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Speaker 1: Good morning. I'm Abe Morris and I'm Karen Moscow. Here

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Speaker 1: are the stories we're following today.

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Speaker 2: We begin with developments on the fourth indictment of Donald Trump.

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Speaker 2: Fulton County District Attorney Fani Willis has proposed a trial

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Speaker 2: date of March fourth and to whold arraignments for defendants

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Speaker 2: the week of September fifth. A number of Republicans are

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Speaker 2: withholding or deflecting criticism of the former president. Georgia Republican

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Speaker 2: Representative Buddy Carter tells us he thinks the latest indictment

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Speaker 2: is politically motivated.

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Speaker 3: This latest indictment, I mean, this is ridiculous. Here We've

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Speaker 3: got a former president indicted for the fourth time by

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Speaker 3: justice system. There's weighed against it. This indictment in Georgia

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Speaker 3: is not about justice, is about revenge. And you know,

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Speaker 3: there are one hundred and fifty nine counties in the

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Speaker 3: state of Georgia. If I had not known where this

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Speaker 3: one was coming from, I would have guessed I would

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Speaker 3: have said, hey, I bet as Fulton County, and it

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Speaker 3: is Fulton County because Fulton County has long been a

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Speaker 3: bastion for Democratic Shenanis in the state of Georgia.

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Speaker 2: Georgia Representative Buddy Carter was a guest on Bloomberg's Balance

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Speaker 2: of Power, speaking with Anne, Marie hor Dern, and Joe Matthew.

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Speaker 2: You can catch that program weekdays at five pm Eastern

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Speaker 2: on Bloomberg Television.

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Speaker 1: Well, I may return from politics now to Hawaii. Officials

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Speaker 1: still determining the lives lost and economic impact of the

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Speaker 1: wildfires that rip through Maui. Harrowing stories from the disaster

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Speaker 1: are also coming to light. This man jumped into the

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Speaker 1: ocean to escape the flames.

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Speaker 4: We had no warning, We had nowhere to go, no

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Speaker 4: warning at all.

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Speaker 5: You know, it was just complete chaos in the streets

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Speaker 5: and people were burning alive.

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Speaker 1: And the cause of the fire is still under investigation.

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Speaker 1: But we're seeing continued pressure on the power company at

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Speaker 1: the center of it all. Hawaiian Electric Industries, faces a

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Speaker 1: new lawsuit blaming its equipment for starting the blazers. Witnesses

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Speaker 1: say some of Hawaiian Electric's power polls blew over during

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Speaker 1: an August eighth storm. They alleged that down power lines

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Speaker 1: ignited grass fires that quickly mushroomed.

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Speaker 2: And with Hawaiian the Electric losing half its market value

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Speaker 2: in the wake of those fires, it is exposing a

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Speaker 2: liability to an already vulnerable regional bank. Hawaiian Electric owns

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Speaker 2: and operates American Savings Bank, which has been grappling with

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Speaker 2: regional banking turmoil from earlier this year. The wildfire may

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Speaker 2: force the bank to set aside more in provisions for

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Speaker 2: bad loans. That's according to a Wells Fargo analyst.

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Speaker 1: When we turn to the markets now, Amy and we

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Speaker 1: got minutes from the July FED meeting yesterday, and it's

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Speaker 1: fanning concerns that the central bank will continue to raise

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Speaker 1: interest rates. The minutes show to FED officials see upside

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Speaker 1: inflation risk that may merit more tightening. Steven Stanley is

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Speaker 1: chief US economist at Santander US Capital Markets.

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Speaker 6: I have one more hike coming in November, but I

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Speaker 6: think we're getting close. I think that, you know, the

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Speaker 6: big theme now is how long are they going to

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Speaker 6: have to stay on hold at this point it you know,

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Speaker 6: I think the markets are in a big hurry to

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Speaker 6: transition from no move to easing, and I just don't

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Speaker 6: think the FED is going to be that quick.

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Speaker 1: And Stephen Stanley with Santander says the FED is staying

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Speaker 1: more hawkish than markets had expected.

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Speaker 2: Meantime, savings accounts for many Americans are dwindling, according to

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Speaker 2: a study from the San Francisco FED, saying many US

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Speaker 2: consumers have almost depleted those excess savings. Bloomberg's at Baxter

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Speaker 2: brings us that story.

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Speaker 7: These excesses built up during the pandemic, but the FED

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Speaker 7: says they will probably be exhausted in the current quarter.

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Speaker 7: This has been a key support for consumer spending that

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Speaker 7: has boosted the US economy this year. Estimates are now

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Speaker 7: showing household disposable income is lower now, while personal consumption

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Speaker 7: is still higher than it was previously reported in the

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Speaker 7: fourth quarter of last year. But the diminishing savings, it says,

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Speaker 7: is consistent with a slow down in consumption on the

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Speaker 7: horizon and increased price sensitivity in San Francisco. I'm at Baxter,

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Speaker 7: Bloomberg Gay break all.

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Speaker 1: Right and thanks so we could get more insight on

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Speaker 1: the US consumer this morning when Walmart reports, are you

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Speaker 1: get more from Bloomberg? Simone Foxman.

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Speaker 8: Evercore Isi says they could see a beat and a

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Speaker 8: raise here, even as shares near all time highs Walmart

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Speaker 8: benefiting from a consumer that increasingly is trading down, especially

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Speaker 8: on staples like food and other.

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Speaker 1: Grocery items, and Bloomberg Simon Foxman says yesterday's results from

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Speaker 1: Tjmax and Target show consumers are still spending, but they're

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Speaker 1: also hunting for bargains.

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Speaker 2: Shares of Cisco are hired this morning, up two percent

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Speaker 2: in pre market after a solid earnings report. Bloomberg's Charlie

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Speaker 2: Pellett with those details.

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Speaker 9: Cisco is the largest maker of computer networking equipment. On

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Speaker 9: a conference call with analysts, CEO Chuck Robbins pointed to

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Speaker 9: a shift to more subscription based services, which are expected

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Speaker 9: to be more reliable than Cisco's traditional business selling network hardware.

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Speaker 9: The company also said it is committed to increasing share

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Speaker 9: repurchases and buybacks, and Cisco says it is taking advantage

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Speaker 9: of the surge in jail native artificial intelligence in New York.

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Speaker 9: Charlie Pellett Bloomberg Daybreak.

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Speaker 1: All right, Charlie, Thanks, and geopolitics this week, Argentina finds

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Speaker 1: itself at the center of turmoil. The country's leading presidential

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Speaker 1: candidate says he plans to close the country's central bank

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Speaker 1: if elected. In an exclusive interview with Bloomberg, Haavier Malay

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Speaker 1: says he'll slash public spending if he wins, and made

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Speaker 1: light of the role played by the Central Bank.

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Speaker 7: Well, what you do with the building is a problem

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Speaker 7: of what you decide to do with it.

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Speaker 9: It's a metaphor.

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Speaker 10: What I'm saying is that the institution doesn't exist anymore.

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Speaker 1: And that's Argentina presidential candidate Howvier Malay speaking through a translator,

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Speaker 1: if elected, also says he would freeze relations which China.

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Speaker 1: This is Bloomberg.

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Speaker 2: All right, thank you Kieren. Time now for a look

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Speaker 2: at some of the other stories making news in New

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Speaker 2: York and around the world. For that, we're joined by

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Speaker 2: Bloomberg's Michael bar Good morning, Michael.

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Speaker 11: Good morning Amy. As we mentioned earlier, the search is

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Speaker 11: ongoing in Maui, where at least one hundred and ten

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Speaker 11: people are known dead. Bloomberg's Nancy Lyons has more on

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Speaker 11: the government's latest update on the Hawaiian disaster.

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Speaker 10: FEMA administrator Dan Chriswell says the images the world is

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Speaker 10: seeing of the fire devastation in Mali cannot fully convey

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Speaker 10: what the people of the island are going through.

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Speaker 8: It's the level of devastation from this fire and the

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Speaker 8: feeling of loss.

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Speaker 1: From such a culturally rich community that was really palpable

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Speaker 1: everywhere that I went.

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Speaker 10: Chriswell is back in Washington after overseeing operations in Mali.

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Speaker 10: She says about seven hundred federal personnel are still on

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Speaker 10: the ground there helping search and rescue teams look for

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Speaker 10: victims in Washington. On Nancy lyons Bloomberg Daybreak, a.

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Speaker 11: Former campaign aide who unbattled New York Congressman George Santos

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Speaker 11: is now facing federal charges. According to a new indictment,

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Speaker 11: Samuel Meely of New York was a campaign fundraiser linked

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Speaker 11: to the Republican representative. Mealy is accused of impersonating a

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Speaker 11: staffer of House Speaker Kevin McCarthy while contacting donors for Santos.

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Speaker 11: He's charged with fraud in the same federal courthouse in

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Speaker 11: which Santos is charged with fraud. A Texas woman was

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Speaker 11: arrested after allegedly sending a racist and threatening voicemail to

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Speaker 11: federal Judge Tanya Chuckin, who is assigned to the Special

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Speaker 11: Council Election conspiracy case against former President Trump. Abigail Joe

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Speaker 11: Shriye also allegedly used racist slurs and threats against Democrats

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Speaker 11: in Congress and the LGBTQ community. Attorneys for the Towey family,

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Speaker 11: made famous in the movie The blind Side, fired back

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Speaker 11: against delegations they exploited former NFL star Michael Orr for

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Speaker 11: a financial game. The family disputes or His claim that

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Speaker 11: he recently learned that he had been tricked into sunning

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Speaker 11: a document making them his legal conservators after they took

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Speaker 11: him in when he was a homeless teenage football player.

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Speaker 11: The twoies say Or knew about the arrangement and even

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Speaker 11: wrote about it in his own book years ago. The

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Speaker 11: two He's attorney Randall Fishman, this was some by the

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Speaker 11: trader as a son who has made public these allegations

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Speaker 11: that are just latercross The two Wes say Or his

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Speaker 11: claims are all about a shakedown. Global News twenty four

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Speaker 11: hours a day, powered by more than twenty seven hundred

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Speaker 11: journalist and analysts over one hundred twenty countries. I'm Michael Barr,

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Speaker 11: and this is Bloomberg Gamy.

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Speaker 2: All right, thank you, Michael. Time now for our Bloomberg

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Speaker 2: Sports update. For that we bring in John stash Hoard.

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Speaker 12: Thanks Jamy Yank, Good morning Amy. Quite a week for

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Speaker 12: the Atlanta Braids. They dismantled the Mets and then did

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Speaker 12: likewise against the Yankees at City Field. They took three

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Speaker 12: or four and those three wins were by a combined

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Speaker 12: score of thirty four to three, and then they went

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Speaker 12: home and swept the Yankees by combined eighteen to three.

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Speaker 12: They won two to nothing, their fourth shutout over those

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Speaker 12: last seven games. Charlie Morton in the Atlanta bullpen team

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Speaker 12: and on a four hitter with thirteen strikeouts, Eddie Nsario

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Speaker 12: in early two on homer. The loss is the Yanks

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Speaker 12: fifth in a row, and it drops them under five

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Speaker 12: hundred first time this season, first time this point in

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Speaker 12: the season since nineteen ninety five. They did make the

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Speaker 12: playoffs that season. That is extremely unlikely to happen this year.

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Speaker 12: But Aaron Boone, even in his Darke as times ever optimist.

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Speaker 5: We got nothing. Put ourselves to fix it and get going,

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Speaker 5: and that's what we're going to continue to try to do.

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Speaker 5: We're going to continue to come to work and work

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Speaker 5: our butts off and try and get it rolling and

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Speaker 5: hopefully get a streak going and starting at home on Friday.

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Speaker 12: Boone's been saying all those things for a while now

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Speaker 12: Matts mean while bet the Pirates eighty three two runs

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Speaker 12: for DJ Stewart Pete Alonzo with his thirty six of

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Speaker 12: the year. Mets hit eight homers in the three game series.

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Speaker 12: Dodgers won their tenth game in a row last night.

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Speaker 12: In the current episode of HBO's Hard Knocks, Jets coach

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Speaker 12: Rob Salas shown laying into poor play by the Jets

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Speaker 12: offensive line yesterday in a joint practice with Tampa Bay.

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Speaker 12: That line, which is without three starters, let Aaron Rodgers

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Speaker 12: get sacked six times. Rogers called the line play a

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Speaker 12: work in progress. A fight broke out in the workout.

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Speaker 12: Jets assist and Tony Odin heard his knee trying to

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Speaker 12: break it up. Sala called at friendly fire. Olden had

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Speaker 12: to be carted off taking to the hospital. Johns Stshawer

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Speaker 12: Bloomberg sport.

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Speaker 4: From coast to coast, from New York to San Francisco,

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Speaker 4: Boston to Washington, DC, nationwide on SIRIUSXAM, the Bloomberg Business

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Speaker 4: app in Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 2: And Good Thursday Morning. I'm Amy Morris. Republicans have ramped

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Speaker 2: up their campaigns in Iowa. This is ahead of next

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Speaker 2: week's Republican presidential debate. Some though, are finding themselves on

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Speaker 2: a political tight rope. That's thanks to, believe it or not,

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Speaker 2: an unemployment rate that's below the national average in Iowa.

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Speaker 2: We're joined now by Greg Valley, chief US policy strategist

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Speaker 2: at AGF Investments. Greg, it is always a pleasure. Let's

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Speaker 2: start with a problem that may not be unique to Iowa,

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Speaker 2: and it's a different kind of problem to have. They

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Speaker 2: need more workers. There's a labor shortage, which means immigration

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Speaker 2: is going to be a tough topic for Republicans on

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Speaker 2: the debate stage.

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Speaker 13: What say you, well, good morning, Amy, you're singing my song.

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Speaker 13: I've been saying for over a year that one of

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Speaker 13: the big economic problems in the US is a lack

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Speaker 13: of workers. We have an acute shortage in much of

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Speaker 13: the country. Immigration reform would help that, but there's no

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Speaker 13: immigration reform pending in Congress, so this will continue as

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Speaker 13: a big problem.

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Speaker 9: Now.

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Speaker 2: Donald Trump, meanwhile, has said he's going to be sitting

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Speaker 2: this particular debate out. We've been hearing this for several weeks. Now,

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Speaker 2: is this wise?

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Speaker 13: Well, if you're headed by as much as he is, yeah,

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Speaker 13: I'd say it's probably wise. You don't want any unforced errors.

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Speaker 13: But I have a hunt, Amy's that on the debate night,

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Speaker 13: Donald Trump will find some way to inject himself into

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Speaker 13: the limelight. He'll have a speech, He'll make some outrageous comment.

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Speaker 13: I don't think he'll let the debate go by without

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Speaker 13: attracting some attention to him.

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Speaker 2: Well, and to that end, there is speculation about time

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Speaker 2: for Donald Trump that he might consider turning himself into

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Speaker 2: Georgia in time to steal the thunder from his rival

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Speaker 2: Republicans on the debate stage. Is there anything to that?

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Speaker 13: Yeah, I think that I'll bets you're off. He's a

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Speaker 13: master showman, He's phenomenal at self promotion. And I don't

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Speaker 13: think he'll let the day go by without getting in

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Speaker 13: the limelight in one way or another. In what you

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Speaker 13: suggest is possible.

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Speaker 2: The prosecutor in Atlanta, meanwhile, we've been talking about that

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Speaker 2: this morning has timeline arraignments the week of September fifth,

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Speaker 2: the trial to begin by March fourth. First of all,

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Speaker 2: is that realistic? Secondly, don't defense attorneys get an opportunity

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Speaker 2: to have us say in that? And third why so fast?

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Speaker 13: Well, I think they would like to keep this in

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Speaker 13: the limelight. And the main point I would make about

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Speaker 13: Atlanta about Georgia is that this will take way over

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Speaker 13: a year. Here we are now in getting into late August.

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Speaker 13: I think maybe the trial will have begun by then,

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Speaker 13: but I think there almost certainly will be appeals. Another

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Speaker 13: thing Trump is very good at is appealing legal decisions.

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Speaker 13: It could be twenty twenty five before all four of

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Speaker 13: these huge cases are resolved. And it's not out of

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Speaker 13: the question. If Trump should win and he and Biden

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Speaker 13: are about tide, Trump could serve as president in jail.

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Speaker 1: No.

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Speaker 2: Oh, okay, So I don't want to shift gears on

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Speaker 2: that note, but I think we have to. We need

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Speaker 2: to look at the GOP and what you've been seeing

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Speaker 2: it doesn't look very much like a recession. That's also

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Speaker 2: something you've been talking about.

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Speaker 13: Yeah, that's another big development this summer. I would say

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Speaker 13: that the story that I think has caught the markets

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Speaker 13: by surprise is how strong the economy is. The Atlanta

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Speaker 13: Fed GDP now is out this morning with a new

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Speaker 13: forecast for this quarter of economic growth of five point

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Speaker 13: eight percent. I don't think we'll get that high. I

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Speaker 13: think they're unrealistic. But even if it's at four percent,

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Speaker 13: this is an economy that is far exceeding expectations.

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Speaker 2: Now let's talk a little bit about President Biden, who

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Speaker 2: has been touting his Inflation Reduction Act, and this is

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Speaker 2: one of the things that he says is a product

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Speaker 2: of that. Is that accurate?

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Speaker 13: I think he needs to get some He deserves some credit.

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Speaker 13: But the public is still nervous about inflation with good reason.

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Speaker 13: Gasoline prices are going back up again, and while the

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Speaker 13: economy is red hot, I think it would be premature

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Speaker 13: to declare victory on inflation, so that continues to hurt

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Speaker 13: Biden's prospects.

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Speaker 2: He's also going to be going to Hawaii on Monday.

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Speaker 2: He faced a lot of criticism before making this announcement.

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Speaker 2: Is that going to be enough?

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Speaker 13: Well, it's important, I think for him to show some

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Speaker 13: empathy for this horrible trag and I think it might

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Speaker 13: help him a bit. But for him, it really boils

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Speaker 13: down to the economy and inflation, and maybe to a

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Speaker 13: certain extent, Hunter Biden, but I think most voters care

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Speaker 13: far more about the economy.

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Speaker 2: Got about thirty seconds here. Before he goes to Hawaii,

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Speaker 2: He'll be at Camp David. He's got an international summit

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Speaker 2: with Japan and South Korea. What are you watching for.

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Speaker 13: I think there may be a statement at the end

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Speaker 13: of this talking about more cooperation, but I don't see

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Speaker 13: any bombshells. I don't see any big, huge development coming

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Speaker 13: out of this summit.

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