1
00:00:02,520 --> 00:00:18,759
Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

2
00:00:12,600 --> 00:00:15,560
Speaker 2: A single best idea it is a podcast. What an

3
00:00:15,600 --> 00:00:18,880
Speaker 2: interesting set of days. It's just been not so much exhausting,

4
00:00:18,920 --> 00:00:21,680
Speaker 2: it's just for all of us. It's just been back

5
00:00:21,720 --> 00:00:24,200
Speaker 2: and forth on the narratives and the themes of the moment.

6
00:00:24,280 --> 00:00:27,400
Speaker 2: But to see it come to fruition with the Nvidia

7
00:00:27,440 --> 00:00:32,800
Speaker 2: earnings and Jobs Day and the anticipation of further economic

8
00:00:32,920 --> 00:00:36,720
Speaker 2: data out to December tenth, it was really really quite something.

9
00:00:36,800 --> 00:00:38,760
Speaker 2: A great set of the guest Jeffrey Cleveland was with

10
00:00:38,840 --> 00:00:43,000
Speaker 2: us after the jobs report with Peyton and Regal. Here

11
00:00:43,080 --> 00:00:46,680
Speaker 2: is Jeffrey Cleveland his optimism on the American economy.

12
00:00:47,080 --> 00:00:49,599
Speaker 3: What does history tell us about the FED? Usually they're reactive,

13
00:00:49,680 --> 00:00:52,720
Speaker 3: not proactive, right, So there is a you know, an

14
00:00:52,760 --> 00:00:55,959
Speaker 3: inertia factor, if you will, or a lag between when

15
00:00:56,040 --> 00:00:58,040
Speaker 3: we think we see something in the data and policy

16
00:00:58,040 --> 00:01:01,040
Speaker 3: makers take action. We definitely saw that twenty one and

17
00:01:01,080 --> 00:01:03,280
Speaker 3: twenty two. I think the FED was behind the curve there,

18
00:01:03,320 --> 00:01:06,200
Speaker 3: so it wouldn't surprise me if they were a little sluggish.

19
00:01:06,280 --> 00:01:07,760
Speaker 3: They're also different opinions.

20
00:01:08,000 --> 00:01:10,600
Speaker 2: There are different opinions. That's the heart and soul of

21
00:01:10,600 --> 00:01:12,880
Speaker 2: the program. I can't say enough today. How we had

22
00:01:13,360 --> 00:01:15,720
Speaker 2: a given note come in that said they're going to cut,

23
00:01:16,160 --> 00:01:18,360
Speaker 2: another note come in and say, we don't know yet,

24
00:01:18,400 --> 00:01:21,160
Speaker 2: but maybe we need more information. And a third note

25
00:01:21,240 --> 00:01:23,119
Speaker 2: come in and say, in no way, shape or form

26
00:01:23,480 --> 00:01:25,680
Speaker 2: are they going to cut? Trust me, that's the income

27
00:01:26,200 --> 00:01:29,319
Speaker 2: over the transom. That's the kind of opinion that's coming

28
00:01:29,360 --> 00:01:34,880
Speaker 2: in here on the FED. David Malpass was former president

29
00:01:34,920 --> 00:01:38,120
Speaker 2: of the World Bank and all sorts of good work,

30
00:01:38,160 --> 00:01:41,839
Speaker 2: including at bear Stearns. Years ago we talked to David

31
00:01:41,840 --> 00:01:46,000
Speaker 2: Malpass about the brute force of inequality in America.

32
00:01:46,640 --> 00:01:51,640
Speaker 4: I think they call it inequality or that underperformance by

33
00:01:51,680 --> 00:01:57,320
Speaker 4: the bottom is massive, whether from a data standpoint it's

34
00:01:57,360 --> 00:02:01,600
Speaker 4: the worst. But what we need is job growth at

35
00:02:01,600 --> 00:02:04,440
Speaker 4: the bottom and median income growth. That is the whole

36
00:02:04,560 --> 00:02:08,600
Speaker 4: concept of a good economic policy. I did that around

37
00:02:08,600 --> 00:02:12,040
Speaker 4: the world that the way we evaluate whether an economic

38
00:02:12,120 --> 00:02:16,400
Speaker 4: program is going forward is the median income, the income

39
00:02:16,440 --> 00:02:19,680
Speaker 4: of people in the middle after inflation going up. And

40
00:02:19,720 --> 00:02:23,200
Speaker 4: so what we need or what I think lots of

41
00:02:23,360 --> 00:02:26,880
Speaker 4: policy changes can help with affordability right now.

42
00:02:26,919 --> 00:02:30,920
Speaker 2: Well said, whatever your political opinions are or economic opinions,

43
00:02:30,919 --> 00:02:35,160
Speaker 2: the median income not the average income. There's a distinction there.

44
00:02:35,160 --> 00:02:36,600
Speaker 2: I'm not going to go into it right now, but

45
00:02:36,680 --> 00:02:43,000
Speaker 2: look it up. Average median and mode mode are things

46
00:02:43,040 --> 00:02:46,959
Speaker 2: to sort of understand about how you aggregate in all

47
00:02:47,000 --> 00:02:50,440
Speaker 2: sorts of data. Another fancy term, and actually some fancy

48
00:02:50,520 --> 00:02:57,040
Speaker 2: mathematics is the Genie coefficient gi ni, the genie coefficient

49
00:02:57,040 --> 00:03:01,160
Speaker 2: which shows the prosperity of a society. David Malpest there

50
00:03:01,200 --> 00:03:05,040
Speaker 2: formerly with the World Bank. It's a podcast out an

51
00:03:05,080 --> 00:03:12,160
Speaker 2: Apple Out on Spotify and YouTube podcasts. Single best Idea