1
00:00:00,080 --> 00:00:07,240
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:14,200 --> 00:00:16,760
Speaker 2: Single best idea here two days on from the election,

3
00:00:16,840 --> 00:00:21,720
Speaker 2: we still don't have a House majority. Presumed Republican, but

4
00:00:22,000 --> 00:00:26,000
Speaker 2: you know, presumed is a correct word. Lots of discussion

5
00:00:26,040 --> 00:00:29,680
Speaker 2: of a sweep, lots of discussion a sea change, and

6
00:00:29,720 --> 00:00:32,720
Speaker 2: of course for Democrats, a shock. What an honor of

7
00:00:32,800 --> 00:00:36,920
Speaker 2: Christina Greer with this hugely controversial Fordham University. Thank you

8
00:00:37,000 --> 00:00:40,360
Speaker 2: for the huge response to that conversation about the left.

9
00:00:40,360 --> 00:00:42,640
Speaker 2: How the Democrats pick up the pieces? I thought she

10
00:00:42,720 --> 00:00:45,919
Speaker 2: was good. She mentioned the gentleman from South Bend to

11
00:00:45,920 --> 00:00:49,279
Speaker 2: Indiana is the person to watch. Pete booda judge who

12
00:00:49,320 --> 00:00:51,760
Speaker 2: she felt is someone really to watch into the future

13
00:00:51,800 --> 00:00:55,800
Speaker 2: for a fractured Democratic party. What do you do while

14
00:00:55,840 --> 00:00:58,280
Speaker 2: you go to the best when you pick up the

15
00:00:58,280 --> 00:01:00,840
Speaker 2: pieces off an election and look at the equity market,

16
00:01:01,360 --> 00:01:04,760
Speaker 2: look at the American financial system. We do that with

17
00:01:04,920 --> 00:01:07,760
Speaker 2: Abby Joseph Cohen of Columbia University.

18
00:01:07,920 --> 00:01:11,480
Speaker 1: Let me put the marker out there, which is don't

19
00:01:11,520 --> 00:01:15,200
Speaker 1: know because we don't yet know, for example, who the

20
00:01:15,280 --> 00:01:18,959
Speaker 1: key members of the administration will be. We don't know

21
00:01:19,040 --> 00:01:22,319
Speaker 1: who the Secretary of Treasury will be, for example, Nor

22
00:01:22,400 --> 00:01:24,160
Speaker 1: do we have an idea of who some of the

23
00:01:24,200 --> 00:01:27,080
Speaker 1: other members of the cabinet will be. The other thing

24
00:01:27,120 --> 00:01:30,120
Speaker 1: that we're not sure about, of course, is what happens

25
00:01:30,160 --> 00:01:34,840
Speaker 1: going forward with regard to regulatory policy. Now there is

26
00:01:34,880 --> 00:01:39,600
Speaker 1: a presumption that less regulation is good for the economy.

27
00:01:40,000 --> 00:01:44,880
Speaker 1: That's not always the case. Obviously regulation is not always perfect,

28
00:01:45,200 --> 00:01:47,560
Speaker 1: but there are a number of areas in which looser

29
00:01:47,640 --> 00:01:54,160
Speaker 1: regulation is in fact quite destabilizing and inflationary. So, for example,

30
00:01:54,600 --> 00:01:59,600
Speaker 1: looser anti trust policy is typically associated with higher inflation,

31
00:02:00,400 --> 00:02:02,760
Speaker 1: and that's something that we need to keep an eye on.

32
00:02:03,160 --> 00:02:04,840
Speaker 1: The Other thing that we need to keep an eye

33
00:02:04,880 --> 00:02:09,880
Speaker 1: on because members of the Trump Organization have been chatting

34
00:02:09,919 --> 00:02:12,800
Speaker 1: about this, and when I say Trump Organization, I'm referring

35
00:02:12,840 --> 00:02:16,679
Speaker 1: to the campaign, not the company. They've been talking about

36
00:02:16,919 --> 00:02:22,680
Speaker 1: providing a very easy regulatory environment for crypto, and that's

37
00:02:22,680 --> 00:02:26,240
Speaker 1: something that could in fact be problematic with regard to

38
00:02:26,960 --> 00:02:31,400
Speaker 1: whether it creates a source of potential instability for the

39
00:02:31,440 --> 00:02:32,440
Speaker 1: financial markets.

40
00:02:32,680 --> 00:02:35,400
Speaker 2: She slipped that in Abby Joseph Cohen on Crypto we

41
00:02:35,440 --> 00:02:39,200
Speaker 2: had a further conversation on that. She made very clear

42
00:02:39,320 --> 00:02:44,360
Speaker 2: her reticence, her lack of certitude about the future of crypto.

43
00:02:44,560 --> 00:02:47,440
Speaker 2: Very delicate comments there from Abbie Joseph Cohen of Columbia

44
00:02:48,280 --> 00:02:51,480
Speaker 2: Business School, and again on the doge. I quoted the

45
00:02:51,480 --> 00:02:54,280
Speaker 2: doze yesterday. I didn't even know the doge x DG.

46
00:02:54,560 --> 00:02:57,360
Speaker 2: I think is a symbol on the Bloomberg and I

47
00:02:57,400 --> 00:03:01,440
Speaker 2: got an email today time quote ethereum. I don't even

48
00:03:01,480 --> 00:03:04,760
Speaker 2: know what that is, but there we are Crypto Abby

49
00:03:04,840 --> 00:03:09,680
Speaker 2: Joseph Cohen on Crypto cryptic. Never Ed Mills of Raymond

50
00:03:09,800 --> 00:03:13,360
Speaker 2: James on the election. He has a wonderful heritage in

51
00:03:13,400 --> 00:03:17,400
Speaker 2: the family of American politics, and of course a study

52
00:03:17,680 --> 00:03:20,360
Speaker 2: of Capitol Hill. We pick up the election pieces with

53
00:03:20,680 --> 00:03:22,440
Speaker 2: Ed Mills, Raymond James.

54
00:03:22,480 --> 00:03:24,720
Speaker 3: I think this is totally different. It's because it's going

55
00:03:24,760 --> 00:03:27,600
Speaker 3: to be a much warmer relationship. You have to look

56
00:03:27,639 --> 00:03:30,560
Speaker 3: at how much changeover there's been in the House, in

57
00:03:30,560 --> 00:03:33,959
Speaker 3: in the Senate, especially on the Republican side, over the

58
00:03:34,040 --> 00:03:37,080
Speaker 3: last eight years. When Donald Trump showed up in twenty seventeen,

59
00:03:37,120 --> 00:03:40,400
Speaker 3: he had almost no congressional allies because he was such

60
00:03:40,400 --> 00:03:44,480
Speaker 3: a shock to the system, especially here in Washington, DC.

61
00:03:45,080 --> 00:03:47,280
Speaker 3: A lot of those folks like a Jim Jordan you mentioned,

62
00:03:47,400 --> 00:03:49,800
Speaker 3: those are some of his closest allies in the Senate,

63
00:03:50,040 --> 00:03:53,880
Speaker 3: Mitch McConnell, who had an extremely frosty relationship with Donald Trump.

64
00:03:54,160 --> 00:03:57,120
Speaker 3: He's going to still be there, but no longer the leader.

65
00:03:57,320 --> 00:03:59,880
Speaker 3: So I'm looking to see, is there someone who comes

66
00:04:00,080 --> 00:04:02,960
Speaker 3: up and has a good relationship with Trump and so

67
00:04:03,560 --> 00:04:07,520
Speaker 3: just a fundamental different way of doing this, a plan

68
00:04:07,640 --> 00:04:10,560
Speaker 3: to enacting. So I think that early twenty twenty five

69
00:04:10,600 --> 00:04:12,640
Speaker 3: and throughout twenty twenty five it's going to be a

70
00:04:12,720 --> 00:04:17,200
Speaker 3: much more robust year policy wise than twenty seventeen wise,

71
00:04:17,520 --> 00:04:20,000
Speaker 3: and buckle up because there's a lot of marketing fact there.

72
00:04:20,360 --> 00:04:24,080
Speaker 2: That is one of the best insights I've seen on

73
00:04:24,160 --> 00:04:27,640
Speaker 2: this election. Ed Mills at Raymond James there on the

74
00:04:27,640 --> 00:04:32,000
Speaker 2: difference of Trump eight years on, very interesting, absolutely fascinating

75
00:04:32,040 --> 00:04:34,680
Speaker 2: to see how this unfolds. We'll do that with our

76
00:04:34,720 --> 00:04:38,159
Speaker 2: political leadership. David Gerra. There's been a sighting out of

77
00:04:38,160 --> 00:04:42,039
Speaker 2: Philadelphia Romain Bostic of further sighting out of Detroit. I

78
00:04:42,080 --> 00:04:45,279
Speaker 2: believe they're migrating back to New York. It'll be good

79
00:04:45,279 --> 00:04:47,120
Speaker 2: to see them, and of course the political team, don't

80
00:04:47,160 --> 00:04:51,440
Speaker 2: forget Joe Matthew and Kayley Lines. With balance of power,

81
00:04:51,520 --> 00:04:54,000
Speaker 2: we're on to fed day, two pm this afternoon. The

82
00:04:54,000 --> 00:04:58,520
Speaker 2: press conference will be delicate. We're out on YouTube. Subscribe

83
00:04:58,920 --> 00:05:01,520
Speaker 2: to Bloomberg Podcast. Humbled by the growth here in the

84
00:05:01,600 --> 00:05:04,840
Speaker 2: last ten days or so. Thank you for your subscribing,

85
00:05:05,200 --> 00:05:10,080
Speaker 2: your friends subscribing to Bloomberg Podcast on Apple CarPlay, Android Auto,

86
00:05:10,600 --> 00:05:14,760
Speaker 2: and of course on Apple podcasts and YouTube podcasts. This

87
00:05:14,880 --> 00:05:23,600
Speaker 2: is single best idea.