Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Amy
Speaker 1: Morris and I'm Karen Moscow. Here are the stories we're
Speaker 1: following today.
Speaker 2: Karen, we begin this morning with the passing of a
Speaker 2: former US president. Jimmy Carter, the thirty ninth President of
Speaker 2: the United States, died at his home in Georgia Sunday
Speaker 2: at the age of one hundred, the longest living president
Speaker 2: in US history. Carter's accomplishments during his one term in
Speaker 2: the nation's highest office included brokering and historic peace accord
Speaker 2: between Israel and Egypt. He faced several domestic and foreign
Speaker 2: challenges throughout his presidency, but he refined the post presidency
Speaker 2: for US leaders. Bloomberg's John Tucker takes a look back
Speaker 2: at Jimmy Carter's political career and legacy.
Speaker 3: Jimmy Carter served as state senator and governor of Georgia
Speaker 3: before becoming the thirty ninth President of the United States.
Speaker 4: I Jimmy Carter do selling this sware that I will
Speaker 4: faithfully acute Bravo.
Speaker 3: Carter's tenure in the Oval office was tumultuous, marked by inflation,
Speaker 3: a recession, and an energy crisis.
Speaker 5: Our dependence on four and all will be stopped Dead.
Speaker 6: In its tract right Now.
Speaker 3: Carter encouraged energy conservation by all US citizens and created
Speaker 3: the Department of Energy. His final year in office was
Speaker 3: marred by the Iran hostage crisis, which contributed to his
Speaker 3: loss to Ronald Reagan in nineteen eighty. After politics, Carter
Speaker 3: committed much of his time to peacekeeping and humanitarian efforts
Speaker 3: like Habitat for Humanity.
Speaker 7: Join us with Habitat for Humanity as we rebuilt Holmes
Speaker 7: and Live.
Speaker 3: Jimmy Carter was the longest retired president and the first
Speaker 3: to live past the age of ninety five. John Tucker
Speaker 3: Bloomberg Radio.
Speaker 1: All right, John, thank you well. After leaving office, Jimmy
Speaker 1: Carter founded the Carter Center and was awarded the Nobel
Speaker 1: Peace Prize in two thousand and two for his decades
Speaker 1: long efforts to promote peace, democracy, and human rights.
Speaker 6: President Biden paid tribute.
Speaker 7: He worked to eradicate disease, not nicess at home, but
Speaker 7: around the world. He forge peace, advanced civil rights, human rights,
Speaker 7: promoter free and fair elections around the world. He built
Speaker 7: housing and homeless for the hopeless without hands, and his
Speaker 7: compassion and moral clerk to clarity lifts the people up
Speaker 7: and changed lives and saved lives.
Speaker 8: All over the globe.
Speaker 1: President Biden also recalled his long friendship with Carter.
Speaker 7: I've been hanging out with Jimmy Carter for over fifty
Speaker 7: years at Dawn Dummy, and I had countless conversation over
Speaker 7: those years. Well, I find extraordinary about Jimmy Carter. Goof,
Speaker 7: there's millions of people all around the world, all over
Speaker 7: the world feel they lost a friend as well.
Speaker 1: President Biden says he'll order a state funeral for Carter
Speaker 1: in Washington and designated January ninth as a National Day
Speaker 1: of mourning. The US stock market traditionally closes on the
Speaker 1: day of presidential funerals, and no announcement has been made
Speaker 1: as of yet by Exchange overseers.
Speaker 2: President elect Donald Trump also paid to Carter on social media.
Speaker 2: While Trump often spoke negatively about Carter's presidency during the campaign,
Speaker 2: he wrote on Truth Social yesterday that Carter quote did
Speaker 2: everything in his power to improve the lives of all Americans.
Speaker 2: For that we all owe him a gret of gratitude.
Speaker 1: Well, Amy, We'll have more on the passing of Jimmy
Speaker 1: Carter throughout the program but we continue now with other
Speaker 1: headlines this morning. Elsewhere in politics, and Republican hardliners have
Speaker 1: not committed to re electing GOP leader Mike Johnson his
Speaker 1: House speaker after he backed a temporary spending deal that
Speaker 1: did not include President elect Trump's initial demand for lifting
Speaker 1: the US debt ceiling, but others are pushing back. New
Speaker 1: York Republican Congressman Mike Lawler says the infighting is a
Speaker 1: waste of time.
Speaker 9: Matt Gates and several of my colleagues teamed up with
Speaker 9: two hundred and eight Democrats to remove Kevin McCarthy, which
Speaker 9: will go down as the single stupidest thing I've ever
Speaker 9: seen in politics. With that said, removing Mike Johnson would
Speaker 9: equally be as stupid looking Congress and Mike Lawler told
Speaker 9: ABC's This Week the party is playing with fire if
Speaker 9: it removes Johnson as speaker in January.
Speaker 1: Johnson can only afford to lose one vote among his
Speaker 1: slim Republican majority when the House votes on its new leader.
Speaker 1: If removed, a battle to replace Johnson could delay other
Speaker 1: aspects of Congress, including certifying Trump's election win. How speakership
Speaker 1: vote is scheduled for January third.
Speaker 2: And Karen We also saw political infighting this weekend on
Speaker 2: social media over immigration. An online debate ensued over the
Speaker 2: H one B visa program, which allows companies to hire
Speaker 2: foreign workers in specialty occupations. Trump's appointment of Saram Krishnan
Speaker 2: as senior policy advisor sparked some pushback from far right
Speaker 2: activist Laura Lumer and former Trump advisor Steve Bannon, and
Speaker 2: in the past, Chrishnan has supported an extension of visas
Speaker 2: and green cards for skilled workers. Trump advisor Elon Musk
Speaker 2: wade in, however, saying he supports the H one B
Speaker 2: visa program for highly skilled workers and criticized those in
Speaker 2: Trump's base of support who don't back it.
Speaker 6: Trump seemed to take.
Speaker 2: Musk's side, telling the New York Post quote, it's a
Speaker 2: great program and has always been in favor of the visus.
Speaker 1: Hey while oversees amy Elon Musk making waves as he
Speaker 1: weighs into international politics. The world's richest man doubled down
Speaker 1: on his support for the far right Alternative for Germany
Speaker 1: Party two months ahead of the country's elections. Musk wrote
Speaker 1: the AfD party was the last spark of hope for Germany.
Speaker 1: In an opinion piece in a German newspaper. Three stage
Speaker 1: chapters of the AfD are classified as extremists and are
Speaker 1: under surveillance by Germany's domestic intelligence service.
Speaker 2: Staying overseas, we're also following the deadly plane crash in
Speaker 2: South Korea. One hundred and seventy nine people were killed
Speaker 2: when a Boeing seven thirty seven crash landed at one
Speaker 2: international airport Sunday morning. Investigators in South Korea are probing
Speaker 2: the cause of the country's worst ever ever civil aviation accident.
Speaker 2: Bloomberg Asia aviation reporter Danny Lee says the pilot issued
Speaker 2: a may day minutes after the controls hour warned of
Speaker 2: a bird strike.
Speaker 10: So the bird strike warning was given to pilots by
Speaker 10: the airport staff and airtraft control in the minutes before
Speaker 10: the landing, and this is a critical phase of flight
Speaker 10: for pilots to obviously navigate safely in land. And after
Speaker 10: this bird strike warning there was a made a call
Speaker 10: from the pilots they had suffered a bird strike, and
Speaker 10: then subsequently, minutes later the crash happened.
Speaker 2: Bloomberg's Danny Lie says investigators will focus on an unusual
Speaker 2: landing gear failure in the final moments of the flight.
Speaker 2: A second aircraft from the same airline suffered a similar
Speaker 2: fault this morning above Seoul before returning safely to the airport.
Speaker 6: Well lamy a South Korea.
Speaker 1: Morenst devastating plane crash, the country continues to experience political
Speaker 1: turmoil and a restaurarrant being soft for South Korea's president.
Speaker 1: Yunsak Yule, the MPH leader had repeatedly defined court summons
Speaker 1: to a peer for questioning over his decision to declare
Speaker 1: martial law and vow to keep defending himself.
Speaker 6: And finally, a look at markets.
Speaker 2: As Wall Street enters the holiday short and final trading
Speaker 2: week of twenty twenty four, investors have seen a pullback
Speaker 2: recently in the Magnificent seven tech stocks that have powered
Speaker 2: two years of gains. Despite uncertainty about the FED and
Speaker 2: economic policies in a second Trump administration, Lall Street strategists
Speaker 2: are expression cautious optimism on US doocs heading into the
Speaker 2: new year. Thomas Martin, senior portfolio manager with Global Tea Investments,
Speaker 2: believes equities could continue to push higher.
Speaker 11: The underlying fundamentals in the economy, the expected earnings growth
Speaker 11: of companies and the expected growth rate of GDP and
Speaker 11: potential for positive things that can happen really are forcing
Speaker 11: strategists and people to be positive on the next year.
Speaker 11: So you know, a ten percent rate of return in
Speaker 11: the S and P five hundred is sort of the
Speaker 11: long term average over the last three decades, and that's
Speaker 11: sort of the centralcy that I'm seeing in the strategists
Speaker 11: that I see surveyed. So it's quite possible we could
Speaker 11: have up year.
Speaker 2: Thomas Martin with Globald Investments believes the outcome range for
Speaker 2: the S and P in twenty twenty five is likely
Speaker 2: wider than investors are anticipating.
Speaker 1: But it's time now for a look at some of
Speaker 1: the other stories making news in New York and around
Speaker 1: the world, and for that we're joined by Bloombergy's Michael Barr.
Speaker 5: Michael, good morning, Good morning Karen, And as we've been reporting,
Speaker 5: tributes continue to Poorian after the death of former President
Speaker 5: Jimmy Carter, known as a champion of human rights. Former
Speaker 5: New York Governor David Patterson is remembering Carter most.
Speaker 12: Of all, he was able to mix his commitment spiritually
Speaker 12: to his professionalism as an elected official, and very few
Speaker 12: people that have ever held office in this country have
Speaker 12: done that.
Speaker 5: Former President Jimmy Carter, also the winner of the Nobel
Speaker 5: Peace Prize night Sunday at the age of one hundred.
Speaker 5: A strong storm system is threatening to whip up tornadoes
Speaker 5: in parts of the US southeast, a day after severe
Speaker 5: weather claimed at least two lives and injured six others
Speaker 5: as twisters touched down in Texas and Mississippi. Strong storms
Speaker 5: moving eastward are expected to continue producing gusty, damaging winds, hail,
Speaker 5: and tornadoes. Terry hackel is with a Texas based rescue
Speaker 5: group called On Point Rescue, who deployed volunteers to help
Speaker 5: with the cleanup effort in the Montgomery County community of
Speaker 5: Porter Heights.
Speaker 13: This is bad, but people will recover. This community is tight,
Speaker 13: so we're seeing that a lot. These are mostly people
Speaker 13: that are out. They're not getting paid to be here.
Speaker 13: This is volunteers that our entire team is volunteers.
Speaker 5: Terry Hackele with On Point Rescue says many of those
Speaker 5: affected don't have home insurance. Tony Award winning stage actress
Speaker 5: Linda Levin became a working class icon as a waitress
Speaker 5: on the TV sitcom Alice Has Died. Levin was already
Speaker 5: a success on broad Way when she was chosen to start,
Speaker 5: and at the time a new CBS sitcom in nineteen
Speaker 5: seventy six based on the Oscar winning film Alice Doesn't
Speaker 5: Live Here Anymore. Lavin's representative says she died Sunday of
Speaker 5: complications from lung cancer at age eighty seven. Final preparations
Speaker 5: underway in Times Squares New Year's celebration. The Crossroad of
Speaker 5: the World is set to welcome millions as the ball
Speaker 5: drops from the top of the one Time Square tower
Speaker 5: to ring in twenty twenty five. Yesterday, workers at the
Speaker 5: site rehearsed the confetti toss. New Year's Eve Executive producer
Speaker 5: Jeffrey Strauss says cruise will be on rooftops around Time
Speaker 5: Square to toss confetti by hand.
Speaker 12: As the ball descends and innumerals light up twenty twenty five,
Speaker 12: There's going to be a blizzard of colorful confetti.
Speaker 5: New Year's Eve Executive producer Jeffrey Strauss says about three
Speaker 5: thousand pounds of confetti will be released Global news twenty
Speaker 5: four hours a day and whenever you want it. With
Speaker 5: the Bloomberg news Now. I'm Michael Barr, and this is Bloomberg.
Speaker 1: All right, Michael Barr, thank you time now for the
Speaker 1: Bloombergy Sports update. Brown to you by Try State Outie.
Speaker 1: Here's Dan Schwartzman, Dan, good morning.
Speaker 6: Good morning Karen.
Speaker 14: The Giants snapped their franchise record ten game losing streak.
Speaker 15: The second half kickoff is take it out by Smith
Speaker 15: bar Set, still going, Lemir Smith bar Set, the Jersey
Speaker 15: native takes it all the way for a Giants.
Speaker 14: Touchdown that's courtesy of Fox Sports. With a forty five
Speaker 14: to thirty three winner of the Colts, the Giants avoid
Speaker 14: becoming the first team to go win nine at.
Speaker 6: Home in a season.
Speaker 14: Drew Lock throwse for three hundred and nine yards and
Speaker 14: four touchdowns with the win. Though the Giants lose their
Speaker 14: grip on the first overall pick of the upcoming NFL Draft.
Speaker 6: They now hold the fourth selection.
Speaker 14: Jets get dominated in Buffalo forty to fourteen by the Bills,
Speaker 14: Aaron Rodgers getting benched after throwing two interceptions.
Speaker 6: Jets fought a four and twelve.
Speaker 14: The Bills clinched his second seed in the AFC behind
Speaker 14: the Chiefs. Elsewhere, Eagles dominate the Cowboys forty one to seven,
Speaker 14: Saquon Barkley becoming just the ninth running back in history
Speaker 14: to surpass two thousand yards rushing in a season. Barkley
Speaker 14: is going to need one hundred and one yards next
Speaker 14: Sunday versus the Rams to break Eric Dickerson's forty year
Speaker 14: old rushing record of two one hundred and five yards
Speaker 14: in a season. With the win, Eagles clinching the NFC
Speaker 14: East Commanders improved eleven and five and overtime thirty to
Speaker 14: twenty four win over the Falcons to clinch a playoff berth. Meanwhile,
Speaker 14: the Vikings win their ninth game in a row. They
Speaker 14: knock off the Packers twenty seven to twenty five. If
Speaker 14: the Lines win tonight over the forty nine Ers, Vikings
Speaker 14: and Lines will be playing next weekend in Detroit for
Speaker 14: both the NFC North Crown as well as the top
Speaker 14: seed in the NFC playoffs. Looking at the NBA, the
Speaker 14: Celtics lose for the third time in four games. They
Speaker 14: fall to the Pacers in Boston one twenty three to
Speaker 14: one fourteen, while the Magic slip past the Nets one
Speaker 14: oh two to one oh one.
Speaker 6: That's your Bloomberg Sports update. I'm Dan Schwartzman.
Speaker 8: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 8: and around the world on Bloomberg dot Com and the
Speaker 8: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2: Five fourteen on Wall Street, and we're looking back this
Speaker 2: morning at the life and legacy of former President Jimmy Carter.
Speaker 2: We're joined now by Terry Haynes, the founder of Pangaea Policy.
Speaker 6: Terry, good morning to you.
Speaker 2: Jimmy Carter was a one term president, but it was
Speaker 2: his post White House work that really seemed to define him.
Speaker 4: Good morning, Amy, And you know, just so Carter, and
Speaker 4: ironically Richard Nixon, who his own difficulties did so much
Speaker 4: to bring Carter into the White House, ultimately really defined
Speaker 4: the post presidency in a lot of different ways. A
Speaker 4: lot of what a lot of what's been said about
Speaker 4: Carter post presidency accurately about peace and advice and all
Speaker 4: the kind of back scenes work was also engaged in
Speaker 4: by Nixon to some extent, and they really changed the
Speaker 4: way that presidents dealt with their post presidency. So all
Speaker 4: credit to him for that. Two quick points on Carter
Speaker 4: beyond that one for markets, because I always start there.
Speaker 4: Carter really broke the back of inflation in the late
Speaker 4: nineteen seventies and early nineteen eighties. Those with longer memories
Speaker 4: will always say, well, Paul Vulker did this, Paul Vulker
Speaker 4: did that. It was Carter that put Paul Vulker in there,
Speaker 4: and it was Carter that told Vulker that he would
Speaker 4: back Vulker's own views about this to the hilt and
Speaker 4: deal with the political fallout. And ultimately Vulker got the
Speaker 4: kudos and Carter got the short end of the stick.
Speaker 4: But Carter should be remembered for that. Finally, Carter is
Speaker 4: really the last Democratic president to challenge Democratic articles of
Speaker 4: faith that more government and more money are always the
Speaker 4: solution to problems, and he fell out with his own
Speaker 4: Congress over that, and that contributed to his one term status.
Speaker 2: Briefly, you also mentioned some of the ways he carried
Speaker 2: through how Nixon performed in his post presidency. But Carter
Speaker 2: also continued efforts that started during the Nixon administration to
Speaker 2: normalize relations with China.
Speaker 11: Oh.
Speaker 4: Absolutely, And you know, I don't mean to engage or
Speaker 4: suggest what about ism here. I just think it's the
Speaker 4: parallel tracks are very very interesting Nixon. Nixon, of course
Speaker 4: started the China Thought policy, and Carter really moved into
Speaker 4: that and continued it with a vengeance. And from the
Speaker 4: perspective of almost fifty years that was somewhat controversial to
Speaker 4: continue that way, but he did it, and his created
Speaker 4: I think unwittingly today, but I wouldn't fault him for this.
Speaker 4: Back then created the Taiwan's Strategic Ambiguity policy that is
Speaker 4: now so much front and center in China Taiwan relations.
Speaker 2: Now we only have about thirty seconds here. What is
Speaker 2: the main thing that stands out to you about former
Speaker 2: President Jimmy Carter.
Speaker 4: Well, look, this is a very good and decent man. Firstly,
Speaker 4: and not as an aside, it is he is a
Speaker 4: remarkable man in many reasons. You know, this is a
Speaker 4: person who wanted to live a useful life and did
Speaker 4: beyond that. His very maverick status within the Democratic Party
Speaker 4: I think really helped doom him do a one term status.
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Speaker 6: I'm Karen Moscow and I'm Amy Morris.
Speaker 2: Join us again tomorrow morning for all the news you
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