WEBVTT - Trump Barred in Colorado; Cease-Fire Speculation Grows

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<v Speaker 1>Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 1>Karen will have more on the markets in a minute,

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<v Speaker 1>but first, we have a major development in the race

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<v Speaker 1>for the White House. The Colorado Supreme Court has ruled

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<v Speaker 1>Donald Trump cannot appear on the presidential primary ballot in

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<v Speaker 1>that state. We have team coverage beginning with Bloomberg's at Baxter.

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<v Speaker 3>The ruling, while at the same time pausing it to

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<v Speaker 3>allow the US Supreme Court to rule. The Colorado Court

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<v Speaker 3>set under the Fourteenth Amendment, Trump qualified as an insurrectionist

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<v Speaker 3>and therefore cannot hold office, thereby taking him off the ballot.

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<v Speaker 3>So among the issues for the highest court whether Trump

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<v Speaker 3>is actually an insurrectionist and whether the Fourteenth Amendment refers

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<v Speaker 3>to the office of president. Trump's attorneys say they will appeal,

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<v Speaker 3>and his campaign is issued a statement so reading verbatim here, Unsurprisingly,

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<v Speaker 3>the all Democrat appointed Colorado Supreme Court has ruled against

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<v Speaker 3>President Trump, supporting a Sorrow's funded li left wing group

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<v Speaker 3>scheme to interfere in an election on behalf of crook

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<v Speaker 3>of Joe Biden. For beatim from the statement ed Baxter

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<v Speaker 3>Bloomberg Radio.

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<v Speaker 2>All right, ed, thanks well. The Colorado decision comes just

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<v Speaker 2>weeks before the first votes will be cast in the

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<v Speaker 2>Republican presidential race. Bloomberg News Managing editor Derek Wallbank continues,

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<v Speaker 2>our team coverage.

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<v Speaker 4>Trump will be going before voters in the first primary

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<v Speaker 4>state of Iowa, where they have caucuses, and Trump is

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<v Speaker 4>right now well above fifty percent support in Iowa. He's

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<v Speaker 4>got a thirty point plus lead in the polls, and

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<v Speaker 4>so very soon the decision that was taken in Colorado

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<v Speaker 4>will come into immense conflict with the state of Iowa,

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<v Speaker 4>where he is right now polling like he's going to win.

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<v Speaker 2>And Bloomberg's Derek Wallbank notes those Iowa caucuses are less

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<v Speaker 2>than four weeks away.

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<v Speaker 1>And former President Trump was back in Iowa last night, Karen.

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<v Speaker 1>He didn't mention the Colorado ruling, but he did double

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<v Speaker 1>down on anti immigrant rhetoric that's had members of both

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<v Speaker 1>parties comparing his words to Adolf Hitler.

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<v Speaker 5>They're ruining our country, and it's true. They're destroying the

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<v Speaker 5>blood of our country. That's what they're doing. They're destroying

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<v Speaker 5>our country. They don't like it when I said that,

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<v Speaker 5>and I never read mind com they said, Oh, Hitler

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<v Speaker 5>said that in a much different way. Now they're coming

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<v Speaker 5>from all over the world.

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<v Speaker 1>The former president made those comments at a stop in Waterloo, Iowa,

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<v Speaker 1>at his own campaign fundraiser. Last night, President Biden warned

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<v Speaker 1>donors that America could lose its democracy if Trump wins

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<v Speaker 1>the White House next year.

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<v Speaker 2>Well, Nathan, we now turned to the latest developments in

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<v Speaker 2>the Middle East. Israeli President Isaac Herzog says his country

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<v Speaker 2>is prepared to agree to a second humanitarian pause in

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<v Speaker 2>fighting in exchange for the return of more hostages held

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<v Speaker 2>by Hamas, and Hamas says its top leader has arrived

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<v Speaker 2>in Cairo for talks. Here's White House and National Security

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<v Speaker 2>spokesperson John Kirby, we do support smaller, more localized, more

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<v Speaker 2>targeted humanitarian pauses to get hostages out and to get

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<v Speaker 2>more aid in. White House National Security spokesperson John Kirby

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<v Speaker 2>says Hamas still holds about one hundred and twenty nine

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<v Speaker 2>of the two hundred and forty or more people it

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<v Speaker 2>abducted in October.

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<v Speaker 1>Well, Meanwhile, Karen Ukraine heads into the new year with

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<v Speaker 1>no guarantee of more USA lawmakers have been at an

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<v Speaker 1>impasse over more than sixty billion dollars in fresh assistance.

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<v Speaker 1>Now they have abandoned efforts to reach a deal before

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<v Speaker 1>their holiday break. Here's Senate Majority Leader Chuck Schumer.

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<v Speaker 6>The bottom line, both Democrats and Republicans understand that there's

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<v Speaker 6>more work to do to pass legislation protecting America's security

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<v Speaker 6>and the security of the Western world.

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<v Speaker 1>Yeah that Senate Majority Leader Chuck Schumer. Republican lawmakers are

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<v Speaker 1>demanding more restrictive border and immigration policies in exchange for

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<v Speaker 1>war aid.

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<v Speaker 2>Well. Turning to the markets now, Nathan Stocks entering the

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<v Speaker 2>day in record territory. Despite repeated warnings from policymakers reigning

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<v Speaker 2>in expectations for rate cuts, both the Dow and the

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<v Speaker 2>NASDAK closed at all time highsi yesterday. Atlanta Fed President

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<v Speaker 2>Raphael boss Stick says he does not see urgency to

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<v Speaker 2>lower rates next year.

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<v Speaker 4>I'm thinking if this is going to come down relatively

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<v Speaker 4>slowly in the next six months, which means that there's

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<v Speaker 4>not going to be urgency for us to start to

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<v Speaker 4>pull off of our restrictive stands.

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<v Speaker 2>And like Atlanta Fed President Raphael Bostic, Chicago FED President

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<v Speaker 2>Austin Golesby, and the Cleveland Fed's Loretta Mester are all

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<v Speaker 2>suggesting that rate cut expectations are premature.

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<v Speaker 1>We'll talk of rate cuts in Europe. Is heating up,

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<v Speaker 1>Karen after the latest Street on inflation there, Let's go

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<v Speaker 1>to London and get the latest of Bloomberg's ewing parts.

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<v Speaker 7>Ewen, Nathan and Karen. A Christmas miracle for the UK government. Well,

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<v Speaker 7>maybe not quite a miracle, but very welcome progress on

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<v Speaker 7>the UK's inflation problem. Consumer prices rose three point nine

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<v Speaker 7>percent in the year to November, down from four point

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<v Speaker 7>six percent the previous month, at a much sharper slow

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<v Speaker 7>down than forecast. The pound is lower on the news

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<v Speaker 7>as trader's rampop bets on interest rate cuts by the

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<v Speaker 7>Bank of England next year. A bit of festive cheer

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<v Speaker 7>for borrowers five days before Christmas in London. I'm une Pots, Bloomberg.

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<v Speaker 2>Radio, Craig, you and thank you staying in Europe. Shares

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<v Speaker 2>of urgen x have lost about a third of their

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<v Speaker 2>value in Brussels this morning. The Dutch biotechs only medicine

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<v Speaker 2>did not help patients with a rare skin disorder. Depository

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<v Speaker 2>receipts of our genicx trading in the US are plunging

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<v Speaker 2>right now. They're down about thirty percent.

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<v Speaker 1>And shares of FedEx are down about nine and a

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<v Speaker 1>half percent. Care in that company reported profit below analyst expectations.

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<v Speaker 1>More from Bloomberg's Charlie Pellett.

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<v Speaker 8>Costcotts were not enough to make up for volume declines

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<v Speaker 8>that the air freight and trucking units amid a lingering

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<v Speaker 8>cargo recession. The company also lowered its sales forecast for

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<v Speaker 8>the fiscal year ending May thirty first. This year's peak

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<v Speaker 8>shipping season has been muted as consumers returned to stores

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<v Speaker 8>and contend with inflation and higher interest rates, denting buying

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<v Speaker 8>power in New York. Charlie Pellett Bloomberg Radio.

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<v Speaker 1>All right, Charlie, thank you. Futures pointing a touch lower

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<v Speaker 1>this morning. S and P futures are down about a

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<v Speaker 1>tenth of one percent. NASTAQ futures are three tenths of

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<v Speaker 1>one percent lower. You're listening to Bloomberg Daybreak and Now

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<v Speaker 1>with a look at some of the other stories making

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<v Speaker 1>news in New York and around the world. Were joined

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<v Speaker 1>by Bloomberg's Michael Barr.

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<v Speaker 9>Michael, thank you very much. Nathan. The cost of ensuring

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<v Speaker 9>vessels that will transit the Red Sea jumped again this

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<v Speaker 9>week after mounting attacks in the region forced some ships

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<v Speaker 9>to avoid the vital waterway. Cover has now surged to

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<v Speaker 9>about half a percent of the value of the ship's hull,

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<v Speaker 9>according to experts involved in the market. That's a sharp

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<v Speaker 9>increase from earlier this month, when costs were pegged at

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<v Speaker 9>around zero point one percent. It comes as the Pentagon

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<v Speaker 9>established a multi national naval task force to protect commercial

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<v Speaker 9>ships from hoothy missile and drone attacks in the Red

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<v Speaker 9>Sea and the Gulf of Aden. Such attacks have escalated

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<v Speaker 9>in the wake of the Israel Hamas War. State Department

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<v Speaker 9>spokesman Matthew Miller.

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<v Speaker 4>There is no justification for these attacks on global commerce,

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<v Speaker 4>and we hope the world will join us in condemning

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<v Speaker 4>these attacks and working to stop them.

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<v Speaker 9>The task force, named Operation Prosperity Guardian, involves ten nations,

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<v Speaker 9>including the UK and Canada. New York State is authorizing

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<v Speaker 9>a commission to consider reparations for its role in perpetuating

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<v Speaker 9>historic discrimination against blacks. Governor Kathy Hoko held a signing

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<v Speaker 9>ceremony for the reparations commission.

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<v Speaker 1>It doesn't mean fixing the past on doing what happened.

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<v Speaker 1>We can't do that, no one can. But it does

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<v Speaker 1>mean more than giving people a simple apology.

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<v Speaker 6>One hundred and fifty years later.

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<v Speaker 9>Governor hokel says it is a key step in confronting

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<v Speaker 9>the state's legacy of slavery and the resulting racial gaps

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<v Speaker 9>in wealth, employment, housing, and criminal justice. Reverend Al Sharpton,

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<v Speaker 9>this is a very historic day because it's the beginning

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<v Speaker 9>of a process to repair a damage done. California launched

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<v Speaker 9>the first state task force to develop reparation proposals for blacks.

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<v Speaker 9>In twenty twenty, we're learning more about the cinnamon behind

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<v Speaker 9>hundreds of lead poisonings and linked to apple sauce. Cinnamon

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<v Speaker 9>at a plan and an Ecuador, which manufactured apple sauce

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<v Speaker 9>pouches now linked hundreds of lead poisoning nationwide, has now

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<v Speaker 9>tested positive for lead concentrations thousands of times higher than

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<v Speaker 9>what experts consider safe. FDA officials are looking into weather

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<v Speaker 9>the cinnamon may have been intentionally contaminated by sellers looking

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<v Speaker 9>to inflate the amount of money they could get for

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<v Speaker 9>the spice. Global News twenty four hours a day and

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<v Speaker 9>whenever you want it with Bloomberg News now, Michael barn

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<v Speaker 9>this is Bloomberg Nather.

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<v Speaker 1>Okay, Michael, thank you. Time for the Bloomberg Sports Update,

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<v Speaker 1>brought to you by Tri stay down here.

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<v Speaker 10>Good morning, John stansh Ow, Good morning Nathan. Ever since

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<v Speaker 10>the fourth snap of the Jets season on Aaron Rodgers

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<v Speaker 10>tore his achilles, there's been constant speculation about a Rodgers

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<v Speaker 10>return at some point. Yesterday, on ESPN, he made it

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<v Speaker 10>all but official he won't make it back back. Rodgers

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<v Speaker 10>admitted he's not one hundred percent. Said the hope is

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<v Speaker 10>the Jets would make the playoffs without him and then

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<v Speaker 10>he'd returned. Jets have no chance to make the playoffs,

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<v Speaker 10>but Rodgers indicate they'd like to play next year and

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<v Speaker 10>the year after. He was effusive in his praise of

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<v Speaker 10>his new team.

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<v Speaker 11>I've felt like when I came here that I got

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<v Speaker 11>kind of a renewed passion and love for the game.

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<v Speaker 11>And everything has been amazing here. Just the people have

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<v Speaker 11>gotten to work, with the relationships I've got to form

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<v Speaker 11>of my teammates and amazing men and women that work

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<v Speaker 11>here at one Just Drive has been really special.

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<v Speaker 10>Jets QB Sunday, it will be either's Jack Wilson or Trevor

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<v Speaker 10>Simmy and Wilson's and concussion protocol. NBA Celtics came in

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<v Speaker 10>tied for the best record, Warriors still under five hundred,

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<v Speaker 10>but Golden State one in overtime one thirty two one

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<v Speaker 10>twenty six. Steph Curry scored thirty three, Dammianlelard scored forty,

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<v Speaker 10>Milwaukee be lowly San Antonio, Kevin Durant's forty not and

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<v Speaker 10>off in a Phoenix loss at Portland, and Memphis by

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<v Speaker 10>two at New Orleans on a game winning shot by

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<v Speaker 10>John Morant in his first team with a season returning

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<v Speaker 10>from a twenty five game suspension. Nixon Nets meet tonight

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<v Speaker 10>in Brooklyn and Toronto Rangers third straight win five to two.

0:09:57.679 --> 0:10:00.000
<v Speaker 10>Islanders beat Edmonton three to one. Flyers beat the day

0:10:00.240 --> 0:10:03.160
<v Speaker 10>and overtime. Bruins lost in ott to Minnesota, and the

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<v Speaker 10>Columbus Bluejackets with their most goals in seven years a

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<v Speaker 10>nine to four win at Buffalo. Top twenty five teams

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<v Speaker 10>met in college groups, Memphis by twenty three over Virginia.

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<v Speaker 10>John Stashedware Bloomberg sport.

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<v Speaker 12>From coast to coast, from New York to San Francisco, Boston,

0:10:20.600 --> 0:10:25.160
<v Speaker 12>to Washington, DC nationwide on Syrias exam the Bloomberg Business

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<v Speaker 12>app in Bloomberg dot Com. This is Bloomberg Daybreak.

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<v Speaker 8>Good morning.

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<v Speaker 1>I'm Nathan Hager. It is another first in the norm

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<v Speaker 1>breaking political career of Donald Trump. For the first time

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<v Speaker 1>a court has found the former president ineligible to run

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<v Speaker 1>again for the White House because of his actions on

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<v Speaker 1>January sixth, twenty twenty one. This ruling from the Colorado

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<v Speaker 1>Supreme Court under the Constitution's insurrection clause in the Fourteenth

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<v Speaker 1>Amendment is now headed for a test before the US

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<v Speaker 1>Supreme Court. And for more. We're joined by Terry Haynes,

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<v Speaker 1>the founder of Pangaepolicy. Terry, good morning, your reaction to

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<v Speaker 1>this ruling?

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<v Speaker 13>Hi, Nathan, good morning. The thing to understand here is

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<v Speaker 13>the sort of obvious this won't be over quickly. Firstly,

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<v Speaker 13>the Supreme Court of the United States almost certainly takes

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<v Speaker 13>this up because there are two federal rights that are implicated. First,

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<v Speaker 13>Fourteenth Amendments insurrection clause, which has never really been interpreted

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<v Speaker 13>by the court. But whatever else you can say about

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<v Speaker 13>this ruling, state courts are not meant to be the

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<v Speaker 13>final arbiters of federal rights. So that you know this

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<v Speaker 13>is going to go to the Supreme Court, who will

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<v Speaker 13>take which will take it up just for the Fourteenth

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<v Speaker 13>Amendment matter alone. And then there's a matter that the

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<v Speaker 13>three descending Colorado justices three out of seven, So this

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<v Speaker 13>is hardly the ut animous ruling or anything close to it.

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<v Speaker 13>The three descending justices point out, which is a Fifth

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<v Speaker 13>Amendment due process claim, the idea that procedural due process

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<v Speaker 13>needs to apply here, and whatever else you can say

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<v Speaker 13>about the state process. What we're talking about here is

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<v Speaker 13>the appeal of the in Colorado is the appeal of

0:12:08.520 --> 0:12:12.199
<v Speaker 13>a state court trial ruling that in a trial had

0:12:12.240 --> 0:12:15.160
<v Speaker 13>that started less than two months ago. So the idea

0:12:15.280 --> 0:12:18.599
<v Speaker 13>that such an important federal right as the ability to

0:12:18.720 --> 0:12:24.360
<v Speaker 13>run for office can be can be ended in a

0:12:24.400 --> 0:12:29.360
<v Speaker 13>state by a state court, you know, in a quick

0:12:29.880 --> 0:12:33.360
<v Speaker 13>trial proceeding, is also something that I think the court

0:12:33.400 --> 0:12:37.200
<v Speaker 13>takes up. In both cases, I think the the Supreme

0:12:37.240 --> 0:12:43.320
<v Speaker 13>Court overturns Colorado. But in terms of practical impact, this

0:12:43.480 --> 0:12:45.720
<v Speaker 13>is the beginning of a lot of legal challenges, both

0:12:45.760 --> 0:12:51.280
<v Speaker 13>on primary ballots, which is what Colorado is, and also

0:12:51.800 --> 0:12:55.640
<v Speaker 13>proceedings to take Trump off the ballot in the general

0:12:55.640 --> 0:12:58.360
<v Speaker 13>election and those haven't even really started yet. So sorry

0:12:58.400 --> 0:13:01.240
<v Speaker 13>to go on, but complexity here.

0:13:01.360 --> 0:13:02.040
<v Speaker 12>Yeah, certainly.

0:13:02.640 --> 0:13:04.800
<v Speaker 1>Well, I want to ask you whether there is where

0:13:04.800 --> 0:13:07.120
<v Speaker 1>there could be a difference for the Supreme Court when

0:13:07.160 --> 0:13:10.960
<v Speaker 1>it comes to the question of primary versus general election ballots.

0:13:11.000 --> 0:13:13.560
<v Speaker 1>I mean, that's a pretty significant difference, isn't it.

0:13:14.600 --> 0:13:17.040
<v Speaker 13>Yeah, it's a significan a difference. But in terms of

0:13:17.080 --> 0:13:21.640
<v Speaker 13>the constitutional question, the constitutional question here is really the same.

0:13:22.200 --> 0:13:26.560
<v Speaker 13>You know, firstly, the whether the candidate you're kind of

0:13:26.559 --> 0:13:30.240
<v Speaker 13>what the scope of the Insurrection Clause is. And not

0:13:30.320 --> 0:13:32.720
<v Speaker 13>only has the Insurrection Clause been around since, you know,

0:13:32.840 --> 0:13:36.320
<v Speaker 13>just after the Civil War eighteen sixty eight, but one

0:13:36.440 --> 0:13:41.600
<v Speaker 13>section of the Fourteenth Amendment is the Congress the sole

0:13:41.720 --> 0:13:47.480
<v Speaker 13>ability to put laws together to interpret that and enforce it.

0:13:47.679 --> 0:13:51.280
<v Speaker 13>And Congress never really did that. That Congress kind of

0:13:51.320 --> 0:13:53.560
<v Speaker 13>did the opposite. They engaged as the years went on

0:13:53.640 --> 0:13:58.079
<v Speaker 13>and more and more amnesties of Confederates that were subject

0:13:58.160 --> 0:14:01.720
<v Speaker 13>to the clause. So you know, there's a situation where

0:14:02.760 --> 0:14:05.280
<v Speaker 13>this part of the Constitution has never been interpreted by

0:14:05.280 --> 0:14:08.120
<v Speaker 13>the Supreme Court firstly, and secondly, Congress has never really

0:14:08.160 --> 0:14:11.600
<v Speaker 13>tried to enforce it in a in a consistent manner,

0:14:11.960 --> 0:14:14.880
<v Speaker 13>so that that kind of cries out all by itself

0:14:14.920 --> 0:14:17.680
<v Speaker 13>for a Supreme Court ruling here, because whatever else you

0:14:17.679 --> 0:14:22.440
<v Speaker 13>can say about Trump or the insurrection claim or anything else, uh,

0:14:22.560 --> 0:14:27.480
<v Speaker 13>it is you know, it's you know, the background that

0:14:27.520 --> 0:14:31.760
<v Speaker 13>I just cited here, the very quick trial, the perceived

0:14:31.840 --> 0:14:34.920
<v Speaker 13>lack of due process by three Colorado justices, I think

0:14:34.960 --> 0:14:37.320
<v Speaker 13>makes this a case ripe for the Supreme Court, and

0:14:37.360 --> 0:14:38.880
<v Speaker 13>they've got really got to step in.

0:14:39.200 --> 0:14:41.280
<v Speaker 1>We lot, we have about a minute left here, Terry,

0:14:41.320 --> 0:14:44.000
<v Speaker 1>but we know that the former president has been able

0:14:44.040 --> 0:14:47.520
<v Speaker 1>to rally support around all these legal challenges he've been facing,

0:14:47.600 --> 0:14:50.720
<v Speaker 1>with the Supreme Court potentially coming into this and deciding

0:14:50.720 --> 0:14:54.080
<v Speaker 1>this constitutional question. What could that mean for democratic support

0:14:54.080 --> 0:14:54.960
<v Speaker 1>from President Biden?

0:14:56.160 --> 0:14:59.080
<v Speaker 13>Well, I think it, uh, I think it firms it

0:14:59.160 --> 0:15:03.720
<v Speaker 13>up a tiny bit. Firstly, deeconitely, you know, it makesh

0:15:05.520 --> 0:15:07.640
<v Speaker 13>It'll be what will be the case that'll be made

0:15:07.720 --> 0:15:10.680
<v Speaker 13>is that Biden, you know, needs to be the preserver

0:15:10.800 --> 0:15:12.880
<v Speaker 13>of democracy and all the rest, and you know that'll

0:15:12.880 --> 0:15:15.160
<v Speaker 13>have some some residents. The other thing I would say

0:15:15.160 --> 0:15:17.520
<v Speaker 13>about Trump is really it's a fork in the road.

0:15:17.920 --> 0:15:20.480
<v Speaker 13>On the one hand, you can see a supporters really

0:15:20.520 --> 0:15:23.640
<v Speaker 13>feeling like he's his claims that he's being singled out

0:15:23.720 --> 0:15:26.120
<v Speaker 13>or validated. But on the other hand, it may cause

0:15:26.240 --> 0:15:29.160
<v Speaker 13>voters in early primary states to seek an alternative. We

0:15:29.160 --> 0:15:31.120
<v Speaker 13>don't know that, but we will in the next few weeks.

0:15:33.280 --> 0:15:36.360
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