Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along
Speaker 2: with Paul Sweeney. Join us each day for insight from
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Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. One of
Speaker 2: the great things I do when I lecture is I
Speaker 2: talk about critical thinking skills. These are developed mostly by
Speaker 2: having a greater sense of correlations and interdependencies between different ideas,
Speaker 2: holding the high.
Speaker 3: Ground on that from B and HY.
Speaker 2: Jeff Reu joins us in studio, usually askanced in London.
Speaker 3: Jeff thrilled to heavy.
Speaker 2: In our studios. This morning way too short. We could
Speaker 2: do an hour which this morning.
Speaker 4: Thanks so much.
Speaker 2: Is the market ahead of the Fed? I've never seen
Speaker 2: such an ex post.
Speaker 3: X into a jumble?
Speaker 2: Is this constructive for markets to have this communicative uncertainty.
Speaker 4: Well, what's constructive for markets might not be as constructive
Speaker 4: for the FED. I think there's a bit of a
Speaker 4: dissonance there, and the fed's message, whatever it is not
Speaker 4: too so. So the fed's priority responsibility almost is not
Speaker 4: to induce panic, and the market should not be going
Speaker 4: into thinking that it can actually drive the FED in
Speaker 4: that direction. So I think now that's where we need
Speaker 4: to draw the fine line tomorrow. But you know, ultimately,
Speaker 4: if you ask me, is pricing a bit too assertive,
Speaker 4: a bit too airing on the side of the hard landing, Yes,
Speaker 4: it is right. So we clearly would be want to
Speaker 4: be on the side of that for the time being.
Speaker 4: And the rest of the world is watching right because
Speaker 4: in the past, if the US, you know, sneezes, the
Speaker 4: world catches a cold. But looking at how other central
Speaker 4: backs are behaving right now, I'm not so sure.
Speaker 3: Jeffrey.
Speaker 5: I know that I was in your shoes years ago.
Speaker 5: I know that your salesforce is running. You are all
Speaker 5: around the United States and this week talking to clients.
Speaker 5: What's your number one message?
Speaker 4: So number one message is, well, firstly, you know, from
Speaker 4: my side of the pond, can a conversation on fiscal
Speaker 4: happen at some point. You know, it's not like in Europe.
Speaker 4: You know, the conversations on fiscal are taking place in
Speaker 4: earnest and in fairness, It's not like you're presenting a
Speaker 4: good example either. But that is the concern because the
Speaker 4: US is the reserve asset at the end of the day,
Speaker 4: and the second side is is so going back to
Speaker 4: the hard landing conversation, how is the economy actually doing?
Speaker 4: And how's business investment doing? You know, how is how
Speaker 4: a household's behaving. I was in a Texas yes, yeah,
Speaker 4: it was my first time there. Yeah, and as far
Speaker 4: as I could tell, again just to speak from personal experience,
Speaker 4: you know that. So clearly a lot going on investment, construction,
Speaker 4: taking advantage you know, of the states and natural resources
Speaker 4: in terms of land in it and the light. So
Speaker 4: you're clearly there, whereas if you look at Europe, you know,
Speaker 4: if you look at you know the investment intent you're
Speaker 4: going on there, you just highlighted some pulling of investment
Speaker 4: or lack of investment you going through, so you can
Speaker 4: see a bit of a divergence. So that begs the
Speaker 4: question if there's that much going on in the US
Speaker 4: right now, wise market pricing and hard landing.
Speaker 3: Okay, it's just I'm going to tear up here. I
Speaker 3: got Jeffrey you in Texas. Where do you go with that?
Speaker 3: Jeff You?
Speaker 2: What does it then say about productivity differentials? Trudeau's flat
Speaker 2: on his back after a disaster in Montreal, Germany's flat.
Speaker 3: On its back, et cetera.
Speaker 2: So I got a labor dynamic, a capital guide dynamic.
Speaker 2: I got total fact or productivity, whatever you want to
Speaker 2: call it. But how do you overlay productivity and the
Speaker 2: confidence to be in the markets?
Speaker 6: US?
Speaker 4: Productivity a right? So if you just do it simple
Speaker 4: equation nominal growth or sorry, so potential growth, of which
Speaker 4: productivity is the key factor, plus demographics plus your inflation
Speaker 4: target is your terminal rate?
Speaker 6: Right?
Speaker 4: Just for bog standard Central Bank US productivity warrants justifies
Speaker 4: us exceptionalism. That's my message.
Speaker 2: Okay, So Chair Jones is a stand for if he
Speaker 2: flies over to your London School of economics, he's got
Speaker 2: to be sharkins in in the bottom line on productivity,
Speaker 2: is America is different?
Speaker 3: Is it just because we don't believe in.
Speaker 2: Austerity with our multi trillion dollar budgets.
Speaker 4: No, because America believes in its people. America has people,
Speaker 4: has the talent, and continues to attract that. That is
Speaker 4: the fundamental difference. Yes, there's a bit of a demographic
Speaker 4: argument there, But how it fosters productivity through innovation, that's
Speaker 4: that's a lesson you badly need to learn. Look at
Speaker 4: the Office Budget Responsibilities report based on the baseline scenario
Speaker 4: right now for UK productivity and this is the power
Speaker 4: of compounding. Right has UK's debt to GDP ratio in
Speaker 4: twenty seventy five at two hundred and seventy percent. If
Speaker 4: you lower the productivity basedline by one percentage point, it
Speaker 4: goes the six one hundred and fifty percent. If you
Speaker 4: increase the productivity baseline by one percent and the baselines
Speaker 4: one and a half so to two and a half,
Speaker 4: which probably the US is not far from, then you
Speaker 4: can keep to GDP ratio below one hundred percent. That's
Speaker 4: what the US has going for.
Speaker 3: It is Stiglit's little g Yeah.
Speaker 2: Stiglan's just screams about growth rate as being the key dynamic.
Speaker 5: Jeffrey, what do you tell our good friends in Texas
Speaker 5: about Europe, Middle East in Africa in terms of opportunities.
Speaker 5: What do you tell our friends.
Speaker 4: In well Europe right now it's you know, I'm struggling
Speaker 4: to get my head around your evaluations in the currency
Speaker 4: and the exchange, in the currency and equity markets. I
Speaker 4: thought the UCB was hawkish last week, you know, to
Speaker 4: be honest, and look at all the bad news and
Speaker 4: in terms of data on the corporate level and an
Speaker 4: aggregate level, why are you still hawkish? And they can say, well,
Speaker 4: we don't have a growth mandate, we're different from the FED.
Speaker 4: Fair enough, right, But then you should take a step
Speaker 4: back look at drag use report, how he highlighted compesitiveist
Speaker 4: issues and the like. So you know that's that really
Speaker 4: is a message that he's trying to hammer home. Can
Speaker 4: you deal with it? You know, So let's see in
Speaker 4: terms of the UK finally getting to some kind of
Speaker 4: political normalcy, I would say, but the budget up ahead
Speaker 4: again focusing on growth and productivity. Middle East. No, to
Speaker 4: be honest, now, that over the last few years has
Speaker 4: been the big change. You know, it's what our clients
Speaker 4: have been highlighting where the opportunity is. You know, there
Speaker 4: is a plan there to boost things. Of course, oil
Speaker 4: price is very much in focus right now, clients are
Speaker 4: looking for proxies, but medium longer term capital flows and
Speaker 4: the Middle East clearly as benefiting.
Speaker 3: Jeffrey, you are on China, so a lot of.
Speaker 4: Clients asking about President She's comments last week. They will
Speaker 4: hit the growth target. Let's just look at simple mathematics,
Speaker 4: right So if you look at the growth data for
Speaker 4: Q one and Q two and probably Q three below
Speaker 4: the target on an annualized basis, then Q four has
Speaker 4: to be strong. We cannot discount that, you know, at
Speaker 4: this point, I think the one thing China from an
Speaker 4: asset allocation basis has going for it is investment relative
Speaker 4: to benchmark is quite low right now. I think at
Speaker 4: this point, especially commodities market less so oil, but maybe
Speaker 4: industrial commodities Aussie dollar, you cannot afford to discount the
Speaker 4: risk of a major boost in Q four. Yes, it's
Speaker 4: probably a tactical plate rather than structuring the same.
Speaker 3: I can't.
Speaker 2: I mean, I don't know how the totalized, folks, but
Speaker 2: I'm in the You can't on this.
Speaker 3: When the facts change, She's going to change.
Speaker 2: I mean, I'm sorry, it's the same old story going
Speaker 2: back and lay they going to have a strategy, But
Speaker 2: would you suggest that Beijing will capitulate to realities allowing
Speaker 2: an FDI, allow an investment.
Speaker 4: So the recent announcement, you know, allowing foreign investment into
Speaker 4: healthcare into China for example. You know that is a
Speaker 4: very large market. So you look at the demographics of
Speaker 4: the premiere. Ever since he's been appointed, has been stressing
Speaker 4: need for FDI and the like, allowing visa free travel
Speaker 4: to China for business person, that kind of facilitation. That
Speaker 4: message is there. But going back to mathematics, capitulation to mathematics, right,
Speaker 4: especially if you believe in the growth target, you have
Speaker 4: to realize reality and accelerate everything.
Speaker 2: Jeffrey, you thank you so much for joining us.
Speaker 4: Thank you. It's a pleasure.
Speaker 3: So he hasn't been here since seventeen eighty four. Now
Speaker 3: that's a big It goes back to ya.
Speaker 5: I know it's number one Wall Street, the best address
Speaker 5: on global water.
Speaker 3: Jeffrey, thank you so much.
Speaker 6: He is with b and wife.
Speaker 2: This is what Bloomberg Surveillance is about. Advancing the conversation,
Speaker 2: the quality of the debate today, an economics finance investment
Speaker 2: in all The only reason it's here is because Texas
Speaker 2: is number one in the NCAA Football ratings. Ed, Heyman's
Speaker 2: having the best September is he's ever go get them
Speaker 2: log arts and you've got the fight and Texas aggy's
Speaker 2: coming up here. My father was at A and M
Speaker 2: so college station will do it to you here in
Speaker 2: a distance, Ed, you are here within your horrifically busy
Speaker 2: schedule to explain a shift. What did Julian and Manuel
Speaker 2: and your team at Evercore is I do to convince
Speaker 2: you to move to a construct economic outcome for mister Powell.
Speaker 7: Some of data dog as you know. And I'd been
Speaker 7: lugging around a recession forecast for about a year and
Speaker 7: my kids were laughing at me. My wife was kidding
Speaker 7: me about it, and I d I just I couldn't
Speaker 7: take it. And the fourth quarter's coming up more substantly.
Speaker 7: Fourth quarters coming up in a couple of weeks, and
Speaker 7: it's gonna be positive.
Speaker 3: Yep.
Speaker 7: So I have to change my forecast again to push
Speaker 7: it out. And anecdotal is coming in pretty strong. UH
Speaker 7: unemployment claims, which is the best government data has been strong.
Speaker 4: UH.
Speaker 7: System's got a lot of liquidity in it, and money's
Speaker 7: not tight, as you know, yep. And so I decided
Speaker 7: I should retreat to fight another day.
Speaker 5: So if a recession is not in the imminent you
Speaker 5: know future, what is what should the FED do tomorrow?
Speaker 3: Do you think.
Speaker 7: I don't really care right now?
Speaker 3: You don't really care?
Speaker 6: Okay?
Speaker 7: I mean I don't care in the sense that if
Speaker 7: they don't do fifty, I'll be shocked. Okay, because I've
Speaker 7: been at this so long, and the FED picks out
Speaker 7: somebody like Timors to communicate, frankly to me and you,
Speaker 7: this is not a situation where they're peddling their own view.
Speaker 7: And Timorus has said over and over the FED is
Speaker 7: going to do fifty, and if he's if they don't
Speaker 7: do fifty, go back.
Speaker 3: We got to stop. This is very important.
Speaker 2: Nick Timro is not standing with the Wall Street Journal
Speaker 2: and Colby Smith at the FT full disclosure. Colby worked
Speaker 2: for surveillance for years. We're really proud of what she's
Speaker 2: done at the T Okay, this is really really important.
Speaker 2: They've lost control of communication.
Speaker 3: Now.
Speaker 2: We had Arthur Burns smoke signals from his pipe, we
Speaker 2: had Greenspran with we're all on the same page, one line,
Speaker 2: and we're now where we are for everybody nationwide, listening
Speaker 2: worldwide listening. What's Ed Hyman's best communication model for our
Speaker 2: central bank?
Speaker 3: Timorous? Nick Tamros, You think they should be doing it
Speaker 3: through the media.
Speaker 7: That's the way they do it, they know.
Speaker 3: But what do you recommend we do to write my game?
Speaker 7: Game?
Speaker 2: Oh?
Speaker 3: Come on?
Speaker 2: Should we be more fractious like the Bank of England?
Speaker 7: We are what we are? The Bank of England first,
Speaker 7: the of the Buddhist Bank. They would actually try and
Speaker 7: mislead people.
Speaker 8: Fair, I will give you you cut and you say
Speaker 8: you're in these and or Piden and then Volker was
Speaker 8: close to the vest and then.
Speaker 7: Green Span came in and introduced the transparency program.
Speaker 3: Which we have today.
Speaker 7: But you know it's it's going to happen tomorrow, right
Speaker 7: and twenty five or fifty. It's not a killer one
Speaker 7: where the other.
Speaker 5: So how do you think about this US economy in
Speaker 5: the context of the global economy? We've heard about the
Speaker 5: US exceptionalism. Is that something you buy into is it
Speaker 5: new or is it it.
Speaker 7: Is not particularly new? I tend to buy into that story.
Speaker 7: But there have been plenty of plenty of ink spilled
Speaker 7: on this that the US really is an exceptional place
Speaker 7: and compared to Europe, which is not a particularly high bar. Right,
Speaker 7: and then China, I've almost lost touch with China.
Speaker 2: Well let me go there in your acclaimed note, folks
Speaker 2: who protect the copyright of all our guests to get
Speaker 2: Edheim and Julian Emmanuel's work, go to evercore isid. I'm sorry.
Speaker 2: The second derivative on China isn't pretty. You've got China
Speaker 2: M two China Bank loans ugly, ugly ugly. Do you
Speaker 2: have a faith that Beijing could clear the market, almost
Speaker 2: in a Hyekian way? They could come in say we
Speaker 2: got this wrong, straighten it out and rebuild FDI in investment.
Speaker 7: Yes, but no, they're not doing it. And so every
Speaker 7: day in the past, particularly the past two or three months,
Speaker 7: I thought they might come in any day and clear
Speaker 7: the boards. And I've waited and waited and waited, and
Speaker 7: we survey twenty one companies that have sales in China,
Speaker 7: and that survey is twenty nine on a zero to
Speaker 7: one hundred. It's been as high as seventy nine. It's
Speaker 7: been really wrong. And the US sort of a equivalent
Speaker 7: is forty eight. So I mean twenty nine is really bad.
Speaker 5: Yet you still see time and time again. Elon Musk,
Speaker 5: Tim Cook making the pilgrimage to China, because no matter
Speaker 5: what you say, it's still there.
Speaker 3: It's still big.
Speaker 5: The middle class presumably is great. It's all the arguments
Speaker 5: that we've heard of the last twenty or thirty years
Speaker 5: are still true. But the government doesn't seem to be open.
Speaker 5: I guess as.
Speaker 6: It used to be.
Speaker 7: I'm a big China fan, Okay. I'm on the board
Speaker 7: of the China Institute. I have many friends who are Chinese.
Speaker 7: I want to encourage US Chinese relations. But I'm at
Speaker 7: the end of my rope and I'm not sure if
Speaker 7: I'll ever go back.
Speaker 3: Wow.
Speaker 5: And is that simply a reflection of the political environment
Speaker 5: where all you talk about is tariffs here, tariff's there,
Speaker 5: and then on the other side of President g you
Speaker 5: know again, I'm not sure.
Speaker 7: I'm not sure they'll make come back.
Speaker 3: Yeah, okay, uh.
Speaker 2: And we got to finish strong here. We got too
Speaker 2: much going on. The Dow up one hundred points now
Speaker 2: up eighty eight points. The University of Texas is one
Speaker 2: of the few schools in the planet that actually make
Speaker 2: money at sports. Football contributes, basketball contributes, baseball pops six
Speaker 2: million dollars a year at the University a Texas.
Speaker 3: Where is your University of Texas right?
Speaker 2: I mean it's it's I've had the privilege of talking
Speaker 2: to Michael Dell about this, and it just seems like
Speaker 2: everything's moving in the right direction for the academics, the
Speaker 2: athletics of the University of Texas.
Speaker 3: What do you see there right now?
Speaker 7: It's a great school and he shouldn't uh say the
Speaker 7: truth and the truth still set you free? Whoa on
Speaker 7: the tower of the University of Texas. It's just the
Speaker 7: school that does a great job for kids, and I'm
Speaker 7: proud to have gone there. Academically, it's really good.
Speaker 2: Yeaports together like you know, the only equivalent I could
Speaker 2: think of its Michigan.
Speaker 3: Where they do you know, there's place and you know.
Speaker 2: They had football coaches making one tenth of what ed
Speaker 2: Hymen's making. That's a problem, but the answer is that
Speaker 2: they're you know, it's.
Speaker 3: Like a real deal Catholic.
Speaker 2: Like Dukes as well. A generous of you to come
Speaker 2: in again. We wanted to get Julian Emmanuel, but he
Speaker 2: was so we got.
Speaker 3: You to thank you.
Speaker 2: Edmenqu Si with a view to move away from economic
Speaker 2: slowdown to someplace new. We will look for the data.
Speaker 2: A very important interview for all of America within the
Speaker 2: election and the distraction of domestic debate versus our four
Speaker 2: in policy future. Jermani Bertecci had a wonderful conversation with
Speaker 2: the Prime Minister of Iraq, Mohammad Shia al Sudani on
Speaker 2: the tensions of Iraq Iran in the Middle East.
Speaker 3: Let's listen.
Speaker 1: The understanding of this relationship between Iraq and Iran is
Speaker 1: based on mutual interests and mutual respect. Iran is a
Speaker 1: neighboring country and we share one four hundred kilometers and
Speaker 1: that's in our interest to have a close relationship, especially
Speaker 1: that Iran has been supportive of the political process and
Speaker 1: our efforts in combating terrorism. Of course, Iraq is the
Speaker 1: only country in the region that has a special relationship
Speaker 1: between Iran and the United States, and we try through
Speaker 1: this positive characteristic to help in bringing opinions closer. And
Speaker 1: we are interested to have stability in the region away
Speaker 1: from the access policy. We don't want the tense relationships
Speaker 1: and the stances of other countries of the world to
Speaker 1: impact the Iraqi situation. This is our diplomatic effort and
Speaker 1: movements in terms of our bilateral and regional ties.
Speaker 2: The Prime Minister of Iraq Mohammad Shia el Saddani there
Speaker 2: and the distinction always made within the levant and over
Speaker 2: towards Persia is Shia versus Sunni, and it is unusual
Speaker 2: to have a Shia Prime Minister of Iraq as in
Speaker 2: Iran versus a Sunni heritage Jamani Bertecci joins us now
Speaker 2: from Dubai Jamani. Most people across America this morning are
Speaker 2: unaware that there's accountable half a million who lost their
Speaker 2: lives in the Iraq Iranian War of the nineteen eighties.
Speaker 2: How does Iraq and Iran begin to communicate now?
Speaker 9: It's such an interesting perspective that you bring in, and
Speaker 9: that is true the War of the eighties, very historical
Speaker 9: war in the region that probably doesn't get a lot
Speaker 9: of airtime. But the situation today is very different. That
Speaker 9: you have to remember there are a couple of things
Speaker 9: that bind Iraq and Iran together. It's starting with religious
Speaker 9: religious binds. And you've got to think about the two
Speaker 9: holiest site for Shia Islam. That's Najaf and Kharabala. They
Speaker 9: both fall in Iraq. So that is always going to
Speaker 9: be the case, and that's always going to be that
Speaker 9: religious draw and that religious tie that brings them together.
Speaker 9: But increasingly what we are seeing, especially in the last
Speaker 9: couple of years, is they've got politically a lot closer.
Speaker 9: And I had the opportunity to speak with the Prime
Speaker 9: Minister of the course of the weekend, and it is
Speaker 9: worth noting that he does enjoy a parliamenting majority. But
Speaker 9: the reason he enjoys that parliamenting majority is because he's
Speaker 9: been given legitimacy by political groups that are closely supported
Speaker 9: and affiliated to Iran. And so it is very worthy
Speaker 9: that just in the last couple of years, Iraq has
Speaker 9: fostered much closer political relationships to Iran. And one of
Speaker 9: the concerns in the region is that there are several
Speaker 9: non state actors that are again operating within this so
Speaker 9: called axis of resistance, that have been carrying on attacks,
Speaker 9: either US targets or Israeli targets.
Speaker 2: Well, your leadership of the conversation in Dubai, how does
Speaker 2: Sunni Middle East react to a combined Shia Iran and Iraq?
Speaker 2: How does Saudi Arabia, How does UAE create the rest
Speaker 2: out of frankly to the west to Morocco. How do
Speaker 2: they respond to this combination.
Speaker 9: So the impression that I got from speaking to the
Speaker 9: Prime Minister is that they see themselves as somewhat of
Speaker 9: a mediator. Now you will remember again this went under
Speaker 9: the radar, but there was somewhat of a mediation that
Speaker 9: took place between Saudi Arabia and Iran a couple of
Speaker 9: years ago. And everyone gave China the credit for hosting
Speaker 9: the talks between the two countries, but of course one
Speaker 9: being Signy and one being shira But in reality it
Speaker 9: was Iraq operating behind the scenes, going in between the two.
Speaker 9: Now you have to remember there's another link between Iraq
Speaker 9: and Saudi Arabian that is, of course, they're the second
Speaker 9: largest oil producer within OPEK. They're a very important member
Speaker 9: of OPEK. There's a lot of focus obviously within OPAK
Speaker 9: to support oil prices right now, and so Iraq is
Speaker 9: pitching itself as a country that can mediate between oil
Speaker 9: countries and the Gulf and also one that looks to
Speaker 9: enjoy bilateral security relationships with the US once the full
Speaker 9: withdrawal of the Coalition forces take.
Speaker 5: Place, and to that end, Dremana. In your interview with
Speaker 5: the Iraqi PM, he said that US troops are no
Speaker 5: longer needed following a near defeat of ISIS. What's the
Speaker 5: latest on that relationship and the troop deployment.
Speaker 9: Yeah, so you have to go back all the way
Speaker 9: to twenty fourteen. Remember, back then ISIS was a very
Speaker 9: clear and present danger. At one point, the ISIS forces
Speaker 9: were thought to have taken over about one third of
Speaker 9: the land mass in Iraq and Syria. So twenty fourteen
Speaker 9: was a very different situation, which meant you had the US,
Speaker 9: alongside a coalition forces from all around the world, deploy
Speaker 9: troops into Iraq to defeat the threat of ISIS. You
Speaker 9: Platford to today. It's a decade later, and what the
Speaker 9: Prime Minister was telling me is ISIS is no longer
Speaker 9: a threat. It's no longer a threat to the state. Yes,
Speaker 9: there are few commanders here and there hiding out to
Speaker 9: use his language in caves or in remote villages, but
Speaker 9: they don't have any political support, they don't have ISIS incubators,
Speaker 9: and therefore are much less of a risk. The same
Speaker 9: way they would look at drug smugglers is how they
Speaker 9: would view ISIS and the isis risk and therefore, in
Speaker 9: his eyes, there's less of a justification for US troops
Speaker 9: and US advisors termain on the grounds now. He suggested
Speaker 9: that there have been ongoing discussions with the Biden administration
Speaker 9: and that an announcement would be coming soon, or at
Speaker 9: least that is his hope. But in their eyes, there's
Speaker 9: no need anymore to have that arrangement with the US
Speaker 9: and with the Coalition forces.
Speaker 2: Jamana thank you so much leading her coverage into Middle
Speaker 2: East horizons on Bloomberg Television in duvide Jamana Vertecci.
Speaker 3: Daily.
Speaker 2: Look at the front pages, Alisa Matteo hour, Lisa, what
Speaker 2: do you have?
Speaker 10: Okay, this is Bloomberg Business Week. You have to check
Speaker 10: this out in the terminal. Came out with its best
Speaker 10: business school rankings for twenty twenty four twenty twenty five,
Speaker 10: and they look at the areas like compensation, learning, networking, entrepreneurship.
Speaker 10: Stanford took the top spot for the sixth year in
Speaker 10: a row. They scored in four of the five areas
Speaker 10: they look at. And then you round out the top five.
Speaker 10: You have Chicago's Booth School, then you have northwesterns Kellogg
Speaker 10: Dartmouth's Dartmouth's Talk and then Virginia's Darden, So that kind
Speaker 10: of rounds out the whole top for you.
Speaker 2: There and each of them different, them different.
Speaker 10: Yeah, and each of them different. And also what it's
Speaker 10: interesting too in this list you have to check out
Speaker 10: it breaks down which industries are hiring and from which
Speaker 10: schools too. So if you're looking out, they're consulting hiring
Speaker 10: the most, and that's followed by financial, technology, healthcare and consumer.
Speaker 10: So that's how they bring it down to.
Speaker 2: Over in Europe, I am d is I E s E.
Speaker 2: Business London Business School in NEBERCONTI. Good morning to those
Speaker 2: in Italy and see it as well with some monitor
Speaker 2: their Bloomberg BusinessWeek with that, and you know, it's it's
Speaker 2: a great It's all it is.
Speaker 3: It's a great list. I always, you know, seventy seven schools.
Speaker 5: And Doukems in number twelve obviously underrated.
Speaker 3: The should top ten of course.
Speaker 2: I think the big you know, you know, within the
Speaker 2: competition of this Harvard's number six, which I think would
Speaker 2: be the surprise within our work. Sloan Carnegie Melligan, Carnie
Speaker 2: mel I'll get it. Three two one Carnegie, Mellon, m
Speaker 2: I T nine and ten, Duke twelve, and on we
Speaker 2: go and there than Carolina? Though is there really you
Speaker 2: care about?
Speaker 3: Next?
Speaker 2: What do you go?
Speaker 3: All right?
Speaker 10: We're keeping with education. This one I saw an associated press.
Speaker 10: It stood out to me because it says students are
Speaker 10: reading fewer books in English class nowadays. So if you
Speaker 10: remember how many books we used to read, yes, yes,
Speaker 10: so here's what the teachers are doing. Instead, they're focusing
Speaker 10: on select packages passages from the books instead of having
Speaker 10: kids read the entire book. They're given chapter summaries for
Speaker 10: every novel that they were assigned, so they sometimes go
Speaker 10: to that. They're playing the audio books. They were assigning
Speaker 10: fewer books, more quizzes. But they're saying there's a reason
Speaker 10: behind the mass reason, the reason shorter attention spans. Kids
Speaker 10: can't sit there and read, and.
Speaker 3: You have to teach them.
Speaker 2: Yes, the joy of getting to the back end of
Speaker 2: Tale of Two Cities.
Speaker 10: Yes, pressure for standardized tests, they say, that's it, it's another way.
Speaker 2: Got that email the other day, don't get me?
Speaker 7: Oh see see.
Speaker 10: And then the sense of short They say that short,
Speaker 10: firm content is going to prepare them for the digital world,
Speaker 10: so they need.
Speaker 2: But not college.
Speaker 3: That's the difference. Let's say they get into duke Swing.
Speaker 3: Who's the duke?
Speaker 2: They it's Friday, and they go, okay, this is the
Speaker 2: reading in this weeekend.
Speaker 3: Yeah, boom your eighty.
Speaker 2: P one hundred pages and it's two different courses. You
Speaker 2: wake up, you try to get through it, and you
Speaker 2: got to figure out what to do with the second book.
Speaker 3: That's and they're not. I see it every day. I don't.
Speaker 3: You're upsetting. I gotta get you going.
Speaker 5: That's why I do it.
Speaker 10: This one's day Draft Kings being sued by the MLB
Speaker 10: Players Union. They're using the names images of their members
Speaker 10: without their permission. So this is a lawsuit filed in Philadelphia.
Speaker 10: So Draft Kings also Bet three six five they're also involved.
Speaker 10: They've been using pictures of these professional players and marketing campaign.
Speaker 10: The lawyer said that DraftKings and at three six five,
Speaker 10: they don't have to do that. They could offer the
Speaker 10: same type of bets and other sports without using the images.
Speaker 10: But it's you know, Draft Kings has been expanding the offerings.
Speaker 10: You know, the last month they acquired website Simple Bet.
Speaker 10: So it just goes to show you kind of like
Speaker 10: the different changes that are going.
Speaker 5: And then Michael Barr had the story about the sports
Speaker 5: gaming in New Jersey. All, I mean, this is just
Speaker 5: we're the early innings of all this sports betting and
Speaker 5: I don't know where it takes.
Speaker 3: Us quite from.
Speaker 10: And yeah, casinos in New Jersey are down.
Speaker 3: Right is you can do it. You can do so
Speaker 3: much just from your phone sitting on your car.
Speaker 2: You have to link the ratings success right to Betty.
Speaker 3: Yeah, I think so, Yeah, I think that brings right right.
Speaker 2: Next, what do you have?
Speaker 10: Okay, this is the last thing. A shift in home
Speaker 10: ownership in the US. More millionaires are choosing to rent
Speaker 10: instead of buy. They say it's just the lack of
Speaker 10: suitable homes. The Wall Street Journal they analyze some data,
Speaker 10: but the millionaires say they'd rather keep their money in
Speaker 10: cash and the stock market another investment. Since home prices,
Speaker 10: transaction fees are so high, you have property taxes on
Speaker 10: the rise, and of course insurance premiums where you have
Speaker 10: those mega mansions on the cliffs, you know, right by
Speaker 10: the water. So that's some of the reasons. But one
Speaker 10: guy said he has a three bedroom apartment luxury Manhattan
Speaker 10: high rise, nineteen thousand dollars a month. That's what he'd
Speaker 10: rather do because he can't find a house.
Speaker 2: Yeah, absolute sea change, absolute see change going on. I
Speaker 2: don't know what to make of it other than if
Speaker 2: people look at it and it doesn't work, if you're
Speaker 2: not investing it somewhere else, it's a failed strategy if
Speaker 2: you're just rent and to rent right dead on arrival.
Speaker 2: But if you're investing as well, you know, everybody's story
Speaker 2: is different, but you do the math and go from there.
Speaker 3: Lisa Mateo, thank you for the newspapers.
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