WEBVTT - Jimmy Carter's Passing; Republicans Fight to Back Speaker Johnson

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Amy

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<v Speaker 1>Morris and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today.

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<v Speaker 2>Karen, we begin this morning with the passing of a

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<v Speaker 2>former US president. Jimmy Carter, the thirty ninth President of

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<v Speaker 2>the United States, died at his home in Georgia Sunday

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<v Speaker 2>at the age of one hundred, the longest living president

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<v Speaker 2>in US history. Carter's accomplishments during his one term in

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<v Speaker 2>the nation's highest office included brokering and historic peace accord

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<v Speaker 2>between Israel and Egypt. He faced several domestic and foreign

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<v Speaker 2>challenges throughout his presidency, but he refined the post presidency

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<v Speaker 2>for US leaders. Bloomberg's John Tucker takes a look back

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<v Speaker 2>at Jimmy Carter's political career and legacy.

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<v Speaker 3>Jimmy Carter served as state senator and governor of Georgia

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<v Speaker 3>before becoming the thirty ninth President of the United States.

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<v Speaker 4>I Jimmy Carter do selling this sware that I will

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<v Speaker 4>faithfully acute Bravo.

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<v Speaker 3>Carter's tenure in the Oval office was tumultuous, marked by inflation,

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<v Speaker 3>a recession, and an energy crisis.

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<v Speaker 5>Our dependence on four and all will be stopped Dead.

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<v Speaker 6>In its tract right Now.

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<v Speaker 3>Carter encouraged energy conservation by all US citizens and created

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<v Speaker 3>the Department of Energy. His final year in office was

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<v Speaker 3>marred by the Iran hostage crisis, which contributed to his

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<v Speaker 3>loss to Ronald Reagan in nineteen eighty. After politics, Carter

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<v Speaker 3>committed much of his time to peacekeeping and humanitarian efforts

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<v Speaker 3>like Habitat for Humanity.

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<v Speaker 7>Join us with Habitat for Humanity as we rebuilt Holmes

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<v Speaker 7>and Live.

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<v Speaker 3>Jimmy Carter was the longest retired president and the first

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<v Speaker 3>to live past the age of ninety five. John Tucker

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<v Speaker 3>Bloomberg Radio.

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<v Speaker 1>All right, John, thank you well. After leaving office, Jimmy

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<v Speaker 1>Carter founded the Carter Center and was awarded the Nobel

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<v Speaker 1>Peace Prize in two thousand and two for his decades

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<v Speaker 1>long efforts to promote peace, democracy, and human rights.

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<v Speaker 6>President Biden paid tribute.

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<v Speaker 7>He worked to eradicate disease, not nicess at home, but

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<v Speaker 7>around the world. He forge peace, advanced civil rights, human rights,

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<v Speaker 7>promoter free and fair elections around the world. He built

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<v Speaker 7>housing and homeless for the hopeless without hands, and his

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<v Speaker 7>compassion and moral clerk to clarity lifts the people up

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<v Speaker 7>and changed lives and saved lives.

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<v Speaker 8>All over the globe.

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<v Speaker 1>President Biden also recalled his long friendship with Carter.

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<v Speaker 7>I've been hanging out with Jimmy Carter for over fifty

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<v Speaker 7>years at Dawn Dummy, and I had countless conversation over

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<v Speaker 7>those years. Well, I find extraordinary about Jimmy Carter. Goof,

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<v Speaker 7>there's millions of people all around the world, all over

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<v Speaker 7>the world feel they lost a friend as well.

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<v Speaker 1>President Biden says he'll order a state funeral for Carter

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<v Speaker 1>in Washington and designated January ninth as a National Day

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<v Speaker 1>of mourning. The US stock market traditionally closes on the

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<v Speaker 1>day of presidential funerals, and no announcement has been made

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<v Speaker 1>as of yet by Exchange overseers.

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<v Speaker 2>President elect Donald Trump also paid to Carter on social media.

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<v Speaker 2>While Trump often spoke negatively about Carter's presidency during the campaign,

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<v Speaker 2>he wrote on Truth Social yesterday that Carter quote did

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<v Speaker 2>everything in his power to improve the lives of all Americans.

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<v Speaker 2>For that we all owe him a gret of gratitude.

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<v Speaker 1>Well, Amy, We'll have more on the passing of Jimmy

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<v Speaker 1>Carter throughout the program but we continue now with other

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<v Speaker 1>headlines this morning. Elsewhere in politics, and Republican hardliners have

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<v Speaker 1>not committed to re electing GOP leader Mike Johnson his

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<v Speaker 1>House speaker after he backed a temporary spending deal that

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<v Speaker 1>did not include President elect Trump's initial demand for lifting

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<v Speaker 1>the US debt ceiling, but others are pushing back. New

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<v Speaker 1>York Republican Congressman Mike Lawler says the infighting is a

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<v Speaker 1>waste of time.

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<v Speaker 9>Matt Gates and several of my colleagues teamed up with

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<v Speaker 9>two hundred and eight Democrats to remove Kevin McCarthy, which

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<v Speaker 9>will go down as the single stupidest thing I've ever

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<v Speaker 9>seen in politics. With that said, removing Mike Johnson would

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<v Speaker 9>equally be as stupid looking Congress and Mike Lawler told

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<v Speaker 9>ABC's This Week the party is playing with fire if

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<v Speaker 9>it removes Johnson as speaker in January.

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<v Speaker 1>Johnson can only afford to lose one vote among his

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<v Speaker 1>slim Republican majority when the House votes on its new leader.

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<v Speaker 1>If removed, a battle to replace Johnson could delay other

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<v Speaker 1>aspects of Congress, including certifying Trump's election win. How speakership

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<v Speaker 1>vote is scheduled for January third.

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<v Speaker 2>And Karen We also saw political infighting this weekend on

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<v Speaker 2>social media over immigration. An online debate ensued over the

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<v Speaker 2>H one B visa program, which allows companies to hire

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<v Speaker 2>foreign workers in specialty occupations. Trump's appointment of Saram Krishnan

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<v Speaker 2>as senior policy advisor sparked some pushback from far right

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<v Speaker 2>activist Laura Lumer and former Trump advisor Steve Bannon, and

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<v Speaker 2>in the past, Chrishnan has supported an extension of visas

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<v Speaker 2>and green cards for skilled workers. Trump advisor Elon Musk

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<v Speaker 2>wade in, however, saying he supports the H one B

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<v Speaker 2>visa program for highly skilled workers and criticized those in

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<v Speaker 2>Trump's base of support who don't back it.

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<v Speaker 6>Trump seemed to take.

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<v Speaker 2>Musk's side, telling the New York Post quote, it's a

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<v Speaker 2>great program and has always been in favor of the visus.

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<v Speaker 1>Hey while oversees amy Elon Musk making waves as he

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<v Speaker 1>weighs into international politics. The world's richest man doubled down

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<v Speaker 1>on his support for the far right Alternative for Germany

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<v Speaker 1>Party two months ahead of the country's elections. Musk wrote

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<v Speaker 1>the AfD party was the last spark of hope for Germany.

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<v Speaker 1>In an opinion piece in a German newspaper. Three stage

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<v Speaker 1>chapters of the AfD are classified as extremists and are

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<v Speaker 1>under surveillance by Germany's domestic intelligence service.

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<v Speaker 2>Staying overseas, we're also following the deadly plane crash in

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<v Speaker 2>South Korea. One hundred and seventy nine people were killed

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<v Speaker 2>when a Boeing seven thirty seven crash landed at one

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<v Speaker 2>international airport Sunday morning. Investigators in South Korea are probing

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<v Speaker 2>the cause of the country's worst ever ever civil aviation accident.

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<v Speaker 2>Bloomberg Asia aviation reporter Danny Lee says the pilot issued

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<v Speaker 2>a may day minutes after the controls hour warned of

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<v Speaker 2>a bird strike.

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<v Speaker 10>So the bird strike warning was given to pilots by

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<v Speaker 10>the airport staff and airtraft control in the minutes before

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<v Speaker 10>the landing, and this is a critical phase of flight

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<v Speaker 10>for pilots to obviously navigate safely in land. And after

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<v Speaker 10>this bird strike warning there was a made a call

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<v Speaker 10>from the pilots they had suffered a bird strike, and

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<v Speaker 10>then subsequently, minutes later the crash happened.

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<v Speaker 2>Bloomberg's Danny Lie says investigators will focus on an unusual

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<v Speaker 2>landing gear failure in the final moments of the flight.

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<v Speaker 2>A second aircraft from the same airline suffered a similar

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<v Speaker 2>fault this morning above Seoul before returning safely to the airport.

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<v Speaker 6>Well lamy a South Korea.

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<v Speaker 1>Morenst devastating plane crash, the country continues to experience political

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<v Speaker 1>turmoil and a restaurarrant being soft for South Korea's president.

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<v Speaker 1>Yunsak Yule, the MPH leader had repeatedly defined court summons

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<v Speaker 1>to a peer for questioning over his decision to declare

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<v Speaker 1>martial law and vow to keep defending himself.

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<v Speaker 6>And finally, a look at markets.

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<v Speaker 2>As Wall Street enters the holiday short and final trading

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<v Speaker 2>week of twenty twenty four, investors have seen a pullback

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<v Speaker 2>recently in the Magnificent seven tech stocks that have powered

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<v Speaker 2>two years of gains. Despite uncertainty about the FED and

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<v Speaker 2>economic policies in a second Trump administration, Lall Street strategists

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<v Speaker 2>are expression cautious optimism on US doocs heading into the

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<v Speaker 2>new year. Thomas Martin, senior portfolio manager with Global Tea Investments,

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<v Speaker 2>believes equities could continue to push higher.

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<v Speaker 11>The underlying fundamentals in the economy, the expected earnings growth

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<v Speaker 11>of companies and the expected growth rate of GDP and

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<v Speaker 11>potential for positive things that can happen really are forcing

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<v Speaker 11>strategists and people to be positive on the next year.

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<v Speaker 11>So you know, a ten percent rate of return in

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<v Speaker 11>the S and P five hundred is sort of the

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<v Speaker 11>long term average over the last three decades, and that's

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<v Speaker 11>sort of the centralcy that I'm seeing in the strategists

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<v Speaker 11>that I see surveyed. So it's quite possible we could

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<v Speaker 11>have up year.

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<v Speaker 2>Thomas Martin with Globald Investments believes the outcome range for

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<v Speaker 2>the S and P in twenty twenty five is likely

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<v Speaker 2>wider than investors are anticipating.

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<v Speaker 1>But it's time now for a look at some of

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<v Speaker 1>the other stories making news in New York and around

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<v Speaker 1>the world, and for that we're joined by Bloombergy's Michael Barr.

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<v Speaker 5>Michael, good morning, Good morning Karen, And as we've been reporting,

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<v Speaker 5>tributes continue to Poorian after the death of former President

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<v Speaker 5>Jimmy Carter, known as a champion of human rights. Former

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<v Speaker 5>New York Governor David Patterson is remembering Carter most.

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<v Speaker 12>Of all, he was able to mix his commitment spiritually

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<v Speaker 12>to his professionalism as an elected official, and very few

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<v Speaker 12>people that have ever held office in this country have

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<v Speaker 12>done that.

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<v Speaker 5>Former President Jimmy Carter, also the winner of the Nobel

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<v Speaker 5>Peace Prize night Sunday at the age of one hundred.

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<v Speaker 5>A strong storm system is threatening to whip up tornadoes

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<v Speaker 5>in parts of the US southeast, a day after severe

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<v Speaker 5>weather claimed at least two lives and injured six others

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<v Speaker 5>as twisters touched down in Texas and Mississippi. Strong storms

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<v Speaker 5>moving eastward are expected to continue producing gusty, damaging winds, hail,

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<v Speaker 5>and tornadoes. Terry hackel is with a Texas based rescue

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<v Speaker 5>group called On Point Rescue, who deployed volunteers to help

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<v Speaker 5>with the cleanup effort in the Montgomery County community of

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<v Speaker 5>Porter Heights.

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<v Speaker 13>This is bad, but people will recover. This community is tight,

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<v Speaker 13>so we're seeing that a lot. These are mostly people

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<v Speaker 13>that are out. They're not getting paid to be here.

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<v Speaker 13>This is volunteers that our entire team is volunteers.

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<v Speaker 5>Terry Hackele with On Point Rescue says many of those

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<v Speaker 5>affected don't have home insurance. Tony Award winning stage actress

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<v Speaker 5>Linda Levin became a working class icon as a waitress

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<v Speaker 5>on the TV sitcom Alice Has Died. Levin was already

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<v Speaker 5>a success on broad Way when she was chosen to start,

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<v Speaker 5>and at the time a new CBS sitcom in nineteen

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<v Speaker 5>seventy six based on the Oscar winning film Alice Doesn't

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<v Speaker 5>Live Here Anymore. Lavin's representative says she died Sunday of

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<v Speaker 5>complications from lung cancer at age eighty seven. Final preparations

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<v Speaker 5>underway in Times Squares New Year's celebration. The Crossroad of

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<v Speaker 5>the World is set to welcome millions as the ball

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<v Speaker 5>drops from the top of the one Time Square tower

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<v Speaker 5>to ring in twenty twenty five. Yesterday, workers at the

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<v Speaker 5>site rehearsed the confetti toss. New Year's Eve Executive producer

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<v Speaker 5>Jeffrey Strauss says cruise will be on rooftops around Time

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<v Speaker 5>Square to toss confetti by hand.

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<v Speaker 12>As the ball descends and innumerals light up twenty twenty five,

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<v Speaker 12>There's going to be a blizzard of colorful confetti.

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<v Speaker 5>New Year's Eve Executive producer Jeffrey Strauss says about three

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<v Speaker 5>thousand pounds of confetti will be released Global news twenty

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<v Speaker 5>four hours a day and whenever you want it. With

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<v Speaker 5>the Bloomberg news Now. I'm Michael Barr, and this is Bloomberg.

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<v Speaker 1>All right, Michael Barr, thank you time now for the

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<v Speaker 1>Bloombergy Sports update. Brown to you by Try State Outie.

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<v Speaker 1>Here's Dan Schwartzman, Dan, good morning.

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<v Speaker 6>Good morning Karen.

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<v Speaker 14>The Giants snapped their franchise record ten game losing streak.

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<v Speaker 15>The second half kickoff is take it out by Smith

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<v Speaker 15>bar Set, still going, Lemir Smith bar Set, the Jersey

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<v Speaker 15>native takes it all the way for a Giants.

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<v Speaker 14>Touchdown that's courtesy of Fox Sports. With a forty five

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<v Speaker 14>to thirty three winner of the Colts, the Giants avoid

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<v Speaker 14>becoming the first team to go win nine at.

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<v Speaker 6>Home in a season.

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<v Speaker 14>Drew Lock throwse for three hundred and nine yards and

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<v Speaker 14>four touchdowns with the win. Though the Giants lose their

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<v Speaker 14>grip on the first overall pick of the upcoming NFL Draft.

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<v Speaker 6>They now hold the fourth selection.

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<v Speaker 14>Jets get dominated in Buffalo forty to fourteen by the Bills,

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<v Speaker 14>Aaron Rodgers getting benched after throwing two interceptions.

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<v Speaker 6>Jets fought a four and twelve.

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<v Speaker 14>The Bills clinched his second seed in the AFC behind

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<v Speaker 14>the Chiefs. Elsewhere, Eagles dominate the Cowboys forty one to seven,

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<v Speaker 14>Saquon Barkley becoming just the ninth running back in history

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<v Speaker 14>to surpass two thousand yards rushing in a season. Barkley

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<v Speaker 14>is going to need one hundred and one yards next

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<v Speaker 14>Sunday versus the Rams to break Eric Dickerson's forty year

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<v Speaker 14>old rushing record of two one hundred and five yards

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<v Speaker 14>in a season. With the win, Eagles clinching the NFC

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<v Speaker 14>East Commanders improved eleven and five and overtime thirty to

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<v Speaker 14>twenty four win over the Falcons to clinch a playoff berth. Meanwhile,

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<v Speaker 14>the Vikings win their ninth game in a row. They

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<v Speaker 14>knock off the Packers twenty seven to twenty five. If

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<v Speaker 14>the Lines win tonight over the forty nine Ers, Vikings

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<v Speaker 14>and Lines will be playing next weekend in Detroit for

0:12:34.200 --> 0:12:36.600
<v Speaker 14>both the NFC North Crown as well as the top

0:12:36.640 --> 0:12:39.600
<v Speaker 14>seed in the NFC playoffs. Looking at the NBA, the

0:12:39.640 --> 0:12:41.840
<v Speaker 14>Celtics lose for the third time in four games. They

0:12:41.920 --> 0:12:44.440
<v Speaker 14>fall to the Pacers in Boston one twenty three to

0:12:44.440 --> 0:12:47.040
<v Speaker 14>one fourteen, while the Magic slip past the Nets one

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<v Speaker 14>oh two to one oh one.

0:12:48.559 --> 0:12:51.599
<v Speaker 6>That's your Bloomberg Sports update. I'm Dan Schwartzman.

0:12:53.240 --> 0:12:57.360
<v Speaker 8>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

0:12:57.480 --> 0:13:00.360
<v Speaker 8>and around the world on Bloomberg dot Com and the

0:13:00.400 --> 0:13:04.319
<v Speaker 8>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 2>Five fourteen on Wall Street, and we're looking back this

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<v Speaker 2>morning at the life and legacy of former President Jimmy Carter.

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<v Speaker 2>We're joined now by Terry Haynes, the founder of Pangaea Policy.

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<v Speaker 6>Terry, good morning to you.

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<v Speaker 2>Jimmy Carter was a one term president, but it was

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<v Speaker 2>his post White House work that really seemed to define him.

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<v Speaker 4>Good morning, Amy, And you know, just so Carter, and

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<v Speaker 4>ironically Richard Nixon, who his own difficulties did so much

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<v Speaker 4>to bring Carter into the White House, ultimately really defined

0:13:37.960 --> 0:13:41.200
<v Speaker 4>the post presidency in a lot of different ways. A

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<v Speaker 4>lot of what a lot of what's been said about

0:13:43.840 --> 0:13:50.480
<v Speaker 4>Carter post presidency accurately about peace and advice and all

0:13:50.480 --> 0:13:55.640
<v Speaker 4>the kind of back scenes work was also engaged in

0:13:55.679 --> 0:13:59.680
<v Speaker 4>by Nixon to some extent, and they really changed the

0:13:59.720 --> 0:14:05.920
<v Speaker 4>way that presidents dealt with their post presidency. So all

0:14:05.960 --> 0:14:09.360
<v Speaker 4>credit to him for that. Two quick points on Carter

0:14:09.520 --> 0:14:12.800
<v Speaker 4>beyond that one for markets, because I always start there.

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<v Speaker 4>Carter really broke the back of inflation in the late

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<v Speaker 4>nineteen seventies and early nineteen eighties. Those with longer memories

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<v Speaker 4>will always say, well, Paul Vulker did this, Paul Vulker

0:14:24.160 --> 0:14:27.680
<v Speaker 4>did that. It was Carter that put Paul Vulker in there,

0:14:27.680 --> 0:14:31.160
<v Speaker 4>and it was Carter that told Vulker that he would

0:14:31.160 --> 0:14:34.360
<v Speaker 4>back Vulker's own views about this to the hilt and

0:14:34.720 --> 0:14:38.360
<v Speaker 4>deal with the political fallout. And ultimately Vulker got the

0:14:38.480 --> 0:14:40.960
<v Speaker 4>kudos and Carter got the short end of the stick.

0:14:41.080 --> 0:14:45.440
<v Speaker 4>But Carter should be remembered for that. Finally, Carter is

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<v Speaker 4>really the last Democratic president to challenge Democratic articles of

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<v Speaker 4>faith that more government and more money are always the

0:14:52.400 --> 0:14:55.960
<v Speaker 4>solution to problems, and he fell out with his own

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<v Speaker 4>Congress over that, and that contributed to his one term status.

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<v Speaker 2>Briefly, you also mentioned some of the ways he carried

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<v Speaker 2>through how Nixon performed in his post presidency. But Carter

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<v Speaker 2>also continued efforts that started during the Nixon administration to

0:15:12.720 --> 0:15:14.400
<v Speaker 2>normalize relations with China.

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<v Speaker 11>Oh.

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<v Speaker 4>Absolutely, And you know, I don't mean to engage or

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<v Speaker 4>suggest what about ism here. I just think it's the

0:15:22.480 --> 0:15:28.120
<v Speaker 4>parallel tracks are very very interesting Nixon. Nixon, of course

0:15:28.160 --> 0:15:32.800
<v Speaker 4>started the China Thought policy, and Carter really moved into

0:15:32.840 --> 0:15:37.560
<v Speaker 4>that and continued it with a vengeance. And from the

0:15:37.680 --> 0:15:41.960
<v Speaker 4>perspective of almost fifty years that was somewhat controversial to

0:15:42.000 --> 0:15:46.680
<v Speaker 4>continue that way, but he did it, and his created

0:15:47.360 --> 0:15:50.440
<v Speaker 4>I think unwittingly today, but I wouldn't fault him for this.

0:15:50.640 --> 0:15:57.480
<v Speaker 4>Back then created the Taiwan's Strategic Ambiguity policy that is

0:15:57.520 --> 0:16:01.280
<v Speaker 4>now so much front and center in China Taiwan relations.

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<v Speaker 2>Now we only have about thirty seconds here. What is

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<v Speaker 2>the main thing that stands out to you about former

0:16:07.200 --> 0:16:08.120
<v Speaker 2>President Jimmy Carter.

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<v Speaker 4>Well, look, this is a very good and decent man. Firstly,

0:16:12.720 --> 0:16:16.560
<v Speaker 4>and not as an aside, it is he is a

0:16:16.640 --> 0:16:19.720
<v Speaker 4>remarkable man in many reasons. You know, this is a

0:16:19.760 --> 0:16:23.120
<v Speaker 4>person who wanted to live a useful life and did

0:16:23.960 --> 0:16:28.400
<v Speaker 4>beyond that. His very maverick status within the Democratic Party

0:16:28.400 --> 0:16:30.880
<v Speaker 4>I think really helped doom him do a one term status.

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<v Speaker 6>I'm Karen Moscow and I'm Amy Morris.

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