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Speaker 1: Why from this budget thing is going to do nothing

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Speaker 1: with space forts. I still think it's interesting President Trump

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Speaker 1: not playing his cards yet. Headlines Policy and Politics Colliding

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Speaker 1: Floomberg Sound On, The Insiders, the Influencers, the insides. I

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Speaker 1: would rather see a congressional solution. It's part of my DNA.

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Speaker 1: The Senate map in looks a lot different than it

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Speaker 1: looked in. You really have a divide within Team Trump.

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Speaker 1: The President has to do exactly what people send him

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Speaker 1: here to do, which is to get it done. This

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Speaker 1: is Bloomberg Sound On with Kevin Shirley on Bloomberg and

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Speaker 1: one oh five point seven fm h D two. President

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Speaker 1: Trump says Iran had plans to attack four U. S. Embassies.

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Speaker 1: We check in with Morgan Artega, spokeswoman at the State's Department,

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Speaker 1: and new sanctions against Iran. What does it mean for

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Speaker 1: the de escalating tensions between the two countries. Meanwhile, breaking

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Speaker 1: news on the impeachment front, President Trump says he's going

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Speaker 1: to invoke executive privilege folks to block Balton testimony. We

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Speaker 1: begin tonight with impeachment because there's new developments on President

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Speaker 1: Trump now telling Fox News that he would in fact

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Speaker 1: invoke executive privilege to prevent John Bolton, his former National

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Speaker 1: Security advisor, from testifying. This just breaking this afternoon. Meanwhile, Uh,

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Speaker 1: Speaker of the House, Nancy Pelosi says that next week

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Speaker 1: lawmakers are going in the House representatives. They're going to

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Speaker 1: pick their folks on who's going to represent the House

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Speaker 1: and do the prosecution in the Senate impeachment trial, which

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Speaker 1: is a strong indicator that this is going to get underway.

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Speaker 1: We're gonna get to all of that, plus the latest

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Speaker 1: on the US and a Ron tensions, and oh yeah,

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Speaker 1: it's Job's Day, uh, and Maddie Doubler's here for Job's

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Speaker 1: Day and she's eager to talk about jobs. We're gonna

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Speaker 1: get to it, Maddie. But a just missing estimates on

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Speaker 1: our jobs number, and you're giving me the link link

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Speaker 1: I can talk. Um. It was the last month that

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Speaker 1: we had jobs dat there for twenty nineteens. With a

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Speaker 1: couple of conclusions we can off in that, and we'll

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Speaker 1: get to those conclusions coming up. Mattie, of course, his

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Speaker 1: senior fellow at the National Taxpayers Union and the former

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Speaker 1: Coalitions director for the House Republican Conference, Mark Ross is here,

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Speaker 1: CEO of Cherical Global, affirm that specializes in globalization here

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Speaker 1: based in Washington, d C. He's also our go to

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Speaker 1: China expert, and Eli Yoakley returns. He's a political reporter

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Speaker 1: for Morning Consult Alright, Eli, Executive Privilege, John Bolton. I

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Speaker 1: didn't see this coming, I thought the other day at

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Speaker 1: the press conference, President Trump indicated that he would be

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Speaker 1: okay with whomever was going to testify. But when you

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Speaker 1: have somebody so eager to come out that might have

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Speaker 1: bad information about you, and that's sort of your only move.

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Speaker 1: And it's the same thing he did in the House trial. Look,

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Speaker 1: we did some pulling on this this suite pretty timely,

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Speaker 1: looking at weather voters thought witnesses should appear in the

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Speaker 1: Senate trial. Over half thought they did, including the big

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Speaker 1: majority of Democrats. Half of Independence Republican voters are split

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Speaker 1: evenly on this. A good chuck of the American people

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Speaker 1: want to hear witnesses. Trump doing this sort of puts

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Speaker 1: him at odds with that. But you know, an impeachment

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Speaker 1: trial is very different than a than a trial and

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Speaker 1: a court and so I get right. I mean, you're

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Speaker 1: gonna have lawmakers up there, and Speaker Pelosi is going

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Speaker 1: to be you know launching the She's she's initiating the

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Speaker 1: Trump trial next week. And then you've got this witness

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Speaker 1: fight now really really heating up. And I'm all read

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Speaker 1: from the Bloomberg terminal by my colleagues Billy House and

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Speaker 1: Stephen T. Dennis, who have just done stellar reporting on this. Speaker,

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Speaker 1: Nancy Pelosi in the House will prepare to send articles

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Speaker 1: of impeachment against President Donald Trump to the Senate next week,

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Speaker 1: triggering a new more serious phase of the battle over

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Speaker 1: witnesses at the trial. And I mean, folks, literally right

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Speaker 1: after she made this announcement, then uh, Susan Collins came

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Speaker 1: out and she says that she wants she's talking with

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Speaker 1: GOP colleagues because they all want to hear testimony. And

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Speaker 1: now you've got the Bolton thing. Yeah, well, policy is

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Speaker 1: feeling pressure to um the same pole. We did found

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Speaker 1: that the majority of voters wanted her to get on

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Speaker 1: with this, including most Democrats, thought it was time to

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Speaker 1: get this to the Senate's court. I mean, you saw

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Speaker 1: Senator Dian Fine Stit of California come out opposite of

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Speaker 1: Pelosi on this. She saw even one of her chairmen

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Speaker 1: do this. She had to rein them in and then

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Speaker 1: here we are on Friday with her announcing this is

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Speaker 1: getting rolling. I think that's where the public probably is.

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Speaker 1: And by the way, it's not all good news for

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Speaker 1: Donald Trump. I mean, still a majority of the public

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Speaker 1: thinks he should be impeached. Um half of the bookers

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Speaker 1: think he should resign from office right now. So this

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Speaker 1: is not a good place to be. And this Mark Ross,

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Speaker 1: I mean, come in here, because the markets really haven't

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Speaker 1: moved on any of the the up and down, uh

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Speaker 1: really stayed a play of the Senate impeachment trial, and

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Speaker 1: I don't anticipate that they will I mean, or I mean,

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Speaker 1: how do you gauge this? I mean, it seems that

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Speaker 1: the driving forces for the market movers next week are

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Speaker 1: going to be that meeting with President Trump and China

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Speaker 1: Vice Premier Laha, and not about whether or not John

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Speaker 1: Holton testifies. Yeah, it does seem like impeachment. Conventional wisdom

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Speaker 1: is that this is a nothing burger, that the Republicans

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Speaker 1: will control the process and that you know, Trump come

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Speaker 1: out unscathed. But you know, politically down the road, this

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Speaker 1: is unattended. Consequence of this, we just don't really know

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Speaker 1: to have a first term president someone seeking re election

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Speaker 1: with the term impeachment trial, fighting the process. Um, I

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Speaker 1: think the damage can be done long term to President Frump.

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Speaker 1: In twenty nineteen, the markets cared about two things. They

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Speaker 1: cared about the FED and they cared about US China

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Speaker 1: trade relations. Now the FED has all but paused. The

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Speaker 1: trade question is the one that's outstanding, and even that

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Speaker 1: has been ameliorated somewhat. So it'll be interesting to see

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Speaker 1: in what drives market sentiment. But to go back to

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Speaker 1: the impeachment thing, I think what we really need to

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Speaker 1: focus on here that we haven't talked about is what

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Speaker 1: happens when there's a trial in the Senate. That means

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Speaker 1: that the U. S. Senators have to be in Washington,

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Speaker 1: d c. To could participate in that trial. Who does

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Speaker 1: that matter to? Well? Of course the US centers who

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Speaker 1: are running for president and the Iowa caucuses are now

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Speaker 1: where are we at the tenths so there are twenty

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Speaker 1: day ish days away, But I go ahead of it

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Speaker 1: so that that to me was there seeing. I found

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Speaker 1: that interesting that Nancy Pelosi was delaying delivering these articles

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Speaker 1: because the timing is so important for Democrats and whether

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Speaker 1: or not it pulls them out of Io at a

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Speaker 1: crucial moment. Well, that's my question, Eli Oakley is uh,

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Speaker 1: the whole I can't even get off the question because

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Speaker 1: my my head is about to explode. The whole argument

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Speaker 1: for Speaker Pelosi was that she had this leverage, that

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Speaker 1: she was going to use this leverage to get concessions

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Speaker 1: for the trial. And now it's what a month later

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Speaker 1: post holiday recess, and what did she get by delaying

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Speaker 1: the trial other than a massive headache for these Democratic

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Speaker 1: presidential contenders. Well, I mean it's obviously, um what leverage

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Speaker 1: did she have. I mean she well, you're going for

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Speaker 1: a big deal with the start. I mean in their

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Speaker 1: camp they said, well, we're gonna get this because now

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Speaker 1: we can we can decide when the start at the trial.

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Speaker 1: But but I don't did she get anything? Yeah? I

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Speaker 1: guess we'll see. I mean. Senator McDonald said this week

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Speaker 1: that the question of witnesses would come up later on

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Speaker 1: after they move past the initial rules for the impeachment trial.

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Speaker 1: That will be something that a lot of Senators will

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Speaker 1: get to vote on, and some have expressed interest. Spriculer

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Speaker 1: in the Republican side, you've seen Romney say that he

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Speaker 1: wants to hear from John Boltie've heard if In Collins

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Speaker 1: say something similar. But don't you think that by her

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Speaker 1: signaling that she's going to hand over the the articles

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Speaker 1: of impeachment, that she's essentially saying, all right, no, no concessions,

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Speaker 1: Maybe we'll all right. So let me let me say this.

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Speaker 1: Who won? I'm gonna ask the same question quickly, who

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Speaker 1: won Speaker Pelosi and McConnell and the trial of the impeachment.

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Speaker 1: In terms of the timing, I think probably it depends

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Speaker 1: on he's reflective look at this from obviously, but probably McConell,

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Speaker 1: definitely McConnell. Nancy Pelosi for months, I think she's the

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Speaker 1: best political operative in this town. What did she get

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Speaker 1: by delaying the trial? Seriously, other stuff leaked out. She's

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Speaker 1: putting more pressure on Collins and Romney. You know, anytime

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Speaker 1: you're fighting the process as opposed to uh, you know,

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Speaker 1: saying hey, we're gonna bring it on witnesses, that's not

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Speaker 1: a good thing for the Trumps. Terra and I think

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Speaker 1: there's a win in getting I'm sorry, but like authority

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Speaker 1: host privilege, I would say it's not a good thing

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Speaker 1: for the Democrats because you're not talking about the issue

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Speaker 1: of what potentially if you're talking process, you're losing, and

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Speaker 1: that the Democrats have to do now because I interrupted.

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Speaker 1: Number one. Point Number one is that here we are

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Speaker 1: with John Bolton saying he's willing to testify. That is

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Speaker 1: a win for Nancy Pelosi. The challenge here is you

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Speaker 1: talk to Republicans looking at elections this year, like the

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Speaker 1: head of the National Republican Congressional Committee trying to win

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Speaker 1: back the House, and he says he wants to be

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Speaker 1: talking about impeachment all year long, and so dragging this

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Speaker 1: fight past Christmas into this debate about the Iowa Caucuses,

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Speaker 1: it's just extending a debate the Republicans want to be

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Speaker 1: talking about this year. And remember that what is delayed

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Speaker 1: in the Senate by impeachment is U s M c A.

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Speaker 1: What has been the administration's primary goal for the last

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Speaker 1: year is getting that trade deal done. I mean that

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Speaker 1: talking point that ad rights itself. Democrats fixated on impeachment

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Speaker 1: have delayed the delivery of a free trade agreement that

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Speaker 1: would allow us to continue to open up new pathways

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Speaker 1: and econom make success with our training partners. And speaking

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Speaker 1: of trade again, that big marker calendar on Wednesday, Laha,

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Speaker 1: Vice Premier China, come into the White House for that

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Speaker 1: China Phase one deal with the United States panel is

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Speaker 1: gonna stay. We've got so much more to talk about

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Speaker 1: the latest on Iran. Maddie, Maddie Doppler, Mark Ross, Eli Yoakley.

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Speaker 1: Download the Bloomberg Sound On podcast on Apple iTunes, at

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Speaker 1: Bloomberg dot com, or by downloading the Bloomberg Business app.

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Speaker 1: You can also find us on Radio dot com, I

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Speaker 1: Heart Radio and Spotify. The State Department's Morgan Ortega's coming

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Speaker 1: up next, Kevin Surreally, you're listening to Bloomberg. This is

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Speaker 1: Bloomberg's Sound On with Kevin Surley on Bloomberg one and

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Speaker 1: one oh five point seven FM HD two. Did they

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Speaker 1: have large scale attacks plan for other embassies? And if

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Speaker 1: those were planned, why can't we reveal that to the

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Speaker 1: American people? Wouldn't that help me your case? I can

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Speaker 1: reveal that I believe would have been for embassies. That

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Speaker 1: was President Trump speaking earlier today to Fox News is

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Speaker 1: Laura Ingram saying that that he believes that Iran was

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Speaker 1: probably targeting the U. S. Embassy in Baghdad and was

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Speaker 1: also aiming to attack other embassies when it's top general

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Speaker 1: following the killing of its top general, Cassum Salamani. Earlier

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Speaker 1: today on Bloomberg Television, I caught up with Morgan or Tegus.

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Speaker 1: She came into our Washington bureau. She, of course, is

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Speaker 1: the spokesperson for the State's Department. Take a listen to

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Speaker 1: our interview. After all of the heightened tentions that we

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Speaker 1: been asking us what is the administration's policy? Where are

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Speaker 1: you going with us? Your viewers will know that for

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Speaker 1: the past year and a half, since we withdrew from

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Speaker 1: the j c p o A, we have pursued what

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Speaker 1: we call a maximum economic pressure campaign UM and that

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Speaker 1: in campaign involves diplomatic isolation and economic isolation of the

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Speaker 1: normal nation and change their behavior. Also, the President said

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Speaker 1: c POA to withdraw from what he is always considered

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Speaker 1: to be a fundamentally flawed deal. So again, your viewers

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Speaker 1: should know that there is no leaning back on the

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Speaker 1: sanctions regime, if anything, we're leaning in now. I want

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Speaker 1: to talk about Europe in a second, but I was

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Speaker 1: looking through my notebook on the way back from the

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Speaker 1: White House, and you know, construction medals eight senior Iran officials,

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Speaker 1: additional sanctions on anyone trading or owning in Iran's economy.

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Speaker 1: I mean, this is arguably the most tough sanctions that

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Speaker 1: have ever really been implemented against run thus far to

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Speaker 1: this point. And not only that, we also named leader

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Speaker 1: members of the Supreme Councilors leadership that that are also

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Speaker 1: being sanctioned. It's important to note that Secretary of Pompeio

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Speaker 1: pointed out that some of these people were directly involved

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Speaker 1: in the ballistic missile missile attack against the United States.

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Speaker 1: And I would remind everyone that that ballistic that those

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Speaker 1: ballistic missiles are in defiance of Human Security Resolution UH

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Speaker 1: Security Council Resolution one. UM. So there is a pattern

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Speaker 1: of behavior here of not complying with with these international agreements.

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Speaker 1: But you are going to let this the administration is

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Speaker 1: going to let us investigators look into that plane. Yeah,

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Speaker 1: we think that's incredibly important. I mean, obviously, as soon

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Speaker 1: as the Ukrainian airliner crash Secretary Pompeo tweeted his condolences

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Speaker 1: to the family. We never want to see the s

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Speaker 1: at loss of life, and so we are waiting for

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Speaker 1: a thorough investigation. Secretary Manuchan has said, whether it's Americans, Canadians,

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Speaker 1: Ukrainians whoever asked for a waiver to be involved in

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Speaker 1: this investigation, that we will permit it. And I would

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Speaker 1: remind you that the regime in Iran is still denying

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Speaker 1: what all Western countries have realized is the is what

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Speaker 1: happened as it relates to the Milia missile attack. That

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Speaker 1: was Morgan Ortegas. She, of course, is the spokeswoman for

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Speaker 1: the state's department. Speaking with me earlier today on Bloomberg Television,

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Speaker 1: she came into our Washington bureau. Maddie Doublers here, senior

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Speaker 1: fellow at the National Taxpayers Union, former Coalitions director for

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Speaker 1: the House Republican Conference. Eli Yokley, political reporter for MORN

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Speaker 1: console to Mark Fross, CEO of Cerical Global, Mark, I'm

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Speaker 1: gonna start with you because I'm struck by how we're

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Speaker 1: ending the week with de escalating tensions between the US

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Speaker 1: and Iran. They've added additional sanctions as we've just heard

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Speaker 1: from Morgan, and I'm struck from your perspective and given

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Speaker 1: your background with China and the Chinese economy, well, what

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Speaker 1: China must be thinking about this, especially given their reliance

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Speaker 1: on the straight of horror moves and how that is

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Speaker 1: such a dominant area for them to get energy from. Yeah,

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Speaker 1: it's a huge issue not only for China but also Japan,

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Speaker 1: who's sending more, deploying some of the navy to work

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Speaker 1: in that part of the world. I mean, the amount

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Speaker 1: of energy that is being shipped from the Middle East

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Speaker 1: to Asia nearly six China's oil. Uh, it's a huge issue.

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Speaker 1: And even during this whole skirmish, the Chinese Foreign Minister

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Speaker 1: and made a trip to Tehran. Um, it's a very

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Speaker 1: complicated was that What was that trip? I would have

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Speaker 1: to say, I don't know, Tuesday, It was definitely this week,

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Speaker 1: Tuesday or Wednesday, but this week. I mean, think folks,

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Speaker 1: that the Chinese Foreign minister goes to Tehran in the

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Speaker 1: middle of all of this. I mean, that just illustrates

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Speaker 1: just how important, how much how much China doesn't want

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Speaker 1: escalating tensions either, Well in Japan too, Like I just

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Speaker 1: really really at the end of the day, the global

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Speaker 1: economy still depends on the Middle East oil. You know,

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Speaker 1: America has been blessed with energy and independence, but the

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Speaker 1: Middle East, Korea, Japan, China, India, they're all exporting a

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Speaker 1: lot of fuel out of there, and stability is key.

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Speaker 1: Can we just understand. Yesterday I interviewed the UH the

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Speaker 1: David Bernhardt, the Department of Interior, he's the Secretary of Interior,

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Speaker 1: and I mean he noted that that for the first

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Speaker 1: time in years really ever last year, I think it

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Speaker 1: was the first year where we became as a country

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Speaker 1: the first exporter. For the first time, we export more

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Speaker 1: than we import in terms of oil. And that's pre

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Speaker 1: and war decision. No one knows and that when that

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Speaker 1: will happen, but it's a very different Middle Eastern skirmish

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Speaker 1: when you're exporting more energy than you're importing more energy,

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Speaker 1: like that wasn't the case back in That's correct. It

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Speaker 1: has changing calculist domestically for the US, but as our rule,

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Speaker 1: you know, our US and aba superior, our rulerotecting global commons,

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Speaker 1: the need to protect global commerce. The military is taking

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Speaker 1: more focused look, so we're still focused on that part

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Speaker 1: of the world, even though we're not directly impacting by

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Speaker 1: importing the al Right, so that's the geopolitics. Let's now

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Speaker 1: turn to the domestic political impact of US and Iran. Eli,

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Speaker 1: what are the polls saying, How are the parties reacting

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Speaker 1: to this? How are independence reacting on this? Will be

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Speaker 1: in the field this weekend Singer response to the strikes

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Speaker 1: against US troops in the Middle least after Trump's initial strike.

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Speaker 1: Though most voters really supported the initial strike, though they

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Speaker 1: did say it made them less safe in this country,

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Speaker 1: and a greater show even said that they said it

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Speaker 1: made more war more likely, which we kind of saw

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Speaker 1: this week. Um. The other thing is, though you know,

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Speaker 1: voters don't know a whole lot about Iran. One of

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Speaker 1: my colleagues at Morning Consul this week publishes this really

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Speaker 1: interesting story looking at if voters can find Iran on

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Speaker 1: the map, and it was less some three and tin

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Speaker 1: voters could pinpoint Iron on a map of the Middle East,

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Speaker 1: got even smaller when they saw a map of the

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Speaker 1: whole world. And a lot of Americans learned of Cosam

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Speaker 1: Solomoni for the first time on Sunday night. Yeah, this

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Speaker 1: is not a well known character across this and so

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Speaker 1: when the President speaking in Toledo, Ohio, and he doubled

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Speaker 1: down his supporters last night, particularly about that. So I

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Speaker 1: think Americans, what I'm hearing from you, Americans are still

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Speaker 1: sorting through all of this and processing this in their

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Speaker 1: minds before making up an opinion. Yeah. I think most

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Speaker 1: Republicans were on board this. Democrats were against it. Obviously.

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Speaker 1: That's what we've seen throughout the Trump alright, not the politics.

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Speaker 1: Market reaction. Yeah, And I was gonna say the interesting thing, right,

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Speaker 1: but the interesting thing is you saw not much of

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Speaker 1: a market reaction. And this is he called the markets

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Speaker 1: and a part to what Mark is talking about, which

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Speaker 1: is we don't have this this energy complexity anymore that

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Speaker 1: we used to have. But also even with the Democrat

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Speaker 1: House of Representatives saying they're going to vote to restrict

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Speaker 1: the war powers the president has, they're still market That

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Speaker 1: happened last night, but they're still is in market anxiety

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Speaker 1: about that, which I find to be very very interesting

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Speaker 1: that it's never going to go. Why are we a

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Speaker 1: country that's becoming nerd to the thought of war. I

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Speaker 1: don't know. I think they we're gonna find out pretty soon.

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Speaker 1: All Right, that's a great point. And again that vote.

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Speaker 1: The House, Democrat controlled House passed it just a couple

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Speaker 1: of hours before the President started speaking in Toledo. Coming up,

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Speaker 1: we could talk more policy and politics with our panel.

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Speaker 1: Job to day, folks, Maddie Doubler is gonna weigh in

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Speaker 1: on that. I'm Kevin Sireli. You're listening to Bloomberg. This

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Speaker 1: is Bloomberg Sound On with Kevin Shirley on Bloomberg and

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Speaker 1: one oh five point seven m h D two. Happy Friday, folks.

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Speaker 1: I'm Kevin Cirelli, Chief Washington correspondent for Bloomberg Television and

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Speaker 1: Bloomberg Radio. Maddie Doppler's here, Mark Ross, Eli Jakali. Guys,

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Speaker 1: it's gonna be like close to seventy degrees and Sonny

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Speaker 1: in Washington, DC tomorrow. It's so, what are you gonna

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Speaker 1: do with Lila, your newborn? Um, Just go outside and

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Speaker 1: enjoy the weather. You know, I'm from Wisconsin, so like

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Speaker 1: when you get nice weather in January, you take advantage

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Speaker 1: of it, and you're gonna be rooting for the Green

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Speaker 1: Bay Packers. For the Packers Goalpa goal. I think that

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Speaker 1: I'm also rooting for the Green Bay Packers a right

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Speaker 1: because welcome to board, CAB. I'm still dismayed that the

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Speaker 1: league has not penalized Seattle for what was such an

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Speaker 1: egregious play, so unethical, so awful songe creep your revenge

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Speaker 1: on on he who must not be named, and just

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Speaker 1: target him and just it's awful. League. The league should

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Speaker 1: have at least issue to fine. That's all I'm gonna say. Um, Okay,

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Speaker 1: let's talk about who are you rooting for. I'm rooting

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Speaker 1: for the Baltimore Ravens. My good friend Sarah is a

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Speaker 1: huge fan season to get holder. I do want to

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Speaker 1: let her down. She's obsessed. Alright, I'm on the bandwagon. Alright,

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Speaker 1: Lamar Jackson, you might say to lives in Baltimore. So

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Speaker 1: I'm gonna root for them connection any like, I'm just

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Speaker 1: standing with the chiefs man, okay, and any big plans.

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Speaker 1: Who's doing something fun. I'm gonna do some gardening tomorrow

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Speaker 1: because I'm anna January, but it feels like spring. I've

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Speaker 1: got to clean out my garden early to be gardening, right,

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Speaker 1: I'm going to clean out some stuff. I don't have

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Speaker 1: a green thumb. I kill everything that is in anyway.

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Speaker 1: Jobs day missing the mark hundred of forty five correct

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Speaker 1: thousand jobs added to the U S economy in the

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Speaker 1: month of September December December, Kevin, I swear I'm awake

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Speaker 1: December hundred forty thousand jobs added in December, the least

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Speaker 1: since May, after a downwardly revised two hundred and fifty

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Speaker 1: six thousand advanced the prior month, according to the Labor

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Speaker 1: Department that was released earlier today. We've got Larry Condo,

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Speaker 1: the President's chief economic advisor. He spoke with my buddy

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Speaker 1: Jonathan Barrow on Bloomberg Television earlier today. Take a listen

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Speaker 1: to Condo. Rising stock market is in the aiding a

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Speaker 1: lot of business and consumer confidence, in my judgment, and

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Speaker 1: I think it's forecasting essentially an even stronger economy in

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Speaker 1: the coming year. Okay, all right, So, as you mentioned,

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Speaker 1: a little soft on the number for the month in

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Speaker 1: December forty five, expectation was one sixty. But since this

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Speaker 1: is our last read for twenty nineteen, we can now

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Speaker 1: look at the entire year and see how we did

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Speaker 1: on the job's landscape. But a hundred seventy six thousand

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Speaker 1: jobs now is the average for each month in nineteen.

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Speaker 1: That is pretty darn good. In fact, that is ten

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Speaker 1: years that we've seen jobs expand we've seen payrolls rise,

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Speaker 1: which is unheard of since we started taking this data

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Speaker 1: eighty years ago. So, you know, we talk about when

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Speaker 1: you hear from Larry Carlow talking about how he's optimistic

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Speaker 1: for the future, there's a lot of discussion about whether

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Speaker 1: or not the expansion has legs and how long it

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Speaker 1: will continue. What we know, at least from the consumer

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Speaker 1: side and from the employment side that things look pretty

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Speaker 1: robust here and now. The one thing that always gets

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Speaker 1: a lot of attention every month is the wage number.

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Speaker 1: Are people earning more money for the work that they're doing.

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Speaker 1: They are, but that number did come in a little

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Speaker 1: bit under where it was last the previous month. Came

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Speaker 1: in at two point nine percent from the previous December

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Speaker 1: on that reading, Now, what that means is that people

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Speaker 1: still have experienced a pay raise that is rising above

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Speaker 1: the rate of inflation. So that's good. But the we

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Speaker 1: mentioned earlier how the FED has been kind of the

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Speaker 1: thorn in the side of the market and some policymakers

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Speaker 1: have been watching when it comes to economic policy for

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Speaker 1: the past year, and the question is what is causing

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Speaker 1: this softness in wages if in fact we have a

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Speaker 1: an employment market that is so fiery hot. Well, there's

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Speaker 1: a couple of different reasons that that could be happening.

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Speaker 1: One I think is a very interesting perspective. Now, some

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Speaker 1: good news in the jobs report on December was that

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Speaker 1: for the first time in ten years, more women are

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Speaker 1: working than men fifty Yeah, so the first time, for

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Speaker 1: the first time ten years, in ten years, in ten years,

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Speaker 1: ten years, there are more women working than men. Now.

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Speaker 1: The reason I prop the women beat out men by

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Speaker 1: a hundred nine thousand jobs um, which you know is

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Speaker 1: enough to edge out that first spot. But the reason

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Speaker 1: I bring it up in the conversation about wages is

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Speaker 1: the demographics of who is working is partially why we're

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Speaker 1: still seeing a little bit of that softness in wages,

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Speaker 1: because it's a different demographic of who's in the workforce. Now,

428
00:22:22,680 --> 00:22:24,800
Speaker 1: there are other questions too about what's going on in

429
00:22:24,800 --> 00:22:27,280
Speaker 1: the workforce that would potentially result in wages not rising

430
00:22:27,320 --> 00:22:30,200
Speaker 1: as quickly as we would expect. I mean technology, when

431
00:22:30,200 --> 00:22:35,679
Speaker 1: you make a widget, it's less expensive to make. So

432
00:22:35,760 --> 00:22:37,679
Speaker 1: here's why I think it's still a good day for Trump.

433
00:22:37,720 --> 00:22:41,960
Speaker 1: A It's still very good number jobs above the rate

434
00:22:42,000 --> 00:22:45,720
Speaker 1: of what we need for population growth. Um wages in themselves,

435
00:22:45,760 --> 00:22:48,560
Speaker 1: real wages are still rising, So Americans are feeling better off,

436
00:22:48,600 --> 00:22:51,360
Speaker 1: and that's the most important part when they're voting. But lastly,

437
00:22:51,600 --> 00:22:54,879
Speaker 1: even if there is the softness in the wage number,

438
00:22:55,240 --> 00:22:58,000
Speaker 1: what that actually means it is probably higher profits for companies.

439
00:22:58,040 --> 00:22:59,520
Speaker 1: What does that show up in It shows up in

440
00:22:59,560 --> 00:23:01,240
Speaker 1: earnings and where does that make a difference in the

441
00:23:01,240 --> 00:23:03,640
Speaker 1: stock market? And we know how the president feels about

442
00:23:03,640 --> 00:23:05,719
Speaker 1: the stock mark, right And if that wasn't enough, if

443
00:23:05,760 --> 00:23:08,280
Speaker 1: you're looking at these numbers, you still really haven't seen

444
00:23:08,359 --> 00:23:11,639
Speaker 1: too much of a tariff drag in terms of tariffs

445
00:23:11,680 --> 00:23:14,280
Speaker 1: impacting I'm seeing you not but it's not it's not

446
00:23:14,320 --> 00:23:16,720
Speaker 1: a pronounced I know the business community. If you're in

447
00:23:16,760 --> 00:23:19,240
Speaker 1: your car, you're going to pull over and slam on

448
00:23:19,280 --> 00:23:21,359
Speaker 1: your brakes that I just said that don't drive safe,

449
00:23:21,720 --> 00:23:25,760
Speaker 1: But meaning it's not, it's not as much of a

450
00:23:25,880 --> 00:23:28,400
Speaker 1: hinder or explicit of a hinder in the jobs. Well,

451
00:23:28,400 --> 00:23:30,040
Speaker 1: and this is the challenge with those of us who

452
00:23:30,040 --> 00:23:32,560
Speaker 1: think tariffs are a poorer public policy tool, which is that,

453
00:23:32,680 --> 00:23:35,200
Speaker 1: of course you're not going to have the economic data

454
00:23:35,240 --> 00:23:39,000
Speaker 1: telling you that tariffs destroyed what is a very strong economy. However,

455
00:23:39,040 --> 00:23:41,080
Speaker 1: you kind of get me manufacturing where we lost jobs,

456
00:23:41,080 --> 00:23:43,280
Speaker 1: which is also another reason why we see fewer men

457
00:23:43,320 --> 00:23:47,040
Speaker 1: and more women in the workforce. Very interesting, all right,

458
00:23:47,440 --> 00:23:53,400
Speaker 1: speaking of tariffs, Mark Cross next week January Vice Premier. Yes,

459
00:23:53,480 --> 00:23:58,520
Speaker 1: January fifte Wednesday, we're expecting two hundred plus folks to

460
00:23:58,640 --> 00:24:01,840
Speaker 1: join two. Yes. The White House is rolling out the

461
00:24:01,880 --> 00:24:03,960
Speaker 1: red carpet not only for the Chinese delegation, but also

462
00:24:04,000 --> 00:24:07,240
Speaker 1: other members of the business community, trade associations. They're making

463
00:24:07,240 --> 00:24:11,880
Speaker 1: this a big deal. Um. I'm not going um yet yet.

464
00:24:12,000 --> 00:24:15,240
Speaker 1: Who knows I will get invited? Um. What's interesting though,

465
00:24:15,359 --> 00:24:17,919
Speaker 1: nobody is yet to see the text of the Phase

466
00:24:17,960 --> 00:24:21,080
Speaker 1: one deal. But let's not that hold us back. Uh,

467
00:24:21,119 --> 00:24:24,680
Speaker 1: this is a positive development, I think with these jobs numbers,

468
00:24:24,720 --> 00:24:26,639
Speaker 1: when I'm also looking at in the next few weeks,

469
00:24:26,880 --> 00:24:29,920
Speaker 1: you've got this big deal, the Phase one Keeping with

470
00:24:30,240 --> 00:24:32,439
Speaker 1: keeping with this for a minute, because we've we've covered

471
00:24:32,480 --> 00:24:35,879
Speaker 1: this every twist and turn of the US China Phase

472
00:24:35,920 --> 00:24:39,960
Speaker 1: one trade deal. Why is the President she coming? I mean,

473
00:24:40,119 --> 00:24:43,920
Speaker 1: why why not have the Trump She handshake photo op? Why?

474
00:24:43,960 --> 00:24:48,000
Speaker 1: I mean that that's why because it's not a I mean,

475
00:24:48,320 --> 00:24:51,760
Speaker 1: in proper paralleance, it's not a proper trade deal. This

476
00:24:51,800 --> 00:24:56,400
Speaker 1: is essentially approval, doesn't congressional. This is one which would

477
00:24:56,400 --> 00:24:58,800
Speaker 1: indicate that it could be derailed at any time. This

478
00:24:58,840 --> 00:25:01,359
Speaker 1: is like classic dollar diplomacy by the Chinese. I mean,

479
00:25:01,359 --> 00:25:03,760
Speaker 1: all they're really promising is to buy more goods and

480
00:25:03,800 --> 00:25:07,439
Speaker 1: services from the US. I don't be cynical about it.

481
00:25:07,440 --> 00:25:10,080
Speaker 1: It is positive. We've like stopped, if you will, kind

482
00:25:10,080 --> 00:25:17,880
Speaker 1: of the negative US China, there's nobody's seen the text,

483
00:25:17,920 --> 00:25:24,480
Speaker 1: there's no exactly has essentially pursued this same approach with Japan.

484
00:25:24,840 --> 00:25:29,080
Speaker 1: With Korea, that's kind of administrative agreement that really is

485
00:25:29,119 --> 00:25:32,320
Speaker 1: more of understanding of how the trade relationship is going

486
00:25:32,359 --> 00:25:35,439
Speaker 1: to work. Um So, in that sense we have a

487
00:25:35,440 --> 00:25:39,239
Speaker 1: template for it working. But like Mark, you're right, like,

488
00:25:39,320 --> 00:25:42,119
Speaker 1: what what does it all mean in the long term

489
00:25:42,200 --> 00:25:45,480
Speaker 1: if we don't have something written, Well, what I'm looking

490
00:25:45,520 --> 00:25:47,159
Speaker 1: for is enforcement, Mark, what are you look at? The

491
00:25:47,240 --> 00:25:49,520
Speaker 1: Chinese also don't want to put on paper you know, hey,

492
00:25:49,520 --> 00:25:51,320
Speaker 1: we're gonna buy x amount of goods. Because they also

493
00:25:51,359 --> 00:25:54,760
Speaker 1: have trading partners in Brazil and Europe. There, they're also

494
00:25:54,880 --> 00:25:58,639
Speaker 1: like what for me, the biggest thing to look for

495
00:25:58,800 --> 00:26:00,720
Speaker 1: is enforcement. How will it be in force? What's the

496
00:26:00,720 --> 00:26:02,360
Speaker 1: biggest thing for you to look for. I just think

497
00:26:02,400 --> 00:26:05,240
Speaker 1: it's we've just stopped kind of the degregational relationship. I

498
00:26:05,240 --> 00:26:06,960
Speaker 1: think we're gonna see more positive What are you gonna

499
00:26:06,960 --> 00:26:10,120
Speaker 1: look for in the deal? To me, it's not really

500
00:26:10,160 --> 00:26:13,760
Speaker 1: a deal. I mean, it's just like we're stopping phase two.

501
00:26:16,880 --> 00:26:19,560
Speaker 1: How So we're talking about the economy, Eli Yoakley, Morning

502
00:26:19,560 --> 00:26:22,639
Speaker 1: consult Reporter, how and we're talking about China. How is

503
00:26:22,720 --> 00:26:26,760
Speaker 1: How are Americans responding to that? How are voters responding

504
00:26:26,800 --> 00:26:30,000
Speaker 1: to that? Consumer confidence indicators suggest that there's still a

505
00:26:30,000 --> 00:26:34,000
Speaker 1: lot of confidence in the economy. But how is this

506
00:26:34,119 --> 00:26:36,960
Speaker 1: resonating at all? Is it's resonating with the Marcus? Is

507
00:26:36,960 --> 00:26:39,600
Speaker 1: it resonating with voters? We've seen consumer confidence drop a

508
00:26:39,640 --> 00:26:42,000
Speaker 1: little bit. But the big thing I'm looking at is

509
00:26:42,119 --> 00:26:44,040
Speaker 1: this question of Trump's approval. I mean, that's what matters

510
00:26:44,080 --> 00:26:45,359
Speaker 1: at the end of the day on this. And in

511
00:26:45,400 --> 00:26:47,879
Speaker 1: December Donald Trump had his best net approval of two

512
00:26:47,880 --> 00:26:50,680
Speaker 1: thousand nineteen. Even the mid all of this impeachment stuff.

513
00:26:50,680 --> 00:26:54,240
Speaker 1: He saw games in places like Maine and Iowa. He

514
00:26:54,320 --> 00:26:56,800
Speaker 1: did not fall in places like Michigan. This things are

515
00:26:56,960 --> 00:26:58,720
Speaker 1: looking good for him on the better for him on

516
00:26:58,760 --> 00:27:00,840
Speaker 1: the improvement front than they were before the beach but

517
00:27:01,040 --> 00:27:04,840
Speaker 1: started made is so interesting with the trade. Next is

518
00:27:04,880 --> 00:27:07,760
Speaker 1: there on lobsters and how crucial that is to their industry.

519
00:27:07,960 --> 00:27:09,960
Speaker 1: But also just like you know, may not really a

520
00:27:10,000 --> 00:27:14,280
Speaker 1: stalwart Republican state, but up state Maine is, and you

521
00:27:14,359 --> 00:27:19,119
Speaker 1: get there's that nuance alright coming up? What's on the

522
00:27:19,119 --> 00:27:24,040
Speaker 1: panel's radar? Oprah ways in on the Megan Markle Prince

523
00:27:24,040 --> 00:27:27,960
Speaker 1: Harry saga. I'm obsessed with the story and I'm telling you, folks,

524
00:27:28,000 --> 00:27:30,560
Speaker 1: it's better than the Crown. You can't make this up.

525
00:27:30,720 --> 00:27:34,639
Speaker 1: Netflix is probably rushing a new series just off of

526
00:27:34,680 --> 00:27:38,439
Speaker 1: this week alone by the Royal Family, completely upending in

527
00:27:38,480 --> 00:27:42,359
Speaker 1: the Queen's all matter. This is I'm just anyway, Panel

528
00:27:42,440 --> 00:27:45,200
Speaker 1: stays I'll stay. Download the Boomberg Sound on podcast on

529
00:27:45,240 --> 00:27:47,800
Speaker 1: Apple iTunes, a Bloomberg dot com, or by downloading the

530
00:27:47,800 --> 00:27:50,399
Speaker 1: Bloomberg Business app. You can also find us on radio

531
00:27:50,440 --> 00:27:52,800
Speaker 1: dot com, I Heart Radio and Scotify. My name is

532
00:27:52,880 --> 00:27:55,480
Speaker 1: Kevin Crelli on the Chief Washington Course monit for Bloomberg

533
00:27:55,480 --> 00:28:11,240
Speaker 1: Television and Radio. And you're listening to Bloomberg. Well, this

534
00:28:11,560 --> 00:28:16,800
Speaker 1: is Bloomberg Sound On with Kevin Shirley on Bloomberg and

535
00:28:16,840 --> 00:28:19,040
Speaker 1: one oh five point seven f m h D two.

536
00:28:20,440 --> 00:28:24,480
Speaker 1: Mary N. Williamson has dropped out of the Democratic presidential contest.

537
00:28:24,520 --> 00:28:28,960
Speaker 1: She's a friend of Bloomberg's Sound On program. She says, quote,

538
00:28:29,000 --> 00:28:32,000
Speaker 1: the primaries might be tightly contested among the top contenders,

539
00:28:32,000 --> 00:28:34,080
Speaker 1: and I don't want to get in the way of

540
00:28:34,119 --> 00:28:37,320
Speaker 1: a progressive candidate winning any of them. She went on

541
00:28:37,400 --> 00:28:39,239
Speaker 1: to say, we will not be able to garner enough

542
00:28:39,320 --> 00:28:43,280
Speaker 1: votes in the election to elevate our conversation anymore than

543
00:28:43,320 --> 00:28:47,440
Speaker 1: it is now Again, folks, author and spiritual guru Mary

544
00:28:47,480 --> 00:28:51,200
Speaker 1: and Williamson has ended her presidential campaign of Kevin Sireli,

545
00:28:51,240 --> 00:28:54,959
Speaker 1: Chief Washington correspondent for Bloomberg Television and Bloomberg Radio. Mattie

546
00:28:54,960 --> 00:28:57,720
Speaker 1: Doubler's here, Mark Ross and Eli Yoakley. It's time now

547
00:28:58,120 --> 00:29:02,160
Speaker 1: for what's on the panel's radar? Mattie, what's on your all? Right? Well,

548
00:29:02,200 --> 00:29:03,760
Speaker 1: I'm going to tease a little bit of research I'm

549
00:29:03,760 --> 00:29:06,280
Speaker 1: doing about young people and their sentiments when it comes

550
00:29:06,320 --> 00:29:09,000
Speaker 1: to the economy. And this is going to how do

551
00:29:09,040 --> 00:29:11,680
Speaker 1: you define young people? Well, so I focus. So I

552
00:29:11,960 --> 00:29:14,479
Speaker 1: am guilty of focusing on millennials, but only because I am.

553
00:29:15,400 --> 00:29:16,960
Speaker 1: I'm a medium millennial. If you're one of the people

554
00:29:16,960 --> 00:29:20,120
Speaker 1: born alright, so under the age of what so under

555
00:29:20,200 --> 00:29:26,680
Speaker 1: the don't make me do math now, yeah, thirty, I

556
00:29:26,720 --> 00:29:28,719
Speaker 1: don't know. I'm here. Now you're gonna out me. I'm

557
00:29:28,760 --> 00:29:31,040
Speaker 1: thirty two, I'm medium millennial. Okay, I'll give you that,

558
00:29:31,640 --> 00:29:37,600
Speaker 1: um And I don't want to out anyone. So so

559
00:29:37,640 --> 00:29:39,360
Speaker 1: many personal things come up in the show for me,

560
00:29:39,520 --> 00:29:43,800
Speaker 1: havin So Anyways, when you look at millennials and kind

561
00:29:43,800 --> 00:29:46,280
Speaker 1: of their coming of age experience in their their own

562
00:29:46,320 --> 00:29:49,400
Speaker 1: like financial maturity, it was all during the Great Recession,

563
00:29:49,480 --> 00:29:52,040
Speaker 1: So you see a lot of shade being through at millennials,

564
00:29:52,040 --> 00:29:54,480
Speaker 1: and for good reason. But mostly this talk of how

565
00:29:54,520 --> 00:29:56,600
Speaker 1: they don't measure up to other generations, I think is

566
00:29:56,640 --> 00:29:59,680
Speaker 1: trash because we live in a different time, you know, Matt.

567
00:29:59,760 --> 00:30:03,160
Speaker 1: Now millennials can invest on their smartphones easier than they

568
00:30:03,160 --> 00:30:05,680
Speaker 1: can buy a house, yet they're still maligned for not

569
00:30:05,800 --> 00:30:07,880
Speaker 1: investing their life savings and an asset that might not

570
00:30:07,920 --> 00:30:09,760
Speaker 1: appreciate for them. So doing some research on that, I

571
00:30:09,760 --> 00:30:11,680
Speaker 1: think it's really interesting. Has a lot to do too.

572
00:30:11,720 --> 00:30:13,840
Speaker 1: I think with why this wage question isn't budging and

573
00:30:13,840 --> 00:30:16,480
Speaker 1: hope to have more answers to come out. We'll see.

574
00:30:16,920 --> 00:30:20,200
Speaker 1: I can't wait. That's fascinating. I think. I think the

575
00:30:20,280 --> 00:30:24,200
Speaker 1: investment of retirement savings crisis in this country is one

576
00:30:24,240 --> 00:30:30,360
Speaker 1: of the financial sector financial reportings, biggest contribution that the

577
00:30:30,400 --> 00:30:33,360
Speaker 1: financial press is made. It's just it's it's alarming how

578
00:30:33,360 --> 00:30:37,760
Speaker 1: many people don't say for retirement anything. Yeah, and I

579
00:30:37,800 --> 00:30:40,200
Speaker 1: think that would be financially fit, and you've got to

580
00:30:40,240 --> 00:30:43,360
Speaker 1: be physically fit. That's that's the spiritually fit and that

581
00:30:43,360 --> 00:30:45,800
Speaker 1: which is why we just had that moment of pause

582
00:30:45,880 --> 00:30:48,360
Speaker 1: for Marianne. But I think they should teach that youth

583
00:30:48,360 --> 00:30:53,360
Speaker 1: financial literacy schools. Mark Rubio a Republican from Florida. He

584
00:30:53,360 --> 00:30:55,800
Speaker 1: has a bill called no Before you Go that really

585
00:30:56,120 --> 00:30:59,400
Speaker 1: allows I'm fortunate because I had an amazing English teacher

586
00:30:59,440 --> 00:31:02,920
Speaker 1: who was also my guidance counselor, Richard Roper, and he

587
00:31:03,040 --> 00:31:06,040
Speaker 1: was really my first fiduciary. Yeah. You think of these

588
00:31:06,120 --> 00:31:08,400
Speaker 1: kids all around the country when they're in their guidance

589
00:31:08,400 --> 00:31:11,920
Speaker 1: counselor's office. Who is your first financial fiduciary. It's your

590
00:31:11,920 --> 00:31:15,200
Speaker 1: guidance counselor make the first decision that you're making in

591
00:31:15,360 --> 00:31:18,880
Speaker 1: terms of debt and everything is your your college advisor,

592
00:31:18,960 --> 00:31:23,360
Speaker 1: and it informed. Having an inforimned financial perspective has cascading effects.

593
00:31:23,360 --> 00:31:25,280
Speaker 1: I mean, the number of people who think that we

594
00:31:25,320 --> 00:31:28,560
Speaker 1: could just like fund the military if we tax every

595
00:31:28,560 --> 00:31:31,600
Speaker 1: millionaire one more cent is silly. Like we need to

596
00:31:31,600 --> 00:31:35,840
Speaker 1: have a greater global perspective, and there's that. It's not political.

597
00:31:35,880 --> 00:31:38,960
Speaker 1: It's not political. I'm saying from a mathematics part. It

598
00:31:39,040 --> 00:31:43,760
Speaker 1: was a mathematics question of yesteryear. And now you're all right,

599
00:31:43,880 --> 00:31:45,520
Speaker 1: no good stuff. I can't wait to see your research.

600
00:31:45,840 --> 00:31:47,760
Speaker 1: What's on your radar? I'm looking for what's next to

601
00:31:47,800 --> 00:31:50,680
Speaker 1: the Democratic presidential race coming up next week, the first

602
00:31:50,720 --> 00:31:53,360
Speaker 1: one of the year. I'm so far this race has

603
00:31:53,400 --> 00:31:56,320
Speaker 1: been pretty solid. Not a whole lot of movement nationally.

604
00:31:56,640 --> 00:31:58,920
Speaker 1: We've seen some upticks for some candidates and some of

605
00:31:58,960 --> 00:32:02,120
Speaker 1: the early states and some weeks um just this week,

606
00:32:02,160 --> 00:32:04,400
Speaker 1: we actually put out we're starting to track each week

607
00:32:04,440 --> 00:32:07,400
Speaker 1: head to heads at Morning Council, seeing how each of

608
00:32:07,440 --> 00:32:09,760
Speaker 1: these candidates performing against s Donald Trump. And the person

609
00:32:09,800 --> 00:32:12,440
Speaker 1: who led this week was Joe Biden. He at the

610
00:32:12,440 --> 00:32:15,720
Speaker 1: biggest advantage compared to anybody against stald Trump going into

611
00:32:15,880 --> 00:32:19,200
Speaker 1: this election cycle really has that electribild the argument outside.

612
00:32:19,280 --> 00:32:22,320
Speaker 1: And last night in that rally in Ohio, President Trump

613
00:32:22,320 --> 00:32:25,360
Speaker 1: said that he's gonna have people channing where's Hunter if

614
00:32:25,400 --> 00:32:28,240
Speaker 1: he's the nominating So fascinating. You know, those stories really

615
00:32:28,280 --> 00:32:30,440
Speaker 1: didn't break through last year. We'll see if I'm sure

616
00:32:30,480 --> 00:32:32,000
Speaker 1: this year Donald Trump will try to make a bigger

617
00:32:32,040 --> 00:32:35,360
Speaker 1: deal out of him. All right, what's on your radar? Mark? Well? Globalization,

618
00:32:35,480 --> 00:32:37,440
Speaker 1: as you know, I love to talk about that and

619
00:32:37,440 --> 00:32:40,000
Speaker 1: focus on that. Next week, the EU Trade Chief Phil

620
00:32:40,040 --> 00:32:43,200
Speaker 1: Hogan will be in DC for three days. So in

621
00:32:43,280 --> 00:32:45,840
Speaker 1: addition to the Chinese delegation coming over, we also have

622
00:32:45,960 --> 00:32:48,880
Speaker 1: a senior representatives from the European Union going to be

623
00:32:48,920 --> 00:32:50,680
Speaker 1: in town. What are they gonna talk about. We're gonna

624
00:32:50,680 --> 00:32:54,200
Speaker 1: talk about trade, economic development, getting the economy going forward.

625
00:32:54,240 --> 00:33:02,360
Speaker 1: In come up all positive? This is your positivity, your positivity,

626
00:33:02,360 --> 00:33:04,680
Speaker 1: I would hope, But there's just so this comes from

627
00:33:04,760 --> 00:33:07,680
Speaker 1: the terror threat that the administration is issue that tax

628
00:33:07,760 --> 00:33:10,920
Speaker 1: on European wine and excuse me on French because the

629
00:33:10,960 --> 00:33:13,520
Speaker 1: French have decided they're going to at tax American tech

630
00:33:13,560 --> 00:33:17,640
Speaker 1: companies into a blo this. This is fascinating to me.

631
00:33:17,920 --> 00:33:21,840
Speaker 1: Where you've got this tax scandal that has erupted because

632
00:33:22,120 --> 00:33:25,520
Speaker 1: France Amalia on the CRAL decided that he was going

633
00:33:25,600 --> 00:33:28,480
Speaker 1: to go after he was going to go after Silicon

634
00:33:28,560 --> 00:33:30,800
Speaker 1: valid and Kevin. This is part of a broader So

635
00:33:30,840 --> 00:33:33,719
Speaker 1: the President Trump goes, Okay, you're coming after the Crown Jewels.

636
00:33:33,720 --> 00:33:36,080
Speaker 1: Is Larry cut Look as he goes, going after your

637
00:33:36,120 --> 00:33:38,960
Speaker 1: Crown Jewels? Right? Your wine? Right? And now wine is

638
00:33:39,000 --> 00:33:41,920
Speaker 1: more expensive and there's a tax on the other not Yeah,

639
00:33:41,960 --> 00:33:45,240
Speaker 1: but it'll be problematic, not just for importers of foreign

640
00:33:45,280 --> 00:33:48,520
Speaker 1: wine for the kind of ridiculous system that we have

641
00:33:48,560 --> 00:33:50,320
Speaker 1: here for distributing wine, will be a big promp for

642
00:33:50,400 --> 00:33:53,040
Speaker 1: domestic producers as well. But this comes as other O

643
00:33:53,120 --> 00:33:56,240
Speaker 1: E C D companies countries are contemplating the same thing.

644
00:33:56,320 --> 00:33:58,600
Speaker 1: They want to tax American tech companies, and they have

645
00:33:58,720 --> 00:34:01,440
Speaker 1: been very cavigory about this. They're not saying, oh, it's

646
00:34:01,480 --> 00:34:03,160
Speaker 1: just a corporate tech No, They're saying that they want

647
00:34:03,200 --> 00:34:05,320
Speaker 1: to tax tax tech companies and they want it to

648
00:34:05,320 --> 00:34:07,520
Speaker 1: be the American tech companies who take it on the head.

649
00:34:07,720 --> 00:34:09,880
Speaker 1: The President is right to stand up to them, the

650
00:34:10,040 --> 00:34:17,799
Speaker 1: teriff approach maybe not one that is as well. From question.

651
00:34:18,120 --> 00:34:21,319
Speaker 1: Next week is going to be obviously a dominant news

652
00:34:21,360 --> 00:34:26,720
Speaker 1: story because you've got the debate with China, uh Europe

653
00:34:26,760 --> 00:34:29,200
Speaker 1: and the course impeachment trial could start. But I mean,

654
00:34:29,239 --> 00:34:32,800
Speaker 1: the only story that has kept me glued to my phone.

655
00:34:32,840 --> 00:34:37,040
Speaker 1: I'm kidding, I'm obviously kidding, but my sides show story

656
00:34:37,120 --> 00:34:39,279
Speaker 1: that I when I go home after work that I'm

657
00:34:39,280 --> 00:34:42,360
Speaker 1: obsessed with is megsit. My whole family back home in Deelco.

658
00:34:42,440 --> 00:34:45,480
Speaker 1: They can't. We're all detection about what the heck is Oprah?

659
00:34:45,480 --> 00:34:48,960
Speaker 1: Now involved? Is your family text? Yes, there are there

660
00:34:48,960 --> 00:34:53,200
Speaker 1: are memes. Yes, Mama Sa really Chicky really is very

661
00:34:53,280 --> 00:34:56,719
Speaker 1: much up in arms over this, and we're divided, you know,

662
00:34:57,000 --> 00:34:58,640
Speaker 1: in terms of this. I'm gonna read from page six

663
00:34:58,680 --> 00:35:01,480
Speaker 1: because I feel like that's an appropriate source for this.

664
00:35:01,560 --> 00:35:04,640
Speaker 1: Page six reports. Prince Harry and Megan Markle's close friend

665
00:35:04,880 --> 00:35:08,400
Speaker 1: Oprah Winfrey has said she supports their decision to step

666
00:35:08,400 --> 00:35:11,160
Speaker 1: down as senior royals. The TV queen, who attended the

667
00:35:11,200 --> 00:35:14,160
Speaker 1: royal couple's wedding and is close to Megan's mother, said

668
00:35:14,160 --> 00:35:16,440
Speaker 1: in a statement, quote, I care about them both and

669
00:35:16,480 --> 00:35:19,160
Speaker 1: support whatever decision they make as a family. But see

670
00:35:19,200 --> 00:35:24,000
Speaker 1: the other reporting who's following this year it because this

671
00:35:24,080 --> 00:35:28,120
Speaker 1: is a big deal from an economic stamp. Why talk

672
00:35:28,200 --> 00:35:32,440
Speaker 1: about the economic component just the just the click advertising

673
00:35:32,480 --> 00:35:35,440
Speaker 1: alone for the Daily Mail. It's gonna deeper than as

674
00:35:35,480 --> 00:35:37,880
Speaker 1: well as you know t cozies and other kind of

675
00:35:38,040 --> 00:35:40,319
Speaker 1: memorabilia when you buy when you go to London. But

676
00:35:40,400 --> 00:35:44,400
Speaker 1: there's also rumors that the royal family, the Sausagees have

677
00:35:45,160 --> 00:35:49,919
Speaker 1: police trademarks on a hundred different irons, pencils, socks. They've

678
00:35:49,960 --> 00:35:56,239
Speaker 1: launched this website all under darkness that nobody is wait.

679
00:35:56,320 --> 00:35:59,480
Speaker 1: So they're gonna set up a foundation what they say,

680
00:35:59,680 --> 00:36:01,399
Speaker 1: and then the Queen says that they're going to take

681
00:36:01,400 --> 00:36:03,080
Speaker 1: their time on this and they put out a statement

682
00:36:03,080 --> 00:36:07,319
Speaker 1: the Royal Family and quote discussions with the Duke, The

683
00:36:07,400 --> 00:36:10,360
Speaker 1: Duke and Duchess of Sussex are at an early stage.

684
00:36:10,560 --> 00:36:13,520
Speaker 1: We understand their desire to take a different approach, but

685
00:36:14,120 --> 00:36:16,879
Speaker 1: these are complicated issues that will take time to work through.

686
00:36:17,200 --> 00:36:18,680
Speaker 1: So what they want to do is set up a

687
00:36:18,719 --> 00:36:21,719
Speaker 1: foundation allow of the Clinton Foundation, and they want to

688
00:36:22,080 --> 00:36:25,160
Speaker 1: seriously and they want to be able to solicit donations

689
00:36:25,200 --> 00:36:31,040
Speaker 1: in Canada and trademark their name. I mean, Eli, your

690
00:36:31,080 --> 00:36:34,800
Speaker 1: eyes are popping out of your head. I mean seriously,

691
00:36:34,840 --> 00:36:37,040
Speaker 1: like this is a true question, a quick question. Are

692
00:36:37,040 --> 00:36:39,880
Speaker 1: they going to be selling access to the royal family?

693
00:36:40,600 --> 00:36:42,239
Speaker 1: I think we'll yet to learn that. I thought it

694
00:36:42,320 --> 00:36:45,120
Speaker 1: was amazing the queens, the statement from the royal family.

695
00:36:45,160 --> 00:36:50,040
Speaker 1: That was a fierce sake. I can't wait to see

696
00:36:50,080 --> 00:36:59,920
Speaker 1: Donald trump away on this chance. He said he did wait,

697
00:37:00,040 --> 00:37:02,000
Speaker 1: and I know he's like his respect for the queen.

698
00:37:02,400 --> 00:37:04,719
Speaker 1: He's someone embarrassed by the actions. He felt like Dave

699
00:37:04,719 --> 00:37:07,920
Speaker 1: stepped out of mount I'm not here that comes up

700
00:37:07,920 --> 00:37:09,799
Speaker 1: today said they stepped all right, Gosh, I missed this.

701
00:37:09,840 --> 00:37:13,640
Speaker 1: See Mark, thank you for being as as where's Joe

702
00:37:13,640 --> 00:37:15,719
Speaker 1: Biden on this? That's the real question. But I think

703
00:37:15,760 --> 00:37:19,120
Speaker 1: it really begs the question of again a member of

704
00:37:19,520 --> 00:37:22,640
Speaker 1: a powerful family breaking away or wanting to break away?

705
00:37:22,680 --> 00:37:25,800
Speaker 1: Can you sell access to your It's fascinating, It's a

706
00:37:25,920 --> 00:37:28,880
Speaker 1: sign of the times. Thank you for listening. Mattie Douppler,

707
00:37:28,920 --> 00:37:30,759
Speaker 1: thanks for being here, Mark Ross, thanks for being here.

708
00:37:30,800 --> 00:37:33,160
Speaker 1: Eli Yoakley, and of course I hope Lila was listening.

709
00:37:33,200 --> 00:37:36,680
Speaker 1: That's really you're listening to Bloomberg,