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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Single best idea. You want to say good morning to you.

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Speaker 2: What an interesting day. It was sort of a snooze day.

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Speaker 2: You look at what we call the Bloomberg launch Pad,

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Speaker 2: which is this incredible compendium, almost like a spreadsheet, but

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Speaker 2: real and blinking red and green of equities, bonds, currencies, commodities,

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Speaker 2: and I honestly have to say today was a snooze fest.

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Speaker 2: It was one of the quietest days I've seen the

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Speaker 2: screen waiting for the CPI report tomorrow, and of course

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Speaker 2: that has an important impact on the market and frankly

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Speaker 2: global markets as well. So we had a lot of

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Speaker 2: time for conversation today. A bit different. James Travitis joined

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Speaker 2: the Navy, joined Annapolis back when it wasn't cool. It

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Speaker 2: was nineteen seventy five and the last thing anybody of

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Speaker 2: that age wanted to do was put on a uniform.

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Speaker 2: He put it on. He's written about it for years

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Speaker 2: with his esteemed naval career. This time not to look

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Speaker 2: future like twenty and thirty four, twenty and fifty four,

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Speaker 2: but I look back to World War Two. We talked

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Speaker 2: about his new book, The Restless Wave. Paul Sweeny's reading

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Speaker 2: it is on chapter four, but mostly what we talked

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Speaker 2: about was a restless wave in the eastern Mediterranean. James

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Speaker 2: Travitas on the many fronts that Israel faces.

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Speaker 3: I think Israel is over extended. I'd say five fronts.

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Speaker 3: It's Hamas in the south, has Belaan, the north, obviously,

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Speaker 3: it is the Hoo theis to the far South. It's

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Speaker 3: also the militious in Syria. And it's Iran itself. I

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Speaker 3: can count that on the five fingers of my hand.

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Speaker 3: That's too many. Israel is only a nation of ten million,

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Speaker 3: seven million Jews. That's too few to ultimately fight wars

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Speaker 3: with countries like Iran news flash, which has a population

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Speaker 3: of ninety million. That's Aroun alone. So Israel needs friends.

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Speaker 3: And let's go back to paragraph one. How important that

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Speaker 3: relationship is for Israel and for the United States, between

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Speaker 3: the US and Israel.

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Speaker 2: Ed mustervedas on one of the wars of the moment,

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Speaker 2: joining us in our studios today from the United Kingdom.

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Speaker 2: Uvon steinas he's with Oliver Weyman is vice chair. He's

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Speaker 2: been looking at private credit, private debt. But I had

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Speaker 2: to go back to where he made his name. Which

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Speaker 2: was Morgan Stanley definitive undiversified Financials and Banks in Europe

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Speaker 2: years ago on UniCredit of Italy and Commerce Bank of Germany,

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Speaker 2: Hugh von steinas of Oliver Wyman on the small European

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Speaker 2: banks at the nightment.

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Speaker 4: If you look at the top twenty market caps of

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Speaker 4: banks globally, there's only two Europeans on HSBC, which is

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Speaker 4: effectively so it's not even European. So it's only one

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Speaker 4: and that's UBS and that's number twenty and so absolutely,

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Speaker 4: and so I think UBS, I think, with my old

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Speaker 4: boss column and Sergio, actually do have a chance to

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Speaker 4: be in the global super League. Everyone else is in

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Speaker 4: a kind of a European league or even a division below.

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Speaker 4: You know someone you know, well, Mario Dragy just put

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Speaker 4: out a report. Now it was probably a little bit

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Speaker 4: to more than fifteen pages, Tom, I mean he had

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Speaker 4: one hundred and fifty rex. I mean even one too.

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Speaker 2: You rolled it for no, no.

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Speaker 4: No, not this, not this time. But actually his finance

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Speaker 4: piece rade a lot of sense, which is we need

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Speaker 4: securitization markets to open, we need deeper capital markets, and

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Speaker 4: we need some some of the larger banks to merge

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Speaker 4: because scale matters in banking, and we have too few

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Speaker 4: banks with that scale.

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Speaker 2: You've earn steinas of Oliver Wyman there on the banking

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Speaker 2: of UniCredit, Commerce Bank and maybe Continental Banking to come.

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Speaker 2: I should mention Lisa Abramo, it's his conversation yesterday with

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Speaker 2: Jamie Diamond. Looked for that in complete conversation talking a

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Speaker 2: little bit about European banking. And also Friday in JP

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Speaker 2: Morgan's earnings, it's the silly season to bond. What do

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Speaker 2: you do if you're a politician, You break open a beer?

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Speaker 2: And you know, we're talking with Kaylie Lynes and she

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Speaker 2: was mentioning that Joe Matthew of Balance of Power can

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Speaker 2: break open a Narrogansett Lagger beer. Vice President Harris quaffing

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Speaker 2: a Miller High Life with Steve Colbert. We asked Wendy

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Speaker 2: Schiller about these symbols of let's get basic.

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Speaker 1: Well Clinton, Win's, McDonald's. You know, Barack Obama had to

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Speaker 1: find some food that was bad for him. They was

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Speaker 1: willing to eat on camera because we knew he didn't

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Speaker 1: do it otherwise. You know, this is part of I

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Speaker 1: can identify with you. I'll drink a beer too. I

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Speaker 1: think it's a stretch. I don't think that's the image

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Speaker 1: necessarily that's going to be a Kamala Harris elected. But

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Speaker 1: I think each candidate and each campaign right now is

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Speaker 1: really like, what do we do to get this momentum

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Speaker 1: quickest path.

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Speaker 2: To the swing states the case of Jenny Cremaill. That's

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Speaker 2: all I can say. We say good morning to all

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Speaker 2: of you, really really interested getting into the silly season

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Speaker 2: of the election campaign. The leadership there from Joe Matthew

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Speaker 2: and Kayleie Lines on balance of power should mention Ann

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Speaker 2: Marie Horden as well working at it every day as

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Speaker 2: well running YouTube. Subscribe to Bloomberg podcasts on radio across

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Speaker 2: this nation, your morning Commute on Android Auto, applecar play

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Speaker 2: on the Corridor from Washington to New York ninety two

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Speaker 2: nine FM and Boston, and of course on this podcast

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Speaker 2: on YouTube, podcast on Apple podcasts. This is single best idea.