WEBVTT - Single Best Idea with Tom Keene:  Francisco Blanch and Janno Lieber

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news, single best idea.

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<v Speaker 2>What a great set of conversations today to start out.

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<v Speaker 2>And the team is working around the clock and we're

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<v Speaker 2>tweaking and we're trying to be polite. There's so many guests,

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<v Speaker 2>particularly given the war, that we have to cancel and

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<v Speaker 2>we always have them back. But you know, there's a

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<v Speaker 2>ballet to it and all that, and this was just

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<v Speaker 2>a wonderful Monday. Strong Francisco Blanche was able to stop

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<v Speaker 2>buy in studio. He drives all of commodity coverage at

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<v Speaker 2>Bank of America. Is a wonderful European perspective. But he

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<v Speaker 2>really focused on the Pacific rim and around India as

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<v Speaker 2>being where you are going to see this war effect.

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<v Speaker 2>He was optimistic on America.

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<v Speaker 3>The US is going to be the last mans. Then

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<v Speaker 3>that's true, right, that's so true. America is a net

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<v Speaker 3>energy explorer. Uh Now, there's going to be certain portions

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<v Speaker 3>of the US public that are not gonna that are

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<v Speaker 3>not going to have a great time as prices go up.

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<v Speaker 3>I get that, particularly if you're the bottom pointile, bottom

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<v Speaker 3>quartal of the of the income ladder. This this is

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<v Speaker 3>a crisis that's really impacting your pocket and I you know,

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<v Speaker 3>I feel for those people. But but but I think,

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<v Speaker 3>I think ultimately as a country, America makes money when

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<v Speaker 3>energy prices go up, and and I think what you

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<v Speaker 3>might have to think about is some way of redistribution.

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<v Speaker 3>One way is to suspend the federal excise tax, which

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<v Speaker 3>as you know, has been on another discussion. But there's

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<v Speaker 3>all the things that can be done pretty effectively to

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<v Speaker 3>to cushion to limit the impact of higher energy prices

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<v Speaker 3>on lower income households.

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<v Speaker 2>Francisco Blanche of the Bank of America for those of

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<v Speaker 2>you internationally, New York is transfixed by another strike. We

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<v Speaker 2>have a whole set of transportation. Paul Sweeney very very

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<v Speaker 2>familiar with New Jersey Transit, which goes out to the

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<v Speaker 2>west and of course is affected with FIFA in the

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<v Speaker 2>World Cup and all that up north. Ted fin who

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<v Speaker 2>helps me on television always on Metro north up to

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<v Speaker 2>Connecticut and the Hudson River. But out east is the

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<v Speaker 2>oddest railroad in the world. We say it is long Island,

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<v Speaker 2>and no one understands how long long island is. It

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<v Speaker 2>is ae hundred and two miles from Penn Station to

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<v Speaker 2>East Hampton. It's extraordinary. This peace of land that hangs

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<v Speaker 2>off New York. Their transportation is broken. We spoke today

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<v Speaker 2>to the head of the MTA about the l R strike,

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<v Speaker 2>Jena Lieber Tom.

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<v Speaker 4>We have eighty separate bargaining units. We have eighty separate

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<v Speaker 4>unions in effect to negotiate with. It is really a

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<v Speaker 4>complicated labor environment and there are differences among them. But

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<v Speaker 4>generally speaking, we do what we call pattern bargaining. We

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<v Speaker 4>make a deal with the biggest union and then the

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<v Speaker 4>others have to fit their deals within the economic box

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<v Speaker 4>that that creates. This group of unions wants to go

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<v Speaker 4>outside the box to get us a special deal, and

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<v Speaker 4>that is the source of the tension and the conflicts

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<v Speaker 4>so far. But as I said, we're trying to resolve it.

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<v Speaker 4>Chop chop right now.

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<v Speaker 2>Nicely explain and of course this revolution work from home

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<v Speaker 2>assisting everyone. Today we had one of our guests that

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<v Speaker 2>came to us from her home because of the strike.

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<v Speaker 2>We're never on strike. And of course the podcast here,

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<v Speaker 2>it's out on Spotify, it's out on Apple, on YouTube podcasts.

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<v Speaker 2>This is single best idea