1 00:00:02,560 --> 00:00:10,520 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. 2 00:00:12,800 --> 00:00:17,560 Speaker 2: Bradstone, Stacey Van Smith, Happy fourth of July. 3 00:00:17,960 --> 00:00:20,600 Speaker 1: It's a big one, a lot of candles. Two hundred 4 00:00:20,640 --> 00:00:21,200 Speaker 1: and fifty. 5 00:00:21,560 --> 00:00:25,320 Speaker 2: That is a lot of candles and a cause for celebration. 6 00:00:25,480 --> 00:00:27,520 Speaker 2: A lot of countries do not make it this far, 7 00:00:28,240 --> 00:00:29,760 Speaker 2: so happy birthday to us. 8 00:00:29,840 --> 00:00:35,159 Speaker 3: Time to celebrate, celebrations, fireworks, musical shows, parades. 9 00:00:35,040 --> 00:00:37,040 Speaker 1: And of course some drama. 10 00:00:37,600 --> 00:00:41,120 Speaker 3: They're dueling government agencies trying to plan the big two fifty. 11 00:00:41,159 --> 00:00:44,080 Speaker 3: And we've got business meeks Laura Bliss helping us break 12 00:00:44,120 --> 00:00:44,520 Speaker 3: it down. 13 00:00:44,960 --> 00:00:48,960 Speaker 2: Yes, indeed, and beyond the celebrations, of course, Brad birthdays 14 00:00:49,080 --> 00:00:54,880 Speaker 2: often a time of reflection, reassessment, change, and this week, 15 00:00:55,080 --> 00:00:59,280 Speaker 2: very fittingly, we got some big Supreme Court decisions that 16 00:00:59,400 --> 00:01:02,040 Speaker 2: will change the where country operates in a lot of ways. 17 00:01:02,040 --> 00:01:05,039 Speaker 2: We've got economist Martha Gimble here to talk about that, 18 00:01:05,640 --> 00:01:08,440 Speaker 2: and you know, to help us look at this birthday 19 00:01:09,120 --> 00:01:12,360 Speaker 2: and where we are, where the US is at two fifty. 20 00:01:13,040 --> 00:01:17,039 Speaker 3: This is everybody's business. From Bloemberg BusinessWeek. I'm Bradstone in 21 00:01:17,120 --> 00:01:18,600 Speaker 3: for Max Chafkin. 22 00:01:18,600 --> 00:01:22,240 Speaker 2: And I'm Stacey Vannocksmith. Today on the show Political Parties 23 00:01:22,280 --> 00:01:27,759 Speaker 2: divided over the party, new laws, old divisions, and one 24 00:01:28,160 --> 00:01:29,039 Speaker 2: very big birthday. 25 00:01:29,560 --> 00:01:31,759 Speaker 1: Come for the news and stay for the. 26 00:01:31,680 --> 00:01:40,479 Speaker 2: Fireworks, Brad. There are moments when I sort of start 27 00:01:40,520 --> 00:01:43,800 Speaker 2: to feel like I've been covering business and economics for 28 00:01:43,920 --> 00:01:47,840 Speaker 2: too long. For instance, all this news around America's two 29 00:01:47,920 --> 00:01:51,360 Speaker 2: hundred and fiftieth birthday. Think of as like, what if 30 00:01:51,360 --> 00:01:54,000 Speaker 2: the US were a company, Like, how would it be 31 00:01:54,040 --> 00:01:57,160 Speaker 2: doing right now? Is it a good investment? Are we 32 00:01:57,200 --> 00:02:00,160 Speaker 2: heading in a good direction? Would I invest in America? 33 00:02:00,240 --> 00:02:03,040 Speaker 3: Well that direction changed a little bit this week, right, 34 00:02:03,080 --> 00:02:06,160 Speaker 3: we got some major Supreme Court decisions, including one about 35 00:02:06,160 --> 00:02:11,920 Speaker 3: Federal Reserve independence, birthright, citizenship campaign spending. I guess you 36 00:02:11,919 --> 00:02:13,720 Speaker 3: could think of those as sort of changes to the 37 00:02:13,760 --> 00:02:14,680 Speaker 3: corporate bylaws. 38 00:02:15,000 --> 00:02:18,320 Speaker 2: Yeah, okay, yes, that would be changes to the corporate bylaws. 39 00:02:18,360 --> 00:02:21,400 Speaker 2: I appreciate that you're on this train with me. I 40 00:02:21,480 --> 00:02:24,480 Speaker 2: was hoping that since it is our birthday and it 41 00:02:24,560 --> 00:02:26,840 Speaker 2: is a time of reflection, that we could call a 42 00:02:26,960 --> 00:02:31,240 Speaker 2: kind of meeting of the board for the country and 43 00:02:31,320 --> 00:02:35,680 Speaker 2: you know, step back and evaluate how America the startup 44 00:02:35,840 --> 00:02:38,600 Speaker 2: is doing. But of course you cannot just have two 45 00:02:38,680 --> 00:02:41,720 Speaker 2: people on a board. That is not quorum, right. 46 00:02:41,600 --> 00:02:45,280 Speaker 3: So we called up economist Martha Gimbal, executive director of 47 00:02:45,320 --> 00:02:47,880 Speaker 3: the Yale Budget Lab, a former senior advisor to the 48 00:02:47,919 --> 00:02:52,720 Speaker 3: White House Council of Economic Advisors. Martha, Welcome to everybody's business. 49 00:02:52,840 --> 00:02:53,960 Speaker 4: Thank you so much for having me. 50 00:02:54,120 --> 00:02:56,840 Speaker 2: Okay, Martha, just very generally to start out, if you 51 00:02:57,080 --> 00:03:00,720 Speaker 2: looked at the US as a start up up, what 52 00:03:00,880 --> 00:03:03,560 Speaker 2: is your assessment of America inc? Like how are we doing? 53 00:03:03,800 --> 00:03:06,040 Speaker 2: Would you buy stock in America? 54 00:03:06,080 --> 00:03:08,200 Speaker 4: So first of all, I do feel like I have 55 00:03:08,280 --> 00:03:11,920 Speaker 4: to start off with just like a pro forma like 56 00:03:12,120 --> 00:03:16,760 Speaker 4: USA USA, USA, like we're yes, we're here, two hundred 57 00:03:16,800 --> 00:03:17,360 Speaker 4: and fifty at. 58 00:03:17,240 --> 00:03:17,920 Speaker 2: The whole made it. 59 00:03:18,320 --> 00:03:21,359 Speaker 4: So if you're thinking about the US as a startup, 60 00:03:22,639 --> 00:03:28,040 Speaker 4: it's been phenomenally successful. Right If you put money into 61 00:03:28,040 --> 00:03:35,240 Speaker 4: the United States in seventeen seventy six, eighteen twelve, eighteen sixty, 62 00:03:35,280 --> 00:03:38,080 Speaker 4: you know, name a year in American history, you're doing 63 00:03:38,440 --> 00:03:42,280 Speaker 4: pretty well now. Of course, the difference between a startup 64 00:03:42,320 --> 00:03:46,480 Speaker 4: in a country is, you know, probably most financial advisors 65 00:03:46,480 --> 00:03:50,440 Speaker 4: would say to you, like, Okay, you and your ancestors 66 00:03:50,480 --> 00:03:54,440 Speaker 4: made a bet here and it really paid off. But 67 00:03:54,520 --> 00:03:57,600 Speaker 4: at some point you have to diversify your portfolio. And 68 00:03:57,640 --> 00:03:59,520 Speaker 4: so you kind of have to decide, am I going 69 00:03:59,560 --> 00:04:04,760 Speaker 4: to keep uh yoloing everything into America or am I 70 00:04:04,800 --> 00:04:07,280 Speaker 4: going to yolo into something else because you can't do 71 00:04:07,360 --> 00:04:10,200 Speaker 4: the diversification that you might if you've done like a 72 00:04:10,240 --> 00:04:11,720 Speaker 4: standard investment in a startup. 73 00:04:11,880 --> 00:04:14,880 Speaker 3: I love this metaphor, and let's continue it until we 74 00:04:14,960 --> 00:04:18,680 Speaker 3: end up in a pot hole. But one of these 75 00:04:18,680 --> 00:04:21,799 Speaker 3: Supreme Court rulings where they were all consequential, but one 76 00:04:22,120 --> 00:04:24,680 Speaker 3: really does sort of change the bylaws. As we were 77 00:04:24,720 --> 00:04:30,080 Speaker 3: discussing the Trump versus Slaughter where the president got increased 78 00:04:30,120 --> 00:04:33,360 Speaker 3: power to remove the heads of independent agencies at will, 79 00:04:33,600 --> 00:04:36,960 Speaker 3: a real alteration to the balance of power between the 80 00:04:37,160 --> 00:04:41,400 Speaker 3: between the between the Congress and the executive branch. You know, Martha, 81 00:04:41,480 --> 00:04:43,680 Speaker 3: how significant the decision do you think that was? 82 00:04:44,160 --> 00:04:48,599 Speaker 4: I mean, I think it's pretty substantial. I think the 83 00:04:48,640 --> 00:04:56,840 Speaker 4: biggest thing is the probability of increased policy swings between 84 00:04:57,080 --> 00:05:01,520 Speaker 4: different administrations, which you know, with the independent agencies you 85 00:05:01,560 --> 00:05:03,640 Speaker 4: were sort of hoping not to have in the same way. 86 00:05:05,080 --> 00:05:07,760 Speaker 4: I think this gets at this sort of broader question 87 00:05:08,160 --> 00:05:11,640 Speaker 4: around predictability in the United States. You know, one of 88 00:05:11,680 --> 00:05:14,200 Speaker 4: the things that we know that makes for a really 89 00:05:14,240 --> 00:05:19,440 Speaker 4: strong investing environment is predictability, rule of law, things like that. 90 00:05:20,240 --> 00:05:24,240 Speaker 4: The Budget Lab where I'm the executive director, did some 91 00:05:24,279 --> 00:05:26,680 Speaker 4: research on this in twenty twenty four. That was basically 92 00:05:26,720 --> 00:05:32,560 Speaker 4: saying investors were underrating one how much political risk had 93 00:05:32,640 --> 00:05:35,200 Speaker 4: increased in the United States, and then also the probability 94 00:05:35,200 --> 00:05:39,479 Speaker 4: that political risk would increase further, and that if that 95 00:05:39,600 --> 00:05:42,000 Speaker 4: did increase, it was going to make the United States 96 00:05:42,320 --> 00:05:48,200 Speaker 4: a less appealing environment for investors. I want to be 97 00:05:48,240 --> 00:05:49,919 Speaker 4: clear that I'm not saying that because of this, you know, 98 00:05:49,920 --> 00:05:51,880 Speaker 4: Scot's decision, everyone's going to pull their money out of 99 00:05:51,880 --> 00:05:54,039 Speaker 4: the United States. But it's you know, as my mother 100 00:05:54,160 --> 00:05:56,960 Speaker 4: used to say, little drops of water, little grains of sand, 101 00:05:57,080 --> 00:05:58,719 Speaker 4: you know, kind of make things less predictable. 102 00:05:59,279 --> 00:06:03,320 Speaker 2: I mean, there was one notable exception to this ruling, 103 00:06:03,360 --> 00:06:06,640 Speaker 2: which was the Federal Reserve. Obviously, Trump tried to remove 104 00:06:06,680 --> 00:06:12,440 Speaker 2: Federal Reserve Governor Lisa Cook for alleged mortgage fraud. That 105 00:06:12,640 --> 00:06:15,640 Speaker 2: did not go forward, so the FED maintained its independence. 106 00:06:15,640 --> 00:06:17,960 Speaker 2: How significant is that part of it. 107 00:06:18,160 --> 00:06:20,480 Speaker 4: I think we're you know, all economists kind of breathed 108 00:06:20,520 --> 00:06:23,440 Speaker 4: a sigh of relief there. I do think it's not clear. 109 00:06:23,600 --> 00:06:28,119 Speaker 4: I am not a lawyer officially, but I do think 110 00:06:28,839 --> 00:06:31,680 Speaker 4: it's not clear legally why the FED should be different, 111 00:06:31,880 --> 00:06:33,760 Speaker 4: except for the fact that, you know, the FED is 112 00:06:33,760 --> 00:06:37,120 Speaker 4: the Supreme Court's large adult son and kind of gets 113 00:06:37,200 --> 00:06:39,919 Speaker 4: to be put in this special category. But you know, 114 00:06:39,960 --> 00:06:42,360 Speaker 4: the independence of the FED is something that a lot 115 00:06:42,400 --> 00:06:46,760 Speaker 4: of us really worry about. It has helped keep inflation 116 00:06:46,880 --> 00:06:52,520 Speaker 4: expectations anchored. That makes fighting inflation much much easier. And so, 117 00:06:53,160 --> 00:06:56,440 Speaker 4: you know, leaving aside the legal basis for that decision, 118 00:06:56,720 --> 00:06:58,640 Speaker 4: I think many of us are very grateful for it. 119 00:06:59,279 --> 00:07:00,960 Speaker 3: It was a close call. That was a five to 120 00:07:00,960 --> 00:07:05,760 Speaker 3: four vote. Another very close call was around birthright citizenship. 121 00:07:07,200 --> 00:07:10,440 Speaker 3: Now that was a defeat for the Trump administration. It 122 00:07:10,560 --> 00:07:12,840 Speaker 3: was six to three. Old the brick. Cavanaugh was kind 123 00:07:12,880 --> 00:07:15,800 Speaker 3: of on the fence. It seemed a little bit when 124 00:07:15,880 --> 00:07:20,400 Speaker 3: you think about the relationship between birther ring citizenship and 125 00:07:20,560 --> 00:07:23,840 Speaker 3: immigration and the labor market, how impactful do you think 126 00:07:23,880 --> 00:07:26,760 Speaker 3: this decision is for the economy of America inc. 127 00:07:27,160 --> 00:07:32,760 Speaker 4: I mean, immigration makes a huge difference in how successful 128 00:07:33,520 --> 00:07:37,880 Speaker 4: the United States has been. Right, there's an amazing quote 129 00:07:37,880 --> 00:07:39,920 Speaker 4: from someone, and I'm forgetting who they are, so I 130 00:07:39,960 --> 00:07:43,960 Speaker 4: apologize for not attributing them, but basically saying that an 131 00:07:43,960 --> 00:07:47,520 Speaker 4: advantage that the United States has over China is that China 132 00:07:47,600 --> 00:07:51,200 Speaker 4: has a billion people whose talent it can draw from. 133 00:07:51,560 --> 00:07:53,760 Speaker 4: We have seven billion, right, we have the world. We 134 00:07:53,800 --> 00:07:58,720 Speaker 4: can say like, come on over here, become American and 135 00:07:59,080 --> 00:08:01,880 Speaker 4: innovate and be productive here, and then we will benefit 136 00:08:01,960 --> 00:08:05,720 Speaker 4: from all of the economic growth that you and your 137 00:08:05,720 --> 00:08:10,320 Speaker 4: descendants drive. I think many of us were surprised the 138 00:08:10,560 --> 00:08:14,320 Speaker 4: birthrate citizenship case was as close as it was. But 139 00:08:14,400 --> 00:08:18,280 Speaker 4: I do think that immigration has made a huge difference 140 00:08:18,440 --> 00:08:22,200 Speaker 4: in America the startup and how successful it was, which 141 00:08:22,240 --> 00:08:24,640 Speaker 4: by the way, is similar to many you know, like 142 00:08:24,760 --> 00:08:28,880 Speaker 4: actual startups that are driven by immigrants who come here 143 00:08:29,040 --> 00:08:33,640 Speaker 4: and start new businesses. Abigutta at the Budget Lab just 144 00:08:33,720 --> 00:08:37,520 Speaker 4: put out a report on how you know, even if 145 00:08:37,559 --> 00:08:41,760 Speaker 4: immigration policy changes in the next presidential term, we have 146 00:08:42,120 --> 00:08:47,480 Speaker 4: long run lowered productivity growth in this country because we're 147 00:08:47,559 --> 00:08:49,679 Speaker 4: losing out on the new businesses that immigrants and also 148 00:08:49,720 --> 00:08:51,400 Speaker 4: immigrant children start. 149 00:08:51,800 --> 00:08:53,720 Speaker 2: I guess if we're to look at the labor force 150 00:08:53,960 --> 00:09:00,680 Speaker 2: writ large, immigrants and everybody who is working in the US, 151 00:09:00,920 --> 00:09:04,040 Speaker 2: and I guess it's a resident of the US. I 152 00:09:04,040 --> 00:09:06,640 Speaker 2: guess we're all kind of workers in America inc in 153 00:09:06,679 --> 00:09:10,480 Speaker 2: a certain way. How how would you say the workers 154 00:09:10,480 --> 00:09:13,920 Speaker 2: are doing? How are the residents doing? I mean, I'm 155 00:09:13,960 --> 00:09:16,360 Speaker 2: thinking of a few things here, like consumer sentiments the 156 00:09:16,400 --> 00:09:20,000 Speaker 2: lowest it's ever been, like since the thirties, which is 157 00:09:21,280 --> 00:09:26,920 Speaker 2: very alarming, but also unemployments near record lows. Job creation 158 00:09:27,120 --> 00:09:29,840 Speaker 2: isn't great, but job numbers have been improving. Like how 159 00:09:29,960 --> 00:09:32,640 Speaker 2: is employment is obviously one of the most important parts 160 00:09:32,640 --> 00:09:34,920 Speaker 2: of an economy and a company. So how do you 161 00:09:34,960 --> 00:09:37,640 Speaker 2: see that right now? For our country? 162 00:09:38,080 --> 00:09:40,760 Speaker 4: I think there's, as you sort of gestured at, two 163 00:09:40,840 --> 00:09:45,240 Speaker 4: separate questions, which is, how are people doing and how 164 00:09:45,240 --> 00:09:48,360 Speaker 4: do they feel that they are doing? You know, we're 165 00:09:48,480 --> 00:09:51,439 Speaker 4: recording this on July. Second, we just got the jobs 166 00:09:51,480 --> 00:09:56,280 Speaker 4: numbers this morning. They were solidly fine. The unemployment rate 167 00:09:56,360 --> 00:09:58,040 Speaker 4: ticked down. There were some things under the hood that 168 00:09:58,080 --> 00:10:02,520 Speaker 4: were a little bit concerning, but like overall sort of fine. 169 00:10:03,240 --> 00:10:07,440 Speaker 4: And you know, the labor market's been remarkably strong for 170 00:10:07,520 --> 00:10:11,079 Speaker 4: quite some time by some measures, like the strongest since 171 00:10:11,120 --> 00:10:14,839 Speaker 4: the nineteen sixties, and yet people hate it, Like people 172 00:10:14,880 --> 00:10:20,920 Speaker 4: are so unhappy with the economic situation right now, and 173 00:10:20,960 --> 00:10:24,800 Speaker 4: we don't fully understand why people have a lot of theories, 174 00:10:25,200 --> 00:10:27,520 Speaker 4: but no one's come up with a like slam dunk. 175 00:10:27,600 --> 00:10:31,280 Speaker 4: We can all agree it's definitely this. One of the 176 00:10:31,320 --> 00:10:33,040 Speaker 4: things I think is most interesting is that if you 177 00:10:33,080 --> 00:10:35,679 Speaker 4: look at people's evaluations of the current labor market relative 178 00:10:35,679 --> 00:10:38,800 Speaker 4: to where the unemployment rate is, they're basically as happy 179 00:10:38,800 --> 00:10:41,200 Speaker 4: as you would expect, right like low and employment rate. 180 00:10:41,200 --> 00:10:43,720 Speaker 4: They think it's kind of fine. If you think if 181 00:10:43,760 --> 00:10:45,920 Speaker 4: you ask them about where the labor market's going to 182 00:10:45,920 --> 00:10:49,760 Speaker 4: be in six months, they're so much more concerned than 183 00:10:49,800 --> 00:10:53,040 Speaker 4: you would expect given where the unemployment rate is. So 184 00:10:53,160 --> 00:10:55,880 Speaker 4: there's something going on that is making people feel like 185 00:10:56,080 --> 00:11:00,400 Speaker 4: even though things are fine right now, something's about to 186 00:11:00,480 --> 00:11:04,200 Speaker 4: hit the fan. It's like they can't trust the success. 187 00:11:04,320 --> 00:11:06,800 Speaker 4: They can't trust how steady the labor market has been. 188 00:11:07,679 --> 00:11:10,440 Speaker 3: And do you think they are these are observations in 189 00:11:10,480 --> 00:11:14,319 Speaker 3: their own personal lives, or are they feeding media skepticism 190 00:11:14,600 --> 00:11:15,400 Speaker 3: back to us. 191 00:11:15,840 --> 00:11:19,559 Speaker 4: You know, I've been a little bit skeptical of the 192 00:11:19,840 --> 00:11:23,720 Speaker 4: This is just about uh, you know, the media being 193 00:11:23,800 --> 00:11:25,960 Speaker 4: so negative about the labor market. I don't think this 194 00:11:26,000 --> 00:11:26,520 Speaker 4: is your fault. 195 00:11:26,600 --> 00:11:29,080 Speaker 1: I guess that's nice to hear. 196 00:11:29,480 --> 00:11:31,320 Speaker 4: I'm trying to find something else to blame you all for. 197 00:11:32,040 --> 00:11:35,240 Speaker 4: I think it's a little bit unclear what's been going 198 00:11:35,280 --> 00:11:37,360 Speaker 4: on right Like people have said, like, well, maybe it's 199 00:11:37,520 --> 00:11:39,640 Speaker 4: you know, fears about AI, but this has been going 200 00:11:39,640 --> 00:11:43,559 Speaker 4: on for a while. There's just there is something in 201 00:11:43,600 --> 00:11:48,200 Speaker 4: the water that is making people think whatever is happening 202 00:11:48,280 --> 00:11:51,760 Speaker 4: right now isn't steady, it's not reliable, we can't trust it. 203 00:11:52,160 --> 00:11:54,240 Speaker 2: Well, to pivot a little bit to another kind of 204 00:11:54,320 --> 00:11:57,240 Speaker 2: vital statistic about a company, we've got to talk about 205 00:11:57,240 --> 00:12:00,040 Speaker 2: cash flow. Now, if the US is a company, we 206 00:12:00,080 --> 00:12:03,280 Speaker 2: are making more money than anybody else by like a 207 00:12:03,320 --> 00:12:06,600 Speaker 2: factor of two almost we are killing it. But we 208 00:12:06,640 --> 00:12:10,880 Speaker 2: also have a lot of debt, So talk cash flow budget. 209 00:12:10,960 --> 00:12:13,320 Speaker 2: What are the books looking like for America? 210 00:12:13,360 --> 00:12:19,040 Speaker 4: Ink, they're not great, particularly given how strong the economy 211 00:12:19,160 --> 00:12:22,680 Speaker 4: is right now. So you know, our deficits about six percent. 212 00:12:24,000 --> 00:12:26,800 Speaker 4: That is sort of unprecedented when you have an unemployment 213 00:12:26,880 --> 00:12:29,040 Speaker 4: rate that is this low. Right. It is not that 214 00:12:29,120 --> 00:12:31,839 Speaker 4: economists never think you should deficit spend. They just think 215 00:12:31,840 --> 00:12:35,600 Speaker 4: you should deficit spend in temporary emergencies, and we're not 216 00:12:36,040 --> 00:12:39,440 Speaker 4: in a temporary emergency right now. But everyone just wants 217 00:12:39,480 --> 00:12:47,000 Speaker 4: to keep doing it, and so it's a little, uh worrisome. 218 00:12:47,160 --> 00:12:49,280 Speaker 4: And I think you've seen, you know, some of us 219 00:12:49,320 --> 00:12:54,560 Speaker 4: who have not always been deficit hawks, start getting more 220 00:12:54,600 --> 00:12:58,679 Speaker 4: and more concerned about how spending could be pushing up 221 00:12:58,720 --> 00:13:03,319 Speaker 4: interest rates, increase costs for families, and possibly heading towards 222 00:13:03,320 --> 00:13:06,000 Speaker 4: a point where we may have to make some really 223 00:13:06,000 --> 00:13:08,400 Speaker 4: painful decisions, which is no one's idea of a good time. 224 00:13:08,960 --> 00:13:11,200 Speaker 3: So, Martha, to wrap up, if you are writing the 225 00:13:11,200 --> 00:13:14,560 Speaker 3: board of directors of America, Inc. What would you flag 226 00:13:14,600 --> 00:13:16,720 Speaker 3: as the biggest risks going into next year? 227 00:13:17,280 --> 00:13:20,800 Speaker 4: I mean, I do think overall these questions around political 228 00:13:20,840 --> 00:13:26,440 Speaker 4: stability and political risks are really really important. I'm giving 229 00:13:26,440 --> 00:13:28,800 Speaker 4: you multiple This is why economists are. 230 00:13:28,720 --> 00:13:29,480 Speaker 1: Like the worst. 231 00:13:29,720 --> 00:13:33,320 Speaker 4: It's like one clear answer. No, absolutely not. I also 232 00:13:33,440 --> 00:13:36,600 Speaker 4: am you know, I do worry about immigration from a 233 00:13:36,600 --> 00:13:40,520 Speaker 4: future growth standpoint. You know, if in some ways, if 234 00:13:40,559 --> 00:13:43,160 Speaker 4: we're a company, we've stopped investing in the thing that 235 00:13:43,200 --> 00:13:45,280 Speaker 4: has really paid off for us and has driven success 236 00:13:45,320 --> 00:13:48,000 Speaker 4: in the past, and so maybe we need to think 237 00:13:48,000 --> 00:13:50,439 Speaker 4: about doubling down on what got us here in the 238 00:13:50,480 --> 00:13:51,000 Speaker 4: first place. 239 00:13:51,360 --> 00:13:53,760 Speaker 2: Well, Martha, thank you for joining us for this board 240 00:13:53,800 --> 00:13:56,000 Speaker 2: meeting for America Inc. I feel like we should probably 241 00:13:56,000 --> 00:13:59,520 Speaker 2: reconvene pretty soon, just like see how things are unfolding. 242 00:14:00,000 --> 00:14:00,920 Speaker 4: Always happy to be here. 243 00:14:07,559 --> 00:14:11,160 Speaker 2: Do you remember America's two hundredth birthday? 244 00:14:11,320 --> 00:14:14,760 Speaker 1: Oh, man, Stacy, you're really you're dating me here? No, 245 00:14:14,920 --> 00:14:16,400 Speaker 1: but you know what I kind of do. 246 00:14:16,600 --> 00:14:16,839 Speaker 5: I was. 247 00:14:17,000 --> 00:14:19,200 Speaker 3: I was only four years old at the time, but 248 00:14:19,240 --> 00:14:22,280 Speaker 3: I have some memories of First of all, the Great 249 00:14:22,320 --> 00:14:26,640 Speaker 3: School of Rock. Saturday morning, kerchis H offered history lessons, 250 00:14:27,800 --> 00:14:31,920 Speaker 3: an event where a regatta of sailing ships in the 251 00:14:31,960 --> 00:14:35,720 Speaker 3: New York Harbor, the refurbishment of the Statue of Liberty, 252 00:14:36,440 --> 00:14:39,120 Speaker 3: a great fireworks display that we all watch TV, and 253 00:14:39,200 --> 00:14:42,680 Speaker 3: basically a feeling of patriotism and unity. 254 00:14:43,080 --> 00:14:47,680 Speaker 2: Oh that actually sounds very lovely. And of course I ask, 255 00:14:47,800 --> 00:14:50,640 Speaker 2: because we are on the cusp of the two hundred 256 00:14:50,640 --> 00:14:52,280 Speaker 2: and fiftieth anniversary, Well. 257 00:14:52,160 --> 00:14:52,840 Speaker 1: Say that out loud. 258 00:14:53,080 --> 00:14:56,520 Speaker 3: What is it, really, Stacy's a semi quinn centennial. 259 00:14:56,800 --> 00:15:00,280 Speaker 2: Yes, maybe I don't know. I've not heard that word before, 260 00:15:00,320 --> 00:15:03,360 Speaker 2: but I will trust you on that. I'm not sure 261 00:15:03,360 --> 00:15:06,760 Speaker 2: that like this is going to be a similarly unified 262 00:15:06,760 --> 00:15:10,479 Speaker 2: and patriotic moment, although I hope so. It's a big milestone, 263 00:15:10,640 --> 00:15:14,080 Speaker 2: and I know the celebration has been planned for many years, right. 264 00:15:13,920 --> 00:15:16,520 Speaker 3: But you're right, the vibes this year are a bit 265 00:15:16,600 --> 00:15:19,680 Speaker 3: off for a couple of reasons. I'm here right now 266 00:15:19,680 --> 00:15:23,360 Speaker 3: at Donald Trump's Freedom two fifty State Fair, where there 267 00:15:23,360 --> 00:15:26,320 Speaker 3: are a lot of things going on. It's a huge 268 00:15:26,600 --> 00:15:28,720 Speaker 3: space and it's just going to get more and more 269 00:15:28,720 --> 00:15:30,120 Speaker 3: crouded as the week goes on. 270 00:15:30,280 --> 00:15:33,080 Speaker 1: It's kind of sad there's nobody here. We've got Ai 271 00:15:33,160 --> 00:15:34,840 Speaker 1: George Washington before Healthcare. 272 00:15:35,840 --> 00:15:37,400 Speaker 2: They're problytizing out here. 273 00:15:37,760 --> 00:15:40,240 Speaker 1: Jesus tent guys. I don't know how it keeps getting 274 00:15:40,240 --> 00:15:40,560 Speaker 1: away with. 275 00:15:40,560 --> 00:15:44,240 Speaker 2: It, President Trump PERSONI at another amazing, awesome, incredible event 276 00:15:44,280 --> 00:15:45,320 Speaker 2: here in Washington, DC. 277 00:15:45,480 --> 00:15:46,000 Speaker 4: We're here. 278 00:15:46,160 --> 00:15:48,360 Speaker 1: It is absolutely packed, but it is a lot of 279 00:15:48,360 --> 00:15:50,040 Speaker 1: fun to matter where you're from, you to come check 280 00:15:50,080 --> 00:15:50,320 Speaker 1: it out. 281 00:15:50,560 --> 00:15:53,680 Speaker 3: Obviously, there's a lot of divisiveness and tension in our 282 00:15:53,760 --> 00:15:57,640 Speaker 3: politics right now, and curiously, there's an actual turf war 283 00:15:57,720 --> 00:16:01,280 Speaker 3: between the organizing committees of the country celebrations. You have 284 00:16:01,320 --> 00:16:05,800 Speaker 3: American two fifty and another organization, Freedom to fifty that's 285 00:16:05,840 --> 00:16:09,240 Speaker 3: behind some of the more flashy celebrations like the World's 286 00:16:09,280 --> 00:16:11,680 Speaker 3: Fair Style Expo on the National Mall. 287 00:16:12,040 --> 00:16:16,960 Speaker 2: It is a celebration divided. Luckily, we have Bloomberg Business 288 00:16:16,960 --> 00:16:19,840 Speaker 2: Week Senior editor Laura Bliss here to help us discuss this. 289 00:16:19,960 --> 00:16:22,400 Speaker 2: She has been reporting on this. She has a great 290 00:16:22,520 --> 00:16:25,280 Speaker 2: article out that you should check out. Welcome, Laura, Thank 291 00:16:25,320 --> 00:16:28,520 Speaker 2: you so much for having me. So, okay, Laura, talk 292 00:16:28,560 --> 00:16:31,400 Speaker 2: to us about what was the original plan for America 293 00:16:31,440 --> 00:16:33,840 Speaker 2: two fifty. What was the vision for this celebration? 294 00:16:34,320 --> 00:16:36,560 Speaker 5: So right, just to sort of lay it on the table, 295 00:16:36,760 --> 00:16:38,640 Speaker 5: and you already set this up so well, there are 296 00:16:38,720 --> 00:16:43,000 Speaker 5: these now kind of two almost dueling party planning committees. 297 00:16:43,200 --> 00:16:46,640 Speaker 5: So on the one hand, America to fifty, which was 298 00:16:46,840 --> 00:16:50,040 Speaker 5: created essentially a decade ago by an Act of Congress, 299 00:16:50,880 --> 00:16:52,760 Speaker 5: so they've been the ones really kind of you know, 300 00:16:52,840 --> 00:16:56,400 Speaker 5: with their sleeves up for quite some time, and then 301 00:16:56,520 --> 00:16:59,120 Speaker 5: much more recently Freedom to fifty, which is the kind 302 00:16:59,160 --> 00:17:01,640 Speaker 5: of Trump backed entity that was just stood up in 303 00:17:01,680 --> 00:17:04,200 Speaker 5: the last six months or so or so to really 304 00:17:04,280 --> 00:17:09,080 Speaker 5: execute on the president's much more kind of magnified vision. 305 00:17:10,560 --> 00:17:12,919 Speaker 5: And so when you ask, you know, what was originally 306 00:17:12,960 --> 00:17:17,000 Speaker 5: planned looking at the kind of America two fifty, you know, 307 00:17:17,119 --> 00:17:23,159 Speaker 5: slate of events, what they developed was largely and is 308 00:17:23,240 --> 00:17:29,200 Speaker 5: largely a kind of set of almost decentralized, pretty anadyne 309 00:17:29,520 --> 00:17:32,920 Speaker 5: initiatives more than events per se. So like there's this 310 00:17:33,480 --> 00:17:37,040 Speaker 5: ongoing volunteerism initiative where they're trying to get Americans to 311 00:17:37,119 --> 00:17:41,200 Speaker 5: kind of blog their volunteering hours, and there's an essay 312 00:17:41,200 --> 00:17:44,720 Speaker 5: writing contest, you know, where they're awarding kids trips to 313 00:17:44,800 --> 00:17:45,600 Speaker 5: national parks. 314 00:17:45,600 --> 00:17:47,719 Speaker 6: So so kind of these ongoing. 315 00:17:47,200 --> 00:17:51,080 Speaker 5: Events or initiatives that that have you know, corporate sponsors 316 00:17:51,080 --> 00:17:52,040 Speaker 5: attached to them. 317 00:17:52,280 --> 00:17:55,200 Speaker 3: Having dueling party planning committee sounds like a lot of 318 00:17:55,240 --> 00:18:00,240 Speaker 3: bad weddings. I've been to Freedom to fifty than on 319 00:18:00,320 --> 00:18:03,160 Speaker 3: the scene, and why is there friction between the two? 320 00:18:03,600 --> 00:18:03,919 Speaker 6: Yeah? 321 00:18:04,000 --> 00:18:07,919 Speaker 5: So, I mean Trump, we all know the President loves 322 00:18:07,960 --> 00:18:11,399 Speaker 5: a good spectacle, and he has been talking about the 323 00:18:11,600 --> 00:18:16,560 Speaker 5: fiftieth very excited that, you know, his second presidency coincides 324 00:18:16,600 --> 00:18:18,760 Speaker 5: with this momentous event. He's been talking about it since 325 00:18:18,800 --> 00:18:21,200 Speaker 5: his first address to Congress back in twenty seventeen. 326 00:18:21,520 --> 00:18:22,640 Speaker 6: He talked about. 327 00:18:22,400 --> 00:18:25,560 Speaker 5: His ideas for celebrations on the campaign trail, and so 328 00:18:25,760 --> 00:18:27,560 Speaker 5: you know, he he's coming in with his own kind 329 00:18:27,600 --> 00:18:29,679 Speaker 5: of ideas and visions for what this will look like, 330 00:18:29,840 --> 00:18:32,720 Speaker 5: and you know, set up a task force shortly after 331 00:18:32,840 --> 00:18:37,040 Speaker 5: inauguration last year, and you know, initially the Trump administration 332 00:18:37,200 --> 00:18:40,880 Speaker 5: was kind of working with America two fifty again that's 333 00:18:40,880 --> 00:18:44,520 Speaker 5: the congressionally created organization, right, and so would say kind 334 00:18:44,520 --> 00:18:46,639 Speaker 5: of trying to take over. So you know, appointed a 335 00:18:46,640 --> 00:18:50,400 Speaker 5: new executive director in the form of a very young 336 00:18:50,480 --> 00:18:53,560 Speaker 5: former Fox News producer, and kicked out some of the 337 00:18:53,640 --> 00:18:58,640 Speaker 5: initial you know, existing contractors and replaced them with Event Strategies, Inc. 338 00:18:58,760 --> 00:19:02,040 Speaker 5: Which was the same firm planned the January sixth rally. 339 00:19:03,200 --> 00:19:06,840 Speaker 5: And so there was kind of this power struggle, you know, 340 00:19:06,880 --> 00:19:09,719 Speaker 5: where you saw America to fifty kind of playing along, 341 00:19:10,480 --> 00:19:13,520 Speaker 5: but ultimately, you know, the president I think, wanted an 342 00:19:13,520 --> 00:19:17,880 Speaker 5: event that was going to reflect him, right and kind 343 00:19:17,960 --> 00:19:20,800 Speaker 5: of a much more sort of partisan celebration, and so 344 00:19:20,960 --> 00:19:22,479 Speaker 5: ultimately there was this split. 345 00:19:23,119 --> 00:19:26,480 Speaker 6: Freedom to fifty was created sort. 346 00:19:26,240 --> 00:19:30,400 Speaker 5: Of bizarrely as a subsidiary of the National Park Foundation, 347 00:19:31,200 --> 00:19:35,800 Speaker 5: which is the official charitable partner of the National Park Service, 348 00:19:36,480 --> 00:19:39,280 Speaker 5: and they did that so that essentially Freedom to fifty 349 00:19:39,320 --> 00:19:42,840 Speaker 5: could kind of take federal funding and direct it to 350 00:19:43,080 --> 00:19:47,520 Speaker 5: various means and ends, and so yeah, that's how you've 351 00:19:47,600 --> 00:19:49,959 Speaker 5: kind of wound up with. I mentioned the kind of 352 00:19:50,040 --> 00:19:52,640 Speaker 5: slate of initiatives that A two fifty came up with. 353 00:19:52,720 --> 00:19:56,479 Speaker 5: And then you've got Freedom Trucks, you know, rolling across 354 00:19:56,480 --> 00:20:00,199 Speaker 5: the country, eighteen wheelers towing you know, exhibits written I 355 00:20:00,440 --> 00:20:04,920 Speaker 5: Prager University and other you know, conservative think tanks, and 356 00:20:05,560 --> 00:20:10,199 Speaker 5: the Great American State Fair prominently featuring RFK Junior, you know, 357 00:20:10,480 --> 00:20:13,879 Speaker 5: a day of National Prayer on the National Mall a 358 00:20:13,920 --> 00:20:16,560 Speaker 5: couple of months ago, and so a kind of set 359 00:20:16,600 --> 00:20:18,480 Speaker 5: of events that is much more in the image of 360 00:20:18,920 --> 00:20:21,560 Speaker 5: the president himself and kind of his movement. 361 00:20:21,880 --> 00:20:25,040 Speaker 2: What about money here? What was the money initially set aside? 362 00:20:25,200 --> 00:20:29,080 Speaker 2: And what is the money around I guess Freedom to fifty. 363 00:20:29,440 --> 00:20:33,520 Speaker 5: You know, there's a big question mark around certainly the 364 00:20:33,560 --> 00:20:38,680 Speaker 5: private donations here. We don't really know, you know, how 365 00:20:38,800 --> 00:20:43,040 Speaker 5: much money Freedom fifty has raised. The National Park Foundation 366 00:20:43,240 --> 00:20:45,399 Speaker 5: says that it plans to disclose that as part of 367 00:20:45,400 --> 00:20:48,720 Speaker 5: its annual accounting, but we don't really know, and you know, 368 00:20:48,760 --> 00:20:52,000 Speaker 5: folks have certainly raised transparency questions about that, because again 369 00:20:52,040 --> 00:20:55,440 Speaker 5: there's this other organization that actually does have sitting Congress 370 00:20:55,440 --> 00:20:58,840 Speaker 5: members you know, overseeing it, and then this other one 371 00:20:58,880 --> 00:21:02,600 Speaker 5: that doesn't, but they are we do know, also fighting 372 00:21:02,640 --> 00:21:07,320 Speaker 5: over the same pot of federal funding and freedom to fifty. 373 00:21:07,359 --> 00:21:09,160 Speaker 5: And I'm just going to say F two fifty because 374 00:21:09,160 --> 00:21:10,080 Speaker 5: it's such a mouthful. 375 00:21:11,000 --> 00:21:11,600 Speaker 6: F two fifty. 376 00:21:11,640 --> 00:21:14,200 Speaker 5: So the big beautiful bill, one big beautiful bill with 377 00:21:14,320 --> 00:21:17,520 Speaker 5: reconciliation bill that was you know, passed last summer. We 378 00:21:17,560 --> 00:21:21,040 Speaker 5: should a lot of different things, including set aside a 379 00:21:21,119 --> 00:21:26,240 Speaker 5: chunk of change for the semi quin centennial, and free 380 00:21:26,280 --> 00:21:28,600 Speaker 5: f two fifty has ended up with a lot more 381 00:21:28,640 --> 00:21:31,359 Speaker 5: of that money than A two fifty has. So Freedom 382 00:21:31,400 --> 00:21:35,880 Speaker 5: fifty has told me they've they've essentially submitted work orders 383 00:21:35,920 --> 00:21:39,880 Speaker 5: for as much as sixty million. A two fifty has 384 00:21:39,960 --> 00:21:43,000 Speaker 5: received twenty five of the fifty they said they were 385 00:21:43,240 --> 00:21:43,639 Speaker 5: meant to. 386 00:21:44,000 --> 00:21:46,760 Speaker 3: It's just such a metaphor for our times that in 387 00:21:46,840 --> 00:21:52,480 Speaker 3: this moment of potential unity and patriotism and celebration, that 388 00:21:52,640 --> 00:21:55,840 Speaker 3: we are tearing ourselves apart trying to figure out exactly 389 00:21:55,880 --> 00:21:58,520 Speaker 3: how to spend the money and celebrate the moment. So 390 00:21:58,920 --> 00:22:01,879 Speaker 3: tell us now, for listeners who are listening to this 391 00:22:01,960 --> 00:22:04,680 Speaker 3: a day or two days before the July fourth holiday, 392 00:22:04,960 --> 00:22:06,399 Speaker 3: what what does this look like? 393 00:22:06,480 --> 00:22:07,080 Speaker 6: Do you do? 394 00:22:07,119 --> 00:22:09,480 Speaker 1: You now have to pick what July fourth? 395 00:22:09,760 --> 00:22:12,480 Speaker 3: You know, what what blue or red coated event you're 396 00:22:12,520 --> 00:22:15,280 Speaker 3: going to go to, or how how are the celebrations 397 00:22:15,320 --> 00:22:15,920 Speaker 3: shaping up? 398 00:22:16,440 --> 00:22:19,520 Speaker 5: Yeah, I mean again, right, I just think the contrast 399 00:22:19,560 --> 00:22:22,320 Speaker 5: is so interesting. You've got this kind of like set 400 00:22:22,400 --> 00:22:25,920 Speaker 5: of almost not events, but like they're in the ether 401 00:22:26,080 --> 00:22:30,560 Speaker 5: initiatives by a two point fifty, very corporate friendly, very anadyne, 402 00:22:30,680 --> 00:22:33,000 Speaker 5: not going to really offend anybody, but maybe not really 403 00:22:33,040 --> 00:22:36,240 Speaker 5: that thrilling either. And then this set of like again 404 00:22:36,280 --> 00:22:38,760 Speaker 5: the Freedom Trucks and the Great American State Fair and 405 00:22:39,560 --> 00:22:42,399 Speaker 5: stuff that is maybe going to excite the base, right 406 00:22:42,440 --> 00:22:46,439 Speaker 5: Trump's base, but really repel others. And so you know, 407 00:22:46,480 --> 00:22:50,000 Speaker 5: I think we're just not seeing people tune in all 408 00:22:50,080 --> 00:22:53,680 Speaker 5: that much. Will people opt to participate in some of 409 00:22:53,720 --> 00:22:57,000 Speaker 5: these national level events so far what we've seen, at 410 00:22:57,040 --> 00:22:59,280 Speaker 5: least from the f two fifty stuff, like not a 411 00:22:59,280 --> 00:23:02,200 Speaker 5: lot of people are showing up to the State Fair, 412 00:23:02,280 --> 00:23:05,520 Speaker 5: for example. But you know, I think something else that 413 00:23:05,760 --> 00:23:10,119 Speaker 5: I hit on my reporting is that like whatever is 414 00:23:10,160 --> 00:23:13,400 Speaker 5: happening at the national level, you know, there are new 415 00:23:13,480 --> 00:23:17,680 Speaker 5: museum exhibits opening, you know, big picnics in Ohio, there 416 00:23:17,680 --> 00:23:19,280 Speaker 5: will be parades, you know, stuff at the net at 417 00:23:19,280 --> 00:23:20,840 Speaker 5: the kind of local and state level. 418 00:23:21,119 --> 00:23:23,800 Speaker 3: I will say that people should go and read Laura's story. 419 00:23:23,880 --> 00:23:26,800 Speaker 3: It's called The Money and Influence behind America is very maga. 420 00:23:26,880 --> 00:23:29,879 Speaker 3: Two hundred and fiftieth Birthday Party, and it's just a 421 00:23:29,920 --> 00:23:34,160 Speaker 3: story that is full of absurdities and contradictions. You talk 422 00:23:34,200 --> 00:23:39,120 Speaker 3: about the opening of the Teddy Roosevelt a library being 423 00:23:39,160 --> 00:23:45,840 Speaker 3: celebrated with drones, a very famously conservationist minded president who 424 00:23:46,119 --> 00:23:48,199 Speaker 3: is whose library has been built with a lot of 425 00:23:48,240 --> 00:23:51,280 Speaker 3: fossil fuel money, and how the Parks Department, which is 426 00:23:51,320 --> 00:23:55,119 Speaker 3: meant to celebrate and protect our natural resources, being called 427 00:23:55,200 --> 00:24:01,679 Speaker 3: upon to help promote this celebration, which of course you 428 00:24:01,720 --> 00:24:05,120 Speaker 3: know is somewhat maga coded. And of course the Trump 429 00:24:05,160 --> 00:24:09,680 Speaker 3: administration has to some extent defunded the Parks Department. In 430 00:24:09,920 --> 00:24:14,280 Speaker 3: your reporting, like how much angst and consternation has there 431 00:24:14,320 --> 00:24:17,480 Speaker 3: been in the Park Service about you know, being I guess, 432 00:24:17,480 --> 00:24:19,840 Speaker 3: to some extent, as your story suggests, being forced to 433 00:24:20,320 --> 00:24:22,399 Speaker 3: you know, help participate in these events. 434 00:24:22,600 --> 00:24:25,440 Speaker 5: Yeah, absolutely, I mean, and this was one of the 435 00:24:25,480 --> 00:24:28,119 Speaker 5: most interesting things that some of the public records I 436 00:24:28,119 --> 00:24:31,720 Speaker 5: Owner Earth really showed, like there is a lot of overlap. 437 00:24:31,320 --> 00:24:32,760 Speaker 6: Between f two fifty. 438 00:24:32,960 --> 00:24:36,879 Speaker 5: That's the freedom fifty organization and the administration itself. So 439 00:24:36,920 --> 00:24:39,920 Speaker 5: you have Trump administration officials, you know, using f to 440 00:24:40,040 --> 00:24:42,600 Speaker 5: fifty email addresses to reach out to states. You've got 441 00:24:42,640 --> 00:24:46,600 Speaker 5: the Freedom fifty logo, you know, appearing below federal employees 442 00:24:46,840 --> 00:24:49,679 Speaker 5: you know, emails, and they're going to be wearing pins 443 00:24:49,720 --> 00:24:53,520 Speaker 5: on their uniforms and so at the kind of employee level, 444 00:24:53,720 --> 00:24:57,080 Speaker 5: like there's a lot of consternation about this, right, Like, 445 00:24:57,119 --> 00:24:59,880 Speaker 5: this is the same workforce that was just slashed by 446 00:25:00,200 --> 00:25:02,920 Speaker 5: twenty percent last year and is expecting war cuts, and 447 00:25:02,960 --> 00:25:04,919 Speaker 5: they're kind of being expected to put on this happy 448 00:25:04,920 --> 00:25:08,320 Speaker 5: face and promote this organization that is so closely tied 449 00:25:08,359 --> 00:25:11,520 Speaker 5: to this, to this president. So yeah, I think I 450 00:25:11,560 --> 00:25:14,600 Speaker 5: think contradiction is definitely the word there. And you know, 451 00:25:14,680 --> 00:25:18,800 Speaker 5: the Roosevelt Library is really trying to, you know, present 452 00:25:18,840 --> 00:25:24,440 Speaker 5: itself as a very nonpartisan, you know organization, and Roosevelt 453 00:25:24,520 --> 00:25:27,480 Speaker 5: himself is this kind of unifying president that everybody from 454 00:25:27,480 --> 00:25:30,359 Speaker 5: Elizabeth Warren did, Josh Holly like adores for. 455 00:25:30,280 --> 00:25:31,320 Speaker 6: So many different reasons. 456 00:25:32,200 --> 00:25:33,720 Speaker 5: But I think we're just living in a time when 457 00:25:33,720 --> 00:25:36,919 Speaker 5: that's very difficult, like the present. You know, President Trump 458 00:25:36,960 --> 00:25:40,080 Speaker 5: is expected to attend the opening this coming weekend, and 459 00:25:40,640 --> 00:25:42,639 Speaker 5: I know the library staff are. 460 00:25:42,560 --> 00:25:45,160 Speaker 6: Very worried, you know, about what you might. 461 00:25:45,080 --> 00:25:47,639 Speaker 5: Say in his remarks and how that might kind of 462 00:25:47,680 --> 00:25:50,680 Speaker 5: distract from what is you know, hoped to. 463 00:25:50,720 --> 00:25:52,639 Speaker 6: Be a kind of unifying event. 464 00:25:53,359 --> 00:25:55,760 Speaker 2: All Right, Laura Bliss, thank you so much for joining us. 465 00:25:55,840 --> 00:26:03,120 Speaker 6: Thank you so much for having me. This was great. 466 00:26:04,960 --> 00:26:11,000 Speaker 2: Brad, It is time to bring our podcast celebration to 467 00:26:11,160 --> 00:26:16,200 Speaker 2: a close with underrated stories. What is your underrated story 468 00:26:16,200 --> 00:26:16,639 Speaker 2: this week? 469 00:26:17,160 --> 00:26:17,560 Speaker 1: Stacy? 470 00:26:17,640 --> 00:26:20,080 Speaker 3: There was one story that I think this week we're 471 00:26:20,119 --> 00:26:20,919 Speaker 3: all going to remember. 472 00:26:21,440 --> 00:26:22,520 Speaker 1: It was a jaw dropper. 473 00:26:22,560 --> 00:26:26,719 Speaker 3: It was the administration's financial disclosures about the change in 474 00:26:26,760 --> 00:26:30,520 Speaker 3: the president's wealth in twenty twenty five. He took in 475 00:26:30,600 --> 00:26:34,520 Speaker 3: a jaw dropping one point two billion dollars from crypto 476 00:26:34,640 --> 00:26:39,199 Speaker 3: businesses last year, including the company that he started with 477 00:26:39,240 --> 00:26:43,400 Speaker 3: his son's World, Liberty Financial, the meme coins that Trump 478 00:26:43,480 --> 00:26:46,960 Speaker 3: and Milania the First Lady, launched when he became president. 479 00:26:47,440 --> 00:26:50,760 Speaker 3: I mean, Stacey, there's so many troubling things about it. 480 00:26:51,200 --> 00:26:55,120 Speaker 3: We have some special insight because our very own Zeke 481 00:26:55,200 --> 00:26:58,880 Speaker 3: Fox and Max Abelson have written these great stories about 482 00:26:58,920 --> 00:27:03,040 Speaker 3: how sort of empty the promises were around you know, Trump, 483 00:27:03,119 --> 00:27:07,160 Speaker 3: Trump's crypto offerings and the meme coins. Lots of those 484 00:27:07,520 --> 00:27:10,240 Speaker 3: currencies eventually went down to zero. So the fact that 485 00:27:10,280 --> 00:27:12,919 Speaker 3: the president and his family profited from them, I mean, 486 00:27:12,960 --> 00:27:16,440 Speaker 3: it's it sets a jaw dropping president. And of course 487 00:27:16,480 --> 00:27:19,680 Speaker 3: the administration says that there's no conflict, that the president's 488 00:27:19,720 --> 00:27:23,159 Speaker 3: holdings are administered independently, but when you think about how 489 00:27:23,359 --> 00:27:28,280 Speaker 3: other presidents or other politicians might follow from this president, 490 00:27:28,359 --> 00:27:30,920 Speaker 3: it really is corrupting to our democracy. 491 00:27:31,119 --> 00:27:33,720 Speaker 2: Yeah, I was really shocked, especially about I mean, I 492 00:27:33,800 --> 00:27:36,400 Speaker 2: know the part of the story that the Trump coin 493 00:27:36,480 --> 00:27:38,480 Speaker 2: and Milania coin a little bit, and I know people 494 00:27:38,520 --> 00:27:40,760 Speaker 2: lost a lot of money on that because there was 495 00:27:40,760 --> 00:27:43,360 Speaker 2: an initial spike in value, a lot of people bought in, 496 00:27:44,119 --> 00:27:48,080 Speaker 2: and then it just really dropped in value. I was 497 00:27:48,080 --> 00:27:51,600 Speaker 2: a little shocked that the president had made money on it, 498 00:27:51,800 --> 00:27:53,960 Speaker 2: because I think that means he bought in or that 499 00:27:54,040 --> 00:27:57,080 Speaker 2: he sold off kind of early to get that money. 500 00:27:57,240 --> 00:28:00,440 Speaker 3: Sure, and so there were a lot of people who 501 00:28:00,480 --> 00:28:03,400 Speaker 3: lost money, you know, his fans, and then there were 502 00:28:03,600 --> 00:28:09,040 Speaker 3: of course individuals like Justin Sun, the crypto billionaire Chinese born, 503 00:28:09,720 --> 00:28:13,800 Speaker 3: the founder of tron, who received favorable regulatory rulings, who 504 00:28:13,800 --> 00:28:18,200 Speaker 3: bought you know, lots of crypto from World Liberty Financial 505 00:28:18,400 --> 00:28:21,520 Speaker 3: and got and created a favorable relationship with the White House. 506 00:28:21,560 --> 00:28:22,080 Speaker 1: So it's hard. 507 00:28:22,520 --> 00:28:24,439 Speaker 3: You don't really even have to squint to look at 508 00:28:24,520 --> 00:28:27,200 Speaker 3: some of these arrangements and see some real corruption. 509 00:28:27,640 --> 00:28:31,600 Speaker 2: Let me ask you this, because obviously having been the 510 00:28:31,640 --> 00:28:37,000 Speaker 2: president is always good financially. You can get really expensive speaking, 511 00:28:37,320 --> 00:28:40,120 Speaker 2: you know, it's like the presidents always do quite well after. 512 00:28:39,960 --> 00:28:43,360 Speaker 1: They leave the post presidency can be quite lucrative. 513 00:28:43,480 --> 00:28:46,040 Speaker 2: Yeah, yeah, yeah. How is this different though, Like what's 514 00:28:46,080 --> 00:28:49,320 Speaker 2: the because this feels different, But I can't quite put 515 00:28:49,320 --> 00:28:51,200 Speaker 2: my finger on the issue. 516 00:28:51,280 --> 00:28:56,480 Speaker 3: Well, he's president now, he hasn't really, you know, put 517 00:28:56,920 --> 00:29:01,080 Speaker 3: his family's holdings in a trust sold into vidual equities. 518 00:29:01,320 --> 00:29:04,360 Speaker 3: I mean, the disclosure this week shows that the president 519 00:29:04,400 --> 00:29:08,719 Speaker 3: has been actively trading stocks of companies that do business 520 00:29:08,720 --> 00:29:13,360 Speaker 3: with the United States. It's absolutely precedented across every single dimension. 521 00:29:13,720 --> 00:29:16,200 Speaker 2: Was it Jimmy Carter who had a peanut farm that 522 00:29:16,240 --> 00:29:20,120 Speaker 2: he sold to become president, And he like sold the 523 00:29:20,120 --> 00:29:22,560 Speaker 2: peanut farm because he was worried that he would have 524 00:29:22,600 --> 00:29:24,959 Speaker 2: an interest in peanuts and if the price went up 525 00:29:24,960 --> 00:29:29,480 Speaker 2: too much, he'd liked to avoid an unseemly appearance, right, 526 00:29:29,520 --> 00:29:32,360 Speaker 2: I think he sold his peanut farm. Feels like we've 527 00:29:32,440 --> 00:29:33,200 Speaker 2: come kind. 528 00:29:33,000 --> 00:29:36,400 Speaker 3: Of, we've come a long way. Well, Stacy, I'm curious 529 00:29:36,440 --> 00:29:38,880 Speaker 3: after that bit of a down or what is your 530 00:29:39,000 --> 00:29:40,080 Speaker 3: underrated story. 531 00:29:39,840 --> 00:29:40,280 Speaker 1: Of the week? 532 00:29:40,440 --> 00:29:42,680 Speaker 2: Okay, well this is a little this is heartwarming. I 533 00:29:42,680 --> 00:29:44,280 Speaker 2: feel like this is a good note to end on. 534 00:29:44,520 --> 00:29:47,560 Speaker 2: So World Cup happening across the US. We have a 535 00:29:47,600 --> 00:29:49,880 Speaker 2: lot of guests here for our two hundred and fiftieth 536 00:29:49,960 --> 00:29:52,560 Speaker 2: birthday right from all over the world, and they are 537 00:29:52,600 --> 00:29:57,920 Speaker 2: all over the country watching different soccer matches. And you know, 538 00:29:58,120 --> 00:30:01,400 Speaker 2: of course, when guests, I feel like it's like when 539 00:30:01,680 --> 00:30:04,280 Speaker 2: someone you you know, you're bringing someone new to meet 540 00:30:04,320 --> 00:30:05,760 Speaker 2: your family, and you. 541 00:30:05,440 --> 00:30:06,760 Speaker 1: You want to show off a little bit. 542 00:30:06,880 --> 00:30:08,480 Speaker 2: You want to show off a little bit. You also 543 00:30:08,600 --> 00:30:13,640 Speaker 2: really hope that your family acts normally, do you know 544 00:30:13,640 --> 00:30:16,120 Speaker 2: what I mean? You're like, oh, no, like please, and 545 00:30:16,160 --> 00:30:18,920 Speaker 2: you also want them to see the best in your family, 546 00:30:19,000 --> 00:30:21,280 Speaker 2: not just the nuttiness. 547 00:30:21,400 --> 00:30:22,800 Speaker 1: Right, how have we been doing? 548 00:30:23,120 --> 00:30:23,440 Speaker 4: Well? 549 00:30:23,800 --> 00:30:26,280 Speaker 2: Interesting because you know, you just don't know because we 550 00:30:26,720 --> 00:30:28,719 Speaker 2: live in the US, it's hard to know what we 551 00:30:28,920 --> 00:30:31,520 Speaker 2: seem like from the outside, what the impressions and takeaways are. 552 00:30:31,560 --> 00:30:37,320 Speaker 2: Apparently the top, like real takeaways from all the visitors 553 00:30:37,480 --> 00:30:42,560 Speaker 2: have been not things I expected. One is free refills portions. 554 00:30:42,760 --> 00:30:45,560 Speaker 2: Like all of our social media people like posting about 555 00:30:45,560 --> 00:30:48,240 Speaker 2: how awesome free refills are, which is true, that is awesome. 556 00:30:49,280 --> 00:30:53,480 Speaker 2: Portion sizes are big portion sizes. And then ranch dressing 557 00:30:53,800 --> 00:30:58,560 Speaker 2: has emerged as the unlikely star of America. This has 558 00:30:58,640 --> 00:31:01,480 Speaker 2: like become our countries ambassadors ranch dressing. 559 00:31:01,720 --> 00:31:02,720 Speaker 1: So let me get this straight. 560 00:31:02,880 --> 00:31:09,200 Speaker 3: Yeah, what people are discovering about America are our unhealthiest habits. Yeah, 561 00:31:09,240 --> 00:31:14,160 Speaker 3: so creamy Mayo film dressings and endless sugary drinks. 562 00:31:14,480 --> 00:31:18,880 Speaker 2: Yes, that is correct. And in fact, there's been this 563 00:31:18,920 --> 00:31:21,160 Speaker 2: whole issue of like TSA having to confiscate all these 564 00:31:21,240 --> 00:31:23,240 Speaker 2: ranch bottles because so many people are trying to take 565 00:31:23,240 --> 00:31:25,520 Speaker 2: them home. Now there's a bunch of ranch for sale 566 00:31:25,600 --> 00:31:29,600 Speaker 2: in airports for people going home. Hidden Valley has issued 567 00:31:29,640 --> 00:31:33,360 Speaker 2: all these TSA friendly packaging and now they're planning this 568 00:31:33,400 --> 00:31:36,080 Speaker 2: big European tour. People are just losing their minds. It's 569 00:31:36,160 --> 00:31:38,480 Speaker 2: very sweet. Social media is full of people like losing 570 00:31:38,480 --> 00:31:41,000 Speaker 2: their minds over ranch dressing and rad let me tell 571 00:31:41,040 --> 00:31:43,280 Speaker 2: you so, when this first happened, I was like, I 572 00:31:43,320 --> 00:31:46,479 Speaker 2: had exactly your reaction I was like, really, is this 573 00:31:46,520 --> 00:31:48,680 Speaker 2: what we're contributing as a country. It's been two hundred 574 00:31:48,720 --> 00:31:52,000 Speaker 2: and fifty years. The best thing that we have to 575 00:31:52,080 --> 00:31:54,960 Speaker 2: show for it is ranch dressing. And I love ranch dressing. 576 00:31:55,200 --> 00:31:56,920 Speaker 1: I love it. It's delicious. 577 00:31:56,960 --> 00:31:59,160 Speaker 2: But then Brad I looked into ranch dressing in the 578 00:31:59,200 --> 00:32:02,040 Speaker 2: history of it, I have completely turned around and I 579 00:32:02,160 --> 00:32:05,000 Speaker 2: now think that ranch dressing is the best possible ambassador 580 00:32:05,600 --> 00:32:08,520 Speaker 2: for the United States of America. Let me tell you 581 00:32:08,560 --> 00:32:11,880 Speaker 2: the story of ranch dressing. I think you will come around. 582 00:32:12,680 --> 00:32:15,400 Speaker 2: So it was not like a big company developed thing. 583 00:32:15,440 --> 00:32:18,600 Speaker 2: It was developed by this man Steve Henson from Nebraska 584 00:32:18,640 --> 00:32:21,800 Speaker 2: in the forties. He moved to started this big plumber 585 00:32:21,960 --> 00:32:25,640 Speaker 2: contracting business in Alaska, and he was trying to feed 586 00:32:25,880 --> 00:32:28,200 Speaker 2: his crews. He was running this big crew of people, 587 00:32:28,240 --> 00:32:30,680 Speaker 2: but they couldn't get any fresh produce. So he mixed 588 00:32:30,760 --> 00:32:33,360 Speaker 2: up all these spices and came up with a spice 589 00:32:33,400 --> 00:32:36,720 Speaker 2: mix he could just mix into mayo and buttermilk, and 590 00:32:37,400 --> 00:32:39,680 Speaker 2: he served this. People really liked it. Later, he and 591 00:32:39,720 --> 00:32:43,160 Speaker 2: his wife moved to California by Santa Barbara, bought a 592 00:32:43,200 --> 00:32:47,840 Speaker 2: guest ranch and they would feed ranch dressing to the guests. 593 00:32:48,400 --> 00:32:51,040 Speaker 2: It became this huge hit. He started selling it to 594 00:32:51,080 --> 00:32:53,800 Speaker 2: local businesses. Then he started this like male business where 595 00:32:53,840 --> 00:32:56,080 Speaker 2: he would sell it for seventy five cents a packet, 596 00:32:56,760 --> 00:33:00,280 Speaker 2: and eventually he sold it to Clorox for eight million 597 00:33:00,320 --> 00:33:03,400 Speaker 2: dollars in nineteen seventy two, and he became a millionaire 598 00:33:03,680 --> 00:33:07,160 Speaker 2: when he was fifty four. And I feel like, if 599 00:33:07,640 --> 00:33:10,600 Speaker 2: that is America's brand, is a place where someone can 600 00:33:10,640 --> 00:33:14,640 Speaker 2: have a really good idea and get that idea out 601 00:33:14,680 --> 00:33:17,040 Speaker 2: to the public and kind of make their way in 602 00:33:17,080 --> 00:33:19,600 Speaker 2: the world based on a great idea they have. I 603 00:33:19,600 --> 00:33:23,080 Speaker 2: feel like that actually is great. I feel like that 604 00:33:23,160 --> 00:33:25,760 Speaker 2: is a fitting contribution to Western civilization. 605 00:33:25,960 --> 00:33:27,360 Speaker 1: That is the American story. 606 00:33:27,680 --> 00:33:30,760 Speaker 3: And if only America to fifty and Freedom to fifty 607 00:33:32,160 --> 00:33:35,160 Speaker 3: had known they could have combined efforts. 608 00:33:35,520 --> 00:33:45,720 Speaker 2: Yes, they needed more RANCH. This show is produced by 609 00:33:45,800 --> 00:33:48,920 Speaker 2: Jasmine J. T. Green and Stacy Wong. Magnus Hendrickson is 610 00:33:48,920 --> 00:33:52,280 Speaker 2: our supervising producer, Sam Rogan, Handle's Engineering and Dave for 611 00:33:52,400 --> 00:33:56,640 Speaker 2: self bacchecks. Special thanks to Jeff Muscus, Julia Rubin, Angel Recchio, 612 00:33:56,760 --> 00:33:59,120 Speaker 2: and Maria Ling. If you have a minute, please rate 613 00:33:59,200 --> 00:34:01,040 Speaker 2: and review the show. It means a lot to us 614 00:34:01,480 --> 00:34:03,480 Speaker 2: and if you have a story that should be our business. 615 00:34:03,600 --> 00:34:07,240 Speaker 2: Email us. Everybody's at Bloomberg dot net. That's everybody's with 616 00:34:07,360 --> 00:34:10,440 Speaker 2: an US at Bloomberg dot net. Thank you for listening, 617 00:34:10,560 --> 00:34:13,280 Speaker 2: and we'll see you next week.