1 00:00:00,080 --> 00:00:12,960 Speaker 1: Yeah, Welcome to the Bloomberg Surveillance Podcast. I'm term Keene 2 00:00:13,480 --> 00:00:16,960 Speaker 1: Jay Lee. We bring you insight from the best in economics, finance, 3 00:00:17,040 --> 00:00:23,520 Speaker 1: investment and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, 4 00:00:23,600 --> 00:00:31,920 Speaker 1: Bloomberg dot Com and of course on the Bloomberg And 5 00:00:32,000 --> 00:00:34,320 Speaker 1: pleased to say joining us here in the studio is 6 00:00:34,360 --> 00:00:38,639 Speaker 1: in Shepherdson Pantheon macro Economics, Chief Economist. And we've got 7 00:00:38,640 --> 00:00:40,479 Speaker 1: to say a quick word on the Prime Minister in 8 00:00:40,479 --> 00:00:43,400 Speaker 1: the UK as she delivers her speech um at the 9 00:00:43,440 --> 00:00:45,720 Speaker 1: Conservative Annual Party Conference with a little bit of a 10 00:00:45,800 --> 00:00:49,440 Speaker 1: dance to begin to app a dancing queen. Um, what 11 00:00:49,479 --> 00:00:51,320 Speaker 1: are we expecting from the Prime Minister? And are you 12 00:00:51,360 --> 00:00:54,320 Speaker 1: expecting anything that really changes anything at all? I think 13 00:00:54,320 --> 00:00:56,520 Speaker 1: the speech will be undering the condensity here, but the 14 00:00:56,520 --> 00:00:58,840 Speaker 1: speech essentially is going to be a please don't find 15 00:00:58,880 --> 00:01:02,480 Speaker 1: me um that really she has no great vision. She 16 00:01:02,640 --> 00:01:06,080 Speaker 1: just wants to remain as prime minister for the country. 17 00:01:06,080 --> 00:01:08,200 Speaker 1: She's speaking to the part she's speaking to a few 18 00:01:08,200 --> 00:01:10,240 Speaker 1: thousand old white people. I mean, that is the Conservative 19 00:01:10,240 --> 00:01:14,360 Speaker 1: Party and it's so unrepresentative, but they're the ones. Ultimately 20 00:01:14,400 --> 00:01:16,000 Speaker 1: you determine whether she gets to keep the job. She 21 00:01:16,000 --> 00:01:18,200 Speaker 1: seems to want the job very badly. I can't think why. 22 00:01:18,240 --> 00:01:19,920 Speaker 1: I think it's the worst job in the world, but 23 00:01:20,000 --> 00:01:22,399 Speaker 1: she wants it very badly. Other people wanted as well. 24 00:01:23,000 --> 00:01:25,400 Speaker 1: In and in the meantime, of course, Britain is dealing 25 00:01:25,400 --> 00:01:28,520 Speaker 1: with the chaos and confusion of Brexit because the government 26 00:01:28,560 --> 00:01:30,840 Speaker 1: can't make its mind up about what it wants, and 27 00:01:30,880 --> 00:01:33,920 Speaker 1: the EU is just standing watching all this in astonishment. 28 00:01:33,959 --> 00:01:35,760 Speaker 1: There is only one of the man I'm less excited 29 00:01:35,760 --> 00:01:37,800 Speaker 1: about this speech than than you and I Ian, and 30 00:01:37,840 --> 00:01:43,800 Speaker 1: it's Tom King. Um, Tom very abrupt. I mean we 31 00:01:43,800 --> 00:01:48,160 Speaker 1: we usually don't talk like that about our politics in America. Um. 32 00:01:48,600 --> 00:01:50,400 Speaker 1: When I look at the see and I go back 33 00:01:50,440 --> 00:01:55,440 Speaker 1: to Barry Ikon Green of Berkeley, who was heated about 34 00:01:55,520 --> 00:01:59,200 Speaker 1: the negative ramifications of Brexit, and he also said for 35 00:01:59,400 --> 00:02:02,880 Speaker 1: London as well, do you share even a tinge of 36 00:02:02,920 --> 00:02:07,480 Speaker 1: Professor I Congreen's concerns? Oh? Absolutely, it's it's terrifying. You 37 00:02:07,480 --> 00:02:10,440 Speaker 1: know that the British economy over the last forty years, 38 00:02:10,480 --> 00:02:14,800 Speaker 1: as in reinvented itself as a services economy, and and 39 00:02:14,919 --> 00:02:19,040 Speaker 1: services aren't covered by the Canada Agreement that that keeps 40 00:02:19,040 --> 00:02:21,720 Speaker 1: being talked about. And the danger is that that the 41 00:02:21,800 --> 00:02:23,840 Speaker 1: UK services sector is left out in the cold in 42 00:02:23,880 --> 00:02:25,880 Speaker 1: the event of a of a Brexit without a proper deal, 43 00:02:26,360 --> 00:02:29,280 Speaker 1: which would be an absolute disaster. So I lose a 44 00:02:29,280 --> 00:02:31,120 Speaker 1: lot of sleep over this. But let me saying. I 45 00:02:31,160 --> 00:02:33,840 Speaker 1: have to say, spending some time in the city last week, 46 00:02:33,919 --> 00:02:36,639 Speaker 1: I had a lot more people concerned about socialist Corbin 47 00:02:36,760 --> 00:02:39,880 Speaker 1: taking over the government than they were about Brexit. Yeah, 48 00:02:39,880 --> 00:02:42,359 Speaker 1: the people you're talking to probably weren't massively representative of 49 00:02:42,360 --> 00:02:44,200 Speaker 1: the country as a whole, to be fair, now they've 50 00:02:44,200 --> 00:02:48,400 Speaker 1: represented the city, not the country. Indeed, indeed, the country 51 00:02:48,480 --> 00:02:51,239 Speaker 1: has had ten years of conservative austerity for no reason 52 00:02:51,280 --> 00:02:54,240 Speaker 1: other than that they were the religious dogma, and I 53 00:02:54,280 --> 00:02:55,920 Speaker 1: think in the country as a whole people are kind 54 00:02:55,960 --> 00:02:57,760 Speaker 1: of sick of it. Which is not to say that 55 00:02:57,800 --> 00:03:01,800 Speaker 1: what Corbin is offering is a seriously attractive alternative, but 56 00:03:02,080 --> 00:03:04,079 Speaker 1: there's a lot of people would like something different, that's 57 00:03:04,080 --> 00:03:07,320 Speaker 1: for sure. Can I guess a sophisticated country do whatever 58 00:03:07,360 --> 00:03:09,880 Speaker 1: you like. This is your shot. We're watching folks on 59 00:03:10,000 --> 00:03:14,040 Speaker 1: Bloomberg Radio the television feet you know, you make a 60 00:03:14,080 --> 00:03:17,239 Speaker 1: joke about Prime Minister make coming out and dancing all 61 00:03:17,280 --> 00:03:21,160 Speaker 1: I did was seeing within the obligatory clapping the knives up. 62 00:03:21,639 --> 00:03:24,840 Speaker 1: Is it like the crown? Is it like McMillan hates 63 00:03:24,919 --> 00:03:30,000 Speaker 1: Churchill and people? It doesn't, folks, It doesn't look like America. 64 00:03:30,280 --> 00:03:33,600 Speaker 1: It's different. You know, we hate you Mr Trump, or 65 00:03:33,639 --> 00:03:36,440 Speaker 1: we love you Mr Trump. There's a British way here. 66 00:03:36,480 --> 00:03:39,760 Speaker 1: That was frankly, just like in the first and second season, 67 00:03:40,000 --> 00:03:41,880 Speaker 1: and all a lot of people in that in that room, 68 00:03:41,960 --> 00:03:43,640 Speaker 1: and a lot of those people who were smiling and 69 00:03:43,680 --> 00:03:46,640 Speaker 1: clapping because they're on TV would very much like somebody 70 00:03:46,640 --> 00:03:49,040 Speaker 1: else to be prime minister. But you know, it's not 71 00:03:49,120 --> 00:03:52,240 Speaker 1: like an American political convention, which is a stage managed 72 00:03:52,320 --> 00:03:55,680 Speaker 1: to cheer leader event. This is this is real politics, 73 00:03:55,920 --> 00:03:58,320 Speaker 1: read and tooth and claw live on stage. John. How 74 00:03:58,360 --> 00:04:00,960 Speaker 1: about those Yankees? How about those Thankees? Big game tonight? 75 00:04:01,080 --> 00:04:04,680 Speaker 1: Is that right? I believe so? Yes? Against Oakland? Yes, 76 00:04:05,400 --> 00:04:08,560 Speaker 1: at Yankee Stadium. Yes, I look forward to that. Okay, 77 00:04:08,720 --> 00:04:11,440 Speaker 1: let's go back to England. Let's get away from Brexit, 78 00:04:11,520 --> 00:04:13,760 Speaker 1: Let's get to em. Why don't you we set the show. 79 00:04:14,520 --> 00:04:16,840 Speaker 1: We set the show. Good morning, good morning to our 80 00:04:16,880 --> 00:04:20,680 Speaker 1: audience worldwide from New York City. Forget the previous five minutes, 81 00:04:21,000 --> 00:04:23,719 Speaker 1: let's do Brexit. No, we're not going to do that. Ian. 82 00:04:23,800 --> 00:04:26,200 Speaker 1: Let's talk about what's handing an emerging markets, because it's 83 00:04:26,279 --> 00:04:30,599 Speaker 1: quite interesting. Turkish inflation is surging, the Indian rupee is 84 00:04:30,600 --> 00:04:33,400 Speaker 1: a record low. The pockets of pain is still there. 85 00:04:33,440 --> 00:04:35,680 Speaker 1: Walk me through what you're looking at at the moment. Well, 86 00:04:35,720 --> 00:04:38,120 Speaker 1: these pockets are pain aren't going to go away anytime soon. 87 00:04:38,200 --> 00:04:39,400 Speaker 1: And I think for quite a lot of these e 88 00:04:39,640 --> 00:04:42,680 Speaker 1: m s Turkey obviously as the poster child, but but 89 00:04:42,760 --> 00:04:47,200 Speaker 1: also India, increasingly South Africa, Indonesia, countries that have got EM, 90 00:04:47,240 --> 00:04:50,760 Speaker 1: countries that have got inflation problems, that have got current 91 00:04:50,800 --> 00:04:53,680 Speaker 1: account deficits, that are reliant on oil imports. Because I 92 00:04:53,880 --> 00:04:56,440 Speaker 1: was now becoming a big deal everyone's talking about these 93 00:04:56,440 --> 00:04:59,040 Speaker 1: countries are vulnerable anyway. Then you've got the FED raising 94 00:04:59,120 --> 00:05:01,760 Speaker 1: rates and giving all these investors an alternative. They don't 95 00:05:01,760 --> 00:05:03,840 Speaker 1: have to put their money into EM to chase yield anymore. 96 00:05:03,960 --> 00:05:06,520 Speaker 1: They can they can be more inclined to be at home. 97 00:05:07,000 --> 00:05:09,440 Speaker 1: So what happens is that the pressure on EM builds 98 00:05:09,480 --> 00:05:11,800 Speaker 1: as the FED as raising rates, and the pressure builds 99 00:05:11,839 --> 00:05:14,760 Speaker 1: in proportion to how dim a view markets take of 100 00:05:14,760 --> 00:05:17,080 Speaker 1: the way you've been conducting the economy. So in Turkey, 101 00:05:17,080 --> 00:05:19,720 Speaker 1: we've got an authoritarian leader, we've got a guy who 102 00:05:19,760 --> 00:05:22,000 Speaker 1: wants to run honittory policy as well as the country. 103 00:05:22,279 --> 00:05:24,680 Speaker 1: We've got an inflation problem, we've got a current account deficit. 104 00:05:24,800 --> 00:05:27,039 Speaker 1: It's an awful mess, but it's not going to go 105 00:05:27,120 --> 00:05:29,599 Speaker 1: away and the store stop. You'd have to assume the 106 00:05:29,600 --> 00:05:32,880 Speaker 1: oil story just exacerbates the current accounts deficit issues in 107 00:05:32,920 --> 00:05:36,320 Speaker 1: places like Turkey and like India. Absolutely, if you are 108 00:05:36,360 --> 00:05:39,680 Speaker 1: an oil importer, substantial oil importer, this is about as 109 00:05:39,800 --> 00:05:41,680 Speaker 1: as bad as things get. You know, you've got interest 110 00:05:41,800 --> 00:05:44,920 Speaker 1: rate pressure from the Fed, you've got pressure from from 111 00:05:44,960 --> 00:05:47,280 Speaker 1: oil now, which you know, six months ago we weren't 112 00:05:47,279 --> 00:05:49,680 Speaker 1: really worrying about. And now suddenly brents at eighty five, 113 00:05:49,839 --> 00:05:51,840 Speaker 1: w t I is at seventy five. And this is 114 00:05:51,880 --> 00:05:54,640 Speaker 1: a really big problem for these countries that that are 115 00:05:54,680 --> 00:05:57,200 Speaker 1: already running these current account deficits. And it just makes 116 00:05:57,279 --> 00:06:00,800 Speaker 1: markets more inclined to run away, and it becomes self 117 00:06:01,400 --> 00:06:04,440 Speaker 1: some interesting relative trades within emerging markets. I've heard a 118 00:06:04,480 --> 00:06:08,279 Speaker 1: lot of people starting to talk about long Russia short 119 00:06:08,400 --> 00:06:10,800 Speaker 1: Turkey off the back of this crude story. Does that 120 00:06:10,839 --> 00:06:12,839 Speaker 1: kind of make sense to you. I mean from a 121 00:06:12,839 --> 00:06:14,839 Speaker 1: trading proposition, it does. I mean, you know, from a 122 00:06:14,839 --> 00:06:17,600 Speaker 1: big picture perspective, Russia doesn't really have an economy. Um, 123 00:06:17,640 --> 00:06:21,039 Speaker 1: you know, Russia's Russia is a small economy, but it 124 00:06:21,080 --> 00:06:23,039 Speaker 1: does have a lot of oil and a lot of gas. 125 00:06:23,080 --> 00:06:25,080 Speaker 1: So yes, I mean that makes perfect sense to me 126 00:06:25,080 --> 00:06:27,000 Speaker 1: as an entra em trade. And of course there are 127 00:06:27,120 --> 00:06:29,000 Speaker 1: there are winners and losers and other em Some of 128 00:06:29,000 --> 00:06:32,159 Speaker 1: the Latin American ems are in are in rather better 129 00:06:32,200 --> 00:06:36,159 Speaker 1: shape obviously Argentina, Venezuela accepted, but they're in better shape 130 00:06:36,160 --> 00:06:39,560 Speaker 1: than than the Turkeys and South Africa's and India's. So 131 00:06:39,640 --> 00:06:41,559 Speaker 1: it's a it's a shifting game, and it does depend 132 00:06:41,680 --> 00:06:44,200 Speaker 1: enormously on exactly where oil prices go. You know, if 133 00:06:44,240 --> 00:06:47,040 Speaker 1: oil continues to rise and Brent gets up to say, 134 00:06:47,080 --> 00:06:49,080 Speaker 1: and it hits the hundred dollar mark, then you're looking 135 00:06:49,120 --> 00:06:52,040 Speaker 1: at much more widespread em pain and much more currency weakness, 136 00:06:52,279 --> 00:06:54,479 Speaker 1: and you'll get you'll get markets calling on the Fed 137 00:06:54,520 --> 00:06:56,880 Speaker 1: to take a breather. The problem is looking at the 138 00:06:56,920 --> 00:06:59,160 Speaker 1: three point nine domestic unemployment rate, I don't think J. 139 00:06:59,279 --> 00:07:01,599 Speaker 1: Powell can afford. I'm just wondering where the circuit breaker 140 00:07:01,680 --> 00:07:03,560 Speaker 1: comes from because the markets might call on the FED 141 00:07:03,600 --> 00:07:05,680 Speaker 1: to take a breather at some point, maybe next year. 142 00:07:05,960 --> 00:07:07,760 Speaker 1: The President of the the United States is staging a bit 143 00:07:07,760 --> 00:07:10,680 Speaker 1: of an intervention with the with the saudis ramping up 144 00:07:10,680 --> 00:07:13,120 Speaker 1: the pressure again in the last twenty four hours. Do 145 00:07:13,120 --> 00:07:15,560 Speaker 1: you see any response coming from OPEC and Saudi Arabia 146 00:07:15,600 --> 00:07:18,440 Speaker 1: to this, Well not really. I mean then they're not 147 00:07:18,480 --> 00:07:20,000 Speaker 1: the swing players that they used to be in the 148 00:07:20,080 --> 00:07:22,360 Speaker 1: US is not the swing player. But the bizarre thing 149 00:07:22,440 --> 00:07:25,240 Speaker 1: is that actually the US is now an economy which 150 00:07:25,280 --> 00:07:28,920 Speaker 1: which benefits from higher oil prices net because although it 151 00:07:29,000 --> 00:07:31,720 Speaker 1: raises gas prices, which consumers don't like, but it raises 152 00:07:31,760 --> 00:07:34,760 Speaker 1: capital spending the oil business faster. So just in the 153 00:07:34,840 --> 00:07:37,960 Speaker 1: last few years, the way you think you need to 154 00:07:38,000 --> 00:07:39,760 Speaker 1: think about the U S and oil prices has flipped 155 00:07:39,760 --> 00:07:42,240 Speaker 1: add degrees. He used to be we consume a lot 156 00:07:42,240 --> 00:07:44,320 Speaker 1: of oil, the price goes up, it's bad. But that's 157 00:07:44,360 --> 00:07:46,200 Speaker 1: not the case anymore. Now We're still consume it, but 158 00:07:46,200 --> 00:07:48,320 Speaker 1: we produced an awful lot of it, and we've got 159 00:07:48,320 --> 00:07:51,320 Speaker 1: this whole economic infrastructure that's built around oil extraction. The 160 00:07:51,320 --> 00:07:54,640 Speaker 1: shale business is enormous and growing very rapidly still, So 161 00:07:54,680 --> 00:07:57,360 Speaker 1: now higher oil prices actually are a plus for growth. 162 00:07:57,480 --> 00:08:00,360 Speaker 1: What's the ramifications of a blended dollar in X like 163 00:08:00,480 --> 00:08:03,440 Speaker 1: d x Y breaks out the new highs in this 164 00:08:03,480 --> 00:08:07,800 Speaker 1: case ninety four to present ninety five point five, And 165 00:08:07,800 --> 00:08:11,000 Speaker 1: if we get a ninety seven print and dollars stronger dollar, 166 00:08:11,840 --> 00:08:14,560 Speaker 1: I mean, what does the president do? What does chairman 167 00:08:14,640 --> 00:08:16,560 Speaker 1: to Paul do? You're gonna tell me they're going to 168 00:08:16,600 --> 00:08:18,760 Speaker 1: ignore it. I don't buy it. Ah, Well, if depend 169 00:08:18,800 --> 00:08:20,200 Speaker 1: how how it goes. You know, quite a lot of 170 00:08:20,240 --> 00:08:22,400 Speaker 1: the CPI is sensitive to the dollar. The goods compons 171 00:08:22,480 --> 00:08:25,000 Speaker 1: the CPI are sensitive to the dollar, and the things 172 00:08:25,000 --> 00:08:28,600 Speaker 1: like imported clothing and furniture and TVs and gadgets are 173 00:08:28,640 --> 00:08:31,880 Speaker 1: all quite dollar sensitive. So as sustained further uplifting the 174 00:08:31,880 --> 00:08:35,000 Speaker 1: dollar from here, would other things equaled mean a bit 175 00:08:35,040 --> 00:08:38,200 Speaker 1: lower domestic inflation. And that might be what gives the 176 00:08:38,200 --> 00:08:41,520 Speaker 1: Fed the ability to pause, provided that at the time 177 00:08:41,559 --> 00:08:43,800 Speaker 1: this is happening, the labor market isn't scaring the pants, 178 00:08:43,840 --> 00:08:46,880 Speaker 1: which I'm sorry, dovetails right into EM weakness, Joan Ferrell. 179 00:08:47,240 --> 00:08:51,360 Speaker 1: Dovetails right into EM weakness and into you know, maybe 180 00:08:51,400 --> 00:08:54,920 Speaker 1: oil dynamics as well, yeah, there's a toxic mix right now, 181 00:08:55,160 --> 00:08:58,640 Speaker 1: higher crude, stronger dollar, toxic mix and yields just kind 182 00:08:58,640 --> 00:09:01,839 Speaker 1: of bleeding heart slowly lovely. I refused to play Abba, 183 00:09:02,200 --> 00:09:05,200 Speaker 1: I did Williams. Come on, come on, come on, come 184 00:09:05,200 --> 00:09:07,680 Speaker 1: on a bit of abber dancing Queen, just to set 185 00:09:07,760 --> 00:09:10,520 Speaker 1: up a Brexit conversation later on. You know you want 186 00:09:10,559 --> 00:09:12,920 Speaker 1: to do it? You do. I can see your smiling 187 00:09:12,960 --> 00:09:16,640 Speaker 1: Tom smiling therapy, can see that you wanted to five 188 00:09:16,720 --> 00:09:21,679 Speaker 1: step surveillance therapy. Who's put you through therapy? Are you kid? 189 00:09:21,760 --> 00:09:26,040 Speaker 1: They got a car from Washington yesterday, even trumpell big 190 00:09:26,040 --> 00:09:30,480 Speaker 1: trouble expenses. No, no, well that's a separate story, was 191 00:09:30,520 --> 00:09:34,400 Speaker 1: the caller? Now this came from you know, come on, people, 192 00:09:35,280 --> 00:09:37,720 Speaker 1: just don't just like the radio. You'll tell me that 193 00:09:38,080 --> 00:09:41,880 Speaker 1: the I m F aren't happy with you. Yeah, with us, 194 00:09:41,720 --> 00:09:57,959 Speaker 1: m c A everybody, Bloomberg's very own Annah Redwards joining us. Now, 195 00:09:58,200 --> 00:10:01,640 Speaker 1: Anna did you dance? Did I? When dancing Queen came 196 00:10:01,679 --> 00:10:05,800 Speaker 1: I, I I just stood up and and sort of threw 197 00:10:05,840 --> 00:10:09,080 Speaker 1: my arms in the air, And it was a spontaneous 198 00:10:09,200 --> 00:10:13,320 Speaker 1: response to her phenomenal visual experience, guessing that's not what 199 00:10:13,440 --> 00:10:16,680 Speaker 1: happened today in Birmingham, and I walked me through who 200 00:10:16,720 --> 00:10:19,200 Speaker 1: this speech was for, who the audience was, and the 201 00:10:19,200 --> 00:10:21,960 Speaker 1: big takeaways in the last hour. Well, as always, she's 202 00:10:21,960 --> 00:10:24,280 Speaker 1: talking to the preaching to the converted, but she does 203 00:10:24,320 --> 00:10:26,199 Speaker 1: have a divided party, so she did have to win 204 00:10:26,240 --> 00:10:28,600 Speaker 1: the room over to some extent. She had a thing 205 00:10:28,679 --> 00:10:30,440 Speaker 1: to do today, didn't she, And that was to rally 206 00:10:30,800 --> 00:10:33,240 Speaker 1: the troops behind her vision of Brexit because she'd been 207 00:10:33,320 --> 00:10:37,440 Speaker 1: challenged yesterday very directly by her former Foreign Secretary Boris Johnson, 208 00:10:37,440 --> 00:10:39,280 Speaker 1: who had a very different view of Brexit. So her 209 00:10:39,280 --> 00:10:42,160 Speaker 1: ad mission today was to rally the troops around Brexit. 210 00:10:42,240 --> 00:10:43,960 Speaker 1: She she can come to some of the detail if 211 00:10:43,960 --> 00:10:45,959 Speaker 1: you like, but she did seem to manage to do that, 212 00:10:46,320 --> 00:10:49,199 Speaker 1: and she took on Boris Johnson a little bit. And 213 00:10:49,240 --> 00:10:51,280 Speaker 1: she also wanted them to rally against the big enemy 214 00:10:51,320 --> 00:10:53,240 Speaker 1: that she sees, and that's Jeremy Cowin, leader of the 215 00:10:53,320 --> 00:10:55,800 Speaker 1: Labor Party. And I don't care. What I care about 216 00:10:56,040 --> 00:10:58,040 Speaker 1: is in the movie, in the movie The Crown, the 217 00:10:58,040 --> 00:11:01,240 Speaker 1: TV show of The Crown, then lives are out. I 218 00:11:01,280 --> 00:11:04,520 Speaker 1: think for Americans we were shocked and how Churchill was 219 00:11:04,559 --> 00:11:07,880 Speaker 1: treated or McMillan and all the other players. I saw 220 00:11:07,920 --> 00:11:10,920 Speaker 1: that in the faces of the people in the audience. 221 00:11:11,240 --> 00:11:14,240 Speaker 1: It's totally different than in America. How much do they 222 00:11:14,280 --> 00:11:18,959 Speaker 1: hate each other, well, the different parts of the party. Yeah, yeah, 223 00:11:19,000 --> 00:11:21,120 Speaker 1: I mean they're quite quite. I mean, I don't know, 224 00:11:21,120 --> 00:11:23,839 Speaker 1: I hates the wrong. Excuse me, I'm an American. I 225 00:11:24,280 --> 00:11:26,880 Speaker 1: just love the way you frame UK politics through tonight. 226 00:11:27,320 --> 00:11:29,839 Speaker 1: Just I'll just throw in on the chance of the 227 00:11:29,880 --> 00:11:32,480 Speaker 1: Exchequers there with eight guys I don't know who they are, 228 00:11:32,840 --> 00:11:35,400 Speaker 1: and Anna knows them all, and they all look like 229 00:11:35,600 --> 00:11:39,440 Speaker 1: they look like the TV show The Crown. Yeah, I mean, 230 00:11:39,480 --> 00:11:41,120 Speaker 1: there's a there's a lot of falling out now. She 231 00:11:41,160 --> 00:11:44,160 Speaker 1: did say, in typical British understatement, I might have given 232 00:11:44,160 --> 00:11:45,800 Speaker 1: you a little bit of that just then. But she 233 00:11:45,800 --> 00:11:47,920 Speaker 1: she said, you'll be aware that there are some different 234 00:11:48,000 --> 00:11:50,240 Speaker 1: views within the party on Brexit. You know, she said, 235 00:11:50,320 --> 00:11:52,400 Speaker 1: she sort of nods to to that. But what she 236 00:11:52,480 --> 00:11:55,800 Speaker 1: did when she said, um, she did she did have 237 00:11:55,840 --> 00:11:57,880 Speaker 1: some strong messages which will appear to the Brexity is 238 00:11:57,960 --> 00:11:59,920 Speaker 1: she delivered, you know, right down the barrel of the 239 00:12:00,040 --> 00:12:03,000 Speaker 1: of the camera. She said, I want respect from Europe, 240 00:12:03,200 --> 00:12:06,720 Speaker 1: similar to what she said after the Salzburg disaster meeting recently, 241 00:12:06,760 --> 00:12:08,600 Speaker 1: so she's trying to appeal to that side of her party. 242 00:12:08,760 --> 00:12:11,200 Speaker 1: But on the other side, she had a really interesting line. 243 00:12:11,240 --> 00:12:13,679 Speaker 1: She in answer to Boris and all those hard Brexities, 244 00:12:13,720 --> 00:12:16,079 Speaker 1: you'd rather see a hard break, She said, we can't 245 00:12:16,080 --> 00:12:18,720 Speaker 1: have a Brexit that delivers in fifty years. That's no 246 00:12:18,800 --> 00:12:20,640 Speaker 1: good to somebody who lives on a boarder and wants 247 00:12:20,679 --> 00:12:24,160 Speaker 1: frictionless trade or and cited all these other examples. And 248 00:12:24,160 --> 00:12:25,679 Speaker 1: I thought that was really interesting because that he is 249 00:12:25,720 --> 00:12:28,119 Speaker 1: trying to take on the message of the hard Brexities 250 00:12:28,160 --> 00:12:30,040 Speaker 1: who just say, let's rip it up, let's walk away. 251 00:12:30,320 --> 00:12:33,400 Speaker 1: Interesting away from Brexit Anna that she starts talking about 252 00:12:33,480 --> 00:12:37,200 Speaker 1: promising to end austerity. Is this a Conservative party in 253 00:12:37,240 --> 00:12:40,719 Speaker 1: some ways positioning for a potential election? Yeah? Well, I mean, 254 00:12:40,840 --> 00:12:42,240 Speaker 1: you know, in theory the election is not supposed to 255 00:12:42,240 --> 00:12:44,439 Speaker 1: be till twenty two, but you know, who knows. But 256 00:12:44,480 --> 00:12:47,079 Speaker 1: there's a lot of unpredictability in UK policies, so that 257 00:12:47,320 --> 00:12:50,360 Speaker 1: this ending austerity was really trying to take away one 258 00:12:50,400 --> 00:12:52,640 Speaker 1: of Labour's trump cards. They've been able to associate the 259 00:12:52,679 --> 00:12:55,360 Speaker 1: Tories with austerity over recent years. She said, that the 260 00:12:55,360 --> 00:12:58,280 Speaker 1: British people need to know that hard work has paid off. 261 00:12:58,320 --> 00:13:00,360 Speaker 1: She was careful also though to say that the debt 262 00:13:00,360 --> 00:13:04,319 Speaker 1: to GDP number we'll keep dropping. So of course here 263 00:13:04,320 --> 00:13:06,880 Speaker 1: at Bloomberg was were you know, all watching for reaction 264 00:13:06,920 --> 00:13:09,480 Speaker 1: in markets, and there wasn't really very much. And somebody 265 00:13:09,520 --> 00:13:11,439 Speaker 1: I n G saying, maybe the market is going to 266 00:13:11,520 --> 00:13:15,240 Speaker 1: focus more on well, on the promise. You know, then 267 00:13:15,240 --> 00:13:17,080 Speaker 1: we need to have growth, of course, but focus more 268 00:13:17,080 --> 00:13:19,080 Speaker 1: on any fiscal giveaways that we might get in connection 269 00:13:19,320 --> 00:13:21,760 Speaker 1: any quickly you're a saying are you there for another four? 270 00:13:21,920 --> 00:13:24,880 Speaker 1: Is it five days? No, I'm actually back in London. Sorry, 271 00:13:24,880 --> 00:13:26,440 Speaker 1: I heard I heard you say right at the beginning 272 00:13:26,440 --> 00:13:28,440 Speaker 1: that I was in Birmingham. I have been in Birmingham, 273 00:13:28,440 --> 00:13:30,480 Speaker 1: was there until very but I had to get back 274 00:13:30,480 --> 00:13:32,800 Speaker 1: to London to anchor a program this morning. So one 275 00:13:32,800 --> 00:13:38,600 Speaker 1: of your properties of properties and Anna Edwards. You hear 276 00:13:38,640 --> 00:13:41,440 Speaker 1: her in America, folks, you hear her on Bloomberg Radio 277 00:13:41,600 --> 00:13:46,560 Speaker 1: early early in the American morning, and she's fantasistic. She 278 00:13:46,640 --> 00:13:49,600 Speaker 1: anchors the market open show in Europe. Now I'm happy 279 00:13:49,640 --> 00:14:02,720 Speaker 1: to say, right now I want to rip up the 280 00:14:02,760 --> 00:14:06,600 Speaker 1: script and talk about something that's basically off the radar 281 00:14:06,800 --> 00:14:12,160 Speaker 1: of all our distractions of the Amazon, Apple, Italy, Turkey, 282 00:14:12,840 --> 00:14:15,119 Speaker 1: on and on. Of course everything going on in Washington 283 00:14:15,640 --> 00:14:18,920 Speaker 1: is well, you can do this with Craig Trudell working 284 00:14:18,920 --> 00:14:22,600 Speaker 1: out of our Detroit operation on the Automobiles of America. 285 00:14:22,720 --> 00:14:25,600 Speaker 1: And you can do this because he was at Michigan 286 00:14:25,640 --> 00:14:29,520 Speaker 1: State University exactly five miles from the Grand River Assembly 287 00:14:29,600 --> 00:14:33,640 Speaker 1: of General Motors in Lansing, Michigan. And Craig, that means 288 00:14:33,680 --> 00:14:37,800 Speaker 1: you are qualified to talk about the quiet automobile disaster 289 00:14:37,920 --> 00:14:42,320 Speaker 1: out there, not Tesla. The collapse of the Ford Motor 290 00:14:42,360 --> 00:14:45,880 Speaker 1: Company down forty seven percent from the peak of four 291 00:14:45,960 --> 00:14:48,800 Speaker 1: or five years ago. That brought in Mr Hackett. Is 292 00:14:48,840 --> 00:14:51,160 Speaker 1: he going to be shown the door like Mr Flannery 293 00:14:51,160 --> 00:14:54,920 Speaker 1: of General Electric? You know, the the person to be 294 00:14:54,960 --> 00:14:57,680 Speaker 1: asking that Tom is going to be Bill Ford. Um. 295 00:14:57,720 --> 00:15:01,960 Speaker 1: So he is. He is Bill Ford's guy. Um. He 296 00:15:02,080 --> 00:15:05,560 Speaker 1: certainly has raised a lot of questions in terms of 297 00:15:05,880 --> 00:15:09,640 Speaker 1: what is his plan um, and he's not really answered 298 00:15:09,680 --> 00:15:11,760 Speaker 1: those questions to this point, and a lot of people 299 00:15:11,760 --> 00:15:15,680 Speaker 1: are getting very frustrated. The last the last earnings call, uh, 300 00:15:15,760 --> 00:15:19,520 Speaker 1: some sparks really flew between him and analysts at Morgan 301 00:15:19,600 --> 00:15:23,320 Speaker 1: Stanley when they canceled their investor day that was going 302 00:15:23,400 --> 00:15:26,880 Speaker 1: to to be uh some time in September. Uh. And 303 00:15:26,920 --> 00:15:29,360 Speaker 1: when they canceled at the analyst asked, do you think 304 00:15:29,400 --> 00:15:31,400 Speaker 1: you're still going to be around whenever you guys are 305 00:15:31,400 --> 00:15:35,360 Speaker 1: ready to have that investor day? So people are very frustrated. Uh. 306 00:15:35,400 --> 00:15:37,760 Speaker 1: There's some new product on the way, some some new 307 00:15:37,880 --> 00:15:41,280 Speaker 1: SUVs that are desperately needed, but they're late, and the 308 00:15:41,320 --> 00:15:44,720 Speaker 1: company is really struggling in this market. Well, well explain, 309 00:15:44,800 --> 00:15:46,560 Speaker 1: And I want to say, full disclosure. I've got a 310 00:15:46,560 --> 00:15:49,760 Speaker 1: great affinity for Mr Ford. He and I talked pond hockey, 311 00:15:49,800 --> 00:15:51,880 Speaker 1: among other things. He goes up north every year and 312 00:15:51,920 --> 00:15:54,880 Speaker 1: does the whole Midwest pond hockey thing. And I think 313 00:15:54,880 --> 00:15:57,560 Speaker 1: he had a cameo on Wayne's World is Well, Craig, 314 00:15:57,880 --> 00:15:59,920 Speaker 1: when I look at this, I want to know. I'm 315 00:16:00,000 --> 00:16:02,400 Speaker 1: how you explain your car guy? And you know all 316 00:16:02,440 --> 00:16:05,400 Speaker 1: the other guys who got out in Detroit explained to 317 00:16:05,440 --> 00:16:09,000 Speaker 1: me how we got from Alan to Jim. I mean, 318 00:16:09,920 --> 00:16:15,800 Speaker 1: Ford Management was sainted one Ford, Alan Lally, everything was wonderful. 319 00:16:16,440 --> 00:16:21,200 Speaker 1: What happened well one of his big jobs towards the 320 00:16:21,280 --> 00:16:24,480 Speaker 1: end of his tenure. Alan Lally was was to pick 321 00:16:24,560 --> 00:16:27,800 Speaker 1: his successor and played a big role in that. And 322 00:16:28,560 --> 00:16:32,800 Speaker 1: you know, there was really it was between Mark Fields 323 00:16:33,480 --> 00:16:39,000 Speaker 1: and uh, you know another insider within the company, Joe Henrickson, 324 00:16:39,240 --> 00:16:42,720 Speaker 1: and the company went with Mark Fields, and Mark struggled. 325 00:16:42,920 --> 00:16:47,200 Speaker 1: Um I think you know, he uh did not do well. 326 00:16:47,320 --> 00:16:51,080 Speaker 1: The the share price, uh, you know, like really lagged. 327 00:16:51,520 --> 00:16:54,320 Speaker 1: They had some real trouble with with making sure that 328 00:16:54,400 --> 00:16:58,720 Speaker 1: they kept the product lines up to date. And and 329 00:16:58,920 --> 00:17:02,920 Speaker 1: he was shown the door very quickly. So uh, you 330 00:17:02,960 --> 00:17:06,280 Speaker 1: know it was from there we we go back outside 331 00:17:06,280 --> 00:17:08,080 Speaker 1: and it really seemed like Bill Ford was kind of 332 00:17:08,119 --> 00:17:11,840 Speaker 1: trying to pull another Relally. He went outside his company. 333 00:17:12,240 --> 00:17:16,280 Speaker 1: Let's bring in somebody who hasn't been at Ford. Uh. 334 00:17:16,320 --> 00:17:19,400 Speaker 1: And you know, we we can recall that Milally came 335 00:17:19,400 --> 00:17:22,919 Speaker 1: from boeing um and and Hackett was viewed as a 336 00:17:23,000 --> 00:17:25,439 Speaker 1: sort of a turnaround guy. He came from Steelcase, the 337 00:17:25,440 --> 00:17:28,280 Speaker 1: furniture company, and there was some thought that okay, you know, 338 00:17:28,320 --> 00:17:30,800 Speaker 1: I can I can bring in somebody with a fresh perspective. 339 00:17:31,440 --> 00:17:34,840 Speaker 1: Alan obviously brought a fresh perspective to this company and 340 00:17:35,160 --> 00:17:38,240 Speaker 1: that paid huge dividends. But so far we have not 341 00:17:38,320 --> 00:17:40,679 Speaker 1: at all seen this sort of level of success that 342 00:17:40,760 --> 00:17:44,080 Speaker 1: we saw from from Alan mulally. Uh you know when 343 00:17:44,119 --> 00:17:46,480 Speaker 1: he was at Ford. But the new business plan, you know, 344 00:17:46,560 --> 00:17:49,119 Speaker 1: my study of this is and if you're just joining us, 345 00:17:49,119 --> 00:17:52,159 Speaker 1: so it's Craig Trugel with us, he's with Bloomberg and 346 00:17:52,240 --> 00:17:55,600 Speaker 1: just definitive on not so much the gossip of Detroit, 347 00:17:55,720 --> 00:18:00,240 Speaker 1: but just the the leadership and the human condition of Detroit. White. 348 00:18:00,359 --> 00:18:03,080 Speaker 1: Come on, it was one Ford Miley at a five 349 00:18:03,119 --> 00:18:06,239 Speaker 1: am meeting. Everybody got on board. Everybody was on the 350 00:18:06,280 --> 00:18:11,199 Speaker 1: same page. Per the Mortgage Stanley conference call. Is anybody 351 00:18:11,240 --> 00:18:13,320 Speaker 1: on the hack at page? Because I don't you know, 352 00:18:13,640 --> 00:18:15,439 Speaker 1: not that I'm an expert, but I don't see it. 353 00:18:15,520 --> 00:18:19,920 Speaker 1: He's he is original to be kind, moving from Steelcase 354 00:18:20,160 --> 00:18:22,639 Speaker 1: and Craig, you know what everybody's saying, how can you 355 00:18:22,680 --> 00:18:26,000 Speaker 1: move from making file cabinets over to running a global 356 00:18:26,040 --> 00:18:29,920 Speaker 1: automobile company was seven thousand parts per car? How can 357 00:18:29,960 --> 00:18:32,720 Speaker 1: you do that? Yeah? Well, I I think I think 358 00:18:32,720 --> 00:18:35,719 Speaker 1: it's really a question of whether you know whether this 359 00:18:35,800 --> 00:18:38,920 Speaker 1: was the right guy to bring in when the company 360 00:18:38,960 --> 00:18:41,359 Speaker 1: had some real sort of nuts and bolts issues of 361 00:18:41,560 --> 00:18:46,040 Speaker 1: product being behind schedule, needing needing to update to the 362 00:18:46,200 --> 00:18:49,360 Speaker 1: SUV lineup, deciding on whether or not to to play 363 00:18:49,359 --> 00:18:51,760 Speaker 1: in the car business. Obviously they've decided not to do 364 00:18:51,800 --> 00:18:54,720 Speaker 1: that going forward, at least at least here in North America. Okay, 365 00:18:54,720 --> 00:18:57,520 Speaker 1: but what's it's not there? What's a two thousand nineteen Fusion, 366 00:18:57,800 --> 00:19:00,760 Speaker 1: What's a two thousand eighteen CI Max, a two thousand 367 00:19:00,880 --> 00:19:03,320 Speaker 1: nine Mustang? I mean they say they're not in the 368 00:19:03,320 --> 00:19:05,960 Speaker 1: car business, but they are in the car business. Well, 369 00:19:06,119 --> 00:19:09,240 Speaker 1: everything except the Mustang is going to be going away. 370 00:19:09,520 --> 00:19:12,760 Speaker 1: So those those uh, the Sedans and the lineup, with 371 00:19:12,840 --> 00:19:16,200 Speaker 1: the exception of the Mustang muscle car will be phased out. 372 00:19:16,440 --> 00:19:19,320 Speaker 1: They've even you know, started to phase out the advertising 373 00:19:19,359 --> 00:19:21,000 Speaker 1: of some of the models that to your point, are 374 00:19:21,040 --> 00:19:23,760 Speaker 1: still going to remain on the market. But really they're 375 00:19:23,760 --> 00:19:26,800 Speaker 1: turning their attention to mtvs. But but really with Hackett, 376 00:19:26,840 --> 00:19:29,359 Speaker 1: I mean he came in and his background to the 377 00:19:29,400 --> 00:19:31,159 Speaker 1: event that he had when with Ford was with their 378 00:19:31,200 --> 00:19:34,040 Speaker 1: smart mobility unit, and that is really sort of a 379 00:19:34,400 --> 00:19:37,600 Speaker 1: big think, uh you know, sort of what is the 380 00:19:37,640 --> 00:19:40,680 Speaker 1: future going to look like? Uh, you know, play on 381 00:19:40,680 --> 00:19:43,000 Speaker 1: on Ford's part, and you can guess what. No one 382 00:19:43,080 --> 00:19:46,880 Speaker 1: cares right, right, well, and he's continued to to sort 383 00:19:46,880 --> 00:19:50,400 Speaker 1: of take this you know, big sort of universal back 384 00:19:50,480 --> 00:19:52,280 Speaker 1: look at where the future is going to be in 385 00:19:52,400 --> 00:19:58,439 Speaker 1: terms of mobility and and scared autonomous. But you're I 386 00:19:58,520 --> 00:20:01,600 Speaker 1: do the interview, you don't, Craig Listen, It's real simple. 387 00:20:01,640 --> 00:20:04,320 Speaker 1: Shields was fancy. He did all the fit and finish. 388 00:20:04,359 --> 00:20:06,840 Speaker 1: Malally was the god that came out with a flex 389 00:20:06,880 --> 00:20:08,719 Speaker 1: which is the only Ford I see in the island 390 00:20:08,720 --> 00:20:12,080 Speaker 1: of Manhattan. As you said, they desperately need an SUV 391 00:20:12,560 --> 00:20:16,160 Speaker 1: and they got a CEO doing tech babble right. Yeah, 392 00:20:16,359 --> 00:20:18,800 Speaker 1: that that I think gets to it and cuts to 393 00:20:18,840 --> 00:20:21,560 Speaker 1: the chase. I mean when when Jim Hackett made an 394 00:20:21,600 --> 00:20:23,800 Speaker 1: appearance at c S earlier this year, I think a 395 00:20:23,840 --> 00:20:26,360 Speaker 1: lot of people just sort of left his presentation scratching 396 00:20:26,400 --> 00:20:28,800 Speaker 1: their heads. And so if that's any indication of the 397 00:20:29,119 --> 00:20:31,919 Speaker 1: kind of leader he is internally at Ford, that has 398 00:20:31,960 --> 00:20:33,920 Speaker 1: a lot to do with the problem. Now from New 399 00:20:34,000 --> 00:20:36,960 Speaker 1: Jersey just emails in and could you please ask him 400 00:20:37,000 --> 00:20:40,199 Speaker 1: what Mr Hackett's reception is going to be at the 401 00:20:40,240 --> 00:20:44,040 Speaker 1: North American International Auto Show? How is he going to 402 00:20:44,080 --> 00:20:46,320 Speaker 1: be great? I saw Marci ol once when I was 403 00:20:46,359 --> 00:20:50,639 Speaker 1: at the North American International Auto Show and he was 404 00:20:50,680 --> 00:20:53,600 Speaker 1: greeted like a god. Same with Milally likes does anybody 405 00:20:53,640 --> 00:20:57,680 Speaker 1: care of Hacketts shows up at the North American International 406 00:20:57,720 --> 00:21:00,920 Speaker 1: Auto Show. He definitely does not have the star power 407 00:21:00,960 --> 00:21:03,960 Speaker 1: that a MARCHIONI did, that that imulally did. And he's 408 00:21:04,000 --> 00:21:05,760 Speaker 1: not he's not, you know, a car guy in the 409 00:21:05,800 --> 00:21:08,520 Speaker 1: sense of the world where obviously that's a phrase that's 410 00:21:08,560 --> 00:21:11,520 Speaker 1: overused in Detroit, but uh, you know he is. He 411 00:21:11,640 --> 00:21:14,800 Speaker 1: is a big thinker. He's sort of professorial, and he's 412 00:21:14,880 --> 00:21:18,879 Speaker 1: not one to get down into V six and horsepower 413 00:21:18,880 --> 00:21:22,120 Speaker 1: and so forth. Yield six point When did they cut 414 00:21:22,160 --> 00:21:26,280 Speaker 1: the dividends Thursday or is it in November? We asked 415 00:21:26,320 --> 00:21:30,920 Speaker 1: the CFO precisely this question, because the dividend yield has 416 00:21:30,960 --> 00:21:35,359 Speaker 1: been soaring. It is a very rich payout. But importantly 417 00:21:35,400 --> 00:21:37,600 Speaker 1: it's what the Ford family lives off right, So they're 418 00:21:37,600 --> 00:21:39,240 Speaker 1: going to hold on for dear life to that Dad. 419 00:21:39,359 --> 00:21:42,159 Speaker 1: That's well said. This is brilliant, cract true. Thank you 420 00:21:42,240 --> 00:21:53,760 Speaker 1: so much. One of the books of joy of the 421 00:21:53,800 --> 00:21:56,919 Speaker 1: last five years. And this is a serious book to 422 00:21:57,040 --> 00:22:01,080 Speaker 1: be read and considered chapter by chapter. Failure to adjust 423 00:22:01,119 --> 00:22:04,600 Speaker 1: how Americans got left behind in the global economy. It 424 00:22:04,680 --> 00:22:08,399 Speaker 1: was a terrific success with a huge residents. Chapters like 425 00:22:08,480 --> 00:22:13,120 Speaker 1: Confronting the competition, how a strong dollar is hurt, how 426 00:22:13,160 --> 00:22:17,359 Speaker 1: to think about economic competitiveness another important chapter, and it 427 00:22:17,440 --> 00:22:20,760 Speaker 1: can only be teddled into the Council on Foreign Relations. 428 00:22:20,760 --> 00:22:24,160 Speaker 1: I can't say enough about Failure to Adjust. So you've 429 00:22:24,200 --> 00:22:26,720 Speaker 1: got to write a new epilogue, maybe a new prologue. 430 00:22:26,760 --> 00:22:31,440 Speaker 1: How do you rewrite it after U. S m c. A. Well, 431 00:22:31,600 --> 00:22:33,480 Speaker 1: you know, we will have to see. I I still 432 00:22:33,520 --> 00:22:35,560 Speaker 1: think we're at the midpoint of all of this. I 433 00:22:35,600 --> 00:22:39,639 Speaker 1: think the President has shown that that he's able to 434 00:22:39,680 --> 00:22:41,199 Speaker 1: do at least some of what he said he could do, 435 00:22:41,280 --> 00:22:43,840 Speaker 1: which is used terrorists and the threat of tariffs to 436 00:22:43,920 --> 00:22:47,760 Speaker 1: force changes in trade agreements. Um. The big enchilado, of course, 437 00:22:47,840 --> 00:22:50,040 Speaker 1: is China, and we don't know how that was going 438 00:22:50,080 --> 00:22:51,680 Speaker 1: to play out. So I think I'm gonna hold off 439 00:22:51,720 --> 00:22:56,439 Speaker 1: before I read enough. Okay, beach reading two thousand nineteen, 440 00:22:56,480 --> 00:22:58,720 Speaker 1: I can see it. I can see it already now. 441 00:22:58,800 --> 00:23:00,920 Speaker 1: You could be like a girl magnet if I was 442 00:23:00,960 --> 00:23:04,760 Speaker 1: reading Failure to Adjust on the Beach ted great, does 443 00:23:05,119 --> 00:23:08,320 Speaker 1: U s m C A. U s m C. A. 444 00:23:09,600 --> 00:23:15,359 Speaker 1: Does it mean Canada and Mexico lost, well, you know, 445 00:23:15,520 --> 00:23:19,480 Speaker 1: in the narrow confines of the negotiation. Yes, I mean 446 00:23:19,520 --> 00:23:22,600 Speaker 1: Canada and Mexico didn't really get any of the changes 447 00:23:22,720 --> 00:23:25,840 Speaker 1: that they particularly wanted in the deal. They're happy with 448 00:23:25,880 --> 00:23:27,800 Speaker 1: some of the stuff that was brought over from the TPP, 449 00:23:28,480 --> 00:23:30,879 Speaker 1: like the new rules on digital commerce, so they're happy 450 00:23:30,920 --> 00:23:33,720 Speaker 1: with that. Canada didn't get it. Wanted a bunch of these, 451 00:23:33,760 --> 00:23:37,119 Speaker 1: you know, progressive changes to the agreement. They wanted to 452 00:23:37,240 --> 00:23:39,639 Speaker 1: expand temporary immigration the United States under the t n 453 00:23:39,720 --> 00:23:42,480 Speaker 1: vs IS, wanted additional access to US government procure. We 454 00:23:42,480 --> 00:23:46,200 Speaker 1: didn't get any of those things. Mexico made some moderately 455 00:23:46,280 --> 00:23:50,040 Speaker 1: significant concessions, Canada very few. At the end of the day, 456 00:23:50,080 --> 00:23:52,399 Speaker 1: I think they're both pretty happy with it, but but 457 00:23:52,480 --> 00:23:55,920 Speaker 1: it was definitely tilted in the direction that the US 458 00:23:56,000 --> 00:23:58,760 Speaker 1: wanted to tilt it ted. Alden, can you speak to 459 00:23:58,840 --> 00:24:04,200 Speaker 1: the issue of HUCH negotiations, because in the actual text 460 00:24:04,720 --> 00:24:09,359 Speaker 1: of U s m c A, apparently each of the 461 00:24:09,520 --> 00:24:15,040 Speaker 1: individual countries must give thirty days notice to their partners 462 00:24:15,920 --> 00:24:19,520 Speaker 1: if they are to negotiate a free trade agreement with 463 00:24:19,560 --> 00:24:25,760 Speaker 1: what is described as a quote non market economy. What 464 00:24:25,800 --> 00:24:28,399 Speaker 1: do you mean this is this is causing some controversy. 465 00:24:28,480 --> 00:24:30,800 Speaker 1: I think it was one of the elements of the 466 00:24:30,800 --> 00:24:34,000 Speaker 1: agreement that surprised all of us who were watching it 467 00:24:34,200 --> 00:24:37,679 Speaker 1: pretty closely. Does this means China? Of course, Yeah, of 468 00:24:37,720 --> 00:24:40,199 Speaker 1: course it means China. And and you know, the Canadians 469 00:24:40,840 --> 00:24:43,600 Speaker 1: have have talked about the idea of doing a free 470 00:24:43,640 --> 00:24:46,000 Speaker 1: trade agreement with China. Prime Minister Trudeau has sort of 471 00:24:46,040 --> 00:24:51,600 Speaker 1: done some preliminary discussions with his counterparts in China on this. 472 00:24:51,800 --> 00:24:53,919 Speaker 1: I think this is a kind of preemptive strike by 473 00:24:53,960 --> 00:24:56,440 Speaker 1: the US to say we don't want to see Canada 474 00:24:56,480 --> 00:24:58,720 Speaker 1: or Mexico do a free trade agreement with China because 475 00:24:58,760 --> 00:25:02,280 Speaker 1: that could complicate our dealings with China. I mean, the 476 00:25:02,320 --> 00:25:04,640 Speaker 1: non market economy stuff has a little wiggle room because 477 00:25:04,640 --> 00:25:06,280 Speaker 1: the Chinese, of course, have taken a case to the 478 00:25:06,400 --> 00:25:09,040 Speaker 1: w t O saying they should no longer be considered 479 00:25:09,040 --> 00:25:11,760 Speaker 1: a non market economy. And if they win that case, 480 00:25:11,840 --> 00:25:15,000 Speaker 1: I suppose they wouldn't fall under this clause, but we'll 481 00:25:15,000 --> 00:25:16,600 Speaker 1: see how it plays out. It was it was an 482 00:25:16,600 --> 00:25:19,560 Speaker 1: interesting addition to the agreement. To be sure, do you 483 00:25:19,600 --> 00:25:22,199 Speaker 1: believe that the United States is trying to put together 484 00:25:22,240 --> 00:25:27,520 Speaker 1: its own free trade block in North America. I mean, 485 00:25:27,560 --> 00:25:30,080 Speaker 1: I don't think you know that the new U. S. 486 00:25:30,200 --> 00:25:31,960 Speaker 1: M c A is anymore of a block than the 487 00:25:32,000 --> 00:25:34,960 Speaker 1: old NAFTA was. But I do think what the administration 488 00:25:35,040 --> 00:25:37,960 Speaker 1: is doing is trying to kick off these deals one 489 00:25:38,040 --> 00:25:41,199 Speaker 1: by one, you know, Korea, now, Canada and Mexico. We're 490 00:25:41,240 --> 00:25:43,560 Speaker 1: gonna see what happens with Japan in Europe, and then 491 00:25:43,680 --> 00:25:48,439 Speaker 1: really turned everything on the Chinese, with with with you know, 492 00:25:48,480 --> 00:25:53,280 Speaker 1: allies behind the administration. I do think that's the goal. Okay, well, 493 00:25:53,840 --> 00:25:55,560 Speaker 1: let's just get over to China then, I mean, we 494 00:25:55,640 --> 00:25:59,280 Speaker 1: got the happy you know, cross border in Canada and 495 00:25:59,320 --> 00:26:01,840 Speaker 1: we go to Mike McKee juts up to Canada, Michael 496 00:26:01,920 --> 00:26:05,359 Speaker 1: McKee jets down to Mexico. But as you say, everything 497 00:26:05,480 --> 00:26:09,080 Speaker 1: hinges on China. Give us the Ted Alden update on 498 00:26:09,960 --> 00:26:13,680 Speaker 1: is there a dialogue with China? Start with that. Well, 499 00:26:13,720 --> 00:26:16,760 Speaker 1: at the moment, not really, you know, Treasury Secretary Manuchin 500 00:26:16,880 --> 00:26:19,880 Speaker 1: keeps trying to restart at and then the president announced 501 00:26:19,920 --> 00:26:22,520 Speaker 1: his new terrorists, and the Chinese say, we can't negotiate 502 00:26:23,119 --> 00:26:25,680 Speaker 1: with a gun to our head. You know, my you know, here, 503 00:26:25,720 --> 00:26:28,119 Speaker 1: here's my prediction. And you can come back, you know, 504 00:26:28,160 --> 00:26:29,520 Speaker 1: we can come back and however long and see what 505 00:26:29,560 --> 00:26:31,399 Speaker 1: I'm right or not. I think we'll know that the 506 00:26:31,440 --> 00:26:34,800 Speaker 1: negotiations are serious when the US Trade Representative, Bob Lightheiser 507 00:26:34,840 --> 00:26:37,200 Speaker 1: gets put in charge. He was a guy who brought 508 00:26:37,280 --> 00:26:40,480 Speaker 1: home this new NAFTA deal. He's gonna lead the talks 509 00:26:40,480 --> 00:26:43,959 Speaker 1: with Japan. He's the serious negotiator in this administration. As 510 00:26:44,000 --> 00:26:45,880 Speaker 1: long as Manuchin is in charge of the China fall, 511 00:26:45,840 --> 00:26:48,160 Speaker 1: I think it goes nowhere. And the President was pretty 512 00:26:48,160 --> 00:26:50,440 Speaker 1: clear in his press conference on Monday he's not quite 513 00:26:50,480 --> 00:26:52,399 Speaker 1: ready to talk to the Chinese yet. He wants to 514 00:26:52,440 --> 00:26:54,800 Speaker 1: turn up the heat a bit higher. That's a that's 515 00:26:54,960 --> 00:26:59,040 Speaker 1: dangerous game, but but that's the one that that he's playing. 516 00:26:59,600 --> 00:27:04,120 Speaker 1: Ted All then, along with the former Michigan Governor John 517 00:27:04,160 --> 00:27:07,560 Speaker 1: Angler and former U S Secretary of Commerce Penny Pritzker, 518 00:27:08,080 --> 00:27:10,920 Speaker 1: you helped to produce a report called the Work Ahead 519 00:27:11,040 --> 00:27:15,000 Speaker 1: Machines Skills in US Leadership in the twenty one century. 520 00:27:15,080 --> 00:27:18,159 Speaker 1: Would you revise anything in that book currently based on 521 00:27:18,240 --> 00:27:21,919 Speaker 1: what you know? No, and and and I'm you know, 522 00:27:21,960 --> 00:27:25,600 Speaker 1: I've been very pleased with the reception to that that 523 00:27:25,720 --> 00:27:29,040 Speaker 1: report and sectary Pritsker in particular, is just put a 524 00:27:29,080 --> 00:27:32,840 Speaker 1: tremendous amount of energy into promoting this governor. Angler was, 525 00:27:32,920 --> 00:27:35,920 Speaker 1: you know, tied up as interim president of Michigan State University, 526 00:27:35,920 --> 00:27:38,120 Speaker 1: though he's done some great stuff with it too. It's 527 00:27:38,119 --> 00:27:42,399 Speaker 1: really about the current and coming impact of technology on 528 00:27:42,440 --> 00:27:45,600 Speaker 1: the workplace and the broader messengers. We have not done 529 00:27:45,640 --> 00:27:50,840 Speaker 1: a very good job as a country at helping Americans 530 00:27:50,880 --> 00:27:53,600 Speaker 1: succeed in the face of these very rapid economic changes, 531 00:27:53,640 --> 00:27:57,040 Speaker 1: be it the pressure is a global competition or technology, 532 00:27:57,119 --> 00:27:59,199 Speaker 1: and that's just gonna get worse and and and we 533 00:27:59,280 --> 00:28:00,880 Speaker 1: laid that out in the poor I think it's still 534 00:28:01,240 --> 00:28:03,840 Speaker 1: pretty current about Okay, you sound like Bread Long and 535 00:28:03,920 --> 00:28:07,000 Speaker 1: Danny Rodgers. When does that change? I mean, you guys 536 00:28:07,000 --> 00:28:10,159 Speaker 1: have all identified that labor in America got taken to 537 00:28:10,240 --> 00:28:15,159 Speaker 1: the cleaners on NAFTA. When does this get fixed? I 538 00:28:15,160 --> 00:28:17,159 Speaker 1: don't know exactly how you know my group on this 539 00:28:17,200 --> 00:28:19,520 Speaker 1: stuff of that guy named Richard Baldwin, who's a trade 540 00:28:19,520 --> 00:28:24,440 Speaker 1: economist that in Geneva his book the I'm gonna forget 541 00:28:24,440 --> 00:28:27,119 Speaker 1: the name the Great Converge and something like that. Um. Sorry, 542 00:28:27,200 --> 00:28:30,960 Speaker 1: Richard uh points to a real change around as a 543 00:28:31,040 --> 00:28:34,040 Speaker 1: results of the rise of information technology that made it 544 00:28:34,080 --> 00:28:38,000 Speaker 1: possible for multinational companies to create these global supply chains 545 00:28:38,080 --> 00:28:42,280 Speaker 1: locate factories with very advanced technologies and low wage countries. 546 00:28:42,520 --> 00:28:46,120 Speaker 1: That was a big, big shift, and I think you know, 547 00:28:46,160 --> 00:28:47,920 Speaker 1: if you look at if you look at with the 548 00:28:47,960 --> 00:28:51,000 Speaker 1: point at which you know, wages, living standards started grow 549 00:28:51,040 --> 00:28:53,800 Speaker 1: in the developing world, particularly China, which is a great thing, 550 00:28:54,120 --> 00:28:57,040 Speaker 1: but they really stagnated in the advanced economies. And I 551 00:28:57,080 --> 00:28:59,920 Speaker 1: think we're still trying to figure out how to adjust 552 00:29:00,640 --> 00:29:03,480 Speaker 1: to that change, which really kind of kicked in around 553 00:29:05,560 --> 00:29:10,080 Speaker 1: coincident with NAFTA. Na interesting Ted Alton take you for 554 00:29:10,120 --> 00:29:13,480 Speaker 1: the briefing important failure to adjust how Americans got left 555 00:29:13,520 --> 00:29:16,920 Speaker 1: behind the global economy and an update here as we 556 00:29:17,000 --> 00:29:21,520 Speaker 1: see us m uh from the Council on Foreign Council 557 00:29:21,520 --> 00:29:35,360 Speaker 1: on Foreign Relations, we should say so, David Rubinstein peered 558 00:29:35,360 --> 00:29:38,080 Speaker 1: of your preview. It is brought to you by Wells 559 00:29:38,120 --> 00:29:42,880 Speaker 1: Fargo Technology Banking. Wells Fargo helps business leaders find their 560 00:29:42,960 --> 00:29:47,040 Speaker 1: moments of truth. A little outside perspective can create a 561 00:29:47,120 --> 00:29:50,880 Speaker 1: lot of clarity with us not David Rubinstein has done 562 00:29:50,920 --> 00:29:55,000 Speaker 1: just such a wonderful job of going deeper wonderful conversations. 563 00:29:55,000 --> 00:29:57,840 Speaker 1: And again, David, people still talking about your effort with 564 00:29:57,960 --> 00:30:02,360 Speaker 1: Mr Bezos of Amazon. Um, David, it's always important to 565 00:30:02,400 --> 00:30:06,200 Speaker 1: interview somebody who started out in the William Morris mail room. 566 00:30:06,280 --> 00:30:11,240 Speaker 1: It is something legendary Los Angeles, isn't it. I never 567 00:30:11,360 --> 00:30:13,560 Speaker 1: understood how one can start on a mail room and 568 00:30:13,560 --> 00:30:15,760 Speaker 1: all of a sudden wind up a few years later 569 00:30:15,800 --> 00:30:18,560 Speaker 1: running a major studio. But apparently by being in the 570 00:30:18,560 --> 00:30:20,840 Speaker 1: mail room you get a lot of information and contacts. 571 00:30:20,840 --> 00:30:23,400 Speaker 1: So Barry Diller is one of those people. He started 572 00:30:23,440 --> 00:30:25,040 Speaker 1: the mail room. He dropped out of u c l 573 00:30:25,120 --> 00:30:28,040 Speaker 1: A after just a few weeks and never completed college, 574 00:30:28,120 --> 00:30:31,360 Speaker 1: worked in the mail room, ultimately went to ABC, became 575 00:30:31,400 --> 00:30:34,120 Speaker 1: the head of ABC Entertainment, and then at age thirty two, 576 00:30:34,160 --> 00:30:37,000 Speaker 1: the head of Paramount Pictures, and then after that created 577 00:30:37,040 --> 00:30:40,800 Speaker 1: Fox Television, and after that created I a C. Interactive 578 00:30:41,120 --> 00:30:45,200 Speaker 1: Company Corporation, which does enormous amount of Internet related companies 579 00:30:45,240 --> 00:30:48,080 Speaker 1: and now has a very very high market value. Had 580 00:30:48,080 --> 00:30:50,880 Speaker 1: you adjusted, uh, he and he put in two fifty 581 00:30:50,880 --> 00:30:53,160 Speaker 1: million dollars into I a C. It now has a 582 00:30:53,240 --> 00:30:57,000 Speaker 1: market value with all the companies together about fifty seven billion. 583 00:30:57,360 --> 00:31:00,560 Speaker 1: You were expert at this in the distinctive feature of 584 00:31:00,680 --> 00:31:02,920 Speaker 1: Mr Diller's Wikipedia and what we know about him in 585 00:31:02,960 --> 00:31:05,520 Speaker 1: New York is he's a guy that's moved from this 586 00:31:05,600 --> 00:31:08,960 Speaker 1: to this to this. By definition, David, you have to 587 00:31:09,000 --> 00:31:12,560 Speaker 1: fail along the way. What was the dealer failure? It 588 00:31:12,760 --> 00:31:16,760 Speaker 1: stands out among the many successes. Well, he would say 589 00:31:16,800 --> 00:31:19,880 Speaker 1: that he had he failed in in in everything he 590 00:31:19,880 --> 00:31:22,360 Speaker 1: did at ABC, everything he did at Paramount didn't work, 591 00:31:22,760 --> 00:31:25,240 Speaker 1: a lot of things that worked. Uh uh. What he 592 00:31:25,240 --> 00:31:27,880 Speaker 1: would give other people credit for as well, I would 593 00:31:27,920 --> 00:31:30,280 Speaker 1: say that he didn't think he had succeeded at being 594 00:31:30,280 --> 00:31:34,160 Speaker 1: a principle. He was working for other people at at ABC, 595 00:31:34,400 --> 00:31:37,840 Speaker 1: Paramount and at Fox, and ultimately he said to Rupert Murdoch, 596 00:31:37,880 --> 00:31:39,360 Speaker 1: I'd like to be more of a principal here in 597 00:31:39,440 --> 00:31:42,280 Speaker 1: Rupert Murdoch said, there's only one principle in this company, 598 00:31:42,320 --> 00:31:44,600 Speaker 1: and it's me. And so, at the age of forty nine, 599 00:31:44,640 --> 00:31:47,480 Speaker 1: he left taking some of the games he had realized, 600 00:31:47,520 --> 00:31:49,400 Speaker 1: and then ultimately figured out what he wanted to do 601 00:31:49,640 --> 00:31:52,520 Speaker 1: as a principal and created I a C. And it's 602 00:31:52,560 --> 00:31:55,400 Speaker 1: a very big success. So I think he had not failed, 603 00:31:55,440 --> 00:31:57,080 Speaker 1: but he wanted to be a principal at the age 604 00:31:57,080 --> 00:31:58,960 Speaker 1: of forty nine he began it. He's now in his 605 00:31:59,040 --> 00:32:04,160 Speaker 1: seventies and obviously very very successful financially and professionally. David 606 00:32:04,200 --> 00:32:08,120 Speaker 1: Rubinstein in your conversations with Barry Diller, did something in 607 00:32:08,240 --> 00:32:12,360 Speaker 1: terms of his intuition come across his ability to intuit 608 00:32:12,680 --> 00:32:18,400 Speaker 1: what would make good programming, good movies, good entertainment. He 609 00:32:18,480 --> 00:32:21,360 Speaker 1: had the same perspective to some extent as uh as 610 00:32:21,400 --> 00:32:26,360 Speaker 1: Jeff Bezo's intuition is much more important than maybe detailed analysis, 611 00:32:26,360 --> 00:32:28,400 Speaker 1: and so he just felt he had a pretty good 612 00:32:28,400 --> 00:32:30,600 Speaker 1: sense of what would work. He wouldn't put his finger 613 00:32:30,600 --> 00:32:34,720 Speaker 1: on any one thing. But I asked him why he was, um, 614 00:32:34,760 --> 00:32:37,600 Speaker 1: you know, so well versed in so many different areas, 615 00:32:37,600 --> 00:32:39,320 Speaker 1: and he said, even though he dropped out of college, 616 00:32:39,600 --> 00:32:42,720 Speaker 1: he had always been a reader. He loved reading. Reading 617 00:32:42,800 --> 00:32:45,400 Speaker 1: was important part of his life. And as we all know, 618 00:32:45,480 --> 00:32:49,080 Speaker 1: he's a very articulate person, a very good uh user 619 00:32:49,160 --> 00:32:52,360 Speaker 1: of words. And I think that people really respect his intellect, 620 00:32:52,800 --> 00:32:55,000 Speaker 1: and I think he would he wouldn't want to brag 621 00:32:55,000 --> 00:32:56,760 Speaker 1: and say that his intellect was great at other people. 622 00:32:56,800 --> 00:33:00,320 Speaker 1: He didn't say that, but my sense is that elect 623 00:33:00,520 --> 00:33:02,760 Speaker 1: is very, very high and he just has a very 624 00:33:02,760 --> 00:33:05,040 Speaker 1: good way of reading people. A right. If he has 625 00:33:05,240 --> 00:33:07,880 Speaker 1: a very good way of reading people, he's also survived 626 00:33:07,920 --> 00:33:12,640 Speaker 1: in the world of talent and Hollywood. Does that also 627 00:33:12,680 --> 00:33:16,400 Speaker 1: require a bit of a thick skin. It does. Hollywood 628 00:33:16,440 --> 00:33:18,520 Speaker 1: is not for the faint of heart. Um. It makes 629 00:33:18,600 --> 00:33:21,320 Speaker 1: Washington look like a you know, a playground to some 630 00:33:21,400 --> 00:33:24,480 Speaker 1: extent in some ways. Um. But I think that the 631 00:33:24,520 --> 00:33:26,959 Speaker 1: most interesting thing I thought he said in the end, 632 00:33:26,960 --> 00:33:28,760 Speaker 1: when I asked him what about the legacy? What would 633 00:33:28,760 --> 00:33:31,080 Speaker 1: he says, his greatest legacy as great as achievement, and 634 00:33:31,160 --> 00:33:33,440 Speaker 1: you have all these wonderful things he did. He said 635 00:33:33,480 --> 00:33:36,800 Speaker 1: he thought his greatest legacy was his marriage. And he 636 00:33:36,880 --> 00:33:38,959 Speaker 1: married in two thousand one to a very famous UH 637 00:33:39,200 --> 00:33:42,840 Speaker 1: fashion designer, Diane von Furstenburgh. And together they've obviously created 638 00:33:42,840 --> 00:33:45,920 Speaker 1: a terrific life. But they've also been very involved in philanthropy, 639 00:33:46,680 --> 00:33:49,240 Speaker 1: early signers of the Giving Pledge, and as you may know, 640 00:33:49,320 --> 00:33:52,520 Speaker 1: in New York, he's helping to create a park off 641 00:33:52,560 --> 00:33:55,560 Speaker 1: of one of the Peers on the Lower West Side. 642 00:33:55,960 --> 00:33:57,840 Speaker 1: I wanted to talk about that, David. I mean, you're 643 00:33:57,880 --> 00:34:03,680 Speaker 1: known for your philanthropy to America. Mendicined, incalculable contribution to 644 00:34:03,720 --> 00:34:08,680 Speaker 1: the Library of Congress. Barry Dealer's changed the landscape of 645 00:34:08,719 --> 00:34:12,600 Speaker 1: New York. That's quite a statement. Yes, there was an 646 00:34:12,640 --> 00:34:16,799 Speaker 1: abandoned kind of rail line and he well, it was 647 00:34:16,840 --> 00:34:19,880 Speaker 1: abandoned for some time, and he and his wife helped 648 00:34:19,920 --> 00:34:24,040 Speaker 1: with a very talented architect, Liz Diller, create a high 649 00:34:24,080 --> 00:34:26,239 Speaker 1: line where people can have a kind of a park 650 00:34:26,520 --> 00:34:29,319 Speaker 1: along a railway, and that inspired him. I think they 651 00:34:29,400 --> 00:34:31,480 Speaker 1: want to create a park as well off of the 652 00:34:31,520 --> 00:34:34,560 Speaker 1: pier that that now exists in the Lower West Side. 653 00:34:34,800 --> 00:34:37,719 Speaker 1: So he's, you know, a person who who has succeeded 654 00:34:37,760 --> 00:34:41,120 Speaker 1: in business, succeeded in in marriage, succeeded in philanthropy, and 655 00:34:41,160 --> 00:34:43,880 Speaker 1: I think quite impressive in the story is uh, you know, 656 00:34:43,920 --> 00:34:46,440 Speaker 1: he's got some emotional time talking about various things, but 657 00:34:47,440 --> 00:34:51,560 Speaker 1: I thought it was quite compelling. Does he present as 658 00:34:51,600 --> 00:34:55,759 Speaker 1: someone who goes his own way regardless of what is 659 00:34:55,800 --> 00:34:58,440 Speaker 1: going on around him, that he's able to maintain that 660 00:34:58,560 --> 00:35:02,440 Speaker 1: level of intense focus. Yes. Uh. You don't become a 661 00:35:02,480 --> 00:35:04,839 Speaker 1: successful in so many different areas by just going along 662 00:35:04,880 --> 00:35:07,120 Speaker 1: with the conventional wisdom. To be a leader, you have 663 00:35:07,239 --> 00:35:08,960 Speaker 1: to do things on your own and things that other 664 00:35:09,000 --> 00:35:11,480 Speaker 1: people tell you can't be done. So for example, he 665 00:35:11,520 --> 00:35:14,359 Speaker 1: created the ABC Movie of the Week. Well people may 666 00:35:14,400 --> 00:35:16,520 Speaker 1: not remember that now, but for a long time that 667 00:35:16,600 --> 00:35:18,879 Speaker 1: was a very novel thing, having a fresh movie every week, 668 00:35:18,920 --> 00:35:22,959 Speaker 1: created just for television. He also greenlit, uh so many 669 00:35:23,040 --> 00:35:26,759 Speaker 1: of the best known movies of the paramount era when 670 00:35:26,760 --> 00:35:29,520 Speaker 1: he was there, like Raiders of the Lost Art and 671 00:35:29,560 --> 00:35:35,000 Speaker 1: so forth. Did that did pretty well? And maybe maybe 672 00:35:35,000 --> 00:35:37,640 Speaker 1: your favorite is it? Is it Saturday night Fever? Don't 673 00:35:37,719 --> 00:35:41,560 Speaker 1: Saturday Saturdy night Fever was one of his also terms 674 00:35:41,560 --> 00:35:44,399 Speaker 1: of endearment Greece. Um, he had a lot of great movies, 675 00:35:44,400 --> 00:35:47,160 Speaker 1: he wouldn't say, but all his doing. But he obviously 676 00:35:47,280 --> 00:35:48,920 Speaker 1: was the person in charge and hadn't worked out, he 677 00:35:48,920 --> 00:35:53,120 Speaker 1: would have been blamed taking responsibility. Did he talk about 678 00:35:53,200 --> 00:35:56,799 Speaker 1: his parking his driving habits in the city of New York. 679 00:35:56,800 --> 00:36:00,239 Speaker 1: He's kind of famous for that. Um he has say 680 00:36:00,360 --> 00:36:02,560 Speaker 1: he likes to drive face, he likes he has some 681 00:36:02,640 --> 00:36:05,960 Speaker 1: sports cars, and he likes to drive barefoot. Um. I 682 00:36:06,000 --> 00:36:09,120 Speaker 1: guess he feels that gives him a greater sense of 683 00:36:09,200 --> 00:36:12,439 Speaker 1: control or something. But um so he's a pretty good driver. 684 00:36:12,560 --> 00:36:14,680 Speaker 1: I guess I don't have any parking tickets he's got, 685 00:36:14,760 --> 00:36:16,480 Speaker 1: or speeding tickets he didn't. We didn't go into that. 686 00:36:16,880 --> 00:36:23,000 Speaker 1: David Yankees are Oakland New York. Oh, it's too early 687 00:36:23,040 --> 00:36:26,440 Speaker 1: to say, but I hope New York would probably be 688 00:36:26,440 --> 00:36:31,120 Speaker 1: the better choice. David finessaid beautifully. David Rubinside, thank you 689 00:36:31,320 --> 00:36:35,719 Speaker 1: all right, Thanks a great appreciate previous. He moves on 690 00:36:35,760 --> 00:36:40,560 Speaker 1: with his day at Carlisle Group. It airs tonight on 691 00:36:40,600 --> 00:36:45,400 Speaker 1: Bloomberg Television nine pm Eastern and at six pm Eastern 692 00:36:45,840 --> 00:36:49,040 Speaker 1: on Friday and also over the weekend, and the share 693 00:36:49,040 --> 00:36:52,239 Speaker 1: of the show airs also on Bloomberg Radio tomorrow night 694 00:36:52,320 --> 00:37:02,000 Speaker 1: at five pm. Thanks for listening to the Bloomberg Surveillance podcast. 695 00:37:02,360 --> 00:37:07,279 Speaker 1: Subscribe and listen to interviews on Apple Podcasts, SoundCloud, or 696 00:37:07,440 --> 00:37:11,760 Speaker 1: whichever podcast platform you prefer. I'm on Twitter at Tom 697 00:37:11,880 --> 00:37:15,759 Speaker 1: Keane before the podcast. You can always catch us worldwide. 698 00:37:16,200 --> 00:37:17,280 Speaker 1: I'm Bloomberg Radio