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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along

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Speaker 2: with Paul Sweeney. Join us each day for insight from

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Speaker 2: the best in economics, finance, investment, and international relations. You

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Speaker 2: can also watch the show live on YouTube. Visit the

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Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday

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Speaker 2: mornings from seven to ten am Eastern from our global

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Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify,

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Speaker 2: or anywhere else you listen, and always I'm Bloomberg Radio,

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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. Joining Katherine

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Speaker 2: Greifeld in Paris. It's Julian Emmanuel. This is exciting. You're

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Speaker 2: going over to Paris. Never been You've never been now,

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Speaker 2: My word, it's fabulous. And it's even more so now

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Speaker 2: because we've all how successful the Olympics are. Like, you're

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Speaker 2: coming in fourteen fifteen days later, which is cool.

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Speaker 1: That's okay.

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Speaker 3: Water Polo's waiting for us.

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Speaker 1: I've watched a little of this water. I mean, are

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Speaker 1: you is a river? No, it's not in the river,

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Speaker 1: but it's in a deep pool. And it's astonishing to

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Speaker 1: watch the athleticism and their ability to tread water for

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Speaker 1: what thirty forty minutes.

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Speaker 3: Unbelievable stamina. I mean really one of the most intense

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Speaker 3: stamina sports there are.

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Speaker 2: Do you have lots of like preparation you two be

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Speaker 2: like watching like where to eat and all that.

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Speaker 3: No, but I'm going to bring.

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Speaker 1: A float for their watching. Yeah, the water, that's good.

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Speaker 2: Okay, lace frend cheese is wonderful out on YouTube.

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Speaker 1: L e s that's the Yeah, sure, nail cheese.

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Speaker 2: They're really quite good out there, Julian Emmanuel in the

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Speaker 2: stock market is a bullmarket dead?

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Speaker 3: No, not at all. And we've talked about this over

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Speaker 3: the years. Every little once in a while, every few

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Speaker 3: years you get a really really strong signal from the

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Speaker 3: options market. And on Monday morning before the opening, there

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Speaker 3: was abject panic. And if you look at the last

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Speaker 3: forty years, every time you buy abject panic, a year

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Speaker 3: later you've made money.

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Speaker 2: I got to ask, interrupting, what does abject panic look like?

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Speaker 2: At Evercore Isi with Ediheyman with a black marker, and

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Speaker 2: his is what does abject panic look like?

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Speaker 3: Well, the Fortress signment, well we know it looked like

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Speaker 3: vix hitting sixty five, but there was a very frank

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Speaker 3: and open debate about whether the FED was behind the

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Speaker 3: curve and what should they do, and the consensus was

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Speaker 3: is that this too shall pass, and the Fed's going

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Speaker 3: to cut in September, and lo and behold if the

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Speaker 3: FED actually cuts in September, and the recession, which there's

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Speaker 3: still lots of elements of weakness out there forming, and

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Speaker 3: we know that if the recession holds off until twenty twenty,

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Speaker 3: we certainly think we have further to go in the rally.

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Speaker 1: Chilian, You've written a wonderful note encouraging us to exercise

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Speaker 1: calm at moments like this. How do we do that?

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Speaker 1: What's giving you optimism that this too shall pass?

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Speaker 2: Well?

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Speaker 3: I think this is again one of these very strange

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Speaker 3: times where if you think about the Bank of Japan,

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Speaker 3: their timing was absolutely off, terrible in hiking rates. And

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Speaker 3: the way I think about this, and it really actually

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Speaker 3: makes sense allegorically, is when the FED first hiked rates

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Speaker 3: in December of twenty fifteen, and it was you know, oops,

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Speaker 3: I did it again. They didn't hike for another year.

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Speaker 3: You actually set off a freeze in the credit markets

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Speaker 3: that was happening anyway because of energy and then you

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Speaker 3: had an incredibly strong year in twenty sixteen. And that's

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Speaker 3: how we see the table setting up. It's you know,

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Speaker 3: it's pick away at the names and the themes that

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Speaker 3: you like.

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Speaker 1: What do you say to those who are more pessimistic,

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Speaker 1: shall we say when they look at earnings from say

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Speaker 1: these big tech companies AI specialists in particular, and worry

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Speaker 1: that the promise of this isn't meeting reality at least

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Speaker 1: not yet.

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Speaker 3: Well, Look, adoption of AI on the corporate route level

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Speaker 3: is slower than we would have expected.

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Speaker 1: But the way we.

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Speaker 3: Think about it is, and Tom, I know you'll remember

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Speaker 3: this because I was there as well, but in the

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Speaker 3: early nineties you brought your own personal computer to work

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Speaker 3: because corporate America hadn't adopted personal computers yet, and then.

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Speaker 1: All of a sudden they did.

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Speaker 3: That's what's going to happen here.

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Speaker 1: John Authur's talking to me about this earlier this week,

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Speaker 1: Tom saying this.

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Speaker 2: Is on the big tip.

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Speaker 1: It is on the did you see side.

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Speaker 2: Do you see how Curry gets a big take plug.

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Speaker 1: In that was like a shameless plug alleoop that we continue, please,

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Speaker 1: but making the point that you look at how adoption

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Speaker 1: of the Internet went, and that took many years before

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Speaker 1: it became a thing. In all the while, you saw

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Speaker 1: these companies kind of fall into the ways I digress.

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Speaker 2: Go ahead, No, it's like poetry there for a moment.

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Speaker 2: What you don't know, folks, is Julian Emmanuel has the

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Speaker 2: must read morning note in the equity markets. We're in

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Speaker 2: one single paragraph. He parses out revenue and earnings dynamics.

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Speaker 2: If you get ed Heiman's economy, don't you get a

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Speaker 2: lower nominal GDP? And do you model out revenue coming

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Speaker 2: in revenue growth?

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Speaker 3: It is likely to be slower than it has been.

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Speaker 3: But you know, anything that's call it north of two

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Speaker 3: and a half to three percent is going to be

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Speaker 3: just fine.

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Speaker 2: Rations will adapt.

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Speaker 3: And what's interesting is, and remember, we have been as

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Speaker 3: a society, been waiting for this recession for two years

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Speaker 3: for the most part. And I would suggest to you

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Speaker 3: that part of the reason that margins have stayed as

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Speaker 3: elevated as they've been is because corporate America has been

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Speaker 3: waiting as well and has already begun the process of adaptation.

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Speaker 3: And so for us, even if we do get a downturn,

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Speaker 3: it is likely to be mild. It will certainly have

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Speaker 3: an effect on the stock market.

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Speaker 2: I mean, you and I have absolutely nailed what we

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Speaker 2: see with an Atlanta GDP now, which is quartered to

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Speaker 2: quarter to quarter to qorda. We underestimate a solid American economy.

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Speaker 2: Do we still see solid relative to the gloom of recession?

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Speaker 1: We do?

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Speaker 3: And importantly, and again you know, this head has been

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Speaker 3: at the forefront of the inflation decline call for two

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Speaker 3: years now and lo and behold, after some bumps at midyear,

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Speaker 3: we're seeing that we're back on the path for the

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Speaker 3: likelihood of inflation. And think about it. What we saw

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Speaker 3: in terms of financial conditions the last couple of weeks.

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Speaker 3: Is inflation going to go higher or lower in response

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Speaker 3: to those kinds of conditions, I would suggest the answers lower.

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Speaker 1: In the tornado of this week, Michael Gapin from Bank

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Speaker 1: of America came out with a note kind of categorizing

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Speaker 1: the nine times in recent history we've had these intermeeting

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Speaker 1: cuts and he you know, nine eleven, it's what happened

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Speaker 1: with COVID et cetera, et cetera. And he comes to

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Speaker 1: the conclusion we're nowhere near that level of crisis.

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Speaker 3: Yet.

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Speaker 1: I'd love for you just to comment on this in context. Again,

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Speaker 1: it's been a it's been a whirlwind week, big ups,

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Speaker 1: big downs. Put that into sort of a broader historical context.

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Speaker 1: That level of panic or sense of crisis that maybe

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Speaker 1: some investors had over the course of the week.

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Speaker 3: No, and and and look again, when you have volatility,

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Speaker 3: and it wasn't just the equity markets, and it was

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Speaker 3: you know, Japan's equity market was down ten percent, FX

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Speaker 3: went crazy, interest rates when crazy. That kind of you know,

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Speaker 3: sort of cumulative within the context of thinking about all

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Speaker 3: the events in July that transpired politically, if nothing else,

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Speaker 3: such that we got to a point where earlier this

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Speaker 3: week everything we were thinking about virtually everything was called

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Speaker 3: into question. But you put it all together, and I

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Speaker 3: think you know the reason the market responded so positively

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Speaker 3: to the weekly Jobbles claims, you know, the most on

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Speaker 3: the ground statistic is because the recession is not in sight.

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Speaker 3: And frankly, what this does is what it typically does

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Speaker 3: when conditions get this tight. We all know the Bloomberg

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Speaker 3: Financial Conditions Index is it resets that wall of worry,

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Speaker 3: and that's very important for bull markets to be feeding on.

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Speaker 1: You're confident there'll be some calm next week when you're

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Speaker 1: overseas watching the Olympic Games. I mean, these feel like

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Speaker 1: things have kind of equilibrated well.

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Speaker 3: With the vix in the twenties. Still, you can never

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Speaker 3: be confident of the calm. And we've certainly got some

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Speaker 3: very important inflation numbers next week. But we do think

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Speaker 3: that the violence of what we've seen this week indicates that,

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Speaker 3: in all likelihood, the worst of it is over.

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Speaker 1: Tom, Are you of the mind that job's number was

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Speaker 1: an aberration the one that we saw that.

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Speaker 2: To listen very carefully to people like Ana Wong who

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Speaker 2: are telling us. And Rick Reader at Black Rock had

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Speaker 2: a spectacular aggregate revisions chart showing how the joy of

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Speaker 2: the pandemic everybody's dampening down to a different job dynamic,

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Speaker 2: a different job economy. And you know, I don't know

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Speaker 2: the when of it. I think the win of it next.

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Speaker 2: I mean, Julian's called eight of the last six recessions.

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Speaker 2: I mean, you know, he's like the pro can can

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Speaker 2: I give you one YouTube video besides Bloomberg surveillance? Of course,

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Speaker 2: Les Frenchie, Let's Frenchie do one video on the five

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Speaker 2: places to have beef Bergagnon in Paris, and they start

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Speaker 2: with my favorite, it's just off Rue Duffine at the

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Speaker 2: river where they swim. You come down ru Duffine. It

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Speaker 2: is just tucked into the left there.

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Speaker 1: So many people can relate to this.

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Speaker 2: And it's probably it's probably so twenty twenty five. But

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Speaker 2: you know, said tell them you'll eat in the kitchen,

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Speaker 2: but it's just your first time.

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Speaker 1: Do people mistake you for being French when you're there?

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Speaker 2: No, they don't, although although I've had a lot of

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Speaker 2: feedback from dephlopperg'speedo, Yes he's swimming in the river. That

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Speaker 2: really that really got the week started. Or Julian Emmanuel

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Speaker 2: on his way to Paris to have lunch with Katherine

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Speaker 2: Greifeld as well. She sent some shish boats somewhere. We're

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Speaker 2: going to start an important conversation here, David Gurrow with

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Speaker 2: a encyclopedic knowledge of the American politics, and uh, it

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Speaker 2: starts strong. David Gurra was Zach Cohen.

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Speaker 1: Zach, great to have you with. Zach Cohen covers Congress

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Speaker 1: for Bloomberg Government and always great to speak with you.

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Speaker 1: I mentioned a moment ago, big weekend for campaigning Kamala

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Speaker 1: Harris has been on the campaign trailing awful lot Donald

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Speaker 1: Trump heading to Montana, Let's start there. He got some

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Speaker 1: criticism during that press conference yesterday for not being out

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Speaker 1: on the trail as much as has his opponent. What

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Speaker 1: was his response to that and why is he going

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Speaker 1: to this county in Montana? I think went for Joe

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Speaker 1: Biden the last time around. What does he see as

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Speaker 1: the kind of possibility for him in the Republican Party

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Speaker 1: in the great state of Montana.

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Speaker 4: Well, Montana certainly isn't competitive at a presidential election level,

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Speaker 4: but it's hosting a really key Senate race. He's actually

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Speaker 4: going to be campaigning with the Republican nominee for Senate there,

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Speaker 4: Tim Sheehy, a former government contractor and firefighter, and that

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Speaker 4: race could determine control of the Senate. He's running against

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Speaker 4: Senator John Tester, chairman of the Veterans Affairs Committee, one

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Speaker 4: of the most vulnerable incumbents up for re election this cycle. Actually,

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Speaker 4: in fact, the polling at this point so she e

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Speaker 4: leading Tester and a narrowly divided Senate where it's essentially

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Speaker 4: already get fifty fifty with the loss of the West

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Speaker 4: Virginia Senate race. With Joe Manchin's retirement, Montana I could

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Speaker 4: tip the scales and give Republicans a now right majority

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Speaker 4: regardless of who wins the White House. And so you

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Speaker 4: know Trump obviously, you know there's no love lost between

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Speaker 4: Trump and Tester. There's a long history there. But certainly

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Speaker 4: Montana's an opportunity to not just you know, appeal to

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Speaker 4: a base crowd in a place like Montana, but also

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Speaker 4: a place to try to build a governing majority, which

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Speaker 4: of course you need the Congress in order to do that.

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Speaker 1: How does a guy like John Tester, Senator John Tester

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Speaker 1: view Kamala Harris's pick to be her running mate? How

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Speaker 1: does he see Tim Walls and what does that mean

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Speaker 1: for the calculus in his home state having Walls on

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Speaker 1: the ticket.

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Speaker 4: And Tester is one of the people every time I've

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Speaker 4: talked to him about this, he says, I'm focusing on

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Speaker 4: my own race. He's focusing on his efforts to actually

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Speaker 4: rebuff the Biden Harris administration in a couple of places,

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Speaker 4: on things like firearm access Paraguay and beef imports of

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Speaker 4: all things that you know, sort of the hometown issues

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Speaker 4: that Montana voters care about. His campaign ads are all

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Speaker 4: about public lands and accusing she he of being from

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Speaker 4: out of state and trying to enrich himself with government

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Speaker 4: contract as I mentioned earlier. And so that's the path

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Speaker 4: to victory for Tester, somebody who has a long record

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Speaker 4: in the state of being a Montanan and trying to

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Speaker 4: avoid the top of the ticket. I'd be shocked if

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Speaker 4: he even shows up in Chicago.

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Speaker 2: But parent exports you I was gonna say, you two guys,

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Speaker 2: get going. I feel like I'm on a cable TV program.

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Speaker 2: Paragray and Beef Exports. You two would bring in bart conversation,

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Speaker 2: get the Capitol grill and Washington Gerden Cone and bring

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Speaker 2: the conversation to a hall. It's not Zack Amy Walter

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Speaker 2: Cook political report. I believe it's this morning. Maybe last night. Arizona,

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Speaker 2: Georgia and Nevada moved from lean Republican to toss up.

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Speaker 2: That's really where we are in the Sunday talk shows.

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Speaker 2: All of a sudden it's a toss up election.

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Speaker 4: Yeah, certainly. I mean the Arizona, Nevada, Georgia always really competitive.

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Speaker 4: I think it's part of the reason why Mark Kelly

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Speaker 4: was on the short list to be Harris's running mate,

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Speaker 4: the senator from Arizona. That might be one way to

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Speaker 4: try to boost Hern out there. Arizona in recent memory

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Speaker 4: basically had every Republican officeholder or every state wide office

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Speaker 4: holder was a Republican. Georgia obviously flipped two Senate seats,

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Speaker 4: not just four years ago when Biden managed to carry

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Speaker 4: the state, and the Nevada had the closest Senate race

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Speaker 4: of the entire map in twenty twenty two, and so

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Speaker 4: certainly no surprise there that these are the really critical states.

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Speaker 4: And so Nevada, I think especially it's got a Senate

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Speaker 4: race there, Jackie Rosen ends up for re election. It'll

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Speaker 4: be really critical for Democrats to try to boost turn

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Speaker 4: out Las Vegas and Clark County and try to keep

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Speaker 4: down their margins elsewhere. But that's gonna be a tough race. Actually.

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Speaker 4: Rosen is one of the few that Trump called out

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Speaker 4: in his Milwaukee speech as an incumbent that he'd like

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Speaker 4: to beat.

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Speaker 2: November pro tip, David, Seriously, how do you and Zact

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Speaker 2: Cohen and your brethren? How do you remember all the names?

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Speaker 1: I don't remember them as well as that does. But he,

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Speaker 1: I mean, he's living. How do you do it like

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Speaker 1: seeing them on that hill is?

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Speaker 2: I mean, all I got to worry about was, oh,

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Speaker 2: that's it? Save us again? Was that Cohen here?

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Speaker 1: Zach, I'm gonna guess that you know you like I

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Speaker 1: Before the US played Servia yesterday in basketball in Paris,

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Speaker 1: maybe watch this press conference at mar A Lago and

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Speaker 1: something that came up with the prospect of these debates

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Speaker 1: happening over the next four to six weeks, Donald Trump

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Speaker 1: saying that he'd agreed to three of them. What is

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Speaker 1: the likelihood of that happening just because I got to

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Speaker 1: clear the calendar if they are in fact going to happen,

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Speaker 1: and why are these so important to him?

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Speaker 2: Now?

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Speaker 1: Why has he had this kind of change of tact

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Speaker 1: toward these debates.

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Speaker 4: It does sound like there's at least going to be

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Speaker 4: one debate on ABC, I believe on September tenth, and

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Speaker 4: so that'll be sort of the first opportunity that we're

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Speaker 4: going to see Trump and Harris side by side in

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Speaker 4: a debate, something I'm sure Harris has been looking forward

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Speaker 4: to since she ran for president in twenty twenty. And

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Speaker 4: there might be another debate beyond that with NBC later

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Speaker 4: in September. The Harris's campaign has ruled out a third

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Speaker 4: debate that Trump has pitched to be on Fox News,

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Speaker 4: obviously much more of a conservative news channel, and so

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Speaker 4: we might see more pas September, but at least that

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Speaker 4: ABC NBC debates are the ones in play right now.

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Speaker 4: Trump had said that he didn't want to debate Harris

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Speaker 4: as long as she was the presumptive nominee, which was

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Speaker 4: the sort of weird two weak stretch where she clearly

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Speaker 4: had the delegates and the support of the party members

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Speaker 4: that really decide these things when there aren't primaries to

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Speaker 4: do so. But now that delegates have made her the

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Speaker 4: nominee actually in advance of Chicago in or to make

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Speaker 4: the ballot, she is the bona fide nominee, and it

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Speaker 4: creates an opportunity to have this discussion.

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Speaker 2: Zach, I'm in charge of dumb questions here. Will there

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Speaker 2: be a vice presidential debate?

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Speaker 4: There will be a vice presidential debate between Minnesota Governor

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Speaker 4: Tim Wallas and Ohio Senator JD.

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Speaker 1: Advance.

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Speaker 4: In fact, Walls has already made pretty clear he's looking

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Speaker 4: forward to that particular contest, and that'll be a really

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Speaker 4: fascinating lineup between two military veterans with very different worldviews,

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Speaker 4: who both are trying to appeal to the heartland, to

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Speaker 4: the Midwest, which are really key battleground states. Maybe not

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Speaker 4: so much Minnesota, but places like Ohio, Wisconsin, and Michigan

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Speaker 4: that could decide not just the White House but Congress.

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Speaker 2: One more question, what's the one race I should read

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Speaker 2: in on this weekend in the Zach Cohen world. What's

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Speaker 2: the one race where I should try.

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Speaker 1: To be on the edge of make it as esoteric

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Speaker 1: as possible so we can My.

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Speaker 4: Colleague mate, she he actually just wrote a really nice

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Speaker 4: preview of Ilhan Omar's reelection race in Minnesota. Their primaries

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Speaker 4: are coming up on Tuesday. Omar obviously a member of

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Speaker 4: the Squad, very progressive, very critical of Israel. This primary

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Speaker 4: will be the next test of whether, after the fall

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Speaker 4: of Jamal Bowman in New York, Corey Bush and Missouri,

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Speaker 4: whether supporters of Israel able to oust some of their

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Speaker 4: most critics in Congress.

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Speaker 2: Zach Cohen, thank you so much, hugely beneficial, really really

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Speaker 2: appreciate it. Cohen, folks, you can't do better than that.

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Speaker 2: On YouTube. You can tell she's wearing red. There is

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Speaker 2: no other color wardrobe in her closet. Joining us now

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Speaker 2: Pamela Witten, President at Indiana University, the executive producer of

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Speaker 2: Bloomberg Surveillance with John farroh is a sterling graduate of

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Speaker 2: Kilroy's at Kirkwood. Didn't know that at Indiana at University,

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Speaker 2: Joining us now, Pamela Witton, Pamela, there are two sides

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Speaker 2: to every university across this nation, and for you, it's

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Speaker 2: who's your hysteria on October eighteenth, to get back to

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Speaker 2: the cadence of a campus, the academics, your world class

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Speaker 2: theater department, all the engineering you're doing, and also what

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Speaker 2: occurred on dun Meadow last year and the huge battle

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Speaker 2: you had with faculty over a rhetorical moment. Is Indiana

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Speaker 2: University commer as you go into the fall term?

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Speaker 5: Well, good morning, good morning, Thanks so much for the

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Speaker 5: chance to talk about about Who's your Nation? At IU,

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Speaker 5: Like all universities, you know, we across the US, you know,

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Speaker 5: we've we've we've all experienced the opportunities and the challenges

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Speaker 5: of everybody expressing themselves and in ways that are that

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Speaker 5: are important to do to you know, respect, the opportunity

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Speaker 5: for free speech, and at I you, that's the value

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Speaker 5: we have, it's a value will continue to have. But

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Speaker 5: we also recognize that we've got to do that balanced

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Speaker 5: with making sure everybody is safe and that university operations

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Speaker 5: are not disrupted. So we did some really good collaborative

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Speaker 5: work over the summer across our campuses with all constituents,

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Speaker 5: and our Board of Trustees just passed a pretty thorough

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Speaker 5: policy for us just within the last few weeks that

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Speaker 5: frankly makes it clear to everybody what the rules are

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Speaker 5: moving forward. And so we think we're in good shape

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Speaker 5: and we're excited really about a wonderful upcoming fall semester.

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Speaker 1: President, wouldn't let me ask you about the thanklessness of

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Speaker 1: being a university president. I note that there are a

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Speaker 1: lot of openings at campuses across the country right now,

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Speaker 1: and so many of them, including my alma mater, Cornell,

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Speaker 1: have decided they're going to postpone that search for a

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Speaker 1: couple of years, maybe till the dust settles, maybe until

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Speaker 1: people think that these jobs have more appeal. Could you

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Speaker 1: speak to that, just the way that this job has

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Speaker 1: changed and the pressure that you and others in your

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Speaker 1: position are under at this point, it is a different environment,

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Speaker 1: a different atmosphere where you've got vociferous alumni, students speaking up.

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Speaker 1: You have a lot of constituencies that you have to

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Speaker 1: appeal to, and I wonder if you could just speak

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Speaker 1: to the challenges of that and why despite all of that,

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Speaker 1: this is still a job that you so evidently love.

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Speaker 2: Well.

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Speaker 5: You're right, higher education has changed a lot in the

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Speaker 5: last couple of decades. You know. I've been in higher

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Speaker 5: it since the nineties when I started my career as

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Speaker 5: a good old college professor, and and just love that

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Speaker 5: time as well. But the world has changed, right, and

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Speaker 5: so what we see and we face in terms of

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Speaker 5: strong opinions and challenging way things are communicated and way

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Speaker 5: you know, misinformation moves around social media, et cetera. I

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Speaker 5: don't think we're that different than any other place, you know,

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Speaker 5: frankly around the world as well. And it's always about

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Speaker 5: the north star, right. If you love the opportunity to

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Speaker 5: shape and to set a vision for preparing students for

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Speaker 5: just incredibly wonderful lives professionally and personally, then you want

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Speaker 5: to be in higher education. If you love the opportunity

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Speaker 5: to you know, shape the direction of research and discovery

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Speaker 5: that changes lives. You want to be in higher education.

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Speaker 5: And from the perspective of I, you if you recognized,

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Speaker 5: you know, as a state's flagship institution, and I really

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Speaker 5: believe in public higher d personally as well, and the

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Speaker 5: role of flagship place and making your state in our case,

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Speaker 5: Indiana is a better place to live. You want to

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Speaker 5: be in public higher education. So it's about keeping your

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Speaker 5: eye on the prize and recognizing that in the end

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Speaker 5: common outs that we really all want.

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Speaker 2: You leading your note with this disease that's out there

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Speaker 2: that kids are just floating through. That's a phrase my

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Speaker 2: mother used years ago. Now, you had a guy named

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Speaker 2: Bullard who took a PhD at Indiana University, and he's

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Speaker 2: at another school a bit north. I think, I don't

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Speaker 2: can't remember what school James Bullard's at right now. But

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Speaker 2: Pamela the laureate Eleanor Austrom, who I was honored to

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Speaker 2: speak to the day she won the Nobel Prize, is

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Speaker 2: about the rigor of Indiana economics. Tell us how you're

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Speaker 2: bringing rigor to economics and continue how you're crow barring

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Speaker 2: undergraduates into Hey, it's not a party school.

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Speaker 5: You're here to study, so riginal, I have to make

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Speaker 5: sure that you are clear because most people aren't. On

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Speaker 5: the breadth of Indiana University. So we are actually Indiana

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Speaker 5: University in Bloomington. You know, forty seven thousand students were

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Speaker 5: now IU Indianapolis Research University in Indie and the twenty

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Speaker 5: five thousand students five regional campuses, two subregional campuses. The

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Speaker 5: biggest medical school in the country is at IU.

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Speaker 2: Purdue. I have to interrupt. Is Purdue a regional campus

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Speaker 2: of Indiana University?

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Speaker 5: Well, I think it probably wishes it.

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Speaker 2: Continue on the rigor that you're demanding.

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Speaker 5: And so you know, we have different campuses with different

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Speaker 5: missions and different types of students as well. And as

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Speaker 5: our students come in, we're really up the game for

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Speaker 5: them in terms of expectations when they study. But also

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Speaker 5: we own a lot of that ourselves, and we recognize

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Speaker 5: that you really have to be forward thinking and addressing

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Speaker 5: how students need to learn moving forward. It can't just

437
00:23:12,480 --> 00:23:15,560
Speaker 5: be the traditional old fashioned way in the classroom. So

438
00:23:15,680 --> 00:23:20,679
Speaker 5: for example, we have agreements with almost nine thousand partners

439
00:23:21,000 --> 00:23:23,080
Speaker 5: to make sure that our students are engaged and have

440
00:23:23,160 --> 00:23:26,960
Speaker 5: opportunities not only inside the classroom but outside the classroom,

441
00:23:27,000 --> 00:23:30,159
Speaker 5: so their career ready when they move forward. We just

442
00:23:30,160 --> 00:23:33,280
Speaker 5: announced a new co op program. You're probably familiar with

443
00:23:33,320 --> 00:23:35,320
Speaker 5: the Kelly School of Business, truly a gem, one of

444
00:23:35,359 --> 00:23:37,520
Speaker 5: the best in the country. If you come to Kelley

445
00:23:37,520 --> 00:23:39,400
Speaker 5: and in Indianapolis. Now you can study in a co

446
00:23:39,440 --> 00:23:42,959
Speaker 5: op which is opportunity to work with business throughout our

447
00:23:42,960 --> 00:23:46,040
Speaker 5: state and beyond, which is just amazing. So we are

448
00:23:46,080 --> 00:23:48,679
Speaker 5: expecting them to come in ready, but we want to

449
00:23:48,720 --> 00:23:51,280
Speaker 5: own making sure they have an amazing experience as well.

450
00:23:51,480 --> 00:23:57,040
Speaker 2: Pamela Witten, Indiana University, thank you so much for joining Blimber.

451
00:24:05,119 --> 00:24:08,480
Speaker 2: Your dad. Look at the front pages. Lisa Matteo hour David,

452
00:24:08,520 --> 00:24:11,520
Speaker 2: this is where we do whitty stories with Lisa Matteo.

453
00:24:11,760 --> 00:24:13,880
Speaker 6: I love the wit which I started out and.

454
00:24:13,920 --> 00:24:16,760
Speaker 2: I said, why are we doing this? This is the

455
00:24:16,800 --> 00:24:20,240
Speaker 2: most popular we do. No, you love it in our

456
00:24:20,320 --> 00:24:23,560
Speaker 2: six hours of broadcast. This is the single best idea

457
00:24:23,640 --> 00:24:26,800
Speaker 2: three of which God Lisa, what he got for us here?

458
00:24:26,960 --> 00:24:29,679
Speaker 6: Well Olympics fever right, you see all the athletes getting

459
00:24:29,680 --> 00:24:30,800
Speaker 6: their medals everywhere.

460
00:24:30,840 --> 00:24:33,920
Speaker 2: Right if you do breakdance and I'm walking out his studio, just.

461
00:24:34,000 --> 00:24:37,119
Speaker 6: You wait, that's the next hour. No, kidding, but the

462
00:24:37,600 --> 00:24:40,160
Speaker 6: olympsa doing something different for the first time in Paris,

463
00:24:40,200 --> 00:24:44,359
Speaker 6: are actually giving medals to those Olympians that were beaten

464
00:24:44,400 --> 00:24:47,520
Speaker 6: by competitors that were found to be doping. So they

465
00:24:47,560 --> 00:24:49,879
Speaker 6: these people have been waiting for years and for years,

466
00:24:50,480 --> 00:24:53,720
Speaker 6: this happened. Yesterday you had a handful of figure skaters

467
00:24:53,720 --> 00:24:55,760
Speaker 6: from the US and Japan. They were from the twenty

468
00:24:55,920 --> 00:24:59,520
Speaker 6: twenty two Beijing Winter Olympics. They're finally getting their medals

469
00:25:00,080 --> 00:25:02,359
Speaker 6: because of that that was happening. And then today you

470
00:25:02,440 --> 00:25:05,719
Speaker 6: have ten athletes being honored medals as far back as

471
00:25:05,760 --> 00:25:07,879
Speaker 6: a two thousand Summer Olympics. So this has been a

472
00:25:07,880 --> 00:25:11,440
Speaker 6: big problem with the Summer Olympics, the doping scandals, and

473
00:25:11,480 --> 00:25:13,679
Speaker 6: when these athletes can really start to get their medals,

474
00:25:13,960 --> 00:25:15,440
Speaker 6: and it's starting to happen now.

475
00:25:15,600 --> 00:25:18,040
Speaker 1: I saw this yesterday. It was in the Trucadero Gardens,

476
00:25:18,040 --> 00:25:20,800
Speaker 1: I think, and very emotional. They've waited a long time

477
00:25:20,840 --> 00:25:23,439
Speaker 1: for it, and I think some people carried on with

478
00:25:23,480 --> 00:25:27,119
Speaker 1: their lives competing, retired now came back for it. But

479
00:25:27,680 --> 00:25:30,160
Speaker 1: you know, a beautifully done them. I've enjoyed all the Olympics.

480
00:25:30,160 --> 00:25:30,320
Speaker 2: Tom.

481
00:25:30,320 --> 00:25:32,359
Speaker 1: I don't know about you, but I think Paris has

482
00:25:32,400 --> 00:25:32,800
Speaker 1: done well.

483
00:25:33,040 --> 00:25:34,919
Speaker 2: And what I've learned here I think I've mentioned this,

484
00:25:35,000 --> 00:25:38,560
Speaker 2: folks is I'm loving watching it on YouTube. I'm just

485
00:25:39,240 --> 00:25:41,720
Speaker 2: loving it. They don't they dope me here, you know,

486
00:25:42,359 --> 00:25:45,440
Speaker 2: it's part of the thing to do. And they found

487
00:25:45,480 --> 00:25:48,040
Speaker 2: they found juniper berries the heart of that.

488
00:25:48,280 --> 00:25:51,920
Speaker 1: Oh yeah, all the botanicals.

489
00:25:52,280 --> 00:25:54,560
Speaker 2: There is that serious stuff and there's a lot of

490
00:25:54,560 --> 00:25:55,080
Speaker 2: this going on.

491
00:25:55,680 --> 00:25:57,239
Speaker 6: Well for years and for years it's been going on.

492
00:25:57,280 --> 00:25:58,919
Speaker 6: So they're trying to crack down. They're hoping this kind

493
00:25:58,920 --> 00:26:02,000
Speaker 6: of brings light to it. But there could be another

494
00:26:02,000 --> 00:26:05,160
Speaker 6: Olympic sport coming up. You may like this one. It's

495
00:26:05,160 --> 00:26:07,479
Speaker 6: competitive hobby horse riding.

496
00:26:08,000 --> 00:26:09,800
Speaker 1: Hobby come to America.

497
00:26:10,240 --> 00:26:13,920
Speaker 6: Okay, stay with discuss because we have pictures to show

498
00:26:13,920 --> 00:26:16,480
Speaker 6: on YouTube. So but you know when you hop on

499
00:26:16,520 --> 00:26:19,120
Speaker 6: the stick and you do the stick horse. Okay. So

500
00:26:19,200 --> 00:26:24,159
Speaker 6: it's coming to Michigan tomorrow, reportedly the first time in

501
00:26:24,200 --> 00:26:26,840
Speaker 6: the US. Here's some pictures of what it looks like.

502
00:26:26,920 --> 00:26:29,639
Speaker 6: If you're tuning in on YouTube, please enjoy this. Yes,

503
00:26:30,080 --> 00:26:31,840
Speaker 6: about one hundred and twenty five people are going to

504
00:26:31,880 --> 00:26:32,880
Speaker 6: this Michigan competition.

505
00:26:32,960 --> 00:26:34,560
Speaker 1: These are adults, and these are adults.

506
00:26:34,680 --> 00:26:39,399
Speaker 6: Okay, eight hour competition. You have dressage. It's this multi

507
00:26:39,400 --> 00:26:41,600
Speaker 6: step routine set to music, so they do all this,

508
00:26:42,200 --> 00:26:44,920
Speaker 6: thank you, yes, dressage, thank you. You would know this

509
00:26:46,000 --> 00:26:49,119
Speaker 6: barrel racing when they move in this pattern around the

510
00:26:48,080 --> 00:26:51,600
Speaker 6: cylinders and then jumping over poles like you see the

511
00:26:51,640 --> 00:26:54,000
Speaker 6: dogs do in the competitions, but these are like three

512
00:26:54,000 --> 00:26:55,240
Speaker 6: and a half feet high.

513
00:26:55,560 --> 00:26:58,719
Speaker 2: Program note. Yeah, speaking of massage, we make jokes about it,

514
00:26:58,720 --> 00:27:05,720
Speaker 2: but Catherine Greifeld is worlds. We make jokes, but unfortunately

515
00:27:05,760 --> 00:27:09,320
Speaker 2: she dusts. The horse are the real deal, and she

516
00:27:09,480 --> 00:27:11,280
Speaker 2: was scheduled to be with us today. Do you know

517
00:27:11,359 --> 00:27:14,280
Speaker 2: I've been to Paris five times and I've yet to

518
00:27:14,320 --> 00:27:17,879
Speaker 2: get on Alan Ducassa's boat in the River Seine. You

519
00:27:18,000 --> 00:27:21,480
Speaker 2: go down, it's like Audrey Heppern and Carrie Grant. You

520
00:27:21,520 --> 00:27:27,040
Speaker 2: have wine and over priced champagne. Grey feld As speak.

521
00:27:27,160 --> 00:27:28,840
Speaker 2: Let me get it out here. It's two pm.

522
00:27:28,960 --> 00:27:29,400
Speaker 1: Two pm.

523
00:27:29,480 --> 00:27:32,359
Speaker 2: She's getting dressed right now in the Celine Lewis mutant

524
00:27:32,400 --> 00:27:34,920
Speaker 2: thing to go in the damn boat tonight that I'd

525
00:27:35,000 --> 00:27:37,479
Speaker 2: never been able to get on. So we'll have Catherine

526
00:27:37,520 --> 00:27:44,320
Speaker 2: greyfeld on as we can. Drisage champion, hobby, horse hobby.

527
00:27:44,560 --> 00:27:46,639
Speaker 6: It's not a joke though, I mean it's a real sport.

528
00:27:46,880 --> 00:27:49,240
Speaker 6: They hire trainers and and some of them are getting

529
00:27:49,280 --> 00:27:50,560
Speaker 6: serious injuries from it too.

530
00:27:50,840 --> 00:27:56,080
Speaker 1: It's very dangerous getting injuries from if you try this time,

531
00:27:57,840 --> 00:27:59,240
Speaker 1: I might even chip in for the flight.

532
00:27:59,440 --> 00:28:03,800
Speaker 6: I would hay to see that next. Okay, Uh, this

533
00:28:03,840 --> 00:28:06,080
Speaker 6: one's a doozy for my husband who he was addicted

534
00:28:06,080 --> 00:28:10,520
Speaker 6: to online shopping. Amazon deal let's shoppers buy products on

535
00:28:10,600 --> 00:28:13,919
Speaker 6: TikTok and Pinterest without having to leave the app. So

536
00:28:13,960 --> 00:28:16,960
Speaker 6: it's making easy making it easier for you to shop.

537
00:28:17,000 --> 00:28:20,000
Speaker 6: It's this new partnership that they're doing. So you link

538
00:28:20,040 --> 00:28:23,199
Speaker 6: your profile from TikTok and Pinterest to your Amazon account

539
00:28:23,240 --> 00:28:26,240
Speaker 6: and then you buy directly from the ads. It's a click,

540
00:28:26,320 --> 00:28:26,760
Speaker 6: and that's.

541
00:28:26,640 --> 00:28:27,040
Speaker 5: All it is.

542
00:28:27,760 --> 00:28:31,399
Speaker 2: Instagram was doing, but even easier, easier. Let's do this

543
00:28:31,480 --> 00:28:35,080
Speaker 2: tangential Lisa to this week where we saw the collapse

544
00:28:35,280 --> 00:28:38,680
Speaker 2: of the drug stores. To me, all the stuff you

545
00:28:38,800 --> 00:28:41,960
Speaker 2: used to buy at the drug stores, you're now buying

546
00:28:41,960 --> 00:28:43,200
Speaker 2: on Amazon. Am I wrong?

547
00:28:43,400 --> 00:28:44,600
Speaker 6: You can buy anything on it.

548
00:28:44,600 --> 00:28:47,280
Speaker 1: It's so funny, it's so easy already, I'm a little

549
00:28:47,280 --> 00:28:49,200
Speaker 1: worried you take down any barrier to doing this. You know,

550
00:28:49,240 --> 00:28:50,680
Speaker 1: if I can just click the picture.

551
00:28:51,040 --> 00:28:52,920
Speaker 2: Where are we in five Seriously? Where are we in

552
00:28:52,960 --> 00:28:55,760
Speaker 2: five years? Folks? Is what I would say. I mean,

553
00:28:56,440 --> 00:28:58,040
Speaker 2: I mean, you know I used to go to CVS,

554
00:28:58,120 --> 00:29:00,280
Speaker 2: d Wayne Read, Walgreens whatever, and you.

555
00:29:00,240 --> 00:29:01,520
Speaker 1: Don't order in it.

556
00:29:02,080 --> 00:29:04,600
Speaker 6: I know, for my kid's bill I get all the

557
00:29:04,640 --> 00:29:07,080
Speaker 6: time from Amazon. It's and you can get in the

558
00:29:07,080 --> 00:29:08,880
Speaker 6: pharmacy and it's all when you.

559
00:29:08,880 --> 00:29:11,120
Speaker 2: Run out, When you run out of like the wax

560
00:29:11,200 --> 00:29:13,160
Speaker 2: or stuff you put on a fiddle bowl, you go

561
00:29:13,200 --> 00:29:13,560
Speaker 2: to Amazon.

562
00:29:13,600 --> 00:29:17,480
Speaker 1: Oh yeah for the right Yeah, and that's there tomorrow,

563
00:29:17,920 --> 00:29:19,360
Speaker 1: mightn't be there today. I mean you can get it,

564
00:29:19,360 --> 00:29:21,160
Speaker 1: so next, what do you go?

565
00:29:21,560 --> 00:29:24,120
Speaker 6: Last one? Disney reportedly once to spend at least five

566
00:29:24,160 --> 00:29:27,040
Speaker 6: billion dollars in the UK over the next five years

567
00:29:27,160 --> 00:29:29,640
Speaker 6: to make movies tv shows. So this is something new

568
00:29:29,760 --> 00:29:32,240
Speaker 6: from the Financial Times. Yeah, they spoke to their European

569
00:29:32,280 --> 00:29:35,600
Speaker 6: boss because you had Deadpool and Wolverine. Right, huge success

570
00:29:35,640 --> 00:29:39,440
Speaker 6: so far has been that was filmed in UK's Pinewood studios.

571
00:29:39,960 --> 00:29:41,760
Speaker 6: So that's one of the things they use it to

572
00:29:41,800 --> 00:29:43,600
Speaker 6: make a lot of their films. They've spent about three

573
00:29:43,600 --> 00:29:45,920
Speaker 6: and a half billion dollars in past five years to

574
00:29:45,920 --> 00:29:49,480
Speaker 6: make it. Okay, it did a lot there. They have

575
00:29:49,600 --> 00:29:53,040
Speaker 6: four films already being scheduled finished to work there. The

576
00:29:53,080 --> 00:29:56,680
Speaker 6: Skywalker Saga movie series that was filmed there too. But

577
00:29:57,160 --> 00:29:59,000
Speaker 6: it's not just that. I mean it's a Disney plus

578
00:29:59,000 --> 00:30:01,360
Speaker 6: it's national think Shovin.

579
00:30:01,040 --> 00:30:03,640
Speaker 2: For Hulu, so much of what we think is Japan

580
00:30:04,320 --> 00:30:05,400
Speaker 2: was north of Vancouver.

581
00:30:06,240 --> 00:30:08,120
Speaker 1: What is your movie diet? Like, we know a lot

582
00:30:08,120 --> 00:30:11,480
Speaker 1: about your reading, Robert Kaplan and whatnot, but what's your

583
00:30:11,560 --> 00:30:13,440
Speaker 1: what's your movie diet? What do you like to watch?

584
00:30:13,520 --> 00:30:17,240
Speaker 2: My movie diet is basically a gunpoint. We're watching a movie,

585
00:30:18,360 --> 00:30:25,040
Speaker 2: or you know, we're watching a movie. It's really actually

586
00:30:25,080 --> 00:30:28,160
Speaker 2: right now, really sad. You know, compared to.

587
00:30:29,040 --> 00:30:31,360
Speaker 6: Most people, you're not going to see.

588
00:30:32,480 --> 00:30:36,400
Speaker 2: No I made for you. But you know, I don't,

589
00:30:36,760 --> 00:30:40,160
Speaker 2: you know, I'm.

590
00:30:38,680 --> 00:30:40,160
Speaker 6: Like you going to see it this weekend.

591
00:30:40,400 --> 00:30:42,800
Speaker 2: What said is there's a great chart this week. I'll

592
00:30:42,840 --> 00:30:44,720
Speaker 2: give credit to the Wall Street Journal. Paul and I

593
00:30:44,760 --> 00:30:47,720
Speaker 2: talked about it. It's irrefutable. People are going to the

594
00:30:47,760 --> 00:30:50,920
Speaker 2: movies less. I mean, it's watch it at home, we're all.

595
00:30:51,560 --> 00:30:54,040
Speaker 2: I did watch a gunpoint. I had to watch Red

596
00:30:54,120 --> 00:30:58,800
Speaker 2: to Bruce Willis, and it was you know, it's what

597
00:30:58,880 --> 00:31:01,600
Speaker 2: it is. Star turn Hell mirrors in it. But it

598
00:31:01,680 --> 00:31:06,280
Speaker 2: was beautifully executed. I was shocked at like the camera angles,

599
00:31:06,280 --> 00:31:09,000
Speaker 2: the editing frame to frame. They took a lot of

600
00:31:09,040 --> 00:31:11,160
Speaker 2: care in it and it made like one hundred ga

601
00:31:11,200 --> 00:31:17,200
Speaker 2: jillion dollars. But you know that was great. Okay, Lisa Matteo,

602
00:31:17,720 --> 00:31:19,840
Speaker 2: thank you so much for the newspaper. This is a

603
00:31:19,880 --> 00:31:24,880
Speaker 2: Bloomberg Surveillance podcast, bringing you the best in economics, finance, investment,

604
00:31:25,080 --> 00:31:28,680
Speaker 2: and international relations. You can also watch the show live

605
00:31:28,920 --> 00:31:33,240
Speaker 2: on YouTube. Visit the Bloomberg Podcast channel on YouTube to

606
00:31:33,360 --> 00:31:36,760
Speaker 2: see the show weekday mornings from seven to ten am

607
00:31:36,800 --> 00:31:40,840
Speaker 2: Eastern from our global headquarters in New York City. Subscribe

608
00:31:40,840 --> 00:31:44,600
Speaker 2: to the podcast on Apple, Spotify, or anywhere else you listen,

609
00:31:44,920 --> 00:31:48,560
Speaker 2: and always on Bloomberg Radio, the Bloomberg Terminal, and the

610
00:31:48,600 --> 00:31:50,160
Speaker 2: Bloomberg Business app.