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Speaker 1: Global business news twenty four hours a day at Bloomberg

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Speaker 1: dot com, the Radio plus mobile app, and on your radio.

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Speaker 1: This is a Bloomberg Business Flash, and I'm Karen Moscow.

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Speaker 1: This updates brought to you by National Realty Returns on

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Speaker 1: cash and rented real estate find them at n r

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Speaker 1: i A dot net. U S Stock index futures are higher,

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Speaker 1: an indication stocks will trim their first weekly drop in

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Speaker 1: four and they're marrying a global equity rally as investors

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Speaker 1: reassess stimulus measures in Europe. We checked the markets every

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Speaker 1: fifteen minutes throughout the trading day on Bloomberg SNP E

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Speaker 1: Many futures up nine tenths per cent, up about eighteen points,

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Speaker 1: DOWIE mini futures up a hundred thirty nine nasdack E

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Speaker 1: mini futures up forty six. The docks in Germany's up

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Speaker 1: two point seven percent ten. Your treasury down four thirty seconds,

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Speaker 1: the yield one point nine four percent. NIMEX scret oil

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Speaker 1: of two point three percent, or eighty eight cents to

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Speaker 1: thirty eight seventy two. A barrel Comacs gold is down

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Speaker 1: three ten percent or three dollars sixty cents to twelve

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Speaker 1: sixty nine twenty announced the euro a dollar eleven eighteen

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Speaker 1: the again one thirteen point seven to that's a Bloomberg

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Speaker 1: business flash, Tom and Mike Karen, thanks so much time

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Speaker 1: for surveillance correction, many emails in many tweets as well.

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Speaker 1: When m McKee sent in a tweet, actually threw a

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Speaker 1: shoe at me, he said, Tom, Larry Lindsay's book is

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Speaker 1: not a political Michael discussed, well, it is pretty clear

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Speaker 1: that Larry is coming at the issues from the right

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Speaker 1: hand side, perhaps even the right, and I don't mean

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Speaker 1: the wing, not right, but the more the libertarian view

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Speaker 1: of the economy and the elites that you note in

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Speaker 1: your book that it's mostly the Democrats who are the problem. Um,

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Speaker 1: you talk more about the problems of incoming equality rising

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Speaker 1: under Barack Obama and Bill Clinton much more than under Republicans,

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Speaker 1: et cetera. So I don't think it's necessarily a and

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Speaker 1: a political book. But I didn't want to ask about

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Speaker 1: the um the the elites you were talking about starting

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Speaker 1: with Woodrow Wilson, I mean, what about the white male

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Speaker 1: landowners of a highly educated class that wrote the Constitution?

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Speaker 1: I mean, did we not start with elites running the country. Well,

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Speaker 1: we we started with King George and his ministers running

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Speaker 1: the country, and what the history of America was was

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Speaker 1: sort of a continual democratization. You know, we fought a

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Speaker 1: civil war to stop those elites from from running things

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Speaker 1: the way they did in the South. So, you know,

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Speaker 1: I'm never claiming that America has ever been perfect, but

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Speaker 1: we are a cause, and we're a cause that believes,

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Speaker 1: for the first time in history, that government is supposed

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Speaker 1: to work for the people rather than vice versa. And

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Speaker 1: what I think we're finding with the ruling classes that

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Speaker 1: they really think that the people work for the government,

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Speaker 1: that that's what we're there for. We're you know, low

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Speaker 1: hanging fruit to be plucked in order to pay taxes. Uh.

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Speaker 1: That is not what the intent was. And I think

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Speaker 1: the great strength of America and what has driven American

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Speaker 1: growth is the idea that government is there to serve

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Speaker 1: us and not us to serve them. Doesn't any bureaucracy

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Speaker 1: become read seeking in uh and inefficient, whether it's you know,

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Speaker 1: government or incorporation. Absolutely, there's no question about it. And

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Speaker 1: that's why you what you really need if you want

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Speaker 1: to have economic dynamism and political dynamism is um you know,

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Speaker 1: as little concentration of power within the bureaucracy as you

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Speaker 1: possibly can. I couldn't agree with you more. By the way,

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Speaker 1: those facts on inequality are are facts, right, It's it's

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Speaker 1: not a it's not a political judgment. The I went

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Speaker 1: to the Census Bureau. They have three measures of inequality.

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Speaker 1: Inequality has been rising constantly ever since the Great Society,

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Speaker 1: and it has risen faster under Obama and Clinton than

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Speaker 1: it did under Bush and Reagan. That's just what the

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Speaker 1: Census Bureau numbers show. Uh, it's not a political spin.

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Speaker 1: I think it's a bit ironic that the more people

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Speaker 1: talk about inequality, it just happens, or I don't know

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Speaker 1: if there's cause and effect, it just happens that inequality

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Speaker 1: rises more when they say they're going to do something

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Speaker 1: about it. Well, that takes me kind of where I

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Speaker 1: want to go to an earlier book of years what

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Speaker 1: a president should know, but most learned too late A

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Speaker 1: Primimer written back in two thousand eight, when we were

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Speaker 1: going to get a new president. Then. Uh, I watched

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Speaker 1: the debate last night, and without taking sides, I mean

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Speaker 1: all of them. The ignorance about economics and markets and

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Speaker 1: finance was stunning. What would you advise them to learn

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Speaker 1: before they come to office. Well, I think I think

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Speaker 1: that's right, and uh, you know, the ignorance is also

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Speaker 1: very much a bipartisan thing. It's it's it's really quite

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Speaker 1: quite shocking. I um. Among other things, I think that

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Speaker 1: they have to respect the fact that they are there

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Speaker 1: to govern and not to rule, and that actually other people,

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Speaker 1: um be it businesses or families or what have you,

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Speaker 1: actually know how to run their own business better than

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Speaker 1: they do. And I think that's you know, that's the core.

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Speaker 1: The presidency is a very very difficult job. And uh,

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Speaker 1: you know we have we have one candidates as well.

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Speaker 1: I built a great business, and therefore you know I

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Speaker 1: can do this, um, not quite so much, you know.

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Speaker 1: Among other things, he's got two boards of directors, one

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Speaker 1: with a hundred members, one with fourner and thirty five

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Speaker 1: that are always going to be looking over his shoulder.

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Speaker 1: He basically can't fire of the people who work for him.

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Speaker 1: And so it's a very tough job that requires a

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Speaker 1: very unique skill set. And uh, I think almost every

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Speaker 1: president goes in there not knowing how tough the job

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Speaker 1: is going to be. I had a vision of a

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Speaker 1: hostile takeover there. When you're talking about those boards of

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Speaker 1: directors time, I just do my own surveillance correction here,

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Speaker 1: recency bias. When I said the watch the debate last night,

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Speaker 1: of course it was because it was last night. Both

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Speaker 1: sides demonstrate a lot of a lot of ignorant Larry,

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Speaker 1: what do you want Washington? You get out of your book.

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Speaker 1: You've served George Robert Walker, George w and Ronald Reagan

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Speaker 1: before that, whoever is in the chair in Washington in December.

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Speaker 1: What do you want them to learn? Well, I think

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Speaker 1: the first thing that they're going to have to learn is, uh,

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Speaker 1: they're going to have to go in there thinking about

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Speaker 1: crisis management. What worries me the most right now is

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Speaker 1: that none of the campaigns on either side of the

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Speaker 1: aisle are really thinking about how to run things in

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Speaker 1: a crisis. Uh. You know, we saw that, you know

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Speaker 1: eight we saw I went through that and in two

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Speaker 1: thousand one in the in the attack on the World

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Speaker 1: Trade Center. You really have to have your administration designed

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Speaker 1: to handle a crisis, because that's when it really matters,

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Speaker 1: That's when the presidency really matter. And these people are

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Speaker 1: talking about issues that that really aren't crisis driven. And

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Speaker 1: and so that would be that would be the first thing.

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Speaker 1: Um the second and I think the most important is

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Speaker 1: going to be to begin to roll back the degree

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Speaker 1: of micro management that has occurring. You know, we have

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Speaker 1: a Congress there that's elected in order to make judgments.

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Speaker 1: The experts are great at make coming up with the ideas,

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Speaker 1: but let the Congress have some judgment here in whether

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Speaker 1: or not they should be implemented. Larry lindsay, thank you

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Speaker 1: so much. The book is Conspiracies of the Ruling Class.

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Speaker 1: These Futures up nineteen down features up from New York worldwide.

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