Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea after a job, stay, an extraordinary week,
Speaker 2: an extraordinary twelve months for this great bullmarkt That's my
Speaker 2: theme into the end of the year. We're not going
Speaker 2: to overweight equity strategists, but we're going to lean forward
Speaker 2: and listen a little more carefully to equity strategists into
Speaker 2: the end of the year. So many of them were
Speaker 2: behind this bullmarket trend, so many of them are catching up. Yes,
Speaker 2: we'll emphasize people that nailed it at Yardanni getting a
Speaker 2: lot of accolade for that, and others Brian Belski, Fimo
Speaker 2: Capital Markets and many many others. But we're going to
Speaker 2: particularly listen to those that maybe got it wrong or
Speaker 2: off the mark and they're recalibrating. This is an absolutely
Speaker 2: cardinal rule of the business. Really, really really listen and
Speaker 2: study people that got it wrong with a question. The
Speaker 2: seismic shift and strategy this week was David Rosenberg of
Speaker 2: Rosenberg Research in Toronto, who flat out came out in
Speaker 2: the last twenty four hours and said, I need to recalibrate,
Speaker 2: I need to readjust this is a bull market. What
Speaker 2: did I get wrong about growth? Really pay attention to
Speaker 2: David Rosenberg in the coming weeks as he recalibrates to
Speaker 2: this solid American economy and to equities higher. We finished
Speaker 2: the week strong, too many voices to even begin to
Speaker 2: talk about. On Jobs Day? Where do you go, Claudia
Speaker 2: sam New Centries Advisors, Doctor somem on recession or lack
Speaker 2: thereof forward?
Speaker 3: I think if you ask people are we in a recession?
Speaker 3: Are you in a recession? They tie that.
Speaker 4: Word up with a lot of negative feelings, a lot
Speaker 4: of struggle and hardship. They don't tie it up to
Speaker 4: the National Blower of Economic Research's definition of a broad
Speaker 4: based contraction economic activity. So when I see those services
Speaker 4: of people saying we're in a recession, I understand that
Speaker 4: what they're telling us is they're facing some hard times
Speaker 4: where they have family and friends who are and that
Speaker 4: the sad reality is that's with us always.
Speaker 5: I mean, if you look at even say a group
Speaker 5: like Black Americans, is not the case at the moment,
Speaker 5: but over long stretches of history, what their unemployment rate
Speaker 5: outside of recessions looks like the recessionary unemployment rate, right, So,
Speaker 5: I mean, we just have pockets of hardship in the
Speaker 5: country and that hasn't changed from this, but it is
Speaker 5: a reminder we've got work.
Speaker 3: To do, and frankly, for those pockets of hardship, the
Speaker 3: best thing that we have to bring is a strong
Speaker 3: labor market where it's really working, especially at the bottom,
Speaker 3: and we saw some of that a few years ago,
Speaker 3: and that's part of what is slipping away.
Speaker 2: Important insight from Claudia sym and this goes back ages
Speaker 2: and ages of work. Is the best solution for people
Speaker 2: struggling is just a solid sense of economic growth. I
Speaker 2: know that doesn't get the job done, but at the
Speaker 2: same time, there we are as well. It was wonderful
Speaker 2: to speak to Alan Blinder, the former vice chairman of
Speaker 2: the Federserve System, iconic at Princeton University, clearly associated with
Speaker 2: Democratic politics. Late in our conversation I asked Professor Blinder
Speaker 2: about that ownership the Democratic Party politics and Democratic Party
Speaker 2: economics had on working class America. They have shifted right.
Speaker 6: It's ironic to me that the Democrats against the Republicans
Speaker 6: go back generations. There's never been a question of which
Speaker 6: was the party that cared more about ordinary working people,
Speaker 6: never until now, and now there is and the Republicans,
Speaker 6: in particular Donald Trump have captured a lot of that
Speaker 6: support and vote. I think that those people are going
Speaker 6: to see what the second Trump administration collection of billionaires
Speaker 6: actually does with the policy leavers and not be too happy,
Speaker 6: certainly not believe that it was for them.
Speaker 2: Terrific response to our conversation with Professor Blinder, those of
Speaker 2: a different presuasion, persuasion I should say, suggesting maybe it
Speaker 2: was a blinder in the politics of the past, and
Speaker 2: of course he had a lot of support out there
Speaker 2: as well for where the two parties head into twenty
Speaker 2: twenty six. In two thousand and twenty eight, on your
Speaker 2: commute across America, thank you for listening on YouTube. All
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