WEBVTT - Single Best Idea with Tom Keene: Richard Clarida & Michael Nathanson

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>The single best idea on an April first into I

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<v Speaker 2>guess a key to April second for our president and

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<v Speaker 2>for all Americans. We did lots on politics today. We'll

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

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<v Speaker 2>and it folds into our international art relations. We had

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<v Speaker 2>great coverage today from the old Northwest of America, the

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<v Speaker 2>Great Lakes and up to Minnesota and Wisconsin. An Maletti

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<v Speaker 2>was with us from Milwaukee. Thought. Nancy Lazarre out of Minneapolis.

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<v Speaker 2>Piper Sandler was just absolutely spellbinding today on the economic

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<v Speaker 2>moment we're in. Part of that is to get in

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<v Speaker 2>people with bulletproof academics and public service. Richard Clared, the

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<v Speaker 2>former vice chair of the FED, definitive with Columbia economic

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<v Speaker 2>Excuse me here in New York. We really got sort

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<v Speaker 2>of technical today, sort of academic, and he talked about

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<v Speaker 2>a thing called time consistency, which is basically, if what

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<v Speaker 2>you say now down the road, will it continue, will

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<v Speaker 2>it maintain? Will it be stable? In thought? Here is

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<v Speaker 2>the former vice chairman.

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<v Speaker 1>Well, I'm not sure, and in particular it gets it

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<v Speaker 1>another fundamental idea in economics, which is the idea of

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<v Speaker 1>time consistency that eventually people figure out that your promise

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<v Speaker 1>now may not be delivered in the future. And so

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<v Speaker 1>that's why, in particular, if the twenty percent tariffs that

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<v Speaker 1>we're hearing about are really the beginning of a negotiation,

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<v Speaker 1>that also adds an additional layer of uncertainty on top

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<v Speaker 1>of just knowing what the tariff number is is now.

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<v Speaker 1>You know, Tom we saw him when I was at

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<v Speaker 1>the FED in twenty nineteen that in fact, just the

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<v Speaker 1>uncertainty about the trade policy itself was a damper to

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

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<v Speaker 1>The macaron I think we're seeing an elevated version of

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<v Speaker 1>it now from Pimco.

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<v Speaker 2>Richard Claire had just on fire today in terms of

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<v Speaker 2>taking his academic work in DSGE. I'm not going to

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<v Speaker 2>expel it out for him, but there it is DSGE.

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<v Speaker 2>But over to the real world of FED policy and

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<v Speaker 2>the real world we're all living. And he was heated

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<v Speaker 2>about the two Americas this morning out there as we

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<v Speaker 2>face tomorrow and April second Liberation Day, if you will,

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

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

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

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<v Speaker 2>joining us as well. Michael Nathanson with Moffatt Nathanson. He

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<v Speaker 2>wrote a huge report. Paul Sweeney showed it to me

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<v Speaker 2>and we both agreed we had to get him in

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<v Speaker 2>right away. Michael Nathanson on YouTube. It was fascinating conversation.

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<v Speaker 2>Of course, we're all bundled up in it because of

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<v Speaker 2>YouTube podcasts and what we do on YouTube each and

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<v Speaker 2>every day. Paul and I are living this each and

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<v Speaker 2>every day with their team. Michael Nathanson on the choice

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<v Speaker 2>set that major media.

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<v Speaker 3>Has, Tom, you have no choice. YouTube is the platform, right,

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<v Speaker 3>you have to do what you're doing. You have to

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<v Speaker 3>basically use it to FoST capabilities, right, So you have

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

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<v Speaker 3>in media is short form, right.

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<v Speaker 4>There's not enough attention on kind of the YouTube shorts

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<v Speaker 4>or TikTok you know, or meta reels.

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<v Speaker 3>You have to come up with a way to leverage

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<v Speaker 3>short form video.

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<v Speaker 4>And also you have to become a creator, like you

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<v Speaker 4>have to basically become a mister beast which I don't

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<v Speaker 4>know if you're familiar with, and basically you have to

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<v Speaker 4>program for all types of consumption, right, So I think

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<v Speaker 4>what everyone can do is do long form content. But

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<v Speaker 4>what's missing here in the DNA of these companies is

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<v Speaker 4>that short form creator economy where you're using the difference,

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<v Speaker 4>you know, kind of the short form essence of YouTube

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<v Speaker 4>to break through the clutter. It's hard because there's no

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<v Speaker 4>barriers to entry, right, Like a great business that we've

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<v Speaker 4>analyzed in our careers had a big moat cord cord

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<v Speaker 4>cutting the cord, you know.

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<v Speaker 2>Michael nathan'son there on YouTube. Just the entire conversation was

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<v Speaker 2>just brilliant about this absolute mystery of where we're heading

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<v Speaker 2>in our consumption of entertainment and media. We're on a

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<v Speaker 2>YouTube podcast. This is single best idea