WEBVTT - Single Best Idea with Tom Keene: Abby Joseph Cohen & Ed Mills

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Single best idea here two days on from the election,

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<v Speaker 2>we still don't have a House majority. Presumed Republican, but

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<v Speaker 2>you know, presumed is a correct word. Lots of discussion

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<v Speaker 2>of a sweep, lots of discussion a sea change, and

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<v Speaker 2>of course for Democrats, a shock. What an honor of

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<v Speaker 2>Christina Greer with this hugely controversial Fordham University. Thank you

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<v Speaker 2>for the huge response to that conversation about the left.

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<v Speaker 2>How the Democrats pick up the pieces? I thought she

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<v Speaker 2>was good. She mentioned the gentleman from South Bend to

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<v Speaker 2>Indiana is the person to watch. Pete booda judge who

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<v Speaker 2>she felt is someone really to watch into the future

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<v Speaker 2>for a fractured Democratic party. What do you do while

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<v Speaker 2>you go to the best when you pick up the

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<v Speaker 2>pieces off an election and look at the equity market,

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<v Speaker 2>look at the American financial system. We do that with

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<v Speaker 2>Abby Joseph Cohen of Columbia University.

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<v Speaker 1>Let me put the marker out there, which is don't

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<v Speaker 1>know because we don't yet know, for example, who the

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<v Speaker 1>key members of the administration will be. We don't know

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<v Speaker 1>who the Secretary of Treasury will be, for example, Nor

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<v Speaker 1>do we have an idea of who some of the

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<v Speaker 1>other members of the cabinet will be. The other thing

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<v Speaker 1>that we're not sure about, of course, is what happens

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<v Speaker 1>going forward with regard to regulatory policy. Now there is

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<v Speaker 1>a presumption that less regulation is good for the economy.

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<v Speaker 1>That's not always the case. Obviously regulation is not always perfect,

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<v Speaker 1>but there are a number of areas in which looser

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<v Speaker 1>regulation is in fact quite destabilizing and inflationary. So, for example,

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<v Speaker 1>looser anti trust policy is typically associated with higher inflation,

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<v Speaker 1>and that's something that we need to keep an eye on.

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<v Speaker 1>The Other thing that we need to keep an eye

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<v Speaker 1>on because members of the Trump Organization have been chatting

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<v Speaker 1>about this, and when I say Trump Organization, I'm referring

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<v Speaker 1>to the campaign, not the company. They've been talking about

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<v Speaker 1>providing a very easy regulatory environment for crypto, and that's

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<v Speaker 1>something that could in fact be problematic with regard to

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<v Speaker 1>whether it creates a source of potential instability for the

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<v Speaker 1>financial markets.

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<v Speaker 2>She slipped that in Abby Joseph Cohen on Crypto we

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<v Speaker 2>had a further conversation on that. She made very clear

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<v Speaker 2>her reticence, her lack of certitude about the future of crypto.

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<v Speaker 2>Very delicate comments there from Abbie Joseph Cohen of Columbia

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<v Speaker 2>Business School, and again on the doge. I quoted the

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<v Speaker 2>doze yesterday. I didn't even know the doge x DG.

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<v Speaker 2>I think is a symbol on the Bloomberg and I

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<v Speaker 2>got an email today time quote ethereum. I don't even

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<v Speaker 2>know what that is, but there we are Crypto Abby

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<v Speaker 2>Joseph Cohen on Crypto cryptic. Never Ed Mills of Raymond

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<v Speaker 2>James on the election. He has a wonderful heritage in

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<v Speaker 2>the family of American politics, and of course a study

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<v Speaker 2>of Capitol Hill. We pick up the election pieces with

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<v Speaker 2>Ed Mills, Raymond James.

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<v Speaker 3>I think this is totally different. It's because it's going

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<v Speaker 3>to be a much warmer relationship. You have to look

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<v Speaker 3>at how much changeover there's been in the House, in

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<v Speaker 3>in the Senate, especially on the Republican side, over the

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<v Speaker 3>last eight years. When Donald Trump showed up in twenty seventeen,

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<v Speaker 3>he had almost no congressional allies because he was such

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<v Speaker 3>a shock to the system, especially here in Washington, DC.

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<v Speaker 3>A lot of those folks like a Jim Jordan you mentioned,

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<v Speaker 3>those are some of his closest allies in the Senate,

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<v Speaker 3>Mitch McConnell, who had an extremely frosty relationship with Donald Trump.

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<v Speaker 3>He's going to still be there, but no longer the leader.

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<v Speaker 3>So I'm looking to see, is there someone who comes

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<v Speaker 3>up and has a good relationship with Trump and so

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<v Speaker 3>just a fundamental different way of doing this, a plan

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<v Speaker 3>to enacting. So I think that early twenty twenty five

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<v Speaker 3>and throughout twenty twenty five it's going to be a

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<v Speaker 3>much more robust year policy wise than twenty seventeen wise,

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<v Speaker 3>and buckle up because there's a lot of marketing fact there.

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<v Speaker 2>That is one of the best insights I've seen on

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<v Speaker 2>this election. Ed Mills at Raymond James there on the

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<v Speaker 2>difference of Trump eight years on, very interesting, absolutely fascinating

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<v Speaker 2>to see how this unfolds. We'll do that with our

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<v Speaker 2>political leadership. David Gerra. There's been a sighting out of

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<v Speaker 2>Philadelphia Romain Bostic of further sighting out of Detroit. I

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<v Speaker 2>believe they're migrating back to New York. It'll be good

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<v Speaker 2>to see them, and of course the political team, don't

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<v Speaker 2>forget Joe Matthew and Kayley Lines. With balance of power,

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<v Speaker 2>we're on to fed day, two pm this afternoon. The

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<v Speaker 2>press conference will be delicate. We're out on YouTube. Subscribe

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<v Speaker 2>to Bloomberg Podcast. Humbled by the growth here in the

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<v Speaker 2>is single best idea.