1
00:00:02,520 --> 00:00:15,680
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. The single best idea

2
00:00:15,800 --> 00:00:18,480
Speaker 1: to be quick here as we have huge newsflow in

3
00:00:18,480 --> 00:00:23,319
Speaker 1: including the war of Israel and Iran. Robert Harmatz with

4
00:00:23,440 --> 00:00:27,000
Speaker 1: US Today, Ambassador Harmatz with his public service in the

5
00:00:27,040 --> 00:00:33,879
Speaker 1: State Department under Hillary Clinton. Robert Hormatz on the diplomacy

6
00:00:34,560 --> 00:00:37,960
Speaker 1: of Iran, the history of Iran back to the Shah,

7
00:00:38,360 --> 00:00:41,680
Speaker 1: and the distinction he made was they really don't want

8
00:00:41,720 --> 00:00:43,440
Speaker 1: to take advice from.

9
00:00:43,240 --> 00:00:46,639
Speaker 2: The West at the moment. The Iranian people are, but

10
00:00:46,720 --> 00:00:49,559
Speaker 2: they do not want foreigners to be the ones to

11
00:00:49,760 --> 00:00:54,320
Speaker 2: do it. There's a history in Iran of foreigners intervening

12
00:00:54,840 --> 00:00:57,040
Speaker 2: with respect to say to most of that they still

13
00:00:57,040 --> 00:00:59,920
Speaker 2: remember that the United States was involved in the overthrow

14
00:01:00,120 --> 00:01:04,360
Speaker 2: of Mosedek and bringing back the Shaw, the new Shaw

15
00:01:05,360 --> 00:01:09,120
Speaker 2: or the old Shaw now and they do not like

16
00:01:09,160 --> 00:01:12,199
Speaker 2: the idea of foreign interventions. So they are very proud people.

17
00:01:12,240 --> 00:01:15,080
Speaker 2: As you pointed out, there an old three thousand plus

18
00:01:15,160 --> 00:01:20,000
Speaker 2: year old empire and regime change induced by.

19
00:01:20,000 --> 00:01:21,039
Speaker 1: We have no template here.

20
00:01:21,319 --> 00:01:23,440
Speaker 2: We do you have no temp We have no template,

21
00:01:23,480 --> 00:01:25,920
Speaker 2: We have no ability to change the regime and the

22
00:01:25,959 --> 00:01:28,920
Speaker 2: resin and the Uranians would resist that if his real

23
00:01:29,000 --> 00:01:31,440
Speaker 2: did it or the United States did it. They don't

24
00:01:31,480 --> 00:01:34,959
Speaker 2: want foreigners to intervene. If they do it themselves, it's

25
00:01:34,959 --> 00:01:36,880
Speaker 2: a very different metic. If we do it, it's a

26
00:01:36,959 --> 00:01:38,680
Speaker 2: very different matter, and a negative one.

27
00:01:38,920 --> 00:01:43,319
Speaker 1: Robert Harmer's there before, Lisa Bramwoods and Dannyberger's conversation with

28
00:01:43,400 --> 00:01:47,680
Speaker 1: the son of the former Shaw joining us today in studio.

29
00:01:47,760 --> 00:01:50,720
Speaker 1: Wonderful to see Meredith Whitney. She's back out and far

30
00:01:50,760 --> 00:01:54,720
Speaker 1: more visible than in recent years. The Meredith Whitney and

31
00:01:54,760 --> 00:01:57,680
Speaker 1: the images of the debate, the back and forth is

32
00:01:57,800 --> 00:02:03,400
Speaker 1: grounded in must read research reports. She did an absolute

33
00:02:03,520 --> 00:02:09,440
Speaker 1: tuurtive force on the retirement health crisis of older Americans.

34
00:02:10,000 --> 00:02:12,640
Speaker 1: Meredith Whitney on the boomers.

35
00:02:12,440 --> 00:02:16,079
Speaker 3: Well as You and many other shows and written talk

36
00:02:16,120 --> 00:02:19,080
Speaker 3: about they talk about the boomers being so wealthy, and

37
00:02:19,120 --> 00:02:21,520
Speaker 3: that's just not true in terms of there's a segment

38
00:02:21,520 --> 00:02:24,160
Speaker 3: of the boomers that's incredibly wealthy, but only one in

39
00:02:24,320 --> 00:02:28,919
Speaker 3: ten boomers seniors can afford assisted living okay, so, and

40
00:02:28,960 --> 00:02:31,840
Speaker 3: they're taking on debt at a more rapid rate than

41
00:02:31,919 --> 00:02:36,440
Speaker 3: any other age cohort. So seniors own twenty five percent

42
00:02:36,560 --> 00:02:40,360
Speaker 3: of total consumer debt outstanding. That's that's counterintuitive. Because you

43
00:02:40,360 --> 00:02:42,800
Speaker 3: think as you get older, you get more conservative, you

44
00:02:42,880 --> 00:02:46,240
Speaker 3: have less debt. So twenty five percent compares to twelve

45
00:02:46,280 --> 00:02:52,000
Speaker 3: percent in two thousand. So it's if the economy was

46
00:02:52,040 --> 00:02:54,840
Speaker 3: so great, why would why would seniors be taking on debt.

47
00:02:55,040 --> 00:02:57,799
Speaker 3: One thing that seniors have is they're sitting on a

48
00:02:57,840 --> 00:03:01,040
Speaker 3: tremendous amount of equity and they're starting to tap into that.

49
00:03:01,120 --> 00:03:06,160
Speaker 3: So seniors have at least fourteen trillion of tappable equity

50
00:03:06,200 --> 00:03:09,040
Speaker 3: that they can access that could make them be able

51
00:03:09,040 --> 00:03:12,720
Speaker 3: to stay in their homes longer, agent plays, maybe get

52
00:03:12,760 --> 00:03:17,040
Speaker 3: private home care, home healthcare, and they're doing it. So

53
00:03:17,160 --> 00:03:21,360
Speaker 3: forty four percent of home equity outstanding is held by seniors.

54
00:03:21,760 --> 00:03:27,079
Speaker 1: Meredith Whitney offer brilliant written, researched, great chart on mortgage

55
00:03:27,400 --> 00:03:30,480
Speaker 1: holdings of America where we're literlely back to the eighties

56
00:03:30,520 --> 00:03:33,560
Speaker 1: and how conservative we are in paying off our housing.

57
00:03:34,680 --> 00:03:37,680
Speaker 1: Just a superb effort there. She had some single best

58
00:03:37,720 --> 00:03:41,280
Speaker 1: idea stocks as a rocket mortgage came up a couple times,

59
00:03:41,280 --> 00:03:43,640
Speaker 1: but to be honest, I don't know if that's a buy,

60
00:03:44,280 --> 00:03:47,640
Speaker 1: a hold or a sell. We're on on YouTube. I

61
00:03:47,680 --> 00:03:50,640
Speaker 1: can't say enough about the building of Bloomberg podcast. Its

62
00:03:50,720 --> 00:03:54,440
Speaker 1: way out front of anything I thought, what ever happen?

63
00:03:54,880 --> 00:03:59,160
Speaker 1: This podcast on Apple, on Spotify and a YouTube podcasts.

64
00:03:59,200 --> 00:04:05,960
Speaker 1: This is single first idea