Here, Well, you know, I think obviously he's going to

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Speaker 9: want to come in with a bang. He's going to

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Speaker 9: want to come in and make a real impact. A

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Speaker 9: lot of that I think is going to be domestic,

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Speaker 9: but obviously countries like Canada, Mexico, and to a to

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Speaker 9: a slightly but not much lesser degree, parts of Europe

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Speaker 9: and China are going to have to be ready for it.

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Speaker 9: At the same time, keep in mind, the reality is

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Speaker 9: going to intrude pretty quickly on the president. Crises are

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Speaker 9: going to happen, things are going to crop up. He's

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Speaker 9: going to come up against some of the realities and

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Speaker 9: limitations of what he can actually do, and he's going

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Speaker 9: to have to also confront some of the potential negative

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Speaker 9: impact and market effects of some of these activities. So

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Speaker 9: you know, he'll come out with He'll come out he'll

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Speaker 9: come out swinging, but but he's also going to have

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Speaker 9: the same kinds of crises and other things that that

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Speaker 9: have be deviled every every US president. I mean, you know,

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Speaker 9: even in the news this you know, this morning, we're

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Speaker 9: watching these very very very serious wildfires in California. Just

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Speaker 9: that reminder that the president is going to have to

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Speaker 9: deal with the set of reality no matter what it

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Speaker 9: is he wants to come in and try to do well.

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Speaker 3: I touch on something you said earlier that this idea

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Speaker 3: that the president elect is going to act on impulse

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Speaker 3: once he retakes office. That raises the question about whether

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Speaker 3: he does have concrete plans to carry out some of

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Speaker 3: these things, including this idea of economic force to make

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Speaker 3: Canada the fifty first state. I mean, whether even that

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Speaker 3: idea is serious, but the economic force idea certainly could be,

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Speaker 3: couldn't it.

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Speaker 9: Well, that's right, and I do think that you know,

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Speaker 9: we are going to see some kind of tariff announcement

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Speaker 9: very soon, but obviously we don't really know what that

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Speaker 9: is going to look like. Is it going to be

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Speaker 9: across the board, is it going to be targeted, Is

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Speaker 9: it going to be big, is it going to be small?

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Speaker 9: Is it going to be a threat that then results

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Speaker 9: in a series of negotiations or to get to sort

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Speaker 9: of happen, and then people try to find ways to

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Speaker 9: alleviate it over time. You know, he may well go

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Speaker 9: ahead with something that sounds very big, but he also

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Speaker 9: has to worry about potential market impact. You know, we

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Speaker 9: do know that he measures his own success in part

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Speaker 9: on you know, the stock market and where it's headed.

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Speaker 9: And so you know he's going to confront the reality

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Speaker 9: that some of the plans he's talking about, say across

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Speaker 9: the board tariffs, have the potential to exacerbate the kind

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Speaker 9: of inflation, particularly say on food prices that he's promised

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Speaker 9: to fight. So a way he can do something a

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Speaker 9: little more targeted, and then you know that becomes part

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Speaker 9: of a new negotiation. It certainly could. But if he

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Speaker 9: wants to come make a big splashes that looks like

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Speaker 9: he's following through on something, then you know he may

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Speaker 9: have to deal with with a set of of negative

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Speaker 9: consequences and political fallout, including within his own party, which

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Speaker 9: maintains the narrowest of majorities in the House.

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Speaker 3: Got about him Ante left, Kevin and I probably don't

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Speaker 3: have to tell you, but here in Washington, when president

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Speaker 3: like Trump made this announcement that he's going to rename

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Speaker 3: the Gulf of Mexico the Gulf of America.

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Speaker 5: That raised a lot of eyebrows.

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Speaker 3: Where did that come from?

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Speaker 9: I mean, it's the first I'd heard of it. You know,

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Speaker 9: we've you know, Trump's all about branding. He's always been

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Speaker 9: about branding. He's been about deals, He's been about these things.

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Speaker 9: So you know, whether that one is real or not,

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Speaker 9: I certainly guess we're you know, well, we'll have to see.

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Speaker 9: But you know, to me, the real difference this time

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Speaker 9: looking around is he's not going to come in with

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Speaker 9: the kind of people who are likely to restrain him.

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Speaker 9: He is mostly surrounding himself with people who want to

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Speaker 9: enable him. And so that does mean that there are

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Speaker 9: going to be some things that maybe got squashed in

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Speaker 9: the last four years that are going to get a

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Speaker 9: lot further this time around. And I do think that

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Speaker 9: that means that everyone needs to gird themselves for what's

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Speaker 9: going to be a very likely disruptive couple of months ahead.

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