Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: A single best idea it is a podcast. What an
Speaker 2: interesting set of days. It's just been not so much exhausting,
Speaker 2: it's just for all of us. It's just been back
Speaker 2: and forth on the narratives and the themes of the moment.
Speaker 2: But to see it come to fruition with the Nvidia
Speaker 2: earnings and Jobs Day and the anticipation of further economic
Speaker 2: data out to December tenth, it was really really quite something.
Speaker 2: A great set of the guest Jeffrey Cleveland was with
Speaker 2: us after the jobs report with Peyton and Regal. Here
Speaker 2: is Jeffrey Cleveland his optimism on the American economy.
Speaker 3: What does history tell us about the FED? Usually they're reactive,
Speaker 3: not proactive, right, So there is a you know, an
Speaker 3: inertia factor, if you will, or a lag between when
Speaker 3: we think we see something in the data and policy
Speaker 3: makers take action. We definitely saw that twenty one and
Speaker 3: twenty two. I think the FED was behind the curve there,
Speaker 3: so it wouldn't surprise me if they were a little sluggish.
Speaker 3: They're also different opinions.
Speaker 2: There are different opinions. That's the heart and soul of
Speaker 2: the program. I can't say enough today. How we had
Speaker 2: a given note come in that said they're going to cut,
Speaker 2: another note come in and say, we don't know yet,
Speaker 2: but maybe we need more information. And a third note
Speaker 2: come in and say, in no way, shape or form
Speaker 2: are they going to cut? Trust me, that's the income
Speaker 2: over the transom. That's the kind of opinion that's coming
Speaker 2: in here on the FED. David Malpass was former president
Speaker 2: of the World Bank and all sorts of good work,
Speaker 2: including at bear Stearns. Years ago we talked to David
Speaker 2: Malpass about the brute force of inequality in America.
Speaker 4: I think they call it inequality or that underperformance by
Speaker 4: the bottom is massive, whether from a data standpoint it's
Speaker 4: the worst. But what we need is job growth at
Speaker 4: the bottom and median income growth. That is the whole
Speaker 4: concept of a good economic policy. I did that around
Speaker 4: the world that the way we evaluate whether an economic
Speaker 4: program is going forward is the median income, the income
Speaker 4: of people in the middle after inflation going up. And
Speaker 4: so what we need or what I think lots of
Speaker 4: policy changes can help with affordability right now.
Speaker 2: Well said, whatever your political opinions are or economic opinions,
Speaker 2: the median income not the average income. There's a distinction there.
Speaker 2: I'm not going to go into it right now, but
Speaker 2: look it up. Average median and mode mode are things
Speaker 2: to sort of understand about how you aggregate in all
Speaker 2: sorts of data. Another fancy term, and actually some fancy
Speaker 2: mathematics is the Genie coefficient gi ni, the genie coefficient
Speaker 2: which shows the prosperity of a society. David Malpest there
Speaker 2: formerly with the World Bank. It's a podcast out an
Speaker 2: Apple Out on Spotify and YouTube podcasts. Single best Idea