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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Surveillance Podcast. Catch us live weekdays at seven am Eastern

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Speaker 1: on Apple CarPlay or Android Auto with the Bloomberg Business App.

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube.

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Speaker 2: He is wonderful, venerable, extinguished up in Portland, Maine. Gerard

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Speaker 2: Cassidy joins US head of US Bank Strategy for all

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Speaker 2: of OURBC Capital Americans, Gerrod, I got to start with

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Speaker 2: Portland first. You had some very difficult fires there in

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Speaker 2: the last couple of weeks, didn't you. How's Portland doing

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Speaker 2: after I think some difficult fires on the docks.

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Speaker 3: I'm looking at him from my window, and you're right.

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Speaker 4: We lost sey four businesses, but fortunately nobody was hurt.

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Speaker 3: But they're going to rebuild and which would be great.

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Speaker 4: But it was a tough time in between Christmas and

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Speaker 4: New Year's, no doubt about it.

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Speaker 5: Tell me that you didn't lose that lobster sheck you

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Speaker 5: sent me to on a Summer's day years ago.

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Speaker 4: I mean, no, no, that is still there, Tom and okay,

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Speaker 4: waiting for your return.

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Speaker 5: We'll do that.

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Speaker 2: I can see a remote I think, Lisa, it's as

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Speaker 2: made for us, Joy Cassidy. You and I have been

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Speaker 2: doing this back to Tucker Anthony in RL day. How

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Speaker 2: are the big banks different from where they were forty

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Speaker 2: years ago? They just seemed so dominant with almost monopsisistic power.

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Speaker 4: You summed it up well, because back then we had

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Speaker 4: eighteen thousand banks and thrifts when you and I were

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Speaker 4: young men, and today were down to about forty three hundred.

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Speaker 4: So the consolidation that was brought on by national interstate

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Speaker 4: banking under the Clinton administration when they signed that law

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Speaker 4: has really led to the consolidation. As a result, what

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Speaker 4: has happened is that the banks have become more efficient,

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Speaker 4: which has led to much better profitability, while at the

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Speaker 4: same time their capital levels are meaningfully higher than they

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Speaker 4: were twenty thirty years ago, and of course since the

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Speaker 4: financial crisis. So the industry today second third quarter profits,

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Speaker 4: I mean, the FDIC hasn't come out yet obviously with

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Speaker 4: fourth quarter numbers, but the industry is a record profitability

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Speaker 4: in the third quarter on an annualized basis, it's.

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Speaker 3: Doing very well.

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Speaker 6: Will you talk about we were talking about loan growth

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Speaker 6: earlier this morning with the big three banks out today

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Speaker 6: on top of JP Morgan yesterday, and loan growth seems

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Speaker 6: to be driving the business. There's competition heating up for deposits.

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Speaker 6: What does that mean? I'm curious for the bank consumer

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Speaker 6: because we're all bank consumers, right, what does that mean

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Speaker 6: for us as consumers?

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Speaker 5: Sure?

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Speaker 4: From the loan growth perspective, ye're right. When we look

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Speaker 4: at the Friday data. Every Friday afternoon in the Federal Reserve,

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Speaker 4: Leach releases the H eight data, which is about loan

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Speaker 4: growth for the industry coming into twenty twenty five. That

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Speaker 4: was showing you over year loan growth of about zero

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Speaker 4: to one percent last Friday, then number is five to

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Speaker 4: six percent, So coming into twenty six, loan growth is

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Speaker 4: expected to be much better than last year. On the

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Speaker 4: deposit side, because rates have come down, consumers are.

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Speaker 3: Receiving lower rates on their savings.

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Speaker 4: Deposits, money market mutual fund deposits, and certificates of deposit.

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Speaker 4: But that being said, the system is still very flushed

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Speaker 4: with deposits, so banks are not really chasing deposits. But

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Speaker 4: if this loan growth comes through by this time next year,

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Speaker 4: you will see probably better competition on deposits.

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Speaker 6: City CFO out this morning after earnings, and on the

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Speaker 6: earnings call, Surprise Surprise said they would not support a

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Speaker 6: credit card rate CAAP. We know that cident Trump. Affordability

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Speaker 6: is top of mind now with the midterm elections ahead

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Speaker 6: of us, and he wants to cap these rates at

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Speaker 6: ten percent for a year. Talk to me about why that.

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Speaker 6: Why isn't that a good idea If it's just for

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Speaker 6: a year. Okay, so there's an end point here. He's

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Speaker 6: not saying forevermore. Couldn't the banks do that without really,

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Speaker 6: you know, hurting profits?

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Speaker 4: Profitability would be impact as significantly if race came down

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Speaker 4: for ten percent for a year, especially for the credit

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Speaker 4: card lenders, because when you think about it, let's assume

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Speaker 4: the cost of funding is three to four percent. Credit

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Speaker 4: losses for the higher risk credit customers, those are the

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Speaker 4: lower FICO score they run anywhere from five to seven percent,

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Speaker 4: so you're losing money without even.

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Speaker 3: Talking about operating expenses.

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Speaker 4: So what would happen is that originations for the customers

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Speaker 4: that need the money the most, so the credit the

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Speaker 4: most lower FICO score customers. With Jesus, you'll have to

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Speaker 4: go to alternatives where the rates are much higher than

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Speaker 4: the banks are charging, so I think it's the second

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Speaker 4: and third derivative that really would impact not just banks,

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Speaker 4: but consumer spending in the economy.

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Speaker 2: I mean, I asked Rod Cassidy about the third derivative

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Speaker 2: of the Boston Red Sox, but you'd hang up on us.

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Speaker 2: Right now, Gerard, I wanted to do a victory lab

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Speaker 2: for Jane Fraser.

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Speaker 5: You've been way out front of this story.

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Speaker 2: I'm going to shout out to Mike Mayo as well,

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Speaker 2: your partner in crime, Gerard Cassidy. She came in in

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Speaker 2: the heart of COVID lots of skepticism.

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Speaker 5: Nobody will let me interviewer.

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Speaker 2: Because I'll ask tough questions In all that, Gerard Cassidy,

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Speaker 2: she's borderline executive.

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Speaker 5: Of the year. What does she need to do to continue?

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Speaker 5: The City Group Assent.

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Speaker 4: Tom has a very good opening comment on her, and

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Speaker 4: I agree with you. It's going to be an interesting

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Speaker 4: transition for City in twenty twenty six. The turnaround story

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Speaker 4: that she has orchestrated has gone very well and she

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Speaker 4: should be congratulated for it, and the stock has reacted accordingly.

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Speaker 4: Now they're going to be finished once Mexico's consumer banking

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Speaker 4: business is spun off. In an IPO sometime early this year.

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Speaker 4: They're going to go from a turnaround story to her

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Speaker 4: growth story, Toms. And this is going to be the

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Speaker 4: interesting part because their global corporate banking, payments, investment banking top.

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Speaker 3: Of class, very good. Where they under.

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Speaker 4: Punch Contrary to what you and I remember when we

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Speaker 4: were much younger US consumer, they don't have a play here.

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Speaker 3: They are so far behind Bank America and JP Morgan.

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Speaker 4: Their global wealth management business is also undersized. So those

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Speaker 4: two areas will have to be addressed and grown. So

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Speaker 4: I think the heavy lifting starts in a different direction

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Speaker 4: for her, which is they have to grow the bank

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Speaker 4: in these areas.

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Speaker 3: And that will be challenging.

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Speaker 2: You know, let's take it back decades here, back when

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Speaker 2: Bucky F. Dent was coaching up in your main at

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Speaker 2: Gerard Cassidy. You know, I look at this and I go,

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Speaker 2: I gotta ask Gerard, what's a small bank stock?

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Speaker 5: Right now? Are you doing that anymore? Is that beneath you?

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Speaker 5: Do you have a small bank you can tell us about.

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Speaker 3: It's never beneath me, Tom.

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Speaker 4: But what's happened is the small banks have gotten so

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Speaker 4: much larger.

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Speaker 3: And the one that I think is really interesting and

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Speaker 3: I know it's.

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Speaker 4: Not five billion in assets, but Popular of Puerto Rico, Tom,

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Speaker 4: that is what's going on down there with the on

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Speaker 4: sharing of America, and they still are receiving the you know,

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Speaker 4: the benefits from the tragedies of hurricanes and earthquakes. That

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Speaker 4: economy is very healthy and you're looking at the best

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Speaker 4: position bank here in Puerto Rican Popular.

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Speaker 2: Joy Cosy, thank you so much, really really appreciate it.

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Speaker 2: This morning he's with the RBC Capital Mark. It's the

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Speaker 2: dean of all banking coverage in America. Can't say enough

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Speaker 2: about the value of his research over the decades and

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Speaker 2: not only making money, but avoiding losing money as well.

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Speaker 5: Stay with us.

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Speaker 2: More from Bloomberg Surveillance coming up after this.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us Live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on

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Speaker 1: Apple Karplay and Android Otto with the Bloomberg Business app,

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Speaker 1: or watch us live on YouTube.

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Speaker 5: This is an important interview, folks.

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Speaker 2: We want to inform you of some of the mysteries

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Speaker 2: that are out there and one of the great mysteries

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Speaker 2: of Europe through the American prism. It is challenging to

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Speaker 2: say the least, It just sometimes doesn't make sense.

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Speaker 5: She is truly expert at this.

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Speaker 2: Natalie Touching is Professor of Practice at John Hopkins.

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Speaker 5: Her shingle is out in Bologna, Italy and Rome, Italy.

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Speaker 5: Life is tough.

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Speaker 2: She is absolutely definitive on this. Professor Toucy, thank you

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Speaker 2: so much for joining us today. Here's the American zeitgeist.

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Speaker 2: Out of your foreign affairs article. Europe has reflexively and

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Speaker 2: consistently adopted a posture of submission.

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Speaker 5: That nails it.

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Speaker 2: What is mccran to start there, What is mccrw getting wrong?

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Speaker 7: Well, so let me put it in these terms. It's

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Speaker 7: very clear and I think really rather consistent, the way

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Speaker 7: in which the Trump administration has basically been pursuing what

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Speaker 7: I would define as an imperial vision. Right, So this

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Speaker 7: is about Western Hemisphere. This is about you know, countering

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Speaker 7: civilizational Erasia. This is about the kind of unbrindled exercise

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Speaker 7: of kind of raw powered and very clearly Europe is

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Speaker 7: on that colonial menu. Now if Europeans react essentially vindicating

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Speaker 7: that vision, because they react not simply by flattering Donald Trump,

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Speaker 7: but by self humiliating themselves, then especially they are acting

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Speaker 7: as colonies, right and so, And this is what I

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Speaker 7: mean by saying that they are vindicating precisely the vision

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Speaker 7: that presumably they are trying to counter.

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Speaker 2: Okay, you read when you were at Oxford, you read

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Speaker 2: Kissinger cover to cover, nine hundred and twelve plages diplomacy.

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Speaker 2: I read it cover to cover. Diplomacy is like the

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Speaker 2: normal world? Can we get back to the normal world? Or,

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Speaker 2: as President Trump shattered our foreign affairs.

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Speaker 7: Well, I think that if by normal we mean the

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Speaker 7: old world, the sooner we smell the coffee, the better

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Speaker 7: it is.

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Speaker 8: The old world has gone.

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Speaker 7: The question is whether the new world has to necessarily

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Speaker 7: be one in which it is only the survival of

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Speaker 7: the fittest, only the law of the jungle, or whether

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Speaker 7: perhaps indeed the more inevitably and always has been and

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Speaker 7: always will be an exercise of power, but that exercise

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Speaker 7: of power can somehow be constrained by laws and rules

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Speaker 7: and institutions. Now, I think if we want to move

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Speaker 7: closer to that second vision, we need to understand that

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Speaker 7: the way in which laws and norms of institutions worked

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Speaker 7: in the past that is no longer available. So it's

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Speaker 7: a kind of moment of reinvention. But you know, the

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Speaker 7: as I said, sooner we understand that we cannot save

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Speaker 7: the dead corpse, that earlier and the better we're going

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Speaker 7: to be at essentially redefining a new which is not

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Speaker 7: simply a law of the jungle.

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Speaker 6: I want to talk Greenland, Natalie, because today is a

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Speaker 6: big day. We've got crunch talks going on between JD.

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Speaker 6: Van Smarco Rubio and I guess the Folk and Greenland

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Speaker 6: and Denmark. Trump is saying anything less than US control

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Speaker 6: of Greenland is quote unacceptable. How do you see this

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Speaker 6: playing out?

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Speaker 7: Well, this is a really odd kind of you know,

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Speaker 7: situation here because Europeans, starting with the Danes themselves, and

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Speaker 7: the Greenlanders are more than happy to talk substance. So

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Speaker 7: does the United States want a greater security presence in Greenland?

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Speaker 8: No problem?

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Speaker 7: Does the United States want greater access to Greenland's natural resources?

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Speaker 8: No problem.

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Speaker 7: But if it is not substance, if it is simply

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Speaker 7: a question of territorial expansion, then that's kind.

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Speaker 8: Of a conversation killer, right.

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Speaker 7: So I'm not trying to argue here that those you know,

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Speaker 7: that dialogue is irrelevant, because I think it's relevant to

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Speaker 7: exposing the imperial nature of this quest. But then the

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Speaker 7: question becomes, how do Europeans.

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Speaker 8: React to this?

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Speaker 7: And you know, there are different kind of options on

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Speaker 7: many right in terms of you know, how do.

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Speaker 8: You keep your back straight?

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Speaker 7: You can basically, you know, Denmark could invite NATO troops

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Speaker 7: of course, including the US, but not only the US,

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Speaker 7: from increasing their military presence in Greenland. Europeans could basically say,

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Speaker 7: if the US were to make an aggressive move on Greenland,

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Speaker 7: well they would be actually welcome to leave other NATO

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Speaker 7: countries two things, very much.

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Speaker 8: There could be contracts being counseled.

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Speaker 5: The heart of the matter is where's the backbone?

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Speaker 8: Professor?

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Speaker 5: Where is the backbone?

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Speaker 2: I mean, stumps up in Finland has got a border

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Speaker 2: with Russia. He doesn't need any backbone, he's living it

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Speaker 2: in real time. Where is the backbone? To tell a

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Speaker 2: unique American foreign policy? Hold on a minute, let's discuss this.

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Speaker 2: I don't see it well.

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Speaker 8: I think you're absolutely right.

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Speaker 7: And the question, though, is where's the backbone? I mean,

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Speaker 7: I think it's connected to the do we actually acknowledge

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Speaker 7: that the old world has gone? Because if what we're

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Speaker 7: simply doing is buying time hoping to save the old,

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Speaker 7: we're not going to develop that backbone if you actually

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Speaker 7: look at Europe's material conditions right in many respects. Actually,

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Speaker 7: you know, we are thirty of the richest countries in

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Speaker 7: the world. We are of course dependent on the United States,

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Speaker 7: but are Latin American countries in many respects even more

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Speaker 7: dependent on the United States. And yet they are demonstrated

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Speaker 7: starting with Clydia Schaumbaum's Mexico's president, far greater backbone than Europeans.

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Speaker 7: So I think there's this kind of mental switch that

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Speaker 7: Europeans need to make even before we get to the

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Speaker 7: kind of enabling material conditions to actually act.

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Speaker 2: I think the greatest thing we've got to go here, professor.

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Speaker 2: But I think the solution here is to increase the

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Speaker 2: VET tax lines that hethrow in CDG, Like if you

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Speaker 2: buy stuff over there, if you extend the VET to line,

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Speaker 2: so they're like not four blocks long, but.

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Speaker 5: Eight blocks long. Yeah, that's how you get back though.

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Speaker 6: I thank you you're something.

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Speaker 5: That's how you do it.

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Speaker 3: Natalie.

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Speaker 2: I'm going to get your Foreign Affairs magazine out on

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Speaker 2: LinkedIn and Twitter. Just a joy to have you line

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Speaker 2: with the stipiest stranger Natalie Tacci there with the Johns

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Speaker 2: Hopkins University, among others.

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Speaker 5: Stay with us.

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Speaker 2: More from Bloomberg Surveillance coming up after this.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live

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Speaker 1: weekday afternoons from seven to ten am Eastern. Listen on

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Speaker 1: Applecarplay and Android Otto with the Bloomberg Business app, or

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Speaker 1: watch us live on YouTube.

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Speaker 2: David Cy for this right now with the Burrow. Thrilled

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Speaker 2: that he could be with us this morning. You know

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Speaker 2: he was undergraduate Mit. He went far west after Mit,

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Speaker 2: down the river to Charles. You say, good morning, Boston

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Speaker 2: ninety nine f M as well. Did you ever attend

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Speaker 2: to Sure? I've interviewed him twice, maybe three times, Robert Solo?

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Speaker 5: Was he ever? Were you ever in class with Solo?

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Speaker 5: Good morning? He says?

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Speaker 9: Solo was emeritus, but when I was an undergrad. But

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Speaker 9: he still did a bunch of undergraduate seminars, just sort

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Speaker 9: of ad hoc things, and he was the nicest guy.

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Speaker 5: Always interest total class.

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Speaker 9: Act, went around the room, got everybody's name, asked what

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Speaker 9: they wanted to talk about, always always focused on undergraduate education.

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Speaker 2: Tell Total Factor Productivity nineteen fifty six fifty seven, Where

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Speaker 2: in God's name is it now.

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Speaker 5: Professor c. Well.

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Speaker 9: I mean, it seems as though it is rising, according

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Speaker 9: to at least some of the data out there where

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Speaker 9: we're seeing we're seeing GDP up despite the fact that

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Speaker 9: it's really not coming from increased employment. We're not seeing

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Speaker 9: a lot of people losing their jobs, but certainly the

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Speaker 9: labor market has lost momentum, and despite that, we're seeing GDP.

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Speaker 9: Every print that we get is a surprise of the up.

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Speaker 2: Look at labor share. I mean, you got labor share cratering.

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Speaker 2: It's a literally convex and getting worse. You got you know,

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Speaker 2: the fancy boys and AI and all that. It's almost

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Speaker 2: a nineteenth century America to me.

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Speaker 5: It certainly looks like that right now.

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Speaker 7: Now.

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Speaker 9: We certainly don't think that this is going to continue

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Speaker 9: like this for the next quarter or half century as

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Speaker 9: it did back then.

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Speaker 5: So we're we're not poised for another.

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Speaker 9: Period of absolutely exceptional growth like we had a century

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Speaker 9: and a half ago, but certainly right now, I mean,

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Speaker 9: you know, looking back at the past nine months or so,

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Speaker 9: it has been upside surprise after upside surprise. It's not

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Speaker 9: coming from increased employment, and so a lot of it

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Speaker 9: is coming from increased investment and total factor product.

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Speaker 2: Well, les this retail sales in three minutes. Why don't

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Speaker 2: you continue with David s soon?

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Speaker 8: Yeah?

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Speaker 6: I want I want to know how the consumer's holding up,

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Speaker 6: because that's a big part of GDP, right. I mean,

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Speaker 6: we've got the president now saying, oh, we're going to

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Speaker 6: get five percent GDP, but that might be a little optimistic.

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Speaker 6: But where are you on the consumer continuing to be

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Speaker 6: the pillar of the economy because they were and very

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Speaker 6: resilient have been through COVID, through higher interest rates, through everything.

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Speaker 9: Consumer was remarkably resilient during COVID, especially or largely because of.

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Speaker 5: The amount of stimulus that's there.

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Speaker 9: Right now, we look at the economy, consumers going to

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Speaker 9: remain sixty five to seventy five. It's a seventy percent

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Speaker 9: of it, and that does not seem like it's something

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Speaker 9: that's going to change. However, when we look at where

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Speaker 9: the marginal growth is coming from, it's probably not going

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Speaker 9: to be disproportionately from the consumer. We don't see the

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Speaker 9: consumer suffering, at least in the big picture kind of way.

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Speaker 9: You can look at individual groups, but we don't see

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Speaker 9: that increased consumption is going to be responsible for what

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Speaker 9: looks to be a pretty strong year of economic growth.

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Speaker 5: Throwly over it, JP Morgan. He goes to no rate

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Speaker 5: cuts twenty six. Where are you at, Nomura?

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Speaker 9: We're at two rate cuts this year, both post Powells.

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Speaker 8: Uh.

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Speaker 9: We realized we were probably more hawkish than the street

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Speaker 9: for a while. Some people have leapfrogged set, but we

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Speaker 9: have not changed our view.

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Speaker 2: Can you make some bikey I got, I got twelve seconds.

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Speaker 2: Can you make some news here this morning and give

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Speaker 2: us something.

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Speaker 9: Amer Shift afraid not, but you know it is all

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Speaker 9: about politics at this point. It's not based on off

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Speaker 9: homonomict fundamentals. It's new FED chair comes in more dubbish

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Speaker 9: fed chair. Two more cuts coming, So that's.

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Speaker 5: Far too common sense.

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Speaker 2: David Sea, for the love having in your chief economists

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Speaker 2: Development Markets an stay with us. More from Bloomberg Surveillance

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Speaker 2: coming up after this.

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Speaker 1: You're listening to the Bloomberg Surveillance podcast. Catch us live

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Speaker 1: weekday afternoons from seven to ten am Eastern Listen on Apple,

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00:19:49,880 --> 00:19:53,240
Speaker 1: Karplay and Android Otto with the Bloomberg Business app, or

359
00:19:53,400 --> 00:19:54,880
Speaker 1: watch us live on YouTube.

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Speaker 2: Running to somebody in the street, they said, you know

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Speaker 2: we only listen for the newspapers shining as Now, Lisa,

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Speaker 2: how are the Oreos from Cosco I exercize?

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Speaker 5: Did they come in?

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Speaker 10: Just to be clear, I posted a picture on Twitter

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Speaker 10: about my Costco cart and in the background on the

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Speaker 10: show for Oreo cookies, Tom thought they were in my car.

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Speaker 5: Now we know you are not in your car. Gotta

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Speaker 5: love it, Gotta love that.

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Speaker 10: All right, here we go, Here we go. Here's a

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Speaker 10: question for you. What do you wear when you go

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Speaker 10: on a flight? Do you go comfortable?

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Speaker 8: You go in the bow tie.

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Speaker 5: I go in the bow tie. Pounded into me my grandfather.

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Speaker 5: You dress up. They treat totally different.

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Speaker 2: I once got upgraded to first class on British airways

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Speaker 2: because I was wearing a stupid boat.

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Speaker 5: Really, they got a bunch of muckety bucks.

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Speaker 3: Thousand bucks.

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Speaker 10: Well, the problem is a lot of people don't think

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Speaker 10: the way that you do when you were raised. They

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Speaker 10: go in pajamas, okay, and snippers. The Wall Street Journal

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Speaker 10: actually says that the government things onboard behavior will improve

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Speaker 10: if people dress more appropriately.

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Speaker 5: I think there's something to that. Cattle Seriously, Yeah, why

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Speaker 5: didn't even sit in the chair like.

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Speaker 10: You have to be comfortable? And especially if your overnight

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Speaker 10: the overnight flight, I mean, especially with kids.

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Speaker 6: Oh goodness, I'll never forget my first international flight years ago.

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Speaker 6: I got all dressed up to go to Greece, and

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Speaker 6: I wore a linen pants and a big, wide rimmed hat.

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Speaker 6: I don't know what where I was watching from what

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Speaker 6: decade I thought I was living in. But I look

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Speaker 6: like a hot mess when I got off the plane

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Speaker 6: ten hours later.

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Speaker 10: Yeah, you were a wrinkled mess.

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Speaker 8: I know. But it's interesting.

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Speaker 10: The article goes into what Tom was talking about is

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Speaker 10: kind of the history behind it, like how people dressed

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Speaker 10: in the fifties and sixties and how it kind of

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Speaker 10: changed in the seventies, you know, when kind of things

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Speaker 10: were deregulated on airlines.

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Speaker 5: So it's a good history fastioned whether it's later adulta.

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Speaker 2: I believe with Jonathan Fare, we got to move on

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Speaker 2: as simple as I can.

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Speaker 5: The airlines you have known to blame but themselves. Oh

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Speaker 5: there you go.

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Speaker 8: Okay, this one.

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Speaker 10: We've been talking about stories about America facing a short

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Speaker 10: of skilled trades people. We've been hearing a lot of

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Speaker 10: stories about this. So Business Insider says Ford, they're so

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Speaker 10: desperate for mechanics that they're giving some of them free

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Speaker 10: tools and merch it's a partnership with Carhart, so they're

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Speaker 10: going to give them free tools, and which is big

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Speaker 10: because mechanics have to buy them and they cost thousands

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Speaker 10: of dollars these toolkits, So this is a huge part.

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Speaker 10: It's a partnership program that they're talking about. And those

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Speaker 10: are some of the things that they're there given sentence

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Speaker 10: to get these people to take the job.

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Speaker 5: Give me World Cup tickets. So twenty thousand bucks, two

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Speaker 5: seats next.

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Speaker 10: Okay, So yesterday, ven your j Powell. He delivered right

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Speaker 10: that two minute recorded message response to the dog at

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Speaker 10: issuing those subpoenas well. The video made its way to

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Speaker 10: the Daily Show with John Stewart and he focused on

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Speaker 10: how Powell kept licking his lips right, so he said,

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Speaker 10: somebody get this guy a glass of water. And then

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Speaker 10: he geared up for this joke that he was talking

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Speaker 10: about it. He was like, all right, I got this joke.

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Speaker 10: Are you guys gonna be with me? Hang with me,

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Speaker 10: Hang with me, And he was shouting out a certain

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Speaker 10: morning radio business pro Graham, take a listen.

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Speaker 11: So anyone who doesn't listen to Boomberg surveillance in the morning,

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Speaker 11: you can just leave the room.

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Speaker 5: I'll wait.

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Speaker 11: Okay, Wow, that dude, he's struggling. It appears the chairman

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Speaker 11: of the Federal Reserve is having a liquidity crisis.

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Speaker 5: John start.

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Speaker 2: I look at to see thanks to mister Stewart for

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Speaker 2: his attention to the program. She realizes this guy he

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00:23:31,359 --> 00:23:35,840
Speaker 2: loves to play dumb ready chemistry William and Mary.

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Speaker 5: Wow, I mean this guy did not most comedians like.

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Speaker 2: The sort of Wallster school or you know, you know

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00:23:42,080 --> 00:23:44,600
Speaker 2: they got a trust funder whatever. This is not John

444
00:23:44,680 --> 00:23:47,760
Speaker 2: Stewart Now chemistry William and Mary.

445
00:23:48,080 --> 00:23:50,000
Speaker 5: That's crazy.

446
00:23:50,080 --> 00:23:52,879
Speaker 10: I mean, Paul Sweeney has some connection to him somehow.

447
00:23:52,960 --> 00:23:53,920
Speaker 10: I feel like he does.

448
00:23:53,960 --> 00:23:58,240
Speaker 2: You know, he's talking there about it in the Liquidity

449
00:23:58,320 --> 00:24:00,280
Speaker 2: to make you know, to bring it back to actually,

450
00:24:00,280 --> 00:24:04,399
Speaker 2: which is a very important point, is Japan the liquidity

451
00:24:04,440 --> 00:24:08,760
Speaker 2: event right now? Because Ira Jersey says, mister Stewart's wrong. Here,

452
00:24:08,800 --> 00:24:11,680
Speaker 2: isn't a liquidity event with Jerome Powell. He probably needs

453
00:24:11,680 --> 00:24:17,359
Speaker 2: some Tito's intang But the answer, Lisa is I'm watching Japan.

454
00:24:18,119 --> 00:24:20,320
Speaker 5: Yeah, you know, I'm wondering if you know, seriously, that's

455
00:24:20,320 --> 00:24:22,600
Speaker 5: going to be Jerome Pole's liquidity event.

456
00:24:23,400 --> 00:24:24,639
Speaker 6: SAP selections are common.

457
00:24:24,720 --> 00:24:25,119
Speaker 8: You know it.

458
00:24:25,640 --> 00:24:28,040
Speaker 6: She's gonna get her, She's gonna go to the polls.

459
00:24:28,240 --> 00:24:28,600
Speaker 5: Okay.

460
00:24:28,960 --> 00:24:33,800
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