WEBVTT - Single Best Idea with Tom Keene: Bob Hormats & Meredith Whitney

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. The single best idea

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<v Speaker 1>to be quick here as we have huge newsflow in

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<v Speaker 1>including the war of Israel and Iran. Robert Harmatz with

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<v Speaker 1>US Today, Ambassador Harmatz with his public service in the

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<v Speaker 1>State Department under Hillary Clinton. Robert Hormatz on the diplomacy

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<v Speaker 1>of Iran, the history of Iran back to the Shah,

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<v Speaker 1>and the distinction he made was they really don't want

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<v Speaker 1>to take advice from.

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<v Speaker 2>The West at the moment. The Iranian people are, but

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<v Speaker 2>they do not want foreigners to be the ones to

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<v Speaker 2>do it. There's a history in Iran of foreigners intervening

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<v Speaker 2>with respect to say to most of that they still

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<v Speaker 2>remember that the United States was involved in the overthrow

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<v Speaker 2>of Mosedek and bringing back the Shaw, the new Shaw

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<v Speaker 2>or the old Shaw now and they do not like

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<v Speaker 2>the idea of foreign interventions. So they are very proud people.

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<v Speaker 2>As you pointed out, there an old three thousand plus

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<v Speaker 2>year old empire and regime change induced by.

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<v Speaker 1>We have no template here.

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<v Speaker 2>We do you have no temp We have no template,

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<v Speaker 2>We have no ability to change the regime and the

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<v Speaker 2>resin and the Uranians would resist that if his real

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<v Speaker 2>did it or the United States did it. They don't

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<v Speaker 2>want foreigners to intervene. If they do it themselves, it's

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<v Speaker 2>a very different metic. If we do it, it's a

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<v Speaker 2>very different matter, and a negative one.

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<v Speaker 1>Robert Harmer's there before, Lisa Bramwoods and Dannyberger's conversation with

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<v Speaker 1>the son of the former Shaw joining us today in studio.

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<v Speaker 1>Wonderful to see Meredith Whitney. She's back out and far

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<v Speaker 1>more visible than in recent years. The Meredith Whitney and

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<v Speaker 1>the images of the debate, the back and forth is

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<v Speaker 1>grounded in must read research reports. She did an absolute

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<v Speaker 1>tuurtive force on the retirement health crisis of older Americans.

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<v Speaker 1>Meredith Whitney on the boomers.

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<v Speaker 3>Well as You and many other shows and written talk

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<v Speaker 3>about they talk about the boomers being so wealthy, and

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<v Speaker 3>that's just not true in terms of there's a segment

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<v Speaker 3>of the boomers that's incredibly wealthy, but only one in

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<v Speaker 3>ten boomers seniors can afford assisted living okay, so, and

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<v Speaker 3>they're taking on debt at a more rapid rate than

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<v Speaker 3>any other age cohort. So seniors own twenty five percent

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<v Speaker 3>of total consumer debt outstanding. That's that's counterintuitive. Because you

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<v Speaker 3>think as you get older, you get more conservative, you

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<v Speaker 3>have less debt. So twenty five percent compares to twelve

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<v Speaker 3>percent in two thousand. So it's if the economy was

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<v Speaker 3>so great, why would why would seniors be taking on debt.

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<v Speaker 3>One thing that seniors have is they're sitting on a

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<v Speaker 3>tremendous amount of equity and they're starting to tap into that.

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<v Speaker 3>So seniors have at least fourteen trillion of tappable equity

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<v Speaker 3>that they can access that could make them be able

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<v Speaker 3>to stay in their homes longer, agent plays, maybe get

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<v Speaker 3>private home care, home healthcare, and they're doing it. So

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<v Speaker 3>forty four percent of home equity outstanding is held by seniors.

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<v Speaker 1>Meredith Whitney offer brilliant written, researched, great chart on mortgage

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<v Speaker 1>holdings of America where we're literlely back to the eighties

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<v Speaker 1>and how conservative we are in paying off our housing.

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<v Speaker 1>Just a superb effort there. She had some single best

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<v Speaker 1>idea stocks as a rocket mortgage came up a couple times,

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<v Speaker 1>but to be honest, I don't know if that's a buy,

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<v Speaker 1>a hold or a sell. We're on on YouTube. I

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<v Speaker 1>can't say enough about the building of Bloomberg podcast. Its

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<v Speaker 1>way out front of anything I thought, what ever happen?

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<v Speaker 1>This podcast on Apple, on Spotify and a YouTube podcasts.

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<v Speaker 1>This is single first idea