Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: An extraordinary set of days. This is a single best
Speaker 2: idea with two of what could be fourteen vignettes today.
Speaker 2: Abby Joseph Cohen was at Goldman Sachs and developed so
Speaker 2: much for the CFA Institute. Full disclosure, I'm a member.
Speaker 2: She's now teaching at Columbia Business School. And to have
Speaker 2: Jean Beauvain of Canada and Blackrock with us, to have
Speaker 2: Carl Weinberg of high frequency economics and all he did
Speaker 2: at Lehman over the years, Barbara Reinhart Avoya, and on
Speaker 2: and on. I thought David Gerrow was fascinating about what
Speaker 2: we would see tonight at the Joint Session of Congress.
Speaker 2: But Abby Joseph Cohen was piercing in her critique. I
Speaker 2: alluded to what Kevin Gordon of SCHWAB said, which is, well,
Speaker 2: this gets a back to the nineteen forties. Many people
Speaker 2: will say to the nineteen thirties. Abby Joseph Cohen disagrees.
Speaker 3: It's not going back to the nineteen thirties. It's going
Speaker 3: back to the nineteenth century. Tariff based economy is something
Speaker 3: that didn't work then didn't work in the nineteen thirties,
Speaker 3: and I think it's very dangerous. You know, you have
Speaker 3: had other guests on who have talked about quantifying the impact,
Speaker 3: which will be very substantial if in fact these tariffs hold.
Speaker 3: And it's not just the US tariffs on our best
Speaker 3: neighbors and best trading partners, but also what they decide
Speaker 3: to do. I'll use the word to reciprocate, but this
Speaker 3: is a very difficult situation. Obviously. The thing that is
Speaker 3: somewhat odd about this and different from what was seen
Speaker 3: in previous periods of history, is these are tariffs being
Speaker 3: levy on our friends, and the blowback, the damage economically
Speaker 3: can actually be extremely severe on our own economy, even
Speaker 3: without the so called pushback and reciprocal nature.
Speaker 2: Just some of the data that we try to dig
Speaker 2: up today, little anecdotal like Nebraska, what does Nebraska do
Speaker 2: with China? It's overwhelming. The China business that Lincoln, Nebraska
Speaker 2: over to Coosad and onto Carne and what they do,
Speaker 2: it's just absolutely overwhelming. I learned a lot ready for this, folks,
Speaker 2: It's not chicken feet, They're called chicken paws. I guess
Speaker 2: that sounds better or whatever. The business in American chicken
Speaker 2: feet going abroad. My fancy word is ginormous. All these
Speaker 2: little things that all of a sudden are under threat.
Speaker 2: Just interesting seeing of course we picked up on a
Speaker 2: gilded age idea there with the abbey. We then spoke
Speaker 2: to Abby Joseph Cohen about any things, including the resiliency
Speaker 2: to be in the markets. We heard that from Barbara
Speaker 2: Reinherd Atvoya as well. I thought Jay Bowen and Bowen
Speaker 2: Haines Florida was just brilliant. Basically said shut up and
Speaker 2: buy as the way I would put it. But there's
Speaker 2: wasn't enough talk about the FED. Here's Abby Joseph Cohen
Speaker 2: and the FED in Jerome Powell.
Speaker 3: Mister Powell and the other members of the FOMC need
Speaker 3: to be doing what they have been doing, and that
Speaker 3: is to focus on the data and to keep in
Speaker 3: mind the dual mandate of inflation but also employment. And
Speaker 3: one of the things that has been terrific throughout the
Speaker 3: Biden administration has been this ongoing creation of jobs and
Speaker 3: then the increase in the average wage adjusted for inflation
Speaker 3: for the America American family. They will be watching at
Speaker 3: the FED whether that good news continues. If we see
Speaker 3: in erosion in the labor markets. If we see an
Speaker 3: erosion in wages adjusted for inflation, I think at that
Speaker 3: point they're going to need to adjust the policy and
Speaker 3: provide some stimulus to basically offset some of these policy
Speaker 3: decisions coming out of the White House.
Speaker 2: Emma Joseph Cohen, the Columbia Business School. We will continue
Speaker 2: to work on the set of stories now as a
Speaker 2: president speaks tonight. The Joint Session, of course, will be
Speaker 2: with you tomorrow to pick up the pieces. On your
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Speaker 2: This is single best idea seven