Speaker 1: Bloomberg Audio Studios, podcasts, radio News. I showed a story
Speaker 1: with you because I don't know if you noticed. It's
Speaker 1: supposed to be about eighty degrees here on Sunday.
Speaker 2: Does that mean the mosquitoes are coming back?
Speaker 3: I have no idea.
Speaker 2: I think enough. I could sit outside and like, I
Speaker 2: didn't feel like I would get bitten, but the night
Speaker 2: before got bitten.
Speaker 1: It's not quite sweat weather, but it's getting close.
Speaker 2: Oh, it's getting close.
Speaker 1: And it was chilly this morning when I walked the doctors.
Speaker 2: Mister autumn man might make an appearance, mister odam.
Speaker 1: Yeah. One of our spotlight stories by our O'Brian K. Sullivan,
Speaker 1: and it's entitled high Summer Temperatures hangover much of the
Speaker 1: US Heartland, and it says a late blast of warm
Speaker 1: weather is bringing summer like temperatures to the US Midwest,
Speaker 1: laying the transition into heating season in the natural gas market.
Speaker 1: We are Bloomberg, so we always think about the markets impacted,
Speaker 1: no matter what. Temperatures are set to rise as much
Speaker 1: as fifteen degrees fahrenheit or more above normal throughout the
Speaker 1: Great Plans in Midwest with thirty seven till daily highs
Speaker 1: that could be tied or broken through next week, and
Speaker 1: then we'll see the warm weather slow the transition into
Speaker 1: heating season. But it is also likely to prolong drought
Speaker 1: conditions across the eastern US jew to the accompanying dry air.
Speaker 2: Wow. Yeah, okay, high pressure dome. It's settled across the
Speaker 2: center of the country near Chicago. It'll spread eastward through
Speaker 2: the weekend. The heat sticks around homes and businesses will
Speaker 2: keep air conditioners running longer. Usually at this time of
Speaker 2: the year, energy demand starts to shift from being driven
Speaker 2: by the need to keep places cool to make sure
Speaker 2: they're warm enough. But this year is warmer than normal
Speaker 2: readings will slow that transition, as you mentioned, Carol, into
Speaker 2: heating season. According to report from Bloomberg.
Speaker 1: Ne Ef, you know, we still have air on at home.
Speaker 2: Okay, So I was just gonna ask you, but my
Speaker 2: husband literally.
Speaker 1: Goes from air conditioning to heating, so and I like
Speaker 1: to open windows and have like you know.
Speaker 2: But there was a nice couple of weeks in September
Speaker 2: when we could keep all the windows open.
Speaker 1: Yeah.
Speaker 2: Then toward the end of September into this week, we
Speaker 2: did air conditioning. But last night and the night before
Speaker 2: windows open.
Speaker 1: Everything was nice, right, it's just fresh flowing around. But
Speaker 1: like there are market implications, right, and we certainly see
Speaker 1: this play, and so we'll keep an eye on this
Speaker 1: and see, you know what it could mean. The thing
Speaker 1: that I think is interesting is that the warmer it
Speaker 1: is and Brian Sullivan in case Sullivan points us out
Speaker 1: in the story, he says a potentially longer lasting fallout
Speaker 1: is that the dryer accompanying the rising temps will likely
Speaker 1: prolong the drought conditions across the eastern US. This is
Speaker 1: according to Orovec, more than ninety two percent of the
Speaker 1: Northeast from Maine to West Virginia is abnormally dry, and
Speaker 1: several states, including New Hampshire and Vermont, are either completely
Speaker 1: or nearly covered by drought. That's according to the US
Speaker 1: Drought Monitors. So you think about crops, you think about fires,
Speaker 1: you think about just the implications when land is so dry.
Speaker 2: Can I talk about the Boeing story?
Speaker 1: Is that?
Speaker 3: Okay?
Speaker 1: My dad used to do this when we'd be like, Dad,
Speaker 1: can I can? I was like, I don't know, can
Speaker 1: you I can?
Speaker 2: May I talk about the bowing story?
Speaker 3: There you go, mister Stenovek.
Speaker 2: This is the most red story in the hour on
Speaker 2: the Bloomberg terminal. We talked about it very briefly, but
Speaker 2: we're getting some more details. Boeing's Triple seven X is
Speaker 2: slated to fly commercially for the first time in early
Speaker 2: twenty twenty seven instead of next year. Our team Julie
Speaker 2: Johnson and Sid Philip exclusively reporting this. Deutsche Luftanza, the
Speaker 2: launch customer for the wide body aircraft, is already laying
Speaker 2: the groundwork for a fresh setback. The German airline is
Speaker 2: not including the Triple seven X and its fleet plans
Speaker 2: until twenty twenty seven, said one of the people, who
Speaker 2: asked not to be identified because the matter is confidential.
Speaker 2: Officials at Emirates, the Triple seven x's biggest customer, have
Speaker 2: also grown more cautious as it looks at entry into service,
Speaker 2: possibly not before twenty twenty seven.
Speaker 1: So we did see Boeing shares They were up about
Speaker 1: one percent in today's session. The stock we've seen it
Speaker 1: making its way back here in twenty twenty five after
Speaker 1: what seemed like several years right of problems at the airline.
Speaker 1: Maker stock is up almost twenty three percent year today.
Speaker 1: But you know when you do have a delay in
Speaker 1: a launch like this, there are potentially implications. Analysts estimating
Speaker 1: the non cash accounting charge could run from two and
Speaker 1: a half billion to as much as four billion dollars.
Speaker 1: The Boeing has not detailed the extent of the cost.
Speaker 1: Company reports on October twenty ninth, So I'm assuming this
Speaker 1: will be a big topic.
Speaker 2: Do you know how long we've been talking about the
Speaker 2: start of deliveries for the upgraded Triple seven planes?
Speaker 1: Not easy? Tip.
Speaker 2: It was originally due to fly commercially in twenty twenty.
Speaker 1: Yeah, well then we had a little thing called the
Speaker 1: global pandemic.
Speaker 3: We did, and other things we did.
Speaker 2: Boeing has already racked more than eleven billion dollars in
Speaker 2: cost overruns for this plane. It's encountered a string of
Speaker 2: setbacks and faced tough FA scrutiny in the aftermath of
Speaker 2: two fatal seven thirty seven Max crashes last decade.
Speaker 1: Yeah, so it's I mean, listen, we know it's not easy,
Speaker 1: we know it's difficult. I'm still always kind of blown
Speaker 1: away by the mathematics and the financials of planes and
Speaker 1: airlines and making plants because these things are.
Speaker 2: Super super expensive.
Speaker 3: This is a wide body.
Speaker 2: Yeah, so as opposed to the seven thirty seven, seven
Speaker 2: thirty seven max and narrowbody.
Speaker 1: You're listening and watching Bloomberg Business Week, just a quick
Speaker 1: reminder of how we closed on this Thursday, S and
Speaker 1: P five hundred sixty seven fifteen up four points. Believe
Speaker 1: that was a record, and the Nasdaq one hundred twenty
Speaker 1: four eight ninety two that was up about ninety one points.
Speaker 1: So once again we're talking about records on Wall Street,
Speaker 1: which is something that we hadn't seen for a few days,
Speaker 1: but there was a period where it was one after another.
Speaker 2: Well, to get to our next guest, he's somebody who
Speaker 2: wears many hats. Andrew Yang is with us. He's the
Speaker 2: founder and CEO of Noble Mobile. You might know him
Speaker 2: though as former Democratic presidential candidate in the twenty twenty race,
Speaker 2: and in twenty twenty one he made a failed run
Speaker 2: to be Democratic nominee for the New York City mayoil race.
Speaker 2: He's the founder of the Independent Forward Party, also a
Speaker 2: best selling author. He's often on our radar, and just
Speaker 2: this past summer, Political reported that Elon Musk and Andrew
Speaker 2: Yang connected on creating a third party to a beend
Speaker 2: America's political system.
Speaker 1: Andrew Yang, Welcome, Welcome to Bloomberg BusinessWeek. DEII great to
Speaker 1: have you with us. How are you?
Speaker 3: It's great to be here. What an awesome intro. I'll
Speaker 3: take it.
Speaker 1: There's a lot, there's a lot. What's more fun more
Speaker 1: challenging starting up a company or being an entrepreneur or
Speaker 1: running for political office?
Speaker 3: Wow? It depends on the office. I will say. I
Speaker 3: thought that being the CEO of a startup might prepare
Speaker 3: me for running for office, But it turns out that
Speaker 3: as a candidate, people want to know more about you,
Speaker 3: like you become the product, and there's nothing that can
Speaker 3: prepare you for that. So if that sounds good to you,
Speaker 3: feel free to run for office.
Speaker 1: Okay, So wait, did you like so then starting running
Speaker 1: a company?
Speaker 3: Starting with a company? You no?
Speaker 1: Thanks? Are you done with politics?
Speaker 3: I'm too young to be done with politics. And even
Speaker 3: what we're doing with Noble Mobile, we're trying to lower
Speaker 3: people's cell phone bills, which strikes me as something that's
Speaker 3: kind of tangential to politics. It's something that you know
Speaker 3: is touching policy. But I'm sure I'll run for something
Speaker 3: again at some point.
Speaker 2: We're going to get to Noble Mobile in just a minute.
Speaker 2: And like you said, there is this idea of actually
Speaker 2: getting people to use their phone, which is really interesting.
Speaker 2: I want to go back to this idea of you
Speaker 2: and Elon teaming up to create a third party to
Speaker 2: up in America's political system. Are you talking to him
Speaker 2: right now about that?
Speaker 3: We are in touch to this day. He did endorse
Speaker 3: me in twenty twenty, and his team and I share
Speaker 3: many many people in common in our networks. So yeah,
Speaker 3: like it's stay tuned really well.
Speaker 2: Some folks would argue that he has changed a lot
Speaker 2: since twenty twenty, or at least his positions have changed
Speaker 2: a lot, and in fact, in twenty twenty four he
Speaker 2: said he wasn't going to even get involved in the
Speaker 2: presidential race, and then he did, to the tune of
Speaker 2: hundreds of billions of dollars and even serving as a
Speaker 2: special appointee in the administration. Politically, are you aligned with him?
Speaker 3: I'm aligned with anyone who thinks that the current system
Speaker 3: is not working, that the two party system is designed
Speaker 3: to not actually deliver results or solve problems. And there
Speaker 3: are times when Elon has definitely had that point of view.
Speaker 3: He's looked up at we need something new and it's
Speaker 3: going to take i'd say, a real coalition of Americans
Speaker 3: that might not line up along traditional politics to make
Speaker 3: that case.
Speaker 1: Have you do you agree with all the things he
Speaker 1: did under Doge?
Speaker 3: I do not agree with everything he said he did Underdoge?
Speaker 1: Have you and he talked about that?
Speaker 3: We talked about the current mission, which is to try
Speaker 3: and improve the American political system to a point where
Speaker 3: it actually seems both problem solving and responsive.
Speaker 1: What do you think is most broken? Is it the
Speaker 1: money in politics and politicians worrying more about making sure
Speaker 1: they get re elected rather than listening to their constituents.
Speaker 3: In a word, incentives, which is that if someone does
Speaker 3: the right thing, they're probably shortening their political career. If
Speaker 3: they go along with what their base wants, they might
Speaker 3: have a lifetime appointment.
Speaker 2: Well, so it seems like the AVC answer to that
Speaker 2: is term limits.
Speaker 3: That is a very popular answer, one that I endore.
Speaker 3: Seventy five percent of Americans think we should have term
Speaker 3: limits because they don't want folks heading to DC and
Speaker 3: squatting there for decades.
Speaker 1: Is it third party likely?
Speaker 3: It's not just likely, it's real. I mean, we have
Speaker 3: dozens of elected officials around the country right now, because
Speaker 3: it turns out that there are tens of thousands of
Speaker 3: local elected offices that are nonpartisan and that can be mayors,
Speaker 3: that can be county executives, that can be city councilor
Speaker 3: board of ed. So the Ford Party is racking up
Speaker 3: wins all over the country as we speak.
Speaker 1: But we really still have a Congress that's like, you know,
Speaker 1: we're divided between the Republicans and Democrats, Like that's how
Speaker 1: we divide things still, And this is.
Speaker 3: The fascinating thing. How many US Senators would you need
Speaker 3: to form a folk rum in this divided time? Maybe three,
Speaker 3: maybe four? And there are two Senators who already are independents,
Speaker 3: and you can see something similar happening in the House.
Speaker 3: It would be a slightly larger number. It might be
Speaker 3: six or eight. So you don't need an upstart movement
Speaker 3: like forward to win fifty one Senate. You need us
Speaker 3: to get three or so. And that I think is
Speaker 3: going to happen sometime in the next three or five years.
Speaker 2: Do you think within your lifetime there will be a
Speaker 2: president who wins who is not a Democrat or a Republican?
Speaker 1: Oh?
Speaker 3: Yeah, I do. And I will point people to a
Speaker 3: guy named Mike Duggan who's running for a governor of
Speaker 3: Michigan right now, third term mayor of Detroit, sky high
Speaker 3: approval ratings because he turned that city around. He's running
Speaker 3: for governor and he said, look, it's not Democratic or Republican.
Speaker 3: That's the future of politics in the state. It's independent.
Speaker 3: And right now he's the front runner. So there's no
Speaker 3: reason why someone can't make that similar case nationwide. It
Speaker 3: might even be Mike Duggan.
Speaker 2: Well, I understand the politics of it. What I don't
Speaker 2: understand is the structure of it in the primaries and
Speaker 2: how that would actually work and actually get past the primaries.
Speaker 3: Oh, I'd love this question so much. Imagine this. Imagine
Speaker 3: a primary where Mike Bloomberg, you know, sorry, I keep
Speaker 3: name checking you, Mike, Mike Bloomberg, Mark Cuban, Matthew McConaughey, Oprah,
Speaker 3: whomever you're favorite flavor of independent is runs in a
Speaker 3: primary that every American can vote vote on their smartphone,
Speaker 3: as opposed to waiting to hear what Iowens and South
Speaker 3: Carolinians think. And then you'd have tens of millions of
Speaker 3: Americans saying I like Cuban, I like this person, and
Speaker 3: that would be genuine, lowercase de democracy, and there is
Speaker 3: nothing stopping that from happening in twenty twenty eight. In
Speaker 3: twenty thirty two, the technology is obviously mature, and the
Speaker 3: will is there if you look at the.
Speaker 1: Numbers, So why does it happen?
Speaker 3: Maybe it will happen in twenty eight. All it takes
Speaker 3: is one major figure stepping forward and saying, hey, guys,
Speaker 3: I'm running as an independent and this is how we're
Speaker 3: going to choose. And by the way, if you have
Speaker 3: Mark Cuban decided to take that challenge, then you'd have
Speaker 3: a whole dozen other people following in his wake.
Speaker 1: Do you think he's going to run? Do you talk
Speaker 1: to him about it?
Speaker 3: I do talk to Mark, And let me say that
Speaker 3: Mark has definitely thought long and hard about running for president.
Speaker 1: All right, tell us about Noble Mobile. You announced it
Speaker 1: in September. Tell us about it because it does unlike
Speaker 1: it's a little bit different than a lot of our
Speaker 1: Celle carriers.
Speaker 3: Imagine this. Imagine a carrier that actually paid you to
Speaker 3: doom scroll a little bit less fifty dollars for unlimited,
Speaker 3: which is less than what ninety percent of Americans are paying,
Speaker 3: and we'll give you up to twenty dollars cash back
Speaker 3: based on your data use, so you know that extra
Speaker 3: time on x or Instagram, you're actually costing yourself a
Speaker 3: smidge of money, and it's an incentive for you to
Speaker 3: put your phone down. Noble Mobile. We're also having offline
Speaker 3: parties around the country for people to log off, touch
Speaker 3: grass and come look at each other's faces.
Speaker 1: I think I hear parents around the world rejoicing.
Speaker 3: We use the phone to.
Speaker 2: Vote, but don't use it to just doom scroll.
Speaker 3: Yes. Look, I'm a heavy phone user and I got
Speaker 3: money back from Noble, so you know if I get
Speaker 3: money back, anyone will. But I think it's necessary to operate.
Speaker 3: But I also know there's such thing as too much
Speaker 3: of a good thing, and like and have I gotten
Speaker 3: anxious or depressed based upon staring at the screen for
Speaker 3: too long? One hundred percent? Yes.
Speaker 2: Can you take us into the relationship that you have
Speaker 2: with T Mobile. It's an MVNO multiple more mobile virtual
Speaker 2: network operator and it's like a mid mobile for example.
Speaker 2: They're the rise of these independent They lease the spectrum
Speaker 2: at least from a traditional operator. How does that relationship work.
Speaker 3: Love the question. So we went out to the folks
Speaker 3: at T Mobile and said, hey, we'd love to make
Speaker 3: data available to the American people a closer to true cost,
Speaker 3: like Mark Cuban did with generic drugs and cost plus
Speaker 3: drugs and T Mobile. Because they're actually innovative, they thought,
Speaker 3: you know what, we're actually going to work with you
Speaker 3: to make this possible because it's going to be good
Speaker 3: for consumers. And they liked the better relationship with technology angle,
Speaker 3: and so they have lent us or leased us spectrum
Speaker 3: or data that we can then sell to the American
Speaker 3: people at much closer to true value. Because if you
Speaker 3: think about it, why are Americans spending eighty three a
Speaker 3: month on our wireless when Europeans are spending forty. I
Speaker 3: had a friend who worked in London. He came back
Speaker 3: and got sticker shock when he went to the wireless store.
Speaker 3: And when you reflect on why that is, we all
Speaker 3: know why that is. It's because you have carriers that
Speaker 3: are paying twenty billion dollars in dividends and raising prices
Speaker 3: while not actually investing in their networks.
Speaker 1: What are your expectations in terms of ramp up and
Speaker 1: folks signing on.
Speaker 3: We've already doubled some of our early projections. People are
Speaker 3: responding very well to the Noble Mobile brand and mission.
Speaker 3: Because nine out of ten of us, and I'll use
Speaker 3: myself as an example, listeners will be able to relate
Speaker 3: to this. I was spending one hundred and forty a
Speaker 3: month on Verizon for years. I've been a Verizon customer
Speaker 3: for twenty five years. Never questioned it. I joined Verison
Speaker 3: because they had the best network, and then I looked
Speaker 3: up in years it passed and I was like, wait,
Speaker 3: what am I paying for? So now I took my
Speaker 3: bill from one hundred and forty to forty six or
Speaker 3: so and everything works better than ever. So that's the
Speaker 3: kind of experience people respond to as soon as their
Speaker 3: friend tells them, Yo, I've done this and it's real.
Speaker 1: Sony, tell us how many people are like signed on?
Speaker 3: We're growing every hour. Let's put it that way.
Speaker 1: Okay, can I.
Speaker 2: Blow up your your experience with the MVN, Now you.
Speaker 1: Can blow me up?
Speaker 3: Okay, so do it. So.
Speaker 2: Carol and I have spent a lot of years together.
Speaker 2: We talk about everything, including cell phone plans, and a
Speaker 2: few years ago she decided to move away from the
Speaker 2: big carriers, sign up for MVN. No, it didn't work.
Speaker 1: We ran out of data and how do you get
Speaker 1: pretty mess and.
Speaker 2: Did you get throttled too? So like your data would
Speaker 2: be slow?
Speaker 1: They were very slow, and we were myself and my
Speaker 1: daughter were complaining to my husband, He's like, I don't
Speaker 1: know what your problem is and then it hit him
Speaker 1: and he's and we were not happy.
Speaker 3: I am begging you to try Noble Mobile because I
Speaker 3: see the data throughputs and we do not slow it down.
Speaker 3: It's truly unlimited. If you give us fifty dollars that month,
Speaker 3: unlimited all you can eat data as fast as you
Speaker 3: can find.
Speaker 2: So why can you do that? But T Mobile can
Speaker 2: offer that, or Verizon can off for that, or AT
Speaker 2: and T can out for that.
Speaker 3: I mean you'd have to talk to some of those
Speaker 3: other companies.
Speaker 2: You're literally using T mobile speck drum.
Speaker 1: You know.
Speaker 3: I actually it's a great question what it is. I'm
Speaker 3: going to say, it's like it's a company approach. So
Speaker 3: from our perspective, we're on a mission to delight consumers
Speaker 3: and make sure we build a better product and a
Speaker 3: better offering. And you know, it's not building a better
Speaker 3: offering slowing you down at the end of the month
Speaker 3: because you've gone through some arbitrary data cap it's truly unlimited. Uh,
Speaker 3: and we can do this quite profitably.
Speaker 1: Know we did. We're not on them anymore.
Speaker 3: We switched back. I'm begging you to because your impulse
Speaker 3: to look at it was light to check out.
Speaker 1: Right over to the family, Andrew, and we'll discuss it.
Speaker 3: What are the I will say, I'll give you our
Speaker 3: list for free for a year, accept, Carol.
Speaker 1: Have you met Bloomberg? We don't do that.
Speaker 3: Yeah, no, you guys. You guys are very buttoned up.
Speaker 3: It's true. I apologize seriously.
Speaker 1: Just got a minute left here, and I want to
Speaker 1: go back to politics. The implications of kind of our
Speaker 1: political world right now. I don't want to point fingers
Speaker 1: or anything. We were divided and we had a democratic president.
Speaker 1: We've been divided with a Republican president. What are the
Speaker 1: implications of this and do we find a way out
Speaker 1: of it? Now?
Speaker 3: The polarization's getting worse and worse. The shutdown is an
Speaker 3: emblem of that. I looked at the numbers and the
Speaker 3: trends aren't good. And so really the question is, how
Speaker 3: do we get out of this, and it's a very
Speaker 3: very short list of things that could happen. Number one
Speaker 3: would be a miraculous restoration of one party or the
Speaker 3: other to some degree of common sense, which if you
Speaker 3: look at it doesn't seem like it's in the offing.
Speaker 3: And then number two is that fifty percent of Americans
Speaker 3: who self identifies independents raise their hands and say, you
Speaker 3: know what, I want something new, I want something different,
Speaker 3: and it's America. We can build it. Mike Bloomberg, you
Speaker 3: would be our patron saints. I'm on your airwaves right now.
Speaker 1: Michael Bloomberg, of course, the founder and head of Bloomberg LP,
Speaker 1: home of Bloomberg TV and Radio and Bloomberg Philanthropies. Andrew Yang,
Speaker 1: when you're ready to announce what's next next?
Speaker 3: Oh well, I appreciate that. I really really want you
Speaker 3: to try a noble bowl because you have the right
Speaker 3: impulse and someone did you wrong. We'll do it right.