WEBVTT - Fractured Israel Unites Around a Singular Goal 0:00:01.360 --> 0:00:05.680 This is Bloomberg Business Wait inside from the reporters and 0:00:05.880 --> 0:00:09.440 editors who bring you America's most trusted business magazine, plus 0:00:09.520 --> 0:00:13.680 global business, finance and tech news. The Bloomberg Business Week 0:00:13.720 --> 0:00:19.000 Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio. 0:00:20.560 --> 0:00:23.479 It is day four, heading into day five since the 0:00:23.520 --> 0:00:27.080 surprise Hamas attack on Israel, and in today's Bloomberg Big Take, 0:00:27.120 --> 0:00:30.080 Bloomberg News Israel bureau chief who we talked to yesterday, 0:00:30.120 --> 0:00:34.360 Ethan Brauner, writes about a nation in which a political 0:00:34.479 --> 0:00:37.680 divisions have really driven anti government protesters into the streets 0:00:37.680 --> 0:00:40.360 for nine months. That's been the backdrop ahead of this 0:00:40.560 --> 0:00:44.000 and that have now those divisions have now vanished in 0:00:44.040 --> 0:00:47.159 the face of Hamasa's slaughter at the weekend and fears 0:00:47.159 --> 0:00:49.559 that the conflict could spread to Lebanon. You know, we 0:00:49.640 --> 0:00:53.360 see that this right tim often tough times, conflict can 0:00:53.400 --> 0:00:55.320 often bring divided sides together. 0:00:55.400 --> 0:00:57.720 The question is, I think how long this lasts, especially 0:00:57.760 --> 0:01:01.080 in a government that has been divided divided for such 0:01:01.080 --> 0:01:02.720 a long time. With more on how the nation has 0:01:02.720 --> 0:01:05.039 come together and yet the risks that still face it's 0:01:05.080 --> 0:01:08.240 politically challenged and questioned. Prime Minister Benjamin net and Yahoo. 0:01:08.520 --> 0:01:12.360 We've got Bloomberg News economy and government reporter Khalat Alstein 0:01:12.560 --> 0:01:15.160 joining us on Zoom from Tel Aviv right now. Ghalat, 0:01:15.400 --> 0:01:17.280 good to have you with us. First of all, I 0:01:17.360 --> 0:01:19.880 just want to say thanks for joining us, especially so 0:01:20.000 --> 0:01:22.759 late and in a time that you know, people are 0:01:22.760 --> 0:01:25.280 so concerned about their security in Tel Aviv. Just just 0:01:25.280 --> 0:01:27.320 give us an idea of what you're experiencing right now, 0:01:27.319 --> 0:01:32.639 what you're seeing, and really what you're doing, so as. 0:01:32.520 --> 0:01:36.520 You're asking me on a personal note. So yeah, So, 0:01:37.000 --> 0:01:41.120 actually Tel Aviv has also been targeted over the past 0:01:42.400 --> 0:01:47.039 four days. I live in a very northern vicinity of 0:01:47.080 --> 0:01:50.000 Tel Aviv, so I think it's a little less targeted 0:01:50.080 --> 0:01:53.840 than other parts of the city. But we did have 0:01:54.360 --> 0:01:57.040 two missile alerts today, had to go down to the 0:01:57.080 --> 0:02:02.000 bomb shelter. It is now around ten to thirty pm here, 0:02:02.160 --> 0:02:04.960 so there were they were saying on the news a 0:02:04.960 --> 0:02:10.200 bit earlier that missiles were expected to be shot at 0:02:10.240 --> 0:02:14.000 Tel Aviv at nine pm. That didn't happen up till now, 0:02:14.720 --> 0:02:16.560 but some people are still, you know, waiting to see 0:02:16.560 --> 0:02:19.480 if that happens. And that's basically what's going on on 0:02:19.480 --> 0:02:20.840 the ground here in Tel Aviv. 0:02:20.680 --> 0:02:22.799 Ugalie are you are you? Is it to the point 0:02:22.800 --> 0:02:24.919 where you're you know, the missiles are coming and they're 0:02:24.960 --> 0:02:27.880 being intercepted by the Iron Dome defense system. 0:02:28.639 --> 0:02:32.320 So yes, hopefully so it is. You know, as you 0:02:32.400 --> 0:02:35.160 probably will know, this is a very efficient system that 0:02:35.160 --> 0:02:39.160 that Israel has you know, made up and built and 0:02:39.280 --> 0:02:42.400 has made operational. But it does, you know, miss sometimes 0:02:42.480 --> 0:02:45.359 so but most of the times it's it's pretty accurate 0:02:45.400 --> 0:02:49.160 and it does an amazing job at intercepting the missiles. 0:02:49.240 --> 0:02:53.560 Yes, you know, in covering it yesterday here certainly at 0:02:53.560 --> 0:02:56.040 Bloomberg and during our live broadcast were some of the 0:02:56.040 --> 0:02:59.640 headlines that came out of Benjamin not in Yahoo's evening 0:02:59.720 --> 0:03:03.440 televised address the Prime Minister of course and talking about 0:03:03.840 --> 0:03:08.920 unifying government. Tell us about remind our world about the 0:03:08.960 --> 0:03:13.200 backdrop that's been Israel for the last nine or ten months. 0:03:13.960 --> 0:03:19.360 Yeah so so. Benjamin Ataniel, who's Israel's longest ever reigning 0:03:19.440 --> 0:03:23.960 prime minister, came back to power at the very end 0:03:24.000 --> 0:03:26.600 of last year, at the very end of December last year, 0:03:27.160 --> 0:03:31.760 and he put together a governing coalition that is constituted 0:03:31.960 --> 0:03:38.560 of very far right nationalist parties and Orthodox parties, Jewish 0:03:38.680 --> 0:03:44.640 Orthodox parties, making that the I think, you know, you 0:03:44.920 --> 0:03:48.680 can say that that is like the most some would 0:03:48.680 --> 0:03:52.000 say the most right leaning government Israel has ever had. 0:03:52.040 --> 0:03:55.600 Some would say it is the most extreme government the 0:03:56.560 --> 0:04:00.560 Israel has ever had. And on that backdrop, after the 0:04:00.640 --> 0:04:04.640 government transformed, just as Justice Ministerry live Levine, who was 0:04:04.680 --> 0:04:08.680 a member of Benjamin Ataniella's party that he could, came 0:04:08.720 --> 0:04:12.240 out and put out an announcement that he is initiating 0:04:12.280 --> 0:04:16.320 a judicial overhaul which was basically meant to weaken the 0:04:16.360 --> 0:04:19.719 power of courts, mainly the Supreme Court Israel Supreme Court, 0:04:20.440 --> 0:04:25.640 and that immediately brought on very intense public protests that 0:04:26.160 --> 0:04:29.560 went on until last Saturday. So it went on for 0:04:29.560 --> 0:04:33.880 forty weeks straight. It got bigger and bigger as time 0:04:34.400 --> 0:04:38.279 went by and the weeks went on, and it turned 0:04:38.320 --> 0:04:41.200 out to be the biggest protest movement that Israel had 0:04:41.200 --> 0:04:45.880 ever seen. And the division was very, very big, and 0:04:45.960 --> 0:04:49.240 you know, it was felt everywhere because I think that 0:04:49.320 --> 0:04:51.800 in my perception and I think many will tell you 0:04:51.839 --> 0:04:55.200 that that at some point it went away beyond the 0:04:55.240 --> 0:04:58.680 controversial judicial overhaul, which is always at the foundation of 0:04:58.760 --> 0:05:01.920 things but you know, it was a very big opposition 0:05:02.000 --> 0:05:05.120 to Nathaniel's government because a lot of other things that 0:05:05.160 --> 0:05:08.360 they were trying to pass through in Parliament and in 0:05:08.400 --> 0:05:11.520 other ways that a big part of the public very 0:05:11.640 --> 0:05:12.320 much resented. 0:05:12.360 --> 0:05:16.159 Here, It's safe to say his political future was much 0:05:16.160 --> 0:05:20.000 in question now as he seeks a more unified government, 0:05:20.960 --> 0:05:24.159 and you understand why everyone would be rallying, you know, 0:05:24.320 --> 0:05:27.520 behind unification, or at least everybody kind of on the 0:05:27.560 --> 0:05:30.520 same mission, if you will, in terms of any kind 0:05:30.560 --> 0:05:34.839 of retaliation. Does it change the political course of Benjamin 0:05:34.880 --> 0:05:35.640 net and Yahoo? 0:05:38.400 --> 0:05:42.400 Not necessarily. I mean, I don't think so. You know, 0:05:42.480 --> 0:05:45.720 there's been a lot of dog that's being pushed back, 0:05:45.880 --> 0:05:50.120 both by Israeli officials, Israeli politicians, leaders, and also by 0:05:50.160 --> 0:05:53.520 some you know, people in the general public. So there's 0:05:53.520 --> 0:05:56.080 been a big pushback, you know on the questions of 0:05:56.120 --> 0:05:58.840 you know, how this even happened, right, I mean, it's 0:05:58.880 --> 0:06:02.479 it's pretty amazing that that that even happened to a 0:06:02.520 --> 0:06:03.600 country like Israel. 0:06:03.839 --> 0:06:07.000 Is he being held responsible for that? Within sight? What's 0:06:07.000 --> 0:06:10.359 what's the conversations that you you are hearing there in 0:06:10.440 --> 0:06:13.719 industry all about his responsibility for missing on the intelligence 0:06:13.760 --> 0:06:14.400 side of things. 0:06:15.160 --> 0:06:17.839 So you know, some people are saying that he has 0:06:17.880 --> 0:06:21.760 a big part in it. You know, obviously most people 0:06:21.760 --> 0:06:24.160 think that there was you know, an intelligence failure here, 0:06:24.440 --> 0:06:27.280 but there is talk about you know, first of all, 0:06:27.360 --> 0:06:30.520 him being responsible for for everything that goes on as 0:06:30.560 --> 0:06:34.560 Prime minister, and also that pressure that the government had 0:06:34.640 --> 0:06:41.440 put for instance, to shift military powers from the Gaza 0:06:41.480 --> 0:06:46.480 area to the West Bank, for instance, to secure settlements, 0:06:46.600 --> 0:06:49.719 especially during the Jewish holidays that they were just you 0:06:49.720 --> 0:06:52.880 know coming to an end just last Saturday. So so 0:06:52.880 --> 0:06:54.920 so they're also saying, you know, it's so so it's 0:06:54.960 --> 0:06:59.000 not just his overall responsibility for the situation, but actually, 0:06:59.040 --> 0:07:02.039 you know, some some things that were brought on by 0:07:02.080 --> 0:07:05.680 his government, by their policies, by you know how much 0:07:05.720 --> 0:07:09.200 they wanted to go towards the settlements, you know, and 0:07:09.240 --> 0:07:11.840 allow them to do things in the West Bank that 0:07:12.080 --> 0:07:14.960 needed a lot of security. So so, yes, he is 0:07:15.440 --> 0:07:16.720 being blamed for this. 0:07:16.920 --> 0:07:18.880 So I just want to clarify. I just want to clarify. 0:07:18.920 --> 0:07:24.200 Are you saying focusing and instead of focusing on the 0:07:24.240 --> 0:07:29.080 border with Gaza, potentially moving resources from that area to 0:07:29.120 --> 0:07:29.800 the West Bank. 0:07:30.960 --> 0:07:33.720 Yes, that is that is part of the conversation here 0:07:33.720 --> 0:07:36.640 in Israel. I want to be clear that it is not, 0:07:37.240 --> 0:07:39.880 you know, one hundred percent of the conversation that everyone 0:07:39.960 --> 0:07:42.360 is saying this, and even the people are saying this, 0:07:42.520 --> 0:07:44.360 you know, are not saying that this is you know, 0:07:44.440 --> 0:07:47.239 one hundred percent to you know, he's one hundred percent 0:07:47.280 --> 0:07:50.240 to be blamed for what happened. But there is talk 0:07:50.320 --> 0:07:53.240 about the specific point that I was just talking about 0:07:53.520 --> 0:07:57.840 that because they wanted to allow settlers in Judean and 0:07:57.920 --> 0:08:02.720 Samaria to have all these ceremonies and all these events 0:08:02.800 --> 0:08:08.120 during the Jewish holiday season, they did move some military powers. 0:08:08.120 --> 0:08:10.160 They did shift them to the West Bank, and this 0:08:10.360 --> 0:08:14.760 left Gaza a little bears, as you know, in relevance 0:08:14.800 --> 0:08:18.760 to what is usually over there in terms of military powers. 0:08:20.160 --> 0:08:23.680 Just got about a minute or so left, forty five seconds, goalie, 0:08:25.080 --> 0:08:27.200 I can't even imagine, you know, to be in your shoes. 0:08:27.360 --> 0:08:29.040 What are you thinking at this point as you look 0:08:29.080 --> 0:08:30.640 at out towards the rest of the week. 0:08:33.320 --> 0:08:35.160 Well, you know, if you listen to the rhetoric of 0:08:35.320 --> 0:08:38.800 everyone you know who's been speaking to US leaders, idea 0:08:38.800 --> 0:08:42.880 of officials, they're speaking about a very very long military 0:08:42.880 --> 0:08:45.760 operation that's coming ahead and there's a big question if 0:08:45.840 --> 0:08:49.880 Lebanon will be joininge and Lebanon will be joining in. 0:08:50.240 --> 0:08:51.839 And this is you know, this is causing a lot 0:08:51.880 --> 0:08:54.600 of concern. I'm speaking now, you know, of the civilians 0:08:54.600 --> 0:08:57.800 of the general public in Israel, because you know, when 0:08:57.800 --> 0:09:00.040 there was a war in Israel, then the public is 0:09:00.080 --> 0:09:03.280 targeted by missiles, and when you look at Prisbella, there 0:09:03.280 --> 0:09:06.080 are a much bigger threats in that sense than come us. 0:09:06.760 --> 0:09:10.160 So you know, people are concerned, and you know, it's 0:09:10.160 --> 0:09:12.360 pretty clear that we're looking at something that's going to 0:09:12.400 --> 0:09:17.360 be very long, ongoing weeks, maybe months, and we have 0:09:17.440 --> 0:09:18.440 to see how it plays out. 0:09:18.920 --> 0:09:20.920 Yeah, and this is something we talked about yesterday. I 0:09:20.920 --> 0:09:23.880 think somebody referred to it as Iranian proxies? Was it 0:09:23.960 --> 0:09:26.920 Lebanon and some other areas in terms of as this 0:09:27.160 --> 0:09:30.360 size and scope may expand out. Khaleat, stay safe and 0:09:30.400 --> 0:09:34.080 thank you so much. Galita Alstein on zoom from Tel Aviv, 0:09:34.120 --> 0:09:36.240 of course, Bloomberg News Economy and Government Reporter. 0:09:37.400 --> 0:09:40.960 You're listening to the Bloomberg Business Week podcast. Catch us 0:09:41.000 --> 0:09:44.360 live weekday afternoons from three to six Eastern Listen on 0:09:44.400 --> 0:09:48.160 Bloomberg dot com. The iHeartRadio app and the Bloomberg Business 0:09:48.160 --> 0:09:50.440 app or watch us live on YouTube. 0:09:51.559 --> 0:09:54.480 That ipo for burken Stock pricing at forty six dollars 0:09:54.480 --> 0:09:56.719 a share, coming from Wall Street Journal. It was a 0:09:56.840 --> 0:09:59.520 range of forty four to forty nine. So just to 0:09:59.559 --> 0:10:02.440 give an eye da in there point right, they were 0:10:02.480 --> 0:10:05.000 looking different. Raised about one point six billions. It'll be 0:10:05.040 --> 0:10:05.880 a little bit below that. 0:10:06.000 --> 0:10:07.199 You have burks thirty two. 0:10:08.679 --> 0:10:11.840 I have some books. Yeah, they belong to my daughter 0:10:11.880 --> 0:10:12.080 I had. 0:10:13.480 --> 0:10:15.920 Did you Yeah, like probably high school. 0:10:16.240 --> 0:10:17.720 Of course you were there, you lived in Califori. 0:10:17.960 --> 0:10:20.240 Yeah, they were like they're yeah. I mean they're back 0:10:20.280 --> 0:10:23.040 now now they're cool. I wasn't cool then. I'm not 0:10:23.080 --> 0:10:23.520 cool now. 0:10:23.720 --> 0:10:25.040 Just wear them because you were kind of a nerdy 0:10:25.080 --> 0:10:25.760 California kid. 0:10:25.840 --> 0:10:26.960 Yeah, that's exactly right. 0:10:28.720 --> 0:10:32.120 I wonder if bike CEOs wear them. 0:10:32.160 --> 0:10:35.160 It depends on this. Just hanging out, yeah, you know 0:10:35.280 --> 0:10:37.280 at the beach. Yeah, maybe wearing some berks. 0:10:38.000 --> 0:10:40.120 No, you can't see it anyway. We do have big 0:10:40.120 --> 0:10:42.360 bank earnings coming in your way this week. JP Morgan 0:10:42.400 --> 0:10:44.480 Chase City Group in Wells Fargo. They do report on 0:10:44.520 --> 0:10:47.480 Friday the thirteenth. We're focused on the sector, the impact 0:10:47.520 --> 0:10:49.800 of higher rates we talked about a little bit earlier 0:10:49.840 --> 0:10:52.079 with Ira Jersey and some of our team just met 0:10:52.120 --> 0:10:54.960 and also weighing in so important in terms of what 0:10:55.000 --> 0:10:57.680 they can tell us about the lending environment, whether it's corporate, 0:10:57.880 --> 0:11:02.240 retail loans, mortgages, like all this good stuff. 0:11:02.360 --> 0:11:04.079 Yeah, and keeping with that, we have a member of 0:11:04.120 --> 0:11:06.560 the banking community joining us right now. Priscilla Sims Brown 0:11:06.920 --> 0:11:09.720 is CEO of Amalgamated Bank. She joins us on Zoom 0:11:09.720 --> 0:11:13.160 from Martha's Vineyard this afternoon. Good to have you with us, Priscilla, 0:11:13.200 --> 0:11:13.640 how are you. 0:11:14.920 --> 0:11:18.360 I'm well and I have a pair of Birkenstocks in case. 0:11:19.040 --> 0:11:21.720 Okay, I like that. Well, you're also in Martha's vinyard 0:11:21.760 --> 0:11:23.800 right now, so it kind of makes sense. Hey, I 0:11:23.800 --> 0:11:25.559 want to talk about the bank in the history of 0:11:25.559 --> 0:11:26.920 the bank in just a minute, but first I just 0:11:26.960 --> 0:11:29.199 want to get your view on what you're seeing from 0:11:29.200 --> 0:11:32.520 the consumer, what you're seeing across your industry right now. 0:11:34.840 --> 0:11:39.360 Look, I mean, clearly, as the markets are showing, we 0:11:39.840 --> 0:11:45.800 have consumers who are having a hard time getting mortgages, 0:11:46.040 --> 0:11:49.439 trying to figure out what is going to happen to 0:11:49.520 --> 0:11:53.920 rates overtime. I don't have a crystal ball either on that, 0:11:54.160 --> 0:11:57.640 But I do feel that the change makers we do 0:11:57.720 --> 0:12:03.320 business with are really the organizations that are doing good 0:12:04.160 --> 0:12:07.320 are more important than ever right now because they're sort 0:12:07.360 --> 0:12:09.280 of helping the underserved, and we try to help the 0:12:09.360 --> 0:12:11.360 underserved to get access to capital. 0:12:11.720 --> 0:12:13.719 When you say, and I want to get into kind 0:12:13.720 --> 0:12:16.840 of more broadly of who you guys work with on 0:12:16.880 --> 0:12:19.600 a regular basis, consumers having a hard time, what does 0:12:19.600 --> 0:12:23.520 that mean? Are they defaulting? Are they what is it? 0:12:23.600 --> 0:12:26.560 Are they not borrowing? What are you seeing that that 0:12:26.559 --> 0:12:27.400 that needs you. 0:12:27.440 --> 0:12:32.960 Say that, Well, I'm saying that because interest rates are 0:12:33.040 --> 0:12:37.480 high and it's difficult to get a mortgage for many people. Also, 0:12:37.600 --> 0:12:41.240 access to capital for businesses, small businesses in particular that 0:12:41.280 --> 0:12:45.640 are expanding, is more expensive, and so it's you know, 0:12:45.679 --> 0:12:48.560 the equations are different, the math is different than it 0:12:48.640 --> 0:12:51.760 used to be for a number of people who are 0:12:51.840 --> 0:12:56.160 used to the lower interest rate environment. So how that 0:12:56.240 --> 0:12:59.280 will affect consumer sentiment over time, How that will affect 0:12:59.320 --> 0:13:03.720 the sentiment of the small businesses we work with, That's 0:13:03.760 --> 0:13:08.480 a question yet to be answered. But we certainly do 0:13:09.000 --> 0:13:13.400 hear about and see that consumers and small businesses are 0:13:13.400 --> 0:13:14.200 concerned about it. 0:13:15.640 --> 0:13:17.760 So what are you seeing in terms of consumer spending. 0:13:20.160 --> 0:13:22.560 Well, I don't have a real gauge on consumer spending. 0:13:23.240 --> 0:13:26.600 I read what you do, but I do think that 0:13:28.240 --> 0:13:32.800 at least in our universe, which again is we do 0:13:32.880 --> 0:13:35.920 have some consumers, but we are largely a bank for 0:13:36.040 --> 0:13:40.160 change makers. And what I do see there is that 0:13:41.160 --> 0:13:44.320 there are people feeling more that it's more important than 0:13:44.320 --> 0:13:48.719 ever as we look around at the status of migrants 0:13:48.760 --> 0:13:52.520 as a status of the wealth gap and more and more, 0:13:53.120 --> 0:13:56.440 this division of wealth that you see the median wealth 0:13:56.640 --> 0:13:59.560 is in this country is something that people are concerned about, 0:14:00.240 --> 0:14:03.400 and so our change makers are looking to try to 0:14:03.440 --> 0:14:04.400 help close that gap. 0:14:04.600 --> 0:14:06.839 Well, and I so get it. Change makers, you guys, 0:14:06.840 --> 0:14:10.120 were started back in the early nineteen twenties. It was 0:14:10.120 --> 0:14:13.680 about serving immigrant women who are working in what was 0:14:13.679 --> 0:14:16.840 called the needle trades. As somebody whose grandmother sewed a 0:14:16.840 --> 0:14:20.160 lot and was a seamstress, my grandfather was a tailor. 0:14:20.240 --> 0:14:23.360 Like I totally get like that economy from which it 0:14:23.480 --> 0:14:27.400 was created. You talk about change makers, so it's one 0:14:27.440 --> 0:14:33.880 thousand plus unions. You're talking about political groups, if you will, 0:14:33.960 --> 0:14:35.400 so talk to us a little bit about the people 0:14:35.440 --> 0:14:38.120 that you do work with regularly. And what that tells 0:14:38.160 --> 0:14:41.440 you the unions I'm really interested in. You know, you've 0:14:41.440 --> 0:14:45.440 seen an increase, have you, in business when it comes 0:14:45.480 --> 0:14:47.640 to the one thousand plus unions that you work with, 0:14:47.760 --> 0:14:49.720 especially as we've seen it, what seems to feel like 0:14:50.040 --> 0:14:54.040 a resurgence in the unionized workforce here in the United States. 0:14:54.560 --> 0:14:59.880 Yeah, that's right. I think it's those are all great observation. 0:15:00.160 --> 0:15:02.760 We were started one hundred years ago, as you say, 0:15:02.840 --> 0:15:06.800 by the needle trade. These were textile workers, mostly immigrants, 0:15:06.800 --> 0:15:09.040 who came to this country and they couldn't get banking. 0:15:09.160 --> 0:15:13.000 They couldn't find a way to get services everything from 0:15:13.040 --> 0:15:18.680 savings accounts to loans and for their mortgages, for their homes, 0:15:18.720 --> 0:15:23.200 to expand their businesses. They couldn't find loans to get 0:15:23.200 --> 0:15:25.520 their kids in college, those kinds of things, and so 0:15:25.520 --> 0:15:28.240 they started their own bank. And here we are almost 0:15:28.280 --> 0:15:31.320 exactly one hundred years later, and still we care a 0:15:31.360 --> 0:15:34.880 lot about workers' rights. Forty percent of our publicly traded 0:15:34.920 --> 0:15:39.520 stock is owned by unions. The rest is owned in 0:15:39.560 --> 0:15:44.720 the market broadly, like most banks, and we serve people who, 0:15:44.840 --> 0:15:48.280 as you say, you know, really what they hell have 0:15:48.360 --> 0:15:50.440 in common is they're trying to make a positive difference 0:15:50.440 --> 0:15:54.480 in the world and society forward. It includes everybody from 0:15:55.400 --> 0:16:01.520 political groups, whether that be candidates or political parties, racial 0:16:01.640 --> 0:16:07.440 justice organizations, social justice organizations, foundations, and of of course 0:16:07.640 --> 0:16:10.160 climate organizations and yes, unions. 0:16:10.440 --> 0:16:11.920 Well, you know, I think is so interesting about this. 0:16:11.960 --> 0:16:15.840 You go to your bank's website and there's literally up 0:16:15.840 --> 0:16:19.360 there with personal, small business, commercial, institutional investing. There's issues 0:16:19.400 --> 0:16:21.120 we care about a lot of things you just mentioned. 0:16:21.560 --> 0:16:24.240 Why do you think so many corporations shy away from 0:16:24.280 --> 0:16:26.680 speaking out about these things, whereas you guys embrace them. 0:16:26.720 --> 0:16:28.119 Just in the last forty five seconds. 0:16:27.880 --> 0:16:28.480 That we have with you. 0:16:29.520 --> 0:16:32.920 Yeah, Look, I think the reason we embrace them is 0:16:33.000 --> 0:16:36.000 because we are proving a concept that you can do 0:16:36.040 --> 0:16:37.800 well and do good. And we've been doing that for 0:16:37.800 --> 0:16:42.520 one hundred years and before it was ever fad. And 0:16:43.480 --> 0:16:47.480 we think that people have a conscience and business leaders 0:16:47.480 --> 0:16:52.400 have a conscience and they serve the underserved in minor ways. 0:16:52.440 --> 0:16:54.200 We do it in major ways, and we want to 0:16:54.240 --> 0:16:56.520 see others do so as well. 0:16:57.280 --> 0:16:58.640 All right, we've run out of time, but do you 0:16:58.640 --> 0:17:00.320 come back soon. I love to get you, need the 0:17:00.360 --> 0:17:03.800 conversation with you. Priscilla Sims Brown CEO of Amalgamated Bank, 0:17:04.440 --> 0:17:08.240 joining us on the phone from Arthur's vineyard. And you know, interesting, 0:17:08.280 --> 0:17:11.480 a very different take on a financial institution in terms 0:17:11.520 --> 0:17:13.359 of how they were creating what they've all about, and 0:17:13.359 --> 0:17:15.720 they kind of they continue that that mission if you 0:17:15.960 --> 0:17:16.280 I mean. 0:17:16.200 --> 0:17:19.840 These are these are issues that corporations run away from. 0:17:20.359 --> 0:17:22.600 Let alone, you know, highlight them on their website. 0:17:22.720 --> 0:17:25.160 Yeah, it's really cool. We'll get our back real soon. 0:17:25.320 --> 0:17:28.000 You're listening and watching Bloomberg Business Week on this Tuesday, 0:17:28.000 --> 0:17:30.560 Carol Master, Tim Stenevik, and this is Bloomberg Radio. 0:17:34.040 --> 0:17:37.600 You're listening to the Bloomberg Business Week podcast. Catch us 0:17:37.640 --> 0:17:41.639 live weekday afternoons from three to six Easter on Bloomberg Radio, 0:17:41.840 --> 0:17:45.119 the Bloomberg Business app and YouTube. You can also listen 0:17:45.240 --> 0:17:48.320 live on Amazon Alexa from our flagship New York station, 0:17:48.800 --> 0:17:57.960 Just Say Alexa playing Bloomberg eleven thirty a Bromarco a journal. 0:17:58.960 --> 0:18:01.040 Now about you let me drive Oh no, no, no. 0:18:00.800 --> 0:18:05.679 No, jug honey please gravels. 0:18:06.119 --> 0:18:07.480 Let's I want to try it. 0:18:09.760 --> 0:18:10.639 It's a good question. 0:18:14.440 --> 0:18:17.679 This is the drive to the globe. Do a thing 0:18:17.800 --> 0:18:20.840 well around other Don on Bloomberg Radio. 0:18:20.920 --> 0:18:22.639 All right, how many of you are attempted to just 0:18:22.880 --> 0:18:24.680 like I don't know, call into bed and then come 0:18:24.880 --> 0:18:26.920 come back and wake up in about three or four months? 0:18:26.920 --> 0:18:30.640 Are you asking me, hyber me to hibernate, hibernate. 0:18:30.200 --> 0:18:33.040 And then come back and I think the markets of 0:18:33.119 --> 0:18:34.240 like three or four months from now? 0:18:34.359 --> 0:18:35.680 Fine, sign me up. 0:18:36.560 --> 0:18:38.280 Why does that not surprise me? 0:18:38.680 --> 0:18:39.480 You know how I roll? 0:18:40.119 --> 0:18:41.960 All right, Well, let's see how our next guest rolls. 0:18:41.960 --> 0:18:43.800 Doug Sioak is back with a CEO and partner at 0:18:43.840 --> 0:18:47.400 Kavar Capital on Zoom and Leewood, Kansas. Doug, so good 0:18:47.440 --> 0:18:49.120 to have you back with us. There's a lot going 0:18:49.160 --> 0:18:51.840 on geopolitically, as you know, and you know we've been covering, 0:18:52.440 --> 0:18:56.639 but a lot coming out investors, just uh generally speaking. 0:18:56.840 --> 0:18:58.439 Having said that, what do you think if we all 0:18:58.480 --> 0:19:01.000 went to bed and then came back in three or 0:19:01.040 --> 0:19:03.720 four months, did the hibernation thing? Well, actually that would 0:19:03.720 --> 0:19:06.560 be like more like five or six months. What kind 0:19:06.560 --> 0:19:08.640 of environment might we have in four months or six 0:19:08.680 --> 0:19:09.359 months from now? 0:19:10.119 --> 0:19:12.680 Yeah, that's a great question, and thank you for having 0:19:12.720 --> 0:19:14.480 me back on. You know, I think we would have 0:19:14.520 --> 0:19:17.200 an environment that we've missed a lot of fantastic opportunities. 0:19:17.600 --> 0:19:19.760 You know, I think, like you kind of mentioned, there's 0:19:19.800 --> 0:19:22.879 been a lot of negativity. Obviously, the emotional weight of 0:19:22.920 --> 0:19:25.320 what transpired in Israel over the weekend is heavily on 0:19:25.320 --> 0:19:28.760 everyone's hearts and minds. And you know, the markets historically 0:19:28.880 --> 0:19:33.160 don't really know how to calibrate prospects of geopolitical escalation 0:19:33.480 --> 0:19:37.320 right there, knee jerk reactions into haven's and out of risk. 0:19:37.400 --> 0:19:40.520 But then there's a realization that conflict galvanizes government interventions 0:19:40.560 --> 0:19:42.560 and that could be an increase in capital and liquidity. 0:19:42.600 --> 0:19:46.440 And so it's kind of an emotional tension between I 0:19:46.480 --> 0:19:48.480 should say, it's sort of a tension point between emotion 0:19:48.600 --> 0:19:51.280 and economic and that kind of defines what the market's 0:19:51.320 --> 0:19:54.040 been but for various reasons throughout the year, No question. 0:19:53.840 --> 0:19:57.360 I like that combination between emotion and economic. That makes 0:19:57.400 --> 0:19:57.880 a lot of sense. 0:19:57.960 --> 0:20:00.119 Well, so where are we right now, because it it 0:20:00.160 --> 0:20:04.080 seems like it's less emotional at least today in terms 0:20:04.119 --> 0:20:06.639 of what's what's driving the market, because it seems like 0:20:06.680 --> 0:20:08.720 it's a sort of a well maybe it's maybe it 0:20:08.760 --> 0:20:11.119 is emotional, but maybe it's just dubvish. 0:20:11.200 --> 0:20:13.199 Yeah, I think, Tim, you could say, well, today's the 0:20:13.359 --> 0:20:17.480 Rafio Bastik or Philip Jefferson rally, you get a little 0:20:17.480 --> 0:20:20.439 attribution to Mary Daily because her acknowledgment of race efficiency 0:20:20.880 --> 0:20:22.359 was a bit more of a reversal than the end. 0:20:22.440 --> 0:20:25.560 Because our Lisa bramo Its did the most conversation, the 0:20:25.600 --> 0:20:28.160 most amazing conversation with her at the New York Economic Club. 0:20:28.200 --> 0:20:29.560 I have to just put a shout out for Lisa 0:20:29.600 --> 0:20:33.679 because it was pretty amazing. But anyway, go ahead, well great, 0:20:33.720 --> 0:20:35.800 and then go on top of that, I mean, lastly, 0:20:35.920 --> 0:20:37.720 a well elevated Chinese stimulus. 0:20:37.760 --> 0:20:40.080 And then I saw something interesting this morning from beastpoke 0:20:40.160 --> 0:20:42.479 and talking about the dollar has been in a bit 0:20:42.480 --> 0:20:44.239 of a decline over the last couple of weeks, and 0:20:44.600 --> 0:20:46.480 even in spite of the haven demand that eminated over 0:20:46.520 --> 0:20:49.399 the weekend. So today's a pretty good day, particularly you 0:20:49.440 --> 0:20:51.840 consider that the equit A S and P is outperforming 0:20:51.840 --> 0:20:54.119 the market cap waited by about thirty basis points for 0:20:54.119 --> 0:20:56.359 those that are concerned about an absence of breath, and 0:20:56.560 --> 0:20:59.959 no doubt this forty level the SMP has held pretty solidly. 0:21:00.040 --> 0:21:00.800 It's last week. 0:21:00.920 --> 0:21:02.720 Yeah, just Bett was talking about a week or dollar 0:21:02.840 --> 0:21:03.920 two impacking the trade. 0:21:04.040 --> 0:21:06.480 So Doug, do you think. I mean, it's hard to 0:21:07.400 --> 0:21:09.080 I don't even look back on the declines we saw 0:21:09.160 --> 0:21:11.560 last week and then see the surge we saw this week. 0:21:11.760 --> 0:21:14.680 I'm wondering if we're going to test those lows again, 0:21:14.760 --> 0:21:16.600 not just the lows from last week, but last October 0:21:16.680 --> 0:21:17.159 this cycle. 0:21:19.000 --> 0:21:19.840 It's a great question. 0:21:19.880 --> 0:21:20.040 You know. 0:21:20.080 --> 0:21:23.960 It's interesting, tim like essimists have been spewing this pretty 0:21:23.960 --> 0:21:27.920 well worn narrative, right, like, expect these brisistently high interest 0:21:28.000 --> 0:21:31.000