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Speaker 2: Go to Data Trek Research to get the wisdom of
Speaker 2: Nick Kolis, where thrilled he could join us this morning.
Speaker 3: Nick, I like what you.
Speaker 2: Say in paragraph four. You've got a gross polarity between
Speaker 2: Nasdaq one hundred melt up right now, up one point
Speaker 2: four percent this morning and gold on GCA printing twenty
Speaker 2: seven zero five. How can gold be so different from
Speaker 2: Nasdaq one hundred.
Speaker 4: Yeah, fat, It's a fascinating topic. We kind of think
Speaker 4: of gold as a static valuable asset, and the NASDAK
Speaker 4: is the value of human ingenuity. And what's interesting is
Speaker 4: they're both kind of working right now, and usually it's
Speaker 4: one or the other, and we're getting both at the
Speaker 4: same time for different reasons than Nasdaq because human ingenuity
Speaker 4: is working, you know, the AI thing works and chip
Speaker 4: stocks are the center of it right now, and gold
Speaker 4: is working because central banks around the world viewed as
Speaker 4: a viable alternative to buying sovereign debt in terms of
Speaker 4: holding incremental reserve value. So you got both working. But
Speaker 4: it is very strange.
Speaker 2: You are going to write this morning on China going
Speaker 2: from monetary to fiscal stimulus and what's three days?
Speaker 3: Seventy two hours?
Speaker 2: I flunked it in seventy two hours, Nicolis, How do
Speaker 2: you fold China into the American equity market?
Speaker 4: Ooh, that is a great questions, So I'm going on.
Speaker 4: I was just looking at the five year chart of MCCHI,
Speaker 4: the MSCI China ATF and I'd say anybody who's in
Speaker 4: front of a terminal should do that right now because
Speaker 4: MCCHI is trading below where it was five years ago
Speaker 4: by a considerable margin. So people keep looking for this
Speaker 4: China trade to finally catch up. Maybe this is a
Speaker 4: stimulus that against to get us there. We're pretty skeptical
Speaker 4: at data trek, but I understand why people would want
Speaker 4: to believe.
Speaker 5: So where are we in the announcement of these monetary
Speaker 5: and fiscal policies. I think Tom and I both kind
Speaker 5: of godsmacked by how quickly this has been unrolled by
Speaker 5: the Chinese government. Are we a point at which this
Speaker 5: seems like something that is remotely investibule or is there
Speaker 5: still a moment here to kind of pause and wait
Speaker 5: to see what else might be coming from Beijing.
Speaker 4: You know, the central issue with these, with any of
Speaker 4: these attempts over the last couple of years by the
Speaker 4: Chinese government is you have a series of monetary and
Speaker 4: fiscal policy actions, but then you have this very different
Speaker 4: perspective from government regulators, where yes, they want the economy
Speaker 4: to improve, but they don't want to give too much
Speaker 4: power back to the very wealthy or to the corporations.
Speaker 4: And that tension has been really damaging for Chinese equity
Speaker 4: market investors sentiments and until you see the other side
Speaker 4: of the coin also begin to maybe pick its finger
Speaker 4: off the scale a little bit. It's going to be
Speaker 4: tough to bet too much on this term, but certainly
Speaker 4: you're right that thesepts have been very dramatically, very impressive.
Speaker 5: Michael Mobison was with us yesterday and we talked about
Speaker 5: this moment for small cap stocks. We talked a lot
Speaker 5: about through the Magnificent Seven and the run that they've had,
Speaker 5: the level of concentration that we've been experiencing over these
Speaker 5: last many months. I'd love your perspective on that as
Speaker 5: well as sort of how much opportunity there is, how
Speaker 5: much emphasis we should place on small cap company.
Speaker 4: Yeah, Mike, Mike. Mike's a great guy. Worked with him
Speaker 4: all through the nineteen nineties at the old First Boston,
Speaker 4: so have a lot of respect for him. My view
Speaker 4: on small caps is you need the stars to align
Speaker 4: pretty precisely to get the russell to work really well.
Speaker 4: And we've seen that twice now, just in the last
Speaker 4: three or four months. You had that big rip in
Speaker 4: July and then they fell apart again, and you're beginning
Speaker 4: to get that rip again now, but it's much more tentative,
Speaker 4: and what you need to see is a combination of
Speaker 4: lower interest rates, lower high yield spreads, and a lot
Speaker 4: of investor confidence in the US economy, and as great
Speaker 4: as it is to see the chip stops working again,
Speaker 4: it kind of tells me that the small caps are
Speaker 4: going to be on the back bench until we kind
Speaker 4: of hit maximum investor enthusiasm towards the end of the
Speaker 4: fourth quarter.
Speaker 2: Nick, we're on a street care. We had Michael Mobison yesterday,
Speaker 2: as David Gerra mentions in iconic credits like Mason on
Speaker 2: Morgan Stanley. We have Nick Cholis today. I mean, you
Speaker 2: can't do better than that. And tomorrow folks scheduled Nicholas
Speaker 2: not seeing teleeb who changed the world with full by randomness, Nick,
Speaker 2: I want to go to Tulleb's wonderful effort anti fragile.
Speaker 2: Anti fragility a property of systems in which they increase
Speaker 2: in capability to the result of stressors, shocks, volatility, noise,
Speaker 2: and un see football. Are we is America prospering, Nick Cholis,
Speaker 2: because we have Telebian anti fragility where we're not afraid
Speaker 2: of stressors and shocks and mistakes.
Speaker 4: I think that America by nature is psychologically anti fragile.
Speaker 4: Americans are very optimistic people. They don't worry about making mistakes.
Speaker 4: And they don't criticize people that fail, at least in business.
Speaker 4: You know, there are always second and third acts in
Speaker 4: the American society, and I think by nature we are
Speaker 4: anti fragile. The systems we create might not be, but
Speaker 4: I think our psychology is deeply in that direction.
Speaker 3: And I don't see that in China.
Speaker 2: Discuss do you see any of that within in Foreign
Speaker 2: Affairs magazine A brilliant essay here Rushier Sharma writing it
Speaker 2: up in others about a Marxist Leninist regime. I mean,
Speaker 2: that's that's Friedberg at Georgetown, I believe writing on that
Speaker 2: is Does China have any anti fragility?
Speaker 4: Surelie not to degree the US doesn't. I think the
Speaker 4: US is unique literally around the world. We talk about
Speaker 4: American exceptionalism as a concept. This is where America is exceptional.
Speaker 4: Our ability to keep bouncing back from mistakes, try again,
Speaker 4: try again, try again, until we get something right, whether
Speaker 4: it be in business or politics or anything else. And
Speaker 4: I think it's unique to our culture.
Speaker 2: Nicholas, thank you so much, greatly appreciated that. With data
Speaker 2: Track this morning, I got ghostb I got ducky bumps.
Speaker 2: I mean we got momas and Colas Taleb and Michael
Speaker 2: Barr All.
Speaker 5: For Michael Barr it's the smart one or no particular order.
Speaker 2: It's just too much. Nicolas, thank you so much. We
Speaker 2: need to get right to our guests. David and I
Speaker 2: can talk all day and monopolize you, forget about it.
Speaker 2: More important is Rob sank and tying all things together.
Speaker 3: It's City group. I want to go to China, and
Speaker 3: I thought I'd.
Speaker 2: Have to wait for at least two cups of tang
Speaker 2: and senka to get to fiscal support.
Speaker 3: It happened in twenty four hours, forty eight hours.
Speaker 2: The polit Bureau comes out today and says they will
Speaker 2: provide fiscal stimulus to China.
Speaker 3: What is that signal?
Speaker 6: Yeah, and I was like you as well.
Speaker 7: I thought this would be drip drip stimulus throughout the
Speaker 7: year and maybe we get some more in twenty twenty five.
Speaker 7: This shows that China can move on a dime. We
Speaker 7: saw that earlier in the cycle when they opened the
Speaker 7: floodgates a game rid of their zero COVID policy. Now
Speaker 7: what does it mean? You know, it's good news. It's
Speaker 7: more than I would have expected. But we'll have to
Speaker 7: see how the boots hit the ground and how the
Speaker 7: stimulus impacts the economy. Right now, we have a consumer
Speaker 7: there who's very unwilling to spend. Confidence is very low,
Speaker 7: and the economy has been mostly supported by the external sector.
Speaker 7: So we'll see if the stimulus is able to lift
Speaker 7: animal spirits. I think it's good news, but we'll have
Speaker 7: to wait see how effective it is.
Speaker 5: I go back to the conversation that we had in
Speaker 5: the lead up to the FED meeting last week, and
Speaker 5: there was the speculation that if the FED were to
Speaker 5: go big, that would showcase panic on the part of
Speaker 5: the Central Bank. Let's step back and look at these
Speaker 5: actions by the Chinese government, by the PBOC, explain to
Speaker 5: us sort of why they're moving on a dime, why
Speaker 5: they feel the need to do this, How urgent the
Speaker 5: situation is in the Chinese economy more broadly.
Speaker 7: Yeah, it's a great question, and I think probably they
Speaker 7: were looking at an economy, as we were, that was
Speaker 7: at real risk of falling short of their growth target.
Speaker 7: We recently marked down growth a bit more this year
Speaker 7: prior to these announcements and growth next year. I know
Speaker 7: others have been marking down growth as well, and we
Speaker 7: had seen risk still skewed to the downside and had
Speaker 7: not been expecting any type of large simmis. So I
Speaker 7: think they're seeing the data that's been coming over the
Speaker 7: last few months, which has been broadly softer than expected,
Speaker 7: and the soft data signaling even more softness. So I
Speaker 7: think they got spooked by the data.
Speaker 2: Andrew hollin Horst this morning is looking at Euroswissy, along
Speaker 2: with everybody else on Global Wall Street, the Swiss National Bank,
Speaker 2: as they did in twenty fifteen X they' say enough
Speaker 2: with Swiss Frank's strength, we're going to cut interest rates
Speaker 2: to protect our economy. How does that tie in for
Speaker 2: our American listeners and viewers to see smb C.
Speaker 7: Yeah, I think really what that signals is a that
Speaker 7: the exchange rate does play a role in a lot
Speaker 7: of how these central banks think, and as the FED
Speaker 7: is easing policy more broadly, we think that opens the
Speaker 7: door for other central banks to ease as well.
Speaker 4: They don't have to.
Speaker 3: Work's one big global rate cut.
Speaker 7: It's one big global rate cut.
Speaker 3: J Powell is Good Morning, Bill Rhodes, the Wonderful Bill Roads.
Speaker 3: J Powell is Central Banker to the World.
Speaker 7: Japallis Central Banker to the world, and I think this
Speaker 7: is going to open the door, especially of the FED,
Speaker 7: as Andrew's been writing, continues to go more aggressively. That's
Speaker 7: going to open up the door for these other central banks.
Speaker 3: Today they nailed the vector. I mean they nailed it
Speaker 3: going up. I'm this Hollimar's kid.
Speaker 2: First of all, he went to UCLA.
Speaker 3: David, what is Colline in Los Angeles?
Speaker 4: Well?
Speaker 5: Are you kissing a lucky man?
Speaker 2: I mean, he nailed it going up, and now he's
Speaker 2: nailing it going down with a lot of raid cuts
Speaker 2: to come.
Speaker 5: Ron, what are you listening for today? When we get
Speaker 5: this pre tape recording from the FED share This has
Speaker 5: been a week a cacophony of FED speakers. Now the
Speaker 5: big one comes out and gives what I guess we'll
Speaker 5: each the ten minutes remarks pre recorded as I say,
Speaker 5: what are you listening for? What it's going to give you?
Speaker 5: Any indication of sort of where we're headed from those
Speaker 5: remarks today?
Speaker 7: That's great question. I think for this one, I'm not
Speaker 7: looking for too much because I don't think we've gotten
Speaker 7: a lot of data that can really move the needle.
Speaker 7: So I think it's going to sound pretty similar to
Speaker 7: how the last decision sound and how he sounded during
Speaker 7: his press conference, But more broadly from the Fed, I'm
Speaker 7: really looking for, you know, how can earned are they
Speaker 7: about the dynamics in the labor market. I don't think
Speaker 7: it's about inflation that much for them anymore. They're not
Speaker 7: worried about the upside risk. They said, they're not going
Speaker 7: to deteriorate much more weakness in the labor market. They
Speaker 7: tell us the think we think that the labor you know,
Speaker 7: Andrew's team thinks that the labor market's going to continue
Speaker 7: to weakend they're gonna have to go fifty again. And
Speaker 7: they've very told us where that bar is. They sell
Speaker 7: it in their summary of economic projections.
Speaker 6: A little bit.
Speaker 2: Five point zero percent is like bigger than down ten thousand.
Speaker 7: Well, if you get that high, as as as our
Speaker 7: team expects, you're going to get a rapid rate cutting cycle.
Speaker 7: But you know, if the unemployment rate kind of stays
Speaker 7: near where it is and conditions stabilize, then you're gonna
Speaker 7: get a more gradual rate cutting cycle. So it really
Speaker 7: comes down to labor market conditions.
Speaker 3: Twenty seconds.
Speaker 2: You want to comment on why the yank the Yankees
Speaker 2: can't get it done.
Speaker 7: I've m a long term Mets fan. I don't know
Speaker 7: if that cancels me on the podcast and why.
Speaker 3: I saw walking into the stadium. Lennard's back is really bad.
Speaker 7: Yeah, yeah, absolutely, you know, I so on the Yankees and.
Speaker 3: That's people on here. That's what I was asking you.
Speaker 3: I was scared to say. Thursday, Rob Sock, and thank
Speaker 3: you so much.
Speaker 2: Another economic brief, and why are we doing this? We're
Speaker 2: doing this because all of this market hinges on the economy.
Speaker 2: She's lucky, she's a Bemo Capital market. So Jennifer Lee
Speaker 2: gets to throw things in Ian Lingen, who's just wonderful
Speaker 2: in the fixed income market. She's not on speaking terms
Speaker 2: with Brian Belski inequities.
Speaker 3: Jennifer Lee synthesize for me. You guys at Bemo Capital
Speaker 3: are just killing it. Lingoln looked for lower yields. Belski
Speaker 3: has been a confirmed bull. What are you telling them
Speaker 3: that makes this market move?
Speaker 1: So good morning, and thanks for having me on. By
Speaker 1: the way, I love Ian and I love Brian, who's
Speaker 1: chippy across. So I mean, obviously things have been not
Speaker 1: as bad as many econos had expected. You know, we
Speaker 1: are continuing to stay in that whole soft landing camp,
Speaker 1: you know, which is helping, which you know Brian is
Speaker 1: obviously online with as well, and hence he's been a
Speaker 1: lot more optimistic or still optimistic as well. But again
Speaker 1: things are just tapping on the brakes. As I say,
Speaker 1: month after month, you know, we're seeing slower economic data
Speaker 1: in general, but totally to be expected, but we're not
Speaker 1: certainly we're not slamming on the brakes. We've got some
Speaker 1: decent numbers this morning from on GDP on the UI claims,
Speaker 1: front durables were okay as well. So again, tapping on
Speaker 1: the brakes and that's what I guess that's the boat,
Speaker 1: the best that we can hope for at this point, Jennifer.
Speaker 5: For something that we talked about yesterday was how abnormal
Speaker 5: this moment is, how far we are from what we
Speaker 5: would consider to be normally when it comes to the
Speaker 5: economy and monetary policy. And I'd love your perspective on
Speaker 5: that as well, as you kind of chart out what
Speaker 5: the Fed may or may not do, how you acknowledge
Speaker 5: the kind of strangeness of where.
Speaker 1: We are, great question. So the strangeness is that after
Speaker 1: five and twenty five basis points of hikes. You know,
Speaker 1: the music on me still has to have to take
Speaker 1: a significant step back again, slowing, tapping on the brakes
Speaker 1: and all that. But you know, and I'll be quite
Speaker 1: honest here, I was not in the fifty basis point
Speaker 1: rate cut camp. I was actually excuming it was gonna
Speaker 1: be twenty five. So I won't tell you what words
Speaker 1: came out of my mouth when I saw the announcement,
Speaker 1: but I mean I understand, you know, he was saying
Speaker 1: to Fridcherpowloll, saying, the economy is still, you know, in
Speaker 1: decent shape. The US labor market is still also in
Speaker 1: decent shape, so let's just basically give them some It's
Speaker 1: almost like, I guess, you know, you're kind of on
Speaker 1: the way to being sick, but you're not really full
Speaker 1: on sick yet. So let's give you some medicine now
Speaker 1: to avoid that being full on sick, if you know
Speaker 1: what I mean.
Speaker 3: Jennifer, give us a clinic. I'm tomorrow at eight thirty.
Speaker 3: PCE is the Fed's favorite inflation indicator. I get it.
Speaker 2: But are we, like I'm thinking Laurence Summers, are we
Speaker 2: going to hear from PC tomorrow stagflation or some other
Speaker 2: grand theme.
Speaker 1: So that's another great question. So we're looking for roughly
Speaker 1: like steady ish reading on the deflator, just about a
Speaker 1: point two percent increased month to month, about two six
Speaker 1: two seven.
Speaker 6: Year of a year.
Speaker 1: You know, it's all going to be about focusing on
Speaker 1: normally I would say, spending, but also the wages and
Speaker 1: salaries component of consumers, workers that continue to see a
Speaker 1: steady rise in wages and salar which is I think
Speaker 1: the most important part of all this, because consumers need,
Speaker 1: you know, a job, they need steady wages, steady income,
Speaker 1: just that security to give them confidence for the future.
Speaker 1: I think that is what is critical. So looking at
Speaker 1: what people are making on a month to month basis,
Speaker 1: and of course what they're spending on. And the last
Speaker 1: report on retail sales, if I can remember, you know,
Speaker 1: it wasn't exactly broad based strength. You know, there was
Speaker 1: actually quite a few sectors that we're seeing that said
Speaker 1: decline in sales. But even the discussionary edements were a
Speaker 1: little bit. You know, we saw some up and some down.
Speaker 1: Dining out was a flat. So I still think we
Speaker 1: are still seeing some you know, consumers are still spending,
Speaker 1: they are still making a decent wage, but there were
Speaker 1: definitely definitely more cautious on what they are spending on.
Speaker 5: Jennifer, let me ask you about the effects of the
Speaker 5: decision from last week as we look at Switzerland today,
Speaker 5: perhaps we cast our right a Beijing as well, and
Speaker 5: what that bank is doing. You may not have gotten
Speaker 5: the fifty basis points right, I think your nine PhDs
Speaker 5: did from many hundreds of We'll forgive that, but is
Speaker 5: this playing out the way that you thought it would.
Speaker 5: Now that we're in this rate cutting cycle, we are
Speaker 5: seeing movement and change among other central banks around the world.
Speaker 1: So a lot of the central banks, I think, you know,
Speaker 1: because I think credibility is a huge factor for all
Speaker 1: central bankers. You may without it, you know, they got
Speaker 1: nothing right. So I think everyone has been very cautious
Speaker 1: on moving, especially the Federal Reserve. But now we're starting
Speaker 1: to see a little bit more I'm certain to thinking
Speaker 1: maybe a bit more anxiety, only because all of a
Speaker 1: sudden we're seeing these fifty basis point moves. I think
Speaker 1: it was yesterday, it was the Ricks Bank yesterday that
Speaker 1: said you know that you know they're going to you know,
Speaker 1: they cut twenty five, but then they said, then they
Speaker 1: gave lots of bord guidance. You know, we're going to
Speaker 1: be cutting for the next the other two meetings that
Speaker 1: remain for the rest of this year, and one of
Speaker 1: the could be a fifty basis pointer. So it seems
Speaker 1: like we're seeing more of that lately. So a bit
Speaker 1: more a tinge, more anxiety of perhaps just again to
Speaker 1: cut off the slow down, you know, before it gets
Speaker 1: off to too much. And then of course with China,
Speaker 1: the whole series of you know, they're acting almost every
Speaker 1: day this week, and of course this you know, I
Speaker 1: don't know how much it's going to help the Chinese
Speaker 1: economy overall, because it's all about households and consumer confidence
Speaker 1: and all that. But I think this morning's news gives
Speaker 1: us a little bit more hope that you know, that
Speaker 1: they are going to do whatever it takes, you know,
Speaker 1: to borrow from Mariod Reggi, you know, to be that
Speaker 1: to get to that about five percent growth target.
Speaker 3: Jennifer, Thank you.
Speaker 2: Jennifer le Vemo Capital Markets with us here looking at
Speaker 2: the economy and the clear message there for me folks,
Speaker 2: solid economy and you see it with domestic final sales
Speaker 2: in er.
Speaker 3: Vemo report.
Speaker 2: With all of his expertise on the Eastern Hemis fear
Speaker 2: is years in Moscow, and with Ethan Bronner Bloomberg, Israeli
Speaker 2: Bureau Chief with us as well, with his legacy of
Speaker 2: coverage an award for The New York Times. Mister Browner
Speaker 2: joins us this morning from a fractured Israel in Lebanon.
Speaker 2: Jamana Basacci in her interview with I'man Salaam of Lebanon,
Speaker 2: their economy minister. Here's the quote from your story Lebanon.
Speaker 2: We feel there is a lot of flexibility in the
Speaker 2: past twenty four hours from Hezbollah's side, discuss that Ethan,
Speaker 2: is there a Hesbollah that mister Natyaho can speak to.
Speaker 8: Hi Tom, I'm not sure, and I'm not sure in fact,
Speaker 8: I mean this is this bizarre relationship between the government
Speaker 8: in Lebanon and his Belah right, which is that in
Speaker 8: the country of Lebanon, the government is less powerful than
Speaker 8: the militia of his Belah.
Speaker 6: So while he says that we have also heard.
Speaker 8: Nothing official from his Beelah about desiring to move forward
Speaker 8: with this ceasefire. And there's another fact, of course, which
Speaker 8: is that for eight or nine days Israel has been
Speaker 8: pummeling Hasbollah first with those booby trapped pagers and walkie talkies,
Speaker 8: and then killing off a bunch of its top people,
Speaker 8: and then bombing the hell out of a lot of
Speaker 8: its launchers a couple of thousand spots. So it may
Speaker 8: be that his Belah is in the mood to talk,
Speaker 8: and conversely looks like Israel, feeling on the horse, is
Speaker 8: not in the mood to talk.
Speaker 5: Ethan, the Prime Minister of Israel is making his way
Speaker 5: to New York to address the UN tomorrow, and we
Speaker 5: can talk a bit about that and the postponement of
Speaker 5: that trip. But let me ask you first, if he
Speaker 5: meets with another world leader while he's here, and that
Speaker 5: person says to him, what is the overall strategy? You
Speaker 5: talk about the explosive devices baked into these walkie talkies
Speaker 5: and pagers, the bombardments we've seen since then, what is
Speaker 5: the answer from the net and Yahoo administration about where
Speaker 5: this leads to, where what the broader military strategy is.
Speaker 8: So their view is that these militias like Hamas and
Speaker 8: his Bela only respond to force. In the case of
Speaker 8: his Belah a year, don't forget in two thousand and six,
Speaker 8: they fought a war, and after the war was over,
Speaker 8: UN Resolution seventeen oh one asserted that Habalah would disarm
Speaker 8: and move twenty five to thirty kilometers away from the border,
Speaker 8: with Israel's unanimously accepted.
Speaker 6: They didn't disarm, they didn't move back.
Speaker 8: In fact, they now have one hundred and fifty two
Speaker 8: hundred thousand missiles underground and they are right up against
Speaker 8: the border. So Israel would say, Natagna, who would say,
Speaker 8: And on October eighth, we had no quarrel with what
Speaker 8: was happening in Lebanon because of what we was happening
Speaker 8: with Hamas in Gaza, his Balla joined in the fight
Speaker 8: and continued to pummel us. And now our goal is
Speaker 8: to get them back and to make it so painful
Speaker 8: for them that they cry uncle and move back voluntarily.
Speaker 6: That's what he would say.
Speaker 8: There's plenty of reasons to think that won't work, but
Speaker 8: that's what he would say.
Speaker 5: Ethan, this is a prime minister who knows how to
Speaker 5: give a speech. He can command an audience. Yes, and
Speaker 5: we're going to get one tomorrow in the General Assembly
Speaker 5: Building on the east side of Manhattan. He'll be fulminating
Speaker 5: do you expect a defensive speech. Do you expect something different?
Speaker 5: What are we anticipating. We'll hear from the Prime Minister
Speaker 5: here anymore.
Speaker 8: We'll hear from him once again that Iran the head
Speaker 8: of the octopus, as Israel views, it has ruined the region,
Speaker 8: It has undermined the states of Lebanon, Syria, Iraq and
Speaker 8: Yemen and replace the governments in those countries with militias
Speaker 8: that are its aspect. And call whether that's exactly true
Speaker 8: we can discuss, but that's what he'll say, and that
Speaker 8: this is a dress rehearsal for the rest of the world,
Speaker 8: that Iran is in cahoots of the Russia, China and
Speaker 8: North Korea and Israel is holding them back.
Speaker 5: Ethan living where he lives, knows that.
Speaker 6: You know.
Speaker 5: Sometimes interviews are interrupted by reports of corruption involving public officials.
Speaker 5: He'll forgive us. Forgive us for that as we move
Speaker 5: forward here, give us just the update on what's been
Speaker 5: happening in the West Bank. I think you know, as
Speaker 5: Tom has said, there is so much going on in
Speaker 5: the region and our focus has been drawn to Lebanon
Speaker 5: in recent days, But just give us an update on
Speaker 5: that other campaign. The initial campaign that we saw in
Speaker 5: the aftermath of October seventh, and we were thinking talking
Speaker 5: about just moments before speaking with you. We are approaching
Speaker 5: here the anniversary of those grievous attacks.
Speaker 8: Yes, which you're asking specifically about the West Bank right now. Yes,
Speaker 8: So the West Bank on October sixth was a place
Speaker 8: where a couple of one hundred thousand Palestinians were coming
Speaker 8: into Israel working, bringing back large salaries.
Speaker 6: Compared to what they could earn it home.
Speaker 8: And there was of course, it is an occupied area,
Speaker 8: militarily occupied.
Speaker 6: It is no fun to be a Palestinian in the
Speaker 6: West Bank.
Speaker 8: But there was not the sense of dread that there
Speaker 8: has developed since then, which is that their movements are
Speaker 8: much more restricted. Nobody is coming into work, at least legally,
Speaker 8: and there is a sense also that there is no
Speaker 8: future for the Palestinian movement unless there is some lab
Speaker 8: betwey at Gaza in the West Bank.
Speaker 6: That's how they feel there.
Speaker 3: Terrific brief.
Speaker 2: Ethan Browner, thank you so much as really Israel Bureau
Speaker 2: chief today.
Speaker 3: From Tel Aviva.
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