WEBVTT - Trump Strikes Iran’s Kharg Oil Hub; War Enters Third Week

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Bloomberg

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<v Speaker 1>This Weekend Podcast with David Gura, Christina Raffini, and Elisa Matteo.

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<v Speaker 2>The US is entering the third week of its war

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<v Speaker 2>with Iran. Defense Secretary Pete Hegsett slammed Iranian leadership and

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<v Speaker 2>questioned if the new Ayatola is up for leading the country.

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<v Speaker 5>Ron's leadership is in no better shape. Desperate and hiding.

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<v Speaker 5>They've gone underground, cowering. That's what rats do we know?

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<v Speaker 5>The new so called not so supreme leader is wounded

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<v Speaker 5>and likely disfigured. He put out of statement yesterday a

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<v Speaker 5>week one actually, but there was no voice and there

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<v Speaker 5>was no video.

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<v Speaker 6>It was a written statement. He called for unity.

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<v Speaker 5>Apparently killing tens of thousands of protesters is his kind

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<v Speaker 5>of unity. Iran has plenty of cameras and plenty of

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<v Speaker 5>voice recorders. Why a written statement.

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<v Speaker 6>Jordian Us. This morning, Bloomberg Jerusalem reporter Dan Williams.

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<v Speaker 3>We've got Bloomberg's Washington correspondent Jeff Mason, who is traveling

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<v Speaker 3>with President Trump this weekend. He's in West Palm Beach, Florida.

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<v Speaker 3>And Philip Crowther is with us as well. He's an

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<v Speaker 3>international correspondent for the Associated Press and joins us straight side.

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<v Speaker 3>He's reporting from the strait of horror moves this morning,

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<v Speaker 3>phil let me start with you if I could, and

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<v Speaker 3>with that attack on Carg Island, I'm going to read

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<v Speaker 3>a bit from the truth social post the President posted

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<v Speaker 3>last night about that attack.

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<v Speaker 6>He said, at my direction, the.

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<v Speaker 3>US Central Command executed one of the most powerful bombing

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<v Speaker 3>raids in the history of the Middle East, the President's words,

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<v Speaker 3>and totally obliterated every military target in Iran's Crown Jewel

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<v Speaker 3>Carg Island. Our weapons, he writes, are the most powerful

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<v Speaker 3>and sophisticated that the world has ever known.

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<v Speaker 6>But for reasons of decency, I.

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<v Speaker 3>Have chosen not to wipe out the oil infrastructure on

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<v Speaker 3>the island. Would love to get your perspective from your

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<v Speaker 3>vantage of the significance of that. We know that ninety

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<v Speaker 3>percent of the oil that Iran produces goes through this

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<v Speaker 3>hub off the coast of Iran. How big a deal

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<v Speaker 3>is this and what is it signal to you that

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<v Speaker 3>it wasn't a kind of full attack on the oil

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<v Speaker 3>infrastructure on that island Fillip.

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<v Speaker 7>Well, first of all, it's certainly considered an escalation by Iran,

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<v Speaker 7>because shortly thereafter comes the statement from the Iranian Revolutionary

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<v Speaker 7>Guards says that because those attacks were staged here in

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<v Speaker 7>the United Arab Emirates, by the way, without proof from

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<v Speaker 7>Iran that that was actually the case, but because of

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<v Speaker 7>what they think were attacks that came from here, that

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<v Speaker 7>cities and ports in the UAE are now not safe

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<v Speaker 7>anymore and are legitimate targets. Iran also says that people

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<v Speaker 7>here should now leave those places because attacks might be coming.

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<v Speaker 6>Now.

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<v Speaker 7>It's worth saying that that has already happened. Remember that

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<v Speaker 7>the likes of Abu Dhabi and Dubai, the biggest cities

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<v Speaker 7>in the United Arab Emirates, have already seen drone attacks

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<v Speaker 7>since the start of the US Israeli war on Iran.

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<v Speaker 6>But we have though, as part of.

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<v Speaker 7>That Iranian escalation, at least in theory, we do have

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<v Speaker 7>seen something concrete on the ground. Not too far from here,

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<v Speaker 7>just south from here in Fujaira is a very large

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<v Speaker 7>oil facility that was struck earlier this morning by what

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<v Speaker 7>presumably were Iranian drones. We do not have a confirmation

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<v Speaker 7>thereof but there were two large columns of smoke billowing

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<v Speaker 7>from that oil facility just a short while ago. Now

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<v Speaker 7>that is particularly important right now because with the Strait

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<v Speaker 7>of Hormones and you can see the entrance of it

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<v Speaker 7>right behind me, with it essentially being closed, well, there

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<v Speaker 7>are some ways of bypassing it to a lesser degree.

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<v Speaker 7>There are pipelines in Saudi Arabia and the United Arab

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<v Speaker 7>Emirates that can bring oil away from the Persian Gulf

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<v Speaker 7>and to other ports where oil can be picked up

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<v Speaker 7>and where the Strait of Hormus does not need to

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<v Speaker 7>be used, and Fujaira, just down the road from here,

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<v Speaker 7>is one of those. Now a little note on the

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<v Speaker 7>Strait of Hormus I just mentioned there is very little movement,

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<v Speaker 7>and we have been watching it from our vantage point here,

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<v Speaker 7>almost no movement whatsoever. We can see dozens of ships here.

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<v Speaker 7>Now these are tankers that carry oil but also natural gas.

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<v Speaker 7>They are waiting to enter the Strait of Hormus. And

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<v Speaker 7>then there are hundreds in the Persian Gulf who are

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<v Speaker 7>waiting to get out. So far we've seen very little movement.

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<v Speaker 7>We do know that some China linked ships have made

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<v Speaker 7>their way in and out of the Strait of Hormus,

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<v Speaker 7>and Iranian ships as well, a tiny, tiny exception. They

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<v Speaker 7>are essentially what we're looking at here is a pretty

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<v Speaker 7>much a full on blockade of the Strait of law Moves.

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<v Speaker 2>All right, I want to pivot to a different peninsula,

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<v Speaker 2>and that's Jeff Mason, who is with the President of Florida.

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<v Speaker 8>Jeff and your.

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<v Speaker 2>Latest piece, you've got a good breakdown of what the

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<v Speaker 2>war is costing so far. US officials told lawmakers in

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<v Speaker 2>the first six days of the war with Ron costs

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<v Speaker 2>more than eleven point three billion, says a person familiar

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<v Speaker 2>with the matter, How do you think that cost is

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<v Speaker 2>going to go down with both members of Congress and

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<v Speaker 2>the American public? As this war, the President has said,

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<v Speaker 2>could go long, may not go long.

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<v Speaker 8>We're gonna have to wait till he feels it.

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<v Speaker 6>Yeah. I asked him that last night on the TIPE.

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<v Speaker 8>I heard you.

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<v Speaker 2>I thought that was your voice, and I was listening

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<v Speaker 2>to that this morning, Jeff Mason.

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<v Speaker 9>Yes, you were spot on there, Christina, and he said

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<v Speaker 9>he said it would last as long as necessary. And

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<v Speaker 9>I think it's worth taking a pause to talk about

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<v Speaker 9>that for a second, given that just a little over

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<v Speaker 9>a week ago, I believe when he was starting to

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<v Speaker 9>feel politically sensitive to the price of oil and gasoline,

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<v Speaker 9>he suggested that the war was going to end quickly.

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<v Speaker 6>He didn't give a timeline then.

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<v Speaker 9>He hasn't given a timeline now, but he has walked

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<v Speaker 9>away from that language and that action right there. Verbal

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<v Speaker 9>decision anyways, is something that I think markets are going

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<v Speaker 9>to be sensitive to. Going forward to your question about Congress. Look,

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<v Speaker 9>the President already has a sales pitch to make to Congress,

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<v Speaker 9>certainly to Democrats, which I think he's probably much less

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<v Speaker 9>concerned about, but more generally, there's already some tension there

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<v Speaker 9>about the fact that he has launched a war in

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<v Speaker 9>the Middle East without seeking permission from Congress. The Congress,

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<v Speaker 9>as you well know, also controls the purse strings and

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<v Speaker 9>that amount of money is no doubt something that's going

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<v Speaker 9>to get scrutinized. And as I like to mention because

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<v Speaker 9>politics is my wheelhouse, this is an election year. And

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<v Speaker 9>this is also a president who campaigned on and in

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<v Speaker 9>fact started his first year talking about government waste and

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<v Speaker 9>about cutting down on government spending.

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<v Speaker 6>Obviously, a war costs money. A war does not achieved

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<v Speaker 6>those particular goals. Dan Williams, let me turn to you.

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<v Speaker 3>I want to ask ask about Israel's incursion into Lebanon,

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<v Speaker 3>which is really escalated here and I'm very curious about

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<v Speaker 3>the end goals for Israel. I know that the UN

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<v Speaker 3>Secretary General Antonio gu Teresh was on the ground in

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<v Speaker 3>Beirut in recent days. Let me play a bit of

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<v Speaker 3>tape of what he said to both of those feuding parties,

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<v Speaker 3>Lebanon and Israel.

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<v Speaker 10>My strong appeal to postparties, to Asbola and to Israel

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<v Speaker 10>is for a ceasefire, to stop the war and to

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<v Speaker 10>pave the way to find a solution that would allow

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<v Speaker 10>Lebanon to become a country independent with sovereignity and territory integrity.

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<v Speaker 3>Respected the UN Secretary General saying he made that trip

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<v Speaker 3>in solidarity his word with the Lebanese people. We see

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<v Speaker 3>reporting from Axios this morning that Israel's planning to significantly

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<v Speaker 3>expand its ground operation in Lebanon with the aim of

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<v Speaker 3>dismantling Hespola's military infrastructure. That's according to Israeli and US

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<v Speaker 3>officials Axio sites quote. This could be the largest Israeli

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<v Speaker 3>ground invasion of its northern neighbor since two thousand and six,

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<v Speaker 3>dragging Lebanon to the epicenter of the escalating war with Iran. Dan,

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<v Speaker 3>I'm very curious what you're hearing from Israeli officials about

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<v Speaker 3>the objectives of this military campaign, this effort here to

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<v Speaker 3>encroach on, perhaps seize more territory in Lebanon.

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<v Speaker 11>All that's certainly the mood music. In fact, it was

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<v Speaker 11>stated explicitly by the Israeli Defense Minister that, as he

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<v Speaker 11>put it, the Lebanese state had failed to impose its

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<v Speaker 11>authority over the entirety of Lebanon, meaning reining in that

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<v Speaker 11>subnational group has bela, a group that's clearly a cats

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<v Speaker 11>ull for a run, a group that reopened the Lebanese

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<v Speaker 11>front with Israel in solidarity with Iran a couple of

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<v Speaker 11>days into this Gulf War. This Iran war that we've

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<v Speaker 11>all been covering and dealing with. So these Raelies haven't

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<v Speaker 11>said explicitly how deeply they're willing to go into southern Lebanon.

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<v Speaker 11>They have ordered out civilians. Hundreds of thousands civilians have

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<v Speaker 11>now fled accordingly north of the Litani River, which is

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<v Speaker 11>the natural demas location of southern Lebanon. It makes up

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<v Speaker 11>something like ten percent of the Lebanese landmarks there. If

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<v Speaker 11>you believe the access report, Israel is willing to go

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<v Speaker 11>all the way up to the Litany Again. Perhaps there

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<v Speaker 11>is some saber rattling here, some muscle flexing. Given that

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<v Speaker 11>an invasion on that scale would really require a couple

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<v Speaker 11>divisions worth of troops, these realies may need time to

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<v Speaker 11>muster that number of men. They have been doing so

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<v Speaker 11>in recent days. I'm not sure they would want to.

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<v Speaker 11>I think they would still want to see the Lebanese

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<v Speaker 11>state intervening, coming in at last moment to really impose

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<v Speaker 11>its authority on Hesbela. But given that Heswelder, especially in

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<v Speaker 11>recent days, has been escalating rocket attacks into northern Israel,

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<v Speaker 11>Israel responding in kind, it would appear the escalation vecer

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<v Speaker 11>is very very clear here.

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<v Speaker 2>Pop I want to ask you because you're in the area.

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<v Speaker 2>You were talking about those stranded ships, and later on

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<v Speaker 2>the show, we're going to talk to you unofficial about

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<v Speaker 2>what these international agencies are trying to do to help

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<v Speaker 2>the stranded sailors. About twenty thousand stranded merchant marines and

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<v Speaker 2>sailors on those vessels. Four have already been killed, seven injured,

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<v Speaker 2>and at least seven ships have been hit either by

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<v Speaker 2>flying debris or other explosions in the region. What are

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<v Speaker 2>the different governments trying to do? Are those vessels just

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<v Speaker 2>sitting out there? Are these sailors coming into port? Are

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<v Speaker 2>they getting supplies out there? Can you give us kind

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<v Speaker 2>of a situation?

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<v Speaker 7>No, Look, the truth is there is pretty much no

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<v Speaker 7>movement whatsoever. A colleague of mine, though today was in

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<v Speaker 7>touch with one of the sailors on one of those tankers,

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<v Speaker 7>in fact, waiting to go through the Strait of Hormones.

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<v Speaker 7>He actually told him that he felt a little bit

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<v Speaker 7>like a sitting duck and was a little bit afraid

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<v Speaker 7>that the oil company or maybe the transport company wasn't

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<v Speaker 7>clear there who he mentioned, was feeling the pressure for

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<v Speaker 7>financial reasons to actually move through the Strait of hormones

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<v Speaker 7>despite the dangers. So that is the situation these seamen

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<v Speaker 7>are in. Essentially, the pressure to make money and to

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<v Speaker 7>move through the Strait of Hormus is huge. It's just

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<v Speaker 7>right now that because of these recent Iranian attacks, and

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<v Speaker 7>there have been several of them as you mentioned, and

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<v Speaker 7>the threats that more will be forthcoming, that the evaluation

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<v Speaker 7>right now is simply it is too dangerous to move

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<v Speaker 7>through the Strait of Hormus. Insurance companies, as I'm sure

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<v Speaker 7>you have spoken about over the last two weeks, insurance

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<v Speaker 7>companies have sky rocketing rates and they also, of course

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<v Speaker 7>deem it very very dangerous indeed to pass through the

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<v Speaker 7>Strait of Hormuz. So there is no movement here, not

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<v Speaker 7>in and out of the strait, and not towards any

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<v Speaker 7>ports either. Now generally these are ships and it is

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<v Speaker 7>a generalization, but still they tend to have enough provisions

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<v Speaker 7>on board once they get close to the Strait of

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<v Speaker 7>Hormos because they know, especially during this time, that something

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<v Speaker 7>bad could happen and then they might get stuck. So

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<v Speaker 7>in that sense they should be Okay, Now, what are

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<v Speaker 7>government's doing. Of course they want to get there, yeah,

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<v Speaker 7>citizens out, but there's very little they can do that

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<v Speaker 7>brings us onto an entirely different subject in a sense,

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<v Speaker 7>is what can foreign governments do to actually get these

0:12:08.840 --> 0:12:11.319
<v Speaker 7>ships moving through the Strait of Hormuz. Of course, the

0:12:11.360 --> 0:12:15.040
<v Speaker 7>Trump administration has spoken about the possibility of escorting ships.

0:12:15.120 --> 0:12:17.560
<v Speaker 7>It's not something that is happening right now, and it's

0:12:17.559 --> 0:12:20.480
<v Speaker 7>also something that is very hard to put into place.

0:12:20.559 --> 0:12:23.960
<v Speaker 7>It is logistically very very hard. And it's also a

0:12:24.360 --> 0:12:26.960
<v Speaker 7>military option in a sense, because as long as Iran

0:12:27.040 --> 0:12:30.320
<v Speaker 7>has the power, the firepower to attack ships and to

0:12:30.440 --> 0:12:33.559
<v Speaker 7>use drones on cities here in the United Arab Emirates, well,

0:12:33.559 --> 0:12:35.840
<v Speaker 7>then it should also be powerful enough to take on

0:12:35.880 --> 0:12:38.760
<v Speaker 7>the US Navy if it brings in escort ships. Now

0:12:38.760 --> 0:12:42.000
<v Speaker 7>there's another attempt to France is involved in a potential

0:12:42.040 --> 0:12:44.719
<v Speaker 7>international coalition to escort ships in and out of the

0:12:44.720 --> 0:12:48.120
<v Speaker 7>Strait of Hormuz. Again, that takes weeks to set up.

0:12:48.160 --> 0:12:49.720
<v Speaker 7>It's not going to happen anytime soon.

0:12:50.040 --> 0:12:51.920
<v Speaker 3>Jeff Mason very quickly want to wrap up with you here.

0:12:51.920 --> 0:12:53.400
<v Speaker 3>We got about a minute left and we're kind of

0:12:53.400 --> 0:12:55.880
<v Speaker 3>threading through the conversation comments. We've gone from the President

0:12:55.880 --> 0:12:58.680
<v Speaker 3>to Brian Kilmead and on President Trump's truth social site.

0:12:59.000 --> 0:13:01.240
<v Speaker 3>He writes, the fake news media hates to report how

0:13:01.240 --> 0:13:03.640
<v Speaker 3>well the US military has done against Iran, which is

0:13:03.679 --> 0:13:06.240
<v Speaker 3>totally defeated, and wants a deal, but not a deal

0:13:06.520 --> 0:13:08.960
<v Speaker 3>that I would accept. And we see this news that

0:13:09.000 --> 0:13:11.600
<v Speaker 3>the US is sending twenty five hundred additional marines to

0:13:11.679 --> 0:13:14.200
<v Speaker 3>the region. You're read on what that poor tends. It's

0:13:14.240 --> 0:13:16.480
<v Speaker 3>going to take about a week for them to get there.

0:13:16.760 --> 0:13:18.520
<v Speaker 3>What does it say about the President's appetite for a

0:13:18.559 --> 0:13:19.680
<v Speaker 3>deal in the minute we have left?

0:13:20.559 --> 0:13:20.760
<v Speaker 6>Well?

0:13:20.840 --> 0:13:23.040
<v Speaker 9>Number one, I would say that the President is telling

0:13:23.080 --> 0:13:25.560
<v Speaker 9>the truth when he says the war's going to go

0:13:25.600 --> 0:13:28.480
<v Speaker 9>on as long as necessary. It doesn't seem to me

0:13:28.640 --> 0:13:31.000
<v Speaker 9>like he has an endgame in mind, and it does

0:13:31.040 --> 0:13:35.240
<v Speaker 9>seem like he's prepared to increase resources to achieve the

0:13:35.240 --> 0:13:37.920
<v Speaker 9>goals that he's looking for. I wouldn't take seriously what

0:13:38.040 --> 0:13:40.679
<v Speaker 9>he or what Secretary Heigks has said yesterday about how

0:13:40.679 --> 0:13:42.559
<v Speaker 9>the media should be covering the war. It's our job

0:13:42.640 --> 0:13:45.360
<v Speaker 9>to cover it truthfully and factually and not take tips

0:13:45.360 --> 0:13:49.000
<v Speaker 9>from the government. But I would say, from an analytical perspective,

0:13:49.760 --> 0:13:53.920
<v Speaker 9>it is not unrealistic to conclude that they're committed for

0:13:54.000 --> 0:13:56.760
<v Speaker 9>a long term, even if that has a negative impact

0:13:56.760 --> 0:13:59.560
<v Speaker 9>on the economy and a negative impact on the president's

0:13:59.600 --> 0:14:01.240
<v Speaker 9>political prospects in November.

0:14:01.320 --> 0:14:03.120
<v Speaker 3>Jeff Mason, thank you very much. Jeff Mason, who covers

0:14:03.160 --> 0:14:04.920
<v Speaker 3>the White House for us here at Bloomberg. Dan Williams,

0:14:05.040 --> 0:14:07.839
<v Speaker 3>our Jerusalem reporter with us this morning. And Philip Crowther,

0:14:07.880 --> 0:14:09.560
<v Speaker 3>who's with the AP on the straight of corn Mows,

0:14:09.559 --> 0:14:10.240
<v Speaker 3>thank you very much.

0:14:10.120 --> 0:14:10.480
<v Speaker 6>For the time.

0:14:10.720 --> 0:14:14.920
<v Speaker 3>Thanks guys, stay with us for more on Bloomberg this weekend.

0:14:15.240 --> 0:14:29.520
<v Speaker 3>Right after this, the war in Iran continuing to ESK

0:14:29.600 --> 0:14:31.600
<v Speaker 3>late and Wine, as we've been discussing so far this morning.

0:14:31.640 --> 0:14:34.680
<v Speaker 3>President Trump taking to truth social late last night claiming

0:14:34.680 --> 0:14:37.960
<v Speaker 3>iron had plans to take over the Middle East, obliterating Israel,

0:14:37.960 --> 0:14:41.320
<v Speaker 3>but now quote just like Iran itself, those plans are

0:14:41.360 --> 0:14:42.080
<v Speaker 3>now dead.

0:14:42.160 --> 0:14:42.480
<v Speaker 8>All right.

0:14:42.600 --> 0:14:45.360
<v Speaker 2>Joining us now is retired Colonel Joel Raeburn. He's a

0:14:45.360 --> 0:14:47.680
<v Speaker 2>former member of the National Security Council staff. During President

0:14:47.680 --> 0:14:50.640
<v Speaker 2>Trump's first administration. He was also Envoyd Assyria and a

0:14:50.680 --> 0:14:53.120
<v Speaker 2>senior fellow at the Center for Peace and Security in

0:14:53.120 --> 0:14:55.520
<v Speaker 2>the Middle East at the Hudston Hudson. Excuse me, I

0:14:55.560 --> 0:14:58.680
<v Speaker 2>almost got through that whole title. At the Hudson Institute. Jill,

0:14:58.720 --> 0:15:01.480
<v Speaker 2>thank you so much for joining us. Given all your

0:15:01.720 --> 0:15:03.640
<v Speaker 2>experience in the region and at the State Department, I

0:15:03.680 --> 0:15:05.760
<v Speaker 2>do want to ask you your take on some of

0:15:05.760 --> 0:15:08.600
<v Speaker 2>these evacuations we saw. It appears at least the embassy

0:15:08.640 --> 0:15:11.320
<v Speaker 2>compound in Baghdad seems to have taken us strike this morning,

0:15:11.360 --> 0:15:14.400
<v Speaker 2>there was smoke rising over that horizon. We've also got

0:15:14.520 --> 0:15:19.560
<v Speaker 2>ordered departures in Bahrain, Iraq, Jordan, Kuwait, Lebanon, Kutar, Saudi Arabia, UAE,

0:15:19.720 --> 0:15:22.440
<v Speaker 2>and a regional consulate in Turkey. What does it do

0:15:22.880 --> 0:15:26.320
<v Speaker 2>for State Department operations when you have so much going

0:15:26.320 --> 0:15:28.000
<v Speaker 2>on in a region, you need all those people who

0:15:28.040 --> 0:15:30.160
<v Speaker 2>know those countries, and you also need them out of

0:15:30.160 --> 0:15:30.720
<v Speaker 2>harm's way.

0:15:32.360 --> 0:15:33.360
<v Speaker 6>Well, good to be with you.

0:15:33.480 --> 0:15:37.280
<v Speaker 12>Yeah, that's a tough situation because the Iranian regime has

0:15:37.360 --> 0:15:40.880
<v Speaker 12>been targeting those diplomatic facilities. Because the Iranian regime doesn't

0:15:40.880 --> 0:15:44.720
<v Speaker 12>really distinguish between military and civilian targets. They will target

0:15:44.920 --> 0:15:49.520
<v Speaker 12>each indiscriminately as though they're equivalent. They don't respect that division,

0:15:49.560 --> 0:15:51.480
<v Speaker 12>So our diplomats on the ground do have to be

0:15:51.640 --> 0:15:55.200
<v Speaker 12>cognizant of that. It's not the first time that We've

0:15:55.240 --> 0:15:57.920
<v Speaker 12>had to do this kind of order departure or authorized

0:15:57.920 --> 0:16:01.840
<v Speaker 12>departure from some of these stations because it's the Iranians

0:16:01.840 --> 0:16:05.640
<v Speaker 12>before who have threatened those facilities. So yeah, it cuts

0:16:05.640 --> 0:16:08.320
<v Speaker 12>down on our diplomat's ability to do their work and

0:16:08.440 --> 0:16:11.520
<v Speaker 12>engage with host nations in those places, but they have

0:16:11.560 --> 0:16:12.480
<v Speaker 12>to be kept safe.

0:16:12.960 --> 0:16:14.440
<v Speaker 3>I want to get your read on this story that's

0:16:14.440 --> 0:16:17.200
<v Speaker 3>developing that the administration is sending twenty five hundred additional

0:16:17.200 --> 0:16:19.680
<v Speaker 3>marines to the region in light of what's been happening

0:16:19.720 --> 0:16:22.000
<v Speaker 3>over the last couple of weeks, and that will kind

0:16:22.000 --> 0:16:24.840
<v Speaker 3>of add to the total fifty thousand American troops that

0:16:24.880 --> 0:16:26.160
<v Speaker 3>are in the region right now.

0:16:26.680 --> 0:16:29.520
<v Speaker 6>What does that portend to you? How do you read that?

0:16:29.640 --> 0:16:31.400
<v Speaker 3>And then I'm curious as we listen to the President

0:16:31.520 --> 0:16:33.560
<v Speaker 3>not ruling out the prospects there being boots on the

0:16:33.560 --> 0:16:37.840
<v Speaker 3>ground unequivocally, does it concern you? Does it raise an

0:16:37.840 --> 0:16:39.280
<v Speaker 3>eyebrow that this could be where we're headed if we

0:16:39.320 --> 0:16:40.800
<v Speaker 3>have that many new troops headed to the region.

0:16:41.640 --> 0:16:43.920
<v Speaker 12>Well, no, because in addition to being a state department,

0:16:44.040 --> 0:16:46.480
<v Speaker 12>a former state imparted person in a former life for

0:16:46.520 --> 0:16:48.480
<v Speaker 12>twenty six years, I was an army officer, and I

0:16:48.520 --> 0:16:52.520
<v Speaker 12>was actually a military planner and analyst at US Central Command,

0:16:52.840 --> 0:16:56.280
<v Speaker 12>the headquarters that is carrying out this campaign in lead

0:16:56.360 --> 0:16:59.600
<v Speaker 12>for the United States, and so I was familiar back then,

0:16:59.680 --> 0:17:02.800
<v Speaker 12>in the old olden days with an earlier version of

0:17:02.840 --> 0:17:06.119
<v Speaker 12>this campaign plan and the idea of having a marine

0:17:06.160 --> 0:17:09.800
<v Speaker 12>expeditionary unit to do the kind of operations that you

0:17:09.800 --> 0:17:13.800
<v Speaker 12>would need to protect commercial vessels, commercial shipping going through

0:17:13.840 --> 0:17:15.679
<v Speaker 12>the Straight of Hormos, to be able to do operations

0:17:15.720 --> 0:17:18.800
<v Speaker 12>in the Persian Gulf literal, to protect shipping, to be

0:17:18.840 --> 0:17:21.399
<v Speaker 12>able to would give the President, would give the Sentcom

0:17:21.440 --> 0:17:25.440
<v Speaker 12>commander more options, and it actually signals, I think it's

0:17:25.480 --> 0:17:28.960
<v Speaker 12>a good signal to the Runian regime leaders in Tehran

0:17:29.280 --> 0:17:32.480
<v Speaker 12>that the President and Admiral Cooper are keeping that option open.

0:17:32.920 --> 0:17:35.680
<v Speaker 12>That's precisely the kind of very well trained marine force

0:17:35.760 --> 0:17:37.359
<v Speaker 12>that you would need in order to be able to

0:17:37.400 --> 0:17:40.360
<v Speaker 12>seize threatening vessels, in order to be able to disrupt

0:17:40.400 --> 0:17:42.960
<v Speaker 12>mind laying operations if the Iranian regime were to do that,

0:17:43.440 --> 0:17:47.280
<v Speaker 12>or if they were want to try to seize some

0:17:47.320 --> 0:17:51.000
<v Speaker 12>sort of Iranian island, maybe carg Island or other facilities

0:17:51.040 --> 0:17:55.119
<v Speaker 12>like that. It's signaling that the US has that strategic option.

0:17:55.640 --> 0:17:58.280
<v Speaker 2>Colonel, Since, as you're saying, this plan did exist during

0:17:58.320 --> 0:18:03.280
<v Speaker 2>the first term, how closely is this administration's action following

0:18:03.320 --> 0:18:05.520
<v Speaker 2>that plan and what comes next?

0:18:05.920 --> 0:18:09.120
<v Speaker 12>Well, I don't have any inside information on that. Being retired,

0:18:09.160 --> 0:18:11.240
<v Speaker 12>I'm out of the loop, so I can.

0:18:11.320 --> 0:18:13.359
<v Speaker 2>You were in the loop the first time around. So

0:18:13.359 --> 0:18:15.160
<v Speaker 2>so far is it playing out according to a plan?

0:18:15.880 --> 0:18:19.720
<v Speaker 12>Well, it's so much, so much more advanced. I mean

0:18:20.000 --> 0:18:23.800
<v Speaker 12>as a as someone who was formerly familiar with an

0:18:23.800 --> 0:18:28.000
<v Speaker 12>earlier version of that plan. The military technology advances just

0:18:28.080 --> 0:18:30.439
<v Speaker 12>in the fifteen years or so since I was involved

0:18:30.480 --> 0:18:33.639
<v Speaker 12>in that sort of thing are just astonishing. And the

0:18:34.000 --> 0:18:37.080
<v Speaker 12>military imbalance between the US and Israel on one side

0:18:37.080 --> 0:18:39.840
<v Speaker 12>and the Runnie regime on the other is far wider

0:18:41.280 --> 0:18:43.800
<v Speaker 12>than Syncom would have enjoyed back then under General Abaza,

0:18:43.920 --> 0:18:46.880
<v Speaker 12>General Portrayus and so on. It's if you had told

0:18:46.920 --> 0:18:49.720
<v Speaker 12>me in two thousand and nine that two weeks into

0:18:49.760 --> 0:18:53.560
<v Speaker 12>this campaign plan, the running leadership would be decimated. Their

0:18:53.560 --> 0:18:55.880
<v Speaker 12>ballistic missiles would be down by over ninety percent, They're

0:18:55.920 --> 0:18:57.920
<v Speaker 12>drones down by over ninety percent. They would have no

0:18:58.320 --> 0:19:01.160
<v Speaker 12>operable air force, navy, missile defense, and air defense. I'd

0:19:01.160 --> 0:19:05.160
<v Speaker 12>have told you you were smoking something. It's just astonishing

0:19:06.840 --> 0:19:10.199
<v Speaker 12>the military progress this being made. You know at that

0:19:10.960 --> 0:19:14.200
<v Speaker 12>at an operational level, you talk about the military progress made.

0:19:14.200 --> 0:19:16.280
<v Speaker 3>The President sat down with Brian Kilmead on his radio

0:19:16.320 --> 0:19:18.400
<v Speaker 3>show a little earlier this week and talked about.

0:19:18.640 --> 0:19:20.800
<v Speaker 6>What an endgame might look like. Let's take a listen

0:19:20.800 --> 0:19:22.160
<v Speaker 6>to what he had to say to Brian. Kill meat

0:19:22.680 --> 0:19:25.440
<v Speaker 6>with the greatest economy and histrue, do we still do?

0:19:25.680 --> 0:19:25.840
<v Speaker 13>Oh?

0:19:25.880 --> 0:19:28.639
<v Speaker 4>This will bounce right back when it's over, and I

0:19:28.680 --> 0:19:30.720
<v Speaker 4>don't think it's going to be long when it's over.

0:19:30.800 --> 0:19:33.479
<v Speaker 6>This is good. Abounce right back so fast. When are

0:19:33.480 --> 0:19:36.800
<v Speaker 6>you going to know when it's over? When I feel it? Okay,

0:19:36.880 --> 0:19:38.720
<v Speaker 6>fill it up my bones, colonel.

0:19:38.720 --> 0:19:40.120
<v Speaker 3>I want to get your reaction to that last line,

0:19:40.160 --> 0:19:42.080
<v Speaker 3>when he feels it in his bones. But you very

0:19:42.119 --> 0:19:44.200
<v Speaker 3>clearly laid out that list of all of the defensive

0:19:44.200 --> 0:19:45.720
<v Speaker 3>targets that have been hit by by the US and

0:19:45.760 --> 0:19:48.480
<v Speaker 3>taken off line that Supreme Leader killed. As you mentioned,

0:19:49.160 --> 0:19:51.240
<v Speaker 3>your sense from your experience in the first term and

0:19:51.240 --> 0:19:53.080
<v Speaker 3>from what you've observed here over the last few weeks,

0:19:53.080 --> 0:19:55.119
<v Speaker 3>of what the endgame is likely to be here and

0:19:55.160 --> 0:19:57.120
<v Speaker 3>what the timeline this administration is working with.

0:19:57.880 --> 0:20:00.960
<v Speaker 12>Well, there's a military endgame, there's a military state that's

0:20:01.040 --> 0:20:04.480
<v Speaker 12>very clear. There's a political in state that's that's something different.

0:20:04.520 --> 0:20:08.040
<v Speaker 12>On the military side. The objectives that they laid out

0:20:08.280 --> 0:20:11.639
<v Speaker 12>the President's Secretary Rubio at the beginning of eliminating the

0:20:11.680 --> 0:20:16.560
<v Speaker 12>nuclear program, ballistic missile and drone program, the ability for

0:20:16.600 --> 0:20:19.880
<v Speaker 12>the running regime to use terrorist proxies outside their borders.

0:20:20.400 --> 0:20:24.000
<v Speaker 12>Those are all well on their way to being accomplished.

0:20:24.080 --> 0:20:28.080
<v Speaker 12>And then the further phase of essentially eliminating the Runnian

0:20:28.119 --> 0:20:31.600
<v Speaker 12>regime's production capacity to be able to regenerate those kind

0:20:31.640 --> 0:20:34.399
<v Speaker 12>of things if there is a cessation of hostilities with

0:20:34.440 --> 0:20:36.720
<v Speaker 12>an Iranian regimes still there in place now, the political

0:20:36.720 --> 0:20:40.040
<v Speaker 12>in state is still unclear, and it seems it seems

0:20:40.119 --> 0:20:42.399
<v Speaker 12>to me as I was a staffer for President Trump,

0:20:42.640 --> 0:20:45.359
<v Speaker 12>we all know the President is someone who likes to

0:20:45.440 --> 0:20:49.080
<v Speaker 12>keep his strategic options open. He enjoys strategic ambiguity because

0:20:49.080 --> 0:20:52.280
<v Speaker 12>it gives him leverage in negotiating outcomes, and I think

0:20:52.320 --> 0:20:53.040
<v Speaker 12>he's still.

0:20:52.840 --> 0:20:53.600
<v Speaker 6>Doing that here.

0:20:54.080 --> 0:20:58.320
<v Speaker 12>Whether he's willing to tolerate an end of campaign with

0:20:58.359 --> 0:21:01.200
<v Speaker 12>the rump Iranian regime still in place but greatly weakened

0:21:01.240 --> 0:21:04.040
<v Speaker 12>with lacking the capacity to go on into the future

0:21:04.200 --> 0:21:08.239
<v Speaker 12>is something he's keeping. He's keeping that option open's and

0:21:08.280 --> 0:21:11.720
<v Speaker 12>that creates confusion on the Iranian regime side. I think

0:21:11.760 --> 0:21:14.520
<v Speaker 12>that actually hinders their ability to respond, which is what

0:21:14.560 --> 0:21:16.240
<v Speaker 12>you want, colonel quickly.

0:21:16.040 --> 0:21:16.760
<v Speaker 8>Before we let you go.

0:21:17.119 --> 0:21:20.480
<v Speaker 2>The Secretary Defense admitted in his press conference this week

0:21:20.520 --> 0:21:24.440
<v Speaker 2>saying that I can't say that we anticipated necessarily that's

0:21:24.480 --> 0:21:27.360
<v Speaker 2>how Iran would react. He was being asked about Iran's

0:21:27.359 --> 0:21:30.000
<v Speaker 2>striking regional allies, which in his defense, I think did

0:21:30.240 --> 0:21:32.640
<v Speaker 2>take quite a people, quite a lot of people, even.

0:21:32.520 --> 0:21:33.840
<v Speaker 8>Regional experts, by surprise.

0:21:34.640 --> 0:21:37.879
<v Speaker 2>Should the US have anticipated that, and how should the

0:21:38.000 --> 0:21:40.800
<v Speaker 2>US respond to an Iran that is willing to strike

0:21:40.880 --> 0:21:42.000
<v Speaker 2>friends and neighbors in the region.

0:21:42.880 --> 0:21:45.960
<v Speaker 12>Well, I think when you're planning, when you're going through

0:21:46.000 --> 0:21:49.000
<v Speaker 12>the permutations and possible scenarios, if you're planning out your

0:21:49.040 --> 0:21:52.480
<v Speaker 12>war gaming a campaign plan like this, I think absolutely

0:21:52.560 --> 0:21:55.200
<v Speaker 12>the planners would have had a scenario where they said,

0:21:55.200 --> 0:21:58.160
<v Speaker 12>the Irani regime just lash out at the region around it.

0:21:59.119 --> 0:22:02.800
<v Speaker 12>You would consider that, you would consider that a worst

0:22:02.800 --> 0:22:06.120
<v Speaker 12>case scenario, but you'd also consider it I think low probability,

0:22:06.200 --> 0:22:11.000
<v Speaker 12>because it's something that's so counterproductive to Iranian interests.

0:22:11.080 --> 0:22:12.359
<v Speaker 6>It's harmed them so much.

0:22:13.359 --> 0:22:16.480
<v Speaker 12>The entire rest of the Arab world and Turkey were

0:22:16.560 --> 0:22:19.080
<v Speaker 12>drawn into a conflict that they had intended to stay

0:22:19.080 --> 0:22:20.080
<v Speaker 12>on the sideline.

0:22:20.160 --> 0:22:22.080
<v Speaker 3>Colonel, thank you very much, drawing from your expertise, so

0:22:22.160 --> 0:22:23.560
<v Speaker 3>yes at ten Colm, as you mentioned, and on the

0:22:23.640 --> 0:22:24.239
<v Speaker 3>NC as well.

0:22:24.280 --> 0:22:26.800
<v Speaker 6>Grateful for your time on this morning. That's Rape Raber

0:22:26.880 --> 0:22:28.880
<v Speaker 6>enjoying us here on Bloomberg this week.

0:22:30.119 --> 0:22:32.320
<v Speaker 8>Stay with us for more on Bloomberg this weekend.

0:22:32.520 --> 0:22:48.520
<v Speaker 2>Right after this, a several days ago, as part of

0:22:48.520 --> 0:22:51.240
<v Speaker 2>our c Sweet Saturday segments, we spoke to the CEO

0:22:51.320 --> 0:22:54.720
<v Speaker 2>of Train Technologies, Dave Ragnery, about his company and how

0:22:54.760 --> 0:22:57.520
<v Speaker 2>they are transforming in an ever changing climate.

0:22:58.320 --> 0:23:02.399
<v Speaker 14>Think of Trained Technologies were a globe HVAC player, Okay,

0:23:02.400 --> 0:23:04.800
<v Speaker 14>so I think of a heating, ventilation and air conditioning.

0:23:04.800 --> 0:23:08.879
<v Speaker 14>We're also a leader in transport refrigeration with our Thermal

0:23:08.960 --> 0:23:12.399
<v Speaker 14>King brand. We're a pure play climate innovator and you know,

0:23:12.480 --> 0:23:15.080
<v Speaker 14>our purpose is to challenge what's possible and innovate for

0:23:15.119 --> 0:23:19.240
<v Speaker 14>a sustainable world. And over the last six years we've

0:23:19.280 --> 0:23:21.479
<v Speaker 14>had just a great run. I mean, our compound annual

0:23:21.520 --> 0:23:24.320
<v Speaker 14>growth rate on the top line is eleven percent, a

0:23:24.320 --> 0:23:26.880
<v Speaker 14>little but over eleven percent, and on the bottom line

0:23:26.880 --> 0:23:30.080
<v Speaker 14>it's over twenty percent. So I'm super proud of what

0:23:30.119 --> 0:23:33.040
<v Speaker 14>our team has been able to accomplish. And as I

0:23:33.080 --> 0:23:35.119
<v Speaker 14>always tell people, we've had a great run over the

0:23:35.200 --> 0:23:38.560
<v Speaker 14>last five plus years. But the future looks even brighter

0:23:38.600 --> 0:23:39.840
<v Speaker 14>than what I saw five years ago.

0:23:40.080 --> 0:23:42.359
<v Speaker 2>And the company itself, I mean, I'm familiar with you

0:23:42.359 --> 0:23:44.760
<v Speaker 2>guys from your home product, which is a smaller portion

0:23:44.800 --> 0:23:47.159
<v Speaker 2>of your portfolio, but the company itself has existed in

0:23:47.200 --> 0:23:50.800
<v Speaker 2>some form since nineteen thirteen, and you've been around well

0:23:50.800 --> 0:23:52.840
<v Speaker 2>almost that long. I'm just kidding, but you can start

0:23:53.119 --> 0:23:55.680
<v Speaker 2>out at the company, not an existence.

0:23:55.680 --> 0:23:56.439
<v Speaker 6>It's got a compliment.

0:23:56.520 --> 0:23:58.320
<v Speaker 14>When I came down, someone said you look younger than me.

0:23:59.000 --> 0:24:02.080
<v Speaker 2>I'm sorry, I meant duration you've been at the company,

0:24:02.600 --> 0:24:03.320
<v Speaker 2>but you started.

0:24:03.080 --> 0:24:03.679
<v Speaker 8>As an intern.

0:24:04.000 --> 0:24:07.280
<v Speaker 14>I started as an intern back in nineteen eighty five.

0:24:07.640 --> 0:24:10.320
<v Speaker 14>Just to just to date me a bit here, but yeah,

0:24:10.320 --> 0:24:12.480
<v Speaker 14>I mean, when I came out of college, I was

0:24:12.520 --> 0:24:15.240
<v Speaker 14>going to go into investment banking and I decided, no, no,

0:24:15.359 --> 0:24:18.480
<v Speaker 14>I'll take this opportunity and go learn a business. And

0:24:18.520 --> 0:24:20.440
<v Speaker 14>I figured I'd be there for just a short period

0:24:20.520 --> 0:24:23.600
<v Speaker 14>of time, but I just had so many different roles

0:24:23.600 --> 0:24:26.359
<v Speaker 14>in the company. I kept advancing to different areas of

0:24:26.359 --> 0:24:29.919
<v Speaker 14>the company. And you know, people always ask me, well,

0:24:29.920 --> 0:24:31.920
<v Speaker 14>how'd you get to where we are? Is it luck

0:24:32.000 --> 0:24:34.840
<v Speaker 14>or hard work? I tell them what, the luckier I get,

0:24:34.840 --> 0:24:37.240
<v Speaker 14>the harder I work, right, But it's just you know,

0:24:37.280 --> 0:24:39.439
<v Speaker 14>I've had the opportunity to run all the businesses that

0:24:39.480 --> 0:24:42.200
<v Speaker 14>we have in the company today, so I know them

0:24:42.280 --> 0:24:46.360
<v Speaker 14>very very well. And it's just such a great company.

0:24:46.680 --> 0:24:46.879
<v Speaker 6>You know.

0:24:46.960 --> 0:24:48.920
<v Speaker 14>When I started as CEO, and I've been the CEO

0:24:49.040 --> 0:24:52.400
<v Speaker 14>now for coming up on my fifth year, I knew

0:24:52.400 --> 0:24:54.840
<v Speaker 14>we were a great operator, and I knew we were

0:24:54.880 --> 0:24:57.800
<v Speaker 14>a great innovator, but we weren't thought of as a

0:24:57.840 --> 0:25:01.560
<v Speaker 14>growth company. Why not because we weren't growing at the

0:25:01.640 --> 0:25:03.760
<v Speaker 14>rates that we should be growing at. And I knew

0:25:03.760 --> 0:25:07.159
<v Speaker 14>we had every opportunity to be this growth company. And

0:25:07.480 --> 0:25:09.600
<v Speaker 14>trust me, you don't become a growth company just because

0:25:09.640 --> 0:25:11.639
<v Speaker 14>the CEO says it, puts it out a PowerPoint and

0:25:11.640 --> 0:25:14.760
<v Speaker 14>say hey, let's become a growth company. Yeah, it doesn't

0:25:14.800 --> 0:25:16.280
<v Speaker 14>work quite that way. But one of the things that

0:25:16.280 --> 0:25:18.840
<v Speaker 14>we did was we had to change the mindset. So

0:25:19.160 --> 0:25:21.920
<v Speaker 14>we have as I'm sure, most companies do. We have

0:25:21.960 --> 0:25:24.600
<v Speaker 14>an annual operating plan and that kind of sets every

0:25:24.640 --> 0:25:28.639
<v Speaker 14>business's plan for the year. And I won't say it

0:25:28.680 --> 0:25:30.480
<v Speaker 14>was a negotiation, but it kind of felt like it

0:25:30.520 --> 0:25:32.480
<v Speaker 14>at times, like people wanted a lower number because nobody

0:25:32.480 --> 0:25:36.280
<v Speaker 14>wants to miss their forecast. And early on we changed

0:25:36.320 --> 0:25:38.800
<v Speaker 14>it and we basically said, so the business. The first

0:25:38.840 --> 0:25:41.320
<v Speaker 14>business comes in and presents their operating plan to us,

0:25:41.880 --> 0:25:44.199
<v Speaker 14>and that was like a two or three percent growth, right,

0:25:44.240 --> 0:25:47.920
<v Speaker 14>which is you know, incremental. So the assignment that they

0:25:47.920 --> 0:25:49.760
<v Speaker 14>took away, I said, come back in two weeks and

0:25:49.800 --> 0:25:52.760
<v Speaker 14>I want you to tell us, my CFO and myself

0:25:53.480 --> 0:25:56.160
<v Speaker 14>what you need to invest to grow at fifteen.

0:25:55.800 --> 0:25:57.120
<v Speaker 8>Percent for the fences.

0:25:57.280 --> 0:25:59.720
<v Speaker 14>Yeah, and so you know, here we are so role

0:25:59.720 --> 0:26:01.960
<v Speaker 14>fall where each business comes back two weeks later and

0:26:02.000 --> 0:26:05.240
<v Speaker 14>they come back with these investments and my CFO is

0:26:05.320 --> 0:26:06.840
<v Speaker 14>kicking me under the table, say, Dave, I don't know

0:26:06.840 --> 0:26:08.439
<v Speaker 14>if we can afford all these I said, no, it's not.

0:26:08.480 --> 0:26:10.399
<v Speaker 14>They'll never be able to spend that amount of money.

0:26:11.280 --> 0:26:14.960
<v Speaker 14>But by the way, I need a mindset shift change.

0:26:15.359 --> 0:26:17.320
<v Speaker 14>And that was kind of the catalyst for us to

0:26:17.320 --> 0:26:20.719
<v Speaker 14>start thinking about, hey, we can be a growth company.

0:26:20.720 --> 0:26:23.320
<v Speaker 6>We are going to invest. You mentioned your optimism for

0:26:23.400 --> 0:26:23.840
<v Speaker 6>the future.

0:26:23.880 --> 0:26:25.880
<v Speaker 3>We're at a moment where so many businesses are being

0:26:25.920 --> 0:26:28.560
<v Speaker 3>disrupted by AI or have the potentially be disrupted by AI.

0:26:29.320 --> 0:26:30.600
<v Speaker 6>Talk about your.

0:26:30.600 --> 0:26:33.320
<v Speaker 3>Involvement in this boom and data centers that I mentioned

0:26:33.359 --> 0:26:35.760
<v Speaker 3>just a moment ago. It's sufice to say you might

0:26:35.800 --> 0:26:38.040
<v Speaker 3>not have predicted that a few years back, but this

0:26:38.080 --> 0:26:40.520
<v Speaker 3>has become a huge growth opportunity for your huge driver

0:26:40.560 --> 0:26:41.679
<v Speaker 3>of the growth that you're talking about.

0:26:41.680 --> 0:26:44.320
<v Speaker 14>Sure, I mean, look, data centers. We've always been strong

0:26:44.359 --> 0:26:47.400
<v Speaker 14>in the data center vertical, okay, but we're also very

0:26:47.440 --> 0:26:50.600
<v Speaker 14>strong in other core verticals and we track fourteen different

0:26:50.680 --> 0:26:53.679
<v Speaker 14>verticals and data centers is one. But data centers has

0:26:53.680 --> 0:26:56.560
<v Speaker 14>been very, very strong. And we're part of the thermal

0:26:56.600 --> 0:26:59.320
<v Speaker 14>management system within a data center. So data centers produce

0:26:59.359 --> 0:27:01.040
<v Speaker 14>a lot of heat. That heat has to be removed

0:27:01.960 --> 0:27:06.080
<v Speaker 14>the we're the company that helps the data center OEMs

0:27:06.119 --> 0:27:09.560
<v Speaker 14>remove that heat, and it's really through Childer Technologies. It's

0:27:09.600 --> 0:27:13.880
<v Speaker 14>through what they call CDUs or cooling distribution units fan walls.

0:27:13.880 --> 0:27:16.280
<v Speaker 14>There's lots of different components that make up that thermal

0:27:16.359 --> 0:27:19.159
<v Speaker 14>management system. But we're a leader in that space. But

0:27:19.240 --> 0:27:21.080
<v Speaker 14>We've been a leader in that space for decades.

0:27:21.320 --> 0:27:23.680
<v Speaker 2>This is kind of controversial because these these data centers

0:27:23.680 --> 0:27:26.439
<v Speaker 2>are going into areas and they're driving up energy costs.

0:27:26.520 --> 0:27:28.960
<v Speaker 2>And as much as people like to chat GPT things,

0:27:28.960 --> 0:27:31.240
<v Speaker 2>they also not like to not pay a ton for

0:27:31.400 --> 0:27:32.000
<v Speaker 2>energy bills.

0:27:32.080 --> 0:27:33.680
<v Speaker 8>Is there a balance to be struck there?

0:27:33.960 --> 0:27:34.200
<v Speaker 6>Yeah?

0:27:34.240 --> 0:27:37.040
<v Speaker 14>I believe there is because well, like I said, we're

0:27:37.160 --> 0:27:39.679
<v Speaker 14>very strong in other verticals, right, and we need the

0:27:39.760 --> 0:27:43.560
<v Speaker 14>intelligence from data centers to help us make buildings smarter.

0:27:44.320 --> 0:27:47.200
<v Speaker 14>And if you think most buildings, they use about forty

0:27:47.240 --> 0:27:49.240
<v Speaker 14>percent of the energy in a building. And by the way,

0:27:49.320 --> 0:27:52.560
<v Speaker 14>globally thirty percent of all energy is for buildings, but

0:27:52.680 --> 0:27:54.600
<v Speaker 14>forty percent of that is for heating and cooling.

0:27:54.720 --> 0:27:54.920
<v Speaker 8>Wow.

0:27:55.080 --> 0:27:56.760
<v Speaker 6>And we know most buildings.

0:27:56.359 --> 0:28:00.960
<v Speaker 14>Operate very inefficiently, like thirty percent inefficiently a very conservative number.

0:28:01.440 --> 0:28:06.439
<v Speaker 14>We've developed algorithms to make buildings smarter and this is

0:28:06.440 --> 0:28:08.240
<v Speaker 14>why I'm so excited about the future.

0:28:08.320 --> 0:28:10.800
<v Speaker 3>They talk a bit about who you're hiring to work

0:28:10.800 --> 0:28:13.720
<v Speaker 3>for your company, So I mentioned forty five thousand employees.

0:28:14.680 --> 0:28:16.520
<v Speaker 3>Are you able to find the kind of workers that

0:28:16.560 --> 0:28:18.479
<v Speaker 3>you need in this environment? I know that there are

0:28:18.480 --> 0:28:20.440
<v Speaker 3>reports that this is a difficult labor market for a

0:28:20.480 --> 0:28:22.760
<v Speaker 3>lot of people. Who are you looking for and what

0:28:22.840 --> 0:28:25.800
<v Speaker 3>is the training process like for those new Employeesah, great question.

0:28:25.840 --> 0:28:28.359
<v Speaker 14>Look five years ago we had when we started as

0:28:28.400 --> 0:28:31.320
<v Speaker 14>Training Technologies, or six years ago now we had thirty

0:28:31.320 --> 0:28:35.520
<v Speaker 14>five thousand employees. Today we have over forty five thousand employees.

0:28:35.560 --> 0:28:39.520
<v Speaker 14>So growth companies create job opportunities. I'll start with that. Now,

0:28:39.520 --> 0:28:41.200
<v Speaker 14>you need to be able to recruit the right talent

0:28:41.320 --> 0:28:45.959
<v Speaker 14>like service technicians. Right, we're always looking for great service technicians.

0:28:46.320 --> 0:28:49.240
<v Speaker 14>And we learned during the COVID period that it's really

0:28:49.280 --> 0:28:51.920
<v Speaker 14>hard to recruit these positions and find the right talent.

0:28:52.280 --> 0:28:56.600
<v Speaker 14>So we developed an apprenticeship program, and today the apprenticeship

0:28:56.600 --> 0:28:59.200
<v Speaker 14>program is now backed by the Department of Labor. I

0:28:59.240 --> 0:29:02.440
<v Speaker 14>believe we have about four hundred employees that are part

0:29:02.440 --> 0:29:05.880
<v Speaker 14>of this apprenticeship program. And by the way, depending on

0:29:05.920 --> 0:29:08.960
<v Speaker 14>your experience, this apprenticeship program could be two years to

0:29:09.040 --> 0:29:13.480
<v Speaker 14>four years. And here we're just changing lives of people.

0:29:13.720 --> 0:29:17.840
<v Speaker 14>We now use our hourly workforce as a place to

0:29:17.920 --> 0:29:20.840
<v Speaker 14>recruit for the apprenticeship program for technicians.

0:29:21.360 --> 0:29:23.200
<v Speaker 6>Whether it works or not, you're going to learn.

0:29:23.040 --> 0:29:26.520
<v Speaker 14>A lot by saying yes and understanding what someone else's

0:29:26.560 --> 0:29:30.520
<v Speaker 14>problems are right, and you know that's our whole mindset.

0:29:30.600 --> 0:29:33.880
<v Speaker 14>And we love being close to customers, we love working

0:29:33.920 --> 0:29:36.680
<v Speaker 14>towards yes, and we love our innovation.

0:29:37.640 --> 0:29:39.040
<v Speaker 6>Dave, thank you very much, appreciate it.

0:29:39.600 --> 0:29:41.440
<v Speaker 2>Thank you for being here, for being our very first

0:29:41.480 --> 0:29:43.640
<v Speaker 2>CEO Saturday c sueet Saturday.

0:29:43.280 --> 0:29:45.720
<v Speaker 14>Guests, and I feel privilege to be here, So thank

0:29:45.720 --> 0:29:47.640
<v Speaker 14>you very much, and thanks for your time today and

0:29:47.920 --> 0:29:48.840
<v Speaker 14>good luck with your show.

0:29:50.080 --> 0:29:50.640
<v Speaker 6>Thank you for that.

0:29:50.680 --> 0:29:52.480
<v Speaker 3>When we come back, the point of News Quiz, take

0:29:52.560 --> 0:29:54.040
<v Speaker 3>us with you no matter where you go. You can

0:29:54.040 --> 0:29:56.920
<v Speaker 3>watch us on Bloomberg TV, listen on Bloomberg Radio, stream

0:29:57.000 --> 0:29:58.520
<v Speaker 3>us live on the Bloomberg Business app.

0:29:58.560 --> 0:30:00.760
<v Speaker 6>Wherever you are, We're there. This is Bloomberg.

0:30:02.080 --> 0:30:05.160
<v Speaker 15>Stay with us for more on Bloomberg this weekend.

0:30:05.560 --> 0:30:21.840
<v Speaker 13>Right after this, welcome back now for this weekend's pointed

0:30:22.000 --> 0:30:24.040
<v Speaker 13>News Quiz, the News Quiz for rist taker.

0:30:24.080 --> 0:30:26.080
<v Speaker 3>I'm very excited about this as I was last week

0:30:26.120 --> 0:30:28.040
<v Speaker 3>until I lost the first and.

0:30:28.440 --> 0:30:30.160
<v Speaker 2>That's true if you.

0:30:30.120 --> 0:30:31.240
<v Speaker 8>Did lose to me last week.

0:30:31.240 --> 0:30:33.800
<v Speaker 2>However, I have not studied as much as I did

0:30:33.840 --> 0:30:35.240
<v Speaker 2>last week, so this may be your week.

0:30:35.280 --> 0:30:39.080
<v Speaker 3>There are three categories as usual, Lisa, Matteo quiz Master extraordinary.

0:30:39.160 --> 0:30:40.240
<v Speaker 6>Yes, what are.

0:30:44.440 --> 0:30:44.560
<v Speaker 11>Yes?

0:30:44.840 --> 0:30:47.120
<v Speaker 4>I know? I see it in your face, David. Okay,

0:30:47.160 --> 0:30:49.760
<v Speaker 4>So you basically have thirty chips in front of you,

0:30:49.800 --> 0:30:52.240
<v Speaker 4>each of you. So Christina has thirty, David has thirty.

0:30:52.280 --> 0:30:52.680
<v Speaker 15>Okay.

0:30:53.120 --> 0:30:55.920
<v Speaker 4>Now, based on those three categories, you're going to place

0:30:55.960 --> 0:30:58.960
<v Speaker 4>your chips where you think you know the best. If

0:30:59.000 --> 0:31:01.640
<v Speaker 4>you get the answer wrong, you hand over those chips,

0:31:01.640 --> 0:31:03.959
<v Speaker 4>you bet to me yes, okay, and you lose them

0:31:03.960 --> 0:31:05.840
<v Speaker 4>and you lose some points. Okay, So let's get to

0:31:05.880 --> 0:31:08.600
<v Speaker 4>our categories. This is what David was Okay. The first

0:31:08.600 --> 0:31:10.400
<v Speaker 4>category is oil.

0:31:10.600 --> 0:31:12.400
<v Speaker 6>Oil, We've been talking about it at.

0:31:12.320 --> 0:31:14.680
<v Speaker 8>Some length, is going to get extra embarrassing.

0:31:15.280 --> 0:31:17.560
<v Speaker 6>This should be in good position for this one.

0:31:18.040 --> 0:31:24.680
<v Speaker 4>Second category Asia politics, okay. And third category is Hollywood.

0:31:25.000 --> 0:31:26.440
<v Speaker 4>You know, oscars around the corner.

0:31:26.480 --> 0:31:26.640
<v Speaker 13>Guy.

0:31:26.720 --> 0:31:30.880
<v Speaker 3>You are already demonstrated how little I know about this.

0:31:32.280 --> 0:31:35.720
<v Speaker 4>You have other strength, all right, okay, So Christina, you're

0:31:35.720 --> 0:31:38.160
<v Speaker 4>going ten across I know.

0:31:38.480 --> 0:31:42.000
<v Speaker 6>Okay, the first one. David's going into twenty on that. Okay,

0:31:42.760 --> 0:31:44.280
<v Speaker 6>oil again, we've talked about it a lot.

0:31:44.360 --> 0:31:47.680
<v Speaker 2>Yeah, I feel okay, I know, I know, but I'm nervous.

0:31:47.760 --> 0:31:49.080
<v Speaker 6>But I'm not an expert on apropol.

0:31:49.200 --> 0:31:50.120
<v Speaker 15>Are you ready for this question?

0:31:50.240 --> 0:31:51.800
<v Speaker 6>You maybe disappointed? Okay, I'm ready.

0:31:51.800 --> 0:31:53.320
<v Speaker 4>Okay, here you go play with us along at home

0:31:53.400 --> 0:31:56.520
<v Speaker 4>too as well. Okay, So question is oil and gas

0:31:56.520 --> 0:32:00.760
<v Speaker 4>Giant Shell agree to sell which brand to the private

0:32:00.800 --> 0:32:06.880
<v Speaker 4>equity firm Mono Mae for one point three billion dollars?

0:32:07.480 --> 0:32:08.520
<v Speaker 15>How are you feeling about those.

0:32:08.440 --> 0:32:11.640
<v Speaker 3>Twenty my gosh, I was not expecting a.

0:32:12.160 --> 0:32:14.720
<v Speaker 6>I really have no idea which brand? Which Brandy?

0:32:14.800 --> 0:32:15.040
<v Speaker 15>Think of?

0:32:15.080 --> 0:32:17.520
<v Speaker 8>That's the thing of subsidiary.

0:32:17.680 --> 0:32:19.320
<v Speaker 15>Correct which which brand?

0:32:19.440 --> 0:32:19.720
<v Speaker 6>Okay?

0:32:20.240 --> 0:32:25.320
<v Speaker 15>They agreed to sell it? Yeah, all right, private Monomoy Montamoy.

0:32:25.520 --> 0:32:29.120
<v Speaker 15>Okay is that a hint? No, but it's a brand

0:32:29.280 --> 0:32:31.920
<v Speaker 15>that you're may be familiar with. If you get an

0:32:31.960 --> 0:32:33.080
<v Speaker 15>oil change.

0:32:32.920 --> 0:32:35.320
<v Speaker 6>Oh okay, all right, you know you feel better?

0:32:36.400 --> 0:32:37.840
<v Speaker 15>Okay, okay, okay, ready.

0:32:37.680 --> 0:32:39.680
<v Speaker 6>Let slip a regular oil when you changed.

0:32:39.720 --> 0:32:44.240
<v Speaker 4>You just flip it valel valveeln. Oh and what do

0:32:44.320 --> 0:32:47.520
<v Speaker 4>you have, Jeffery love Christine.

0:32:47.880 --> 0:32:49.600
<v Speaker 2>It's like the only thing I know about oil changes.

0:32:49.720 --> 0:32:51.160
<v Speaker 15>This is the best game ever.

0:32:51.480 --> 0:32:54.320
<v Speaker 6>The only thing you know about oil changes is Jiffy.

0:32:54.920 --> 0:32:56.120
<v Speaker 8>And then I never get them done.

0:32:56.120 --> 0:32:58.520
<v Speaker 4>And then my brother, yea, you can I take your

0:32:58.680 --> 0:32:59.600
<v Speaker 4>twenty day.

0:33:01.040 --> 0:33:03.360
<v Speaker 6>Okay, we're going to have to rework this game.

0:33:03.600 --> 0:33:06.080
<v Speaker 4>I'm just going to sit out here and do this. Yes,

0:33:06.240 --> 0:33:09.400
<v Speaker 4>count them up, Okay, gloat. Here we go, Asia politicians,

0:33:09.880 --> 0:33:11.520
<v Speaker 4>you may you may recoup your winnings here.

0:33:11.560 --> 0:33:12.920
<v Speaker 6>Okay, ready, let's see I bet nothing.

0:33:13.080 --> 0:33:15.000
<v Speaker 15>Here we go. Belendra Shah.

0:33:15.320 --> 0:33:19.040
<v Speaker 4>A rapper turned politician is on a course to become

0:33:19.080 --> 0:33:21.640
<v Speaker 4>the prime minister of which country?

0:33:24.000 --> 0:33:24.240
<v Speaker 1>Sha?

0:33:25.320 --> 0:33:28.600
<v Speaker 4>Yes, a rapper turned politician? All right, the prime minister

0:33:28.680 --> 0:33:30.959
<v Speaker 4>of which country? On course to become the prime minister

0:33:31.520 --> 0:33:32.440
<v Speaker 4>country in Asia?

0:33:32.840 --> 0:33:33.360
<v Speaker 6>Yeah?

0:33:33.360 --> 0:33:36.240
<v Speaker 4>Thank you, of course, Asia politics.

0:33:36.880 --> 0:33:37.800
<v Speaker 15>That was not a good hint.

0:33:38.040 --> 0:33:45.320
<v Speaker 4>Okay, here we are Thailand, David Nepal. Christie Paul is correct,

0:33:46.840 --> 0:33:48.840
<v Speaker 4>she's kind of again. Oh you didn't bet anything on

0:33:48.840 --> 0:33:49.240
<v Speaker 4>that one.

0:33:49.440 --> 0:33:49.800
<v Speaker 6>I didn't.

0:33:49.800 --> 0:33:52.440
<v Speaker 2>But I only know that because those gen Z uprisings,

0:33:52.440 --> 0:33:54.960
<v Speaker 2>and it seems very appropriate that they would then elect

0:33:54.960 --> 0:33:55.720
<v Speaker 2>a rapper.

0:33:55.640 --> 0:33:58.920
<v Speaker 6>Yes, in touch with Z around the world, you know, me.

0:33:58.920 --> 0:34:00.640
<v Speaker 8>And the youths so cool.

0:34:01.360 --> 0:34:02.000
<v Speaker 15>Okay, here we go.

0:34:02.040 --> 0:34:03.000
<v Speaker 8>There are the losses.

0:34:03.320 --> 0:34:05.760
<v Speaker 6>They're very very cool. I would like to see you

0:34:05.880 --> 0:34:08.280
<v Speaker 6>rocking those mayhap.

0:34:09.040 --> 0:34:10.839
<v Speaker 15>All right, David, I feel you're going to do better

0:34:10.840 --> 0:34:11.520
<v Speaker 15>in Hollywood.

0:34:11.520 --> 0:34:13.279
<v Speaker 6>I feel like everyone is so disappointed.

0:34:13.320 --> 0:34:16.200
<v Speaker 4>But you bet ten? Okay, t you bet ten? Okay,

0:34:16.239 --> 0:34:20.680
<v Speaker 4>let's see. The question is Netflix will pay up to

0:34:20.840 --> 0:34:24.680
<v Speaker 4>six hundred million dollars for Interpositive. It's an AI movie

0:34:24.680 --> 0:34:26.960
<v Speaker 4>making company founded by which.

0:34:28.200 --> 0:34:32.040
<v Speaker 6>I hope that you do too, not really which actor?

0:34:32.160 --> 0:34:33.680
<v Speaker 15>Six hundred million dollars?

0:34:33.760 --> 0:34:37.760
<v Speaker 6>Can I spell it? Money? I can? I think so?

0:34:37.800 --> 0:34:40.360
<v Speaker 15>She's writing furiously Christina can okay?

0:34:40.520 --> 0:34:42.920
<v Speaker 6>All right, ready, I'm ready it right, David? Would you

0:34:43.000 --> 0:34:43.840
<v Speaker 6>write Ben Affleck?

0:34:44.280 --> 0:34:48.760
<v Speaker 13>Ah, Christina, Timothy Chambo Lama, It's.

0:34:48.560 --> 0:34:51.399
<v Speaker 3>So hard to say.

0:34:51.440 --> 0:34:57.640
<v Speaker 6>It is Ben Affleck so much? Yes, myself story this week?

0:34:57.840 --> 0:34:59.960
<v Speaker 15>You got that wrong hand over your ten?

0:35:00.840 --> 0:35:01.080
<v Speaker 6>Wait?

0:35:01.200 --> 0:35:03.160
<v Speaker 2>Ben Affleck is doing movie making AI.

0:35:03.800 --> 0:35:07.040
<v Speaker 4>He has a company AI. Netflix bought it for six

0:35:07.120 --> 0:35:13.480
<v Speaker 4>hundred million dollars. Okay, nothing but okay, okay, are we ready.

0:35:13.320 --> 0:35:13.800
<v Speaker 15>For a bonus?

0:35:13.800 --> 0:35:17.160
<v Speaker 6>And bonus? Everything is great again for me?

0:35:17.320 --> 0:35:17.760
<v Speaker 13>Yeah?

0:35:17.920 --> 0:35:20.080
<v Speaker 15>I might give you ten back. I don't know.

0:35:20.120 --> 0:35:22.680
<v Speaker 4>I'll think about right to make it time time okay, Okay,

0:35:22.680 --> 0:35:24.200
<v Speaker 4>I'll give you ten back if you get this one.

0:35:24.360 --> 0:35:27.319
<v Speaker 4>Because it's food and beverage is the last category. Okay, both,

0:35:28.840 --> 0:35:31.560
<v Speaker 4>we're glad to know. Uh swig, have you heard of

0:35:31.560 --> 0:35:34.359
<v Speaker 4>this one? It has nearly We're off to a good

0:35:34.360 --> 0:35:38.319
<v Speaker 4>start has nearly one hundred and fifty stores specializes in

0:35:38.360 --> 0:35:43.880
<v Speaker 4>which type of soda using flavored syrups, juices, and cream.

0:35:44.120 --> 0:35:46.080
<v Speaker 6>Okay, all right, your kids.

0:35:45.800 --> 0:35:47.799
<v Speaker 15>Have to know this. My daughter loves this thing.

0:35:49.480 --> 0:35:53.239
<v Speaker 6>Well, I don't know remember surge that I love?

0:35:53.400 --> 0:35:56.440
<v Speaker 8>See, it was so great.

0:35:56.560 --> 0:35:58.800
<v Speaker 6>I don't know what happened to that. Okay, this is swig.

0:35:59.760 --> 0:36:02.600
<v Speaker 15>It's on time, right, Okay, ready you guys.

0:36:02.400 --> 0:36:07.359
<v Speaker 3>Yes, probiotics, soda, salty, no salty sodas.

0:36:06.800 --> 0:36:09.600
<v Speaker 15>Dirty soda? Do you know the dirty somar?

0:36:09.800 --> 0:36:13.080
<v Speaker 4>Tell me about Mountain West, Texas. The Hulu reality show

0:36:13.200 --> 0:36:14.240
<v Speaker 4>The Secret.

0:36:13.840 --> 0:36:16.360
<v Speaker 15>Lives of Mormon Wives have made it popular.

0:36:17.360 --> 0:36:17.759
<v Speaker 8>I do.

0:36:20.840 --> 0:36:21.080
<v Speaker 12>Okay.

0:36:21.120 --> 0:36:25.520
<v Speaker 4>The winner is Christina, Yes, twenty again for the second

0:36:25.520 --> 0:36:26.120
<v Speaker 4>week in a row.

0:36:26.280 --> 0:36:27.080
<v Speaker 8>That's two to nothing.

0:36:27.120 --> 0:36:28.760
<v Speaker 2>But I will say you did beat me in almost

0:36:28.800 --> 0:36:31.640
<v Speaker 2>every rehearsal, so it's just you'll come.

0:36:31.520 --> 0:36:35.719
<v Speaker 3>Back all he's feeling good, listen to thank you. That's

0:36:35.719 --> 0:36:37.160
<v Speaker 3>all I can do on the show is try. You

0:36:37.160 --> 0:36:39.160
<v Speaker 3>can test your knowledge on all ten questions on the

0:36:39.160 --> 0:36:41.320
<v Speaker 3>pointed quiz. If I have no shame, I will go

0:36:41.360 --> 0:36:42.640
<v Speaker 3>do that. After the show. You can take it at

0:36:42.640 --> 0:36:44.759
<v Speaker 3>Bloomberg dot com slash pointed. You can find it on

0:36:44.800 --> 0:36:49.000
<v Speaker 3>the Business app as well.

0:36:49.000 --> 0:36:51.960
<v Speaker 2>Thanks for joining us on today's Bloomberg This Weekend podcast.

0:36:52.080 --> 0:36:54.319
<v Speaker 2>Don't forget to tune in live for the show every

0:36:54.360 --> 0:36:57.040
<v Speaker 2>Saturday and Sunday morning, starting at seven am Eastern.

0:36:57.080 --> 0:37:00.000
<v Speaker 3>We're on Bloomberg Television Radio and the Bloomberg Business App,

0:37:00.200 --> 0:37:03.719
<v Speaker 3>bringing you unique takes and in depth interviews on news, politics,

0:37:03.800 --> 0:37:05.000
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