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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Bloomberg

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Speaker 1: This Weekend Podcast with David Gura, Christina Raffini, and Lisa Matteo.

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Speaker 2: Thanks for joining us for today's selection of conversations from

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Speaker 2: the show.

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Speaker 3: You can listen to our favorite discussions right here on

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Speaker 3: the podcast, but also make sure to join us live

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Speaker 3: every Saturday and Sunday morning starting at seven am Easter.

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Speaker 4: We're on Bloomberg Television, Radio and the Bloomberg Business app,

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Speaker 4: bringing you unique takes and in depth interviews on news, politics, lifestyle,

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Speaker 4: and culture.

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Speaker 2: All Right, this will be an historic week for the market.

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Speaker 2: Space X ticker SPCX is going to make its debut

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Speaker 2: on the Nasdaq on Friday. That's right, it is happening.

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Speaker 2: It's happening this week. It's going to shatter records and

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Speaker 2: be the largest ever initial IPO initial public offering.

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Speaker 3: So this is an opportunity for the company to make

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Speaker 3: some money, investors to make some money, and for me

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Speaker 3: to make some grown worthy puns.

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Speaker 5: As we continue onward here, the estimates for how.

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Speaker 3: Big SpaceX could be are quite literally astronomical, but there's

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Speaker 3: a lot that could happen between now and then. Joining

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Speaker 3: us now ahead of the launch below. Co host of

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Speaker 3: Bloomberg Tech, Bailey liftshal So, senior equities reporter covering IPOs,

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Speaker 3: and George Ferguson, Senior Aerospace, Defense and Airline Anthology.

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Speaker 6: Is all of you for enduring that.

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Speaker 3: I know that deed level has heard none of these

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Speaker 3: puns before and certainly isn't tired of these old tropes.

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Speaker 5: And I'm going to start with you.

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Speaker 3: I know you're going to be in town for this

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Speaker 3: IPO when it happens at the NASTAC. What should we

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Speaker 3: expect here in the days leading up to it? What

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Speaker 3: should be watching for this week?

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Speaker 7: Yeah?

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Speaker 8: I mean nothing about this. This process from SpaceX has

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Speaker 8: been typical. It's been highly unusual. But you know, technically

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Speaker 8: right now, they're in a road show. You know, they're

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Speaker 8: out there in different guys is trying to convince investors

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Speaker 8: that the story is real and that the invests investors

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Speaker 8: big and small, should participate. This is what you call

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Speaker 8: a road show, right And I think you know the

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Speaker 8: think reason that Bailey and I'm particularly kind of scratching

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Speaker 8: our heads is that SpaceX took this step of almost

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Speaker 8: pre pricing the IPO very early before the roatio had

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Speaker 8: even started, which gave us all these large numbers that

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Speaker 8: we have, and that's not how that usually works. So

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Speaker 8: what they're trying to get as the net result, I

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Speaker 8: think is worthy of debate.

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Speaker 6: So Bailey walk us through that.

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Speaker 2: Do you expect that pricing to be about where estimates

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Speaker 2: are right now, what happens with the IPO process in

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Speaker 2: the next couple of days, who's able to buy it?

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Speaker 2: And then what are the rules for being listed on

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Speaker 2: these different indexes. I know the SMP five hundred especially,

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Speaker 2: there's been some controversy there.

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Speaker 9: Yeah, So basically what we reported on Friday is that

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Speaker 9: they already have enough orders quote unquote to fill the book.

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Speaker 9: That doesn't really mean a lot, but that basically says

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Speaker 9: they already have more than seventy five billion dollars of demand.

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Speaker 9: So what we'll be tracking over the next few days

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Speaker 9: is how large does that number grow. Bankers are going

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Speaker 9: to be courting some of the largest institutional investors and

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Speaker 9: obviously working around the world to see how much demand

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Speaker 9: they get from individual and retail investors, so they'll build

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Speaker 9: out that book as it plays out in the coming days,

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Speaker 9: that number will only get larger, and with that fixed

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Speaker 9: price at one hundred and thirty five dollars to share

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Speaker 9: that Ed mentioned, the company kind of as of now

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Speaker 9: is calling it shot. Yes, they have the flexibility to

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Speaker 9: essentially refile with any number they could bring out, arrange,

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Speaker 9: they could increase the number of shares structurally. They are

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Speaker 9: allowed to do that in the coming days leading up

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Speaker 9: to Thursday. Once we see books likely close on Wednesday,

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Speaker 9: that's when the banker's real work will begin and we'll

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Speaker 9: be chasing and calling all of our sources to see, okay,

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Speaker 9: are they staying at one hundred and thirty five dollars

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Speaker 9: a share and will this stick at an initial fundraise

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Speaker 9: of seventy five billion dollars at a one point seven

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Speaker 9: to seven trillion dollar valuation.

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Speaker 5: Huge numbers that we're going to keeping an eye on.

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Speaker 9: But really this is where the bankers are going to

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Speaker 9: have to pull together these orders and try to get

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Speaker 9: a better sense of where this will ultimately go. As

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Speaker 9: you mentioned, this is a company that should be joining

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Speaker 9: the NASDAQ one hundred and fifteen trading days after the

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Speaker 9: price and trade on Friday, so they'll be joining the

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Speaker 9: NASDAQ one hundred early in July. They will not be

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Speaker 9: joining the S and P five hundred in six months,

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Speaker 9: and we put out a story on Friday that according

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Speaker 9: to analyst estimates that we've gotten our hands on, it

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Speaker 9: may be closer to twenty twenty seven twenty twenty eight,

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Speaker 9: because they do need to be net income positive on

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Speaker 9: a trailing twelve month basis, and in the last quarter

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Speaker 9: they're still operating at a loss, and analysts are expecting

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Speaker 9: them to only continue to spend more money in the

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Speaker 9: coming years.

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Speaker 2: Barn's is calling SpaceX, Sorry, Baron's is calling SpaceX the

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Speaker 2: world's most valuable money losing company.

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Speaker 5: David Ball, I just I want to dig into that.

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Speaker 5: I read that piece.

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Speaker 3: You quote Howard Silverblatt, longtime veteran of SMP, and he

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Speaker 3: talked about how S ANDP is still holding fast to

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Speaker 3: this that net income positive thing that's been there for

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Speaker 3: so long. Is it likely to change? Is this a

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Speaker 3: moment when SMP is likely to reevaluate that? Just describe

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Speaker 3: the kind of contrast here between SMP and NASDAK and

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Speaker 3: more detail if you would.

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Speaker 9: Well, the SMP has this committee, no one knows who's

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Speaker 9: in it.

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Speaker 5: They take this proposal.

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Speaker 9: They they went to this committee and said we want

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Speaker 9: you to look through shortening the timeline from twelve months

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Speaker 9: to six months. We want you to reevaluate if we

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Speaker 9: still think gap net income positivity on a twelve month

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Speaker 9: basis is still a bar that we want to be cleared.

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Speaker 9: The committee came out and seemingly said all the rules

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Speaker 9: that we had in place before still in place. Yes,

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Speaker 9: they could reevaluate this in six months, they could reevaluate

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Speaker 9: this in three months. That is totally up to S

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Speaker 9: and P if they want to do that. The difference

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Speaker 9: between them in Nasdaq one hundred NASDAK operates a exchange.

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Speaker 9: They benefit from having SpaceX trading on the Nasdaq. You

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Speaker 9: have to be on the Nasdaq to be in the

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Speaker 9: Nasdaq one hundred, So that's a bargaining check from the

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Speaker 9: exchange perspective. The big question will be does S ANDP

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Speaker 9: reevaluate this again? If we do get Anthropic going public

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Speaker 9: later this year, If we get open Ai going public

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Speaker 9: later this year, a company that people don't think will

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Speaker 9: be profitable until the twenty thirties, that again creates more

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Speaker 9: of conversation. But we had we dealt with this before

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Speaker 9: with Tesla, with Uber, with a number of other companies

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Speaker 9: that whether they were building out their operations or didn't

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Speaker 9: care to according to financial statements, be profitable. Weren't added

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Speaker 9: to the S and P five hundred for quite some time,

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Speaker 9: and that was good and bad depending on the investors

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Speaker 9: you spoke to.

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Speaker 2: All Right, George, we've talked about the money, we've talked

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Speaker 2: about the markets. Talk to us about the nuts and

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Speaker 2: bolts of this actual company. What is your take on

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Speaker 2: this new era of the public private space race and

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Speaker 2: how you think SpaceX Blue Origin, but especially SpaceX, you

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Speaker 2: know how that impacts this the air defense industry, especially

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Speaker 2: in light of China and even you know these alliances

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Speaker 2: been India and Japan and other other countries trying to

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Speaker 2: get in on this.

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Speaker 10: Yeah, so thanks for having me again. So to me,

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Speaker 10: you know, the new space race, I mean, I think

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Speaker 10: some of the technological bird hurdles they're overcoming are outstandings

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Speaker 10: and as a aero aras defense geek, it's very exciting,

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Speaker 10: but I don't see the business case here as much

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Speaker 10: as even I think before we saw the public filings,

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Speaker 10: so excuse me. So when we looked at SpaceX got

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Speaker 10: into the filings, seventy six percent of their launch of

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Speaker 10: the launch business was all for starlink in twenty twenty five,

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Speaker 10: some eighty percent were for starlink in the first quarter.

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Speaker 10: So I mean Elon Musk is built, I think, a

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Speaker 10: very impressive space business, but it solely serves as low

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Speaker 10: Earth orbit starlink. And as we think about starlink, we

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Speaker 10: think about demand for space from governments from low Earth

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Speaker 10: orbit operators. First, I think low Earth orbit operators are

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Speaker 10: the biggest potential operators or requirers of lift into space.

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Speaker 10: They're building constellations that are ten thousand some of them

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Speaker 10: expects to twelve thirteen to fifteen thousand, large sounded like constellations. Look,

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Speaker 10: I think that maybe there's room for maybe five of

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Speaker 10: those in the world. When I think about, you know,

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Speaker 10: sort of the next decade or so, I think maybe

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Speaker 10: the Chinese we want to build out a couple of

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Speaker 10: these you've seen already. Amazon, they'll build something out with Leo.

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Speaker 10: They're far behind, but they'll want to lift that with

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Speaker 10: Blue Origin. I think the Chinese want to want to

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Speaker 10: lift that for with something out of China. There's a

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Speaker 10: lot of sort of SpaceX wantabes out of China, and

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Speaker 10: I think maybe Europe or India might do one of

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Speaker 10: these LEO constellations. I think government satellite isn't big enough

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Speaker 10: to sort of warrant a business like this, and so well,

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Speaker 10: I'm super excited about the business and the technology.

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Speaker 5: Again, I think the majority of.

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Speaker 10: The service Launch has is for Elon Musk's stream of

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Speaker 10: data centers in space and connectivity out of space to

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Speaker 10: the air surface, which is starlink.

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Speaker 3: Elon Musk got an opportunity to kind of explain the

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Speaker 3: business to a sophisticated audience. He started his road show

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Speaker 3: right down Park Avenue at JP Morgan's headquarters with Jamie Diamond.

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Speaker 3: Let's take a listen to what he had to say

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Speaker 3: about the motivations for going public.

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Speaker 8: Right now, Why SpaceX public now because you had choices,

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Speaker 8: you didn't have to Why.

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Speaker 11: Now we're walking on a massive new growth based and

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Speaker 11: we need capital for that.

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Speaker 7: Okay, okay. Number two Another thing is the revenue.

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Speaker 8: Like I also feel pretty good about like the revenue projections,

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Speaker 8: but I mean, like like before, like liber revenue was

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Speaker 8: a little.

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Speaker 5: Unstable at Ludlow.

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Speaker 3: The laughter they're audible probably to you all the way

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Speaker 3: across the country in California. But let's let's drill in

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Speaker 3: on what George was talking about just a moment ago

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Speaker 3: here that is there is concern about this conglomerate going forward.

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Speaker 5: We've talked about that on the show with you before.

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Speaker 3: At the fact that this is not just a rocket business,

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Speaker 3: for a satellite business, there's a huge AI component. There

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Speaker 3: are these wild aspirations for data centers in space and millions.

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Speaker 5: On the moon in Mars.

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Speaker 3: How incumbent to on Elon Musk is it to make

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Speaker 3: this case to investors or is there, as we've been

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Speaker 3: talking about a pool of investors perspective, investors who were

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Speaker 3: so bought into this vision that Elon Musk has that's

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Speaker 3: really not necessary at this point.

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Speaker 8: Yeah, A big part of the story for those investors

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Speaker 8: that have been with SpaceX for a long period of

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Speaker 8: time as a private company and a lot of people

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Speaker 8: that are considering like how do I and will I

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Speaker 8: participate in this IPO? It's Elon Musk is kind of

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Speaker 8: the swing factor, you know, and we call it boiler plate.

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Speaker 8: But in the S one filing, you know, there's a

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Speaker 8: section dedicated to the fact that everything SpaceX outlines in

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Speaker 8: its future is dependent on Elon Musk still being around

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Speaker 8: to make it happen. But the reason that the SpaceX

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Speaker 8: is going public is that they need to raise capital

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Speaker 8: at a level that only an IPO can facilitate. Really,

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Speaker 8: private markets have been very willing and supportive of open

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Speaker 8: AI and anthropic, and SpaceX has done things a little

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Speaker 8: bit differently where they've tended to allow employees to sell

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Speaker 8: shares and in that SpaceX brought back shares, but they

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Speaker 8: never raised money through that mechanism. It's just really a

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Speaker 8: liquidity practice. So that's all kind of jargonly market stuff.

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Speaker 8: The main point being they need money. Why do they

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Speaker 8: need money? They need money to buy GPS chips for

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Speaker 8: running AI models, because the business model going forward is

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Speaker 8: not one of simply launching stuff into orbit.

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Speaker 9: You know.

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Speaker 8: The way that they present it is that they will

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Speaker 8: make the vast majority of their money from selling AI software,

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Speaker 8: and it's like a series of steps for them.

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Speaker 7: To get there.

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Speaker 2: I mean, there are certain large objects or co anchors

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Speaker 2: I would like to launch it for it if they

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Speaker 2: don't stop making terrible space counts.

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Speaker 6: Leave Bailey.

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Speaker 2: I do want to ask you about you know, we

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Speaker 2: had this real slump of these tech stocks towards the

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Speaker 2: end of the week and after Friday. So now you've

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Speaker 2: got SpaceX entering the mix. How do you think this

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Speaker 2: megacap is going to impact the entire market as we

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Speaker 2: go back to training tomorrow.

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Speaker 9: I've heard every kind of take from this is people

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Speaker 9: selling to create capacity. This is strictly what happens when

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Speaker 9: large IPOs take place. The one thing I will point

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Speaker 9: back to as Ed knows as well as I do,

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Speaker 9: this has been the worst kept secret of an IPO

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Speaker 9: of all time. And five months ago we were reporting

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Speaker 9: that they wanted one point seventy five to two trillion

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Speaker 9: dollars in valuation. They wanted to raise seventy five billion

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Speaker 9: dollars in capacity. They were planning on doing that this summer. Obviously,

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Speaker 9: there are technical inputs. Obviously, no one working on this

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Speaker 9: deal wants to see the Nasdaq one hundred down four

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Speaker 9: percent on Friday. Everyone will be keeping an eye on

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Speaker 9: how the market's trade in the coming days. But I

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Speaker 9: do a question to some degree the causation versus correlation

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Speaker 9: of a market that has seemingly been doing nothing but

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Speaker 9: moving up into the right with a bit of a pullback. Obviously,

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Speaker 9: if we do see more volatility, we do see a

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Speaker 9: spike in the Vicks.

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Speaker 5: Monday through Wednesday.

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Speaker 9: That could cause a bit of consternation, and there could

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Speaker 9: be a bit of questions around where's this capital flowing

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Speaker 9: from and what does it ultimately mean. But I do

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Speaker 9: think the big question will be how the market performs.

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Speaker 9: Was Friday really just a reaction to some economic data

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Speaker 9: and a rerating or resetting a bit of fed expectations.

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Speaker 3: The IPO palooza here on Bloomberg this week, and our

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Speaker 3: thanks to all of you for joining us at Ledlo

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Speaker 3: of course, anchor of Bloomberg Tech, Beile Lipschultz, Senior ECQUE

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Speaker 3: supporter here Bloomberg News. George Ferguson with Bloomberg Intelligence. Stay

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Speaker 3: with us for more on Bloomberg this weekend. Right after this,

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Speaker 3: Trea dujon Era. Now that's where our colleague Lisa Bromwitz

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Speaker 3: is a course co host of Bloomberg Surveillance. She's sitting

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Speaker 3: down with the CEO of United Airlines, Scott Kirby.

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Speaker 5: Lisa, take it away.

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Speaker 12: Thank you so much, David. I am here still in

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Speaker 12: Rio with Scott Kirby, the CEO of United Airlines, Scott.

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Speaker 12: Always wonderful to speak with you, great to be really.

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Speaker 6: Thanks for being here.

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Speaker 12: I was actually surprised by the tone here, and I

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Speaker 12: shouldn't be surprised because every conversation I have with different

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Speaker 12: executives in the airline, things are better than expecting. Demand

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Speaker 12: is actually picking up. It's been more resilient, that someone's

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Speaker 12: going to be a record summer. You're hearing the same thing.

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Speaker 12: Is that kind of your tone as well?

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Speaker 11: A lot of questions for people around the globe really

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Speaker 11: like because we're you know, US aral and obviously like

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Speaker 11: what do you think is going to happen to the Gulf,

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Speaker 11: and people are worried about oil prices, but demand, you know,

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Speaker 11: certainly US anything related to the US feel strong.

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Speaker 7: I think there are other parts of the globe that.

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Speaker 11: You know, maybe are a little more concerned about demand,

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Speaker 11: but really strong in the US and mostly strong around

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Speaker 11: the globe. And people have the view that you know,

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Speaker 11: that hope that this gets resolved at some point and

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Speaker 11: that we're back on track to what was looking to

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Speaker 11: be a really good year to start the year.

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Speaker 12: Where are you seeing demand kind of fizzle around the

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Speaker 12: world or at least fade just to touch in response

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Speaker 12: to higher prices?

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Speaker 11: You know, we don't really see it at unit because

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Speaker 11: you know, eighty percent of our traffic, even international traffic

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Speaker 11: is us point of sale. But you can, I think

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Speaker 11: see you know, starting to see the glimmers.

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Speaker 7: And you know, Asia is the first place.

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Speaker 11: You know, the impact of oil and refinery issues in

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Speaker 11: Asia have been the worst. And you know, I think Africa,

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Speaker 11: you know, certainly in the Middle East has had an impact.

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Speaker 11: So you get I think, since some worry, not really

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Speaker 11: evidence of weaken eat of demand, but you know, you

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Speaker 11: talk to people in one on ones, you get sent

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Speaker 11: some concern that if this goes you know, sort of

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Speaker 11: been the standard line all along, if this goes toll July,

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Speaker 11: it's going to be a problem in March, if this

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Speaker 11: goes into April, it's going to.

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Speaker 7: Be a problem.

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Speaker 11: And it keeps getting pushed down the road unfortunately, because

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Speaker 11: the demand stays strong.

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Speaker 12: Well, and so so far you raised prices about twenty percent,

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Speaker 12: capacity about five percent. Is that enough? Do you anticipate

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Speaker 12: more price increases and more capacity limitations?

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Speaker 7: You know, time will tell, depends.

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Speaker 11: On what's happening with the economy, what happens with the

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Speaker 11: oil prices. But I feel pretty good about where we

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Speaker 11: are right now. You know, we laid out a path

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Speaker 11: to getting to one hundred percent fuel recovery. It certainly

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Speaker 11: looks like we're still pretty much solidly on that path.

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Speaker 11: And you know, even though oil has come down a

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Speaker 11: little so that I actually would move it a little

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Speaker 11: earlier from when we set it.

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Speaker 7: But we feel pretty good about where the demand environment is.

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Speaker 11: And you know, the consumer has been resilient even with fares,

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Speaker 11: you know, but in truth, like fares are up twenty percent,

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Speaker 11: but they're still in real terms lower than they were

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Speaker 11: in twenty nineteen. So air travel means by far the

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Speaker 11: best value is part of the travel chain. And been

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Speaker 11: pleasantly surprised with the resilience of the consumer so far.

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Speaker 12: Is it on driven by the premium consumer who seems

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Speaker 12: to be insatiable, or is it really across the board?

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Speaker 7: You know, I always talk about it.

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Speaker 11: At least at United, we're investing those to tail for customers,

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Speaker 11: and most of the things that we're doing.

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Speaker 7: For the product applied to everyone, Seeback.

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Speaker 11: Entertainment every since starlingk on every aircraft, you know, great

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Speaker 11: new interiors applies to everyone. And you know, the premium

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Speaker 11: is a has been stronger for a couple of years.

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Speaker 11: It's still a little bit stronger, but it's pretty hard

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Speaker 11: to you know, I think it's been strong, you know,

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Speaker 11: across the board for us, but you know, we skew

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Speaker 11: to the high end, you know, even the economy past

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Speaker 11: years are you know, skewing towards the top end of

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Speaker 11: that K curve for air travel and international of course

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Speaker 11: skews even higher.

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Speaker 7: But we really haven't.

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Speaker 11: We haven't seen any noticeable cracks and demand sort of

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Speaker 11: anywhere in the cabin.

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Speaker 12: I mean, you've been upgrading all your places quite considerably,

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Speaker 12: knows to tail, whether it's the full down seats to

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Speaker 12: have you sleep across the exactly we've got kids. I'd

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Speaker 12: had that when I was anyway, moving forward, moving along.

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Speaker 12: Do you find that it's difficult to upgrade as quickly

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Speaker 12: as you want because of just some of the delays

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Speaker 12: and deliveries that we're seeing in certain of the aircraft made.

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Speaker 7: Yeah, you know, we we got ahead of it. We

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Speaker 7: started ahead, you know, we ordered a lot of aircraft.

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Speaker 7: We got ahead of the supply chain, you know, as

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Speaker 7: being the first really back during COVID.

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Speaker 11: We anticipated problems, so we actually over ordered because we

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Speaker 11: anticipated problems. The problems have been bigger than we thought.

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Speaker 11: But we've mostly managed through those. And you know, like

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Speaker 11: seat manufacturing, seats our big issue across the industry, we've

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Speaker 11: mostly stayed ahead of it. We've been somewhat impacted by it,

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Speaker 11: but we've mostly stayed ahead of that. And you know,

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Speaker 11: even Starling for example, you know we're going to have

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Speaker 11: the whole fleet done, we expect next year. It can't

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Speaker 11: be done fast enough. But by being the first big

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Speaker 11: airline to order, like, we're at the front of the queue,

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Speaker 11: and so most of the things we're doing because we're

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Speaker 11: at the front of the queue, we're much less impacted

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Speaker 11: than other competitors around the globe.

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Speaker 12: There were reports that you were talking about Rolls Royce

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Speaker 12: a couple of minutes ago, talking about how they've been

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Speaker 12: a problem in terms of just honoring contracts and what

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Speaker 12: exactly is their role in some of the delays that

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Speaker 12: we're saying, particularly with Airbus.

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Speaker 7: Well, you know, engines are really the issue.

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Speaker 11: I think they're going to constrain supply around the globe

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Speaker 11: for probably the next decade.

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Speaker 7: There's not enough engine engine capacity.

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Speaker 11: There's something like nine hundred aircraft around the globe that

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Speaker 11: are grounded right now that should be flying because they

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Speaker 11: don't have engines that can fly, and it's a really

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Speaker 11: it's not an easy problem to fix, and it's going

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Speaker 11: to take time. And so really kind of we need

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Speaker 11: all the engine manufacturers and really the forgings and castings

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Speaker 11: that go into the blades. The engines are really I

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Speaker 11: think the biggest constraint, and you know that takes time

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Speaker 11: to fix. But we just start fixing that. You know,

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Speaker 11: all the aircraft that's Boeing and Airbus, they're going to

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Speaker 11: be able to produce a lot of aircraft.

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Speaker 7: I think they're both starting to get.

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Speaker 11: Things on track for producing aircraft, but they're going to

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Speaker 11: be producing gliders because it's just not enough engines.

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Speaker 6: Gliders are not going to fly for the industry.

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Speaker 12: Quite literally, I cannot imagine that trying to have long

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Speaker 12: half flay on a glider. Do you think, though, that

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Speaker 12: Rolls Royce has been a bad actor or not as

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Speaker 12: much of a good actor relative to say some of

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Speaker 12: the others that have been rapping up.

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Speaker 11: Well, that's certainly been our personal experience with United at roles,

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Speaker 11: and that's what I hear from others around the industry too, is.

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Speaker 12: That constrained to airbus deliveries more than Boeing.

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Speaker 11: You know, they've beat each Hegg constraints, you know, Roles,

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Speaker 11: you know, has been constrained. Pratt and Whitney, you know,

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Speaker 11: has had a lot of challenge, well publicized challenges, by

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Speaker 11: the way, I respect Pratt Whitney is working really really

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Speaker 11: hard to fix them.

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Speaker 7: And that's all you can ask really.

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Speaker 11: GE's doing, you know, the best of the engine manufacturers,

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Speaker 11: but all of them have had.

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Speaker 13: Challenges going forward.

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Speaker 12: It seems like all of the airlines are trying to

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Speaker 12: upgrade as quickly as they can because it is going

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Speaker 12: to be about the experience age living to the customer

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Speaker 12: that's going to determine success. How much have you seen

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Speaker 12: the pressures kind of come into play, the sort of

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Speaker 12: pressures in the industry that you had been expecting as

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Speaker 12: a result of some of the higher prices.

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Speaker 11: Well, I think we're the ones creating pressure, to be

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Speaker 11: honest with you. We're investing more than anyone and we're

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Speaker 11: doing the kinds of things really that no one has

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Speaker 11: ever done. And you know, whether you know it's a

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Speaker 11: relaxed brow here in the United States putting starlink on

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Speaker 11: every airplane, but also the technology like you use the

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Speaker 11: United app it is materially different than I don't know

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Speaker 11: who has the second best app in the world, but

440
00:20:23,240 --> 00:20:24,960
Speaker 11: they're way behind it United.

441
00:20:25,359 --> 00:20:27,080
Speaker 7: And we're just doing more and more that. It just

442
00:20:27,240 --> 00:20:29,879
Speaker 7: changes how it feels to fly and it's remarkable.

443
00:20:30,000 --> 00:20:31,960
Speaker 11: That's how you win brand boil customers. You change the

444
00:20:32,000 --> 00:20:34,639
Speaker 11: whole experience. It's it's not just about the route network.

445
00:20:34,680 --> 00:20:39,160
Speaker 11: It's about the technology, the service, the reliability.

446
00:20:38,440 --> 00:20:40,639
Speaker 7: And the product. And you've got to focus on all

447
00:20:40,680 --> 00:20:41,040
Speaker 7: four of those.

448
00:20:41,119 --> 00:20:43,080
Speaker 11: You got to have all four of those things to

449
00:20:43,240 --> 00:20:46,240
Speaker 11: win customers. And you know, it's been working really well

450
00:20:46,240 --> 00:20:48,840
Speaker 11: at United. We're just continuing to push to find ways

451
00:20:48,880 --> 00:20:52,080
Speaker 11: to invest more and more and more new creative ideas.

452
00:20:52,200 --> 00:20:54,280
Speaker 7: To make people think, hey, it's cool to fly United.

453
00:20:54,400 --> 00:20:57,080
Speaker 12: Are you still thinking about consolidation in any form?

454
00:20:57,200 --> 00:21:00,280
Speaker 7: Well, everyone's asking me about it. We're still thinking of it.

455
00:21:00,359 --> 00:21:02,320
Speaker 12: Tried to take it off the table, Yeah, yeah, we're

456
00:21:02,320 --> 00:21:03,760
Speaker 12: putting it back on so here it is.

457
00:21:03,920 --> 00:21:05,440
Speaker 6: It's still on the table for you.

458
00:21:04,960 --> 00:21:07,879
Speaker 7: You know, I you know, I said it at a

459
00:21:07,880 --> 00:21:08,720
Speaker 7: conference last week.

460
00:21:08,760 --> 00:21:11,720
Speaker 11: You know, I kind of came for the last couple

461
00:21:11,760 --> 00:21:14,359
Speaker 11: of years at least thought that a big, kind of

462
00:21:14,359 --> 00:21:17,639
Speaker 11: transformative deal to take create a great US airline that

463
00:21:17,680 --> 00:21:20,879
Speaker 11: compete on the globe was really where the opportunity was.

464
00:21:22,600 --> 00:21:24,720
Speaker 11: But I've always known that that would have required a

465
00:21:24,720 --> 00:21:25,840
Speaker 11: willing partner, and we.

466
00:21:25,800 --> 00:21:26,360
Speaker 7: Don't have one.

467
00:21:27,080 --> 00:21:30,120
Speaker 11: So I think it means that you Knowed is likely

468
00:21:30,160 --> 00:21:31,600
Speaker 11: sitting out the consolidation game.

469
00:21:31,800 --> 00:21:34,879
Speaker 12: Meanwhile, going forward, we got the best jobs report in

470
00:21:34,920 --> 00:21:36,879
Speaker 12: a long time on Friday, and a lot of it

471
00:21:36,960 --> 00:21:38,840
Speaker 12: was driven by leisure hiring.

472
00:21:38,880 --> 00:21:40,000
Speaker 6: We heard that across the board.

473
00:21:40,440 --> 00:21:42,200
Speaker 12: How much of this is coming from just the organic

474
00:21:42,240 --> 00:21:43,960
Speaker 12: demand heading into summer, and how much of this is

475
00:21:43,960 --> 00:21:45,720
Speaker 12: really being driven by World Cup traveling?

476
00:21:46,119 --> 00:21:51,000
Speaker 11: You know, world Cup is a tiny, tiny piece of it.

477
00:21:51,000 --> 00:21:54,240
Speaker 11: It really is the fundamentals of demand, and you see

478
00:21:54,240 --> 00:21:55,639
Speaker 11: it everywhere that demand is strong.

479
00:21:55,880 --> 00:21:58,160
Speaker 7: People are still investing in experiences.

480
00:21:58,720 --> 00:22:01,760
Speaker 11: You know, I've told you for like, to me, the economy,

481
00:22:01,880 --> 00:22:04,720
Speaker 11: we're a really good real time bromeer to the economy

482
00:22:04,720 --> 00:22:07,560
Speaker 11: feels stronger. The jobs report is consistent with Like, I

483
00:22:07,600 --> 00:22:10,040
Speaker 11: wasn't that surprised by the job's report.

484
00:22:09,840 --> 00:22:12,360
Speaker 7: Because it looks to me like the economy is doing

485
00:22:12,400 --> 00:22:12,880
Speaker 7: pretty well.

486
00:22:13,000 --> 00:22:14,760
Speaker 12: Do you think that oil prices will stay at this

487
00:22:14,840 --> 00:22:16,960
Speaker 12: level and continue to be a challenge at a time

488
00:22:17,000 --> 00:22:18,080
Speaker 12: when every airline.

489
00:22:17,760 --> 00:22:19,160
Speaker 6: Executive here expects it to go.

490
00:22:19,119 --> 00:22:21,520
Speaker 12: Down, almost except for you, but everyone expects the prices

491
00:22:21,560 --> 00:22:21,920
Speaker 12: to go down.

492
00:22:22,000 --> 00:22:25,159
Speaker 11: I've thought really since mid March that oil was going

493
00:22:25,240 --> 00:22:27,480
Speaker 11: to be higher for longer. I continue to think that

494
00:22:27,520 --> 00:22:30,200
Speaker 11: at some point I'll be wrong, It'll it'll go down.

495
00:22:31,080 --> 00:22:33,120
Speaker 11: But it's just hard for me to see any kind

496
00:22:33,119 --> 00:22:37,800
Speaker 11: of outcome that the straits get reliably and sustainably open.

497
00:22:37,880 --> 00:22:40,080
Speaker 11: They may open for a little bit, you know, but

498
00:22:40,200 --> 00:22:42,520
Speaker 11: just the dynamics make it hard for me.

499
00:22:42,520 --> 00:22:43,920
Speaker 7: To think that that's going to happen.

500
00:22:44,000 --> 00:22:46,000
Speaker 11: So I think this kind of ninety to one hundred

501
00:22:46,000 --> 00:22:49,000
Speaker 11: and ten dollars a barrel, you know what do I know,

502
00:22:49,080 --> 00:22:52,280
Speaker 11: I'm an airline CEO, but like we're planning for that

503
00:22:52,480 --> 00:22:54,800
Speaker 11: sort of for the indefinite future at ninety to one

504
00:22:54,840 --> 00:22:55,800
Speaker 11: hundred and ten dollars level.

505
00:22:55,880 --> 00:22:59,520
Speaker 12: Coming into this conflict, the baseline assumption was that if

506
00:22:59,560 --> 00:23:01,840
Speaker 12: prices to that level then stay at that level, there'd

507
00:23:01,840 --> 00:23:04,760
Speaker 12: be bankruptcies, you'd have a lot of difficulties in the

508
00:23:04,760 --> 00:23:07,240
Speaker 12: airline industry. And certainly there have been pressures, yeah, but

509
00:23:07,280 --> 00:23:09,480
Speaker 12: the resilience of the consumer and the ability to absorb

510
00:23:09,520 --> 00:23:12,320
Speaker 12: pricing has surprised everybody. Do you think that that will

511
00:23:12,320 --> 00:23:15,120
Speaker 12: be the likely response to a persistently high oil price.

512
00:23:15,200 --> 00:23:17,840
Speaker 12: Not necessarily people going out of business, but airline ticket

513
00:23:17,840 --> 00:23:19,200
Speaker 12: price is going up and staying up.

514
00:23:19,320 --> 00:23:22,400
Speaker 11: Yeah, I think airline prices the consumer has been even

515
00:23:22,440 --> 00:23:24,640
Speaker 11: more resilient. I thought the consumer would be resilient. It's

516
00:23:24,720 --> 00:23:27,359
Speaker 11: been more resilient than I thought of the consumer would be.

517
00:23:27,520 --> 00:23:29,440
Speaker 11: So I think that will happen. But I also think,

518
00:23:29,480 --> 00:23:32,800
Speaker 11: you know, you still look around like United, Delta, and Southwest.

519
00:23:32,359 --> 00:23:34,320
Speaker 7: By the way, all three are going to be solidly

520
00:23:34,320 --> 00:23:35,200
Speaker 7: profitable this year.

521
00:23:35,440 --> 00:23:37,560
Speaker 11: My guess is at all ninety to one hundred and ten,

522
00:23:37,720 --> 00:23:40,040
Speaker 11: like everyone else, is losing money, some a lot of money.

523
00:23:40,280 --> 00:23:42,560
Speaker 11: That means there's a big chunk of those route networks,

524
00:23:43,040 --> 00:23:45,040
Speaker 11: you know, if you're losing money overall, there's a big

525
00:23:45,119 --> 00:23:47,399
Speaker 11: chunk that's losing a lot of money. My guess is

526
00:23:47,440 --> 00:23:50,360
Speaker 11: the longer this plays out, the more and more it

527
00:23:50,480 --> 00:23:53,440
Speaker 11: you know, sort of pushes executives to make hard decisions

528
00:23:53,480 --> 00:23:56,040
Speaker 11: that they would rather not make, to just stop plying

529
00:23:56,080 --> 00:23:56,439
Speaker 11: places and.

530
00:23:56,520 --> 00:23:58,320
Speaker 12: Lose money going forward. Is there any place that you

531
00:23:58,359 --> 00:23:59,720
Speaker 12: want to be expanding in just to sort of wrap

532
00:23:59,760 --> 00:24:01,760
Speaker 12: it up in our lovely beach here that we're sitting

533
00:24:01,800 --> 00:24:02,280
Speaker 12: at Inrio.

534
00:24:02,600 --> 00:24:05,080
Speaker 11: You know, we want we we look forward to spand

535
00:24:05,200 --> 00:24:07,520
Speaker 11: expanding really around the globe. A lot of our growth

536
00:24:07,600 --> 00:24:12,560
Speaker 11: has been international. It slowed down this year partly because

537
00:24:12,720 --> 00:24:15,320
Speaker 11: you know, Bowe has been behind on why by deliveries

538
00:24:15,320 --> 00:24:17,560
Speaker 11: are starting to catch up. But we're looking for you know,

539
00:24:17,600 --> 00:24:19,680
Speaker 11: international has been great for us. You know, I was

540
00:24:19,720 --> 00:24:22,800
Speaker 11: born on third base for international with hubs in Newark,

541
00:24:22,840 --> 00:24:25,040
Speaker 11: which is the best at you know, Pacific Gateway, San

542
00:24:25,080 --> 00:24:29,320
Speaker 11: Francisco best, you know, a Pacific Gateway Newark Atlantic Dallas

543
00:24:29,359 --> 00:24:32,520
Speaker 11: is probably the second best Atlantic Gateway. So international has

544
00:24:32,560 --> 00:24:35,399
Speaker 11: just been gangbusters for us. And we're opening up you know,

545
00:24:35,400 --> 00:24:37,679
Speaker 11: it's crazy to me. Our team is opening up cities

546
00:24:37,840 --> 00:24:40,880
Speaker 11: and I'm pretty informed I didn't actually know that city.

547
00:24:41,080 --> 00:24:44,840
Speaker 12: Yeah, Scott Kirby, always wonderful to speak with you. Scot Kerby,

548
00:24:44,960 --> 00:24:46,280
Speaker 12: the CEO of United.

549
00:24:48,200 --> 00:24:50,760
Speaker 6: Stay with us for more on Bloomberg this weekend. Right

550
00:24:50,800 --> 00:24:51,399
Speaker 6: after this.

551
00:25:03,040 --> 00:25:05,600
Speaker 2: All right, voters in Maine had to the polls on Tuesday,

552
00:25:05,640 --> 00:25:08,800
Speaker 2: and one name is dominating conversations about the primary there.

553
00:25:08,880 --> 00:25:12,760
Speaker 2: Graham Platner. He's an Oyster farmer running for SunNet. He's

554
00:25:12,800 --> 00:25:15,240
Speaker 2: facing mounting scandals Late last.

555
00:25:15,080 --> 00:25:17,080
Speaker 3: Week, The New York Times published a report citing three

556
00:25:17,119 --> 00:25:19,480
Speaker 3: women who had been romantically involved with the candidate, one

557
00:25:19,520 --> 00:25:21,480
Speaker 3: of whom says he grabbed her in ways that left

558
00:25:21,560 --> 00:25:23,919
Speaker 3: marx and he once locked her in a room. She

559
00:25:23,960 --> 00:25:26,720
Speaker 3: also says he knew his tattoo resembled a Nazi symbol

560
00:25:26,840 --> 00:25:30,439
Speaker 3: when he got it, something he has repeatedly denied. Platner

561
00:25:30,480 --> 00:25:33,040
Speaker 3: has said his past is now being weaponized.

562
00:25:33,720 --> 00:25:37,120
Speaker 10: Every single piece of that past and journey gets dug up,

563
00:25:37,200 --> 00:25:38,879
Speaker 10: litigated and weaponized.

564
00:25:41,200 --> 00:25:44,880
Speaker 3: You have my back, You have my back, he said there.

565
00:25:44,920 --> 00:25:47,240
Speaker 3: This is just the latest scandal for Platner. Last month,

566
00:25:47,280 --> 00:25:50,399
Speaker 3: there were reports he sexted with women while he was married.

567
00:25:50,600 --> 00:25:53,280
Speaker 3: Joining us in studio is Puck News Washington reporter Abby Livingston,

568
00:25:53,320 --> 00:25:55,560
Speaker 3: along with Ashley Konenig, the director of the Eagleton Center

569
00:25:55,560 --> 00:25:57,480
Speaker 3: for Public Interest Polling at Rutgers.

570
00:25:57,800 --> 00:25:58,920
Speaker 5: Abby, let me start with you.

571
00:25:59,000 --> 00:26:01,600
Speaker 3: Just give us the the lay of the land in Maine.

572
00:26:01,600 --> 00:26:03,119
Speaker 3: This is to pick the candidate who will go up

573
00:26:03,160 --> 00:26:07,800
Speaker 3: against Susan Collins, long standing senator from the state of Maine. Yes,

574
00:26:08,119 --> 00:26:10,160
Speaker 3: there has been this stream of scandals. We can talk

575
00:26:10,160 --> 00:26:12,800
Speaker 3: about the degree to which they've worsened here, But with

576
00:26:12,920 --> 00:26:15,800
Speaker 3: each one, it seems like there is a main population

577
00:26:15,800 --> 00:26:18,280
Speaker 3: at least of Democrats kind of inured to this, who

578
00:26:18,359 --> 00:26:20,639
Speaker 3: find Senator Collins distasteful and are willing to look the

579
00:26:20,640 --> 00:26:23,560
Speaker 3: other way in backing Brahm Platner here in this race.

580
00:26:24,160 --> 00:26:27,000
Speaker 14: This is an absolute obsession within the highest levels of

581
00:26:27,000 --> 00:26:29,840
Speaker 14: the Democratic Party. You look at Twitter, they're fighting about it.

582
00:26:29,840 --> 00:26:34,560
Speaker 14: It's generally and this is the Washington New York political class,

583
00:26:34,640 --> 00:26:39,480
Speaker 14: and it's often following along gender lines. But this is

584
00:26:39,560 --> 00:26:42,240
Speaker 14: the most important Senate seat to Democrats. It's the easiest

585
00:26:42,280 --> 00:26:44,679
Speaker 14: pick up, and yet it's been hard in the past,

586
00:26:44,760 --> 00:26:48,160
Speaker 14: and there is in his among his supporters a confidence

587
00:26:48,200 --> 00:26:50,399
Speaker 14: that he's been able to get through this, He's been

588
00:26:50,440 --> 00:26:51,159
Speaker 14: able to weather this.

589
00:26:51,680 --> 00:26:52,680
Speaker 6: But the other.

590
00:26:52,560 --> 00:26:55,600
Speaker 14: Folks are like, well, hey, the Republicans haven't had their

591
00:26:55,680 --> 00:26:59,960
Speaker 14: chance to just dump a nuclear bomb of advertising again.

592
00:27:00,520 --> 00:27:04,479
Speaker 14: And so I think the biggest question right now is

593
00:27:04,720 --> 00:27:05,680
Speaker 14: what else is out there?

594
00:27:05,760 --> 00:27:07,320
Speaker 6: And nobody seems to know what they don't know.

595
00:27:07,400 --> 00:27:09,680
Speaker 5: And all the while, Janet Mills remains on the ballt

596
00:27:09,680 --> 00:27:10,119
Speaker 5: if I'm.

597
00:27:10,000 --> 00:27:12,520
Speaker 14: Not mistaken, that's correct, and it's I mean, it seems

598
00:27:12,560 --> 00:27:16,880
Speaker 14: unlikely that she would prevail on Tuesday and Platner and

599
00:27:17,200 --> 00:27:20,159
Speaker 14: this the decision makers on this are the main voters,

600
00:27:20,160 --> 00:27:22,280
Speaker 14: and they seem to be sticking with him. But the

601
00:27:22,400 --> 00:27:24,879
Speaker 14: question is, Maine is an older state and many of

602
00:27:24,880 --> 00:27:27,119
Speaker 14: the voters are older women. Are they going to go

603
00:27:27,160 --> 00:27:28,960
Speaker 14: along with all of these allegations?

604
00:27:29,400 --> 00:27:31,760
Speaker 2: Ashley, what's your take on that, because we do have

605
00:27:31,800 --> 00:27:34,439
Speaker 2: some updated pulling, and it does seem that when you

606
00:27:34,480 --> 00:27:37,639
Speaker 2: put at the moment Platner and Collins up head to head,

607
00:27:38,000 --> 00:27:41,560
Speaker 2: Platter is ahead by by five points. You know, it's

608
00:27:41,600 --> 00:27:43,960
Speaker 2: within the marginal raa there. But what is your take?

609
00:27:44,080 --> 00:27:46,600
Speaker 2: Is it just that anyone but the person we've got.

610
00:27:46,640 --> 00:27:49,200
Speaker 2: We've seen that sometimes on the other end, especially with

611
00:27:49,240 --> 00:27:52,040
Speaker 2: people backing the president no matter what he does or says,

612
00:27:52,240 --> 00:27:54,600
Speaker 2: you know, staying loyal to that is this kind of

613
00:27:54,640 --> 00:27:55,120
Speaker 2: the same thing.

614
00:27:55,160 --> 00:27:56,800
Speaker 6: But from the Democratic side.

615
00:27:57,480 --> 00:27:59,960
Speaker 13: You know, this race was supposed to be about Collins,

616
00:28:00,040 --> 00:28:01,720
Speaker 13: This whole race was supposed to be about her, and

617
00:28:01,760 --> 00:28:05,640
Speaker 13: really now it's going more towards democratic viability and that

618
00:28:05,760 --> 00:28:08,800
Speaker 13: tension between the two factions and the Democratic Party of

619
00:28:08,960 --> 00:28:13,440
Speaker 13: progressive versus the kind of you know, moderate middle lane,

620
00:28:13,560 --> 00:28:16,720
Speaker 13: and so we really see that gap and we haven't

621
00:28:16,720 --> 00:28:18,760
Speaker 13: even had the primary, yet we do see that gap

622
00:28:18,800 --> 00:28:22,560
Speaker 13: between him and Collins tightening for the general ballot in November.

623
00:28:22,640 --> 00:28:25,879
Speaker 13: So that should be somewhat of a warning sign leading

624
00:28:25,880 --> 00:28:28,919
Speaker 13: into the primary and especially leading into the general in

625
00:28:29,000 --> 00:28:31,680
Speaker 13: terms of is this candidate still going to be viable

626
00:28:32,119 --> 00:28:34,960
Speaker 13: and a sure fire win against Collins as we head

627
00:28:34,960 --> 00:28:35,640
Speaker 13: into November.

628
00:28:36,160 --> 00:28:37,720
Speaker 3: I mean, I'm curious what this means. You mentioned, sir,

629
00:28:37,720 --> 00:28:39,960
Speaker 3: who's making the decisions here. Yes, it's the main electorate,

630
00:28:40,040 --> 00:28:42,160
Speaker 3: but you have Chuck Schumer, who made no secret of

631
00:28:42,200 --> 00:28:43,840
Speaker 3: the fact that he wanted Janet Mills, the governor of

632
00:28:43,880 --> 00:28:46,360
Speaker 3: the state, to be the candidate going forward. Talk a

633
00:28:46,400 --> 00:28:49,320
Speaker 3: bit about his kind of relevance in picking candidates for

634
00:28:49,400 --> 00:28:51,040
Speaker 3: these races. We just went through a round of primaries

635
00:28:51,120 --> 00:28:53,480
Speaker 3: last week in which a candidate that he had anointed

636
00:28:53,560 --> 00:28:54,720
Speaker 3: or backed did win.

637
00:28:55,400 --> 00:28:56,520
Speaker 5: What does that tell us?

638
00:28:56,760 --> 00:29:00,200
Speaker 3: What does this race tell us about Washington politicians having

639
00:29:00,200 --> 00:29:02,960
Speaker 3: the capacity and yes, money to back primary candidates in

640
00:29:03,000 --> 00:29:03,520
Speaker 3: these races.

641
00:29:03,640 --> 00:29:06,479
Speaker 14: Candidate recruitment is why Chuck Schumer is in the position

642
00:29:06,560 --> 00:29:06,920
Speaker 14: he's in.

643
00:29:07,280 --> 00:29:08,600
Speaker 6: This has been his forte.

644
00:29:08,680 --> 00:29:11,040
Speaker 14: He has won many Senate seats that Democrats have had

645
00:29:11,080 --> 00:29:14,760
Speaker 14: no business occupying based on his recruitment in these states,

646
00:29:15,000 --> 00:29:18,360
Speaker 14: and he's had successes this year. North Carolina is obviously

647
00:29:18,400 --> 00:29:21,200
Speaker 14: one of them. But on the other hand, Michigan and

648
00:29:21,280 --> 00:29:25,320
Speaker 14: Maine are absolute messes for the recruits he did not have.

649
00:29:25,600 --> 00:29:28,800
Speaker 14: He has preferences in these primaries, but they have not.

650
00:29:29,400 --> 00:29:31,520
Speaker 14: They are struggling and it is unclear whether they will

651
00:29:31,520 --> 00:29:33,280
Speaker 14: get through. I mean, Granet Mills isn't going out right.

652
00:29:33,160 --> 00:29:34,160
Speaker 6: There, of course, so.

653
00:29:35,560 --> 00:29:37,600
Speaker 14: He still has some of the juice, but it may

654
00:29:37,680 --> 00:29:39,760
Speaker 14: cost but not everywhere.

655
00:29:40,360 --> 00:29:42,560
Speaker 2: All right, Actually want to turn to the other end

656
00:29:42,600 --> 00:29:45,520
Speaker 2: of the country now because votes are still being counted

657
00:29:45,600 --> 00:29:48,040
Speaker 2: in California. But it looks like in a governor's race

658
00:29:48,120 --> 00:29:50,800
Speaker 2: is going to be Javier Vissera. He's clingched a spot

659
00:29:50,800 --> 00:29:54,800
Speaker 2: in the general. Hilton and Steyer are battling it out

660
00:29:54,840 --> 00:29:56,880
Speaker 2: for number two. And then you've also got the La

661
00:29:56,880 --> 00:29:59,360
Speaker 2: mayor's race. You've got Karen Bassett looks like she's making

662
00:29:59,400 --> 00:30:02,520
Speaker 2: it to the general's Spencer Pratt and councilwomen are about

663
00:30:02,560 --> 00:30:06,720
Speaker 2: a percentage point apart. These are tight races, and some

664
00:30:06,800 --> 00:30:10,480
Speaker 2: Republicans are trying to figure out where they stand. Where

665
00:30:10,480 --> 00:30:12,680
Speaker 2: do you see this turning out and where are the

666
00:30:12,720 --> 00:30:15,440
Speaker 2: wins kind of pushing in favor of which candidates.

667
00:30:16,520 --> 00:30:17,760
Speaker 13: I think, you know, I think when it comes to

668
00:30:17,800 --> 00:30:22,360
Speaker 13: the governor, that Democrats did avoid the possible scary situation

669
00:30:23,120 --> 00:30:26,040
Speaker 13: of a Republican taking that top spot. So you know,

670
00:30:26,120 --> 00:30:29,719
Speaker 13: Democrats did dodge a bullet over there with the governor.

671
00:30:30,160 --> 00:30:32,840
Speaker 13: But also we have to remember that these kinds of elections,

672
00:30:32,880 --> 00:30:35,840
Speaker 13: they will take time, especially when we see narrow margins

673
00:30:35,880 --> 00:30:39,280
Speaker 13: like we do with Pratt and Rahman, because it will

674
00:30:39,280 --> 00:30:41,760
Speaker 13: take time to count those mail in ballots. Apparently many

675
00:30:41,840 --> 00:30:46,040
Speaker 13: of those ballots came in very late towards primary day,

676
00:30:46,200 --> 00:30:49,280
Speaker 13: and so that's going to take time to count. Unfortunately,

677
00:30:49,320 --> 00:30:53,240
Speaker 13: feeding a little bit of that kind of election security

678
00:30:53,480 --> 00:30:58,400
Speaker 13: and you know, election falsifying storyline that we know of.

679
00:30:58,520 --> 00:31:01,000
Speaker 13: But that storyline is now going to go away as

680
00:31:01,000 --> 00:31:02,280
Speaker 13: we head into the midterms.

681
00:31:02,640 --> 00:31:04,080
Speaker 3: I mean, let me im just by asking you about

682
00:31:04,120 --> 00:31:06,120
Speaker 3: this affordability issue. We've talked about it before when you've

683
00:31:06,120 --> 00:31:08,040
Speaker 3: been here, the greed to which it's animating voters.

684
00:31:08,080 --> 00:31:09,360
Speaker 5: Our colleague Andry order And.

685
00:31:09,360 --> 00:31:12,000
Speaker 3: Was traveling with the President to Wisconsin back to Bedminster,

686
00:31:12,040 --> 00:31:14,120
Speaker 3: and she asked him during a colloque with the President

687
00:31:14,120 --> 00:31:17,200
Speaker 3: and the Isle of air Force one about affordability in

688
00:31:17,200 --> 00:31:20,800
Speaker 3: the context of these sporting events that were waiting for

689
00:31:21,040 --> 00:31:23,760
Speaker 3: the game three of the NBA Finals the World cupa

690
00:31:23,920 --> 00:31:24,440
Speaker 3: FIFA yut.

691
00:31:24,480 --> 00:31:25,640
Speaker 5: Let's take a listen to what he had to say.

692
00:31:26,240 --> 00:31:28,480
Speaker 14: She iss price for the game three year, going to

693
00:31:28,560 --> 00:31:31,160
Speaker 14: his eight pousand dollars every day.

694
00:31:31,200 --> 00:31:32,800
Speaker 6: Americans can't afford me sport?

695
00:31:32,920 --> 00:31:35,360
Speaker 15: Well, I know, but think you're watching it on television.

696
00:31:36,200 --> 00:31:39,000
Speaker 15: It's sort of semi free to watch it on television.

697
00:31:39,040 --> 00:31:41,240
Speaker 9: But that's the way life goes.

698
00:31:41,360 --> 00:31:44,800
Speaker 15: You have some and now the game wasn't a big

699
00:31:44,840 --> 00:31:46,880
Speaker 15: if the team wasn't a big success, you could go

700
00:31:47,040 --> 00:31:49,880
Speaker 15: very easily. So you know you can You could do

701
00:31:49,960 --> 00:31:51,880
Speaker 15: that too, But that's the way life is.

702
00:31:52,680 --> 00:31:54,560
Speaker 3: We got about a minute left, abby, but that's the

703
00:31:54,560 --> 00:31:56,680
Speaker 3: way life is. That's the way life goes. Strikes me

704
00:31:56,720 --> 00:32:00,120
Speaker 3: as another watch semi semi free. These are sound by that.

705
00:32:00,160 --> 00:32:02,800
Speaker 3: You have to imagine his advisors are not glad to

706
00:32:02,880 --> 00:32:04,840
Speaker 3: hear as Americans are struggling with higher prices.

707
00:32:05,240 --> 00:32:07,440
Speaker 6: I mean he's now at a montage level with this.

708
00:32:07,680 --> 00:32:09,960
Speaker 14: I mean, you've got the like little girls don't need

709
00:32:10,000 --> 00:32:13,480
Speaker 14: doll as many dolls this president, oh I had too, Yeah,

710
00:32:13,720 --> 00:32:16,360
Speaker 14: and I mean there's a succession of them, and I

711
00:32:16,640 --> 00:32:19,520
Speaker 14: think the biggest that word about oil prices, exactly. And

712
00:32:19,560 --> 00:32:21,680
Speaker 14: I think the biggest struggle here for Democrats is which

713
00:32:21,720 --> 00:32:23,080
Speaker 14: ones to pick to use in the ads.

714
00:32:23,120 --> 00:32:24,760
Speaker 6: They have a glot of choices.

715
00:32:26,160 --> 00:32:28,560
Speaker 2: All right, Happy Livingston you are, of course with Puck News,

716
00:32:28,920 --> 00:32:31,000
Speaker 2: We're glad you're here, and Ashley kind of I'm sad

717
00:32:31,000 --> 00:32:32,800
Speaker 2: you couldn't be here in person, but we're always happy

718
00:32:32,840 --> 00:32:35,160
Speaker 2: to have you at Eagleton Center for Public Interest pulling.

719
00:32:36,680 --> 00:32:40,320
Speaker 4: Stay with us for more on Bloomberg this weekend. Right

720
00:32:40,360 --> 00:32:53,120
Speaker 4: after this, welcome.

721
00:32:52,760 --> 00:32:55,560
Speaker 2: Back to Bloomberg this weekend or bt W, I can't

722
00:32:55,560 --> 00:32:58,959
Speaker 2: even fight with you today, I'm gonna say bt w's

723
00:32:59,000 --> 00:33:01,240
Speaker 2: I'm Christina Raffini, I'm David.

724
00:33:01,080 --> 00:33:03,360
Speaker 3: Ger Lisa Mittel here with some more stories you may

725
00:33:03,360 --> 00:33:07,000
Speaker 3: have missed over the course of this week, and I'm

726
00:33:07,000 --> 00:33:08,760
Speaker 3: gonna go out on a limb. Maybe there is something

727
00:33:08,800 --> 00:33:10,200
Speaker 3: related to the New York Knicks in the mix.

728
00:33:10,320 --> 00:33:12,360
Speaker 4: There is New York Knicks and Elmo.

729
00:33:12,680 --> 00:33:13,680
Speaker 5: What if you're saying what?

730
00:33:13,920 --> 00:33:14,160
Speaker 6: Okay?

731
00:33:14,200 --> 00:33:16,480
Speaker 4: Listen, this is from the Athletic and a number of

732
00:33:16,520 --> 00:33:22,360
Speaker 4: other places everywhere. Knicks fans by also wishing Spurs well

733
00:33:22,400 --> 00:33:25,840
Speaker 4: and NBA Finals pick a side coward. Okay, so this

734
00:33:25,960 --> 00:33:28,880
Speaker 4: is about Yes, I'm just reading the headline. Okay, I

735
00:33:28,960 --> 00:33:32,880
Speaker 4: got a little emotional there. I know, lovable muppet, right,

736
00:33:32,920 --> 00:33:34,360
Speaker 4: you love elm he loves them.

737
00:33:34,560 --> 00:33:35,400
Speaker 6: So what he did?

738
00:33:35,800 --> 00:33:38,240
Speaker 4: Elle loves you? Yes, as he always says. You know,

739
00:33:38,280 --> 00:33:41,880
Speaker 4: he's from Setame Street, which is apparently based in New York.

740
00:33:41,960 --> 00:33:43,840
Speaker 5: Apparently definitely definitely.

741
00:33:43,920 --> 00:33:47,600
Speaker 4: Okay, so here's the issue.

742
00:33:47,760 --> 00:33:50,440
Speaker 6: This is what he writes on x L hopes both

743
00:33:50,480 --> 00:33:52,320
Speaker 6: team fun.

744
00:33:52,680 --> 00:33:55,280
Speaker 4: Okay, so you wish both teams.

745
00:33:55,120 --> 00:33:58,400
Speaker 6: Luck, you wish both teams luck. So he got blasted

746
00:33:58,440 --> 00:33:59,600
Speaker 6: on social media. Okay.

747
00:33:59,640 --> 00:34:03,040
Speaker 4: You have the New York City Department of Transportation jokingly

748
00:34:03,120 --> 00:34:05,640
Speaker 4: threatening to take away the sign that they put out

749
00:34:05,680 --> 00:34:10,120
Speaker 4: there Toteth Anniversary. Yeah, they said take don't make us

750
00:34:10,160 --> 00:34:10,680
Speaker 4: take it down.

751
00:34:10,960 --> 00:34:12,440
Speaker 6: So they were amazing.

752
00:34:12,640 --> 00:34:15,319
Speaker 2: I mean someone called him an apologist puppet, which I

753
00:34:15,360 --> 00:34:21,400
Speaker 2: thought was really funny. Many comments NYPD said, just like

754
00:34:21,480 --> 00:34:24,000
Speaker 2: in Times Square, we think this Elmo is an impostor.

755
00:34:24,080 --> 00:34:25,880
Speaker 2: I mean, the city is not messing and this is

756
00:34:25,880 --> 00:34:26,359
Speaker 2: what I've learned.

757
00:34:26,360 --> 00:34:28,839
Speaker 6: This city is not messing around. So so what does

758
00:34:28,880 --> 00:34:29,480
Speaker 6: Elmo do?

759
00:34:29,719 --> 00:34:29,839
Speaker 7: Right?

760
00:34:29,880 --> 00:34:31,239
Speaker 4: If you're Elmo what do you do. You have to

761
00:34:31,239 --> 00:34:34,120
Speaker 4: come up with a response, right, So Elmo came up

762
00:34:34,160 --> 00:34:38,399
Speaker 4: with a response, and he said, makes that last message.

763
00:34:39,160 --> 00:34:41,279
Speaker 6: Elmo didn't mean to spur on you.

764
00:34:43,239 --> 00:34:46,720
Speaker 2: Okay, so nixt the last message for those couldn't understand,

765
00:34:46,719 --> 00:34:49,680
Speaker 2: they sent her voice. Elmo didn't mean to spur you on,

766
00:34:50,040 --> 00:34:50,799
Speaker 2: spur you on?

767
00:34:51,200 --> 00:34:56,840
Speaker 4: See so yes, he realized his mistake. Yes, because Elmo

768
00:34:57,040 --> 00:35:00,000
Speaker 4: is from New York. Yes, Elmo, you're from New York.

769
00:35:00,560 --> 00:35:01,799
Speaker 5: So you got to pick a side.

770
00:35:01,800 --> 00:35:02,560
Speaker 6: It's the count you guys.

771
00:35:02,640 --> 00:35:05,040
Speaker 2: Remember when Elmo tweeted, I just want to know if

772
00:35:05,040 --> 00:35:08,400
Speaker 2: everybody's okay or something like that pandemic. No, it was

773
00:35:08,480 --> 00:35:10,040
Speaker 2: just like a maybe a year ago or so, just

774
00:35:10,080 --> 00:35:11,799
Speaker 2: like Emma wants to know how everyone's doing.

775
00:35:11,840 --> 00:35:13,960
Speaker 6: And the responses were like people.

776
00:35:13,719 --> 00:35:14,480
Speaker 4: People were sad.

777
00:35:14,680 --> 00:35:15,640
Speaker 6: Yeah, they were sad.

778
00:35:15,840 --> 00:35:18,239
Speaker 5: So I like here to four didn't know that Elmo

779
00:35:18,400 --> 00:35:20,920
Speaker 5: was like a tweeting thing. Yeah, almost worth the follow

780
00:35:21,080 --> 00:35:22,000
Speaker 5: worth the following.

781
00:35:22,400 --> 00:35:23,400
Speaker 4: Has a lot of followers.

782
00:35:24,200 --> 00:35:24,719
Speaker 7: Sounds okay.

783
00:35:25,400 --> 00:35:28,600
Speaker 3: Thanks also for the gusta with which she did those readings,

784
00:35:29,880 --> 00:35:31,000
Speaker 3: and I thought it was pretty amazing.

785
00:35:31,800 --> 00:35:33,520
Speaker 6: No words, Okay, let's go on.

786
00:35:34,160 --> 00:35:35,920
Speaker 5: We're going to have to do the PGA update in

787
00:35:35,960 --> 00:35:36,799
Speaker 5: that voice.

788
00:35:36,960 --> 00:35:37,840
Speaker 6: Or the tennis updates.

789
00:35:37,880 --> 00:35:41,280
Speaker 4: Yeah, okay, travelers, this is from Bloomberg. Traveler spending twenty

790
00:35:41,440 --> 00:35:44,560
Speaker 4: thousand dollars up front to never see a bill on.

791
00:35:44,600 --> 00:35:47,080
Speaker 5: Basis something has told me she knows a lot.

792
00:35:47,640 --> 00:35:50,160
Speaker 6: All inclusive? Are you the all inclusive persons about it?

793
00:35:51,800 --> 00:35:52,600
Speaker 6: This is fake news?

794
00:35:52,640 --> 00:35:55,319
Speaker 4: Continue Okay, So for one, they're saying it's a good deal.

795
00:35:55,360 --> 00:35:57,439
Speaker 4: For two, they're saying you're not stressed.

796
00:35:57,080 --> 00:35:58,319
Speaker 5: Out about the big bill at the end.

797
00:35:58,360 --> 00:36:00,120
Speaker 4: Because if you don't go to all inclusive and you

798
00:36:00,160 --> 00:36:02,200
Speaker 4: have like a lot of kids like David, and then

799
00:36:02,239 --> 00:36:04,759
Speaker 4: you get the bill at the end, and you get

800
00:36:04,800 --> 00:36:05,960
Speaker 4: the bill at the end and you're like, where do

801
00:36:06,000 --> 00:36:08,480
Speaker 4: all these smoothies come from? Yes, then you don't have

802
00:36:08,480 --> 00:36:09,160
Speaker 4: to stress about that.

803
00:36:09,160 --> 00:36:10,000
Speaker 5: If it's all inclusive.

804
00:36:10,000 --> 00:36:11,400
Speaker 3: It has a funny effect if you do this, I

805
00:36:11,440 --> 00:36:14,919
Speaker 3: haven't done it much to the Disney World, which you've

806
00:36:14,920 --> 00:36:16,759
Speaker 3: already I stressed before you go there.

807
00:36:16,760 --> 00:36:18,239
Speaker 5: But then you have feel like you're compelled to like

808
00:36:18,280 --> 00:36:21,280
Speaker 5: eat everything because you want to get your money's worth absolutely,

809
00:36:21,320 --> 00:36:22,359
Speaker 5: which is impossible to do.

810
00:36:22,480 --> 00:36:25,080
Speaker 3: But I will avail myself of the extra dule whip

811
00:36:25,200 --> 00:36:27,360
Speaker 3: or whatever I can get, so you can.

812
00:36:27,200 --> 00:36:29,359
Speaker 2: Play a you can pay a flat fee for food

813
00:36:29,400 --> 00:36:30,239
Speaker 2: and drink at Disney World.

814
00:36:31,160 --> 00:36:33,040
Speaker 5: It's not all inclusive, though. Some of the resorts you

815
00:36:33,040 --> 00:36:33,400
Speaker 5: can get like.

816
00:36:33,360 --> 00:36:35,359
Speaker 2: The club resort, I got you, I got you.

817
00:36:35,280 --> 00:36:38,400
Speaker 5: Okay, I'm hearing in my ear a lot of respective.

818
00:36:39,000 --> 00:36:40,800
Speaker 4: Well how much would you pay for that all inclusive?

819
00:36:40,840 --> 00:36:43,520
Speaker 4: Because some of these you have to pay six thousand

820
00:36:43,560 --> 00:36:45,799
Speaker 4: dollars a week for a couple. Some go as high

821
00:36:45,800 --> 00:36:47,960
Speaker 4: as twenty thousand a week. Because the story behind this

822
00:36:48,120 --> 00:36:50,880
Speaker 4: is that they're luxury all inclusive, so you get the

823
00:36:50,880 --> 00:36:52,920
Speaker 4: private butler, like you get all that?

824
00:36:52,920 --> 00:36:54,880
Speaker 5: Who comes tell us about that? What's it like? I mean,

825
00:36:54,920 --> 00:36:55,720
Speaker 5: I haven't experience.

826
00:36:55,920 --> 00:36:57,319
Speaker 6: What are you doing to me?

827
00:36:57,520 --> 00:37:00,160
Speaker 2: The woman who has no travel plans because she's too

828
00:37:00,239 --> 00:37:02,239
Speaker 2: cheap to put a ticket. I will say, I do

829
00:37:02,320 --> 00:37:05,480
Speaker 2: get very stressed about spending money on vacation, no matter

830
00:37:05,480 --> 00:37:07,160
Speaker 2: how much I tell myself, you have this much, just

831
00:37:07,200 --> 00:37:09,279
Speaker 2: spend it. It would be nice to do it up

832
00:37:09,280 --> 00:37:11,560
Speaker 2: front and know like you can just have the most

833
00:37:11,640 --> 00:37:12,880
Speaker 2: fun and not have to stress about it.

834
00:37:12,920 --> 00:37:14,280
Speaker 5: That is a compon, probably a massage.

835
00:37:14,320 --> 00:37:16,440
Speaker 3: If you're that's stressed about it on vacation's going to

836
00:37:16,440 --> 00:37:16,840
Speaker 3: add to that.

837
00:37:16,920 --> 00:37:18,439
Speaker 2: I don't know if that's all, I'm going to get several,

838
00:37:18,480 --> 00:37:20,319
Speaker 2: but then I'm going to get stressed about not tipping enough.

839
00:37:20,360 --> 00:37:23,560
Speaker 3: But still that's that I feel like there's a rule.

840
00:37:24,000 --> 00:37:26,560
Speaker 4: Is that true against hippy if it's some of them,

841
00:37:26,600 --> 00:37:27,759
Speaker 4: you know, because see, if you do.

842
00:37:27,800 --> 00:37:29,040
Speaker 5: No cash can change hands.

843
00:37:29,040 --> 00:37:32,960
Speaker 4: You can cash tip the bartender and they bring you bottles,

844
00:37:33,000 --> 00:37:34,319
Speaker 4: even if it's all inclusive.

845
00:37:34,760 --> 00:37:36,040
Speaker 6: Seems to be the expert on this.

846
00:37:36,160 --> 00:37:40,200
Speaker 3: Don't give me shape, SPECIOUSU matato down the on the

847
00:37:40,239 --> 00:37:41,720
Speaker 3: table has the inside scoop.

848
00:37:41,880 --> 00:37:43,680
Speaker 4: I think we should move on. Okay, this one is

849
00:37:43,680 --> 00:37:47,359
Speaker 4: about luxury too. This is luxury living. Okay, forget about

850
00:37:47,480 --> 00:37:50,240
Speaker 4: rooftop pools, private dining, celebrities, chef restaurants.

851
00:37:50,280 --> 00:37:50,520
Speaker 5: Okay.

852
00:37:50,520 --> 00:37:54,680
Speaker 4: What people want in their luxury condos are longevity services. Okay,

853
00:37:54,719 --> 00:37:58,080
Speaker 4: they want MRI in their luxury condo.

854
00:37:58,280 --> 00:37:58,520
Speaker 6: Okay.

855
00:37:58,600 --> 00:38:00,799
Speaker 4: So what's happening is that these residence in the city,

856
00:38:00,800 --> 00:38:04,240
Speaker 4: they're leasing commercial space to these high end longevity companies.

857
00:38:04,520 --> 00:38:07,880
Speaker 4: For example, one highline big you know, three million to

858
00:38:07,920 --> 00:38:10,360
Speaker 4: thirty million dollars or the comments prices fancy one. I

859
00:38:10,400 --> 00:38:13,600
Speaker 4: would love to So they have Atria Health and Research

860
00:38:13,600 --> 00:38:15,480
Speaker 4: Institute there and you can go and you can be

861
00:38:15,560 --> 00:38:17,400
Speaker 4: a part of this. So it's a selling point.

862
00:38:17,239 --> 00:38:17,480
Speaker 7: For the.

863
00:38:19,840 --> 00:38:22,480
Speaker 5: Boy with a few the dream we've all had.

864
00:38:22,760 --> 00:38:25,279
Speaker 2: First of all, MRIs have no view, but because you

865
00:38:25,280 --> 00:38:26,279
Speaker 2: can wave at it on the way in.

866
00:38:26,480 --> 00:38:29,040
Speaker 5: Yeah, I mean I understand.

867
00:38:28,680 --> 00:38:30,920
Speaker 6: Part of No. Absolutely not, absolutely not.

868
00:38:31,080 --> 00:38:35,040
Speaker 2: But it is nice to have access to some wellness amenities. Right,

869
00:38:35,040 --> 00:38:37,560
Speaker 2: you're seeing like more spas go in and saunas and

870
00:38:37,560 --> 00:38:37,960
Speaker 2: things like that.

871
00:38:38,000 --> 00:38:39,759
Speaker 5: I don't know cold plunge did?

872
00:38:39,760 --> 00:38:41,319
Speaker 2: I did pay extra to have access to a cold

873
00:38:41,320 --> 00:38:43,200
Speaker 2: plung Really the cold plunge at my gym. I paid

874
00:38:43,200 --> 00:38:45,200
Speaker 2: the extra amount to have access.

875
00:38:44,640 --> 00:38:47,040
Speaker 5: And you survived. I'm usually the only girl in it.

876
00:38:47,120 --> 00:38:48,680
Speaker 6: But I do like a cold plunch.

877
00:38:48,719 --> 00:38:49,200
Speaker 9: That is true.

878
00:38:49,320 --> 00:38:50,760
Speaker 2: You guys have a cold plunge.

879
00:38:50,920 --> 00:38:52,120
Speaker 6: No, I have not.

880
00:38:52,360 --> 00:38:54,919
Speaker 2: Okay, so we're all going on our workout field trip.

881
00:38:54,960 --> 00:38:56,960
Speaker 2: Remember you said you weren't coming to plots with us, David,

882
00:38:56,960 --> 00:38:58,839
Speaker 2: but you're going to come to plotates and we'll we'll

883
00:38:58,840 --> 00:39:00,759
Speaker 2: do the cold plunge and we'll report it'll be great.

884
00:39:00,920 --> 00:39:02,160
Speaker 4: Can we do a hot top instead?

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Speaker 3: I don't want to stay tuned everyone and see if

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Speaker 3: I in fact do that.

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Speaker 2: Thanks for joining us on today's Bloomberg This Weekend Podcast.

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Speaker 2: Don't forget to tune in live for the show every

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Speaker 2: Saturday and Sunday morning, starting at seven am Eastern.

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Speaker 3: We're on Bloomberg Television, Radio and the Bloomberg Business App,

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Speaker 3: bringing you unique takes and in depth interviews on news, politics, lifestyle,

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Speaker 3: and culture.