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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today. Karen, we begin with

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Speaker 2: the latest on the Middle East.

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Speaker 1: The US has issued a sixty day license allowing Iran

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Speaker 1: to sell its own oil on the international market. This

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Speaker 1: gives Tehran an economic lifeline as both sides continue talks

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Speaker 1: on a permanent peace steal. We get the very latest

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Speaker 1: from Bloomberg Middle East correspondent to Birabu Omar.

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Speaker 3: What we know about this waiver is that essentially the

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Speaker 3: US Treasury has extended it to Iran until August twenty first,

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Speaker 3: that is the day where the sixty day period of

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Speaker 3: negotiations would have stopped, and so that would allow Iran

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Speaker 3: to sell oil exports, bringing back this much needed supply

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Speaker 3: to the market because of the shutdown industrait of her moves.

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Speaker 4: Our teams on the energy.

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Speaker 3: Side have tracked just how many oil barrels would come

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Speaker 3: out or have come out actually over the past week,

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Speaker 3: and that's about thirty million barrels.

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Speaker 4: And so we're still seeing a trickle of movement.

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Speaker 3: Definitely better situation than what it was at the waiver

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Speaker 3: essentially means that Iran can sell its oil even to

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Speaker 3: US refineries theoretically. But something to bear in mind again

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Speaker 3: is that the EU, for example, has its own sanctions

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Speaker 3: and so we don't know if they're going to be

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Speaker 3: buying this oil.

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Speaker 1: Bloomberg's of Birabo Omar says seven tankers indicated they were

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Speaker 1: in the strait of hormones this morning and checking oil

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Speaker 1: prices now, West Texas Intermediate is down seven tenths percent,

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Speaker 1: trading its seventy three dollars thirty five cents of barrel.

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Speaker 1: Brent is eight tenths percent lower at seventy seven dollars

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Speaker 1: twenty eight cents.

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Speaker 2: We now turn to the latest developments in British politics.

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Speaker 2: Nathan the UK could be sent for a quick transition

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Speaker 2: to a new premiership as rivals to the front runner

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Speaker 2: Andy Burnham stand aside. We go to London where Bloomberg's

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Speaker 2: un Potts he's the latest good morning you one Coaron Nathan.

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Speaker 5: The UK is set to get its seventh prime minister

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Speaker 5: in a decade. In fact, it's almost two hundred years

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Speaker 5: since ris and change its leader so frequently. As Labor

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Speaker 5: Party has a majority in Parliament, its leader becomes Prime Minister,

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Speaker 5: and after the former Mayor of Manchester, Andy Burnham's main

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Speaker 5: rival for the leadership dropped out, he could get the

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Speaker 5: job without a formal contest. If that happens, Number ten

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Speaker 5: Downing Street could have a new occupant as soon as

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Speaker 5: the middle of next month.

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Speaker 4: In London, I'm you in Port Sploomberg Radio. All right,

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Speaker 4: you and thank you. Let's turn to politics here in

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Speaker 4: this country.

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Speaker 1: Because it is primary election day in New York and Maryland,

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Speaker 1: as well as a runoff day in South Carolina and

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Speaker 1: New York, a number of congressional races could be a

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Speaker 1: test of Mayor Zorn Mumdani's political power. The mayor has

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Speaker 1: endorsed challengers to two Democratic incumbents, Dan Goldman and Adriano Spayad.

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Speaker 1: We spoke with Congressman Goldman about his race against former

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Speaker 1: New York City Comptroller Brad Lander.

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Speaker 6: Look, I think broadly, we generally agree on what the

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Speaker 6: problems are. Life is just way too expensive for the

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Speaker 6: vast majority of Americans, and we have to address the

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Speaker 6: dramatic escalation and wealth inequality and the difficulty that so

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Speaker 6: many people have in accessing opportunity in this country, and

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Speaker 6: the American Dream.

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Speaker 1: New York Congressman Dan Goldman appeared on Bloomberg's Balance of Power.

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Speaker 1: Mayor mum Donnie's also endorsed activist Daria Liza Avela Chevalier

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Speaker 1: against Congressman of Spayot Well.

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Speaker 2: There's also a crowded field Nathan to succeed retiring Congressman

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Speaker 2: Jerry Nadler in his Midtown Manhattan district.

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Speaker 4: It includes John F.

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Speaker 2: Kennedy's grandson Jack Schlosberg, and former never Trump republic Intern

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Speaker 2: Democrat George Conway. Mom Donnie has not given an endorsement

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Speaker 2: in that race, but in the interest of transparency, we

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Speaker 2: should note that Michael Bloomberg has endorsed Michael Lasher for Congress,

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Speaker 2: and Bloomberg is founder and majority owner of Bloomberg LP,

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Speaker 2: the parent company at Bloomberg Radio.

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Speaker 4: Karen, We're also keeping an eye on primary races. In Maryland.

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Speaker 1: Governor Wes Moore is seeking reelection to a second term.

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Speaker 1: He's facing a Democratic primary challenge from physician Eric Felber.

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Speaker 1: The Republican governor's race features nine candidates, including former state

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Speaker 1: Delegate Dan Cox, who lost to More in twenty twenty

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Speaker 1: two in the House. Twenty four candidates are vying for

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Speaker 1: retiring former Democratic Leader Steny Hoyer's seat. They include former

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Speaker 1: US Capitol Police officer Harry Dunn, who helped defend the

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Speaker 1: Capitol during the January sixth attack. And in the South

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Speaker 1: Carolina runoff, Lieutenant Governor Pamela Vett is facing state Attorney

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Speaker 1: General Alan Wilson again in the Republican governor's race. President

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Speaker 1: Trump endorsed a Vett in the primary, but last week

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Speaker 1: he said he'd be happy if either candidate wins.

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Speaker 2: Today, well, it's turned to Washington now, Nathan. President Trump

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Speaker 2: is putting attention on the Lincoln Memorial reflecting pool. Algae

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Speaker 2: has started to build back in after his sixteen million

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Speaker 2: dollar resurfacing of the landmark, and now the President says

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Speaker 2: he has evidence of vandalism at the site.

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Speaker 4: We have one hundred and.

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Speaker 7: We have a I think two hundred and ninety three

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Speaker 7: hundred foot slid right through it. Probably a box cutter

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Speaker 7: or a knife of some kind, or we had people

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Speaker 7: lifting up the basic some of the It's not a

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Speaker 7: lot of damage, but it will probably have to let

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Speaker 7: the water out and refix it.

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Speaker 2: The President spoke to reporters in the Oval office, but

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Speaker 2: he provided little evidence to support his claim. The Interior

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Speaker 2: Department says five people have been arrested for vandalism at

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Speaker 2: the pool and five others have received citations on truth

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Speaker 2: social Last night, President Trump said he's preparing lawsuits against

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Speaker 2: ABC News over its reporting on the damage to the

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Speaker 2: Reflecting Pool.

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Speaker 1: It's tart of markets now, Karen. We're watching a tech

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Speaker 1: led selloff around the world. Nesdak futures right now are

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Speaker 1: down about two and a half percent, and in Asia,

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Speaker 1: South Korea's Cospi index plunged ten percent. Mark Doubting is

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Speaker 1: chief investment officer at RBC Blue Bay.

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Speaker 8: If he's turned back a little bit, I think what

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Speaker 8: you would say is that some of the recent performance

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Speaker 8: in stacks has been highly speculative, fueled by a passion

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Speaker 8: from retail investors for short term gains looking at momentum.

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Speaker 8: This is the way the markets have been behaving on

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Speaker 8: offer eighting.

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Speaker 4: That's RBC Blue Bays Marked Doubting.

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Speaker 1: Their shares of s k Heiniz and Samsung Electronics each

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Speaker 1: plunged more than ten percent in Asia. Here in the US,

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Speaker 1: memory chip maker Micron Technology reports earnings tomorrow.

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Speaker 2: Nathan SpaceX shares they continue their recent slide. They're down

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Speaker 2: another three point eight percent in early trading. The stock

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Speaker 2: is coming off three straight losing sessions. They're raising a

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Speaker 2: total of six hundred billion dollars in market value. The

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Speaker 2: sell off comes as the Elon Musk lead firm gets

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Speaker 2: ready to sell investment grade bonds for the first time.

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Speaker 2: Robert Schiffman is a senior credit analyst for Bloomberg.

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Speaker 9: They're going to be spending a lot more over the

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Speaker 9: next few years than they make, probably in the neighborhood

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Speaker 9: of thirty to forty billion dollars of negative free cash

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Speaker 9: flow for the next few years. On top of that,

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Speaker 9: they have a twenty billion dollar term loan due next

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Speaker 9: September that are going to use the proceeds from this

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Speaker 9: bond deal to pay off. So they're just getting ahead

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Speaker 9: of the curve like everybody else, Like why are the

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Speaker 9: alphabets and amazons and metas raising so much just because

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Speaker 9: over the next few years are going to be spending

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Speaker 9: a lot more.

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Speaker 2: Bloomer's Robert Schiffman says SpaceX is seeking to raise at

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Speaker 2: least twenty billion dollars from the debt sale.

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Speaker 1: Finally, Karen tributes continue to pour in following the passing

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Speaker 1: of former Federal Reserve Chairman Alan Greenspan. Chuck Lieberman of

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Speaker 1: Advisor's Capital worked with green Span when he joined his

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Speaker 1: firm as an economic advisor.

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Speaker 10: He was always insightful. He did a great job of

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Speaker 10: explaining points if you ask him a question. He always

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Speaker 10: had charts to demonstrate to show the data backing up

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Speaker 10: his logic, and his logic was impeccable. He was insightful

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Speaker 10: really until the very end.

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Speaker 1: Chuck Lieberman of Advisor's Capital praised Greenspan's independence and communication

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Speaker 1: as FED Chair, as did former FED Governor Betsy Duke.

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Speaker 2: He was so famous for that sort of double speak

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Speaker 2: that nobody could understand, but he really pioneered FED communications

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Speaker 2: and the communications that were used to today.

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Speaker 4: In hearing from the committee after the meetings, it's former

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Speaker 4: FED Governor Betsy Duke.

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Speaker 11: Now.

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Speaker 1: Alan Greenspan's legacy was clouded by the two thousand and

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Speaker 1: eight zero nine global financial crisis that followed his time

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Speaker 1: as chair. Princeton professor Alan Blinder recalled how some felt

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Speaker 1: green Span missed the build up to the housing bubble

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Speaker 1: that preceded the crisis.

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Speaker 12: The markets would get some crazy ideas in their heads,

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Speaker 12: and more than once I went to green Span and

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Speaker 12: would say it would only take one statement from you

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Speaker 12: to get that crazy idea out of their heads. But

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Speaker 12: he didn't until late in his term when he was

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Speaker 12: starting to change.

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Speaker 1: It's Princeton professor Alan Blinder, and following the news of

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Speaker 1: Greenspan's death yesterday, colleagues described him as a driving force

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Speaker 1: for change of the FED and a guiding light for investors.

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Speaker 1: Alan Greenspan was one hundred years old.

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Speaker 2: Time now for look at some of their stories making

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Speaker 2: news in New York and around the world, and for

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Speaker 2: that were joined by Bloomberg's Michael Barr Michael, good Morning.

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Speaker 11: Good Morning Karen. In a rare act a bipartisanship, the

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Speaker 11: Senate passed the twenty first Century Road to Housing Act.

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Speaker 11: The measure will loose in regulations to encourage more home construction,

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Speaker 11: opened up funding to convert abandoned buildings into new housing,

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Speaker 11: and it also bans Wall Street investors from buying single

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Speaker 11: family homes so those homes can instead be sold to families.

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Speaker 11: On the Senate floor, Democratic Senator Chuck Schumer of New

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Speaker 11: York said for too many Americans, home ownership is simply unaffordable.

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Speaker 13: The median home buyer in America is forty years old.

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Speaker 13: The down payment is excruciating to many and puts housing

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Speaker 13: out of reach for them.

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Speaker 11: The House is expected to vote on the measure today.

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Speaker 11: There is where the Acting Director of National Intelligence, Bill Poulty,

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Speaker 11: has begun firing people at the agency. The President earlier

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Speaker 11: said he had asked Poulty to execute the immediate downsizing

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Speaker 11: of the office. In California. A state of emergency in

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Speaker 11: the Boyle Heights neighborhood of Los Angeles, where a warehouse

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Speaker 11: fire has been burning since Wednesdays, prompting air quality alerts.

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Speaker 11: Building owners say the fire may have started while contractors

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Speaker 11: were testing solar panels on the Los Angeles Fire Chief

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Speaker 11: him Me Moore.

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Speaker 14: If you're sensitive to smoke or have any respiratory concerns,

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Speaker 14: please stay indoors, close your windows, set your air conditioning

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Speaker 14: units to recirculate rather than draw from outside air fire chief.

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Speaker 11: More Global news twenty four hours a day and whenever

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Speaker 11: you want it with Bloomberg News Now. I'm Michael Lamarn.

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Speaker 11: This is Bloomberg.

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Speaker 10: Karen.

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Speaker 4: Well, thanks Michael.

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Speaker 2: All time now for our Bloomberg Sports update, and for

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Speaker 2: that we bring in John stash Hour.

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Speaker 15: Thanks darn a blockbuster NBA trade ahead of tonight's draft.

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Speaker 15: Giannis unto the Compo thirteen years in Milwaukee. A two

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Speaker 15: time MVP, he led the Bunks to the NBA championship

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Speaker 15: in twenty twenty one. Traded to the Miami Heat for

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Speaker 15: four players and three first round draft picks. Julius Randall

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Speaker 15: traded by Minnesota to Brooklyn, also from the NBA. Dusty

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Speaker 15: Maynade the new coach of the Dallas Mavericks. He just

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Speaker 15: won the national championship at Michigan College World Series in Omaha, Oklahoma,

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Speaker 15: wins the title beating North Carolina. That's a Bloomberg Sports

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Speaker 15: updated with US.

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Speaker 2: More from Bloomberg Daybreak coming up after this.

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Speaker 5: Coast to coast on Bloomberg Radio, nationwide on Serious Exam

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Speaker 5: and around the world on Bloomberg dot Com and the

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Speaker 5: Bloomberg Business app.

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Speaker 4: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.

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Speaker 1: As talks continue between the US and Iran, Tehran is

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Speaker 1: getting an economic lifeline, a sixty day license from the

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Speaker 1: US to sell its oil. Vice President jd Vance says

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Speaker 1: the US is not giving up too much, whether good.

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Speaker 4: Faith or bad faith. You can't trust anybody's words. You

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Speaker 4: have to trust what they actually do.

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Speaker 1: That was Vice President van speaking on his way back

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Speaker 1: from the talks in Switzerland, and we're joined now by

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Speaker 1: Bloomberg Jerusalem reporter Dan Williams. I think i'd heard of

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Speaker 1: Vice President in Vance and other administration officials, Dan say

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Speaker 1: that Iran's financial benefits through this process would be performance based.

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Speaker 4: Does this sixty day waiver rise to that level? Good morning?

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Speaker 16: Time will tell, Good morning, Nathan. There's already a divergence

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Speaker 16: of account from Iran and from the United States, now

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Speaker 16: that they've gotten the photo op meeting of principles at

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Speaker 16: that summit in Lucerne out of the way and left

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Speaker 16: the stage for more, should we say, mundane technical talks.

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Speaker 16: Either side is talking up, but often in different directions.

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Speaker 16: The US the Trump administration saying that unfrozen funds will

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Speaker 16: be used for humanitarian purposes, perhaps even to buy soy

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Speaker 16: products from the United States, but the spokesman for the

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Speaker 16: Foreign Ministry in Tehran saying there would not be a

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Speaker 16: limitation on how Iran uses those funds. That of course

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Speaker 16: will stir concern in the US in the West, and

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Speaker 16: indeed in the region that some perhaps all of that

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Speaker 16: money could go toward rebuilding Iran's military capacity, perhaps the

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Speaker 16: capacities of Iranian allies like the Hesbala militia in Lebanon.

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Speaker 16: Perhaps not coincidentally, the top US diplomat Marco Rubio is

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Speaker 16: also beginning a visit to the Gulf. Perhaps he's heading

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Speaker 16: out there to try and reassure sure golf Arab states

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Speaker 16: aligned with the United States that the Trump administration will

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Speaker 16: do what it can to keep this deal on track

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Speaker 16: during that critical sixty day review period.

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Speaker 1: How are these talks being received in Israel right now? Dan,

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Speaker 1: Of course, Israel remains a wild card with the fight

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Speaker 1: against Hesbola and Lebanon.

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Speaker 16: Yes, there are actually those who argue that the fact

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Speaker 16: it's a wildcard, the fact that from the outset it

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Speaker 16: was outside these negotiations on the MoU, it's not a signatory,

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Speaker 16: and apparently it wasn't even consulted much of the time

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Speaker 16: when it was being drafted. There is a viewpoint now

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Speaker 16: that perhaps this strengthens Israel's hand paradoxically, because Israel can

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Speaker 16: claim frankly, naturally and legitimately that it's acting alonely Uwoni

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Speaker 16: laterally because it wasn't consulted and it certainly didn't sign

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Speaker 16: on the dotted line. These Raelis were shocked when this

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Speaker 16: surface emerged about a week ago that this deal was

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Speaker 16: in place. It appears they've now resigned themselves to letting

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Speaker 16: the Americans take the lead. Trump, despite a dipping of

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Speaker 16: his approval ratings in Israel as a foreign leader, nonetheless

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Speaker 16: is one of the friendliest presidents the Israelis have ever

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Speaker 16: seen in the White House. They won't be quick to

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Speaker 16: turn their back on him. At the same time, they

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Speaker 16: have a very immediate focus on Lebanon, something you alluded

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Speaker 16: to earlier in our conversation, where they want to make

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Speaker 16: sure that their freedom of operation against Hesbela is not

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Speaker 16: hindered by whatever emerges from this US Iranian deal. The

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Speaker 16: Iranians want to preserve Hesbela, They want to force Israel

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Speaker 16: out of Lebanon, and these Raelis are saying no, that's

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Speaker 16: a red line for them.

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Speaker 6: For now.

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Speaker 16: The Americans have been pressing Israel to hold far as

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Speaker 16: much as possible, perhaps to review the rules of engagement

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Speaker 16: in Lebanon to prevent needless loss of civilian life, needless

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Speaker 16: damage there. But the Americans seem to be content for

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Speaker 16: now with not insisting on an Israeli withdrawal from what

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Speaker 16: is effectively five percent of Lebanese territory.

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Speaker 2: This is Bloombery Daybreak, your morning podcast on the stories

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Speaker 4: I'm Karen Moscow and I'm Nathan Hager.

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Speaker 1: Join us again tomorrow morning for all the news you

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Speaker 1: ray