1 00:00:02,440 --> 00:00:06,800 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:11,960 --> 00:00:16,360 Speaker 2: This is the Bloomberg Surveillance Podcast. Catch us live weekdays 3 00:00:16,400 --> 00:00:19,880 Speaker 2: at seven am Eastern on applecar Player, Android Auto with 4 00:00:19,920 --> 00:00:23,360 Speaker 2: the Bloomberg Business App. Listen on demand wherever you get 5 00:00:23,360 --> 00:00:26,759 Speaker 2: your podcasts, or watch us live on YouTube. 6 00:00:26,680 --> 00:00:30,560 Speaker 3: And selser the young Turks will say invented the business 7 00:00:30,600 --> 00:00:34,200 Speaker 3: and she changed the national dialogue this week, and thank 8 00:00:34,200 --> 00:00:36,360 Speaker 3: you so much for joining us. Full disclosure, folks, I 9 00:00:36,440 --> 00:00:40,239 Speaker 3: work with in years ago with Bloomberg News, so I 10 00:00:40,320 --> 00:00:41,920 Speaker 3: just want to get that out of the way. And 11 00:00:42,200 --> 00:00:46,320 Speaker 3: how has polling changed with the advent of the cell phone. 12 00:00:48,240 --> 00:00:51,239 Speaker 4: Well, first, let me say that the industry was invented 13 00:00:51,240 --> 00:00:55,080 Speaker 4: by George Gallup, who grew up in Jefferson, Iowa. So 14 00:00:56,320 --> 00:01:00,400 Speaker 4: the Iowa lineage is strong. I'll give you that question 15 00:01:00,440 --> 00:01:03,600 Speaker 4: about cell phones. We didn't really need to dial cell 16 00:01:03,680 --> 00:01:06,800 Speaker 4: phones until two thousand and eight, but now they are 17 00:01:06,800 --> 00:01:09,920 Speaker 4: a routine part of our practice. That is, we draw 18 00:01:09,959 --> 00:01:14,240 Speaker 4: a random sample of cell phone numbers and of landline numbers, 19 00:01:14,280 --> 00:01:19,080 Speaker 4: and it's as easy as it ever once was in 20 00:01:19,280 --> 00:01:19,759 Speaker 4: some phones. 21 00:01:19,880 --> 00:01:24,400 Speaker 3: Paul Sweeney and I compare our phones. Paul got fourteen 22 00:01:24,440 --> 00:01:28,360 Speaker 3: calls this weekend I got ten calls this weekend. We're 23 00:01:28,400 --> 00:01:31,560 Speaker 3: not answering the phone. How do you account for that? 24 00:01:31,640 --> 00:01:34,280 Speaker 3: In Iowa? As you say, Harris could win. 25 00:01:36,080 --> 00:01:38,559 Speaker 4: You know, what I like to say is for every 26 00:01:38,600 --> 00:01:41,319 Speaker 4: one of you, Tom that is not answering your phone, 27 00:01:41,319 --> 00:01:45,160 Speaker 4: there's a doppelganger who who does answer their phone, and 28 00:01:45,200 --> 00:01:47,080 Speaker 4: they reflect what it is that you would if you 29 00:01:47,160 --> 00:01:49,680 Speaker 4: talk to us. You know, I'm kind of teasing there. 30 00:01:50,160 --> 00:01:53,800 Speaker 4: We have a response rate that is better than the 31 00:01:53,880 --> 00:01:57,040 Speaker 4: natural national average. What it says on your phone is 32 00:01:57,160 --> 00:02:02,120 Speaker 4: unknown caller, So it doesn't say possible spam, It doesn't 33 00:02:02,400 --> 00:02:05,120 Speaker 4: do anything that might tip you off. And if you 34 00:02:05,280 --> 00:02:08,519 Speaker 4: do answer, the first thing that you hear the interviewer 35 00:02:08,639 --> 00:02:11,880 Speaker 4: say is that they're calling from the Iowa poll. And 36 00:02:11,919 --> 00:02:14,520 Speaker 4: I think I give that great credit for our ability 37 00:02:14,560 --> 00:02:17,480 Speaker 4: to get a good cross section of Iowans. 38 00:02:17,960 --> 00:02:20,840 Speaker 5: And talk to us about your latest poll. What's it 39 00:02:20,960 --> 00:02:22,120 Speaker 5: tell you these days? 40 00:02:23,560 --> 00:02:26,600 Speaker 4: Well, it was a shock, believe you me, when I 41 00:02:26,840 --> 00:02:29,480 Speaker 4: went into the office after the first night of interviewing. 42 00:02:29,880 --> 00:02:33,880 Speaker 4: No one would expect that Kamala Harris would have leapfrogged 43 00:02:34,000 --> 00:02:37,520 Speaker 4: over Donald Trump into the lead. We had seen her 44 00:02:37,680 --> 00:02:41,440 Speaker 4: move in the September poll from where we were measuring 45 00:02:41,520 --> 00:02:45,600 Speaker 4: Joe Biden as the nominee back in June. But and 46 00:02:45,680 --> 00:02:49,240 Speaker 4: this is really just a continuation of that. She now 47 00:02:49,320 --> 00:02:55,200 Speaker 4: leads by three points. I think forty seven forty four, right, who. 48 00:02:55,240 --> 00:02:59,120 Speaker 5: So what's driving this strength for vice president? 49 00:02:59,240 --> 00:03:02,079 Speaker 4: It's a and it's a continuation of what we saw 50 00:03:02,160 --> 00:03:06,320 Speaker 4: in September, which is the difference between June and September. 51 00:03:06,360 --> 00:03:10,200 Speaker 4: Were more people, dramatically more people saying that they were 52 00:03:10,280 --> 00:03:13,200 Speaker 4: likely to vote. That measurement would be I'm going to 53 00:03:13,280 --> 00:03:17,000 Speaker 4: definitely vote. If you just say probably, we don't count that, 54 00:03:17,520 --> 00:03:22,920 Speaker 4: and that that increase accounted for Kamala Harris's bump. So 55 00:03:23,120 --> 00:03:28,600 Speaker 4: less than one percent of people went for Donald Trump 56 00:03:28,680 --> 00:03:33,320 Speaker 4: when thirteen percent went for Kamala Harris. And that was 57 00:03:33,360 --> 00:03:36,480 Speaker 4: the difference between June. It was an eighteen point gap 58 00:03:36,520 --> 00:03:40,400 Speaker 4: in June, a four point gap in September. That continues 59 00:03:41,000 --> 00:03:45,640 Speaker 4: with our October poll in that the demographics more likely 60 00:03:45,720 --> 00:03:48,080 Speaker 4: than average to say they will definitely vote or that 61 00:03:48,080 --> 00:03:53,760 Speaker 4: they've already voted, are strong Harris demographics. It's women, it's 62 00:03:54,080 --> 00:04:00,440 Speaker 4: college educated, it's younger people, it's older people as wells 63 00:04:00,440 --> 00:04:02,640 Speaker 4: of voting. If your age sixty four and over is 64 00:04:02,720 --> 00:04:05,800 Speaker 4: like ninety four percent. That's a really big number. And 65 00:04:06,000 --> 00:04:10,880 Speaker 4: she does very well with older Iowans. In fact, her 66 00:04:11,440 --> 00:04:15,800 Speaker 4: she wins by twenty points with Iowa women and just 67 00:04:15,880 --> 00:04:19,520 Speaker 4: fourteen go for Trump. The margin is fourteen for Trump 68 00:04:19,560 --> 00:04:22,479 Speaker 4: if you journey. One thing crystal clear about the importance 69 00:04:22,520 --> 00:04:27,039 Speaker 4: of older people is older women. Her ratio of win 70 00:04:27,880 --> 00:04:32,760 Speaker 4: in women age sixty five and over is two to one. Interesting, 71 00:04:32,960 --> 00:04:34,920 Speaker 4: that's a huge part of her success. 72 00:04:35,160 --> 00:04:37,800 Speaker 3: And Seltzer where us folks, of course iconic with a 73 00:04:37,839 --> 00:04:40,480 Speaker 3: des Moines register and now on her own she is 74 00:04:41,279 --> 00:04:45,800 Speaker 3: the polster that the polsters study in terms of accuracy. 75 00:04:46,440 --> 00:04:48,719 Speaker 3: In all We're thrilled to have here Bob Woodward with 76 00:04:48,800 --> 00:04:51,360 Speaker 3: us later in the hour and Seltzer, I want to 77 00:04:51,400 --> 00:04:53,240 Speaker 3: go on. I mean, I get des Moines and all that, 78 00:04:53,440 --> 00:04:59,000 Speaker 3: and aims, okay, fine, Chickasaw County. I'm two counties in 79 00:04:59,040 --> 00:05:02,960 Speaker 3: from the Minnesota border. It shows all of the political 80 00:05:03,000 --> 00:05:07,479 Speaker 3: turmoil that Bob Woodard's written about for pushing fifty, here's 81 00:05:07,560 --> 00:05:10,640 Speaker 3: here Barack Obama and then a huge swing to Trump. 82 00:05:11,120 --> 00:05:14,719 Speaker 3: What did you learn in your polling about the Chickasaw 83 00:05:14,839 --> 00:05:16,279 Speaker 3: counties of Iowa. 84 00:05:18,000 --> 00:05:21,599 Speaker 4: Well, the Chickasaw counties in northwest Iowa. Those are still 85 00:05:21,720 --> 00:05:25,760 Speaker 4: that's Trump territory. It's just that the margins aren't quite 86 00:05:25,760 --> 00:05:28,000 Speaker 4: as big. I don't have data down to the county level. 87 00:05:28,240 --> 00:05:30,240 Speaker 4: I wish somebody would pay me enough money that I 88 00:05:30,240 --> 00:05:34,159 Speaker 4: could do that, but sorry, we got Okay. We can 89 00:05:34,279 --> 00:05:38,640 Speaker 4: look at congressional districts, and this is really fascinating. The 90 00:05:38,680 --> 00:05:43,159 Speaker 4: first congressional district which is now south east Iowa, so 91 00:05:43,200 --> 00:05:47,840 Speaker 4: it includes Davenport and County south of that, it also 92 00:05:47,839 --> 00:05:51,839 Speaker 4: includes Johnson County, which is the University of Iowa. And 93 00:05:52,080 --> 00:05:55,320 Speaker 4: Marionette Miller Meeks is the incumbent. All of our congressional 94 00:05:55,960 --> 00:06:01,440 Speaker 4: representatives are Republican. She won narrowly by six or eight 95 00:06:02,160 --> 00:06:06,520 Speaker 4: votes the last time. She's being challenged by a University 96 00:06:06,520 --> 00:06:11,120 Speaker 4: of Iowa professor. And the talk about abortion has been 97 00:06:11,440 --> 00:06:16,560 Speaker 4: the critical element of this campaign. The Democrat is leading 98 00:06:17,080 --> 00:06:23,240 Speaker 4: the incumbent Republican by twenty percentage points. So Iowa has 99 00:06:23,320 --> 00:06:26,159 Speaker 4: a six week ban on abortion that went into effect 100 00:06:26,200 --> 00:06:29,839 Speaker 4: this summer, and I think that that's responsible for the 101 00:06:29,880 --> 00:06:33,320 Speaker 4: big gender gap with women, and I think that's also 102 00:06:33,360 --> 00:06:36,080 Speaker 4: why Democrats may be doing better this time. 103 00:06:36,800 --> 00:06:40,560 Speaker 5: And just from a historical perspective, how representative is Iowa 104 00:06:40,880 --> 00:06:44,880 Speaker 5: for the overall United States? Chairs you think about your 105 00:06:44,920 --> 00:06:48,200 Speaker 5: polls and the work you see. 106 00:06:48,360 --> 00:06:51,080 Speaker 4: Well, if you're asking me to extrapolate, if it's happening 107 00:06:51,080 --> 00:06:55,080 Speaker 4: in Iowa, is it happening in Wisconsin? Which is people 108 00:06:55,120 --> 00:06:57,960 Speaker 4: make the assumption that we're very similar. I have made 109 00:06:57,960 --> 00:07:00,760 Speaker 4: the argument that they're not that similar. Iowa has had 110 00:07:00,800 --> 00:07:05,239 Speaker 4: a very strong Republican party that recruited good candidates, gotten 111 00:07:05,240 --> 00:07:11,320 Speaker 4: good candidates elected, such that there is only one Democrat 112 00:07:11,520 --> 00:07:14,200 Speaker 4: elected at the state wide level, and all of our 113 00:07:14,280 --> 00:07:18,600 Speaker 4: Washington delegation is Republican. Both houses in the state House 114 00:07:19,000 --> 00:07:23,120 Speaker 4: are Republican, and not by small margins. That's not the 115 00:07:23,160 --> 00:07:27,280 Speaker 4: same way in Wisconsin. It's a little more mixed there. 116 00:07:27,720 --> 00:07:32,320 Speaker 4: So I think what Iowa, if it is representative, it 117 00:07:32,360 --> 00:07:35,760 Speaker 4: is that there is more going on under the surface 118 00:07:36,320 --> 00:07:39,560 Speaker 4: in terms of the abortion issue, in terms of perhaps 119 00:07:39,640 --> 00:07:43,880 Speaker 4: Trump fatigue that is turning this state that no one 120 00:07:43,960 --> 00:07:47,960 Speaker 4: expected would shift blue into a state that might. 121 00:07:49,080 --> 00:07:51,800 Speaker 3: And so so thedent. President Trump went after you this 122 00:07:51,880 --> 00:07:54,240 Speaker 3: weekend after he didn't like your poll. I believe there 123 00:07:54,280 --> 00:07:56,880 Speaker 3: was a period long ago where you did a poll 124 00:07:56,920 --> 00:08:00,400 Speaker 3: that favored Trump and he loved you, then well, I 125 00:08:00,480 --> 00:08:04,840 Speaker 3: want you to speak to people like Lisa Matteo, Michael Barr, 126 00:08:04,880 --> 00:08:10,000 Speaker 3: Paul Sweeney Toime Keene exhausted by the single point certitude 127 00:08:10,760 --> 00:08:13,680 Speaker 3: of your racket. When you look at the modern day 128 00:08:13,800 --> 00:08:19,880 Speaker 3: cacophony of polling, the disrespect or throw aside of margin 129 00:08:19,960 --> 00:08:22,520 Speaker 3: of error, how does ANCELSA react. 130 00:08:24,120 --> 00:08:27,080 Speaker 4: Well, keep in mind the margin of error works both ways. 131 00:08:28,000 --> 00:08:30,280 Speaker 4: So if you want it to say that the race could 132 00:08:30,360 --> 00:08:34,280 Speaker 4: be closer than the numbers reflect, the race could also 133 00:08:34,400 --> 00:08:39,040 Speaker 4: be equally likely a wider margin for the winner, and 134 00:08:39,120 --> 00:08:41,839 Speaker 4: people forget that and it says though they want it 135 00:08:41,880 --> 00:08:45,640 Speaker 4: to be close. We say that our best estimate is 136 00:08:45,679 --> 00:08:49,280 Speaker 4: exactly what the numbers say, and any other estimate like 137 00:08:49,400 --> 00:08:54,199 Speaker 4: well it's a virtual tie, is an inferior estimate, and 138 00:08:54,280 --> 00:08:58,800 Speaker 4: that just the best, the highest probability of what's true 139 00:08:59,480 --> 00:09:01,200 Speaker 4: are the actual numbers that we get. 140 00:09:01,280 --> 00:09:02,240 Speaker 3: So I get a. 141 00:09:02,200 --> 00:09:05,520 Speaker 4: Little you know, it's a point here, it's a point there, 142 00:09:05,559 --> 00:09:08,400 Speaker 4: and people are wanting to make meaningful statements about that. 143 00:09:09,360 --> 00:09:12,920 Speaker 4: I think that's been exhausting in terms of the other poles. 144 00:09:13,320 --> 00:09:16,240 Speaker 4: So that my poll was not one point, and that 145 00:09:16,320 --> 00:09:22,320 Speaker 4: my pole. You know, now is the leap frog for Harris. 146 00:09:22,720 --> 00:09:24,800 Speaker 4: I think people are wondering if it's a canary in 147 00:09:24,840 --> 00:09:28,280 Speaker 4: a coal mine, and that other states might be seeing 148 00:09:28,360 --> 00:09:31,679 Speaker 4: similar things happening, but the methods of those polsters might 149 00:09:31,679 --> 00:09:32,920 Speaker 4: not allow them to see it. 150 00:09:33,080 --> 00:09:35,640 Speaker 3: Well, get this question and a listener just emailed it on. 151 00:09:35,720 --> 00:09:39,440 Speaker 5: Tariffs and curious if tariffs are having an impact on 152 00:09:39,480 --> 00:09:41,360 Speaker 5: this pole. I'm not sure farmers like tariffs. 153 00:09:42,960 --> 00:09:47,320 Speaker 4: Well, when Trump instituted the tariffs, there was concern about it, 154 00:09:47,400 --> 00:09:49,719 Speaker 4: but he was able to pull some money out of 155 00:09:49,760 --> 00:09:53,280 Speaker 4: a different part of the budget and reimburse farmers for 156 00:09:53,840 --> 00:09:56,960 Speaker 4: money that they had lost, so they ended up okay. 157 00:09:57,440 --> 00:09:59,720 Speaker 4: I don't know that they're eager and excited to go 158 00:09:59,760 --> 00:10:05,080 Speaker 4: back into tariff war because Iowa produces so much in 159 00:10:05,120 --> 00:10:08,880 Speaker 4: the agriculture sector that it has to have foreign partners 160 00:10:08,960 --> 00:10:12,560 Speaker 4: foreign markets for export. And that's been the case since 161 00:10:14,840 --> 00:10:17,320 Speaker 4: Krushchef came to Iowa to learn how to do what 162 00:10:17,360 --> 00:10:20,800 Speaker 4: Iowa does with agriculture. This is back in the nineteen fifties, 163 00:10:21,280 --> 00:10:25,200 Speaker 4: so they rely on foreign trade. I think they're probably 164 00:10:25,200 --> 00:10:28,400 Speaker 4: nervous about it. When we tested tariffs back when they 165 00:10:28,400 --> 00:10:33,560 Speaker 4: were in force under Trump, the farmers and the rural 166 00:10:33,559 --> 00:10:36,280 Speaker 4: areas were going along with it. They liked their president, 167 00:10:36,600 --> 00:10:37,679 Speaker 4: they're going to support it. 168 00:10:37,960 --> 00:10:39,880 Speaker 3: And we got to leave it there. Of course, I 169 00:10:39,960 --> 00:10:43,640 Speaker 3: remember your work Eisenhower Stevenson in the early fifties before 170 00:10:43,679 --> 00:10:47,560 Speaker 3: Khrushchef showed up in Iowa. She is and Seltzer. She 171 00:10:47,679 --> 00:10:51,839 Speaker 3: changed a political dialogue this weekend across the nation. Huge 172 00:10:51,880 --> 00:10:56,160 Speaker 3: response on YouTube from Republicans and Democrats to her work 173 00:10:56,320 --> 00:11:03,120 Speaker 3: and Seltzer of Iowa. 174 00:11:04,679 --> 00:11:08,520 Speaker 2: You're listening to the Bloomberg Surveillance podcast. Catch us live 175 00:11:08,640 --> 00:11:11,960 Speaker 2: weekday afternoons from seven to ten am. Easter Listen on 176 00:11:12,000 --> 00:11:15,240 Speaker 2: Apple car Play and androyd Otto with a Bloomberg Business app, 177 00:11:15,360 --> 00:11:17,079 Speaker 2: or watch us live on YouTube. 178 00:11:17,280 --> 00:11:20,520 Speaker 3: The Tots are losing to Aston Villa. I mean they're 179 00:11:20,559 --> 00:11:22,840 Speaker 3: just not getting it done, all right, and they take 180 00:11:22,960 --> 00:11:27,560 Speaker 3: Sun the Korean out Tots fire it up and crush. 181 00:11:27,720 --> 00:11:31,760 Speaker 3: I say, crush. Jordan Rochester's Aston Villa. I thought he'd 182 00:11:31,800 --> 00:11:34,920 Speaker 3: cancel on us joining us now from Queen Victoria Street, 183 00:11:35,000 --> 00:11:39,920 Speaker 3: Jordan Rochester with Miszuo looking at the broader perspective, but 184 00:11:39,960 --> 00:11:44,400 Speaker 3: of course also his chirm on fixed income. Jordan, you're 185 00:11:44,400 --> 00:11:47,720 Speaker 3: sitting with Dominic Constant and Steve Shuddo, how do you 186 00:11:47,800 --> 00:11:51,679 Speaker 3: play the election? Where's the Jordan Rochester opportunity? 187 00:11:53,040 --> 00:11:55,559 Speaker 6: Well, it's clear to me, Tom, what's doing the next 188 00:11:55,720 --> 00:11:58,200 Speaker 6: twenty four to forty six hours, which is whatever the 189 00:11:58,240 --> 00:12:01,680 Speaker 6: trunk trades were do the old it and Friday was 190 00:12:01,679 --> 00:12:03,880 Speaker 6: really painful after NFP because we've got a bit of 191 00:12:03,920 --> 00:12:07,000 Speaker 6: a mess. But broadly speaking, for most of last week 192 00:12:07,280 --> 00:12:10,400 Speaker 6: and so far today, we're seeing the dollar lower, we're 193 00:12:10,400 --> 00:12:13,480 Speaker 6: seeing rates rally, the curve flatten, and we're seeing the 194 00:12:13,480 --> 00:12:16,160 Speaker 6: probability of Trump's soften. That wasn't based on a view 195 00:12:16,160 --> 00:12:18,480 Speaker 6: that Trump's not going to win. It's just what I 196 00:12:18,559 --> 00:12:20,880 Speaker 6: call the pre event trade coming to an end, which 197 00:12:20,920 --> 00:12:23,160 Speaker 6: is we've had this build up of Trump's odds. We've 198 00:12:23,160 --> 00:12:25,760 Speaker 6: had a very strong run in the dollar thanks to 199 00:12:25,800 --> 00:12:28,920 Speaker 6: the macro as well. But people go to lighten up 200 00:12:29,000 --> 00:12:31,000 Speaker 6: into the event risk. They want to take profit and 201 00:12:31,040 --> 00:12:33,440 Speaker 6: be ready to react because it truly is fifty to fifty. 202 00:12:33,880 --> 00:12:37,560 Speaker 6: I lean towards saying Tom, the macro will still say 203 00:12:37,920 --> 00:12:41,199 Speaker 6: buy the dollar whoever wins, but we're gonna have that 204 00:12:41,320 --> 00:12:44,040 Speaker 6: knee jerk dollar lower if Harris wins for you to 205 00:12:44,120 --> 00:12:46,600 Speaker 6: take advantage of it or you're going to miss it 206 00:12:47,120 --> 00:12:48,520 Speaker 6: if Trump wins. 207 00:12:48,559 --> 00:12:54,000 Speaker 3: Now, well, Missouri synthesized Jordan. This is important. Synthesize what 208 00:12:54,120 --> 00:12:57,079 Speaker 3: Constant is doing in rashudo over in New York with 209 00:12:57,160 --> 00:12:59,760 Speaker 3: what you're doing with London. Does that set you up 210 00:12:59,760 --> 00:13:03,440 Speaker 3: for our resiliency in a higher interest rate regime? 211 00:13:05,000 --> 00:13:07,280 Speaker 6: Well, I think with what Steve Reshouda has been talking about, 212 00:13:07,360 --> 00:13:09,960 Speaker 6: the US is really on fire in terms of growth 213 00:13:10,240 --> 00:13:13,439 Speaker 6: where things are with the labor market compared to Europe 214 00:13:13,440 --> 00:13:15,679 Speaker 6: and Peers. So that's why we have I think we're 215 00:13:15,679 --> 00:13:18,719 Speaker 6: gonna have a divergent monetary policy story. Maybe the Fed 216 00:13:18,720 --> 00:13:20,240 Speaker 6: are not gonna be raising rates, that's a bit too 217 00:13:20,240 --> 00:13:22,920 Speaker 6: farther stretch, but they won't be cutting rates as much 218 00:13:22,920 --> 00:13:26,079 Speaker 6: as Europe needs to and will do. The UK is 219 00:13:26,200 --> 00:13:29,640 Speaker 6: kind of in between, so that's naturally dollar bullish. You 220 00:13:29,800 --> 00:13:33,160 Speaker 6: just then have these tariff policies by Trump versus non 221 00:13:33,240 --> 00:13:36,560 Speaker 6: tariff policies by Harris. That really widens up to where 222 00:13:36,559 --> 00:13:38,960 Speaker 6: we get to. So if you have a Trump victory, 223 00:13:39,120 --> 00:13:41,680 Speaker 6: you're looking at one oh three in euro dollar. That's 224 00:13:41,679 --> 00:13:44,280 Speaker 6: a big swing from where we are now by year end. 225 00:13:44,480 --> 00:13:46,600 Speaker 6: Or if Harris wins, you're going to see euro dollar 226 00:13:46,640 --> 00:13:50,600 Speaker 6: back to one twelve, So this huge binary outcome that 227 00:13:50,800 --> 00:13:53,719 Speaker 6: the two sort of candidates will lead to. But then 228 00:13:53,760 --> 00:13:56,960 Speaker 6: once we get to those equilibrium points, so let's say December, 229 00:13:57,320 --> 00:13:59,040 Speaker 6: I think next year is still gonna be about us 230 00:13:59,080 --> 00:14:00,920 Speaker 6: outperforming even if Harris wins. 231 00:14:01,720 --> 00:14:05,480 Speaker 5: So Jordan at you know, running their fixed income, commodities 232 00:14:05,480 --> 00:14:09,559 Speaker 5: and currencies. What are your clients across those asset classes. 233 00:14:09,559 --> 00:14:13,560 Speaker 5: Are they hedging themselves going into tomorrow or they just 234 00:14:13,600 --> 00:14:16,439 Speaker 5: taken the longer term saying, you know, I'm not too 235 00:14:16,480 --> 00:14:19,640 Speaker 5: worried about the near term political. How are they playing it? 236 00:14:19,720 --> 00:14:21,920 Speaker 6: I think, yeah, I think everyone's worried about the near 237 00:14:22,000 --> 00:14:24,880 Speaker 6: term political because there's that gap risk, and I think 238 00:14:24,920 --> 00:14:27,160 Speaker 6: a lot of people don't want to ruin their year 239 00:14:27,160 --> 00:14:29,080 Speaker 6: to date p and ls as well. You know, we're 240 00:14:29,120 --> 00:14:31,480 Speaker 6: just a month or so away from getting to that 241 00:14:31,520 --> 00:14:34,600 Speaker 6: period where you lock in for the annual reports. So 242 00:14:34,680 --> 00:14:37,040 Speaker 6: you're seeing a lot of people d risk. You've seen 243 00:14:37,080 --> 00:14:38,880 Speaker 6: a lot of people uncertain, a lot of people saying 244 00:14:38,880 --> 00:14:40,360 Speaker 6: the words I don't have an edge in this. The 245 00:14:40,400 --> 00:14:42,960 Speaker 6: polsters don't know what it's going to be. The sort 246 00:14:43,000 --> 00:14:45,240 Speaker 6: of modelers like Nate Silver don't really know what it's 247 00:14:45,240 --> 00:14:47,480 Speaker 6: going to be everything says fifty to fifty. So you 248 00:14:47,520 --> 00:14:49,520 Speaker 6: see a lightning at the risk. You're seeing business activities 249 00:14:49,520 --> 00:14:52,600 Speaker 6: slow down, you're seeing volumes slow down. I think that 250 00:14:52,640 --> 00:14:55,360 Speaker 6: today's one of the quieter days so far in the 251 00:14:55,360 --> 00:14:58,320 Speaker 6: past week or two. But then everyone's ready to gear 252 00:14:58,400 --> 00:15:00,880 Speaker 6: up once you know the outcome, because you it is 253 00:15:00,920 --> 00:15:03,360 Speaker 6: an event that's difficult to predict, but still I think 254 00:15:03,480 --> 00:15:06,040 Speaker 6: very tradeable after we know who's in the White House. 255 00:15:07,040 --> 00:15:10,040 Speaker 5: So the dollar, though, I mean you go out six 256 00:15:10,040 --> 00:15:11,840 Speaker 5: to twelve months, is there a bare case for this 257 00:15:12,400 --> 00:15:13,640 Speaker 5: US dollar in your mind? 258 00:15:15,040 --> 00:15:15,680 Speaker 7: There really is. 259 00:15:15,800 --> 00:15:18,080 Speaker 6: There is a bare case, and it's one that a 260 00:15:18,120 --> 00:15:21,400 Speaker 6: few charts say it's there, it's live, which is when 261 00:15:21,440 --> 00:15:24,160 Speaker 6: the Fed got really dubbished on fifty basis points. It's 262 00:15:24,160 --> 00:15:27,840 Speaker 6: if those impulses come back. And one of the charts 263 00:15:27,840 --> 00:15:30,920 Speaker 6: that really screams that we've got a problem is the 264 00:15:30,920 --> 00:15:34,240 Speaker 6: Conference Boards a Consumer Confidence which asks the question are 265 00:15:34,360 --> 00:15:37,040 Speaker 6: jobs plentiful or are they hard to get? And if 266 00:15:37,040 --> 00:15:39,840 Speaker 6: you plot that versus the United States unemployment rate, it 267 00:15:39,920 --> 00:15:43,040 Speaker 6: is amazing at predicting where the big turns are going. 268 00:15:43,040 --> 00:15:45,120 Speaker 6: All the way back I think to the seventies and 269 00:15:45,200 --> 00:15:47,080 Speaker 6: right now it says that unemployment should be on a 270 00:15:47,080 --> 00:15:50,440 Speaker 6: five handle. Now, COVID's ruined many good charts, and we 271 00:15:50,520 --> 00:15:52,200 Speaker 6: know unemployment is not on a five handle. 272 00:15:52,200 --> 00:15:52,960 Speaker 7: It's four point one. 273 00:15:53,280 --> 00:15:55,600 Speaker 6: So we are far from where that signal is. Is 274 00:15:55,600 --> 00:15:58,080 Speaker 6: that signal wrong or is it right? And we've just 275 00:15:58,120 --> 00:16:00,840 Speaker 6: been staring at it for a while and ignoring it. 276 00:16:00,480 --> 00:16:02,360 Speaker 7: I think the signal might be wrong. 277 00:16:02,480 --> 00:16:04,560 Speaker 6: I think this time around the fiscal impulse in the 278 00:16:04,640 --> 00:16:07,040 Speaker 6: US and all of the COVID charts that have come 279 00:16:07,080 --> 00:16:09,400 Speaker 6: to a silent death, I think this might be another 280 00:16:09,440 --> 00:16:11,720 Speaker 6: one to add on top of that pile. But you know, 281 00:16:11,800 --> 00:16:13,880 Speaker 6: I might be wrong, and the Conference Board is screaming 282 00:16:14,000 --> 00:16:16,640 Speaker 6: there's a problem, and that leads to the US outperformance changing, 283 00:16:16,680 --> 00:16:18,280 Speaker 6: FED cutting by more than what's expected. 284 00:16:18,560 --> 00:16:20,040 Speaker 5: So what do you think we're going to hear from 285 00:16:20,080 --> 00:16:22,720 Speaker 5: the FED this coming Thursday? 286 00:16:24,040 --> 00:16:25,840 Speaker 6: I feel like the FED and maybe the Bank of 287 00:16:25,880 --> 00:16:27,960 Speaker 6: England as well, if they could, they'd hide under the 288 00:16:28,000 --> 00:16:30,000 Speaker 6: bed sheets to just get through this week because it's 289 00:16:30,000 --> 00:16:32,800 Speaker 6: pretty difficult for policymakers. You've got the FED who's got 290 00:16:32,840 --> 00:16:34,760 Speaker 6: to have questions about, you know, what is the change 291 00:16:34,760 --> 00:16:37,400 Speaker 6: in politics mean for their outcome? Their outlook they're going 292 00:16:37,440 --> 00:16:40,000 Speaker 6: to say it doesn't matter. It does matter if you 293 00:16:40,040 --> 00:16:41,720 Speaker 6: have tariffs with Trump, and it does matter if you 294 00:16:41,800 --> 00:16:44,120 Speaker 6: have large fiscal And I think back to twenty sixteen, 295 00:16:44,440 --> 00:16:46,880 Speaker 6: we were at a very tepid stage of the hiking cycle, 296 00:16:47,080 --> 00:16:49,520 Speaker 6: and when Trump got in, we did see an acceleration 297 00:16:49,600 --> 00:16:51,560 Speaker 6: in rate hikes. So it could be the case that 298 00:16:51,720 --> 00:16:54,720 Speaker 6: if Trump gets in these cuts that were seeing from 299 00:16:54,720 --> 00:16:56,480 Speaker 6: the Fed, I think we'll see a twenty five basis 300 00:16:56,480 --> 00:16:59,120 Speaker 6: point cut, then maybe doubts about whether they go ahead 301 00:16:59,120 --> 00:17:02,960 Speaker 6: in December or January. That's kind of where we're at. 302 00:17:03,400 --> 00:17:07,280 Speaker 3: Excuse me, Jordan, You're in the miszouo, which means I 303 00:17:07,320 --> 00:17:12,240 Speaker 3: have to ask about Japan. Is Japan tradeable or is 304 00:17:12,280 --> 00:17:17,160 Speaker 3: there so much uncertainty, including with the LDP challenges politically 305 00:17:17,720 --> 00:17:20,760 Speaker 3: that you can't you can't get a visibility on yen 306 00:17:21,320 --> 00:17:23,920 Speaker 3: out to the end of Q one twenty twenty five. 307 00:17:25,160 --> 00:17:29,760 Speaker 6: I think it's very tradable. The politics has been very surprising. Essentially, 308 00:17:29,840 --> 00:17:33,280 Speaker 6: what we've seen is the LDP stronghold on Japanese politics 309 00:17:33,280 --> 00:17:36,000 Speaker 6: has weakened. They're quite likely to be either in a 310 00:17:36,040 --> 00:17:39,480 Speaker 6: minority government or in a coalition agreement with other parties, 311 00:17:39,840 --> 00:17:41,679 Speaker 6: and we still don't know the outcome of that. The 312 00:17:41,680 --> 00:17:43,800 Speaker 6: twenty sixth of November is when an outcome needs to 313 00:17:43,840 --> 00:17:46,399 Speaker 6: be determined. There'll have to be a vote in Parliament 314 00:17:46,400 --> 00:17:48,440 Speaker 6: to say if we're going ahead or not. I think 315 00:17:48,480 --> 00:17:50,800 Speaker 6: what could happen is we might have a coalition partner 316 00:17:51,000 --> 00:17:53,880 Speaker 6: that leads to more dubbish policies on the boj might 317 00:17:54,000 --> 00:17:56,719 Speaker 6: lead to less hawkishness on the yen, and it might 318 00:17:56,800 --> 00:17:57,960 Speaker 6: lead to more fiscal spending. 319 00:17:58,040 --> 00:18:00,520 Speaker 7: So that just all spells dolly and higher. 320 00:18:00,840 --> 00:18:03,280 Speaker 6: The main problem with the politics though, humans can be 321 00:18:03,320 --> 00:18:05,560 Speaker 6: flippant Tom, and if we get to one sixty and 322 00:18:05,600 --> 00:18:08,720 Speaker 6: dolly yen, do we see efics intervention Again? That's when 323 00:18:08,720 --> 00:18:12,080 Speaker 6: it becomes really untradeable because who wants to take the 324 00:18:12,080 --> 00:18:14,880 Speaker 6: other side of the of the mof But I think 325 00:18:14,960 --> 00:18:18,639 Speaker 6: for the time being, dolly en high's easier if Trump wins. 326 00:18:19,440 --> 00:18:20,960 Speaker 6: When we get to that one sixty level, we have 327 00:18:21,000 --> 00:18:23,040 Speaker 6: to have a scratch and think, oh we're gonna have 328 00:18:23,119 --> 00:18:23,719 Speaker 6: intervention here. 329 00:18:23,760 --> 00:18:26,800 Speaker 7: I think no, Given the politicals. 330 00:18:26,520 --> 00:18:28,600 Speaker 3: Very quickly you're linked into gold. I mean, I know 331 00:18:28,680 --> 00:18:31,040 Speaker 3: that's off your remit, but if I get a one 332 00:18:31,200 --> 00:18:33,399 Speaker 3: sixty yen, what does that do to gold in the 333 00:18:33,440 --> 00:18:34,160 Speaker 3: Pacific Rim. 334 00:18:35,440 --> 00:18:36,560 Speaker 7: Well, it's the same story. 335 00:18:36,800 --> 00:18:38,800 Speaker 6: Gold's been one of the largest that performers this year 336 00:18:39,040 --> 00:18:43,320 Speaker 6: because of the situation with sanctions, risks and tariffs. It's 337 00:18:43,680 --> 00:18:46,240 Speaker 6: detached from real yields in the US, it used to 338 00:18:46,240 --> 00:18:50,399 Speaker 6: be perfectly correlated for most part. If real yields and 339 00:18:50,440 --> 00:18:53,640 Speaker 6: Dolly and gold split, who's the buyer and the buyer 340 00:18:53,640 --> 00:18:56,160 Speaker 6: has been central banks. I think it's something that we're 341 00:18:56,160 --> 00:18:59,160 Speaker 6: going to see faded, so gold suffers. If Trump doesn't win, 342 00:19:00,080 --> 00:19:03,680 Speaker 6: it will definitely be a long term story of central bank. 343 00:19:03,720 --> 00:19:06,600 Speaker 6: So clearly the buyers here try and avoid potential sanctions 344 00:19:06,600 --> 00:19:07,040 Speaker 6: down the line. 345 00:19:07,200 --> 00:19:11,440 Speaker 3: Joining you twenty seconds, Tottenham top five team this year. 346 00:19:13,119 --> 00:19:16,560 Speaker 6: Now Aston Villa is this was just a blip, even 347 00:19:16,600 --> 00:19:18,600 Speaker 6: though we lost four nil against them last year at home, 348 00:19:18,600 --> 00:19:20,879 Speaker 6: which I went to that game and decided not to 349 00:19:20,880 --> 00:19:22,800 Speaker 6: go to yesterday's game for a good reason. 350 00:19:23,160 --> 00:19:25,439 Speaker 7: What was what a screamer by Totonham. I've got to. 351 00:19:25,440 --> 00:19:29,320 Speaker 3: Say, obligatory soccer talk. We had to do that for 352 00:19:29,400 --> 00:19:32,160 Speaker 3: New York City after the marathon. Jordan Rochester with Miszuu, 353 00:19:32,680 --> 00:19:35,280 Speaker 3: thank you so much, greatly appreciate it. 354 00:19:35,359 --> 00:19:39,640 Speaker 2: This is the Bloomberg Surveillance Podcast. Listen live each weekday 355 00:19:39,720 --> 00:19:42,920 Speaker 2: starting at seven am Eastern on applecar Play and Android 356 00:19:42,960 --> 00:19:45,840 Speaker 2: Auto with the Bloomberg Business app. You can also listen 357 00:19:45,920 --> 00:19:49,040 Speaker 2: live on Amazon Alexa from our flagship New York station 358 00:19:49,440 --> 00:19:52,160 Speaker 2: Just Say Alexa playing Bloomberg eleven thirty. 359 00:19:52,640 --> 00:19:56,360 Speaker 3: Joining us now on this selection, Eve, Bob word It's 360 00:19:56,400 --> 00:19:59,720 Speaker 3: four hundred pages. The book is War. He's done many 361 00:19:59,800 --> 00:20:02,920 Speaker 3: many the interviews on it. It is an insight into 362 00:20:02,920 --> 00:20:05,640 Speaker 3: the Biden administration. I love what Robert Gates has said, 363 00:20:05,680 --> 00:20:10,119 Speaker 3: who's served both political persuasions on Woodward. He has an 364 00:20:10,200 --> 00:20:15,240 Speaker 3: extraordinary ability to get otherwise responsible adults to spill their 365 00:20:15,280 --> 00:20:20,320 Speaker 3: guts to him. Bob Woodwards joins us on Election Bob. 366 00:20:20,800 --> 00:20:23,159 Speaker 3: This weekend, I discovered someone in the key house so 367 00:20:23,240 --> 00:20:26,320 Speaker 3: who had not seen all the president's men. I tried 368 00:20:26,320 --> 00:20:28,880 Speaker 3: to explain to them that I was interviewing Robert Redford 369 00:20:28,880 --> 00:20:33,080 Speaker 3: on Monday. In that movie, you show up with mister 370 00:20:33,160 --> 00:20:36,160 Speaker 3: Katie in the courtroom and you say, my name's Bob Woodward. 371 00:20:36,600 --> 00:20:38,639 Speaker 3: I'm from the Post and I wanted to ask you 372 00:20:39,080 --> 00:20:42,920 Speaker 3: how you happened to come on this case. The rudeness 373 00:20:43,080 --> 00:20:48,320 Speaker 3: and direction of Redford's questions is appalling. It's shocking. Where 374 00:20:48,320 --> 00:20:53,480 Speaker 3: did you learn to ask questions so abrupt, so direct, 375 00:20:53,840 --> 00:20:56,840 Speaker 3: so as Robert Gates would say, they all spill their guts? 376 00:20:56,920 --> 00:20:58,200 Speaker 3: Where did you learn that skill? 377 00:20:58,880 --> 00:21:02,560 Speaker 8: Oh? Well, well, look that morning I got called to 378 00:21:02,640 --> 00:21:07,760 Speaker 8: the courthouse. This was the morning of the Watergate burglary. 379 00:21:08,240 --> 00:21:12,720 Speaker 8: I've been covering night police for nine months. And I 380 00:21:12,800 --> 00:21:16,280 Speaker 8: go to the courthouse and income these burglars dressed in 381 00:21:16,440 --> 00:21:21,439 Speaker 8: business suits. I had never seen a burglar in a 382 00:21:21,520 --> 00:21:26,200 Speaker 8: business suit. I've never seen a well dressed burglar. And 383 00:21:26,480 --> 00:21:31,600 Speaker 8: the lead burglar announced reluctantly to the judge that he'd 384 00:21:31,640 --> 00:21:40,120 Speaker 8: worked at the CIA, and I what CIA business suits? 385 00:21:40,960 --> 00:21:45,760 Speaker 8: Five burglars? Elder? I mean, it was just like, oh, 386 00:21:45,880 --> 00:21:48,360 Speaker 8: how do you not followed this story? 387 00:21:50,280 --> 00:21:53,119 Speaker 3: I want to drive the conversation forward, Bob, on this 388 00:21:53,240 --> 00:21:56,480 Speaker 3: election eve for a nation some would say, fighting with 389 00:21:56,560 --> 00:22:00,760 Speaker 3: its concept of democracy. In the epilogue to or, you 390 00:22:00,880 --> 00:22:04,640 Speaker 3: have a brilliant two sentences. Often I have said, only 391 00:22:04,720 --> 00:22:07,719 Speaker 3: half jokingly, that when I wake up in the morning, 392 00:22:07,760 --> 00:22:12,359 Speaker 3: my first thought is, quote, what are the bastards hiding? Unquote? 393 00:22:12,680 --> 00:22:16,320 Speaker 3: So let's get two answers. What is mister Trump hiding 394 00:22:16,520 --> 00:22:17,119 Speaker 3: this morning. 395 00:22:18,240 --> 00:22:26,360 Speaker 8: Well, Trump is making very clear who he is, and 396 00:22:26,440 --> 00:22:31,040 Speaker 8: it's two it's so visible. Let me just give you 397 00:22:31,080 --> 00:22:34,320 Speaker 8: an example. I'm sorry this may sound a little boring, 398 00:22:34,480 --> 00:22:38,359 Speaker 8: but it's right at the heart of your question. The 399 00:22:38,480 --> 00:22:45,119 Speaker 8: people Trump when he was president chose to be close 400 00:22:45,200 --> 00:22:51,320 Speaker 8: to him, people who've spent their lives defending our country. 401 00:22:52,160 --> 00:22:56,520 Speaker 8: And let's look at what these people that Trump picked 402 00:22:56,880 --> 00:23:03,040 Speaker 8: for key positions say about Trump. Now, former Chief of 403 00:23:03,200 --> 00:23:08,720 Speaker 8: Staff John Kelly, you know, one of the most respected 404 00:23:08,880 --> 00:23:15,480 Speaker 8: people in the military. This was Trump's selection to be 405 00:23:15,680 --> 00:23:20,800 Speaker 8: the chief of staff at the White House. Kelly says 406 00:23:20,960 --> 00:23:24,719 Speaker 8: of Trump, He's an idiot. It's pointless to try to 407 00:23:24,800 --> 00:23:29,639 Speaker 8: convince him of anything. He's gone off the rails were 408 00:23:29,680 --> 00:23:30,840 Speaker 8: in crazy town. 409 00:23:31,520 --> 00:23:35,639 Speaker 3: Bob. Let me ask, also to your wonderful quote, what 410 00:23:35,720 --> 00:23:40,400 Speaker 3: are the bestards hiding? What is Vice President Harris hiding 411 00:23:40,600 --> 00:23:41,520 Speaker 3: into this election? 412 00:23:42,640 --> 00:23:46,680 Speaker 8: Well, I think there are actually things that we don't 413 00:23:47,359 --> 00:23:51,199 Speaker 8: know enough about. I had some time to work on 414 00:23:51,440 --> 00:23:58,480 Speaker 8: how she deals with lots of issues, and it's very 415 00:24:00,359 --> 00:24:06,800 Speaker 8: Let me get the right selection here, because she is tough. 416 00:24:07,880 --> 00:24:13,320 Speaker 8: She is the person who goes and has meeting with 417 00:24:13,520 --> 00:24:17,520 Speaker 8: net Yahoo, which I got the notes of and really 418 00:24:17,560 --> 00:24:21,919 Speaker 8: get This was July twenty fifth of this year, just 419 00:24:21,960 --> 00:24:25,440 Speaker 8: a couple of months ago, and she is she could 420 00:24:25,480 --> 00:24:31,320 Speaker 8: not be tougher with net Yahoo, and the notes show 421 00:24:31,520 --> 00:24:37,040 Speaker 8: her saying the following in a closed meeting with bb 422 00:24:37,240 --> 00:24:44,320 Speaker 8: net Yahoo, I'm disturbed by the humanitarian situation in Gaza. 423 00:24:44,640 --> 00:24:50,360 Speaker 8: People are starving. There are four thousand people per toilet. 424 00:24:51,160 --> 00:24:57,560 Speaker 8: She really gets on him about this, and then she 425 00:24:57,720 --> 00:25:04,280 Speaker 8: goes out in public and doesn't pull any punches and says, 426 00:25:04,920 --> 00:25:09,560 Speaker 8: I'm not we cannot look away and become numb about 427 00:25:09,600 --> 00:25:16,680 Speaker 8: what is happening in Gaza, and I will not be silent. 428 00:25:16,920 --> 00:25:19,440 Speaker 8: I'm sorry, I'm giving a long answer. 429 00:25:19,720 --> 00:25:22,840 Speaker 5: No, it's excellent Bob stepping away here. As we think 430 00:25:22,880 --> 00:25:26,080 Speaker 5: about this election here, I can't help but wonder thinking 431 00:25:26,080 --> 00:25:29,200 Speaker 5: about your work, your earliest work back of the Washington Post. 432 00:25:29,320 --> 00:25:33,720 Speaker 5: What has become of the GOP party. It seems like 433 00:25:33,800 --> 00:25:37,160 Speaker 5: it is now clearly the party of one former president 434 00:25:37,240 --> 00:25:39,879 Speaker 5: dot Donald Trump. Is that the new GOP going forward? 435 00:25:40,600 --> 00:25:44,359 Speaker 8: Well it is at the moment. We'll see. I know 436 00:25:44,560 --> 00:25:51,160 Speaker 8: lots of Republicans and I know some who will say 437 00:25:51,359 --> 00:25:54,320 Speaker 8: kind of public, oh, I support Trump. I like Trump 438 00:25:54,320 --> 00:25:58,560 Speaker 8: because he's the force and the party. But privately it's 439 00:25:58,640 --> 00:26:03,000 Speaker 8: thumbs down. They don't like Trump. Look who is Trump? 440 00:26:03,600 --> 00:26:08,199 Speaker 8: This is the question that people need to answer. He 441 00:26:08,280 --> 00:26:14,199 Speaker 8: doesn't like advice, he doesn't like democracy, doesn't like the Constitution, 442 00:26:14,920 --> 00:26:16,280 Speaker 8: doesn't like truth. 443 00:26:17,800 --> 00:26:20,960 Speaker 3: Joining us, Bob Woodward, we will continue with mister Woodward. 444 00:26:20,960 --> 00:26:22,760 Speaker 3: We said good morning to all of you across the 445 00:26:22,840 --> 00:26:26,920 Speaker 3: nation on this election eve. Onunder four hundred pages, War 446 00:26:27,440 --> 00:26:32,919 Speaker 3: by Bob Woodward is simply a look into the Biden administration, 447 00:26:34,119 --> 00:26:37,360 Speaker 3: framed by Netta who and putin Zelensky and of course 448 00:26:37,480 --> 00:26:41,120 Speaker 3: Vice President Harris war spent out some time now, Pauls, 449 00:26:41,160 --> 00:26:43,000 Speaker 3: when you pick it up with Bob Woodward, please. 450 00:26:42,840 --> 00:26:46,520 Speaker 5: Bob tomorrow obviously election day, what will you be focusing on? 451 00:26:46,720 --> 00:26:49,480 Speaker 5: Is it a state? Is it a certain candidate? Is 452 00:26:49,520 --> 00:26:51,120 Speaker 5: it an issue? What are you going to be focusing 453 00:26:51,160 --> 00:26:52,600 Speaker 5: on going into Well. 454 00:26:52,440 --> 00:26:58,560 Speaker 8: I need to look at what happens in all the 455 00:26:58,640 --> 00:27:04,840 Speaker 8: polls say it's razor thin. So who knows. I hope 456 00:27:05,520 --> 00:27:12,560 Speaker 8: and that people will look at the candidates, particularly he 457 00:27:12,720 --> 00:27:16,720 Speaker 8: was president for four years. He has said some things 458 00:27:16,840 --> 00:27:22,639 Speaker 8: in this campaign that really and he really shows what's 459 00:27:22,760 --> 00:27:30,720 Speaker 8: at state in this election. He is a danger to democracy. 460 00:27:31,080 --> 00:27:36,720 Speaker 8: He is a danger to the United States. Why go back. 461 00:27:36,880 --> 00:27:41,080 Speaker 8: My first interview with him was thirty five years ago 462 00:27:41,160 --> 00:27:45,320 Speaker 8: when he was a real estate king in New York City, 463 00:27:45,760 --> 00:27:50,800 Speaker 8: and then and even in interviews I did in the 464 00:27:50,840 --> 00:27:56,040 Speaker 8: Oval Office with him when he was president. He's driven 465 00:27:56,160 --> 00:28:00,600 Speaker 8: by instinct. He's got this idea that his in stinks, 466 00:28:00,680 --> 00:28:07,000 Speaker 8: what his gut feel is is perfect. That's the way 467 00:28:07,080 --> 00:28:12,440 Speaker 8: to go. Yeah, both Yet run a government on anyone's 468 00:28:12,480 --> 00:28:19,600 Speaker 8: in stakes, you need a aim, you need some alternative views. 469 00:28:20,200 --> 00:28:25,239 Speaker 8: And Brump is locked, as we know, locked into himself. 470 00:28:24,840 --> 00:28:27,440 Speaker 3: For the nation. In the selection of Bob Woodward joins 471 00:28:27,520 --> 00:28:31,399 Speaker 3: us of course forever with the Washington Post. Bob, I 472 00:28:31,440 --> 00:28:35,680 Speaker 3: had to do something for the youngest afterthought a while back, 473 00:28:35,760 --> 00:28:38,760 Speaker 3: I had to look at her Vietnam paper and that, 474 00:28:39,000 --> 00:28:41,240 Speaker 3: and like a lot of us, you were in NROTC 475 00:28:41,920 --> 00:28:44,120 Speaker 3: at Yale, and I was doing another act out at 476 00:28:44,120 --> 00:28:48,760 Speaker 3: the time at Boulder. I completely avoided reading or thinking 477 00:28:48,800 --> 00:28:52,280 Speaker 3: about Vietnam. And I enjoyed Max Hastings, you know him 478 00:28:52,280 --> 00:28:56,120 Speaker 3: well from a Telegraph and his one volume on Vietnam 479 00:28:56,160 --> 00:29:00,960 Speaker 3: as well, The Crucible, The Modern Democratic Party, McGovern and 480 00:29:01,320 --> 00:29:07,640 Speaker 3: HHH in nineteen seventy two. The legacy that Vice President Harry. 481 00:29:07,760 --> 00:29:09,680 Speaker 8: Hs being Hubert Humphrey. 482 00:29:09,800 --> 00:29:14,200 Speaker 3: Hubert Humphrey, thank you. But the legacy that Harris carries forward. 483 00:29:14,480 --> 00:29:18,200 Speaker 3: Do you see her as a change agent for Democratic 484 00:29:18,280 --> 00:29:23,680 Speaker 3: Party theology or as the critics would say, Obama version four. 485 00:29:24,880 --> 00:29:30,680 Speaker 8: Well, look, she's tough. She's going to President's school. She's 486 00:29:30,880 --> 00:29:34,560 Speaker 8: very lucky in a sense, the country is very lucky 487 00:29:35,040 --> 00:29:40,440 Speaker 8: that Biden, who was vice president, wants himself and didn't 488 00:29:40,560 --> 00:29:43,800 Speaker 8: like to be cut out of things. He's made sure 489 00:29:44,280 --> 00:29:50,320 Speaker 8: that she really is getting a graduate course in the presidency. 490 00:29:50,520 --> 00:29:57,360 Speaker 8: She's at the meetings, the discussions, the debates. There are 491 00:29:57,400 --> 00:30:05,720 Speaker 8: lots of signs of two qualities, independence and determination. And 492 00:30:05,760 --> 00:30:09,040 Speaker 8: I think that that is a good thing. That's not 493 00:30:09,080 --> 00:30:14,160 Speaker 8: a political judgment. It is what I was able to 494 00:30:14,240 --> 00:30:20,800 Speaker 8: do in the reporting about what her course of going 495 00:30:20,840 --> 00:30:26,600 Speaker 8: to President's school is. She's got a national security advisor 496 00:30:26,720 --> 00:30:34,640 Speaker 8: named Phil Gordon, who is really experienced. Billy goes back 497 00:30:36,080 --> 00:30:40,040 Speaker 8: a long time into the White House and the State 498 00:30:40,120 --> 00:30:45,280 Speaker 8: Department and brings a lot of knowledge. Who's Donald Trump's 499 00:30:45,360 --> 00:30:51,800 Speaker 8: national security advisor? His mouth, he will say whatever he wants, 500 00:30:52,080 --> 00:30:56,760 Speaker 8: whatever springs in. That is the danger. 501 00:30:56,720 --> 00:31:00,640 Speaker 3: We face, Bob. What one final question that dedicate for 502 00:31:00,800 --> 00:31:05,560 Speaker 3: my lifelong friend and reporting partner Carl Bernstein. Do you 503 00:31:05,560 --> 00:31:07,800 Speaker 3: guys talk a lot like is there a Bernstein? What 504 00:31:07,960 --> 00:31:10,880 Speaker 3: would take on where this nation is going right now? 505 00:31:11,840 --> 00:31:16,080 Speaker 8: Well, we do talk all the time, three four times 506 00:31:16,360 --> 00:31:19,920 Speaker 8: a week, for sure. We saw each other recently we 507 00:31:20,000 --> 00:31:26,160 Speaker 8: did an appearance together and just a few days ago 508 00:31:26,400 --> 00:31:32,560 Speaker 8: in New York City. The question here is who's Trump? 509 00:31:33,400 --> 00:31:40,040 Speaker 8: Who's Harris? One important credential that Harris has is the 510 00:31:40,240 --> 00:31:45,200 Speaker 8: Secretary of Defense. Austin has a lot of respect for her. 511 00:31:46,280 --> 00:31:50,600 Speaker 8: I describe new scenes in the book about what Austin 512 00:31:50,800 --> 00:31:55,600 Speaker 8: has done and how he's been very tough with the 513 00:31:55,680 --> 00:32:02,600 Speaker 8: Russian defense minister. Showgu and there's some transcripts I have 514 00:32:02,880 --> 00:32:05,240 Speaker 8: that are in the book and you can see exactly 515 00:32:05,320 --> 00:32:13,320 Speaker 8: what they said to each other. So there's hope. But 516 00:32:13,560 --> 00:32:19,800 Speaker 8: to be a president and deal with this world situation 517 00:32:20,080 --> 00:32:28,280 Speaker 8: now would stretch. Anyone would stretch. White Eisenhower would stretch. 518 00:32:31,120 --> 00:32:35,160 Speaker 8: It is a very dangerous time. We've got to get 519 00:32:35,160 --> 00:32:40,280 Speaker 8: it right and we got to be careful. And Trump 520 00:32:40,960 --> 00:32:45,440 Speaker 8: is not a manager. Trump is not a person who 521 00:32:45,520 --> 00:32:51,080 Speaker 8: really understands what the national interest is because there is 522 00:32:51,120 --> 00:32:56,920 Speaker 8: a blockage, and that blockage is he only cares about himself. 523 00:32:56,520 --> 00:32:58,920 Speaker 3: On the selection. We continue with Bob Woodward in a 524 00:32:59,000 --> 00:33:01,760 Speaker 3: few more minutes with miss We're in celebration of his 525 00:33:01,840 --> 00:33:04,520 Speaker 3: book War in the twenty books or so before that 526 00:33:05,400 --> 00:33:08,520 Speaker 3: is well, we welcome all of you across this nation 527 00:33:08,720 --> 00:33:11,200 Speaker 3: and Apple CarPlay, Android Otto, and of course this new 528 00:33:11,280 --> 00:33:15,200 Speaker 3: technology YouTube. Paul, there was no YouTube. No, there was 529 00:33:15,280 --> 00:33:17,000 Speaker 3: not when the Watergate thing was going on. 530 00:33:17,080 --> 00:33:20,640 Speaker 5: No, exactly, Hey, Bob, if President Trump were to lose 531 00:33:20,680 --> 00:33:24,120 Speaker 5: this election, is there an air apparent? Does trump Ism 532 00:33:24,680 --> 00:33:28,560 Speaker 5: remain a political force? Is a jdvans Er someone like 533 00:33:28,640 --> 00:33:29,719 Speaker 5: that out there in the wings? 534 00:33:30,360 --> 00:33:33,280 Speaker 8: I mean, I mean, that's you know, that speculation. I 535 00:33:33,320 --> 00:33:37,960 Speaker 8: don't know. What is very interesting is to listen to 536 00:33:38,120 --> 00:33:41,080 Speaker 8: Trump in the last couple of days. He's in a 537 00:33:41,360 --> 00:33:46,479 Speaker 8: very sour mood. And I think it was yesterday or 538 00:33:46,560 --> 00:33:50,240 Speaker 8: the day before he said, and then this is the 539 00:33:50,280 --> 00:33:55,800 Speaker 8: man who wants to be president again. He's very dark, 540 00:33:56,520 --> 00:34:02,719 Speaker 8: very profane comments. And he said, this is a crooked country. 541 00:34:03,240 --> 00:34:09,600 Speaker 8: Now imagine somebody, this is not a crooked country. It 542 00:34:09,680 --> 00:34:12,560 Speaker 8: may become one if he becomes Pressenton. 543 00:34:13,960 --> 00:34:16,799 Speaker 3: Bob Woodward I gotta ask one final question, and this 544 00:34:16,840 --> 00:34:19,440 Speaker 3: is immense respect, and you know, we get a huge response. 545 00:34:19,520 --> 00:34:22,880 Speaker 3: Republicans hate you, Democrats love you. I get it, folks. 546 00:34:23,480 --> 00:34:27,200 Speaker 8: Bob Woodward with no, no, that's just not I know 547 00:34:27,400 --> 00:34:33,040 Speaker 8: lots of Republicans who don't follow, don't march in line 548 00:34:33,200 --> 00:34:33,760 Speaker 8: with Trump. 549 00:34:33,920 --> 00:34:36,880 Speaker 3: Well, I'm running out of time, Bob Woodward, but he 550 00:34:36,920 --> 00:34:40,200 Speaker 3: got one final question, with great respect for your career. 551 00:34:40,560 --> 00:34:44,399 Speaker 3: Should newspapers endorse presidents. 552 00:34:45,200 --> 00:34:49,040 Speaker 8: Well, then that's obviously up to them. At the Washington Post. 553 00:34:49,120 --> 00:34:55,239 Speaker 8: There's a big controversy about the non endorsement. Now the 554 00:34:55,400 --> 00:35:01,880 Speaker 8: Washington Post I know very well for over fifty two years. 555 00:35:02,040 --> 00:35:07,360 Speaker 8: Is I say it's strong when the reporting is strong, 556 00:35:07,440 --> 00:35:10,520 Speaker 8: as it has been now, I think it's been magnificent, 557 00:35:11,160 --> 00:35:17,160 Speaker 8: and the editorial page should deal with the strength of 558 00:35:17,280 --> 00:35:23,040 Speaker 8: that reporting. The editorial page needs to deal with reality, 559 00:35:23,600 --> 00:35:31,200 Speaker 8: and the reporting is real and incredibly strong. To ignore 560 00:35:31,280 --> 00:35:37,120 Speaker 8: it is to ignore reality. Not a good thing for 561 00:35:37,320 --> 00:35:38,759 Speaker 8: any institute, right. 562 00:35:39,719 --> 00:35:42,360 Speaker 3: Bob, Thank you so much. Bob Woodward on the selection 563 00:35:42,480 --> 00:35:46,000 Speaker 3: eve across the nation, of course, foreverwhere the Washington Posts, 564 00:35:46,360 --> 00:35:48,319 Speaker 3: the book is war. 565 00:35:54,520 --> 00:35:58,800 Speaker 2: This is the Bloomberg Surveillance Podcast. Listen live each weekday 566 00:35:58,880 --> 00:36:02,400 Speaker 2: starting at seven am on applecar Play and Android Auto 567 00:36:02,480 --> 00:36:05,279 Speaker 2: with the Bloomberg Business app. You can also watch us 568 00:36:05,360 --> 00:36:09,320 Speaker 2: live every weekday on YouTube and always on the Bloomberg terminal. 569 00:36:09,719 --> 00:36:13,080 Speaker 3: Look at the front pages that Lisa Matteo our Lisa go. 570 00:36:13,520 --> 00:36:15,439 Speaker 1: I know I forgot how to do this orund it's 571 00:36:15,520 --> 00:36:18,680 Speaker 1: been too long, But since we're talking so much about election, 572 00:36:18,760 --> 00:36:21,480 Speaker 1: I figure i'd start here. This is the Washington Post. 573 00:36:21,840 --> 00:36:26,000 Speaker 1: It's saying this shift from election day to election season 574 00:36:26,080 --> 00:36:28,680 Speaker 1: now because more people are casting the vote early so 575 00:36:28,719 --> 00:36:29,560 Speaker 1: they see the difference. 576 00:36:29,840 --> 00:36:30,719 Speaker 5: Quick number check. 577 00:36:30,960 --> 00:36:33,120 Speaker 1: More than seventy four million people have already cast their 578 00:36:33,160 --> 00:36:36,520 Speaker 1: ballots as of Saturday, and that's nearly forty seven percent 579 00:36:36,600 --> 00:36:39,400 Speaker 1: the total number cast in the twenty twenty presidential election. 580 00:36:39,719 --> 00:36:42,040 Speaker 1: So a lot of people doing it. So the experts 581 00:36:42,080 --> 00:36:44,839 Speaker 1: are saying it's more election day has become this like 582 00:36:44,880 --> 00:36:47,920 Speaker 1: more like end to voting rather than kind of the kickoff. 583 00:36:47,960 --> 00:36:53,080 Speaker 3: What's your earliest memory of like going your parents and going. 584 00:36:53,200 --> 00:36:55,560 Speaker 5: Yeah, definitely going into the definitely going into the polls 585 00:36:55,560 --> 00:36:57,480 Speaker 5: with my parents back in the day. 586 00:36:57,560 --> 00:36:58,840 Speaker 3: I'm sure my dad always. 587 00:36:58,560 --> 00:37:01,560 Speaker 5: Went down to Republican side, you know, right down the thing. 588 00:37:01,680 --> 00:37:02,839 Speaker 5: That's what he probably did. 589 00:37:03,200 --> 00:37:05,480 Speaker 3: My father would pick me up and I got to 590 00:37:05,520 --> 00:37:09,160 Speaker 3: pretend I was closing the handle thing, yep, and then 591 00:37:09,200 --> 00:37:11,439 Speaker 3: you'd watch him click click, click, and maybe you could 592 00:37:11,440 --> 00:37:12,080 Speaker 3: do one. 593 00:37:12,360 --> 00:37:14,200 Speaker 1: Click as well. 594 00:37:14,520 --> 00:37:19,319 Speaker 5: I think with technology we should know, like by eight 595 00:37:19,360 --> 00:37:22,960 Speaker 5: o'clock tonight. But why we're doing write in votes? I 596 00:37:22,960 --> 00:37:24,960 Speaker 5: have no idea which I did by that. I mailed 597 00:37:25,000 --> 00:37:25,200 Speaker 5: it in. 598 00:37:26,200 --> 00:37:27,640 Speaker 8: Did you vote for Taylor Swift? 599 00:37:28,040 --> 00:37:31,799 Speaker 5: T Swift right in? But I just think there's no 600 00:37:31,840 --> 00:37:33,520 Speaker 5: technology in the moment. 601 00:37:33,760 --> 00:37:36,799 Speaker 3: Promise, where's my relationship with my kids or frankly with 602 00:37:36,880 --> 00:37:40,840 Speaker 3: the dogs. If I'm doing a stupid write in ballot 603 00:37:41,200 --> 00:37:44,319 Speaker 3: sterilized in the kitchen with the martini in my hand, 604 00:37:44,880 --> 00:37:47,480 Speaker 3: That's not the way we did it. No, we're removed 605 00:37:47,480 --> 00:37:48,200 Speaker 3: from it, Lisa. 606 00:37:48,320 --> 00:37:50,800 Speaker 1: Yeah, and it kind of reminds me of how Black 607 00:37:50,920 --> 00:37:53,239 Speaker 1: Friday used to be this big thing and then now 608 00:37:53,280 --> 00:37:56,520 Speaker 1: it's become like. 609 00:37:55,320 --> 00:37:58,080 Speaker 3: We'll talk to Bob Woodward of the Washington we'll host 610 00:37:58,480 --> 00:37:58,879 Speaker 3: what you got? 611 00:37:59,160 --> 00:38:03,520 Speaker 1: Yes, okay, So why your grocery bill is becoming so expensive? 612 00:38:03,960 --> 00:38:06,080 Speaker 1: This is from the Wall Street Journal. It really breaks 613 00:38:06,080 --> 00:38:08,799 Speaker 1: it down because it goes to the distributors and they're 614 00:38:08,800 --> 00:38:11,200 Speaker 1: saying that's the main reason, because you have the food 615 00:38:11,239 --> 00:38:15,000 Speaker 1: companies are saying higher cost higher ingreding costs, labor costs. 616 00:38:15,360 --> 00:38:17,960 Speaker 1: But the companies, a lot of the smaller food companies 617 00:38:17,960 --> 00:38:20,040 Speaker 1: are saying that it's the distributors, you know, the ones 618 00:38:20,440 --> 00:38:22,800 Speaker 1: that take the products from the store from the food makers. 619 00:38:22,800 --> 00:38:24,239 Speaker 1: They bring it to the store, they sell it, and 620 00:38:24,239 --> 00:38:26,520 Speaker 1: they ship them and they charge a lot of these 621 00:38:26,600 --> 00:38:29,640 Speaker 1: extra fees, like a fee for launching a new flavor, 622 00:38:29,719 --> 00:38:33,520 Speaker 1: a fee for getting a promotion at retail, a fee 623 00:38:33,560 --> 00:38:36,719 Speaker 1: for if they supply too much product and it goes bad, 624 00:38:36,920 --> 00:38:39,440 Speaker 1: there's a spoilage fee that they charge, you know. So 625 00:38:39,520 --> 00:38:41,560 Speaker 1: there're a lot of these smaller food companies are saying 626 00:38:41,560 --> 00:38:43,680 Speaker 1: they're stretched, like they don't know what to do because 627 00:38:43,719 --> 00:38:45,600 Speaker 1: this is the and what they have to do is 628 00:38:45,760 --> 00:38:48,600 Speaker 1: raise the prices. And that's the reason for it. It's 629 00:38:48,640 --> 00:38:49,959 Speaker 1: the distributors out of the issue. 630 00:38:50,000 --> 00:38:52,200 Speaker 5: Well, the food makers had some nice profits over the 631 00:38:52,280 --> 00:38:54,799 Speaker 5: last several years because they were they told your right 632 00:38:54,840 --> 00:38:57,640 Speaker 5: in front, and the quarterly earnings were able to raise prices, 633 00:38:58,120 --> 00:39:01,839 Speaker 5: you know, the protic were able to raise prices and 634 00:39:02,040 --> 00:39:05,320 Speaker 5: because our maybe because our costs went up, but the wholesalers. 635 00:39:05,360 --> 00:39:07,160 Speaker 5: I didn't even think about that, Okay, Yeah. 636 00:39:07,040 --> 00:39:10,400 Speaker 3: I mean there's private label sales hit record in twenty 637 00:39:10,480 --> 00:39:10,960 Speaker 3: twenty three. 638 00:39:11,000 --> 00:39:12,759 Speaker 5: We do a lot more private label than we ever 639 00:39:12,800 --> 00:39:13,240 Speaker 5: did before. 640 00:39:13,320 --> 00:39:16,759 Speaker 3: Yeah, you wonder where that'll be in three four, three 641 00:39:16,840 --> 00:39:18,520 Speaker 3: four or five years. Very good? 642 00:39:18,520 --> 00:39:21,200 Speaker 1: Nextly, okay, So, if you want to learn to talk 643 00:39:21,280 --> 00:39:23,200 Speaker 1: like a banker, there are a lot of terms you 644 00:39:23,239 --> 00:39:27,320 Speaker 1: need to know. And this is a business insider finance speak, 645 00:39:27,360 --> 00:39:29,799 Speaker 1: you know, Wall Street lingo. So they asked a couple 646 00:39:29,840 --> 00:39:32,480 Speaker 1: of industry insiders who came up with this list of words. 647 00:39:32,520 --> 00:39:36,360 Speaker 1: So they said, for example, bakeoff. Bakeoff has been nothing 648 00:39:36,400 --> 00:39:37,240 Speaker 1: to do with flowers. 649 00:39:38,280 --> 00:39:42,040 Speaker 5: So many bakeoffs exactly right, and one of my clients 650 00:39:42,520 --> 00:39:45,120 Speaker 5: had a bake off, I'd be very upset. No, no, no, no, no, 651 00:39:45,280 --> 00:39:47,440 Speaker 5: this is my business. You're my business. We're not opening 652 00:39:47,520 --> 00:39:50,799 Speaker 5: up the competition. You know who was here calling on 653 00:39:50,840 --> 00:39:53,600 Speaker 5: you every month for the last five years. So bakeoff 654 00:39:53,640 --> 00:39:54,320 Speaker 5: there happens. 655 00:39:54,440 --> 00:39:56,799 Speaker 1: Didn't know they compete to the This like chosen as 656 00:39:56,800 --> 00:40:00,359 Speaker 1: an advisor by a client. Color is another one, talking 657 00:40:00,360 --> 00:40:05,040 Speaker 1: about pink or blue? This one okay, okay, So it's 658 00:40:05,080 --> 00:40:07,840 Speaker 1: often used when bankers are asking for more of something 659 00:40:08,000 --> 00:40:10,799 Speaker 1: like I want more color from you. Tell me more 660 00:40:11,040 --> 00:40:12,960 Speaker 1: basically more information, more information. 661 00:40:13,000 --> 00:40:13,680 Speaker 5: So that's color. 662 00:40:14,480 --> 00:40:15,360 Speaker 1: Boil the ocean? 663 00:40:15,560 --> 00:40:17,640 Speaker 5: Have you heard that one? No boil the ocean? 664 00:40:17,640 --> 00:40:19,839 Speaker 1: Okay, because you can't actually boil the ocean, right, So 665 00:40:20,080 --> 00:40:22,359 Speaker 1: it basically means someone doing a little bit too much 666 00:40:22,480 --> 00:40:25,200 Speaker 1: or making something more complicated than it has to be. 667 00:40:25,520 --> 00:40:28,360 Speaker 1: So no, no, no, you're boiling the ocean, like just 668 00:40:28,360 --> 00:40:31,520 Speaker 1: break it down. You're being too complicated. So it has 669 00:40:31,840 --> 00:40:34,239 Speaker 1: like a lot of these different terms that are pretty cool. 670 00:40:34,280 --> 00:40:35,680 Speaker 1: So they want, you know, if you want. 671 00:40:35,560 --> 00:40:36,320 Speaker 7: To be in the loop. 672 00:40:36,480 --> 00:40:37,759 Speaker 1: Okay, so that's what these are. 673 00:40:37,760 --> 00:40:38,000 Speaker 8: Used to be. 674 00:40:38,080 --> 00:40:39,640 Speaker 5: In the loop you used to be used to be. 675 00:40:39,760 --> 00:40:41,479 Speaker 1: But you still know these, like you know the bank 676 00:40:41,520 --> 00:40:44,279 Speaker 1: off there you go, you're six five trust fund. 677 00:40:44,320 --> 00:40:46,319 Speaker 5: I still have a whole room full of our desk 678 00:40:46,440 --> 00:40:50,640 Speaker 5: full of loose sights, which about one hundred and twenty 679 00:40:50,640 --> 00:40:50,960 Speaker 5: of them. 680 00:40:51,160 --> 00:40:53,760 Speaker 3: Yeah, they still do, they still do loose. 681 00:40:53,800 --> 00:40:55,319 Speaker 5: I don't know because they don't do. I mean I 682 00:40:55,320 --> 00:40:58,440 Speaker 5: saw I just saw an old Wall Street Journal line 683 00:40:58,440 --> 00:41:00,920 Speaker 5: line around the head the tombstone in the world. I mean, 684 00:41:01,040 --> 00:41:03,520 Speaker 5: that's the first thing you went to in section see 685 00:41:03,680 --> 00:41:07,040 Speaker 5: to see if your deals Tombstone made it was, Yeah, 686 00:41:07,480 --> 00:41:11,520 Speaker 5: it was just like exactly last one. 687 00:41:11,640 --> 00:41:16,239 Speaker 1: Yes, the future of footwear is spray on sneakers. Not 688 00:41:16,280 --> 00:41:18,400 Speaker 1: sure if anyone in the bath On more thies for 689 00:41:18,480 --> 00:41:21,880 Speaker 1: twenty six two point mild, But it's a Swiss sneaker 690 00:41:21,880 --> 00:41:25,720 Speaker 1: maker brand. It's called On So it made with spray. 691 00:41:25,840 --> 00:41:28,279 Speaker 1: So basically it's this new technology. It sprays the upper 692 00:41:28,280 --> 00:41:31,520 Speaker 1: part of the sneaker onto this foot mold and it's 693 00:41:31,520 --> 00:41:34,800 Speaker 1: done by a robotic arm. Okay, so the whole idea 694 00:41:34,840 --> 00:41:36,719 Speaker 1: behind it is that you don't need to stitch it. 695 00:41:36,719 --> 00:41:39,200 Speaker 1: It takes three minutes to make the shoe, and it 696 00:41:39,200 --> 00:41:41,800 Speaker 1: could be the step toward automating an industry because the 697 00:41:41,840 --> 00:41:45,480 Speaker 1: sneaker industry is very labor intensive, so it could be 698 00:41:45,520 --> 00:41:48,319 Speaker 1: a change to the sneaker making industry. There costs you 699 00:41:48,320 --> 00:41:51,160 Speaker 1: about three hundred bucks each, but now they're trying to 700 00:41:51,160 --> 00:41:53,759 Speaker 1: bring the cheaper options in. But as they start to 701 00:41:53,760 --> 00:41:56,359 Speaker 1: get this technology going, don't know it's supposed to fit 702 00:41:56,440 --> 00:41:58,960 Speaker 1: like a sock. Don't know the support level or anything, 703 00:41:59,000 --> 00:42:01,640 Speaker 1: but a spread on sneaker, I don't know. 704 00:42:02,040 --> 00:42:03,759 Speaker 3: I'm I don't know where to begin with this other 705 00:42:03,840 --> 00:42:07,760 Speaker 3: than I sat transfixed on a bed in Cape cod 706 00:42:07,800 --> 00:42:10,560 Speaker 3: at two am one night, and there was a new mic, 707 00:42:10,800 --> 00:42:12,960 Speaker 3: Lisa Mateo. Thank you so much for the newspapers. Are 708 00:42:13,000 --> 00:42:21,359 Speaker 3: we doing this tomorrow special election day coverage? Thanks so much. 709 00:42:21,600 --> 00:42:26,040 Speaker 2: This is the Bloomberg Surveillance podcast, available on Apple, Spotify, 710 00:42:26,200 --> 00:42:30,320 Speaker 2: and anywhere else you get your podcasts. Listen live each weekday, 711 00:42:30,400 --> 00:42:33,480 Speaker 2: seven to ten am Eastern on Bloomberg dot com, the 712 00:42:33,560 --> 00:42:37,360 Speaker 2: iHeartRadio app tune In, and the Bloomberg Business app. You 713 00:42:37,400 --> 00:42:40,719 Speaker 2: can also watch us live every weekday on YouTube and 714 00:42:40,840 --> 00:42:42,440 Speaker 2: always on the Bloomberg terminal