WEBVTT - Los Angeles Fires Rage; Blue Origin Launch Delayed   

0:00:02.720 --> 0:00:07.240
<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

0:00:10.240 --> 0:00:13.440
<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

0:00:13.440 --> 0:00:15.160
<v Speaker 2>are the stories we're following today.

0:00:15.360 --> 0:00:17.560
<v Speaker 3>Karen, we begin with the latest on the wildfires in

0:00:17.560 --> 0:00:19.880
<v Speaker 3>Los Angeles. The death toll is now up to at

0:00:19.960 --> 0:00:22.959
<v Speaker 3>least twenty four and more than twelve thousand buildings have

0:00:23.000 --> 0:00:25.560
<v Speaker 3>been turned to ash in the Pacific Palisades and Delta

0:00:25.600 --> 0:00:29.000
<v Speaker 3>Dina regions. Over the weekend, firefighters got a brief break

0:00:29.000 --> 0:00:31.360
<v Speaker 3>from the punishing Santa Ana wins that have spread these

0:00:31.400 --> 0:00:34.840
<v Speaker 3>flames across nearly thirty eight thousand acres, but another round

0:00:34.840 --> 0:00:37.480
<v Speaker 3>of wind gusts is in the forecast this week. Here's

0:00:37.479 --> 0:00:39.760
<v Speaker 3>Los Angeles County Fire Chief Robert Luna.

0:00:39.840 --> 0:00:41.760
<v Speaker 4>The fires may be closer to being over.

0:00:41.880 --> 0:00:44.000
<v Speaker 5>You hear that from our fire chiefs if it goes

0:00:44.040 --> 0:00:46.720
<v Speaker 5>that way, But we do have this pending weather event.

0:00:47.400 --> 0:00:49.879
<v Speaker 6>We are not going to de escalate the number of.

0:00:49.840 --> 0:00:52.720
<v Speaker 3>People that we have out ree Fire Chief Robert Luna.

0:00:52.800 --> 0:00:55.520
<v Speaker 3>The National Weather Service has issued its most severe alert,

0:00:55.560 --> 0:00:59.960
<v Speaker 3>a particularly Dangerous situation warning from Malibu, the San Fernando Valley,

0:01:00.040 --> 0:01:02.840
<v Speaker 3>and much of Ventura County. More than seven point seven

0:01:02.880 --> 0:01:06.080
<v Speaker 3>million people in southern California are facing critical fire weather

0:01:06.160 --> 0:01:07.120
<v Speaker 3>conditions today.

0:01:07.800 --> 0:01:10.200
<v Speaker 2>Well, Nathan, this disaster is on track to be the

0:01:10.280 --> 0:01:13.640
<v Speaker 2>costliest in US history. ACU Weather has raised its estimate

0:01:13.680 --> 0:01:16.560
<v Speaker 2>for total economic losses to between two hundred and fifty

0:01:16.560 --> 0:01:20.640
<v Speaker 2>and two hundred and seventy five billion dollars. FEMA Administrator

0:01:20.720 --> 0:01:23.880
<v Speaker 2>Deana Criswell says things will need to change when it

0:01:23.920 --> 0:01:24.800
<v Speaker 2>comes to rebuilding.

0:01:25.160 --> 0:01:27.600
<v Speaker 7>We have a lot of science and technology out there

0:01:27.640 --> 0:01:30.399
<v Speaker 7>that shows ways that we can make these homes stronger

0:01:30.640 --> 0:01:33.319
<v Speaker 7>and more resistant against these fires. That's really where we

0:01:33.319 --> 0:01:35.440
<v Speaker 7>need to focus our efforts as we move into the

0:01:35.440 --> 0:01:36.400
<v Speaker 7>rebuilding phase.

0:01:36.760 --> 0:01:40.559
<v Speaker 2>And as FEMA's Dan Chriswell, who appeared on CBS's Face

0:01:40.640 --> 0:01:44.080
<v Speaker 2>the Nation, California Governor Gavin Newsom has issued in executive

0:01:44.200 --> 0:01:48.080
<v Speaker 2>order suspending some environmental and regulatory hurdles to speed up

0:01:48.080 --> 0:01:51.400
<v Speaker 2>the rebuilding process. He and other local officials have faced

0:01:51.400 --> 0:01:54.760
<v Speaker 2>heavy criticism for their response, but newsommetals NBC's Meet the

0:01:54.760 --> 0:01:56.720
<v Speaker 2>Press they're up to the challenge.

0:01:56.880 --> 0:01:59.200
<v Speaker 4>We have fourteen thousand people work in the line right now.

0:01:59.240 --> 0:02:01.320
<v Speaker 4>We double the nation on guard. We have sixteen hundred

0:02:01.320 --> 0:02:04.040
<v Speaker 4>and eighty they're helping on logistic side. I was just

0:02:04.080 --> 0:02:06.920
<v Speaker 4>with folks from Mexico. Seventy three folks will be relieving

0:02:06.960 --> 0:02:09.280
<v Speaker 4>some of our hand crews. We've got nine states that

0:02:09.320 --> 0:02:12.400
<v Speaker 4>are now providing under this EMACS system support. So we've

0:02:12.400 --> 0:02:13.280
<v Speaker 4>got the resources.

0:02:13.639 --> 0:02:15.160
<v Speaker 2>And you can hear meet the press and face the

0:02:15.240 --> 0:02:17.160
<v Speaker 2>nation every Sunday on Bloomberg Radio.

0:02:17.400 --> 0:02:20.959
<v Speaker 3>It's turned out of politics Karen. Justin Trudeau says Canada

0:02:21.080 --> 0:02:23.959
<v Speaker 3>is ready to respond with counter tariffs if the US

0:02:23.960 --> 0:02:27.680
<v Speaker 3>imposes tariffs on Canadian products. The outgoing Canadian Prime minister

0:02:27.720 --> 0:02:29.919
<v Speaker 3>said his government is not looking for a trade fight,

0:02:30.000 --> 0:02:33.359
<v Speaker 3>but we'll have to retaliate if the US tariffs Canadian products.

0:02:33.880 --> 0:02:37.240
<v Speaker 8>We are the number one export partner of about thirty

0:02:37.240 --> 0:02:41.360
<v Speaker 8>five different US states, and anything that thickens the border

0:02:41.400 --> 0:02:47.480
<v Speaker 8>between US ends up costing American citizens and American jobs.

0:02:47.720 --> 0:02:50.480
<v Speaker 8>That's not what President Trump got elected to do. I

0:02:50.560 --> 0:02:53.440
<v Speaker 8>know he got elected to try and make life easier

0:02:53.840 --> 0:02:57.800
<v Speaker 8>for all Americans, to support American workers. These are things

0:02:57.800 --> 0:02:58.680
<v Speaker 8>that are going to hurt them.

0:02:59.240 --> 0:03:03.239
<v Speaker 3>Justin Trudeau those comments on MSNBC. Canada buys more US

0:03:03.240 --> 0:03:05.080
<v Speaker 3>made goods than many other country.

0:03:05.639 --> 0:03:08.840
<v Speaker 2>Meanwhile, Nathan Jamie Diamond is speaking out about tariffs in

0:03:08.840 --> 0:03:12.120
<v Speaker 2>an interview with CBS News Sunday morning that JP Morgan

0:03:12.280 --> 0:03:15.560
<v Speaker 2>CEO says they can help the US.

0:03:15.320 --> 0:03:20.040
<v Speaker 9>To me Tariff's early way. Every tool properly used that

0:03:20.120 --> 0:03:24.440
<v Speaker 9>can help get some posicians resolved, unfair competition, NAS security issues.

0:03:25.320 --> 0:03:29.000
<v Speaker 9>Like any tool, if it's misused, you can do damage too, And.

0:03:29.040 --> 0:03:32.160
<v Speaker 2>JP Morgan Chase CEO Jamie Diamond says he has not

0:03:32.320 --> 0:03:35.760
<v Speaker 2>spoken with President elect Donald Trump about tariffs Well Karen.

0:03:35.760 --> 0:03:39.280
<v Speaker 3>President elect Trump's cabinet choices will begin facing Senate confirmation

0:03:39.440 --> 0:03:43.960
<v Speaker 3>hearings this week. On Thursday, Treasury Secretary nominee Scott Bessett

0:03:44.120 --> 0:03:47.080
<v Speaker 3>answers questions we get more from Bloomberg's Doug Prisner.

0:03:47.440 --> 0:03:50.080
<v Speaker 10>Bessett is founder and leader of the macro hedge fund

0:03:50.160 --> 0:03:53.800
<v Speaker 10>Key Square Group. If he's confirmed, Bessant will immediately resign,

0:03:54.240 --> 0:03:56.920
<v Speaker 10>and a document released by the Office of Government Ethics

0:03:57.000 --> 0:03:59.600
<v Speaker 10>indicates Key Square would be wound down at the end

0:03:59.600 --> 0:04:03.400
<v Speaker 10>of March. Bessid will also divest underlying assets to avoid

0:04:03.440 --> 0:04:07.280
<v Speaker 10>conflicts of interest. He's disclosed assets worth at least five

0:04:07.320 --> 0:04:10.480
<v Speaker 10>hundred and twenty one million dollars. Some of Besson's potential

0:04:10.520 --> 0:04:13.640
<v Speaker 10>conflicts will take longer to resolve he's invested at the

0:04:13.720 --> 0:04:16.320
<v Speaker 10>least a quarter million dollars in three funds that allow

0:04:16.400 --> 0:04:19.200
<v Speaker 10>him to withdraw no more than twenty five percent of

0:04:19.240 --> 0:04:20.760
<v Speaker 10>its holdings each quarter.

0:04:21.240 --> 0:04:21.760
<v Speaker 11>In New York.

0:04:21.760 --> 0:04:23.240
<v Speaker 10>I'm Doug Prisner, Bloomberg Radio.

0:04:23.400 --> 0:04:25.360
<v Speaker 2>All right, Doug, thank you well. Vice President de Like

0:04:25.440 --> 0:04:28.279
<v Speaker 2>jd Vance is dialing back on his running mates, promised

0:04:28.279 --> 0:04:31.720
<v Speaker 2>to part in. All protesters involved in the US capital

0:04:31.800 --> 0:04:34.039
<v Speaker 2>riot on January sixth, twenty twenty one.

0:04:34.480 --> 0:04:37.520
<v Speaker 12>If you committed violence on that day, obviously you shouldn't

0:04:37.560 --> 0:04:39.080
<v Speaker 12>be pardoned. And there's a little bit of a gray

0:04:39.160 --> 0:04:41.599
<v Speaker 12>area there, but we're very much committed to seeing the

0:04:41.640 --> 0:04:43.919
<v Speaker 12>equal administration of law. And there are a lot of people,

0:04:43.960 --> 0:04:46.160
<v Speaker 12>we think in the wake of January the sixth, who

0:04:46.200 --> 0:04:48.240
<v Speaker 12>were prosecuted unfairly. We need to rectify that.

0:04:48.640 --> 0:04:51.120
<v Speaker 2>And Vice President de Like vancevan the comments on Fox

0:04:51.279 --> 0:04:53.760
<v Speaker 2>News Sunday. You can catch the program Sunday afternoons on

0:04:53.800 --> 0:04:55.040
<v Speaker 2>Bloomberg Radio. Ok.

0:04:55.160 --> 0:04:56.520
<v Speaker 3>And you're gonna have to wait a little longer so

0:04:56.680 --> 0:04:58.679
<v Speaker 3>the rest of us actually for the next space launch.

0:04:58.760 --> 0:05:02.080
<v Speaker 3>Jeff Bezos's Blue o And has delayed the inaugural takeoff

0:05:02.080 --> 0:05:05.440
<v Speaker 3>of its new flagship rocket to deal with an unspecified

0:05:05.480 --> 0:05:08.360
<v Speaker 3>issue on the vehicle. The company says it is reviewing

0:05:08.480 --> 0:05:12.520
<v Speaker 3>opportunities for the next launch attempt for the new Glen Rocket.

0:05:12.800 --> 0:05:14.200
<v Speaker 13>The Jeff Bezos backed.

0:05:14.000 --> 0:05:16.600
<v Speaker 3>Firm is trying to mount a challenge to Elon Musk's

0:05:16.600 --> 0:05:18.200
<v Speaker 3>industry leading SpaceX.

0:05:18.600 --> 0:05:20.599
<v Speaker 2>Well, we do have a milestone for one of Elon

0:05:20.680 --> 0:05:24.440
<v Speaker 2>Musk's other businesses. Nathan Tesla has overtaken Audi and Go

0:05:24.560 --> 0:05:27.640
<v Speaker 2>global car sales for the first time. Howdy sold one

0:05:27.640 --> 0:05:30.560
<v Speaker 2>point sixty seven million vehicles in twenty twenty four, down

0:05:30.600 --> 0:05:33.600
<v Speaker 2>twelve percent from a year earlier. Tesla delivered almost one

0:05:33.600 --> 0:05:35.440
<v Speaker 2>point eight million vehicles last year.

0:05:35.680 --> 0:05:38.920
<v Speaker 3>Train of Markets now Karen futures are lower following Friday's

0:05:38.960 --> 0:05:42.159
<v Speaker 3>job related selloff on Wall Street. The drop came after

0:05:42.320 --> 0:05:45.200
<v Speaker 3>the economy in December added the most jobs since March

0:05:45.360 --> 0:05:49.320
<v Speaker 3>and the unemployment rate unexpectedly fell. Cameron Dawson is chief

0:05:49.360 --> 0:05:51.040
<v Speaker 3>investment officer at new Edge Wealth.

0:05:51.480 --> 0:05:54.560
<v Speaker 11>It is that question of is good news good news

0:05:54.680 --> 0:05:57.160
<v Speaker 11>or is good news bad news. We think at the

0:05:57.279 --> 0:06:00.520
<v Speaker 11>end of the day, strong jobs are over all good

0:06:00.560 --> 0:06:02.800
<v Speaker 11>for the equity market, but we have to take a

0:06:02.880 --> 0:06:06.159
<v Speaker 11>hit to the valuation first to digest these higher yields.

0:06:06.520 --> 0:06:09.240
<v Speaker 11>If we continue to see this labor market hold in

0:06:09.360 --> 0:06:10.400
<v Speaker 11>better than expected.

0:06:10.600 --> 0:06:12.839
<v Speaker 3>New Edge Wealth's Cam Dawson notes the S and P

0:06:13.000 --> 0:06:15.719
<v Speaker 3>five hundreds one and a half percent drop on Friday

0:06:15.800 --> 0:06:18.080
<v Speaker 3>wiped out the indexes advance for the year.

0:06:18.640 --> 0:06:20.840
<v Speaker 2>Well, Nathan, let's turn to the economy now, and a

0:06:20.880 --> 0:06:24.640
<v Speaker 2>former Federal Reserve Vice chair, Randall Quarrels, believes the Fed's

0:06:24.680 --> 0:06:27.840
<v Speaker 2>independence is not going to be threatened by president like

0:06:27.920 --> 0:06:31.480
<v Speaker 2>Donald Trump, and Karrels spoke with Bloomberg's Steven Engel.

0:06:31.720 --> 0:06:35.680
<v Speaker 14>Structurally, the FED can't really be affected by the president's

0:06:35.680 --> 0:06:38.320
<v Speaker 14>bully pulpit. And you know, the people who are appointed

0:06:38.320 --> 0:06:40.440
<v Speaker 14>of the FED generally have fairly thicked skins. So while

0:06:40.440 --> 0:06:43.960
<v Speaker 14>there's certainly political pressure, there's not really political levers that

0:06:44.000 --> 0:06:46.080
<v Speaker 14>someone can pull to affect their independence.

0:06:46.360 --> 0:06:48.960
<v Speaker 2>And Randall Quarrels was a Trump appointee to the FED.

0:06:49.040 --> 0:06:54.120
<v Speaker 2>He served as vice chair of Supervision until twenty twenty one.

0:06:55.760 --> 0:06:57.400
<v Speaker 2>Time now for look at some of the other stories

0:06:57.400 --> 0:06:59.200
<v Speaker 2>making news in New York and around the world, and

0:06:59.200 --> 0:07:01.039
<v Speaker 2>for that we're joined by Bloomberg's John Tucker.

0:07:01.160 --> 0:07:04.599
<v Speaker 15>John good morning, Good morning, Karen House. Republicans from New York,

0:07:04.640 --> 0:07:08.160
<v Speaker 15>New Jersey and California, unhappy with a cap on state

0:07:08.240 --> 0:07:11.200
<v Speaker 15>and local tax deductions, say talks on the issue with

0:07:11.240 --> 0:07:14.080
<v Speaker 15>Donald Trump over the weekend were positive. Let's find out

0:07:14.120 --> 0:07:16.080
<v Speaker 15>more this morning from Bloomberg's Jeff Bellinger.

0:07:16.400 --> 0:07:20.040
<v Speaker 13>Representative Nick Lolatta of New York said in an interview,

0:07:20.200 --> 0:07:25.200
<v Speaker 13>Trump is willing to engage in a solution. Representative Nicole Meliatakis,

0:07:25.280 --> 0:07:28.320
<v Speaker 13>another New Yorker who attended the gathering of about sixteen

0:07:28.360 --> 0:07:31.560
<v Speaker 13>House Republicans with Trump at his Mari A Lago resort

0:07:31.640 --> 0:07:34.920
<v Speaker 13>in Florida, posted on x that the meeting was productive.

0:07:35.360 --> 0:07:39.200
<v Speaker 13>Significant expansion of the salt deduction cap is already emerging

0:07:39.240 --> 0:07:42.680
<v Speaker 13>as a potential demand by some Republicans in return for

0:07:42.760 --> 0:07:47.120
<v Speaker 13>their support of any larger text related package. Jeff Bullinger,

0:07:47.240 --> 0:07:48.200
<v Speaker 13>Bloomberg Radio.

0:07:48.400 --> 0:07:52.360
<v Speaker 15>Hospitals across the country dealing with a wave of respiratory illnesses.

0:07:52.800 --> 0:07:55.600
<v Speaker 15>The CDC says at least thirty five states are seeing

0:07:55.680 --> 0:07:59.600
<v Speaker 15>high levels of flu covid RSV, even the common cold.

0:07:59.840 --> 0:08:02.200
<v Speaker 15>So far this season, the flu alona sent more than

0:08:02.280 --> 0:08:05.520
<v Speaker 15>sixty three thousand people to the hospital and crowns at

0:08:05.600 --> 0:08:09.680
<v Speaker 15>least twenty seven hundred deaths, including eleven children. President Biden

0:08:09.720 --> 0:08:13.400
<v Speaker 15>delivers a foreign policy speech today the State Department White

0:08:13.440 --> 0:08:15.880
<v Speaker 15>House Press Secretary Karean John Pierre.

0:08:16.200 --> 0:08:19.320
<v Speaker 2>He has some thoughts on the future, not just of

0:08:19.360 --> 0:08:22.400
<v Speaker 2>the country, but how this country moves forward as a leader.

0:08:22.520 --> 0:08:24.920
<v Speaker 15>This is one of several appearances the President has been

0:08:24.920 --> 0:08:28.360
<v Speaker 15>making as he prepares to leave office. January twentieth, a

0:08:28.400 --> 0:08:32.040
<v Speaker 15>Top eight and President like Donald Trump's incoming administration signals

0:08:32.040 --> 0:08:35.319
<v Speaker 15>the Ukraine will be asked to lower the conscription age

0:08:35.480 --> 0:08:39.520
<v Speaker 15>to strengthen its battlefield position. Michael Walls, a former Army

0:08:39.559 --> 0:08:42.439
<v Speaker 15>Green Beret whom Trump tapped as his White House National

0:08:42.559 --> 0:08:46.400
<v Speaker 15>Security advisor, suggested the expanded draft age would help Ukraine

0:08:46.480 --> 0:08:49.760
<v Speaker 15>overcome a shortage of troops. Right now, the draft age

0:08:50.120 --> 0:08:53.160
<v Speaker 15>is twenty five global news twenty four hours a day,

0:08:53.200 --> 0:08:54.800
<v Speaker 15>whenever you want it. We have Bloomberg News.

0:08:54.840 --> 0:08:55.000
<v Speaker 2>Now.

0:08:55.080 --> 0:08:57.760
<v Speaker 15>I'm John Tucker, and they see he's Bloomberg. Karen.

0:08:58.080 --> 0:09:04.959
<v Speaker 2>All right, John Tucker, thank you time now for the

0:09:05.000 --> 0:09:07.680
<v Speaker 2>Bloomberg Sports out Day, brought to you by Tri State Outie.

0:09:07.880 --> 0:09:10.000
<v Speaker 2>Here's John stash Hour, John, Good morning, Good.

0:09:09.840 --> 0:09:11.920
<v Speaker 5>Morning, Karen. Last time there was an NFL playoff victory

0:09:11.960 --> 0:09:14.679
<v Speaker 5>by Washington was nineteen years ago. The team had a

0:09:14.679 --> 0:09:16.920
<v Speaker 5>different owner, they had a different name and their current

0:09:17.000 --> 0:09:20.760
<v Speaker 5>quarterback was five years old or rookie qube Jadeen Daniels,

0:09:20.960 --> 0:09:23.960
<v Speaker 5>who led the Commanders to twelve regular season wins, eight

0:09:24.040 --> 0:09:26.200
<v Speaker 5>more than they had a year ago, led them down

0:09:26.240 --> 0:09:28.079
<v Speaker 5>the field in the final minute of Tampa Bay, and

0:09:28.120 --> 0:09:30.920
<v Speaker 5>they kicked a field goal on the final play from

0:09:30.960 --> 0:09:34.079
<v Speaker 5>thirty seven to send Washington to the final Eightue.

0:09:37.760 --> 0:09:51.600
<v Speaker 16>The Washington come, Tony Calme, I have seen it all NBC.

0:09:51.800 --> 0:09:53.920
<v Speaker 5>The Call Commanders won a back and forth game with

0:09:53.960 --> 0:09:56.560
<v Speaker 5>the Bucks twenty three twenty. They'll not play Saturday night

0:09:56.600 --> 0:09:58.719
<v Speaker 5>in Detroit the first two games of the day. Liked

0:09:58.720 --> 0:10:00.679
<v Speaker 5>the games this past Saturday, one easily by the home

0:10:00.720 --> 0:10:03.640
<v Speaker 5>team Buffalo be Denver thirty one to seven. The Bills

0:10:03.679 --> 0:10:05.800
<v Speaker 5>are nine to zero home. They'll be home Sunday night

0:10:05.840 --> 0:10:08.760
<v Speaker 5>against Baltimore. Philadelphia down Green Bay twenty two to ten.

0:10:08.800 --> 0:10:12.080
<v Speaker 5>The Eagles await the winner of tonight's game. Vikings and

0:10:12.200 --> 0:10:15.840
<v Speaker 5>Rams moved from Los Angeles to Phoenix. To no one's surprise,

0:10:15.960 --> 0:10:17.320
<v Speaker 5>Mike Rabel and they had the new coach of the

0:10:17.320 --> 0:10:20.480
<v Speaker 5>New England Patriots. He was a Pats linebacker for eight years,

0:10:20.559 --> 0:10:23.680
<v Speaker 5>coach the Titans for six replaces Gered Mayo, who got

0:10:23.720 --> 0:10:26.040
<v Speaker 5>just one season after Bill Belichick coached the Pats for

0:10:26.120 --> 0:10:28.880
<v Speaker 5>twenty four at the guard. In an offensive explosion by

0:10:28.880 --> 0:10:32.240
<v Speaker 5>the Knicks, they shot fifty eight percent, beating Milwaukee won

0:10:32.360 --> 0:10:35.160
<v Speaker 5>forty to one, Zho six, Jalen Brunson forty four points.

0:10:35.160 --> 0:10:37.400
<v Speaker 5>He had twenty three in the first quarter. The Nets

0:10:37.400 --> 0:10:39.960
<v Speaker 5>lost a heartbreaker at Utah. Jass scored with two seconds

0:10:40.040 --> 0:10:42.680
<v Speaker 5>left in overtime and won by a point. The Celtics

0:10:42.679 --> 0:10:45.560
<v Speaker 5>beating New Orleans by a point in Melbourne. They're playing

0:10:45.559 --> 0:10:48.440
<v Speaker 5>now opening around the Australian Open, and ten time champion

0:10:48.559 --> 0:10:52.000
<v Speaker 5>Novak Djokovic lost the first set to nineteen year old

0:10:52.040 --> 0:10:56.280
<v Speaker 5>American Nisshesh Basavaretti. They're now tied one set, all straight

0:10:56.360 --> 0:10:59.040
<v Speaker 5>set wins for Carlos Alcarez and top seed Onick Center,

0:10:59.040 --> 0:11:02.079
<v Speaker 5>as well as Coco Gone, John Starshaw or Bloomberg Sports,

0:11:02.120 --> 0:11:03.160
<v Speaker 5>Can Ivern and Nathan.

0:11:05.240 --> 0:11:09.480
<v Speaker 1>Coast to Coast on Bloomberg Radio nationwide on Sirius XM,

0:11:09.559 --> 0:11:12.400
<v Speaker 1>and around the world on Bloomberg dot Com and the

0:11:12.440 --> 0:11:15.560
<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

0:11:15.840 --> 0:11:18.760
<v Speaker 3>Good morning. I'm Nathan Hager as the wildfires continue to

0:11:18.880 --> 0:11:22.320
<v Speaker 3>rage in southern California. Firefighters could struggle to catch a

0:11:22.360 --> 0:11:25.000
<v Speaker 3>break from the winds that have spread the flames across

0:11:25.040 --> 0:11:26.760
<v Speaker 3>an area more than two and a half times the

0:11:26.760 --> 0:11:30.400
<v Speaker 3>size of Manhattan. Los Angeles County Fire Chief Anthony Moroney

0:11:30.400 --> 0:11:33.000
<v Speaker 3>says dangerous conditions are in the forecast for much of

0:11:33.040 --> 0:11:33.680
<v Speaker 3>this week.

0:11:34.160 --> 0:11:39.720
<v Speaker 6>Next predicted red flag ends on Wednesday, so please rest

0:11:39.760 --> 0:11:43.880
<v Speaker 6>assured that first thing Thursday, we will start talking about

0:11:43.920 --> 0:11:48.040
<v Speaker 6>repopulation and evacuation order and warning areas.

0:11:48.600 --> 0:11:50.800
<v Speaker 3>And this morning we were joined by Bloomberg News senior

0:11:50.880 --> 0:11:53.240
<v Speaker 3>editor Bill Ferries. Bill, good morning, I know you've been

0:11:53.280 --> 0:11:56.120
<v Speaker 3>following this situation as closely as anybody. I guess the

0:11:56.160 --> 0:11:58.520
<v Speaker 3>firefighters got a little bit of a break from the

0:11:58.559 --> 0:12:01.280
<v Speaker 3>winds over the weekend, but it's not lasting long.

0:12:01.400 --> 0:12:06.080
<v Speaker 17>Good morning, Good morning, Nathan. That's right. Firefighters started to

0:12:06.080 --> 0:12:09.600
<v Speaker 17>make some progress over the weekend. That Palisades fire is

0:12:09.720 --> 0:12:14.720
<v Speaker 17>about thirteen percent contained as of Sunday evening. In La

0:12:14.960 --> 0:12:18.760
<v Speaker 17>they Eton fire twenty seven percent contained. But as you

0:12:18.800 --> 0:12:22.040
<v Speaker 17>were suggesting there, the conditions don't look good in the

0:12:22.120 --> 0:12:25.920
<v Speaker 17>days ahead. National Weather Service has its most severe alert

0:12:26.559 --> 0:12:30.120
<v Speaker 17>out there for places like Malibu, San Fernando Valley parts

0:12:30.120 --> 0:12:34.760
<v Speaker 17>of Ventura County. They're warning about what they called explosive

0:12:34.920 --> 0:12:40.040
<v Speaker 17>fire growth potential beginning late Monday and carrying on through Wednesday.

0:12:40.480 --> 0:12:43.280
<v Speaker 17>So I think people who are out there are going

0:12:43.360 --> 0:12:46.560
<v Speaker 17>to continue to be glued to those fire tracking apps.

0:12:47.400 --> 0:12:50.360
<v Speaker 17>Seven and a half million people or so are facing

0:12:50.400 --> 0:12:55.240
<v Speaker 17>this critical fire weather condition and they could have additional

0:12:55.559 --> 0:12:59.880
<v Speaker 17>evacuations and movements. The fires have already burned forty thousand acres.

0:13:00.080 --> 0:13:03.800
<v Speaker 17>More than one hundred thousand people have been had to

0:13:03.920 --> 0:13:06.600
<v Speaker 17>leave their home so far, So looks like a rough

0:13:06.640 --> 0:13:09.800
<v Speaker 17>start to the week, really beginning in the afternoon or

0:13:09.840 --> 0:13:12.400
<v Speaker 17>evening on Monday in southern California.

0:13:12.880 --> 0:13:16.000
<v Speaker 3>Just to talk about the scope of this disaster, forty

0:13:16.080 --> 0:13:21.360
<v Speaker 3>thousand structures destroyed just puts a tip to the iceberg

0:13:21.480 --> 0:13:24.520
<v Speaker 3>of the kind of damage, the kind of economic loss

0:13:24.920 --> 0:13:26.559
<v Speaker 3>that we could see from this.

0:13:27.679 --> 0:13:30.080
<v Speaker 17>Yeah, the area that's been burned, I mean it's already

0:13:30.280 --> 0:13:34.280
<v Speaker 17>a larger area than cities like San Francisco or Pittsburgh,

0:13:34.600 --> 0:13:38.040
<v Speaker 17>Boston or Miami. So that's just the area that's been burned.

0:13:38.880 --> 0:13:42.400
<v Speaker 17>ACU weather Ink, which looks at, you know, disasters and

0:13:43.000 --> 0:13:46.199
<v Speaker 17>the costs, they've put out an estimate of two hundred

0:13:46.200 --> 0:13:49.559
<v Speaker 17>and fifty to two hundred and seventy five billion dollars

0:13:49.600 --> 0:13:53.800
<v Speaker 17>in total costs that includes the damage and rebuilding and

0:13:53.880 --> 0:13:55.600
<v Speaker 17>lost wages and things like that.

0:13:55.960 --> 0:13:56.840
<v Speaker 10>But that is up.

0:13:56.880 --> 0:14:00.080
<v Speaker 17>It's almost double their previous estimate of fifty to one

0:14:00.120 --> 0:14:02.160
<v Speaker 17>hundred and fifty billion just a few days ago.

0:14:03.240 --> 0:14:06.640
<v Speaker 3>What does this mean for the insurance industry? How can

0:14:07.320 --> 0:14:11.000
<v Speaker 3>Southern California rebuild from this kind of disaster? I mean

0:14:11.559 --> 0:14:13.840
<v Speaker 3>is are we going to have to face the question

0:14:13.880 --> 0:14:16.040
<v Speaker 3>about whether it's Southern California is ensurable.

0:14:17.160 --> 0:14:19.960
<v Speaker 17>It's gonna be It's gonna be just a brutal blow

0:14:20.600 --> 0:14:23.560
<v Speaker 17>to the insurance industry. And remember, you know, broadly is

0:14:23.600 --> 0:14:27.560
<v Speaker 17>an industry. It comes after a series of major hurricanes

0:14:27.920 --> 0:14:31.560
<v Speaker 17>that hit the southeast United States last year. That's going

0:14:31.640 --> 0:14:34.720
<v Speaker 17>to be a real question going forward. What happens to

0:14:34.800 --> 0:14:39.440
<v Speaker 17>those rates? Does it make living in Southern California even

0:14:39.520 --> 0:14:42.720
<v Speaker 17>more costly going forward? And how many years will it

0:14:42.800 --> 0:14:45.640
<v Speaker 17>take to rebuild? Remember LA's hosting, you know, they're hosting

0:14:45.720 --> 0:14:48.920
<v Speaker 17>the Olympics in just a few years. Typically these kind

0:14:48.960 --> 0:14:51.520
<v Speaker 17>of disasters that it could take a decade or more

0:14:51.560 --> 0:14:55.680
<v Speaker 17>to fully recover from this kind of a natural disaster event.

0:14:55.960 --> 0:14:59.280
<v Speaker 3>And to see the response that we've seen so far

0:14:59.640 --> 0:15:02.600
<v Speaker 3>and the questions that have been raised about how this

0:15:02.720 --> 0:15:05.760
<v Speaker 3>even started, what can be done to prevent this kind

0:15:05.800 --> 0:15:07.840
<v Speaker 3>of thing from happening. I mean, we've seen some pretty

0:15:07.840 --> 0:15:12.400
<v Speaker 3>withering criticism for some of the local leaders in that region.

0:15:12.520 --> 0:15:13.720
<v Speaker 3>Got about a minute left.

0:15:13.760 --> 0:15:17.080
<v Speaker 17>Yeah, Mayor Karen Bass coming under a heavy fire for

0:15:17.520 --> 0:15:21.040
<v Speaker 17>her budget cuts that hit the fire department. In the end,

0:15:21.040 --> 0:15:23.320
<v Speaker 17>I think the fire department got more money this year

0:15:23.360 --> 0:15:26.800
<v Speaker 17>than last year, but there's a lot of deferred maintenance.

0:15:27.160 --> 0:15:30.640
<v Speaker 17>You hear union fire union leader saying that, Listen, there's

0:15:30.680 --> 0:15:34.400
<v Speaker 17>a lot of trucks that are still waiting for repairs

0:15:34.400 --> 0:15:36.960
<v Speaker 17>that could be out there doing some fighting. Of Course,

0:15:37.040 --> 0:15:40.520
<v Speaker 17>like everything, it's getting heavily politicized. But right now, the

0:15:40.560 --> 0:15:43.240
<v Speaker 17>focus is really what might be coming in the next

0:15:43.240 --> 0:15:46.360
<v Speaker 17>seventy two hours for southern California and whether they can

0:15:46.400 --> 0:15:49.640
<v Speaker 17>get past and whether firefighters can kind of get a

0:15:49.680 --> 0:15:52.920
<v Speaker 17>stronger grip and get more of this under control.

0:15:53.160 --> 0:15:56.560
<v Speaker 2>This is Bloomberg Daybreak, your morning podcast on the stories

0:15:56.640 --> 0:15:59.640
<v Speaker 2>making news from Wall Street to Washington and beyond.

0:16:00.000 --> 0:16:02.320
<v Speaker 3>Look for us on your podcast feed by six am

0:16:02.360 --> 0:16:05.760
<v Speaker 3>Eastern each morning on Apple, Spotify, or anywhere else you listen.

0:16:05.960 --> 0:16:08.800
<v Speaker 2>You can also listen live each morning starting at five

0:16:08.840 --> 0:16:11.560
<v Speaker 2>am Wall Street Time on Bloomberg eleven three to zero

0:16:11.560 --> 0:16:14.480
<v Speaker 2>in New York, Bloomberg in ninety nine to one in Washington,

0:16:14.520 --> 0:16:18.480
<v Speaker 2>Bloomberg ninety two nine in Boston, and nationwide on serious

0:16:18.680 --> 0:16:20.240
<v Speaker 2>XM Channel one twenty one.

0:16:20.640 --> 0:16:23.360
<v Speaker 3>Plus listen coast to coast on the Bloomberg Business app

0:16:23.400 --> 0:16:26.240
<v Speaker 3>now with Apple CarPlay and Android auto interfaces.

0:16:26.440 --> 0:16:29.440
<v Speaker 2>And don't forget to subscribe to Bloomberg News Now. It's

0:16:29.480 --> 0:16:32.200
<v Speaker 2>the latest news whenever you want it in five minutes

0:16:32.320 --> 0:16:35.440
<v Speaker 2>or less. Search Bloomberg News Now and your favorite podcast

0:16:35.440 --> 0:16:39.640
<v Speaker 2>platform to stay informed all day long. I'm Karen Moscow.

0:16:39.400 --> 0:16:41.920
<v Speaker 3>And I'm Nathan Hager. Join us again tomorrow morning for

0:16:42.000 --> 0:16:43.920
<v Speaker 3>all the news you need to start your day right

0:16:43.920 --> 0:16:45.400
<v Speaker 3>here on Bloomberg Daybreak