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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: An extraordinary set of days. This is a single best

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Speaker 2: idea with two of what could be fourteen vignettes today.

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Speaker 2: Abby Joseph Cohen was at Goldman Sachs and developed so

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Speaker 2: much for the CFA Institute. Full disclosure, I'm a member.

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Speaker 2: She's now teaching at Columbia Business School. And to have

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Speaker 2: Jean Beauvain of Canada and Blackrock with us, to have

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Speaker 2: Carl Weinberg of high frequency economics and all he did

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Speaker 2: at Lehman over the years, Barbara Reinhart Avoya, and on

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Speaker 2: and on. I thought David Gerrow was fascinating about what

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Speaker 2: we would see tonight at the Joint Session of Congress.

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Speaker 2: But Abby Joseph Cohen was piercing in her critique. I

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Speaker 2: alluded to what Kevin Gordon of SCHWAB said, which is, well,

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Speaker 2: this gets a back to the nineteen forties. Many people

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Speaker 2: will say to the nineteen thirties. Abby Joseph Cohen disagrees.

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Speaker 3: It's not going back to the nineteen thirties. It's going

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Speaker 3: back to the nineteenth century. Tariff based economy is something

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Speaker 3: that didn't work then didn't work in the nineteen thirties,

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Speaker 3: and I think it's very dangerous. You know, you have

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Speaker 3: had other guests on who have talked about quantifying the impact,

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Speaker 3: which will be very substantial if in fact these tariffs hold.

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Speaker 3: And it's not just the US tariffs on our best

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Speaker 3: neighbors and best trading partners, but also what they decide

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Speaker 3: to do. I'll use the word to reciprocate, but this

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Speaker 3: is a very difficult situation. Obviously. The thing that is

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Speaker 3: somewhat odd about this and different from what was seen

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Speaker 3: in previous periods of history, is these are tariffs being

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Speaker 3: levy on our friends, and the blowback, the damage economically

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Speaker 3: can actually be extremely severe on our own economy, even

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Speaker 3: without the so called pushback and reciprocal nature.

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Speaker 2: Just some of the data that we try to dig

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Speaker 2: up today, little anecdotal like Nebraska, what does Nebraska do

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Speaker 2: with China? It's overwhelming. The China business that Lincoln, Nebraska

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Speaker 2: over to Coosad and onto Carne and what they do,

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Speaker 2: it's just absolutely overwhelming. I learned a lot ready for this, folks,

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Speaker 2: It's not chicken feet, They're called chicken paws. I guess

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Speaker 2: that sounds better or whatever. The business in American chicken

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Speaker 2: feet going abroad. My fancy word is ginormous. All these

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Speaker 2: little things that all of a sudden are under threat.

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Speaker 2: Just interesting seeing of course we picked up on a

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Speaker 2: gilded age idea there with the abbey. We then spoke

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Speaker 2: to Abby Joseph Cohen about any things, including the resiliency

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Speaker 2: to be in the markets. We heard that from Barbara

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Speaker 2: Reinherd Atvoya as well. I thought Jay Bowen and Bowen

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Speaker 2: Haines Florida was just brilliant. Basically said shut up and

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Speaker 2: buy as the way I would put it. But there's

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Speaker 2: wasn't enough talk about the FED. Here's Abby Joseph Cohen

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Speaker 2: and the FED in Jerome Powell.

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Speaker 3: Mister Powell and the other members of the FOMC need

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Speaker 3: to be doing what they have been doing, and that

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Speaker 3: is to focus on the data and to keep in

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Speaker 3: mind the dual mandate of inflation but also employment. And

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Speaker 3: one of the things that has been terrific throughout the

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Speaker 3: Biden administration has been this ongoing creation of jobs and

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Speaker 3: then the increase in the average wage adjusted for inflation

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Speaker 3: for the America American family. They will be watching at

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Speaker 3: the FED whether that good news continues. If we see

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Speaker 3: in erosion in the labor markets. If we see an

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Speaker 3: erosion in wages adjusted for inflation, I think at that

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Speaker 3: point they're going to need to adjust the policy and

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Speaker 3: provide some stimulus to basically offset some of these policy

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Speaker 3: decisions coming out of the White House.

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Speaker 2: Emma Joseph Cohen, the Columbia Business School. We will continue

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Speaker 2: to work on the set of stories now as a

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Speaker 2: president speaks tonight. The Joint Session, of course, will be

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Speaker 2: with you tomorrow to pick up the pieces. On your

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Speaker 2: commute across the nation on Applecarplay, Android Auto, Good Morning

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Speaker 2: on Serious XM channel one twenty one across the corridor

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Speaker 2: from ninety two NINEFM Boston to nine point one in Washington.

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Speaker 2: On YouTube, subscribe to Bloomberg Podcasts and I must say

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Speaker 2: good evening to all listening in India on YouTube podcast.

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Speaker 2: This is single best idea seven