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Speaker 1: Member s I p C. Welcome to the Bloomberg Surveillance Podcast.
Speaker 1: I'm Tom Keene with David Gura. Daily we bring you
Speaker 1: insight from the best of economics, finance, investment, and international relations.
Speaker 1: Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, Bloomberg dot Com,
Speaker 1: and of course, on the Bloomberg David Gura in New
Speaker 1: York with Tom Keen. This is Bloomberg Surveillance on Bloomberg Radio.
Speaker 1: A couple of years back, I was on a reporting
Speaker 1: trip to Athens. There was a protest on my final
Speaker 1: night there. Parliament was debating. Crowds gathered in Syntagma Square
Speaker 1: and towards the end of you homemade game selin bombs
Speaker 1: were thrown. I gather the same thing played out last
Speaker 1: night in Athens as parliamentarians debated another round of austerity measures.
Speaker 1: Quite pleasure to have with us here on Bloomberg eleven
Speaker 1: three our studios. George Papa Constantino, the former Finance minister
Speaker 1: of Greece. Get us up to speed on what's going
Speaker 1: on here. We're looking at the Eurogroup meeting I gather
Speaker 1: today or tomorrow this week in which the next round
Speaker 1: of this is going to be discussed in more detail.
Speaker 1: Where do things stand with the Greek economy at this point?
Speaker 1: Good morning, Yeah, we are up to for another Eurogroup
Speaker 1: meeting and it will basically conclude that the conditions are
Speaker 1: there to to disperse the loans for Greece. This is
Speaker 1: following passing in legislation this week with all the necessary measures,
Speaker 1: the fiscal measures. So what remains and the next step,
Speaker 1: and the interesting step, so to speak, is the discussions
Speaker 1: uh within the meeting and also outside between the I
Speaker 1: m F and Germany on that relief, because everyone recognizes
Speaker 1: that you need some that relief for Greece to be
Speaker 1: able to grow basically and clear the clearly the sky
Speaker 1: a little bit for for as you move forward. So
Speaker 1: the conditions for that relief are going to be discussed.
Speaker 1: It's clear that there will be no decisions for immediate
Speaker 1: implement implementing for immediately implementing that relief, but the parameters
Speaker 1: will be said to have that relief after this program
Speaker 1: finishes in the summer of two. Once that's done, that's
Speaker 1: the trigger for the ECB too then include Greece into
Speaker 1: its quantit visa program and for Greece to then go
Speaker 1: back into the markets for the first time since two
Speaker 1: thousand fourteen and start a process of normalization which will
Speaker 1: allow it to not be completely out of the woods,
Speaker 1: but at least you know, spreads will tighten and and
Speaker 1: after the program finishes, we can have a some light
Speaker 1: follow up arrangement like a credit line, so to speak.
Speaker 1: But start finding yourself on the market again. We understand
Speaker 1: that your sense of the sustainability of what the your
Speaker 1: group president proposed this morning, a primary surplus of three
Speaker 1: point five percent for for five years, is that something
Speaker 1: that you think is sustainable? Look, it's can we do
Speaker 1: promise of troup and five, Yes we can. Is it
Speaker 1: a good idea? No, it's not. I think they're the
Speaker 1: aim if is right, it's too high. The only reason
Speaker 1: why it is there is because it reduces the need
Speaker 1: for deeper debt relief and therefore makes Germany happy. At
Speaker 1: least your own dine Symplome is not proposing the original idea,
Speaker 1: which was ten years of three Maybe the minister can
Speaker 1: help us, David, you went to Athens here recently? Is
Speaker 1: it Hydra or h H y d r A. It's
Speaker 1: h Hydra. That's right, David. We need to do a
Speaker 1: remote with the Finance minister from here happy that was
Speaker 1: Sophia or rendered that movie a million years ago. It's
Speaker 1: like it's like it's like beyond gorgeous, is what I
Speaker 1: You were with the London School of Economics. Paul Degar
Speaker 1: is there right now and he agrees with you. There
Speaker 1: must be a debt workout. Why do the elites of
Speaker 1: central core Europe don't want to do what you want
Speaker 1: to do and what politic War wants to do because
Speaker 1: it's called politics, because it isn't just they don't want
Speaker 1: to open up their wallet. Well, it's a communisturation out,
Speaker 1: it's a combination of things. I think there's there's a
Speaker 1: deep seated kind of resistance to UH to dead relief
Speaker 1: because it's hard to sell to the their local constituencies
Speaker 1: and taxpayers. It's clear, but when we're talking dead relief,
Speaker 1: we're not on nominal haircuts because this is this is
Speaker 1: money lent by the official sector now and so you
Speaker 1: can't tell the taxpayer. Well, you know, sorry, we told
Speaker 1: you're gonna we're lending grace, but we're gonna get the
Speaker 1: money back. You know, I guess what we're not. It
Speaker 1: will be extending the maturities longer, gray spirits and hopefully
Speaker 1: also locking in lower rates. So that part is that,
Speaker 1: and part is that they're not trusting the Greek political
Speaker 1: elite in the Greek political system, and that's why any
Speaker 1: kind of dead relief is going to go hand in
Speaker 1: and with conditionality, with an assistance that Greece continues through
Speaker 1: the structure of films for some time. That's the time
Speaker 1: we have. Thank thank you so much for coming. We
Speaker 1: could go on and please don't be a stranger to
Speaker 1: that remote we're gonna, we're gonna get to the island.
Speaker 1: Thank you very much. David, give us Audi here and
Speaker 1: I need to do a data checker. Unfortunately, we're pleasure
Speaker 1: of George pop Constantina with us the former finance Minister
Speaker 1: of Greece, Joan Bloomberg eleven three oh studios here in
Speaker 1: New York today. Decisively, the curve is flattened below where
Speaker 1: we were in November eighth. We have had a full
Speaker 1: circle on the November eighth Trump trade if you will
Speaker 1: for the president, not all because of the president, but
Speaker 1: we had a steeper yield curve enthusiasm about fiscal policy
Speaker 1: in at nineties six basis points. We are decisively below
Speaker 1: where we were the evening of that election. Worldwide, this
Speaker 1: is Bloomberg Chris Kasanti with us who wants like next
Speaker 1: to no stocks, He's like, really a focus port folio
Speaker 1: is alphabet? Is I hate to call it? Is alphabet
Speaker 1: part of your your wisdom? It is not, Tom, although
Speaker 1: Apple is Apple is one of our largest positions, mostly
Speaker 1: because it's gone upset. How do you do that? This
Speaker 1: is you know we're coming up on the sea if
Speaker 1: exam so we get a little wonky in the in
Speaker 1: the June Chris Krossani, what do you do when you
Speaker 1: go in with a three or four percent position and
Speaker 1: heaven forbid your successful and it becomes a seven percent position?
Speaker 1: What do you do? Is small? For us, Tom, I
Speaker 1: mean our average position size is five or six percent,
Speaker 1: So you percent Tom, so we won't go over to
Speaker 1: double digits. But for Apple it made sense value wise.
Speaker 1: It was ex cash nine months ago, now less than
Speaker 1: ten times earnings. It checked all the boxes. So what
Speaker 1: do you do with the funds? Just just sell Apple?
Speaker 1: When you get up to ten percent coverage, do you say, Hey,
Speaker 1: that worked out, Let's find something the same. How do
Speaker 1: you find the next value the next Apple? Well, when
Speaker 1: you have the luxure of only owning eighteen stocks and
Speaker 1: you're only buying four or five a year, um, it's
Speaker 1: it's really a one off. We're not saying, oh, let's
Speaker 1: go into this field, let's go into that. We we're
Speaker 1: looking at the numbers are each individual company. So that's
Speaker 1: a real luxury in our clients are not expecting quarter
Speaker 1: by quarter results to beat the SMP. But over a
Speaker 1: long period of time, we had a lot of value.
Speaker 1: Give us a sense of of what you think happened yesterday. Yes,
Speaker 1: the story continues to evolve and undulate, but we've had
Speaker 1: a lot of uncertainty and a lot of these stories
Speaker 1: pop up over the last hundred plus days. What was
Speaker 1: it about yesterday that that spooked the market? No, no, no,
Speaker 1: I think it's a uh, David, I think it's a
Speaker 1: significant event because for the first time since the election,
Speaker 1: after all these crazy things from the White House, we
Speaker 1: finally got something that bled over into the market. Now
Speaker 1: is it a seminal event. I don't think so. So
Speaker 1: everyone's talking impeachment. Everybody's talking the president is mortally wounded.
Speaker 1: We don't believe that's true. The Republicans still control both
Speaker 1: houses of Congress. The president still has enormous leverage under
Speaker 1: our political system. Once we stop talking about independent Council
Speaker 1: for a moment and then start talking again about regulatory reform,
Speaker 1: tax reform, I think you'll see the market start to rebound.
Speaker 1: I don't think. I think this is a blip, not
Speaker 1: a reversal. How much do you allow yourself as an
Speaker 1: investor to be swayed by sentiment? It seems like yesterday was,
Speaker 1: at least in part, a sentiment driven event. I think
Speaker 1: it's almost entirely sentiment driven event. In fact, I think
Speaker 1: moments like that where the vix spikes twenty or twent
Speaker 1: in a day, those are the opportunistic moments rather than
Speaker 1: the moments to head for the sidelines. And I'm not
Speaker 1: talking about you know, bi speculative stuff. But when you
Speaker 1: get a Wells Fargo or a Slumberge that that are
Speaker 1: trading near their cycle lows, the panic of yesterday would
Speaker 1: be a good time. And maybe the panic of today too,
Speaker 1: was it? Was it a good time to buy? Where
Speaker 1: did you see the opportunity yesterday? We did buy some
Speaker 1: more Wells Fargo yesterday, for example, I think the premier bank.
Speaker 1: I think over the next ten years, if you pull
Speaker 1: back the lens and think broadly, we're gonna banks are
Speaker 1: going to be doing more banking and less invest spend
Speaker 1: M and A stuff over the next ten years. And
Speaker 1: Wells Fargo is perfectly positioned for that. We talked about
Speaker 1: Walmart earlier, which ten years trailing seven points something percent
Speaker 1: per year. I'm just gonna call it a mediocrity just
Speaker 1: as a general statement. What sticks out like a sore
Speaker 1: thumb is they've got the cash flow of an island nation, right,
Speaker 1: and I don't believe they're giving it the shareholders. Am
Speaker 1: I too harsh? Well? You know one, it's the law
Speaker 1: of large numbers. It's you know, sere for such a
Speaker 1: big company. Ain't bad um. But the second thing is wow,
Speaker 1: talk about competitive challenges obviously from Amazon, but from other
Speaker 1: places as well. We have a German UH discount grocer
Speaker 1: coming into the market right now, etcetera, etcetera. They may
Speaker 1: be conservative in hoarding their cash because they see things
Speaker 1: that you and I aren't seeing. Right, I'll go with that,
Speaker 1: but come on, well, we Chrissanti with this with a
Speaker 1: grossanti capital management. And I guess I don't want you
Speaker 1: to come in on a tweet, Chris, but I do
Speaker 1: want you to comment on the effect of Washington upon
Speaker 1: market animal spirit. Forget about nominal GDP, just the enthusiasm
Speaker 1: and confidence of the markets. Well, it's funny. I'm reminded
Speaker 1: eight years ago every time during the financial crisis when
Speaker 1: Obama would get on TV, the market would start to
Speaker 1: remember this go down a hundred two hundred points. And
Speaker 1: and every time I see one of these tweets, especially
Speaker 1: now that we're in the firestorm. Uh, I almost said
Speaker 1: on television this morning, Tom that that at least we
Speaker 1: haven't had a tweet, maybe he's gotten some religion. And
Speaker 1: of course I was forty five minutes too early, thinking that,
Speaker 1: remember done, and and what the market cares about, it
Speaker 1: obviously is not Trump. It cares about tax reform, it
Speaker 1: cares about regulatory relief, and and just this gets in
Speaker 1: the way. And so what we're hoping for is is
Speaker 1: it too much to ask for twelve hours of radio
Speaker 1: silence of Paul Ryan leading with tax reform instead of
Speaker 1: Independent Council. I think he would prefer that as well.
Speaker 1: Mr Ryan would prefer that Let get your sense of
Speaker 1: the economy right now, let's move away from from politics.
Speaker 1: When you look at the fundamentals how this us. Never
Speaker 1: think with the market yesterday and today that the things were,
Speaker 1: you know, quite as good as they are. You have
Speaker 1: I S M numbers that are in the mid fifties,
Speaker 1: you've got corporate profits that are beating estimates in the
Speaker 1: first quarter, and you've got things accelerating. So we're actually excited.
Speaker 1: We're buying high quality names at the sell off discount
Speaker 1: prices of yesterday and perhaps today. So I'm looking forward
Speaker 1: to this being an opportunity as we get to the
Speaker 1: kind of long slog of the methodical and thankfully quiet
Speaker 1: work of the Independent Council steptail the two of these things. UH,
Speaker 1: there was a time right after the election when people
Speaker 1: were buying stox based on where they thought the new
Speaker 1: administration was going to go. When you look at tax reform,
Speaker 1: regulatory reform, healthcare reform, UH dovetailed with with where the
Speaker 1: economist day, are there opportunities there are still in terms
Speaker 1: of what you think that the legislative priorities are in
Speaker 1: Washington are the things that you think a would David,
Speaker 1: because what I think has happened is, starting yesterday, the
Speaker 1: market seems to be discounting no tax reformat and it's
Speaker 1: going to be a tough slog. Believe it's an uphill fight,
Speaker 1: even though the Republicans have both houses. But it's there's
Speaker 1: not a zero chance. You know, I'm thinking fifty fifty,
Speaker 1: especially on corporate tax reform, and maybe better than fifty fifty.
Speaker 1: So if we get something like that, there are a
Speaker 1: number of companies in everybody's portfolio that will benefit to
Speaker 1: the tune of ten or twenty earnings growth without doing
Speaker 1: a thing from corporate tax reforms. So we're hopeful that
Speaker 1: that comes back to the headlines rather than all this stuff.
Speaker 1: You like Milon, and I love the rationale you give.
Speaker 1: We love a company with low expectations. Sure sure, Now
Speaker 1: Milan is the Teresa May of the stuff you come on.
Speaker 1: You see Milon, You're not thinking things are gonna be
Speaker 1: very good, and they surprise you on the upside. So
Speaker 1: what Milon has against it is a tough headwin. In
Speaker 1: generic drugs, this year and next year it's sold off
Speaker 1: more than fifty. But what people don't think about is
Speaker 1: it's one of the two or three big companies that
Speaker 1: has the wherewithal to really generic size these blockbuster dugs.
Speaker 1: It's just going to cost a lot of money and
Speaker 1: over again. Remember our time period is four to five years.
Speaker 1: We're thinking this is where healthcare is going, and Miland
Speaker 1: is right there at the intersection. Loyal I want to
Speaker 1: go on oil where it's just been range bound with
Speaker 1: a saggy is to one on imax, and I mean
Speaker 1: the hydrocarbons have the life of their own. How do
Speaker 1: you deal with that? You know, you take the long view, tom,
Speaker 1: I mean the positive on oil, especially on the bigger
Speaker 1: ones because the bigger ones that they've done the investing,
Speaker 1: the ten years worth of investing to big to drill
Speaker 1: deep holes in the water or in cold areas, and
Speaker 1: now they're finally going to get the cash flow from that.
Speaker 1: But all the companies, because of the oil crash over
Speaker 1: last year's have under invested. So we're gonna start to
Speaker 1: run out, whether it's at the end of this year,
Speaker 1: whether it's two years from now, four or five years
Speaker 1: from now. That price is going to be higher. Chris Kasanti,
Speaker 1: thank you so much. We need to go back to
Speaker 1: Martin Schenker has given a terrific perspective in Washington Or
Speaker 1: there's work over decades with Bloomberg News and of course
Speaker 1: with The Wall Street Journalism brought to you by Bank
Speaker 1: of America. Mary Lynch dedicated to bringing our clients insights
Speaker 1: and solutions to meet the challenges of a transforming world.
Speaker 1: That's the power of global connections. Mary Lynch, Pierce Feeder
Speaker 1: and Smith Incorporated Member s I p C. There's something
Speaker 1: new from Bloomberg. It's called Lens. Starting right now, you
Speaker 1: can use the Bloomberg iOS app off your iPhone or iPad,
Speaker 1: or our new Google Chrome extension to read any news
Speaker 1: story on any website, scan it, and then instantly see
Speaker 1: the news stories relevant market data from Bloomberg. In addition,
Speaker 1: see all the bios of the key people mentioned in
Speaker 1: the story. It's called Lens, and it is just that,
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Speaker 1: story you may be reading. Again, Lens brings you the
Speaker 1: power of Bloomberg's news and data. Download or io s
Speaker 1: app or search for the Bloomberg extension at the Chrome
Speaker 1: Store to try lens out. Learn more at Bloomberg dot
Speaker 1: com slash lens. Let's go to Greg Value now. He's
Speaker 1: the chief global strategist at Horizon Investments. He joins us
Speaker 1: always valuable to check in with Greg get a sense
Speaker 1: of what's going on in Washington, the pulse of Washington.
Speaker 1: We're looking at some tweets fired off by the President
Speaker 1: this morning, one of which reads, this is the single
Speaker 1: greatest which hunt of a politician in American history. That
Speaker 1: comes after the assistant the Deputy Attorney General yesterday named
Speaker 1: a special counsel to look into Russia's involvement in the
Speaker 1: US presidential election. That's Robert Mueller, the former director of
Speaker 1: the FBI, former of Council at Wilmer Haile. Greg, great
Speaker 1: to have you with us. Uh, what changes here now
Speaker 1: that we've seen the president way in There were a
Speaker 1: few hours of quiet and which we were processing what
Speaker 1: has happened, what was going to happen, what's changed because
Speaker 1: of the eastweet? Well, I tell you, David, I think
Speaker 1: as usual with indiscreet and UH complicates things. To have
Speaker 1: the president already criticizing this process. So I don't think
Speaker 1: he helped his cause, and as we all know, self
Speaker 1: inflicted wounds is one of his specialties. You've wrote about
Speaker 1: loyalty yesterday and this president's relationship to loyalty. We were
Speaker 1: talking with Marty Shanker, our senior executive editor for Government Economics,
Speaker 1: a few minutes ago, and I asked him about the
Speaker 1: short love affair this White House had with Rod Rosenstein
Speaker 1: last week. A lot of praise for him, career prosecutor,
Speaker 1: longtime public servant. It seems now with these tweets, the
Speaker 1: President has turned on mr Mr Rosenstein. What does that
Speaker 1: say to you about loyalty in this president? Well, he
Speaker 1: demands it, but he doesn't give it. Uh. There's been
Speaker 1: stories for the last week or so that he's dissatisfied
Speaker 1: with virtually everyone at the White House, including Jared Kushner.
Speaker 1: So is he now is feuding with all of his
Speaker 1: subordinates That just makes them even less inclined to support Yeah,
Speaker 1: this is fascinating. We've got an extended time with Mr
Speaker 1: Valier this morning, which is always a good and beautiful thing.
Speaker 1: We're going to stay in the theme of the moment,
Speaker 1: and I want to go forward to the midterm elections
Speaker 1: in our next section with Mr Valier, greg is always
Speaker 1: you lead your notes strong this morning with the horizon
Speaker 1: on the Vice President of the United States. Who is
Speaker 1: Mr Pence, the former governor of Indiana, And because of
Speaker 1: who he is, how does he adapt to this? Well, Tom,
Speaker 1: first of all, he is the anti Trump uh low keied, modest,
Speaker 1: doesn't brag, monogamous, deeply religious of altar boy in his youth.
Speaker 1: So from that standpoint, he's different. From a policy standpoint,
Speaker 1: he's more traditionally a Republican, pro trade, pro business. I
Speaker 1: think that the Republican base could very very much get
Speaker 1: along with the president Pence has would the mark. What
Speaker 1: is Pence's relationship with the White House? We have Mondale,
Speaker 1: we have other vice presidents, Mr Biden. Obviously, how do
Speaker 1: you fit Mike Pence into the day to day grind
Speaker 1: of the Trump White House? Well, I think he's one
Speaker 1: of the survivors. Obviously, he fits in pretty well. He
Speaker 1: has great contacts on the Hill, gets along with Paul,
Speaker 1: Paul Ryan and others, So I think he does fit in.
Speaker 1: And this is someone who's got a lot of experience
Speaker 1: as a member of the House, as a governor, and
Speaker 1: I again, in so many respects, Tom he's the anti Trump.
Speaker 1: Let you mentioned the discord within the inner ranks of
Speaker 1: this administration. The president preparing to take his first trip overseas,
Speaker 1: and number of the men and women you mentioned will
Speaker 1: be accompanying him on that that trip. How was the
Speaker 1: discord that we've seen in Washington over these last few
Speaker 1: days going to come come with him to Europe and
Speaker 1: to the Middle East? Or will it? Are they content
Speaker 1: to leave it behind? Well? I think it'll it will
Speaker 1: follow him, and knowing Trump, and I mean, let's face it, guys,
Speaker 1: for the last couple of weeks, there's been a bombshell
Speaker 1: every day, sometimes two bombshells every day. This morning there's
Speaker 1: new reports about from Reuters about contacts with the Russians.
Speaker 1: So it's it's it's an ongoing DRUMA from me, guys,
Speaker 1: I think that the big story is going to be
Speaker 1: his talks with the Israelis. There are a lot of
Speaker 1: prose Raeli folks that I've talked to recently who were
Speaker 1: concerned by what he told Abbas, the Palestinian leader a
Speaker 1: few weeks ago. Will he do things that could make
Speaker 1: the Israelis nervous? Jesus Ford Greg to our next section.
Speaker 1: Can the Republicans lose the House in the mid term?
Speaker 1: They could? I think the odds slightly favored of keeping
Speaker 1: the House. They'll They'll keep the sound for sure. Greg
Speaker 1: joins us. He is from New Hampshire. Greg, when did
Speaker 1: you first learn about Mr Ailes? Was it with Nixon
Speaker 1: or was it a campaign after that with Lee att Water? Well? Yeah,
Speaker 1: during those days, he was a fascinating and polarizing figure
Speaker 1: and he continued to be one for the rest of
Speaker 1: his life. I mean a dramatic impact on all of
Speaker 1: us who are in this industry. How associated is a
Speaker 1: Republican party that you follow every day? We were going
Speaker 1: to talk about the mid terms, which was his belly
Speaker 1: whack years ago. Um. How how Roger ale Z is
Speaker 1: the GOP right now? Well, I think he is one
Speaker 1: of the architects of the agenda, much more combative, far
Speaker 1: less conciliatory, real really going after issues with a ferocity
Speaker 1: that we hadn't seen in previous decades. When you look
Speaker 1: at the mid terms and we are still a few
Speaker 1: months out from from them taking place, what is what
Speaker 1: we've seen over the last week in terms of how
Speaker 1: lawmakers on Capitol will have regarded and positioned themselves relative
Speaker 1: to the president. Tell you about how they'll do that
Speaker 1: going into the mid terms. Is this the president they
Speaker 1: want to continue to affiliate themselves with. For now, I
Speaker 1: don't see a total rupture, but you know, the cliche
Speaker 1: is a week is a lifetime in politics, and you
Speaker 1: know the following eighteen is a long long way off,
Speaker 1: so you know, things things could change. I do think
Speaker 1: if if the new special prosecutor it gets more bombshells,
Speaker 1: if we hear more about Trump and Russia, you will
Speaker 1: see a lot of Republicans, especially in the North, abandon him.
Speaker 1: Not that I would ever correct Greg, Yeah, but Mr Gurl,
Speaker 1: I would suggest it a week is not a lifetime
Speaker 1: and it's more like three hours. Or trying to get David,
Speaker 1: what are you looking for out of this trip that
Speaker 1: the president is going to take. Is the achievement going
Speaker 1: to be him successfully navigating these ten days on the
Speaker 1: road or is there a broader theme to the trip
Speaker 1: that he's about to take. Well, I tell you, excuse
Speaker 1: my French, but they just can't screw up. I mean,
Speaker 1: I think that's a low bar to clear, but that
Speaker 1: that is something they have to avoid. Any kind of
Speaker 1: clubs or faux pas things like that. Beyond that, I
Speaker 1: would look at the Israeli talks because there's speculation that
Speaker 1: when a boss, the Palestinian leader, was in Washington, Trump
Speaker 1: made him some assurances, and I think a lot of
Speaker 1: the pro Israeli types are apprehensive about what assurances were given.
Speaker 1: If we could get back to economics, thank you, folks. Well,
Speaker 1: what's your emails about? You know? The news flow, Greg Velier,
Speaker 1: our Vincent del Judais has an important single sentence. The
Speaker 1: government also reports that the total number of workers on
Speaker 1: unemployment roles dropped, falling to the lowest level since Watergate
Speaker 1: three in the weekending May six. This is two Americas,
Speaker 1: and yet your new Hampshire is in some ways flat
Speaker 1: on its back. How the polarity of our job economy
Speaker 1: is extraordinary. You know, I was in the Hampshire a
Speaker 1: couple of weeks ago. They've run out of workers. Everywhere
Speaker 1: you go. You see signs help wanted. When I travel
Speaker 1: around America, Tom I asked business leaders, what's your this problem?
Speaker 1: And they all unanimously say, lack of skill labor. Where's
Speaker 1: the wage growth? O wise one, Well, I think it's coming.
Speaker 1: It's it certainly has taken a while, but if you're
Speaker 1: Jenny Yellen, you gotta worry that by fall they could
Speaker 1: be way behind the curve. By fall, we can see
Speaker 1: wages really taking off with the feeds still being maybe
Speaker 1: to accommodator, Greg ll Thank you so much. We value
Speaker 1: your tendencies with Horizon Investment. Thanks for listening to the
Speaker 1: Bloomberg Surveillance podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud,
Speaker 1: or whichever podcast platform you prefer. I'm on Twitter at
Speaker 1: Tom Keene David Gura? Is that David Gura? Before the podcast?
Speaker 1: You can always catch us worldwide on Bloomberg Radio. Yeah.
Speaker 1: Brought you by Bank of America. Mary Lynch. Dedicated to
Speaker 1: bringing our clients insights and solutions to meet the challenges
Speaker 1: of a transforming world. That's the power of global connections.
Speaker 1: Mary Lynch, Pierce, Fenner and Smith Incorporated Member s I
Speaker 1: p C.