Speaker 1: Bloomberg Audio Studios, Podcasts, radio news, the single best idea.
Speaker 1: After an emotional month, we're deep into May, and after
Speaker 1: an emotional week, and here with the jobs report doing
Speaker 1: better than good. All in all, major shout out to
Speaker 1: anawog of Bloomberg Economics who certainly had a huge part
Speaker 1: of that buoyant seat to the job market, the trend
Speaker 1: up near here one's sixty and whether it's one seventy
Speaker 1: three month moving average one hundred and fifty five thousand,
Speaker 1: and the stock market reacting to it at least here
Speaker 1: on a Friday, as we tape at this moment, but
Speaker 1: in amongst it with some tension. It's always good to
Speaker 1: speak to people world acclaimed for their academics. Claudia Sam
Speaker 1: leads our employment coverage definitive at Michigan. I'm thinking at
Speaker 1: the fat I should say, as well, thinking about what
Speaker 1: is recession? What the slowdown look like? First thing she
Speaker 1: said in her conversation today, this is not a recession.
Speaker 1: There is no recession out there. Late in the conversation
Speaker 1: and here Claudia Sam on the speed, the rapidity of
Speaker 1: our policy making.
Speaker 2: They need to slow it down, right, you know, I
Speaker 2: disagree with the policies they're pursuing, but I'm strong, I'm
Speaker 2: very concerned about the way in which they're being pursued.
Speaker 2: This is very aggressive, this is very fast, and it
Speaker 2: can potentially cause a lot of damage. So even if
Speaker 2: you're in the spirit of having more industrial policy, having
Speaker 2: higher tariffs, a smaller government, like, there's a way to
Speaker 2: do this that doesn't cause maximal damage, right, And I'm
Speaker 2: very concerned of and I think the White House and
Speaker 2: you hear some messaging from them that you know, terorfrates
Speaker 2: aren't sustainable with China, and we're doing negotiations, but like,
Speaker 2: we need to see some action that actually pulls back
Speaker 2: these costs before it's too late.
Speaker 1: Claudia Sam there within this trade war, within this moment
Speaker 1: for America in the world. John Authur's writing up at
Speaker 1: Bloomberg Opinion. I thought the Martin Wolf essay I think
Speaker 1: it was two ago on the trade war was just
Speaker 1: brilliant over at the Financial Times. But the one essay
Speaker 1: that for me sticks out was Adam Posen. I'm guessing
Speaker 1: five ancient weeks ago, long weeks ago in Foreign Affairs,
Speaker 1: Adam Posen absolutely definitive and with a piercing paragraph on
Speaker 1: the zero sum fallacy of our trade war. We touched
Speaker 1: on Adam Smith, the giant David Ricardo of about eighteen fifteen,
Speaker 1: but late in the conversation with Adam Posen at the
Speaker 1: Peterson Institute, we talked about his view on American education.
Speaker 3: It's insane, no matter how valid the criticisms may or
Speaker 3: may not be. And I'm not going to touch that
Speaker 3: because I'm not an academic, thank god, but destroying the
Speaker 3: research capacity of the greatest research complex in human history,
Speaker 3: that has been the source of American advantage and well
Speaker 3: being and defense capacity for eighty years is possibly the
Speaker 3: most destructive thing the Trump administration is doing. And I
Speaker 3: don't mean just Harvard, and I don't mean worrying about
Speaker 3: supposed anti Semitism, although I think that's not what really
Speaker 3: motivates them, but who the heck knows. I think you're
Speaker 3: destroying at National Institute of Health. You're destroying medical biomedical
Speaker 3: research across the board. You're undercutting standards for research by
Speaker 3: having an HHS secretary who makes stuff up in contrast
Speaker 3: to all known research. I mean, I could just spew
Speaker 3: on this, sputtering for hours. This is the golden goose
Speaker 3: for the US economy for the world's wellbeing, and we
Speaker 3: are destroying it. And that's where the UK and a
Speaker 3: few other countries including Japan, Singapore, Australia, Germany, we have
Speaker 3: to help step up and fry a home for talent
Speaker 3: and find the money because this is something we can't replace.
Speaker 1: And I'm posing there at the Peterson Institute a major
Speaker 1: shout out to an institution at Columbia University. There is
Speaker 1: one guy that is written and thought about this more
Speaker 1: than anyone I know. His name is Jonathan Cole Coillie,
Speaker 1: and he's written definitive books on this miracle that was
Speaker 1: wrought as a generalization out of World War Two, but
Speaker 1: I would suggest started before that, at least with the
Speaker 1: land grant program of the nineteenth century. Think the A
Speaker 1: and M's Texas A and M and the rest as well.
Speaker 1: But Jonathan Cole will say that the research capabilities of
Speaker 1: this nation are centered around research universities bolted on to
Speaker 1: the great academics of your kid getting an undergraduate degree,
Speaker 1: and he centers there on the Johns Hopkins University and
Speaker 1: on the University of Chicago. Somehow this will be a
Speaker 1: theme forward. Janet Lauren is our expert on this at
Speaker 1: Bloomberg will speak to her as we can across the nation.
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