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

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Speaker 2: The single best idea on an April first into I

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Speaker 2: guess a key to April second for our president and

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Speaker 2: for all Americans. We did lots on politics today. We'll

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Speaker 2: do even more tomorrow, I'm sure, because we do economics, finance, investment,

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Speaker 2: and it folds into our international art relations. We had

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Speaker 2: great coverage today from the old Northwest of America, the

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Speaker 2: Great Lakes and up to Minnesota and Wisconsin. An Maletti

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Speaker 2: was with us from Milwaukee. Thought. Nancy Lazarre out of Minneapolis.

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Speaker 2: Piper Sandler was just absolutely spellbinding today on the economic

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Speaker 2: moment we're in. Part of that is to get in

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Speaker 2: people with bulletproof academics and public service. Richard Clared, the

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Speaker 2: former vice chair of the FED, definitive with Columbia economic

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Speaker 2: Excuse me here in New York. We really got sort

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Speaker 2: of technical today, sort of academic, and he talked about

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Speaker 2: a thing called time consistency, which is basically, if what

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Speaker 2: you say now down the road, will it continue, will

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Speaker 2: it maintain? Will it be stable? In thought? Here is

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Speaker 2: the former vice chairman.

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Speaker 1: Well, I'm not sure, and in particular it gets it

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Speaker 1: another fundamental idea in economics, which is the idea of

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Speaker 1: time consistency that eventually people figure out that your promise

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Speaker 1: now may not be delivered in the future. And so

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Speaker 1: that's why, in particular, if the twenty percent tariffs that

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Speaker 1: we're hearing about are really the beginning of a negotiation,

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Speaker 1: that also adds an additional layer of uncertainty on top

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Speaker 1: of just knowing what the tariff number is is now.

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Speaker 1: You know, Tom we saw him when I was at

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Speaker 1: the FED in twenty nineteen that in fact, just the

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Speaker 1: uncertainty about the trade policy itself was a damper to

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Speaker 1: the economy. And that's a very tangible factor fact of life.

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Speaker 1: The macaron I think we're seeing an elevated version of

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Speaker 1: it now from Pimco.

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Speaker 2: Richard Claire had just on fire today in terms of

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Speaker 2: taking his academic work in DSGE. I'm not going to

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Speaker 2: expel it out for him, but there it is DSGE.

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Speaker 2: But over to the real world of FED policy and

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Speaker 2: the real world we're all living. And he was heated

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Speaker 2: about the two Americas this morning out there as we

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Speaker 2: face tomorrow and April second Liberation Day, if you will,

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Speaker 2: with President Trump, We'll let full coverage of that. Looked

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Speaker 2: at Joe, Matthew and Kayli. Lene's leading our way. David Gerh,

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Speaker 2: I'm sure we'll be involved in that coverage as well,

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Speaker 2: joining us as well. Michael Nathanson with Moffatt Nathanson. He

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Speaker 2: wrote a huge report. Paul Sweeney showed it to me

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Speaker 2: and we both agreed we had to get him in

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Speaker 2: right away. Michael Nathanson on YouTube. It was fascinating conversation.

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Speaker 2: Of course, we're all bundled up in it because of

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Speaker 2: YouTube podcasts and what we do on YouTube each and

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Speaker 2: every day. Paul and I are living this each and

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Speaker 2: every day with their team. Michael Nathanson on the choice

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Speaker 2: set that major media.

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Speaker 3: Has, Tom, you have no choice. YouTube is the platform, right,

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Speaker 3: you have to do what you're doing. You have to

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Speaker 3: basically use it to FoST capabilities, right, So you have

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Speaker 3: to basically program long form like you're doing. What's missing

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Speaker 3: in media is short form, right.

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Speaker 4: There's not enough attention on kind of the YouTube shorts

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Speaker 4: or TikTok you know, or meta reels.

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Speaker 3: You have to come up with a way to leverage

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Speaker 3: short form video.

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Speaker 4: And also you have to become a creator, like you

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Speaker 4: have to basically become a mister beast which I don't

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Speaker 4: know if you're familiar with, and basically you have to

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Speaker 4: program for all types of consumption, right, So I think

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Speaker 4: what everyone can do is do long form content. But

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Speaker 4: what's missing here in the DNA of these companies is

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Speaker 4: that short form creator economy where you're using the difference,

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Speaker 4: you know, kind of the short form essence of YouTube

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Speaker 4: to break through the clutter. It's hard because there's no

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Speaker 4: barriers to entry, right, Like a great business that we've

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Speaker 4: analyzed in our careers had a big moat cord cord

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Speaker 4: cutting the cord, you know.

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Speaker 2: Michael nathan'son there on YouTube. Just the entire conversation was

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Speaker 2: just brilliant about this absolute mystery of where we're heading

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Speaker 2: in our consumption of entertainment and media. We're on a

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Speaker 2: YouTube podcast. This is single best idea