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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea and

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Speaker 1: to go back to the heart and soul of what

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Speaker 1: we've done for over two decades. It's really important in

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Speaker 1: the racket to keep track of how and where people

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Speaker 1: came from. Kimbl Harvey is at Duke University. He's really exquisite.

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Speaker 1: His lead academics years ago out of the Canadian schools,

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Speaker 1: the University of York and others, was on consumer preference,

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Speaker 1: what consumers do and how they act, but far more important,

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Speaker 1: and he's too modest of a guy to ever mention it.

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Speaker 1: What do you do in your doctoral dissertation when three

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Speaker 1: of the five professors six professors, when three of them

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Speaker 1: our future Nobel Prize winners. I don't know how many

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Speaker 1: people within the Bloomberg surveillance world can say that. To

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Speaker 1: survive a doctoral dissertation with Fama, Merton, and Hanson at

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Speaker 1: Chicago is just absolutely definitive. Campbell Harvey on the American consumer.

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Speaker 2: Most of our models and economics have what's called a

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Speaker 2: representative consumer, which is code for everybody's the same, and

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Speaker 2: that's just not the case anymore. So we're a very

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Speaker 2: heterogeneous and I've argued that that part of kind of

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Speaker 2: the decreasing volatility of the business cycles. So our business

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Speaker 2: cycles are way milder than in the past, even considering

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Speaker 2: the global financial crisis and COVID, So they're less frequent

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Speaker 2: and they're milder. And this is because there are a

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Speaker 2: couple of classes consumers at least, and there's one class

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Speaker 2: that is very well off and they just don't respond.

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Speaker 2: So inflation goes up with no big deal to them.

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Speaker 1: They just buy Kim Harvey. And that definitive argument there

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Speaker 1: between Campbell Harvey of Duke University and the late Saint

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Speaker 1: Alan Meltzer Carnegie Mellon is extraordinary. Should we aggregate our

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Speaker 1: data or his America becomes so unique under consumption, even investment,

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Speaker 1: even government, and of course our export dynamics with all

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Speaker 1: the tariffs that are going on. Have we become two America?

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Speaker 1: Is just a wonderful moment there with the professor of

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Speaker 1: Duke University. What an honor today, given all that's going on,

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Speaker 1: to speak to Edward Morse in his eighties. He's got

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Speaker 1: the interior energy of a thirty five year old, absolutely

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Speaker 1: unreal conversation with Edward Morris iconic at City Group all

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Speaker 1: of his academics, including back to Princeton fifty years ago,

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Speaker 1: was on fire today and in some support of Trump

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Speaker 1: energy policy. Here is Edward Morris of Hartree on John Carrey.

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Speaker 3: I'm critical of one thing that I think looms very large,

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Speaker 3: and John Carey's name is associated with it. When we

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Speaker 3: had the push for a clean energy world and the

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Speaker 3: US was in a leadership position on it, we also

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Speaker 3: had the view official view that we not only want

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Speaker 3: to get rid of oil and the emissions from burning

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Speaker 3: oil as a transport fuel, but we have the view

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Speaker 3: that we should get rid of natural gas as a

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Speaker 3: fossil fuel, and that really set us back because fossil fuels,

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Speaker 3: we can't get to net zero without actually using a

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Speaker 3: lot of natural gas. We have to use it carefully,

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Speaker 3: we have to make sure that methane emissions are controlled.

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Speaker 3: But not allowing pipelines to be built for natural gas,

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Speaker 3: not pushing for natural gas in the overall displacement of

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Speaker 3: oil and discouraging oil's use was a mistake in my

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Speaker 3: mind and set us back on the road to a

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Speaker 3: cleaner world. And when we come to natural gas, by

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Speaker 3: the way, the US is the largest producer in the

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Speaker 3: world we have the largest exporter in the world, both

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Speaker 3: of oil and natural gas, and if you look at

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Speaker 3: the next five years, the US is going to keep

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Speaker 3: that up and remain the largest exporter with the largest

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Speaker 3: growth fifty percent of the growth of gas utilization and production,

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Speaker 3: but we're going to be exporting most of it is

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Speaker 3: coming from the US. It's a very important tool for

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Speaker 3: economics and for the energy transition.

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Speaker 1: Edward Morse of heartree with US today. An eventful week

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Speaker 1: with a FED meeting on Wednesday. Of course, on podcasts

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Speaker 1: out of Apple podcasts, Spotify, huge worldwide response to Spotify podcast.

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Speaker 1: Thank you for that, and we are at YouTube podcasts.

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Speaker 1: This is a single best I get

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Speaker 3: H