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Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane. Along

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Speaker 1: with Jonathan Ferrell and Lisa Brownwitz. Daily we bring you

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Speaker 1: insight from the best and economics, finance, investment, and international relations.

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Speaker 1: Find Bloomberg Surveillance on Apple Podcast, Suncloud, Bloomberg dot com,

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Speaker 1: and of course on the Bloomberg terminal. Let's go to

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Speaker 1: Gerard Cassidy, with decades of expert he always comes in

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Speaker 1: swinging into the lobster restaurants of Portland, Maine. He's with

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Speaker 1: RBC Capital Markets. Gerard Cassidy, I want to go to

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Speaker 1: cost and geographic reduction as expense control. When you give

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Speaker 1: up on retail in Vietnam and in Bay Wren, is

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Speaker 1: that nothing more than a closeted cost reduction, Tom, I

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Speaker 1: think it is. And when you take a look at

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Speaker 1: the markets that they're exiting, the numbers that they've provided

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Speaker 1: really do not have a material impact at the bottom line. Now,

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Speaker 1: you might recall some years back they exited a handful

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Speaker 1: of these consumer markets and they obviously didn't go all

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Speaker 1: the way. And Jane Fraser with our first strategic move

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Speaker 1: is trying to make the company more profitable by exiting

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Speaker 1: these markets. Where they really don't earn very much money.

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Speaker 1: What's left. What's more Today, it's gonna be interesting because

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Speaker 1: this has been the one area that focus for many

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Speaker 1: investors that they needed to really trimm down their global

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Speaker 1: footprint on the consumer side. They just didn't have the

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Speaker 1: scale in certain markets. So then the next question is,

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Speaker 1: you know, how do you build up scale in the

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Speaker 1: United States? When you take a look at two of

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Speaker 1: their biggest piers, JP Morgan Chase in Bank America, they

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Speaker 1: had consumer banking franchises in the United States have return

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Speaker 1: on equities return unchangeable common equities of over thirty City

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Speaker 1: does not match that number, so City, we'll have to

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Speaker 1: take a look at how do we get bigger in

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Speaker 1: the US? If we asked this question of sale and

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Speaker 1: she answered it delicately, and you can answer it a

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Speaker 1: little bit more recifuly on matching because here at OLYMPUG

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Speaker 1: we have to be slightly diplomatic, of course, But do

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Speaker 1: you see this as a big change from collbat to

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Speaker 1: fright up? Absolutely? And you know she indicated on the

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Speaker 1: last call, when she participated in the fourth quarter earnings call,

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Speaker 1: that there were changes coming and were expect to hear

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Speaker 1: more guidelines on new targeted return numbers, what they're going

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Speaker 1: to expect to be able to achieve with these strategic changes.

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Speaker 1: You know, City has a lot of work to do,

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Speaker 1: a lot of heavy lifting, but now with the new

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Speaker 1: leadership under Jane Fraser, I think they're gonna be a

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Speaker 1: bit to accomplished new and better numbers for shareholders. Gerard,

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Speaker 1: so far, who's winning in the capital market space? I mean,

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Speaker 1: all of them have been beating across the board, and

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Speaker 1: people have been talking about the frothy markets, But who's winning?

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Speaker 1: It looks like so far when you compare all the numbers,

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Speaker 1: Goldman Sacks came out on top in almost all the

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Speaker 1: different categories, whether it was E c M, D c M,

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Speaker 1: or in trading in markets for FICK or equity. They

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Speaker 1: seem to have by far the best numbers out of

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Speaker 1: all of them. But to your point, they're all very

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Speaker 1: strong numbers, and there's a question of how long this

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Speaker 1: can last. And I was looking at a headline about

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Speaker 1: City groups incredible equity trading numbers following on the spack

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Speaker 1: of spaka blos or whatever you want to call it.

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Speaker 1: How long can these trends last to continue supporting their earnings.

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Speaker 1: It's going to be more challenging as we get into

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Speaker 1: this year unless we get continued volatility and strengths and

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Speaker 1: the markets and they're that's hard to predict. But we

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Speaker 1: should understand that the spack E c M business that

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Speaker 1: has started to obviously slow down because the number of

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Speaker 1: the investors and spacts. They've already allocated the money for

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Speaker 1: that and there's not as much money to go into spacts.

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Speaker 1: So now we need to see the de spacking. That's

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Speaker 1: when they actually do the mergers. So that's gonna be

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Speaker 1: a lift to advisory businesses as we get into the

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Speaker 1: second half of this year. George Cassidy, we talked to

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Speaker 1: Thomas Show. Do you know well from KBW earlier were

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Speaker 1: reminisced on Bank of New England long ago and far

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Speaker 1: away the ultimate roll ups that you were directly involved in.

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Speaker 1: Do you presume another season of roll ups because of

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Speaker 1: the technological superiority of these winners, Tom, I think you're

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Speaker 1: you're right. We are going to see more consolidation. It's

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Speaker 1: already started to pick up. As you might recall, Tom,

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Speaker 1: when you and I were young men, we had eighteen

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Speaker 1: thousand banks in the early nineteen eighties. Today we're down aft.

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Speaker 1: We expect continued roll ups or consolidation to to continue

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Speaker 1: over the next two to three years, and it will

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Speaker 1: be small community banks uh like probably in acquiring USB

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Speaker 1: one last year out of New Jersey, but also the

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Speaker 1: big deals like we saw with M and T acquiring

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Speaker 1: People's Bank of Connecticut. So we're going to see big

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Speaker 1: regional deals, we believe over the next two to three years,

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Speaker 1: and the Canadians will likely get stronger in the US.

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Speaker 1: Stron Dominion has indicated they want to get bigger in

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Speaker 1: the US and South. Gracious with your time on morning

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Speaker 1: slid this morning, can I just squeeze another one in

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Speaker 1: just rent for the quarta? We had Bank for America

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Speaker 1: early this morning. It's we have the likes of Goldman

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Speaker 1: JP Morgan too in the mix in the last twenty

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Speaker 1: four hours. Who won the quarta? I would say, so far,

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Speaker 1: you gotta put Goldman Sacks at the front of the list.

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Speaker 1: They have won the quarter. But when you look at

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Speaker 1: the universal banks, we've had three of the JP Morgan

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Speaker 1: city in Bank America, and I would say JP Morgan

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Speaker 1: probably came out they had, but they all had the

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Speaker 1: same trends. John which is these loan loss reserve releases

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Speaker 1: are very meaningful. They're gonna continue throughout the year and

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Speaker 1: that's gonna be the bridge until we get loan growth

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Speaker 1: and higher revenue growth in the second half of the year. Jed,

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Speaker 1: I've gotta half from me, say, I know you gotta

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Speaker 1: run J Cassidy that vom PC right now. My conversation

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Speaker 1: of the day, I'm banking with Thomas Mchode. Thomas showed

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Speaker 1: chief executive officer of Keith Briott in Woods, a stiffer company,

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Speaker 1: and we're thrilled that Mr Michode could join us this

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Speaker 1: morning because he knows you walk into a banker's office

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Speaker 1: and you start to talk about consolidation. Tom, you guys

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Speaker 1: invent of it. Back into it are all day and

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Speaker 1: all that Tucker Anthony r all day and the merger

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Speaker 1: into KBW. You guys literally invented the modern consolidation with

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Speaker 1: the Bank of New England. Are we going to see

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Speaker 1: a reduct in this bank boom of consolidation? Well, Tom,

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Speaker 1: that's a great memory. You do remember a long way back,

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Speaker 1: we did work on those deals for Bank of New England.

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Speaker 1: But um so the industry has been consolidating for UH

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Speaker 1: for many decades, and the question is what's the pace.

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Speaker 1: But consolidation is an important theme here and we think

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Speaker 1: it is going to continue, and we think it's going

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Speaker 1: to continue for a couple of primary reasons. UH. Number

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Speaker 1: one is it seems as if, for the first time,

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Speaker 1: at least in my thirty five year career, the bigger

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Speaker 1: banks are more profitable. You look at our earnings models

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Speaker 1: for next year, we see them earning about two bass

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Speaker 1: points more return on tangible common equity, and it feels

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Speaker 1: like it's going to be consistent. It's not just a

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Speaker 1: flash of the band. Those scale seems to be working.

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Speaker 1: That's number one. Number two is we're in a really

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Speaker 1: slow revenue growth environment and one way to grower costs out.

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Speaker 1: And then the third reason is we thought fintech was

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Speaker 1: important pre COVID. What we've learned during COVID, it's even

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Speaker 1: more important than we thought. All the trends that we

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Speaker 1: were seeing were accelerated by the pandemic, and that's going

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Speaker 1: to try Even for investment, you're going to see more consolidations.

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Speaker 1: So I knew you. I knew you were going there.

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Speaker 1: I want to go, folks into some inside baseball here

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Speaker 1: and we do this on Global Wall Street. What is

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Speaker 1: the profitability Tomas showed of a digital dollar of revenue

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Speaker 1: versus a traditional consumer banking or business loan banking dollar revenue.

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Speaker 1: Is it like technology where it's not to the bottom line,

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Speaker 1: where the competition the old technology is fift to the

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Speaker 1: bottom line. Well, the way I would answer that question

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Speaker 1: is I look at the efficiency ratios of the online

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Speaker 1: banks versus the traditional what are they and they may

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Speaker 1: end up being lower uh than the more traditional bank

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Speaker 1: just you know, just in a big picture of you,

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Speaker 1: once they hit a critical mask, you will see that

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Speaker 1: they drive much lower efficiency ratios. And that's going to

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Speaker 1: be the key, and that's why you're gonna see more

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Speaker 1: and more branch rationalization around the country to try to

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Speaker 1: get those costs out it's own. Kane. I think that's

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Speaker 1: what's so interesting about the last twelve months, the holdouts

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Speaker 1: to people that didn't do want to do the online banking,

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Speaker 1: the digital banking. They were forced to do it something

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Speaker 1: they had no other choice. Thomas show, you've talked about

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Speaker 1: the rationalization. Just how big is that going to be

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Speaker 1: and how many jobs will be lost? Well? There will well,

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Speaker 1: there will be consolidation and lots of jobs out in

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Speaker 1: those facilities. At the same time, you're seeing an incredible

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Speaker 1: amount of hiring happening in the I T groups of

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Speaker 1: these companies. Uh, and so I do think that head

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Speaker 1: count will come down over time in the banking industry,

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Speaker 1: but it will be somewhat of a mixed shift at

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Speaker 1: the same time, Tom Kane, that has been the story,

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Speaker 1: hasn't it the rationalization that loss that your help, Yes,

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Speaker 1: you're right, and we all see that at the four

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Speaker 1: branches on the five corners of any I should say,

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Speaker 1: the five branches on the four corners of the street.

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Speaker 1: That's when young mchowd came out of Middlebury and we

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Speaker 1: were over banked. Tomas showed to John's point, is it

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Speaker 1: one for one? What's the ratio? Because because we're just

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Speaker 1: talking about one half of the equation, John, which is

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Speaker 1: what's happening at the core the traditional banks. At the

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Speaker 1: same time, you look at somebody like Galaxy Digital, what's

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Speaker 1: happening at that company? I I've heard a quote from

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Speaker 1: the CEO that in the last few months they've hired

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Speaker 1: over seventy people. These companies that are standing up as competitors,

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Speaker 1: we didn't even know about three or four years ago.

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Speaker 1: They're hiring, hiring like crazy, so and they're still within

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Speaker 1: the financial services industry. So it's all about a shift

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Speaker 1: that's occurring, which I think in some ways it's healthy,

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Speaker 1: that's evolving as the economies evolved. Tom Tomma show. One

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Speaker 1: thing you talked about was the big question is how

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Speaker 1: much can they actually increase profits going forward? That really

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Speaker 1: will stem from loan growth. We've heard from a lot

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Speaker 1: of the big banks already that has been a challenging area.

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Speaker 1: How concerned are you about the lack of loan originations,

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Speaker 1: the lack of demand as a result of cash flush

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Speaker 1: consumers and corporations. You hit the tension nail right on

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Speaker 1: the head because that is the question. So just to

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Speaker 1: set up what the tension is, I think with investors

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Speaker 1: in the market right now, is credit quality far better

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Speaker 1: than anyone expected, and results continue to exceed expectations. Negative

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Speaker 1: low loss provisions. I saw some banks recently had practically

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Speaker 1: zero net charge offs. Remarkable. Capital is building eighty years strong,

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Speaker 1: balance sheets getting stronger. There's eight hundred billion dollars of

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Speaker 1: excess liquidity we think in the banking system right now,

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Speaker 1: that's the fuel for we think a lot of growth.

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Speaker 1: The problem is you're not seeing it right now because

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Speaker 1: the demand for for credit from the private sector just

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Speaker 1: isn't there. And so if the economy is as strong

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Speaker 1: as many people think, and we think what the industry

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Speaker 1: is saying is some of this excess liquidity will will

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Speaker 1: will be soaked up, and we'd like to think that

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Speaker 1: by the end of the year you'll start to see

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Speaker 1: revenues begin to grow as core loans begin to grow.

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Speaker 1: If it doesn't happen a year and I think it's

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Speaker 1: a question of when, not if, And that's what investors

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Speaker 1: are looking for right now because you're not seeing it

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Speaker 1: right now in the industry. But the industry is in

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Speaker 1: great shape to grow when that demand comes back. That's

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Speaker 1: the next leg at this rally. But the rally we've

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Speaker 1: had since last September is the credit improvement rally. The

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Speaker 1: next rally is going to need to be the revenue

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Speaker 1: growth rally, which really hasn't started yet, but people believe

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Speaker 1: it will. And this is the tension right now, this

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Speaker 1: question of how hot can the economy run if that

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Speaker 1: loan demand doesn't pick up materially by year end. What

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Speaker 1: you're saying is is different from what I'm hearing from

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Speaker 1: other analysts. You're saying that if it doesn't pick up

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Speaker 1: by your end, it just as a matter of when.

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Speaker 1: It's not a question of whether the economy is truly

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Speaker 1: hot or not. Do you think, for example, that we

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Speaker 1: are going to see banks be able to profit from

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Speaker 1: this hot economy in a way that perhaps people are

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Speaker 1: discounting as a result of not seeing that loan demand. Yeah,

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Speaker 1: I I do. I do think that banks will participate,

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Speaker 1: but I think that you're gonna really start to see

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Speaker 1: a separation between the winners and the losers. And I

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Speaker 1: really believe that if you're an old school bank that

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Speaker 1: is in an area that's not a faster growth area

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Speaker 1: and haven't really invested in a lot of the new

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Speaker 1: engagement of technology platforms, there's a chance your growth curve

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Speaker 1: could be left behind. But I think that the major players,

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Speaker 1: and that's why you're seeing the consolidation. You're seeing bigger

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Speaker 1: banks stand up so they can compete with really the

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Speaker 1: non banking challenge that's happening. And I think that's the

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Speaker 1: big surprise, and that's what Jamie Diamond talked about in

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Speaker 1: his annual letter to shareholders. I do think the growth

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Speaker 1: will be there. I think it's a matter of when,

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Speaker 1: not if. And I think the banks have done a

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Speaker 1: good job of keeping their companies in good shape to

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Speaker 1: be ready for it. I tell me, it's always tried

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Speaker 1: to catch out with these sets. Get you throw us

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Speaker 1: on this sector. Always appreciate your time, you know that.

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Speaker 1: Tell me show that of KVW. Right now, we're gonna digress.

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Speaker 1: And this is exactly who I want to talk to

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Speaker 1: you about all this coin based stuff, and that is

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Speaker 1: Michael Wolf. He has a wonderful cross section of experience

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Speaker 1: and new technology. There is a tilt to entertainment, has

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Speaker 1: acclaimed books on entertainment and technology. But we're thrilled at

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Speaker 1: the gentleman from activate UH could join us this morning.

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Speaker 1: Michael Wolf. I look at coin base and as Cathy said,

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Speaker 1: it's a distributional force as well. It is set up

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Speaker 1: based on an invented scarcity. Bitcoin has a structured scarce

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Speaker 1: asset feature. How does coin based deal with the fragility

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Speaker 1: of an invented scarcity? How are they going to deal

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Speaker 1: with that strategically forward? Well, the way to think about

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Speaker 1: about point base is as an exchange and it takes

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Speaker 1: half a percentage on point on every transaction. So the

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Speaker 1: real comparison is to the is the New York Stock

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Speaker 1: Exchange nazac UH. And in fact, by the way point

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Speaker 1: basis valuation is UM is about the same as the

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Speaker 1: other two's added up. So so it's not a question

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Speaker 1: that we when we look at point is we should

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Speaker 1: not be worried about the volatility the underlying cryptocurrencies. We

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Speaker 1: really should be looking at is the number of transactions

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Speaker 1: which are likely to increase. Michael, how much we'd be

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Speaker 1: worried about regulation? What regulation? There's there's a lot to

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Speaker 1: be ironed out, and one of the issues is is

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Speaker 1: tax treatment. The I r S is said that bitcoin

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Speaker 1: is not currency but rather property. Um the the regulation

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Speaker 1: has always taken a while to catch up with technology.

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Speaker 1: In this case, it looks like it's keeping keeping paste.

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Speaker 1: The bigger issue is that this offering is really more

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Speaker 1: about the sort of coming out party, or the first

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Speaker 1: public listing of of a currency, which is going to

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Speaker 1: be an inflection point for the rest of all digital currencies. Michael,

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Speaker 1: I gotta say, I hope I have a hundred billion

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Speaker 1: dollars party coming out to some new America. I wonder though,

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Speaker 1: going forward, just generally, whether the whether the valuations are

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Speaker 1: incredibly inflated based on everybody trying to get ahead of

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Speaker 1: growth and the next big thing. How do you parse

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Speaker 1: that out at a time when you've got banks flush

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Speaker 1: with cash looking to buy fintech, when you've got individuals

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Speaker 1: looking for the next way of making efficient payments. The

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Speaker 1: what what what's fascinating a backcoin base is this is

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Speaker 1: the first way in which individuals can take to take

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Speaker 1: part of this new market for cryptocurrencies without being subject

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Speaker 1: themselves to the volatility of those currencies. So I think

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Speaker 1: we're gonna see that the coin base is going to

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Speaker 1: be held widely at this market cap, It's going to

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Speaker 1: be held by index funds, and so it's going to

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Speaker 1: allow smaller investors as well as individuals to take part

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Speaker 1: of this entire move towards cryptocurrencies. Michael Wolfe isn't like

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Speaker 1: an eBay equivalent of years ago, where there's been a structure,

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Speaker 1: there's been a launch, there's been a huge price repricing,

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Speaker 1: an advancement in price, and now basically it's dead money forward.

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Speaker 1: I don't think so. I think that this is once

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Speaker 1: again this is an exchange, it's likely to be one

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Speaker 1: of the few exchanges that dominates this business. It's actually um,

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Speaker 1: the second largest exchange world Why the largest is a

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Speaker 1: company called by ITTs and UM. And so this we're

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Speaker 1: going to cease so much more activity. We've only seen

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Speaker 1: so far Bitcoin as as really a vehicle of investment

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Speaker 1: and speculation. It's only beginning as a vehicle of payment.

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Speaker 1: Good to catch out, Michael, as always gonna hate from me,

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Speaker 1: said Michael jay Will of activate joining us right now.

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Speaker 1: Andy Barr, he was a congressman from Lexington, that would

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Speaker 1: be the sixth Congressional district of Kentucky. Andy, I first

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Speaker 1: got to go to the most exciting two minutes in sports.

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Speaker 1: You are going to do the Kentucky Derby on May one.

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Speaker 1: Tell us about the crowd they're given the pressures of

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Speaker 1: this pandemic. Well, Churchill Downs is excited to return the

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Speaker 1: Derby to the first Saturday in May. That's the traditional day.

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Speaker 1: It's always been run, with two exceptions, uh, once in

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Speaker 1: nineteen during World War two and the other was last

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Speaker 1: year during the pandemic. So we're excited, even if the

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Speaker 1: crowd will be a little limited because of social distancing requirements.

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Speaker 1: Maybe half maybe a little less than half capacity, but

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Speaker 1: still the most exciting two minutes in sports will be

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Speaker 1: returning to Churchill Downs on the first Saturday and May

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Speaker 1: Karison Bar. Some of my ancient ancestors were named after

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Speaker 1: a gentleman named Henry Clay. There were two generations of

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Speaker 1: Henry Clay. Keen. You went to the Henry Clay High

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Speaker 1: School in Kentucky, and it is a symbol of the

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Speaker 1: tensions of race in this nation back well over a

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Speaker 1: hundred years and forever. Please discuss reparations and the tensions

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Speaker 1: that you see between the two parties as we engage

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Speaker 1: this debate again. Well, no doubt there's so much partisanship

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Speaker 1: in Washington, and you know President Joe Biden, who is

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Speaker 1: a member of the other party for me, gave I

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Speaker 1: think an uplifting inaugural address calling for unity and bipartisan solution.

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Speaker 1: It's unfortunate only ever since that speech we've seen a

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Speaker 1: president governed from the hard left, as Uh Karl Rove

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Speaker 1: observed recently in the Wall Street Journal. Uh, this so

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Speaker 1: called infrastructure plan, which is really more of the Green

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Speaker 1: New Deal and tax increases with no real effort to

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Speaker 1: reach out to Republicans. It's really solidifying President Biden's reputation

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Speaker 1: as the most profligate and partisan president in history. That's

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Speaker 1: a strong statement, but unfortunately there's really not been any

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Speaker 1: genuine outreach to the other side of the aisle. Look,

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Speaker 1: both parties deserve blame for this, but I would like

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Speaker 1: to see this president and congressional Democrats in the majority

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Speaker 1: reach out and just at least entertain some of our ideas. Congressman,

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Speaker 1: you said, both parties deserve some blame for this, and

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Speaker 1: this does seem to be the playbook that every time

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Speaker 1: there's a new president, the other side says it's not

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Speaker 1: bipartisan at all, and that president goes it alone and says, well,

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Speaker 1: we couldn't get anything done if we actually tried to

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Speaker 1: do it in a bipartisan level. What could re Publicans

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Speaker 1: do right now? Better to actually move closer to a

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Speaker 1: bipartisan solution. Well, look, this is not an infrastructure bill

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Speaker 1: that the president is proposing. It's a three trillion dollar

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Speaker 1: left wing wish list. Only five to six percent can

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Speaker 1: be adequately described as financing roads and bridges, which is

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Speaker 1: what both parties say. We need. The most generous definition

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Speaker 1: of infrastructure, which would include things like high speed internet, broadband, ports, airports, uh,

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Speaker 1: even electrical grid reliability upgrades. Those kinds of infrastructure investments

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Speaker 1: I think would earn bipartisan support, but in this bill

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Speaker 1: only account for about thirty percent of the total spending.

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Speaker 1: We have a new definition of infrastructure, including the care infrastructure,

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Speaker 1: which is really just a massive expansion of Medicaid. And

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Speaker 1: then you have some of these other unrelated items green

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Speaker 1: New Deal items that were included. But then on top

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Speaker 1: of that, there's no consideration of Republican ideas on financing

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Speaker 1: public private partnerships and streamlining of permitting and regulatory reform.

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Speaker 1: None of those Republican ideas are being even entertained. It's

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Speaker 1: just more big government tax and spending, and unfortunately, a huge,

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Speaker 1: massive tax increase that will bring us back to the

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Speaker 1: bat old days of corporate inversions, moving jobs overseas, stagnant wages,

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Speaker 1: and I would argue much lower wages. The National Association

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Speaker 1: of Manufacturing says we're gonna lose a million jobs in

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Speaker 1: the first year if these corporate tax increases go into effect.

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Speaker 1: Congress Banner, if there was some sort of agreement that

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Speaker 1: was smaller, saying eight hundred billion dollars six hundred and

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Speaker 1: fifty billion dollars. Some Republicans are asking for bipartisan infrastructure

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Speaker 1: built targeting the areas that are more commonly thought of

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Speaker 1: as infrastructure. Would you be willing to raise taxes to

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Speaker 1: pay for it? Well, I think we we ought to

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Speaker 1: consider user fees as a way to finance infrastructure. That's

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Speaker 1: the way we've always done it in this country. But

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Speaker 1: to make America less competitive by not just increasing the

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Speaker 1: corporate rate from to but taking our corporate tax rate

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Speaker 1: to a level, uh that's higher than the tax rate

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Speaker 1: in communist China, raising it to a level that's the

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Speaker 1: highest among all developed nations. Because remember, it's not just

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Speaker 1: raising the rate from that the President is proposing. He's

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Speaker 1: proposing to do so without removing the base broadening reforms

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Speaker 1: that we put into place in the Tax Cuts and

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Speaker 1: Jobs Act. And when you add on top of the

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Speaker 1: federal income tax rates, the state and local corporate tax rates,

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Speaker 1: that's where you push American corporations into a very non

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Speaker 1: competitive position. Congress, And one final question, and I do

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Speaker 1: this after President Trump gave support to the Senator from

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Speaker 1: Florida a few days ago and a course, with your

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Speaker 1: lifelong work with Senator McConnell, I want you to frame

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Speaker 1: for us how you perceive your Republican Party right now.

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Speaker 1: So much is it's the party of Trump? Is it? Well? Look,

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Speaker 1: I mean I think our party is broad and diverse,

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Speaker 1: just like the Democratic Party is. These are abroad enveloping coalitions,

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Speaker 1: but we are still the party of limited governments and

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Speaker 1: free enterprise. And what we've seen a troubling trend is

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Speaker 1: that a big business wall streets ceo s have kind

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Speaker 1: of aligned themselves with the woke left. And um, maybe

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Speaker 1: that's a reaction to the Trump phenomenon, where the Republican

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Speaker 1: Party is more gravitating toward main street small businesses, farmers,

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Speaker 1: a rural America. We represent the grassroots American people, and

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Speaker 1: large institutions are letting us down. Uh, wall streets, Um,

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Speaker 1: and look, I believe in free enterprise. But if if

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Speaker 1: we're in this battle between capitalism and socialism, and the

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Speaker 1: CEOs of the big banks, through their e s g

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Speaker 1: agenda is aligning themselves with the socialists, where are the

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Speaker 1: capitalists in this country? I think we need people who

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Speaker 1: really believe in free enterprise, and that's main street, small

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Speaker 1: businesses and entrepreneurs of cross this country who really believe

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Speaker 1: in limited government. Congressman, you are a skilled media operator,

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Speaker 1: because you must know I've only got forty seconds left

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Speaker 1: and can't ask any follow up questions. Andy, can you

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Speaker 1: come back so we can pick up where we left

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Speaker 1: off place some really important points we need to talk about,

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Speaker 1: Congressman Andy bar the Republican from Kentucky, Thank you said.

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Speaker 1: This is the Bloomberg Surveillance Podcast. Thanks for listening. Join

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Speaker 1: Apple podcast, SoundCloud, Bloomberg dot com, and of course, on

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Speaker 1: the terminal. I'm Tom Keene and this is Bloomberg