Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, we begin with the latest on the wildfires in
Speaker 3: Los Angeles. The death toll is now up to at
Speaker 3: least twenty four and more than twelve thousand buildings have
Speaker 3: been turned to ash in the Pacific Palisades and Delta
Speaker 3: Dina regions. Over the weekend, firefighters got a brief break
Speaker 3: from the punishing Santa Ana wins that have spread these
Speaker 3: flames across nearly thirty eight thousand acres, but another round
Speaker 3: of wind gusts is in the forecast this week. Here's
Speaker 3: Los Angeles County Fire Chief Robert Luna.
Speaker 4: The fires may be closer to being over.
Speaker 5: You hear that from our fire chiefs if it goes
Speaker 5: that way, But we do have this pending weather event.
Speaker 6: We are not going to de escalate the number of.
Speaker 3: People that we have out ree Fire Chief Robert Luna.
Speaker 3: The National Weather Service has issued its most severe alert,
Speaker 3: a particularly Dangerous situation warning from Malibu, the San Fernando Valley,
Speaker 3: and much of Ventura County. More than seven point seven
Speaker 3: million people in southern California are facing critical fire weather
Speaker 3: conditions today.
Speaker 2: Well, Nathan, this disaster is on track to be the
Speaker 2: costliest in US history. ACU Weather has raised its estimate
Speaker 2: for total economic losses to between two hundred and fifty
Speaker 2: and two hundred and seventy five billion dollars. FEMA Administrator
Speaker 2: Deana Criswell says things will need to change when it
Speaker 2: comes to rebuilding.
Speaker 7: We have a lot of science and technology out there
Speaker 7: that shows ways that we can make these homes stronger
Speaker 7: and more resistant against these fires. That's really where we
Speaker 7: need to focus our efforts as we move into the
Speaker 7: rebuilding phase.
Speaker 2: And as FEMA's Dan Chriswell, who appeared on CBS's Face
Speaker 2: the Nation, California Governor Gavin Newsom has issued in executive
Speaker 2: order suspending some environmental and regulatory hurdles to speed up
Speaker 2: the rebuilding process. He and other local officials have faced
Speaker 2: heavy criticism for their response, but newsommetals NBC's Meet the
Speaker 2: Press they're up to the challenge.
Speaker 4: We have fourteen thousand people work in the line right now.
Speaker 4: We double the nation on guard. We have sixteen hundred
Speaker 4: and eighty they're helping on logistic side. I was just
Speaker 4: with folks from Mexico. Seventy three folks will be relieving
Speaker 4: some of our hand crews. We've got nine states that
Speaker 4: are now providing under this EMACS system support. So we've
Speaker 4: got the resources.
Speaker 2: And you can hear meet the press and face the
Speaker 2: nation every Sunday on Bloomberg Radio.
Speaker 3: It's turned out of politics Karen. Justin Trudeau says Canada
Speaker 3: is ready to respond with counter tariffs if the US
Speaker 3: imposes tariffs on Canadian products. The outgoing Canadian Prime minister
Speaker 3: said his government is not looking for a trade fight,
Speaker 3: but we'll have to retaliate if the US tariffs Canadian products.
Speaker 8: We are the number one export partner of about thirty
Speaker 8: five different US states, and anything that thickens the border
Speaker 8: between US ends up costing American citizens and American jobs.
Speaker 8: That's not what President Trump got elected to do. I
Speaker 8: know he got elected to try and make life easier
Speaker 8: for all Americans, to support American workers. These are things
Speaker 8: that are going to hurt them.
Speaker 3: Justin Trudeau those comments on MSNBC. Canada buys more US
Speaker 3: made goods than many other country.
Speaker 2: Meanwhile, Nathan Jamie Diamond is speaking out about tariffs in
Speaker 2: an interview with CBS News Sunday morning that JP Morgan
Speaker 2: CEO says they can help the US.
Speaker 9: To me Tariff's early way. Every tool properly used that
Speaker 9: can help get some posicians resolved, unfair competition, NAS security issues.
Speaker 9: Like any tool, if it's misused, you can do damage too, And.
Speaker 2: JP Morgan Chase CEO Jamie Diamond says he has not
Speaker 2: spoken with President elect Donald Trump about tariffs Well Karen.
Speaker 3: President elect Trump's cabinet choices will begin facing Senate confirmation
Speaker 3: hearings this week. On Thursday, Treasury Secretary nominee Scott Bessett
Speaker 3: answers questions we get more from Bloomberg's Doug Prisner.
Speaker 10: Bessett is founder and leader of the macro hedge fund
Speaker 10: Key Square Group. If he's confirmed, Bessant will immediately resign,
Speaker 10: and a document released by the Office of Government Ethics
Speaker 10: indicates Key Square would be wound down at the end
Speaker 10: of March. Bessid will also divest underlying assets to avoid
Speaker 10: conflicts of interest. He's disclosed assets worth at least five
Speaker 10: hundred and twenty one million dollars. Some of Besson's potential
Speaker 10: conflicts will take longer to resolve he's invested at the
Speaker 10: least a quarter million dollars in three funds that allow
Speaker 10: him to withdraw no more than twenty five percent of
Speaker 10: its holdings each quarter.
Speaker 11: In New York.
Speaker 10: I'm Doug Prisner, Bloomberg Radio.
Speaker 2: All right, Doug, thank you well. Vice President de Like
Speaker 2: jd Vance is dialing back on his running mates, promised
Speaker 2: to part in. All protesters involved in the US capital
Speaker 2: riot on January sixth, twenty twenty one.
Speaker 12: If you committed violence on that day, obviously you shouldn't
Speaker 12: be pardoned. And there's a little bit of a gray
Speaker 12: area there, but we're very much committed to seeing the
Speaker 12: equal administration of law. And there are a lot of people,
Speaker 12: we think in the wake of January the sixth, who
Speaker 12: were prosecuted unfairly. We need to rectify that.
Speaker 2: And Vice President de Like vancevan the comments on Fox
Speaker 2: News Sunday. You can catch the program Sunday afternoons on
Speaker 2: Bloomberg Radio. Ok.
Speaker 3: And you're gonna have to wait a little longer so
Speaker 3: the rest of us actually for the next space launch.
Speaker 3: Jeff Bezos's Blue o And has delayed the inaugural takeoff
Speaker 3: of its new flagship rocket to deal with an unspecified
Speaker 3: issue on the vehicle. The company says it is reviewing
Speaker 3: opportunities for the next launch attempt for the new Glen Rocket.
Speaker 13: The Jeff Bezos backed.
Speaker 3: Firm is trying to mount a challenge to Elon Musk's
Speaker 3: industry leading SpaceX.
Speaker 2: Well, we do have a milestone for one of Elon
Speaker 2: Musk's other businesses. Nathan Tesla has overtaken Audi and Go
Speaker 2: global car sales for the first time. Howdy sold one
Speaker 2: point sixty seven million vehicles in twenty twenty four, down
Speaker 2: twelve percent from a year earlier. Tesla delivered almost one
Speaker 2: point eight million vehicles last year.
Speaker 3: Train of Markets now Karen futures are lower following Friday's
Speaker 3: job related selloff on Wall Street. The drop came after
Speaker 3: the economy in December added the most jobs since March
Speaker 3: and the unemployment rate unexpectedly fell. Cameron Dawson is chief
Speaker 3: investment officer at new Edge Wealth.
Speaker 11: It is that question of is good news good news
Speaker 11: or is good news bad news. We think at the
Speaker 11: end of the day, strong jobs are over all good
Speaker 11: for the equity market, but we have to take a
Speaker 11: hit to the valuation first to digest these higher yields.
Speaker 11: If we continue to see this labor market hold in
Speaker 11: better than expected.
Speaker 3: New Edge Wealth's Cam Dawson notes the S and P
Speaker 3: five hundreds one and a half percent drop on Friday
Speaker 3: wiped out the indexes advance for the year.
Speaker 2: Well, Nathan, let's turn to the economy now, and a
Speaker 2: former Federal Reserve Vice chair, Randall Quarrels, believes the Fed's
Speaker 2: independence is not going to be threatened by president like
Speaker 2: Donald Trump, and Karrels spoke with Bloomberg's Steven Engel.
Speaker 14: Structurally, the FED can't really be affected by the president's
Speaker 14: bully pulpit. And you know, the people who are appointed
Speaker 14: of the FED generally have fairly thicked skins. So while
Speaker 14: there's certainly political pressure, there's not really political levers that
Speaker 14: someone can pull to affect their independence.
Speaker 2: And Randall Quarrels was a Trump appointee to the FED.
Speaker 2: He served as vice chair of Supervision until twenty twenty one.
Speaker 2: Time now for look at some of the other stories
Speaker 2: making news in New York and around the world, and
Speaker 2: for that we're joined by Bloomberg's John Tucker.
Speaker 15: John good morning, Good morning, Karen House. Republicans from New York,
Speaker 15: New Jersey and California, unhappy with a cap on state
Speaker 15: and local tax deductions, say talks on the issue with
Speaker 15: Donald Trump over the weekend were positive. Let's find out
Speaker 15: more this morning from Bloomberg's Jeff Bellinger.
Speaker 13: Representative Nick Lolatta of New York said in an interview,
Speaker 13: Trump is willing to engage in a solution. Representative Nicole Meliatakis,
Speaker 13: another New Yorker who attended the gathering of about sixteen
Speaker 13: House Republicans with Trump at his Mari A Lago resort
Speaker 13: in Florida, posted on x that the meeting was productive.
Speaker 13: Significant expansion of the salt deduction cap is already emerging
Speaker 13: as a potential demand by some Republicans in return for
Speaker 13: their support of any larger text related package. Jeff Bullinger,
Speaker 13: Bloomberg Radio.
Speaker 15: Hospitals across the country dealing with a wave of respiratory illnesses.
Speaker 15: The CDC says at least thirty five states are seeing
Speaker 15: high levels of flu covid RSV, even the common cold.
Speaker 15: So far this season, the flu alona sent more than
Speaker 15: sixty three thousand people to the hospital and crowns at
Speaker 15: least twenty seven hundred deaths, including eleven children. President Biden
Speaker 15: delivers a foreign policy speech today the State Department White
Speaker 15: House Press Secretary Karean John Pierre.
Speaker 2: He has some thoughts on the future, not just of
Speaker 2: the country, but how this country moves forward as a leader.
Speaker 15: This is one of several appearances the President has been
Speaker 15: making as he prepares to leave office. January twentieth, a
Speaker 15: Top eight and President like Donald Trump's incoming administration signals
Speaker 15: the Ukraine will be asked to lower the conscription age
Speaker 15: to strengthen its battlefield position. Michael Walls, a former Army
Speaker 15: Green Beret whom Trump tapped as his White House National
Speaker 15: Security advisor, suggested the expanded draft age would help Ukraine
Speaker 15: overcome a shortage of troops. Right now, the draft age
Speaker 15: is twenty five global news twenty four hours a day,
Speaker 15: whenever you want it. We have Bloomberg News.
Speaker 2: Now.
Speaker 15: I'm John Tucker, and they see he's Bloomberg. Karen.
Speaker 2: All right, John Tucker, thank you time now for the
Speaker 2: Bloomberg Sports out Day, brought to you by Tri State Outie.
Speaker 2: Here's John stash Hour, John, Good morning, Good.
Speaker 5: Morning, Karen. Last time there was an NFL playoff victory
Speaker 5: by Washington was nineteen years ago. The team had a
Speaker 5: different owner, they had a different name and their current
Speaker 5: quarterback was five years old or rookie qube Jadeen Daniels,
Speaker 5: who led the Commanders to twelve regular season wins, eight
Speaker 5: more than they had a year ago, led them down
Speaker 5: the field in the final minute of Tampa Bay, and
Speaker 5: they kicked a field goal on the final play from
Speaker 5: thirty seven to send Washington to the final Eightue.
Speaker 16: The Washington come, Tony Calme, I have seen it all NBC.
Speaker 5: The Call Commanders won a back and forth game with
Speaker 5: the Bucks twenty three twenty. They'll not play Saturday night
Speaker 5: in Detroit the first two games of the day. Liked
Speaker 5: the games this past Saturday, one easily by the home
Speaker 5: team Buffalo be Denver thirty one to seven. The Bills
Speaker 5: are nine to zero home. They'll be home Sunday night
Speaker 5: against Baltimore. Philadelphia down Green Bay twenty two to ten.
Speaker 5: The Eagles await the winner of tonight's game. Vikings and
Speaker 5: Rams moved from Los Angeles to Phoenix. To no one's surprise,
Speaker 5: Mike Rabel and they had the new coach of the
Speaker 5: New England Patriots. He was a Pats linebacker for eight years,
Speaker 5: coach the Titans for six replaces Gered Mayo, who got
Speaker 5: just one season after Bill Belichick coached the Pats for
Speaker 5: twenty four at the guard. In an offensive explosion by
Speaker 5: the Knicks, they shot fifty eight percent, beating Milwaukee won
Speaker 5: forty to one, Zho six, Jalen Brunson forty four points.
Speaker 5: He had twenty three in the first quarter. The Nets
Speaker 5: lost a heartbreaker at Utah. Jass scored with two seconds
Speaker 5: left in overtime and won by a point. The Celtics
Speaker 5: beating New Orleans by a point in Melbourne. They're playing
Speaker 5: now opening around the Australian Open, and ten time champion
Speaker 5: Novak Djokovic lost the first set to nineteen year old
Speaker 5: American Nisshesh Basavaretti. They're now tied one set, all straight
Speaker 5: set wins for Carlos Alcarez and top seed Onick Center,
Speaker 5: as well as Coco Gone, John Starshaw or Bloomberg Sports,
Speaker 5: Can Ivern and Nathan.
Speaker 1: Coast to Coast on Bloomberg Radio nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3: Good morning. I'm Nathan Hager as the wildfires continue to
Speaker 3: rage in southern California. Firefighters could struggle to catch a
Speaker 3: break from the winds that have spread the flames across
Speaker 3: an area more than two and a half times the
Speaker 3: size of Manhattan. Los Angeles County Fire Chief Anthony Moroney
Speaker 3: says dangerous conditions are in the forecast for much of
Speaker 3: this week.
Speaker 6: Next predicted red flag ends on Wednesday, so please rest
Speaker 6: assured that first thing Thursday, we will start talking about
Speaker 6: repopulation and evacuation order and warning areas.
Speaker 3: And this morning we were joined by Bloomberg News senior
Speaker 3: editor Bill Ferries. Bill, good morning, I know you've been
Speaker 3: following this situation as closely as anybody. I guess the
Speaker 3: firefighters got a little bit of a break from the
Speaker 3: winds over the weekend, but it's not lasting long.
Speaker 17: Good morning, Good morning, Nathan. That's right. Firefighters started to
Speaker 17: make some progress over the weekend. That Palisades fire is
Speaker 17: about thirteen percent contained as of Sunday evening. In La
Speaker 17: they Eton fire twenty seven percent contained. But as you
Speaker 17: were suggesting there, the conditions don't look good in the
Speaker 17: days ahead. National Weather Service has its most severe alert
Speaker 17: out there for places like Malibu, San Fernando Valley parts
Speaker 17: of Ventura County. They're warning about what they called explosive
Speaker 17: fire growth potential beginning late Monday and carrying on through Wednesday.
Speaker 17: So I think people who are out there are going
Speaker 17: to continue to be glued to those fire tracking apps.
Speaker 17: Seven and a half million people or so are facing
Speaker 17: this critical fire weather condition and they could have additional
Speaker 17: evacuations and movements. The fires have already burned forty thousand acres.
Speaker 17: More than one hundred thousand people have been had to
Speaker 17: leave their home so far, So looks like a rough
Speaker 17: start to the week, really beginning in the afternoon or
Speaker 17: evening on Monday in southern California.
Speaker 3: Just to talk about the scope of this disaster, forty
Speaker 3: thousand structures destroyed just puts a tip to the iceberg
Speaker 3: of the kind of damage, the kind of economic loss
Speaker 3: that we could see from this.
Speaker 17: Yeah, the area that's been burned, I mean it's already
Speaker 17: a larger area than cities like San Francisco or Pittsburgh,
Speaker 17: Boston or Miami. So that's just the area that's been burned.
Speaker 17: ACU weather Ink, which looks at, you know, disasters and
Speaker 17: the costs, they've put out an estimate of two hundred
Speaker 17: and fifty to two hundred and seventy five billion dollars
Speaker 17: in total costs that includes the damage and rebuilding and
Speaker 17: lost wages and things like that.
Speaker 10: But that is up.
Speaker 17: It's almost double their previous estimate of fifty to one
Speaker 17: hundred and fifty billion just a few days ago.
Speaker 3: What does this mean for the insurance industry? How can
Speaker 3: Southern California rebuild from this kind of disaster? I mean
Speaker 3: is are we going to have to face the question
Speaker 3: about whether it's Southern California is ensurable.
Speaker 17: It's gonna be It's gonna be just a brutal blow
Speaker 17: to the insurance industry. And remember, you know, broadly is
Speaker 17: an industry. It comes after a series of major hurricanes
Speaker 17: that hit the southeast United States last year. That's going
Speaker 17: to be a real question going forward. What happens to
Speaker 17: those rates? Does it make living in Southern California even
Speaker 17: more costly going forward? And how many years will it
Speaker 17: take to rebuild? Remember LA's hosting, you know, they're hosting
Speaker 17: the Olympics in just a few years. Typically these kind
Speaker 17: of disasters that it could take a decade or more
Speaker 17: to fully recover from this kind of a natural disaster event.
Speaker 3: And to see the response that we've seen so far
Speaker 3: and the questions that have been raised about how this
Speaker 3: even started, what can be done to prevent this kind
Speaker 3: of thing from happening. I mean, we've seen some pretty
Speaker 3: withering criticism for some of the local leaders in that region.
Speaker 3: Got about a minute left.
Speaker 17: Yeah, Mayor Karen Bass coming under a heavy fire for
Speaker 17: her budget cuts that hit the fire department. In the end,
Speaker 17: I think the fire department got more money this year
Speaker 17: than last year, but there's a lot of deferred maintenance.
Speaker 17: You hear union fire union leader saying that, Listen, there's
Speaker 17: a lot of trucks that are still waiting for repairs
Speaker 17: that could be out there doing some fighting. Of Course,
Speaker 17: like everything, it's getting heavily politicized. But right now, the
Speaker 17: focus is really what might be coming in the next
Speaker 17: seventy two hours for southern California and whether they can
Speaker 17: get past and whether firefighters can kind of get a
Speaker 17: stronger grip and get more of this under control.
Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories
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Speaker 3: And I'm Nathan Hager. Join us again tomorrow morning for
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