1 00:00:00,080 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,440 Speaker 1: noon and five pm Eastern on Applecarckley and Android Auto 4 00:00:17,520 --> 00:00:20,680 Speaker 1: with the Bloomberg Business App. Listen on demand wherever you 5 00:00:20,720 --> 00:00:23,760 Speaker 1: get your podcasts, or watch us live on YouTube. 6 00:00:25,400 --> 00:00:27,480 Speaker 2: You made it to the threshold of the weekend. Thank 7 00:00:27,480 --> 00:00:29,720 Speaker 2: you for spending part of it with us. On the 8 00:00:29,720 --> 00:00:32,479 Speaker 2: Friday edition of Balance of Power on Bloomberg Radio A 9 00:00:32,520 --> 00:00:35,840 Speaker 2: streaming live on YouTube. Always search Bloomberg Business News Live 10 00:00:36,400 --> 00:00:37,920 Speaker 2: if you want to find us here in the studio. 11 00:00:38,000 --> 00:00:42,559 Speaker 2: Watching us live always on Bloomberg Originals as well. Big weekend. 12 00:00:42,600 --> 00:00:46,840 Speaker 2: You got your chicken wings and chilly ready, I hope, Chris, 13 00:00:46,880 --> 00:00:49,199 Speaker 2: We're going to start with the Olympics, then we'll resolve 14 00:00:49,880 --> 00:00:52,360 Speaker 2: to the Super Bowl. The President will not be present 15 00:00:52,479 --> 00:00:54,680 Speaker 2: for either of them. He's headed to mar A Lago 16 00:00:55,120 --> 00:00:59,880 Speaker 2: after a signing session in the Oval Office this afternoon, 17 00:01:00,000 --> 00:01:01,640 Speaker 2: and of course we're going to be talking about the 18 00:01:01,680 --> 00:01:05,400 Speaker 2: politics of both of these events. Jd Vance Mark Rubio 19 00:01:06,200 --> 00:01:08,760 Speaker 2: are over in Milan watching the Olympics here, and we're 20 00:01:08,760 --> 00:01:10,400 Speaker 2: looking at a lot of split screens of the two 21 00:01:10,440 --> 00:01:13,480 Speaker 2: of them pretending to have fun together. The big party 22 00:01:13,520 --> 00:01:16,000 Speaker 2: at mar A Lago Super Bowl party, you know, will 23 00:01:16,480 --> 00:01:21,199 Speaker 2: generate some news on Sunday and exactly which halftime show 24 00:01:21,240 --> 00:01:23,880 Speaker 2: is on all of the TVs as part of the 25 00:01:23,880 --> 00:01:25,720 Speaker 2: reason the President says he's not going this year, right, 26 00:01:25,800 --> 00:01:27,800 Speaker 2: is the bad bunny thing? So he'll have kid Rock on. 27 00:01:27,880 --> 00:01:34,720 Speaker 2: I guess the alternate turning point USA halftime show, to 28 00:01:34,800 --> 00:01:42,720 Speaker 2: which I say, the puppy bull gets no respect. Let's 29 00:01:42,760 --> 00:01:45,640 Speaker 2: turn now to geopolitics. We're going to start here. We've 30 00:01:45,640 --> 00:01:48,480 Speaker 2: got news on the tunnel project in New York. We've 31 00:01:48,480 --> 00:01:51,560 Speaker 2: got news, at least kind of news on Iran. It's 32 00:01:51,560 --> 00:01:56,880 Speaker 2: one of these agree to continue meeting situations with Is 33 00:01:56,920 --> 00:02:00,000 Speaker 2: that true? There's adult dogs in the puppy bowl this year. 34 00:02:02,640 --> 00:02:07,080 Speaker 2: I hadn't heard that Elizabeth meetings went to a different 35 00:02:07,160 --> 00:02:11,280 Speaker 2: venue between the US and Iran settling in Oman. That 36 00:02:11,400 --> 00:02:14,840 Speaker 2: was the request by Tehran and Caroline levi Att, the 37 00:02:14,840 --> 00:02:16,840 Speaker 2: Press Secretary, weighed in on this yesterday. 38 00:02:16,880 --> 00:02:17,360 Speaker 3: Let's listen. 39 00:02:19,160 --> 00:02:23,000 Speaker 4: The President has obviously been quite clear in his demands 40 00:02:23,000 --> 00:02:27,160 Speaker 4: of the Iranian regime. Zero nuclear capability is something he's 41 00:02:27,160 --> 00:02:30,280 Speaker 4: been very explicit about, and he wants to see if 42 00:02:30,280 --> 00:02:33,800 Speaker 4: a deal can be struck. And while these negotiations are 43 00:02:33,840 --> 00:02:36,720 Speaker 4: taking place, I would remind the Iranian regime that the 44 00:02:36,720 --> 00:02:41,160 Speaker 4: president has many options at his disposal aside from diplomacy, 45 00:02:41,240 --> 00:02:44,040 Speaker 4: as the commander in chief of the most powerful military. 46 00:02:45,600 --> 00:02:48,560 Speaker 2: Remembering Steve Whitkoff and Jared Kushner are at the table 47 00:02:48,600 --> 00:02:52,720 Speaker 2: here right, talks in Oman with Iranian officials at what 48 00:02:52,880 --> 00:02:55,600 Speaker 2: is a clearly delicate moment here. A lot of folks 49 00:02:55,639 --> 00:02:58,120 Speaker 2: think that flotilla we've got off the coast of Iran 50 00:02:58,320 --> 00:03:01,200 Speaker 2: is there for a reason. Donald Trump has a history 51 00:03:01,200 --> 00:03:03,880 Speaker 2: of using the firepower when he assembles it. So let's 52 00:03:03,880 --> 00:03:06,079 Speaker 2: see what we're hearing from the White House. Bluebird Washington 53 00:03:06,120 --> 00:03:10,600 Speaker 2: correspondent Tyler Kendall is with us here. We're hearing signs 54 00:03:10,639 --> 00:03:14,080 Speaker 2: of cautious optimism, Tyler. But then you see the USS 55 00:03:14,200 --> 00:03:17,480 Speaker 2: Lincoln pointing straight at Tehran. I guess we'll have these 56 00:03:17,520 --> 00:03:19,639 Speaker 2: two parallel actions for some time. What are we learning 57 00:03:19,639 --> 00:03:20,440 Speaker 2: about talks today? 58 00:03:20,560 --> 00:03:20,760 Speaker 5: Right? 59 00:03:20,800 --> 00:03:23,760 Speaker 6: So we've yet to get the readout from the US side, 60 00:03:23,800 --> 00:03:26,359 Speaker 6: but we have been hearing from Iran, and as you framed, 61 00:03:26,760 --> 00:03:29,920 Speaker 6: they're essentially agreeing to more talks. These were talks about 62 00:03:29,960 --> 00:03:33,120 Speaker 6: having additional talks. Aron said that they went very well. 63 00:03:33,200 --> 00:03:37,200 Speaker 6: It was widely perceived as a really positive development. We 64 00:03:37,200 --> 00:03:39,960 Speaker 6: saw oil prices fall, for example, after soaring this year, 65 00:03:40,040 --> 00:03:43,640 Speaker 6: important due to just what has been escalating tensions in 66 00:03:43,680 --> 00:03:46,360 Speaker 6: the region. But earlier this morning it almost felt like 67 00:03:46,400 --> 00:03:49,120 Speaker 6: the bar was being lowered. We heard from Iran that 68 00:03:49,200 --> 00:03:51,480 Speaker 6: this isn't going to be an end all resolution. I 69 00:03:51,480 --> 00:03:53,560 Speaker 6: don't think anybody thought that that was going to happen. 70 00:03:53,600 --> 00:03:56,400 Speaker 6: They said that this is all about the broader issue. 71 00:03:56,400 --> 00:03:59,360 Speaker 6: They're not going to get into finer details, which sort 72 00:03:59,360 --> 00:04:01,680 Speaker 6: of tracks. It makes sense, right because we actually went 73 00:04:02,280 --> 00:04:05,600 Speaker 6: into today with I think it's fair to say contrasting 74 00:04:05,680 --> 00:04:09,200 Speaker 6: parameters from each side about what was going to be discussed. 75 00:04:09,200 --> 00:04:12,320 Speaker 6: First the venue changed Turkey to Oman, but then it 76 00:04:12,320 --> 00:04:15,320 Speaker 6: appears that Iran had gotten what it wanted, which was 77 00:04:15,360 --> 00:04:19,120 Speaker 6: for this to be bilateral talks only focused on its 78 00:04:19,200 --> 00:04:22,440 Speaker 6: nuclear program, whereas we know the US, as said as 79 00:04:22,480 --> 00:04:25,599 Speaker 6: such from the Secretary of State Mark or Rubio this week, 80 00:04:25,640 --> 00:04:28,320 Speaker 6: that they want to see those talks really expand they 81 00:04:28,320 --> 00:04:31,120 Speaker 6: want to talk about Iran's ballistic missile program. They want 82 00:04:31,160 --> 00:04:34,320 Speaker 6: to talk about those proxy militia groups that Iron props 83 00:04:34,360 --> 00:04:36,680 Speaker 6: up in the region. They want our regional partners to 84 00:04:36,720 --> 00:04:39,200 Speaker 6: be involved in these conversations as well, to talk about 85 00:04:39,200 --> 00:04:42,480 Speaker 6: some greater stability in the Middle East and Iran. As 86 00:04:42,520 --> 00:04:45,240 Speaker 6: of now, it appears got what they had wanted, which 87 00:04:45,279 --> 00:04:47,720 Speaker 6: is for this to be framed solely between the US 88 00:04:47,720 --> 00:04:50,200 Speaker 6: and Iran when it comes to their nuclear program. 89 00:04:50,520 --> 00:04:55,279 Speaker 2: Really interesting, Tyler. So to agree to meet again, I 90 00:04:55,279 --> 00:04:58,359 Speaker 2: guess is a good sign. But there are questions about 91 00:04:58,400 --> 00:05:00,760 Speaker 2: timing here as well, and whether the President's going to 92 00:05:00,760 --> 00:05:04,320 Speaker 2: put some kind of ultimatum on this conversation knowing that 93 00:05:04,360 --> 00:05:08,159 Speaker 2: it's directed toward the nuclear program. We're also starting the 94 00:05:08,160 --> 00:05:11,400 Speaker 2: Olympics this weekend. Does that buy Iron a couple of weeks? 95 00:05:12,040 --> 00:05:12,560 Speaker 5: Perhaps? 96 00:05:13,240 --> 00:05:15,159 Speaker 6: I'm not sure what the calculus would be there, but 97 00:05:15,240 --> 00:05:17,800 Speaker 6: I can tell you that our analysts have Bloomberg Economics 98 00:05:17,839 --> 00:05:21,640 Speaker 6: actually described these talks as a stalling tactic. The White 99 00:05:21,640 --> 00:05:24,640 Speaker 6: House itself has long said that diplomacy is always on 100 00:05:24,720 --> 00:05:26,640 Speaker 6: the table, but they have also said there is a 101 00:05:26,760 --> 00:05:30,000 Speaker 6: range of options on the table. President Trump himself hasn't 102 00:05:30,040 --> 00:05:32,679 Speaker 6: shied away from that threat that there could be strikes, 103 00:05:32,720 --> 00:05:35,880 Speaker 6: and Bloomberg Economics right now is forecasting that a strike 104 00:05:35,960 --> 00:05:39,080 Speaker 6: on Iran by the US is actually likely, considering that 105 00:05:39,080 --> 00:05:42,880 Speaker 6: we've seen such a build up in US military assets 106 00:05:42,920 --> 00:05:45,880 Speaker 6: in the region. Now we've seen this armada, essentially the 107 00:05:46,000 --> 00:05:49,159 Speaker 6: USS Lincoln Carrier strike Group. That doesn't necessarily mean that 108 00:05:49,160 --> 00:05:51,240 Speaker 6: there's going to be a big attack. There are a 109 00:05:51,320 --> 00:05:53,760 Speaker 6: lot of different scenarios on how this could play out, 110 00:05:53,760 --> 00:05:55,960 Speaker 6: but we're hearing a lot of talk about potentially a 111 00:05:56,080 --> 00:06:01,080 Speaker 6: targeted strike. So but of course none of this has 112 00:06:01,120 --> 00:06:05,119 Speaker 6: happened yet. We're just sort of forecasting what could potentially happen. 113 00:06:05,160 --> 00:06:07,719 Speaker 6: But it's important to note that that possibility really hasn't 114 00:06:07,720 --> 00:06:10,880 Speaker 6: been taken off the table, and in fact, Bloomberg News 115 00:06:10,880 --> 00:06:14,279 Speaker 6: was reporting earlier this morning super tanker operators are now 116 00:06:14,320 --> 00:06:16,880 Speaker 6: speeding their vessels through the Strait of Her Moves on 117 00:06:17,000 --> 00:06:21,000 Speaker 6: fears that we could see escalation since earlier this week, 118 00:06:21,279 --> 00:06:25,840 Speaker 6: Iran had targeted a US flagged oil tanker in the 119 00:06:25,880 --> 00:06:29,840 Speaker 6: Strait of Her Moves. No one was harmed, they had 120 00:06:29,880 --> 00:06:32,400 Speaker 6: backed away, but we know that this is a critical 121 00:06:32,440 --> 00:06:34,760 Speaker 6: waterway that Iran has previously threatened. 122 00:06:34,920 --> 00:06:37,120 Speaker 2: Well, it's something that we're going to be watching through 123 00:06:37,160 --> 00:06:39,440 Speaker 2: the weekend, and that analysis from Bloomberg Intelligence I'm really 124 00:06:39,440 --> 00:06:42,120 Speaker 2: glad that you mentioned because they are usually right, I 125 00:06:42,160 --> 00:06:44,799 Speaker 2: have to admit, and they're a really smart team watching 126 00:06:44,880 --> 00:06:46,760 Speaker 2: this from a lot of different angles, Tyler, We've got 127 00:06:46,760 --> 00:06:50,040 Speaker 2: a breaking story that's coming out of the administration that 128 00:06:50,040 --> 00:06:52,719 Speaker 2: we're both learning about here together a White House exploring 129 00:06:52,760 --> 00:06:56,919 Speaker 2: opening an antitrust probe into homebuilders. Did this just go 130 00:06:57,080 --> 00:07:00,440 Speaker 2: right here, James, This is a big one, explore opening 131 00:07:00,480 --> 00:07:04,240 Speaker 2: an eddy trust investigation into US homebuilders as they sharpen 132 00:07:04,279 --> 00:07:08,040 Speaker 2: a focus on tackling the country's housing affordability crisis. If 133 00:07:08,040 --> 00:07:09,880 Speaker 2: you're with us on YouTube, you're looking right now at 134 00:07:09,920 --> 00:07:13,120 Speaker 2: the reaction here. Toll Brothers is holding up, but dh R, 135 00:07:13,200 --> 00:07:15,440 Speaker 2: d R Horton Rather is down one and a half percent. 136 00:07:15,680 --> 00:07:19,200 Speaker 2: Lenar is down two and a half percent. And this 137 00:07:19,240 --> 00:07:21,720 Speaker 2: could just be the beginning if we have an administration 138 00:07:21,920 --> 00:07:25,000 Speaker 2: that's going to return in the screws here on home builders. 139 00:07:25,040 --> 00:07:27,400 Speaker 2: The Department of Justice could open this probe in the 140 00:07:27,440 --> 00:07:30,520 Speaker 2: coming weeks. According to people familiar with the discussions, this 141 00:07:30,640 --> 00:07:33,920 Speaker 2: is just now happening. Pulty now turning negative down to 142 00:07:33,920 --> 00:07:36,680 Speaker 2: wits lower the session down a little more than one percent, Tyler, 143 00:07:36,880 --> 00:07:39,400 Speaker 2: this would not be the first time that this administration 144 00:07:39,480 --> 00:07:42,400 Speaker 2: tried to get to the housing market, having recently proposed 145 00:07:42,400 --> 00:07:44,960 Speaker 2: the President at least at least through executive action, banning 146 00:07:45,200 --> 00:07:47,720 Speaker 2: institutional buyers from owning single family homes. 147 00:07:47,760 --> 00:07:51,280 Speaker 6: Well, actually, you recall, the President, through that executive action 148 00:07:51,480 --> 00:07:55,040 Speaker 6: actually asked the Department of Justice and the Federal Trade 149 00:07:55,040 --> 00:07:59,200 Speaker 6: Commission to look into potential antitrust violations when it comes 150 00:07:59,240 --> 00:08:02,040 Speaker 6: to institutional mesters in this space. So this sort of 151 00:08:02,120 --> 00:08:04,200 Speaker 6: does track. I think it could be fair to say 152 00:08:04,200 --> 00:08:08,280 Speaker 6: that perhaps we did see something like this coming, could 153 00:08:08,280 --> 00:08:12,200 Speaker 6: have been in the pipeline. Interesting reporting here, though, to 154 00:08:12,720 --> 00:08:14,960 Speaker 6: frame this in the context that the White House has 155 00:08:15,000 --> 00:08:17,400 Speaker 6: been really trying to refocus the narrative when it comes 156 00:08:17,440 --> 00:08:21,120 Speaker 6: to affordability, and we know that houses, the cost of 157 00:08:21,600 --> 00:08:24,640 Speaker 6: homes and housing has been a huge focus. We heard 158 00:08:24,640 --> 00:08:29,080 Speaker 6: it yesterday during the Treasury Secretary's testimony on Capitol Hill. 159 00:08:29,160 --> 00:08:32,120 Speaker 6: This is an area that the President really wants to 160 00:08:32,240 --> 00:08:35,120 Speaker 6: focus on. In fact, it's a plank. You'll recall a 161 00:08:35,160 --> 00:08:40,200 Speaker 6: President Trump's campaign, there was this whole rollout of what 162 00:08:41,160 --> 00:08:43,800 Speaker 6: lowering home prices could ultimately be, and it appears that 163 00:08:43,880 --> 00:08:46,400 Speaker 6: this is the route that he's trying to take. As 164 00:08:46,400 --> 00:08:47,640 Speaker 6: we head into the midterms. 165 00:08:47,679 --> 00:08:49,520 Speaker 2: Really interesting. This is one that's going to be perking 166 00:08:49,559 --> 00:08:53,320 Speaker 2: through the day, a possible antitrust probe into homebuilders from 167 00:08:53,320 --> 00:08:55,240 Speaker 2: the White House. We've got less than a minute, Tyler. 168 00:08:55,480 --> 00:08:57,520 Speaker 2: I thought we'd be talking about this a lot more today. 169 00:08:58,640 --> 00:09:01,520 Speaker 2: The New York, New Jerseys and tunnel projects is being 170 00:09:01,559 --> 00:09:05,680 Speaker 2: halted after the White House pulled funding. Is this officially over? 171 00:09:05,760 --> 00:09:09,920 Speaker 2: This is sixteen billion dollar projects with funds already allocated, right, so. 172 00:09:09,920 --> 00:09:13,199 Speaker 6: This today was the deadline for them to have that 173 00:09:13,240 --> 00:09:16,880 Speaker 6: funding reinstated by the federal government. You will recall this 174 00:09:16,920 --> 00:09:19,560 Speaker 6: is funding from the bipartisan Infrastructure bill that was passed 175 00:09:19,800 --> 00:09:22,160 Speaker 6: in twenty twenty one, and President Trump holded it back 176 00:09:22,160 --> 00:09:24,040 Speaker 6: in October when we were seeing the start of the 177 00:09:24,040 --> 00:09:26,680 Speaker 6: government shutdown. I know we're almost out of time here, 178 00:09:26,679 --> 00:09:29,040 Speaker 6: but as of now, President Trump is saying he will 179 00:09:29,040 --> 00:09:31,920 Speaker 6: not release those funds. Reporting he asked for dulles to 180 00:09:31,960 --> 00:09:34,839 Speaker 6: be renamed in order to get them named. 181 00:09:34,640 --> 00:09:37,040 Speaker 2: YEP and Penn Station, and reporting. 182 00:09:36,720 --> 00:09:38,840 Speaker 6: That Chuck Schumer said no, of course, these are his 183 00:09:38,920 --> 00:09:40,720 Speaker 6: constituents in New York where the last. 184 00:09:40,559 --> 00:09:43,600 Speaker 2: Time was Donald Trump was in Penn Station. We're bringing 185 00:09:43,679 --> 00:09:46,480 Speaker 2: hula hands back baby, that's a thousand jobs. We'll have 186 00:09:46,520 --> 00:09:48,800 Speaker 2: more on that story. Tyler Kendall, thank you. Stay with 187 00:09:48,880 --> 00:09:51,080 Speaker 2: us on Balance of Power. We'll have much more coming 188 00:09:51,160 --> 00:09:51,800 Speaker 2: up after this. 189 00:09:56,080 --> 00:09:59,720 Speaker 1: You're listening to the Bloomberg Balance of Power podcast catchys 190 00:09:59,800 --> 00:10:03,120 Speaker 1: live weekdays at noon and five pm Eastern on Apple 191 00:10:03,160 --> 00:10:06,200 Speaker 1: Cockway and Android Auto with the Bloomberg Business app. You 192 00:10:06,200 --> 00:10:09,679 Speaker 1: can also listen live on Amazon Alexa from our flagship 193 00:10:09,760 --> 00:10:13,559 Speaker 1: New York station Just Say Alexa played Bloomberg eleven. 194 00:10:13,400 --> 00:10:18,640 Speaker 2: Thirty program brought to you by the word Cromnibus and 195 00:10:18,679 --> 00:10:22,319 Speaker 2: if you're old enough to remember, this is history repeating itself. 196 00:10:22,360 --> 00:10:25,120 Speaker 2: We spent some time yesterday with Patrick McHenry, the former 197 00:10:25,160 --> 00:10:28,080 Speaker 2: Speaker pro Tem of course now free to speak as 198 00:10:28,120 --> 00:10:32,200 Speaker 2: a Bloomberg Politics contributor, talking about this heated debate over 199 00:10:32,280 --> 00:10:35,400 Speaker 2: the Department of Homeland Security. You know, as one week 200 00:10:35,440 --> 00:10:37,200 Speaker 2: ago we were up there on the Senate talking about 201 00:10:37,240 --> 00:10:39,080 Speaker 2: the government shutting down, and one week from now we 202 00:10:39,160 --> 00:10:41,720 Speaker 2: might be doing that very same thing unless we're in 203 00:10:41,720 --> 00:10:46,400 Speaker 2: the House. But the problem is that these ten demands 204 00:10:46,440 --> 00:10:49,960 Speaker 2: on restrictions surrounding ICE are running into a wall with 205 00:10:50,080 --> 00:10:52,320 Speaker 2: Republicans when it comes to dmasking and some of these 206 00:10:52,360 --> 00:10:54,720 Speaker 2: other things. So could we in fact have another world 207 00:10:55,520 --> 00:10:58,839 Speaker 2: in which we're living under a crumnibus. Let's bring back 208 00:10:58,880 --> 00:11:00,360 Speaker 2: Patrick McHenry from me yesterday. 209 00:11:01,200 --> 00:11:04,160 Speaker 7: Makes me feel like we've gone back in time, because 210 00:11:04,320 --> 00:11:08,240 Speaker 7: when President Obama had his approach to immigration, which was DACA, 211 00:11:08,800 --> 00:11:10,360 Speaker 7: Republicans in the House said, we. 212 00:11:10,320 --> 00:11:12,480 Speaker 8: Don't want to fund DACA. We don't want to fund 213 00:11:12,559 --> 00:11:13,920 Speaker 8: your immigration policy. 214 00:11:14,200 --> 00:11:16,960 Speaker 7: So we funded all of government except for the Department 215 00:11:17,000 --> 00:11:17,920 Speaker 7: of Homeland Security. 216 00:11:18,120 --> 00:11:20,800 Speaker 8: And it was called the cr Omnibus. The Cromnibus. 217 00:11:20,880 --> 00:11:24,640 Speaker 2: Yeah, the chromnivus taking you it's a way back fazing. 218 00:11:24,760 --> 00:11:27,800 Speaker 7: Yes, So it happens. We are coming back around. And 219 00:11:27,880 --> 00:11:30,120 Speaker 7: now it's the left saying they don't want the rights 220 00:11:30,280 --> 00:11:34,280 Speaker 7: immigration policy, and nothing is new again. 221 00:11:35,640 --> 00:11:39,520 Speaker 2: Nothing is new again. The Cromnibus is not some sort 222 00:11:39,520 --> 00:11:44,640 Speaker 2: of hybrid pastry as mister McHenry just described. I plugged 223 00:11:44,679 --> 00:11:48,520 Speaker 2: it into Gemini. A cromnibus at one point one trillion 224 00:11:48,559 --> 00:11:51,480 Speaker 2: dollar federal funding package passed December twenty fourteen to avoid 225 00:11:51,480 --> 00:11:54,559 Speaker 2: a government shutdown. Close your eyes and imagine this next Friday. 226 00:11:55,440 --> 00:11:58,120 Speaker 2: It combined a long term omnibus spending bill for most 227 00:11:58,160 --> 00:12:03,160 Speaker 2: agencies with a short term fr for Yes Homeland Security. 228 00:12:04,160 --> 00:12:06,800 Speaker 2: Megan Scully remembers the Cromina bus and I wonder if 229 00:12:06,800 --> 00:12:08,880 Speaker 2: they've already written the story for next week. She runs 230 00:12:08,920 --> 00:12:12,160 Speaker 2: our Capital influence team here in Washington. The big question, 231 00:12:12,200 --> 00:12:15,480 Speaker 2: of course, is will Homeland Security shut down next week 232 00:12:15,559 --> 00:12:16,920 Speaker 2: or will we have something like this? 233 00:12:17,280 --> 00:12:17,760 Speaker 5: Well, first of. 234 00:12:17,720 --> 00:12:23,600 Speaker 9: All, I don't appreciate you aging me, but it will. 235 00:12:23,679 --> 00:12:25,760 Speaker 9: It is just the Department of Homeland Security. 236 00:12:25,800 --> 00:12:26,360 Speaker 10: We should say. 237 00:12:26,360 --> 00:12:29,400 Speaker 9: The rest of the government is funded under the deal 238 00:12:29,400 --> 00:12:32,160 Speaker 9: that was struck at the very last minute last week. 239 00:12:33,240 --> 00:12:36,679 Speaker 10: But I think that we are Republicans. 240 00:12:36,040 --> 00:12:38,880 Speaker 9: In the Senate in particular, are saying the only way 241 00:12:38,920 --> 00:12:41,480 Speaker 9: to get a deal here is to extend this short 242 00:12:41,559 --> 00:12:44,720 Speaker 9: term funding a little bit longer, essentially buy more time. 243 00:12:45,240 --> 00:12:47,040 Speaker 9: They're going to need sixty votes to do that in 244 00:12:47,040 --> 00:12:49,520 Speaker 9: the Senate, though, and they're going to need a majority 245 00:12:49,559 --> 00:12:53,160 Speaker 9: in the House, So they're running up against really fierce 246 00:12:53,160 --> 00:12:56,720 Speaker 9: opposition from Democrats who see this as their leverage to 247 00:12:56,920 --> 00:13:01,320 Speaker 9: get their demands regarding ice, you know, masks off agents 248 00:13:01,360 --> 00:13:04,439 Speaker 9: and such through. So it is it's going to be 249 00:13:04,520 --> 00:13:07,040 Speaker 9: hard to see how this really shakes out here in 250 00:13:07,080 --> 00:13:07,920 Speaker 9: the next few days. 251 00:13:08,000 --> 00:13:11,840 Speaker 2: Well, that is a little bit scary knowing that the 252 00:13:11,880 --> 00:13:14,120 Speaker 2: two sides seem to be oceans apart on things like 253 00:13:14,200 --> 00:13:16,640 Speaker 2: d masking. What do you think of this list of demands? 254 00:13:16,640 --> 00:13:18,840 Speaker 2: What are you hearing from your sources on whether that 255 00:13:18,880 --> 00:13:20,839 Speaker 2: goes anywhere? Any of these elements going to be in 256 00:13:20,840 --> 00:13:21,720 Speaker 2: a piece of legislation. 257 00:13:21,920 --> 00:13:24,800 Speaker 9: Well, Republicans yesterday said they it wasn't even the beginning 258 00:13:24,800 --> 00:13:27,840 Speaker 9: of negotiations for them that they saw this as a 259 00:13:27,880 --> 00:13:32,080 Speaker 9: wish list sort of an aspirational goal by Democrats. But 260 00:13:32,280 --> 00:13:35,199 Speaker 9: you know, in any negotiation, Democrats are shooting high in 261 00:13:35,720 --> 00:13:40,000 Speaker 9: their first their first offering. So Congress is gone. It's 262 00:13:40,040 --> 00:13:43,360 Speaker 9: the weekend, after all, so they will be back next week, 263 00:13:43,400 --> 00:13:45,839 Speaker 9: and I think that we will certainly get a better 264 00:13:45,880 --> 00:13:49,560 Speaker 9: sense of where they are. What will be watching, certainly 265 00:13:49,760 --> 00:13:52,040 Speaker 9: is where things stand come Monday. We have a lot 266 00:13:52,040 --> 00:13:54,199 Speaker 9: of you know, there will likely be protests throughout the 267 00:13:54,240 --> 00:13:57,199 Speaker 9: weekend regarding you know, ice across the US, and then 268 00:13:57,200 --> 00:14:00,880 Speaker 9: you have Bad Bunnies, super Bowl halftime show and the 269 00:14:00,920 --> 00:14:04,000 Speaker 9: counter programming from Turning Points that the President will be 270 00:14:04,040 --> 00:14:09,360 Speaker 9: tuning into. So the fever pitch surrounding this issue isn't 271 00:14:09,400 --> 00:14:13,640 Speaker 9: going anywhere anytime soon. And whether that is something that 272 00:14:13,760 --> 00:14:16,840 Speaker 9: keeps the two parties apart, or if it's something that 273 00:14:16,960 --> 00:14:18,800 Speaker 9: potentially fuels a compromise. 274 00:14:19,080 --> 00:14:20,680 Speaker 10: I don't think we're quite there yet. 275 00:14:20,840 --> 00:14:23,800 Speaker 9: They don't get to the compromise position on the Hill 276 00:14:23,880 --> 00:14:25,720 Speaker 9: until they're up against the deadline. 277 00:14:25,800 --> 00:14:28,280 Speaker 2: So we'll be meeting here at this time next week. 278 00:14:28,640 --> 00:14:30,240 Speaker 2: You know, I've heard from a number of folks on 279 00:14:30,240 --> 00:14:33,440 Speaker 2: the Hill talk about maybe there is some sort of 280 00:14:33,440 --> 00:14:37,000 Speaker 2: offering that Republicans could make to avoid some of these 281 00:14:37,040 --> 00:14:39,920 Speaker 2: We have body cameras, as Christinom has already said, offered 282 00:14:39,920 --> 00:14:44,640 Speaker 2: by the Republican side. What if Christinom was offered and 283 00:14:44,680 --> 00:14:46,800 Speaker 2: then we can get to some of these other Could 284 00:14:46,840 --> 00:14:49,560 Speaker 2: there be a compromise with a move like that. 285 00:14:50,120 --> 00:14:53,800 Speaker 10: We're not seeing any indication change that could happen. 286 00:14:54,000 --> 00:14:54,160 Speaker 6: You know. 287 00:14:54,200 --> 00:14:57,400 Speaker 9: The President obviously has put home in Tom Homan. His 288 00:14:57,560 --> 00:15:03,080 Speaker 9: borders are into Minneapolis, which has basically sideline Gnome there. 289 00:15:03,560 --> 00:15:07,440 Speaker 9: He's stuck with her through this though, at least, you know, publicly, 290 00:15:08,360 --> 00:15:11,200 Speaker 9: I think Democrats that'll want something in law, you know, 291 00:15:11,440 --> 00:15:14,200 Speaker 9: some kind of executive action, be it a change at 292 00:15:14,200 --> 00:15:17,760 Speaker 9: the top or an executive order. Their signaling is not sufficient. 293 00:15:17,840 --> 00:15:21,080 Speaker 9: They want something that will withstand the test of time. 294 00:15:21,440 --> 00:15:23,760 Speaker 2: Got it? Megan, thank you so much. Knowing you were 295 00:15:23,800 --> 00:15:27,800 Speaker 2: a young intern when the Kromnibus happened. That makes Megan 296 00:15:27,840 --> 00:15:30,120 Speaker 2: about twenty five years old today. So we appreciate your 297 00:15:30,120 --> 00:15:34,200 Speaker 2: aging because with that Cromnibus hashtag Cromnibus, look it up 298 00:15:34,240 --> 00:15:37,680 Speaker 2: if you don't remember. I'm Joe, Matthew and Washington. Great 299 00:15:37,680 --> 00:15:39,040 Speaker 2: to have you with us on the Friday edition of 300 00:15:39,040 --> 00:15:40,920 Speaker 2: Balance of Power. You've been hearing about the bounce back 301 00:15:40,960 --> 00:15:44,160 Speaker 2: on Wall Street that includes crypto bitcoin. Look at this 302 00:15:44,280 --> 00:15:47,760 Speaker 2: up over twelve percent now just about to hit seventy 303 00:15:47,800 --> 00:15:52,240 Speaker 2: one thousand dollars a coin. Overnight it fell to sixty 304 00:15:52,840 --> 00:15:56,480 Speaker 2: Is that the floor? I wonder if Tim Stenovic is 305 00:15:56,520 --> 00:15:59,080 Speaker 2: looking at it that way. He joins us now live 306 00:15:59,080 --> 00:16:02,280 Speaker 2: from World headquarters in New York. Is not only one 307 00:16:02,320 --> 00:16:04,640 Speaker 2: of the forces behind Bloomberg Business Week Daily, but he's 308 00:16:04,680 --> 00:16:07,320 Speaker 2: also the host of the Bloomberg Crypto Show, and so 309 00:16:07,360 --> 00:16:10,640 Speaker 2: we're seeking wisdom here. Tim. It's great to see you. 310 00:16:10,640 --> 00:16:12,840 Speaker 2: You were a voice of reason at a very scary 311 00:16:12,880 --> 00:16:15,200 Speaker 2: moment for a lot of crypto investors last evening. Now 312 00:16:15,200 --> 00:16:18,360 Speaker 2: it's party time today. Is this a technical bounce? What 313 00:16:18,360 --> 00:16:20,960 Speaker 2: are you hearing, Well, that's certainly what it seems like. 314 00:16:21,400 --> 00:16:24,760 Speaker 2: I mean, because bitcoin doesn't have any fundamentals. Technicals is 315 00:16:25,000 --> 00:16:27,560 Speaker 2: kind of all we have to go on and round 316 00:16:27,680 --> 00:16:30,440 Speaker 2: numbers are kind of technicals when it comes to bitcoin. 317 00:16:30,520 --> 00:16:32,800 Speaker 2: So some analysts are pointing to that support that we 318 00:16:32,880 --> 00:16:37,360 Speaker 2: saw at sixty thousand as being that level for a bounce, 319 00:16:37,400 --> 00:16:39,400 Speaker 2: but look, it's a risk. On day you were just 320 00:16:39,440 --> 00:16:42,000 Speaker 2: talking about the equity markets and the rise that we're 321 00:16:42,000 --> 00:16:47,040 Speaker 2: seeing in equities today, some big names notwithstanding, maybe people 322 00:16:47,160 --> 00:16:49,800 Speaker 2: see this as okay, well it was sold off enough 323 00:16:49,800 --> 00:16:52,840 Speaker 2: and there's an opportunity for us to buy here because 324 00:16:52,880 --> 00:16:55,640 Speaker 2: we see value in this. But as difficult as it 325 00:16:55,720 --> 00:16:59,400 Speaker 2: was to explain yesterday's decline, Joe, it's as difficult to 326 00:16:59,440 --> 00:17:02,600 Speaker 2: explain today's increase in the price of bitcoin. 327 00:17:02,720 --> 00:17:03,120 Speaker 3: Wow. 328 00:17:03,920 --> 00:17:06,119 Speaker 2: Well, that's a little bit scary because part of the 329 00:17:06,240 --> 00:17:08,800 Speaker 2: justification for what happened yesterday, part of the explanation, and 330 00:17:08,840 --> 00:17:11,480 Speaker 2: you please add more color to this if you can, 331 00:17:11,680 --> 00:17:14,600 Speaker 2: was that there was a de leveraging on the S 332 00:17:14,640 --> 00:17:17,360 Speaker 2: and P five hundred that people needed to sell stocks 333 00:17:17,440 --> 00:17:21,080 Speaker 2: and undue leverage on that side to cover their losses 334 00:17:21,080 --> 00:17:24,639 Speaker 2: in crypto, and that became a vicious cycle. Is that 335 00:17:24,720 --> 00:17:27,199 Speaker 2: happening in reverse today or is there in fact a 336 00:17:27,280 --> 00:17:31,480 Speaker 2: change of sentiment here when it comes to bitcoin specifically. 337 00:17:30,920 --> 00:17:32,919 Speaker 11: Well, it seems like there is a change of sentiment 338 00:17:32,960 --> 00:17:35,280 Speaker 11: at least with what you see in terms of buying today, 339 00:17:35,320 --> 00:17:39,400 Speaker 11: But that sentiment is really across the board with different cryptocurrencies. 340 00:17:39,760 --> 00:17:45,520 Speaker 11: Ethers up more than twelve percent, XRP, which is Ripple's cryptocurrency, 341 00:17:45,560 --> 00:17:47,919 Speaker 11: that's up more than thirty percent right now. You have 342 00:17:48,000 --> 00:17:51,720 Speaker 11: Solana eleven point eight percent. So there's a lot of 343 00:17:51,920 --> 00:17:54,400 Speaker 11: bullishness happening. But this is coming from a place where 344 00:17:54,400 --> 00:17:56,120 Speaker 11: there was a lot of selling off, and there has 345 00:17:56,200 --> 00:17:57,879 Speaker 11: been a lot of selling off. I do want to 346 00:17:57,880 --> 00:18:00,480 Speaker 11: remind everybody Bitcoin was, you know, north one hundred and 347 00:18:00,480 --> 00:18:02,320 Speaker 11: twenty five thousand dollars per bitcoin. 348 00:18:02,359 --> 00:18:03,440 Speaker 3: That was back in. 349 00:18:03,600 --> 00:18:07,359 Speaker 11: October of this year, so it wasn't that long ago, 350 00:18:07,840 --> 00:18:10,879 Speaker 11: and it's still down, you know, more than thirty five percent, 351 00:18:10,920 --> 00:18:13,879 Speaker 11: close to more than forty percent since then. I do 352 00:18:13,960 --> 00:18:16,240 Speaker 11: have some numbers for you, Joe, about those bullish bets 353 00:18:16,280 --> 00:18:19,480 Speaker 11: that were unwound in the last twenty four hours. This 354 00:18:19,480 --> 00:18:21,480 Speaker 11: is according to data from coin glass that's cited by 355 00:18:21,520 --> 00:18:25,080 Speaker 11: Bloomberg News about two point one billion dollars of bullish 356 00:18:25,080 --> 00:18:30,600 Speaker 11: bets across all cryptocurrencies were liquid dated. At the same time, 357 00:18:30,600 --> 00:18:33,440 Speaker 11: investors pulled four hundred and thirty four million dollars from 358 00:18:33,680 --> 00:18:37,520 Speaker 11: US ETFs for bitcoin on Thursday. I'm looking forward to 359 00:18:37,520 --> 00:18:40,720 Speaker 11: getting the data for today and seeing if you know 360 00:18:40,800 --> 00:18:42,000 Speaker 11: that much was put back in. 361 00:18:42,600 --> 00:18:45,560 Speaker 2: We'll have to wait and write it, right. That is fascinating. 362 00:18:46,240 --> 00:18:48,480 Speaker 2: You know, you think about the folks tim who bought 363 00:18:48,480 --> 00:18:51,399 Speaker 2: into crypto after Donald Trump got elected because that was 364 00:18:51,400 --> 00:18:53,879 Speaker 2: the promise. I mean, even this is what Michael Saylor 365 00:18:53,960 --> 00:18:56,280 Speaker 2: was talking about on the strategy call last night. This 366 00:18:56,320 --> 00:18:59,280 Speaker 2: is about President Trump, his embrace of crypto, making America 367 00:18:59,440 --> 00:19:03,600 Speaker 2: first in the crypto space. As America's top regulator. This 368 00:19:03,640 --> 00:19:07,080 Speaker 2: is something you can bank on, and they're underwater now 369 00:19:07,600 --> 00:19:10,320 Speaker 2: having watched this go to the moaning back over the 370 00:19:10,359 --> 00:19:13,439 Speaker 2: past year, you talked to Paul Krugman about kind of 371 00:19:13,440 --> 00:19:17,280 Speaker 2: the sentiment behind crypto and this idea of it being 372 00:19:17,320 --> 00:19:20,239 Speaker 2: a store of value. It's a really interesting conversation on 373 00:19:20,320 --> 00:19:22,560 Speaker 2: Business Week Daily yesterday. Let's listen to what he said. 374 00:19:23,200 --> 00:19:25,679 Speaker 12: A lot of people sold bitcoin as being the next gold, 375 00:19:26,080 --> 00:19:28,919 Speaker 12: and it turns out that in the face of doubts 376 00:19:28,920 --> 00:19:32,720 Speaker 12: about stability, doubts about politics, the next goal turns out 377 00:19:32,720 --> 00:19:35,840 Speaker 12: to be gold, not bitcoin. I think it's a big 378 00:19:35,880 --> 00:19:38,520 Speaker 12: wake up for people. You know, maybe this isn't actually 379 00:19:38,560 --> 00:19:42,840 Speaker 12: going to be an enduring asset, so I you know, no, 380 00:19:43,359 --> 00:19:45,920 Speaker 12: it's again, it's really really hard. If you ask what 381 00:19:46,160 --> 00:19:49,200 Speaker 12: when people make price forecasts for bitcoin, I always wonder 382 00:19:49,240 --> 00:19:51,399 Speaker 12: on what basis. Yeah, it's not like you could do 383 00:19:51,400 --> 00:19:53,680 Speaker 12: a price earnings ratie on this thing, because there's no 384 00:19:53,680 --> 00:19:57,960 Speaker 12: no earnings, no services. It's all just pure faith. But 385 00:19:58,320 --> 00:20:00,840 Speaker 12: it does feel like we're seeing a crisis of faith 386 00:20:00,920 --> 00:20:01,359 Speaker 12: right now. 387 00:20:02,640 --> 00:20:07,440 Speaker 2: So Tim, if the next gold is real gold, what 388 00:20:07,480 --> 00:20:12,480 Speaker 2: does that leave for bitcoin? It simply trades with the Nasdaq. 389 00:20:12,960 --> 00:20:15,119 Speaker 11: That's everybody's trying to figure that out right now. I mean, 390 00:20:15,160 --> 00:20:17,840 Speaker 11: it's it's not trading with the nasdak over the last 391 00:20:17,840 --> 00:20:20,120 Speaker 11: few weeks. It used to do that, and we would 392 00:20:20,160 --> 00:20:23,200 Speaker 11: see you know, risk off days for bitcoin when the 393 00:20:23,280 --> 00:20:27,160 Speaker 11: Nasdaq was sold or over sold, but that hasn't really happened. 394 00:20:27,160 --> 00:20:29,639 Speaker 11: I mean, we're close to all time highs on you know, 395 00:20:29,720 --> 00:20:34,159 Speaker 11: major equity averages right now. So the identity crisis is 396 00:20:34,200 --> 00:20:36,720 Speaker 11: something that people have been talking about over the last 397 00:20:36,720 --> 00:20:39,520 Speaker 11: few weeks, and I guess that's a big question moving forward. 398 00:20:39,560 --> 00:20:43,560 Speaker 11: What is the what is the purpose here of this cryptocurrency? 399 00:20:44,600 --> 00:20:44,800 Speaker 3: Man? 400 00:20:44,840 --> 00:20:47,840 Speaker 2: If you're asking that, we better keep talking. Tim. Thank 401 00:20:47,880 --> 00:20:50,680 Speaker 2: you you've rate these last couple of days. Tim Stenevic 402 00:20:51,160 --> 00:20:53,480 Speaker 2: on the program that follows this one, Bloomberg Business Week 403 00:20:53,560 --> 00:20:56,720 Speaker 2: Daily Live from New York poly Markets, seventy five chants 404 00:20:56,760 --> 00:20:59,360 Speaker 2: of Bitcoin hitting seventy five k in February and eight 405 00:20:59,359 --> 00:21:02,080 Speaker 2: percent chance of hitting fifty k this month. Stay with 406 00:21:02,200 --> 00:21:04,400 Speaker 2: us on Balance of Power. We'll have much more coming 407 00:21:04,480 --> 00:21:05,120 Speaker 2: up after this. 408 00:21:10,560 --> 00:21:14,040 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 409 00:21:14,080 --> 00:21:17,080 Speaker 1: us live weekdays at noon and five pm Eastern on 410 00:21:17,240 --> 00:21:20,480 Speaker 1: Alma Coarchlay and Android Auto with the Bloomberg Business app. 411 00:21:20,640 --> 00:21:23,880 Speaker 1: Listen on demand wherever you get your podcasts, or watch 412 00:21:24,000 --> 00:21:25,160 Speaker 1: us live on YouTube. 413 00:21:26,680 --> 00:21:33,600 Speaker 2: Quick Breaker here. Just noticing on Twitter another retirement in 414 00:21:33,680 --> 00:21:37,680 Speaker 2: the House of Representatives, Republican retirement just announced by Mark 415 00:21:37,720 --> 00:21:42,600 Speaker 2: Amaday of Nevada, writing, serving the people in Nevada has 416 00:21:42,600 --> 00:21:45,280 Speaker 2: been the honor of my lifetime. Please see statement below 417 00:21:45,280 --> 00:21:48,040 Speaker 2: and there you have the announcement of the retirement. Thank 418 00:21:48,080 --> 00:21:51,000 Speaker 2: you for the honor every achievement worth doing began with 419 00:21:51,080 --> 00:21:55,439 Speaker 2: listening to Nevada's and fighting for our values, threatening the 420 00:21:55,520 --> 00:21:58,920 Speaker 2: Republican margin evermore as we make our way into this 421 00:21:59,440 --> 00:22:02,919 Speaker 2: midterm election cycle, another fascinating turn as we consider the 422 00:22:02,920 --> 00:22:06,080 Speaker 2: balance of power in the United States House. Incidentally, we're 423 00:22:06,119 --> 00:22:07,840 Speaker 2: going to bring you to Nevada in just a moment 424 00:22:07,880 --> 00:22:11,439 Speaker 2: when we talk to Derek Stevens making his triumphant return 425 00:22:11,640 --> 00:22:14,520 Speaker 2: here to balance of power on this Super Bowl weekend. 426 00:22:14,520 --> 00:22:15,919 Speaker 2: We're going to get a good sense of what's going 427 00:22:15,960 --> 00:22:19,200 Speaker 2: to be happening at Stadium, swim Circa, and the rest 428 00:22:19,240 --> 00:22:22,360 Speaker 2: of Fremont Street that he owns. But as Charlie mentioned, 429 00:22:22,560 --> 00:22:24,960 Speaker 2: I just quickly want to delve into what's happening here 430 00:22:25,000 --> 00:22:28,240 Speaker 2: in the markets with Nora, Melinda. This downturn that we're 431 00:22:28,240 --> 00:22:30,400 Speaker 2: seeing in home builders is pretty severe, and it's coming 432 00:22:30,400 --> 00:22:33,760 Speaker 2: straight from the White House as a potential anti trust 433 00:22:33,800 --> 00:22:37,600 Speaker 2: action is invoked by the administration. Nora, this is not 434 00:22:37,640 --> 00:22:39,560 Speaker 2: playing well with most of the homebuilders today. What are 435 00:22:39,600 --> 00:22:40,440 Speaker 2: you seeing in New York? 436 00:22:40,880 --> 00:22:43,320 Speaker 5: Yeah, Joe, not really playing well with the home builders. 437 00:22:43,320 --> 00:22:45,399 Speaker 13: I'm looking at an index S one to five home 438 00:22:45,440 --> 00:22:48,119 Speaker 13: that tracks a lot of the biggest US publicly traded 439 00:22:48,200 --> 00:22:51,760 Speaker 13: homebuilders in the United States, and we are seeing shares 440 00:22:51,800 --> 00:22:55,399 Speaker 13: of that index. We're looking at it down just below flat, 441 00:22:55,440 --> 00:22:57,240 Speaker 13: so we are seeing it pairing some of the deeper 442 00:22:57,280 --> 00:22:59,720 Speaker 13: declines that we did see earlier in the session here. 443 00:23:00,080 --> 00:23:02,040 Speaker 13: But really what the focus is right now for the 444 00:23:02,040 --> 00:23:05,040 Speaker 13: Trump administration is on affordability. I mean, we know that's 445 00:23:05,080 --> 00:23:07,000 Speaker 13: what's been on the mind of a lot of voters 446 00:23:07,080 --> 00:23:10,640 Speaker 13: right now. So you're certainly seeing Trump coming in here 447 00:23:10,840 --> 00:23:13,959 Speaker 13: the administration more broadly trying to crack down on the 448 00:23:14,000 --> 00:23:16,040 Speaker 13: housing market and find a way to make it a 449 00:23:16,040 --> 00:23:18,640 Speaker 13: bit more affordable. That's what they're really laying out here. 450 00:23:18,680 --> 00:23:21,240 Speaker 13: We just had a couple days ago just talking about 451 00:23:21,280 --> 00:23:23,720 Speaker 13: Trump homes. We've been talking about the fifty year mortgage 452 00:23:23,720 --> 00:23:26,199 Speaker 13: that was floated not too long ago, but also just 453 00:23:26,240 --> 00:23:29,280 Speaker 13: thinking about how he can really appeal to voters in 454 00:23:29,320 --> 00:23:31,720 Speaker 13: this time period and the average consumer, given the fact 455 00:23:31,760 --> 00:23:34,400 Speaker 13: that we do know that the housing market is really 456 00:23:34,440 --> 00:23:38,280 Speaker 13: fractured right now. It's actually seeing the highest most expensive 457 00:23:38,600 --> 00:23:39,960 Speaker 13: homes in more than decades. 458 00:23:40,000 --> 00:23:41,560 Speaker 5: But I mean, we do look at the mortgage rate. 459 00:23:41,600 --> 00:23:43,840 Speaker 13: The thirty year fixed mortgage rate in the US is 460 00:23:43,880 --> 00:23:46,399 Speaker 13: now sitting around six percent, so not as high as 461 00:23:46,400 --> 00:23:48,720 Speaker 13: it was before, but still very steep for those who 462 00:23:48,760 --> 00:23:50,040 Speaker 13: are looking to purchase a new home. 463 00:23:51,240 --> 00:23:51,680 Speaker 3: Interesting. 464 00:23:51,800 --> 00:23:53,960 Speaker 2: You know, it's really amazing when you look at this 465 00:23:54,000 --> 00:23:56,200 Speaker 2: bounce back today just broadly here at Nora. I mean, 466 00:23:56,200 --> 00:23:58,240 Speaker 2: we've made up a lot of ground. In some cases, 467 00:23:58,320 --> 00:24:01,120 Speaker 2: we've more than made up for the lost that we're 468 00:24:01,119 --> 00:24:04,640 Speaker 2: seeing yesterday in stocks in the broad market, the RSPs 469 00:24:04,840 --> 00:24:07,800 Speaker 2: of the world, the equal weight s and P five 470 00:24:07,920 --> 00:24:12,560 Speaker 2: hundred sitting at new all time highs today. It depends 471 00:24:12,600 --> 00:24:14,399 Speaker 2: on what corner of the market you're looking at. 472 00:24:14,240 --> 00:24:17,000 Speaker 13: Here, doesn't it definitely. I mean we are seeing a 473 00:24:17,000 --> 00:24:19,040 Speaker 13: bit of a different story here. I mean what I've 474 00:24:19,040 --> 00:24:21,360 Speaker 13: really got my eyes on has been to the tech 475 00:24:21,400 --> 00:24:24,240 Speaker 13: spasis entire week. I mean, we are seeing a rebound 476 00:24:24,240 --> 00:24:26,640 Speaker 13: in software stocks because that's where our attention has been 477 00:24:26,960 --> 00:24:29,280 Speaker 13: much of this week, because we were earlier seeing declines. 478 00:24:29,320 --> 00:24:32,160 Speaker 13: I mean, we also saw bitcoin a brutal sell off 479 00:24:32,200 --> 00:24:34,400 Speaker 13: that we saw yesterday, but we are also seeing that 480 00:24:34,720 --> 00:24:37,000 Speaker 13: the coin is reclaiming almost all of. 481 00:24:36,960 --> 00:24:38,600 Speaker 5: Its losses that we did see this. 482 00:24:39,000 --> 00:24:41,080 Speaker 13: Of course, this plunged was one of the worst that 483 00:24:41,119 --> 00:24:44,879 Speaker 13: we've seen since Sam bankman Fried's collapse of FTX just 484 00:24:44,960 --> 00:24:47,800 Speaker 13: about three years ago. So it's interesting to see the 485 00:24:47,840 --> 00:24:50,800 Speaker 13: coin recouping its losses, but also just seeing a bit 486 00:24:50,800 --> 00:24:53,680 Speaker 13: more of broad can we even call it optimism? 487 00:24:53,720 --> 00:24:54,040 Speaker 5: Right now? 488 00:24:54,040 --> 00:24:56,080 Speaker 13: In the S and P five hundred up about one 489 00:24:56,400 --> 00:24:59,240 Speaker 13: point seven percent, but you're certainly seeing a bit of 490 00:24:59,280 --> 00:25:01,639 Speaker 13: a turn in the market as we head toward the 491 00:25:01,680 --> 00:25:02,320 Speaker 13: close of the week. 492 00:25:03,280 --> 00:25:05,000 Speaker 2: Let's see if we can hang in there, Nora, thank 493 00:25:05,040 --> 00:25:07,960 Speaker 2: you so much. Normal Linda live from New York. We'll 494 00:25:08,000 --> 00:25:09,680 Speaker 2: have much more on the markets, as I mentioned, when 495 00:25:09,720 --> 00:25:12,879 Speaker 2: Charlie Pelle gets back here in just about fifteen minutes time. 496 00:25:13,760 --> 00:25:15,960 Speaker 2: It's Balance and Power in Washington, d C. And I've 497 00:25:16,040 --> 00:25:18,480 Speaker 2: been looking forward to this one. As the President gets 498 00:25:18,480 --> 00:25:20,439 Speaker 2: ready to jump on Air Force one to watch the 499 00:25:20,480 --> 00:25:22,600 Speaker 2: Super Bowl at the big party in mar alago a 500 00:25:22,640 --> 00:25:26,240 Speaker 2: lot of people are headed for Las Vegas. I feel 501 00:25:26,280 --> 00:25:28,720 Speaker 2: bad that producer James isn't out there right now because 502 00:25:28,760 --> 00:25:30,920 Speaker 2: he's the one who turned me on to Stadium Swim 503 00:25:31,440 --> 00:25:33,040 Speaker 2: and we wanted to spend some time do something a 504 00:25:33,080 --> 00:25:36,600 Speaker 2: little bit special here with the man Forbes called the 505 00:25:36,720 --> 00:25:39,920 Speaker 2: Last Casino Mogul. To get a sense of what exactly 506 00:25:40,600 --> 00:25:44,680 Speaker 2: we're in store for on Sunday from the gaming perspective, 507 00:25:45,040 --> 00:25:47,520 Speaker 2: from the tourism perspective, and a man who knows more 508 00:25:47,560 --> 00:25:51,760 Speaker 2: about both than most. Derek Stevens, the owner of Circa, 509 00:25:51,880 --> 00:25:55,520 Speaker 2: Golden Gate, the d and the other half of Fremont Street, 510 00:25:55,560 --> 00:25:58,120 Speaker 2: is with us right now live from Las Vegas. Mister Stevens, 511 00:25:58,119 --> 00:26:01,080 Speaker 2: welcome back. It's great to see this is well. I 512 00:26:01,119 --> 00:26:03,400 Speaker 2: guess this is your Super Bowl, isn't it. I'm wondering 513 00:26:03,720 --> 00:26:06,439 Speaker 2: how you qualify a success this weekend. What is a 514 00:26:06,440 --> 00:26:09,080 Speaker 2: good result for circus sports on a Super Bowl Sunday. 515 00:26:09,920 --> 00:26:12,800 Speaker 14: Well, Joe, great to be back, and I think I'm 516 00:26:12,840 --> 00:26:14,679 Speaker 14: I'm very happy to be back on a day that 517 00:26:14,760 --> 00:26:19,280 Speaker 14: the dows up one thousand, STPs sass up four hundred. 518 00:26:19,320 --> 00:26:21,000 Speaker 14: I think I've been able to come on with you. 519 00:26:21,040 --> 00:26:23,199 Speaker 14: But it's I've always been greed. So that's a good start. 520 00:26:23,920 --> 00:26:26,959 Speaker 14: That's the first goodet a success. As far as as 521 00:26:27,000 --> 00:26:29,400 Speaker 14: far as the success here in Las Vegas, it really 522 00:26:29,440 --> 00:26:32,359 Speaker 14: comes down to how the tourism goes and. 523 00:26:32,720 --> 00:26:34,320 Speaker 3: Well will the city fill up again? 524 00:26:34,800 --> 00:26:37,920 Speaker 14: I think most people realize that the very best place 525 00:26:38,000 --> 00:26:42,000 Speaker 14: to go in America is Las Vegas for the Super Bowl. 526 00:26:42,440 --> 00:26:43,920 Speaker 3: If you're not actually going to the game. 527 00:26:44,000 --> 00:26:46,800 Speaker 14: There's nothing better than Las Vegas, a great place to go, 528 00:26:47,600 --> 00:26:50,439 Speaker 14: the home of Super Bowl betting, and we should have 529 00:26:50,680 --> 00:26:53,200 Speaker 14: we should, we should I think sets some records here 530 00:26:53,240 --> 00:26:53,920 Speaker 14: this year. 531 00:26:53,840 --> 00:26:58,800 Speaker 2: On legal house WADRII yeah, well, okay, with regard to that, 532 00:26:58,880 --> 00:27:01,720 Speaker 2: the American gaming is soiation put a number on it. 533 00:27:01,760 --> 00:27:05,080 Speaker 2: They're estimating one point seven to six billion dollars wagered 534 00:27:05,119 --> 00:27:08,760 Speaker 2: on the Super Bowl this year through legal sportsbook operators 535 00:27:08,760 --> 00:27:10,880 Speaker 2: in the US. How much of that is going through 536 00:27:10,880 --> 00:27:12,760 Speaker 2: sports books like yours in Las Vegas. 537 00:27:13,760 --> 00:27:14,720 Speaker 3: Yeah, I mean quite a bit. 538 00:27:14,760 --> 00:27:17,280 Speaker 14: I mean, we just took Circus Sports just took its 539 00:27:17,320 --> 00:27:19,480 Speaker 14: first million dollars back. I'm hoping to have a few 540 00:27:19,520 --> 00:27:23,400 Speaker 14: more of those here before you did off. I'm very 541 00:27:23,480 --> 00:27:26,960 Speaker 14: much hopeful that we break a legal record. And that's 542 00:27:27,200 --> 00:27:30,879 Speaker 14: that's in light of the fact that from the illegal 543 00:27:31,040 --> 00:27:34,840 Speaker 14: side or in the prediction market side, they may do 544 00:27:35,040 --> 00:27:39,240 Speaker 14: more than just even the legal bookmakers do. In twenty 545 00:27:39,320 --> 00:27:39,880 Speaker 14: twenty six. 546 00:27:41,280 --> 00:27:43,919 Speaker 2: Wow, look, I was blown away by this. So you're 547 00:27:43,960 --> 00:27:46,320 Speaker 2: allowing bets of up to a million dollars a million 548 00:27:46,320 --> 00:27:49,720 Speaker 2: dollar limit on sides to spread the total at the 549 00:27:49,760 --> 00:27:52,440 Speaker 2: counter in Las Vegas? How many guys, do you think 550 00:27:52,560 --> 00:27:54,320 Speaker 2: show up this week and and plunk down a million 551 00:27:54,359 --> 00:27:55,320 Speaker 2: dollars before the game? 552 00:27:56,600 --> 00:27:57,960 Speaker 3: Well, I'm hoping quite a few. 553 00:27:58,640 --> 00:27:59,679 Speaker 2: We've had the best you are. 554 00:28:00,320 --> 00:28:03,439 Speaker 14: We hope to get a few more. So, yeah, that's 555 00:28:03,520 --> 00:28:06,480 Speaker 14: our limit. That's our limit when you walk in at 556 00:28:06,480 --> 00:28:09,199 Speaker 14: the calendar. We'll move the number after that and we 557 00:28:09,280 --> 00:28:13,439 Speaker 14: hope to get a little buyback. But overall volume, sports 558 00:28:13,440 --> 00:28:17,000 Speaker 14: betting volume has been pretty strong here leading up to 559 00:28:17,119 --> 00:28:19,400 Speaker 14: leading up to the game. Now we're still more than 560 00:28:19,440 --> 00:28:23,080 Speaker 14: forty eight hours away. You're going to get ninety percent 561 00:28:23,119 --> 00:28:24,760 Speaker 14: of the action is going to come in the next 562 00:28:24,800 --> 00:28:26,080 Speaker 14: forty eight hours. 563 00:28:26,560 --> 00:28:29,440 Speaker 2: Oh wow. So you know, I'm looking at the Super 564 00:28:29,440 --> 00:28:31,840 Speaker 2: Bowl ads, which is part of the fun for everybody here, 565 00:28:31,840 --> 00:28:34,520 Speaker 2: and I see Fanatic Sports Book is running its first 566 00:28:34,520 --> 00:28:39,720 Speaker 2: ever Super Bowl commercial featuring Kendall Jenner. Interestingly, you've got 567 00:28:39,720 --> 00:28:42,960 Speaker 2: Colin Joseph Michael ja in the Draftking spot that's going 568 00:28:43,040 --> 00:28:45,080 Speaker 2: to be on Fan Duels is going to have an 569 00:28:45,120 --> 00:28:47,600 Speaker 2: add on prior to kick off that I'm sure they're 570 00:28:47,640 --> 00:28:51,120 Speaker 2: spending at least eight figures on. What's your place in 571 00:28:51,480 --> 00:28:55,080 Speaker 2: the gaming universe when you're surrounded by this crush of 572 00:28:55,120 --> 00:28:58,120 Speaker 2: sports gaming mobile apps. I haven't even mentioned Calshi and 573 00:28:58,160 --> 00:29:01,800 Speaker 2: the prediction markets yet. Where does a sports book like 574 00:29:01,920 --> 00:29:02,520 Speaker 2: you exist? 575 00:29:03,920 --> 00:29:06,040 Speaker 14: Well, I think we all have our own, our own 576 00:29:06,120 --> 00:29:08,880 Speaker 14: niche areas. I mean, we're known for taking large bets. 577 00:29:09,280 --> 00:29:13,560 Speaker 14: Circus Sports is known for really celebrating some of the 578 00:29:13,560 --> 00:29:16,800 Speaker 14: bigger players. Our average bet with Circus Sports in the 579 00:29:16,840 --> 00:29:20,360 Speaker 14: six states that we're that we're up in is far 580 00:29:20,480 --> 00:29:22,920 Speaker 14: higher than others. But that that has a lot to 581 00:29:22,960 --> 00:29:25,400 Speaker 14: do with the way we book. We run a low 582 00:29:25,480 --> 00:29:29,320 Speaker 14: hold model and we think that's uh, that's something that 583 00:29:29,880 --> 00:29:34,280 Speaker 14: has a spot within the sports betting ecosystem. 584 00:29:34,360 --> 00:29:36,800 Speaker 2: Interesting. You've course got a lot of different properties though, 585 00:29:36,800 --> 00:29:40,400 Speaker 2: with different kinds of demographics and different clientele. I guess 586 00:29:40,400 --> 00:29:44,080 Speaker 2: I'm wondering if if you see these services would be 587 00:29:44,120 --> 00:29:47,800 Speaker 2: in DraftKings, FanDuel or whatever as competition, or if al 588 00:29:47,840 --> 00:29:51,560 Speaker 2: wasering is good for business, and should these prediction markets 589 00:29:51,600 --> 00:29:52,840 Speaker 2: be allowed to do sports? 590 00:29:54,240 --> 00:29:57,800 Speaker 3: Well, let me answer the first part of your question. 591 00:29:58,560 --> 00:30:00,800 Speaker 14: You know, I I love the fact that Fanatics has 592 00:30:01,360 --> 00:30:05,640 Speaker 14: a Super Bowl commercial. I'm a big supporter of DraftKings 593 00:30:05,720 --> 00:30:10,920 Speaker 14: and FanDuel on their legal side of their operation, and 594 00:30:10,960 --> 00:30:15,120 Speaker 14: I think that's good because I think that legalized sports betting. 595 00:30:15,200 --> 00:30:18,120 Speaker 14: It's good for leagues, it's good for players, it's good 596 00:30:18,120 --> 00:30:21,720 Speaker 14: for players unions, it's good for states, and it's good 597 00:30:21,720 --> 00:30:25,720 Speaker 14: for problem gaming issues. So I'm a big supporter of 598 00:30:25,840 --> 00:30:28,560 Speaker 14: any of the legal operators and what they can bring. 599 00:30:28,760 --> 00:30:31,880 Speaker 14: It's also great for fans because there's greater engagement, so 600 00:30:31,960 --> 00:30:35,440 Speaker 14: therefore it's great for media. I'm one hundred percent supportive 601 00:30:35,480 --> 00:30:39,200 Speaker 14: of the legal sports betting. Prediction markets. Now that's a 602 00:30:39,200 --> 00:30:43,000 Speaker 14: whole nother story here. I mean, these guys are good 603 00:30:43,120 --> 00:30:46,240 Speaker 14: doing an end around. They're very shrewd, no question about it. 604 00:30:46,480 --> 00:30:48,760 Speaker 14: But they're not paying any state income tax, they're not 605 00:30:48,840 --> 00:30:52,000 Speaker 14: paying anything into problem gambling. They're not paying a federal 606 00:30:52,040 --> 00:30:55,000 Speaker 14: excise tax. You know, I realized there's a little bit 607 00:30:55,160 --> 00:30:58,600 Speaker 14: of a surge of, oh, let's support prediction markets, but 608 00:30:58,680 --> 00:31:02,160 Speaker 14: I don't think that's necessary the right long term path here. 609 00:31:02,480 --> 00:31:05,320 Speaker 14: We think about it this way. If someone hijacked a 610 00:31:05,400 --> 00:31:09,320 Speaker 14: truck that had nothing but big screen televisions and brought 611 00:31:09,360 --> 00:31:11,600 Speaker 14: that truck into the parking lot of a Best Buy 612 00:31:11,800 --> 00:31:13,959 Speaker 14: and was able to sell and sell these TVs at 613 00:31:14,000 --> 00:31:17,360 Speaker 14: half price, would we really be supporting these marauders the 614 00:31:17,440 --> 00:31:18,920 Speaker 14: way the way it seems like it is. 615 00:31:19,240 --> 00:31:19,800 Speaker 3: I don't think so. 616 00:31:19,920 --> 00:31:22,440 Speaker 14: I think this is short lived, and I think prediction 617 00:31:22,560 --> 00:31:25,200 Speaker 14: markets have a great spot in America, in our in 618 00:31:25,240 --> 00:31:28,280 Speaker 14: our in our economy, in our ecosystem. But what they're 619 00:31:28,320 --> 00:31:31,520 Speaker 14: doing with sports betting, it's a little bit crazy, with 620 00:31:31,560 --> 00:31:33,240 Speaker 14: the amount of taxes that we pay, in the amount 621 00:31:33,240 --> 00:31:34,960 Speaker 14: of regulatory environment that we're. 622 00:31:34,800 --> 00:31:40,040 Speaker 2: In Marauders, says Derek Stevens. This is fascinating, not to 623 00:31:40,080 --> 00:31:44,200 Speaker 2: mention the taxes that the players are paying. We talked 624 00:31:44,200 --> 00:31:48,960 Speaker 2: about the Fair Bet Act last time you were here, Derek. 625 00:31:49,040 --> 00:31:50,880 Speaker 2: This still has yet to see the light of day. 626 00:31:50,880 --> 00:31:53,840 Speaker 2: I know Dina Titus has been working hard on this 627 00:31:53,960 --> 00:31:57,720 Speaker 2: to essentially restore the one hundred percent deduction for gambling 628 00:31:57,760 --> 00:32:00,880 Speaker 2: losses against winnings. What are you hearing about this? 629 00:32:02,040 --> 00:32:04,480 Speaker 14: Yeah, I know DINA'SDTA is still working on at the 630 00:32:04,520 --> 00:32:06,600 Speaker 14: fair Bat Act of something we still need to get 631 00:32:06,640 --> 00:32:08,160 Speaker 14: we need to get done. We tried to get it 632 00:32:08,200 --> 00:32:10,680 Speaker 14: done before the end of the year. Diina tried to 633 00:32:10,680 --> 00:32:12,440 Speaker 14: get it done here at the end of February. We 634 00:32:12,720 --> 00:32:16,440 Speaker 14: are at the end of January. It's still a top priority. 635 00:32:16,560 --> 00:32:19,640 Speaker 14: And here's the thing, it's not political. It's just not political. 636 00:32:19,920 --> 00:32:22,040 Speaker 14: This is something that both sides of the isle want 637 00:32:22,080 --> 00:32:24,440 Speaker 14: to do. I'm still very confident that this is going 638 00:32:24,480 --> 00:32:29,040 Speaker 14: to get rectified. Unfortunately, it hasn't been rectified yet, so 639 00:32:29,080 --> 00:32:32,280 Speaker 14: I'm hoping. I'm hopeful that this gets gets completed, you know, 640 00:32:32,480 --> 00:32:34,640 Speaker 14: on the tax element. You know what's amazing to me. 641 00:32:34,840 --> 00:32:36,560 Speaker 14: I want to go back to this prediction market thing 642 00:32:36,560 --> 00:32:39,560 Speaker 14: for a second. The state of New York collected one 643 00:32:39,600 --> 00:32:44,160 Speaker 14: point one billion dollars of sports betting taxes, the state 644 00:32:44,200 --> 00:32:48,040 Speaker 14: of Illinois four hundred million dollars of sports betting tax 645 00:32:48,120 --> 00:32:50,880 Speaker 14: and prediction markets those go to zero. I'm a little 646 00:32:50,920 --> 00:32:53,640 Speaker 14: surprised that the states aren't getting more aggressive. Now I 647 00:32:53,680 --> 00:32:56,400 Speaker 14: realized we're still early on in this. But I do 648 00:32:56,440 --> 00:32:58,920 Speaker 14: think though, I do think the legal sports betting operators 649 00:32:58,960 --> 00:33:02,200 Speaker 14: provide a lot of benefit to UH, to the sports 650 00:33:02,200 --> 00:33:04,640 Speaker 14: betting ecosystem, and I just think the amount of amount 651 00:33:04,680 --> 00:33:07,920 Speaker 14: of taxes being avoided by the prediction markets. 652 00:33:07,960 --> 00:33:10,000 Speaker 3: It's it's it's it's short lived. 653 00:33:11,200 --> 00:33:13,760 Speaker 2: Well, it's really interesting to hear you weigh in on 654 00:33:13,760 --> 00:33:16,200 Speaker 2: this ahead of this weekend, of all weekends. I've only 655 00:33:16,200 --> 00:33:18,280 Speaker 2: got a minute left, Derek. You know, a lot of 656 00:33:18,280 --> 00:33:20,200 Speaker 2: the chatter in the media has been tied to a 657 00:33:20,280 --> 00:33:23,560 Speaker 2: tourism slow down at the big resort casinos on the strip. 658 00:33:23,600 --> 00:33:26,480 Speaker 2: Are you seeing that on Fremont Street or are people 659 00:33:26,560 --> 00:33:29,960 Speaker 2: finding a good time to be more affordable at your properties? 660 00:33:30,800 --> 00:33:32,520 Speaker 14: You know, I think I think we've all talked a 661 00:33:32,520 --> 00:33:35,840 Speaker 14: lot about this K shaped economy. You know, all tourism 662 00:33:35,880 --> 00:33:40,800 Speaker 14: destinations in the country, New York, Miami, Las Vegas, Honolulu 663 00:33:41,080 --> 00:33:43,560 Speaker 14: is down with from international tourism. 664 00:33:43,760 --> 00:33:45,600 Speaker 8: But overall, overall, Las. 665 00:33:45,560 --> 00:33:47,480 Speaker 14: Vegas is doing our right. I mean, Las Vegas set 666 00:33:47,480 --> 00:33:49,840 Speaker 14: an all time record. Gaming revenue set an all time 667 00:33:49,880 --> 00:33:52,719 Speaker 14: record at fifteen point eight billion last year, so it's 668 00:33:52,760 --> 00:33:56,040 Speaker 14: still it's still pretty strong. The unfortunate thing is it's 669 00:33:56,080 --> 00:33:59,120 Speaker 14: fortunate thing is it's at it's at the lower end 670 00:33:59,120 --> 00:34:01,200 Speaker 14: where I think we're starting to feel it a little bit. 671 00:34:01,600 --> 00:34:05,160 Speaker 14: But yet twenty twenty six, all the predictions look very, 672 00:34:05,240 --> 00:34:06,640 Speaker 14: very solid for Las Vegas. 673 00:34:06,680 --> 00:34:11,600 Speaker 2: Las Vegas tourism fascinating. Leave it to the President's CEO 674 00:34:11,680 --> 00:34:16,520 Speaker 2: of CIRCA, so weigh in on affordability on the stock market, 675 00:34:16,719 --> 00:34:19,839 Speaker 2: of course, gambling and the K shaped economy. You got 676 00:34:19,840 --> 00:34:21,960 Speaker 2: to come back for our next fed special, Derek. It's 677 00:34:21,960 --> 00:34:23,840 Speaker 2: great to see you. I wish you a lot of 678 00:34:23,840 --> 00:34:25,879 Speaker 2: success this weekend and all the people who are playing 679 00:34:25,920 --> 00:34:28,879 Speaker 2: out there. Derek Stevens Circa live from Las Vegas, only 680 00:34:28,880 --> 00:34:31,880 Speaker 2: here on Balance of Power on Bloomberg TV and Radio. 681 00:34:34,600 --> 00:34:37,799 Speaker 2: Thanks for listening to the Balance of Power podcast. Make 682 00:34:37,840 --> 00:34:40,799 Speaker 2: sure to subscribe if you haven't already, at Apple, Spotify, 683 00:34:40,880 --> 00:34:43,439 Speaker 2: or wherever you get your podcasts, and you can find 684 00:34:43,520 --> 00:34:46,319 Speaker 2: us live every weekday from Washington, DC at New Time 685 00:34:46,400 --> 00:34:48,520 Speaker 2: Eastern at Bloomberg dot com.