Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The single best idea is that the team gets some sleep.
Speaker 2: Starting at seven o'clock. Eight o'clock. Last night, our world
Speaker 2: was blown up by the announcement by the President of
Speaker 2: a selection as a nominee for Federal Reserve Chairman. This
Speaker 2: is a big deal. I mean, you go back to
Speaker 2: nineteen fifty one and President Truman and McChesney Martin. The
Speaker 2: basic idea here is this is rareer than you think.
Speaker 2: We don't see this every four years. We don't see
Speaker 2: this every two years. We see this once in a
Speaker 2: great while, like Alan Greenspan in nineteen eighty seven, and
Speaker 2: here presumably with Kevin Warsh we'll see an announcement from
Speaker 2: the President and then what seems to be a fractious
Speaker 2: Senate Banking Committee process. We chose to get many different perspectives.
Speaker 2: Our wonderful guests were a lead. Today. There were guests
Speaker 2: that were canceled. We literally had one guest who couldn't
Speaker 2: get to us because the trains were stuck under the
Speaker 2: Hudson at River in this brutal cold. We reached out
Speaker 2: to Neil Dudda of Renaissance Macro. We spoke to Neil
Speaker 2: Dudda about this moment at hand. He is critical of
Speaker 2: Kevin Walsh.
Speaker 1: Was it something I said? I don't think I shuttered Rob.
Speaker 1: You know, look, well he is everyone's least favorite candidate.
Speaker 1: I mean, I mean, to me, look, the main criticism
Speaker 1: I have of Kevin Walsh is lack of judgment, okay,
Speaker 1: because the performance his performance during the financial crisis was
Speaker 1: not a particularly good one, and I think you could
Speaker 1: say arguably that it is disqualifying. I mean to be
Speaker 1: that concerned about inflation at a time when the unemployment
Speaker 1: rate was rising very rapidly, you know, kind of strange credulity,
Speaker 1: and in the year since. Everyone makes bad calls, Okay,
Speaker 1: I mean, I've been a market treat economists for a while.
Speaker 1: I've made bad calls. Everyone makes bad calls. The issue
Speaker 1: is when you make bad calls and you're always wrong
Speaker 1: in the same direction that to me was open minded.
Speaker 2: This Neil Duneer there with more of a long term perspective.
Speaker 2: Claudia sam with us and all of our work for
Speaker 2: us on jobs Day, she's with us at eight thirty,
Speaker 2: right when those headlines come out. But she's far more
Speaker 2: an esteemed person with FED experience, with a real understanding
Speaker 2: of the challenges of success and failure at the FED.
Speaker 2: And she was really humble today about the criticism mister
Speaker 2: Worsh has had of her Federal Reserve system. Here is
Speaker 2: Claudia Sam.
Speaker 3: I was at the FED when Kevin Worsh was a governor.
Speaker 3: I've watched him in action as a policymaker. I've certainly
Speaker 3: followed his comments since then. I mean, there's a lot
Speaker 3: about his track record and his recent comments about what
Speaker 3: we see in the economy and what's appropriate for interest rates.
Speaker 3: All that said, I think the conversation about Kevin Worsh,
Speaker 3: and again today he got the nomination. He's not the
Speaker 3: FED chair yet.
Speaker 2: Claudia Sam looking forward to the Senate Banking Committee process
Speaker 2: that we will see in the coming weeks. We're on
Speaker 2: podcasts on Apple, on Spotify, on YouTube podcasts. A single
Speaker 2: best idea