1
00:00:08,480 --> 00:00:12,320
Speaker 1: Welcome to Benchmark, a show about the global economy. I'm

2
00:00:12,400 --> 00:00:16,279
Speaker 1: Daniel Moss, economics writer with Bloomberg View in New York,

3
00:00:16,800 --> 00:00:19,960
Speaker 1: and I'm Scott landman and economics editor at Bloomberg News

4
00:00:20,000 --> 00:00:23,800
Speaker 1: in Washington. Today we're given you part two of our

5
00:00:23,880 --> 00:00:27,040
Speaker 1: two part Year and Special In case you missed the

6
00:00:27,120 --> 00:00:30,000
Speaker 1: first one, Scott and I have brought in three of

7
00:00:30,040 --> 00:00:33,159
Speaker 1: our colleagues from around the world. End The Kuren in

8
00:00:33,240 --> 00:00:38,239
Speaker 1: Hong Kong, Yana Randau in Europe, and Viviani Rodriguez, our

9
00:00:38,320 --> 00:00:43,000
Speaker 1: Latin America Managing editor for Economics and Government. We've already

10
00:00:43,000 --> 00:00:46,479
Speaker 1: taken a look back at twenty seventeen. Now we're going

11
00:00:46,479 --> 00:00:49,240
Speaker 1: to give you our predictions for the coming twelve months,

12
00:00:49,680 --> 00:00:54,520
Speaker 1: looking at three for provoking questions. One what will be

13
00:00:54,560 --> 00:00:59,560
Speaker 1: the most surprising economic development of the year? Two? Who

14
00:00:59,640 --> 00:01:03,000
Speaker 1: will be a key influential person you may never have

15
00:01:03,160 --> 00:01:07,760
Speaker 1: heard of? And three what will be a significant non

16
00:01:07,800 --> 00:01:13,360
Speaker 1: economic development that actually has an economic impact. Some of

17
00:01:13,400 --> 00:01:16,960
Speaker 1: the answers surprised me and they might very well surprise you.

18
00:01:17,200 --> 00:01:22,600
Speaker 1: So let's hear what everyone had to say. What would

19
00:01:22,600 --> 00:01:26,880
Speaker 1: be the most surprising economic development of twenty eighteen? End

20
00:01:28,000 --> 00:01:30,959
Speaker 1: Growth and trade will disappoint. Then all the indications are

21
00:01:30,959 --> 00:01:33,479
Speaker 1: wereheaded for another good year. We've had the best synchronized

22
00:01:33,520 --> 00:01:36,200
Speaker 1: growth since at least it started a decade. The view

23
00:01:36,280 --> 00:01:37,959
Speaker 1: is it's hard to stop a train in motion, but

24
00:01:38,000 --> 00:01:41,600
Speaker 1: there are worry spots. Wait a second, are you reversing yourself?

25
00:01:41,720 --> 00:01:44,720
Speaker 1: You just wrote about a trade war that didn't happen.

26
00:01:44,760 --> 00:01:49,720
Speaker 1: In fact, trade boomed in that's right. But the issue

27
00:01:49,720 --> 00:01:51,760
Speaker 1: with the trade is that a lot of it reflected

28
00:01:51,760 --> 00:01:55,520
Speaker 1: a rebounding commodity prices and the technology boom that could

29
00:01:55,560 --> 00:01:57,680
Speaker 1: fade as we go into twenty eighteen. And let's not

30
00:01:57,760 --> 00:01:59,880
Speaker 1: forget Donald Trump, and it's a threat of a trade

31
00:02:00,080 --> 00:02:02,040
Speaker 1: or they haven't gone away. And there's a view is

32
00:02:02,040 --> 00:02:04,920
Speaker 1: that US China trade tensions could rotch it up next year.

33
00:02:05,120 --> 00:02:08,640
Speaker 1: All right, all right, now you tell us Yana. I

34
00:02:08,639 --> 00:02:12,440
Speaker 1: would say the biggest surprise would be if inflation in

35
00:02:12,480 --> 00:02:15,840
Speaker 1: the Euro Area would finally pick up to a pace

36
00:02:15,919 --> 00:02:19,840
Speaker 1: that the ECB considers in line with press stability. They

37
00:02:19,880 --> 00:02:23,519
Speaker 1: have laid the groundwork. We've had negative interest rates for years.

38
00:02:24,080 --> 00:02:26,800
Speaker 1: We have a que program that's set to reach two

39
00:02:26,840 --> 00:02:31,720
Speaker 1: point six trillion euros. Think about that. In September and

40
00:02:32,200 --> 00:02:36,799
Speaker 1: we see some indication that companies are raising prices, they're

41
00:02:36,840 --> 00:02:41,239
Speaker 1: raising wages. The question now really is will it happen?

42
00:02:41,400 --> 00:02:47,880
Speaker 1: Who knows well. If NAFTA survives without a major revamp,

43
00:02:48,080 --> 00:02:50,880
Speaker 1: that would be a surprise and it would be quite significant,

44
00:02:51,120 --> 00:02:54,920
Speaker 1: especially for Mexico's economy doing a presidential year. So so

45
00:02:55,120 --> 00:02:59,799
Speaker 1: definitely want to look for Scott. One thing that if

46
00:02:59,840 --> 00:03:03,160
Speaker 1: you watch or read Bloomberg, we're watching closely is the

47
00:03:03,280 --> 00:03:05,880
Speaker 1: U S Treasury yield curve. This is the difference in

48
00:03:06,320 --> 00:03:09,480
Speaker 1: interest rates between two year and ten year, or five

49
00:03:09,560 --> 00:03:11,520
Speaker 1: year and thirty year, whichever way you want to slice it.

50
00:03:11,960 --> 00:03:15,920
Speaker 1: That spread is falling really really fast, and when it

51
00:03:16,000 --> 00:03:20,280
Speaker 1: becomes equal or the shorter end is higher than the

52
00:03:20,360 --> 00:03:23,760
Speaker 1: longer end, it's called an inverted yield curve. That can

53
00:03:23,760 --> 00:03:26,799
Speaker 1: be a sign that a recession is coming. And if

54
00:03:26,840 --> 00:03:31,960
Speaker 1: that happens in eighteen as it seems increasingly possible, maybe

55
00:03:32,000 --> 00:03:35,760
Speaker 1: not likely, but possible, it could spook markets and it

56
00:03:35,760 --> 00:03:39,520
Speaker 1: could get people more talking about a downturn in the

57
00:03:39,560 --> 00:03:44,280
Speaker 1: economy and change are thinking about how long this expansion

58
00:03:44,360 --> 00:03:48,240
Speaker 1: is going to last. I'm going to second Viviani's call

59
00:03:48,480 --> 00:03:52,040
Speaker 1: on NAFTA. It looked for a while as though NAFTA

60
00:03:52,080 --> 00:03:55,960
Speaker 1: had dodged a bullet that we're going to do renegotiations

61
00:03:56,360 --> 00:04:01,080
Speaker 1: rather than a US withdrawal. But those renego shations don't

62
00:04:01,120 --> 00:04:05,240
Speaker 1: seem to be going so well. All right, Well, let's

63
00:04:05,240 --> 00:04:09,280
Speaker 1: turn to our second question now around two who will

64
00:04:09,320 --> 00:04:13,280
Speaker 1: be a key influential person in economics or the world

65
00:04:13,280 --> 00:04:18,839
Speaker 1: of regional economy in that most people have not heard of, Janna,

66
00:04:18,880 --> 00:04:23,800
Speaker 1: Why don't you go first, I'd say Mario Sentenno. So far,

67
00:04:23,960 --> 00:04:27,120
Speaker 1: most people probably really haven't cared much about the man

68
00:04:27,160 --> 00:04:30,800
Speaker 1: who became Portugal's finance minister about two years ago, but

69
00:04:31,080 --> 00:04:34,280
Speaker 1: from next year onward they probably should. He wasn't a

70
00:04:34,360 --> 00:04:38,320
Speaker 1: chief of the Eurogroup, the group of your area finance ministers,

71
00:04:38,360 --> 00:04:42,119
Speaker 1: just this month, and his job will be incredibly tough

72
00:04:42,160 --> 00:04:45,360
Speaker 1: next year. He will have to steer reforms that ensure

73
00:04:45,400 --> 00:04:49,320
Speaker 1: that the your area recovery will hold. He will have

74
00:04:49,400 --> 00:04:54,040
Speaker 1: to negotiate compromises on issues including banking, union, fiscal policy,

75
00:04:54,600 --> 00:04:58,160
Speaker 1: and a little further down the line beyond our horizon.

76
00:04:58,600 --> 00:05:00,839
Speaker 1: He will also be a key play here and selecting

77
00:05:00,880 --> 00:05:04,480
Speaker 1: the next d president, who is also currently named Mario.

78
00:05:04,960 --> 00:05:08,320
Speaker 1: To Mario's with difficult jobs. All right, let's turn to Vivian.

79
00:05:08,360 --> 00:05:12,400
Speaker 1: Who's your choice? Oh? Hands down? Lopezo Brador in Mexico,

80
00:05:12,520 --> 00:05:15,520
Speaker 1: known only as Amla. He's ahead on the polls for

81
00:05:15,560 --> 00:05:19,520
Speaker 1: the presidential elections in July. He's really a firebrand and

82
00:05:19,720 --> 00:05:23,160
Speaker 1: he's no paionetto if he gets elected. I mean, we

83
00:05:23,279 --> 00:05:27,599
Speaker 1: can expect quite an interesting relationship in dayly sparring between

84
00:05:27,680 --> 00:05:30,919
Speaker 1: him and Donald Trump via Twitter, viea, you name it.

85
00:05:30,960 --> 00:05:34,440
Speaker 1: But definitely it could be the year of Amelo. How

86
00:05:34,440 --> 00:05:37,600
Speaker 1: many times has he run for president? Almost every election

87
00:05:37,640 --> 00:05:41,039
Speaker 1: in the last thirty years he threw his head there.

88
00:05:41,120 --> 00:05:44,680
Speaker 1: But this time he has a real shot. Could be

89
00:05:44,800 --> 00:05:47,000
Speaker 1: somebody who more people have heard of by the end

90
00:05:47,040 --> 00:05:50,880
Speaker 1: of for sure. All right, and who's your pick? I

91
00:05:50,960 --> 00:05:53,320
Speaker 1: look at Channa lou Hey. He's a keute advisor to

92
00:05:53,600 --> 00:05:56,680
Speaker 1: President Chooting Ping, and he's growing. He's an influence behind

93
00:05:56,720 --> 00:06:00,400
Speaker 1: the scenes, Harvard educated survivor of the culture whever, aolution

94
00:06:01,000 --> 00:06:03,400
Speaker 1: not at all known on the global stage, but he's

95
00:06:03,480 --> 00:06:06,200
Speaker 1: really growing his role and its influence, and he's tipped

96
00:06:06,400 --> 00:06:08,880
Speaker 1: for something of a much bigger role as a shooting

97
00:06:08,920 --> 00:06:11,240
Speaker 1: paying second term gets underway, and of course we not.

98
00:06:11,279 --> 00:06:14,200
Speaker 1: There's a lot of a pigness around China's policy making,

99
00:06:14,160 --> 00:06:16,039
Speaker 1: and there they have a lot of big challenges, and

100
00:06:16,120 --> 00:06:19,120
Speaker 1: he's going to be tasked with managing stability of financial

101
00:06:19,160 --> 00:06:23,240
Speaker 1: system and keeping the economy on track. Cha definitely an

102
00:06:23,240 --> 00:06:27,200
Speaker 1: influential economic policy maker, but not a household name by

103
00:06:27,240 --> 00:06:30,120
Speaker 1: any chance. Dad, how about you. I'm going to cheat

104
00:06:30,160 --> 00:06:33,640
Speaker 1: a little and go for a thing rather than an individual.

105
00:06:34,120 --> 00:06:37,839
Speaker 1: And it is China's Belt and Road Initiative. One of

106
00:06:37,839 --> 00:06:42,080
Speaker 1: the great narratives running through discussions with serious people this

107
00:06:42,160 --> 00:06:46,400
Speaker 1: year has been this question ken democracies, and the US

108
00:06:46,520 --> 00:06:50,760
Speaker 1: is a proxy for that still do big things. You

109
00:06:50,839 --> 00:06:54,200
Speaker 1: look across the China, which has a very different political system,

110
00:06:54,320 --> 00:06:57,800
Speaker 1: yet it's managing to do big things. The Belt and

111
00:06:57,920 --> 00:07:02,840
Speaker 1: Road Initiative is compare it quite favorably with the Marshall Plan,

112
00:07:03,000 --> 00:07:07,080
Speaker 1: and it's just tough to conceive that the US could

113
00:07:07,120 --> 00:07:10,640
Speaker 1: do something like that. These days probably will be influential,

114
00:07:10,720 --> 00:07:14,800
Speaker 1: not just but years to come. Okay, I'm going to

115
00:07:14,920 --> 00:07:19,120
Speaker 1: go last again, and my pick is Marvin good Friend.

116
00:07:19,480 --> 00:07:22,800
Speaker 1: He was recently nominated to the Federal Reserve Board of

117
00:07:22,840 --> 00:07:27,720
Speaker 1: Governors by President Trump, and he's a scholar of monetary policy,

118
00:07:28,080 --> 00:07:32,560
Speaker 1: and somebody with a pretty strong research body who's likely

119
00:07:32,600 --> 00:07:35,240
Speaker 1: to be influential because he will be pretty much the

120
00:07:35,280 --> 00:07:38,240
Speaker 1: only person with that kind of background on the FED

121
00:07:38,640 --> 00:07:42,520
Speaker 1: Board of Governors. Next year you have Janet Yellen leaving,

122
00:07:42,600 --> 00:07:45,920
Speaker 1: obviously going to be replaced by Jerome Powell as chairman.

123
00:07:46,040 --> 00:07:49,120
Speaker 1: He is not a scholar. He's a lawyer, been in

124
00:07:49,280 --> 00:07:54,600
Speaker 1: various government positions, well respected, not a policy person. Stan Fisher,

125
00:07:54,760 --> 00:07:57,360
Speaker 1: the well known vice chairman of the FED, has also

126
00:07:57,480 --> 00:08:01,240
Speaker 1: already left, and the other people on are not scholars.

127
00:08:01,360 --> 00:08:05,200
Speaker 1: So good Friend is well positioned to be influential in

128
00:08:05,960 --> 00:08:08,040
Speaker 1: You're going to be hearing a lot about him, Scott.

129
00:08:08,040 --> 00:08:10,440
Speaker 1: Can I just challenge you on that one. It's not

130
00:08:10,560 --> 00:08:14,640
Speaker 1: like j Powell has not held senior economic post. It's

131
00:08:14,680 --> 00:08:16,640
Speaker 1: not like he doesn't have a sense of how the

132
00:08:16,720 --> 00:08:21,600
Speaker 1: economy works. He certainly does, but he doesn't have the

133
00:08:21,760 --> 00:08:27,280
Speaker 1: intellectual research background that someone like good Friend has that

134
00:08:27,640 --> 00:08:32,560
Speaker 1: Powell's predecessors Janet Yellen, Ben Bernanke, even Greenspan to some extent,

135
00:08:33,000 --> 00:08:36,400
Speaker 1: have had and is also predominant in the world of

136
00:08:36,480 --> 00:08:40,439
Speaker 1: central banking right now, as and Jana and Vivian No

137
00:08:40,720 --> 00:08:47,160
Speaker 1: very well. Last one a little different name one non

138
00:08:47,160 --> 00:08:51,920
Speaker 1: macro economic issue that will have a significant impact in

139
00:08:52,000 --> 00:08:57,400
Speaker 1: ten d A. I. I know it's something of a cliche,

140
00:08:57,520 --> 00:08:59,440
Speaker 1: but that doesn't mean we can ignore it. We're talking

141
00:08:59,480 --> 00:09:03,280
Speaker 1: about deep learning, robots AI, and not just about factory

142
00:09:03,280 --> 00:09:06,280
Speaker 1: floors and shenzen being automated. This is going to become

143
00:09:06,320 --> 00:09:10,400
Speaker 1: an increasing themes through and beyond as our workplaces changed

144
00:09:10,640 --> 00:09:13,559
Speaker 1: and our work practices change, how we drive change, how

145
00:09:13,600 --> 00:09:17,000
Speaker 1: we learn at school universities change. One investor said to

146
00:09:17,000 --> 00:09:19,120
Speaker 1: me this week, if you're not on board, you'll be

147
00:09:19,120 --> 00:09:22,280
Speaker 1: like a luddit during the original Industrial Revolution. That's my

148
00:09:22,360 --> 00:09:25,160
Speaker 1: tip for next year and beyond. Okay, Yanna, you're going

149
00:09:25,200 --> 00:09:28,560
Speaker 1: to be smashing printing presses as well. No, no, I'll

150
00:09:28,640 --> 00:09:31,360
Speaker 1: keep it very contained. Um. And as a huge soccer fan,

151
00:09:31,440 --> 00:09:33,199
Speaker 1: I would have to say the World Cup in Russia.

152
00:09:34,200 --> 00:09:38,280
Speaker 1: Economic studies put the positive economic impact of previous tournaments

153
00:09:38,280 --> 00:09:41,480
Speaker 1: at anywhere between three billion dollars fourteen billion dollars, you

154
00:09:41,559 --> 00:09:45,400
Speaker 1: make a pick. Some three point five million tickets have

155
00:09:45,640 --> 00:09:50,520
Speaker 1: already been requested. That's huge, and while most of those

156
00:09:50,880 --> 00:09:55,199
Speaker 1: requests have come from within Russia, tens of not hundreds

157
00:09:55,200 --> 00:09:58,600
Speaker 1: of thousands will flock to the country, will make their

158
00:09:58,640 --> 00:10:02,280
Speaker 1: way to Russia to see their teams play. That's despite

159
00:10:02,320 --> 00:10:05,640
Speaker 1: sanctions weighing on Russia for its military operations in part

160
00:10:05,679 --> 00:10:10,160
Speaker 1: of Ukraine, for example. And one other interesting thing is

161
00:10:10,200 --> 00:10:13,200
Speaker 1: that even the oil market may be affected by this.

162
00:10:13,800 --> 00:10:17,040
Speaker 1: Russia will face Saudi Arabia and the opening game, and

163
00:10:17,320 --> 00:10:20,640
Speaker 1: just eight days later, just more week, uh, those nations

164
00:10:20,640 --> 00:10:23,840
Speaker 1: will meet again at an openc table in Vienna discussing

165
00:10:23,880 --> 00:10:27,640
Speaker 1: whether supply cuts should be extended. Perhaps we should root

166
00:10:27,720 --> 00:10:31,440
Speaker 1: for a draw. Viviani. Well, I will draw attention to

167
00:10:31,559 --> 00:10:34,320
Speaker 1: something very particular to that in America, which is we're

168
00:10:34,320 --> 00:10:38,960
Speaker 1: seeing a stronger and deeper connection between the evangelical lobby

169
00:10:39,040 --> 00:10:41,720
Speaker 1: and the narco money in the region. In Brazil alone,

170
00:10:41,760 --> 00:10:43,840
Speaker 1: now we have what we call the phenomena of the

171
00:10:43,920 --> 00:10:47,760
Speaker 1: mega churches and how actually they recruit. And I spent

172
00:10:47,920 --> 00:10:50,440
Speaker 1: quite a lot of time in Brazil prisons for example,

173
00:10:51,000 --> 00:10:53,959
Speaker 1: where they you know, like, for example, you're arrested, you're

174
00:10:54,000 --> 00:10:56,240
Speaker 1: part of the narcos system, but when you out, you

175
00:10:56,320 --> 00:10:59,520
Speaker 1: convert yourself and you start working for the church and

176
00:10:59,559 --> 00:11:02,199
Speaker 1: you raiy is a lot of money. And how this

177
00:11:02,280 --> 00:11:06,560
Speaker 1: money ends up really financing campaigns or somehow showing up

178
00:11:06,600 --> 00:11:09,600
Speaker 1: in the way that it provides support to lobbies and

179
00:11:09,600 --> 00:11:14,400
Speaker 1: and certain particulars agenda within Brazil Congress. So definitely a

180
00:11:14,400 --> 00:11:18,160
Speaker 1: phenomenon that it runs deep, it runs a little bit underground,

181
00:11:18,559 --> 00:11:22,040
Speaker 1: but it will keep growing in Latin America, especially in

182
00:11:22,080 --> 00:11:25,920
Speaker 1: a year with so many elections Brazil, Colombia, Mexico, we

183
00:11:26,000 --> 00:11:28,720
Speaker 1: might see more of this playing out. You know, this

184
00:11:28,800 --> 00:11:31,600
Speaker 1: is fascinating. We in the United States are accustomed to

185
00:11:31,679 --> 00:11:36,560
Speaker 1: thinking of the evangelical lobby in terms of Republican politics

186
00:11:37,000 --> 00:11:40,240
Speaker 1: in the US and particularly in the South and the Midwest.

187
00:11:40,320 --> 00:11:43,880
Speaker 1: You're saying that's not so exclusive. Well, in Latin America

188
00:11:44,280 --> 00:11:46,959
Speaker 1: precisely is not so exclusive, I would say, I mean,

189
00:11:47,120 --> 00:11:50,760
Speaker 1: obviously it has has more of a connection with impoverished communities.

190
00:11:51,360 --> 00:11:55,840
Speaker 1: So you see more evangelical churches again in destitute communities

191
00:11:55,880 --> 00:11:59,120
Speaker 1: in Brazil, right, many of them are ravished by the

192
00:11:59,200 --> 00:12:03,360
Speaker 1: drug problem. So hence that connection between a lot of

193
00:12:03,400 --> 00:12:05,680
Speaker 1: the I would say, maybe the parishes or or or

194
00:12:05,720 --> 00:12:08,240
Speaker 1: the devout I mean, also has some connections with the

195
00:12:08,320 --> 00:12:13,120
Speaker 1: Narco Scott you know, Dan, it feels increasingly like we're

196
00:12:13,200 --> 00:12:17,360
Speaker 1: at a real historic moment in the United States. Every

197
00:12:17,559 --> 00:12:21,280
Speaker 1: day there are more revelations. More and more women are

198
00:12:21,360 --> 00:12:25,360
Speaker 1: coming forward to share their stories of sexual harassment by

199
00:12:25,440 --> 00:12:30,319
Speaker 1: powerful figures in media, government, politics, and so on. And

200
00:12:30,520 --> 00:12:33,640
Speaker 1: it also feels like we're just scratching the surface here

201
00:12:33,920 --> 00:12:36,480
Speaker 1: that there are many, many more stories to come in

202
00:12:36,960 --> 00:12:40,160
Speaker 1: many other industries, and not just in the US, but

203
00:12:40,440 --> 00:12:43,800
Speaker 1: in other countries around the world as well. This is

204
00:12:43,840 --> 00:12:45,880
Speaker 1: just going to grow and grow and grow, and it's

205
00:12:45,880 --> 00:12:49,560
Speaker 1: going to topple many more leaders in business and government,

206
00:12:50,000 --> 00:12:53,200
Speaker 1: and some of those are going to have an economic

207
00:12:53,320 --> 00:12:56,120
Speaker 1: impact that will be felt in the US and possibly

208
00:12:56,160 --> 00:12:59,600
Speaker 1: around the world. I'm going to go to Wisconsin. U. S.

209
00:12:59,600 --> 00:13:03,280
Speaker 1: Supreme in Court has been hearing a case on jerrymandering

210
00:13:03,800 --> 00:13:09,079
Speaker 1: of electoral districts in Wisconsin. Now, if the Supreme Court

211
00:13:09,160 --> 00:13:14,840
Speaker 1: decides to overturn the Wisconsin electoral map, it will have

212
00:13:15,200 --> 00:13:21,080
Speaker 1: precedent throughout the country. Right now, jerrymandering is widespread, with

213
00:13:21,120 --> 00:13:23,840
Speaker 1: the possible exception of two states. One that might not

214
00:13:23,960 --> 00:13:30,640
Speaker 1: surprise California, any other that might Iowa. Now, if jerrymandering

215
00:13:30,960 --> 00:13:35,480
Speaker 1: is outlawed or weakening, you could see a lot more

216
00:13:35,559 --> 00:13:41,959
Speaker 1: incentive for lawmakers to engage in serious policy focused legislation

217
00:13:42,160 --> 00:13:45,720
Speaker 1: right now, if you're a Republican, the only thing you

218
00:13:45,800 --> 00:13:49,560
Speaker 1: really have to worry about is a challenge from the right.

219
00:13:50,000 --> 00:13:52,680
Speaker 1: If you're a Democrat, the only thing you really have

220
00:13:52,840 --> 00:13:56,240
Speaker 1: to worry about is a challenge from the left. I'm

221
00:13:56,240 --> 00:13:59,600
Speaker 1: not equating the two. I'm just saying there's this phenomenon

222
00:14:00,000 --> 00:14:02,600
Speaker 1: people only have to worry about their base because many

223
00:14:02,600 --> 00:14:06,720
Speaker 1: electoral districts have become so safe, make more of them competitive,

224
00:14:07,200 --> 00:14:11,880
Speaker 1: more might have to engage in serious policy deliberation and legislation.

225
00:14:12,640 --> 00:14:14,640
Speaker 1: Thanks to our panel, We're going to have to leave

226
00:14:14,679 --> 00:14:17,440
Speaker 1: it there. We will have you back in twelve months

227
00:14:17,480 --> 00:14:21,040
Speaker 1: time to give you some scrutiny and see what panned

228
00:14:21,080 --> 00:14:25,760
Speaker 1: out and what didn't and why. Have a great new year.

229
00:14:26,400 --> 00:14:29,680
Speaker 1: Thank you Danny's for fun. Thank you guys, that was great.

230
00:14:30,360 --> 00:14:34,280
Speaker 1: Thank you looking forward to talking next year and twelve listeners,

231
00:14:34,680 --> 00:14:36,960
Speaker 1: Thank you for staying with us for a second year.

232
00:14:37,280 --> 00:14:40,360
Speaker 1: We literally couldn't have done it without you. I hope

233
00:14:40,400 --> 00:14:43,160
Speaker 1: you have a great holiday and a great new year.

234
00:14:43,720 --> 00:14:48,280
Speaker 1: A special thanks to Scott, my co host, who's persevered

235
00:14:48,320 --> 00:14:51,920
Speaker 1: with me, and above all to Sarah Patterson, our producer,

236
00:14:52,160 --> 00:14:59,240
Speaker 1: without whom none of this could really happen. Benchmark will

237
00:14:59,280 --> 00:15:01,800
Speaker 1: be back next week. In the meantime, you can find

238
00:15:01,880 --> 00:15:05,000
Speaker 1: us on the Bloomberg terminal, Bloomberg dot com, or Bloomberg app,

239
00:15:05,040 --> 00:15:08,160
Speaker 1: as well as on Apple Podcasts, pocket Casts, and Stitcher.

240
00:15:08,600 --> 00:15:10,680
Speaker 1: While you're there, take a minute to rate and review

241
00:15:10,720 --> 00:15:13,360
Speaker 1: the show so more listeners can find us and you

242
00:15:13,400 --> 00:15:14,960
Speaker 1: can let us know what you thought of the show.

243
00:15:15,320 --> 00:15:19,080
Speaker 1: Follow me on Twitter at at scott Landman Dan you're

244
00:15:19,160 --> 00:15:24,200
Speaker 1: at Moss Underscore. He Coat and is at at Enda Current,

245
00:15:24,520 --> 00:15:27,480
Speaker 1: Janna is at at j R A and d Ow

246
00:15:27,760 --> 00:15:30,920
Speaker 1: and Vivian is that at b I V Underscore r

247
00:15:31,000 --> 00:15:34,640
Speaker 1: O D thirteen. This episode of Benchmark was produced by

248
00:15:34,720 --> 00:15:38,440
Speaker 1: Sarah Patterson and Tofur Forehead. The head of Bloomberg Podcasts

249
00:15:38,480 --> 00:15:41,800
Speaker 1: is Francesca Levy. Thanks for listening, See you next time.