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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Single best IDEA huge newsflow going on. I'm gonna keep

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Speaker 2: this wicket short today. What a great set of guests

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Speaker 2: in today. Alicia Manel with us from Boston College. She

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Speaker 2: is retiring from what she invented, the Center for Retirement Research.

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Speaker 2: Absolutely iconic. I'm thinking about the failure of the American

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Speaker 2: retirement system. What an honor to speak to Professor Manell.

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Speaker 2: Also in Today, David Salem from a HEDGEI really quite

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Speaker 2: scathing on alternative investments? How do you account for them?

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Speaker 2: What does the future look like for the illiquidity of

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Speaker 2: alternative investments? Jim Caron in on the dynamics of the

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Speaker 2: bond market. Karen with too much equity talk. I was

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Speaker 2: surprised that with Morgan Stanley, Jim Karen on the Fed.

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Speaker 1: This is one of the things that the Fed has

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Speaker 1: to worry about, is that we're getting these numbers like

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Speaker 1: point two point three percent month over month and inflation.

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Speaker 1: We need to start getting point ones. And that's the

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Speaker 1: issue here because essentially we need to get not just

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Speaker 1: down to that target level, but we have to believe

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Speaker 1: that we're going to stay there. It has to be durable,

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Speaker 1: meaning that the way the Fed would say it is

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Speaker 1: that not only does inflation have to come down, but

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Speaker 1: it has to stay anchored at lower levels. And you

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Speaker 1: know today's number is a friendly number in the sense

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Speaker 1: that did bring down yields. You know, it didn't surprise

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Speaker 1: to the upside. I think the markets were worried about that. Effectively,

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Speaker 1: this keeps the Fed on track to cutting interest rates.

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Speaker 2: In December, Jim Karen of Morgan Stanley, of course, of

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Speaker 2: conversation with Neil Kashkari, Michael McKee and John Farrell with

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Speaker 2: that that was interesting to say the least, and an

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Speaker 2: important conversation. In the last twenty four hours, sin Alli

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Speaker 2: basic with Jane Fraser of City Group. My most important

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Speaker 2: conversation was with the Richer Has, the former ambassador, all

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Speaker 2: of his work with Northern Ireland years ago, of course

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Speaker 2: the Modern Council on Foreign Relations. He's now emeritus there

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Speaker 2: and with some of you partners. Richard has on the

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Speaker 2: new tightness of the American system. Richard has on our

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Speaker 2: parliamentary approach.

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Speaker 3: For the first time in modern memory, we've become effectively

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Speaker 3: a parliamentary system. You've got one party, indeed one individual

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Speaker 3: with the lion's share of control the White House, the Senate,

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Speaker 3: the House, and Supreme Court that tilts that way. So

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Speaker 3: we no longer really have checks and balances to a

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Speaker 3: significant degree at the federal level. So the real question

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Speaker 3: is how does this president, how does this administration comport itself?

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Speaker 3: Does it respect any limits? Yes, they won the election,

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Speaker 3: but forty eight to forty nine percent of America voted

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Speaker 3: against them. And the real question is does our system

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Speaker 3: work with this degree of concentration of power? And what

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Speaker 3: makes me a little bit uneasy, Tom, is we're beginning

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Speaker 3: to see somehow would I call it exstitutional institutional things,

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Speaker 3: for example, this potential board of military people to look

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Speaker 3: at the political orientation of the generals, or what Elon

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Speaker 3: Muskus and Vivekas are being asked to do postage possibly

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Speaker 3: also a trades our position. What's interesting about all these things?

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Speaker 3: You should you're giving people the authority, but they're not

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Speaker 3: really accountable, and that makes me uneasy.

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Speaker 2: Richard Haass, some of you partners there blistering. I can't

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Speaker 2: say enough about his book. You want a short book

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Speaker 2: to throw at the brats. You've got college kids, they're

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Speaker 2: living at home, high school kids, smart and acute. Give

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Speaker 2: them a civics lesson. Richard Haas's The Bill of Obligations

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Speaker 2: is a spectacular one underd page read We're out on YouTube.

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Speaker 2: Subscribe to Bloomberg podcast growing each day on YouTube. Can somebody?

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Speaker 2: Peter kaff go Over at Business Insider said it was

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Speaker 2: a YouTube election. I don't know if it was or not.

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Speaker 2: All I know is YouTube's growing each in every day

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Speaker 2: we are on our podcast, YouTube podcast, Apple Podcasts. Single

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Speaker 2: best idea