Speaker 1: This is Bloomberg Business Week inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business finance and tech news as it happened. Sloomberg
Speaker 1: Business Week with Carol Messier and Bloomberg Quick Takes Tim
Speaker 1: Stinovic on Bloomberg Radio. Hi, everyone, welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. Well, this past week definitely
Speaker 1: marked by volatility and stocks, yes, of course, also though
Speaker 1: big time in treasuries and currencies, in particular the U
Speaker 1: S dollars still going strong though, and that is the
Speaker 1: subject of our cover story. We'll get to that in
Speaker 1: just a moment. Also ahead, why the US is bracing
Speaker 1: for a new round of divisive Supreme Court clashes. We'll
Speaker 1: also talk with the author of a new book on
Speaker 1: the Proud Boys and the growing threat of extremism here
Speaker 1: in America. Plus, we got some great insight from America
Speaker 1: Online co founder and startup investor Steve Case. He talked
Speaker 1: with us about where the nation will find its next
Speaker 1: wave of tech innovators. You might be surprised, and we're
Speaker 1: gonna introduce you to a brand new program from our
Speaker 1: friends at Bloomberg quicktake. It's called Crypto I r L
Speaker 1: and it's co hosted by none other than you, Tim.
Speaker 1: We've got a great season coming up. Katie Greifeld is
Speaker 1: the co host of it, and we sat down with
Speaker 1: Melton Demors in our first episode. She's the chief strategy
Speaker 1: officer of coin Shares. We asked her if the crypto
Speaker 1: industry o's investors an apology for the months long downturn
Speaker 1: in digital assets. But you've got to stick around to
Speaker 1: hear what she has to say. All of that to come.
Speaker 1: We begin with the cover story in the magazine's finance section.
Speaker 1: It's all about the unstoppable US dollar and why the
Speaker 1: US Federal reserves focus on taming inflation is inflicting a
Speaker 1: world of pain on other economies. We've talked about this
Speaker 1: a lot on air, from More Return to Bloomberg News,
Speaker 1: Bond and Efex reporter Liz McCormick. The whole world has
Speaker 1: this major inflation problem, right, of course, that's why the
Speaker 1: Fed is focused on tightening, and that's why we have
Speaker 1: such a strong dollar, among some other reasons. But all
Speaker 1: these other countries have this historic inflation as well, and
Speaker 1: their currency is weakening, actually lifts inflation, you know, because
Speaker 1: it brings up in poor prices is and it's it's
Speaker 1: inflation are So it's kind of the exact thing they
Speaker 1: don't want. You know, in the old days, we'd have
Speaker 1: currency wars. Everyone wanted a stronger currency. Now people would
Speaker 1: like a weaker one, you know, but every everybody can't
Speaker 1: you know, currency there's a pairs, right, so somebody's gotta win,
Speaker 1: and the dollars winning all over. Well, and it's interesting too,
Speaker 1: You're right. I feel like the dollar, it's not just
Speaker 1: the financial markets, but it's such a like geopolitical I
Speaker 1: feel like instrument if you will. J. Powell and the
Speaker 1: FOMC spent a lot of time, do they in terms
Speaker 1: of looking at the dollar and the impact we talked.
Speaker 1: You know, we've had the Rettamester earlier coming out making
Speaker 1: a comment and saying basically, um, you know, we gotta
Speaker 1: keep on raising rates even in recession. So you do
Speaker 1: wonder what that Fed is like, Well, sorry, guys, we've
Speaker 1: gotta keep doing this. We don't care what happens. Yeah, exactly,
Speaker 1: I mean they you know there, I think it was
Speaker 1: m the Fed's Boston who, similar to Mester, was talking
Speaker 1: about you know, we have to stay the course on inflation,
Speaker 1: and were like, we're aware of what's going on. You know,
Speaker 1: the UK markets fit reverberated. It could call some weakness,
Speaker 1: but basically we've got a job to do right. Inflation
Speaker 1: is too high. We have to plow onward with raising rates.
Speaker 1: So it was Stephen Roach I was talking to from
Speaker 1: you guys go and he said to me, yeah, Liza,
Speaker 1: reminds me a Connelly. You know, these guys have been
Speaker 1: around for a long time, former Treasury secretary and he
Speaker 1: famously said, listen to the dollars are currency, and you're
Speaker 1: a problem. And this is, you know, a super good
Speaker 1: case of that, because you know, and you know, the
Speaker 1: FED is feeling bad because they were so far behind, right,
Speaker 1: you know, kind of cut rates and stuff too low,
Speaker 1: and so I don't I think they're like, listen, we
Speaker 1: just can't risk anymore slip ups, right, so we gotta
Speaker 1: keep tightening. Liz, I do feel like we have a
Speaker 1: theme today because we talked earlier about that the FED.
Speaker 1: You know, okay, if we're inflicting pain on investors in
Speaker 1: the in the in the public markets, financial markets, because
Speaker 1: that will help them in their inflation fight and that's
Speaker 1: the same thing, right, A strong dollar could actually help
Speaker 1: them in their fight against inflation. Can you explain that well, right,
Speaker 1: because a couple of things. Um, people usually say the
Speaker 1: US is exporting inflation, right, but also think about US companies.
Speaker 1: You were talking about Meta and all the companies, they
Speaker 1: all do a lot abroad, So in a sense it
Speaker 1: slows the economy. It's a little bit of a headwind.
Speaker 1: Are good. You know, these companies selling abroad, their products
Speaker 1: are a little more costly. So in general, it adds
Speaker 1: to what we know. The FED wants to tighten financial conditions,
Speaker 1: which can happen through higher rates, lower you know, wider
Speaker 1: credit spreads, lower equity valuations, and a stronger dollar. So
Speaker 1: it is one of the kind of I call it
Speaker 1: like an amalgam of things that are part of financial conditions.
Speaker 1: But a stronger dollar does do that kind of a
Speaker 1: headwind to growth, and that's what the Fed's trying to do, right,
Speaker 1: slow things down. Yeah, I think we got the message.
Speaker 1: The markets certainly have. I think the question is, you know,
Speaker 1: how much more tightening does there actually need to be
Speaker 1: to get inflation under control? What about from the perspective
Speaker 1: of developing economies, and paying back debt and the effect
Speaker 1: that this has on the entire world. Well, yeah, that's
Speaker 1: a real problem because is um you know, if your
Speaker 1: rates are higher because part of some of these countries
Speaker 1: have had to step up the pace of their interest
Speaker 1: rate hikes, right to try to keep up with the Fed.
Speaker 1: I mean, like we said that many of them have
Speaker 1: their own inflation problem but have had to almost try
Speaker 1: to kind of keep up, so higher rates. Mean, and
Speaker 1: it's happening to the US too. You're all paying back
Speaker 1: debt at a higher level. Um, But if they have
Speaker 1: to pay back in dollars like you're getting to that,
Speaker 1: it's harder to get that many dollars, right, So it's
Speaker 1: costing them more to pay if they have dollar denominated debt,
Speaker 1: so it can go in a various tentacles that hurt
Speaker 1: them for sure. Do we have to be worried, Liz
Speaker 1: about you know, we've seen this in the past, right
Speaker 1: you talked about history, Um was it back in eighty five?
Speaker 1: In your story you talk about the Plaza court. I mean,
Speaker 1: do we have to be worried though about other nations
Speaker 1: working in agreement together to counter that strong US dollar? Well,
Speaker 1: of course some are trying in Unison's like you know,
Speaker 1: you guys have talked many times about the bank in
Speaker 1: Japan which had came in and intervened kind of uni
Speaker 1: laterally trying to slow the weakness in their currency. Other
Speaker 1: countries are doing some mild intervention, but you know, not
Speaker 1: to be like like the US is everything. But for
Speaker 1: a major intervention to really have heft, the U s
Speaker 1: would have to be involved. Were you know, so much
Speaker 1: of you know, FX trading, part of it is priced
Speaker 1: in dollars, So I mean, other countries could try to
Speaker 1: coordinate a little bit more, but what it seems like
Speaker 1: and you know, never say never, but the kind of
Speaker 1: nine five style plaza cord, you know, it isn't in
Speaker 1: the cards now. That was Bloomberg News Bond and FX
Speaker 1: reporter Liz McCormick on it. This week's cover story coming up, Well,
Speaker 1: the strong dollar, yep, it's a big macro issue for
Speaker 1: the world. However, not necessarily top of mind for one
Speaker 1: mayor back here in the United States. He is more
Speaker 1: concerned in making sure his city is among the country's
Speaker 1: most desirable destinations for businesses. That's coming up next. You're
Speaker 1: listening to Bloomberg Business Week. This is Bloomberg. This is
Speaker 1: Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes
Speaker 1: Tim Stinnoby from Bloomberg Radio. We continue to spend a
Speaker 1: lot of time, and rightfully so, talking about the big
Speaker 1: macro themes and realities facing our global economy. What we
Speaker 1: find always helpful though, in understanding our world is also
Speaker 1: checking out what is going on in our global cities,
Speaker 1: and in particular, this week we checked out our U
Speaker 1: S cities. Yeah, we zeroed in on the fourteenth largest
Speaker 1: city in the US. We're talking Columbus, Ohio. It's Mayor
Speaker 1: Andrew Ginther has participated in the Bloomberg Harvard City Leadership
Speaker 1: Initiative along with other selected global mayors. If you're not
Speaker 1: familiar with that program, it's a collaboration between Bloomberg Philanthropies,
Speaker 1: Harvard Kennedy School, and Harvard Business School. Michael her Bloomberg
Speaker 1: is the founder of Bloomberg Philanthropies and Bloomberg LP, which
Speaker 1: is of course the parent company of Bloomberg Business Week
Speaker 1: and Bloomberg Radio. Mayor Ginther City recently made headlines when
Speaker 1: Intel broke ground on a new semiconductor may facturing facility nearby,
Speaker 1: and we wanted to know why big business is paying
Speaker 1: so much attention to Ohio's capital. We've had a couple
Speaker 1: of incredible years with respect to economic development, job creation.
Speaker 1: Obviously a lot of focuses on Intel and the huge
Speaker 1: impact is going to have there, But if you take
Speaker 1: a look at the last ten years the economic growth
Speaker 1: and job creation, great companies, Google, Hyperion, Facebook, and obviously
Speaker 1: Intel really is helping to drive not only Ohio but
Speaker 1: the nation's economy. And really excited about the future of growth.
Speaker 1: We want to be the most prosperous region in the country,
Speaker 1: but we want that to be dynamic and inclusive. We
Speaker 1: want the growth and the prosperity to really involve everybody.
Speaker 1: You and all the other mayors across the United States,
Speaker 1: tell me what is it about you? And I was
Speaker 1: doing a little bit of research that you guys have
Speaker 1: never seen a dip in your population since its founding.
Speaker 1: What is it that continues to bring people there, and
Speaker 1: what do you think about in terms of strategy to
Speaker 1: make sure that that doesn't change. You know, I think
Speaker 1: it's because we're really committed to being smart and open.
Speaker 1: We want to welcome the best and brightest, not just
Speaker 1: from around the state, but the country in the world,
Speaker 1: a place that is is welcoming, accepting. UH, that we
Speaker 1: embrace our diversity. You know, we have a hundred percent
Speaker 1: score from the Human Rights Campaign and BT is always
Speaker 1: ranked US as one of the best places for black
Speaker 1: families to raise children. So we think that that's part
Speaker 1: of it. But also UH, the institutions of higher education.
Speaker 1: That pipeline a hundred and thirty five thousand students and
Speaker 1: undergraduate study, you know, fifty different colleges in the universities
Speaker 1: puts US in the top ten per capita for undergraduate
Speaker 1: students in America. I think that pipeline of talent also
Speaker 1: makes it a place where companies want to come and grow.
Speaker 1: Do you employees want to be there? Though? And I
Speaker 1: asked in the context of the overturning of Roe v. Wade,
Speaker 1: And it's a question that I've posed to mayors and
Speaker 1: other states that do have very restrictive laws. Now that
Speaker 1: Roe v. Wade has been overturned. Ohio is one of
Speaker 1: those states. Abortion illegal after a heartbeat is detected, which
Speaker 1: canna be about six weeks before many women know they're pregnant.
Speaker 1: Are you concerned that that will prevent employees from wanting
Speaker 1: to relocate there. It's one of those things that we
Speaker 1: continue to raise with our state legislature and state wide
Speaker 1: office holders and members of Congress as well. I mean,
Speaker 1: we know that for Columbus to continue to drive Ohio's
Speaker 1: economic recovery and grow our economy as a community, UH,
Speaker 1: we need to be welcoming and we need to be
Speaker 1: able to attract people from not just around the state,
Speaker 1: but the country in the world. UH. And we believe
Speaker 1: that the jobs decision and then the actions taken by
Speaker 1: the state legislature can have a chilling effect on talent.
Speaker 1: And so it's critically important that we continue to advocate
Speaker 1: and push to make sure that central Ohio, Columbus in particular,
Speaker 1: is welcoming, accepting safe place for people from all walks
Speaker 1: of life. You know, I think what you get up
Speaker 1: every morning, there's probably so much on your plate. What
Speaker 1: is top of mind for you? I think the next
Speaker 1: ten or fifteen years in Columbus will determine it will
Speaker 1: be some of the most consequential in our city's history.
Speaker 1: I think a hundred years from now, we'll look back
Speaker 1: at this ten or fifteen years. Did we embrace growth
Speaker 1: did we go about at it in a thoughtful, dynamic,
Speaker 1: and inclusive way. Housing has been a huge issue. We
Speaker 1: haven't had enough housing units coming to market since before
Speaker 1: the Great Procession, and that issue is just greatly compounded
Speaker 1: over the last twelve years and now with Intel and
Speaker 1: so many others. We grew by a hundred thousand people
Speaker 1: in ten years. We're going to grow by two hundred
Speaker 1: thousand probably in the next ten and so we need housing.
Speaker 1: And luckily we have the public sector, the private sector,
Speaker 1: higher education, everyone working together to make sure housings are
Speaker 1: number one priority. I gotta tell you, Carol, we were
Speaker 1: driving through Columbus. Yeah you got you know this area? Well, yeah,
Speaker 1: my wife is from Cincinnati. We drove back and forth
Speaker 1: between Cincinnati. Recently, we're driving through Columbus just a few
Speaker 1: weeks ago, and she said, this is unbelievable. She went
Speaker 1: to Ohio State. She said, all of this when I
Speaker 1: was in college was corn And I mean, I'm talking
Speaker 1: about areas that are now homes, office buildings, new highways
Speaker 1: that have been built. How do you do this though
Speaker 1: in a sustainable way. You did mention that housing even
Speaker 1: an issue, and we're talking about a place that that
Speaker 1: does have quite a bit of land. Yeah, it's really
Speaker 1: important that we act aggressively and bring public in private.
Speaker 1: One of the things I've called for and might say
Speaker 1: the city this year was to double the number of
Speaker 1: units coming to market at every price point, because we
Speaker 1: need housing at every price point every year for the
Speaker 1: next fifteen years. And collectively invest a billion dollars into
Speaker 1: two housing over the next fifteen years so that we
Speaker 1: can grow that way, you know, dynamically, but inclusively. And
Speaker 1: thinking about that lens of equity, how do we make
Speaker 1: sure that the people who have made our city and
Speaker 1: our neighborhoods so special and so great are able to
Speaker 1: age in place. Well, how has your kind of broad
Speaker 1: I think I should say, not rethink, but think about
Speaker 1: the economy, certainly your economy specifically, how has it changed
Speaker 1: post pandemic or how has the pandemic impacted it? Well,
Speaker 1: it's it's a real challenge. So only about one percent
Speaker 1: of local governments in America are funded by income tax.
Speaker 1: Eight percent of our general fund cops, firefighters, public health,
Speaker 1: folks on the front lines, those people are funded by
Speaker 1: income tax revenue. And remote work clearly has turned things
Speaker 1: on its head, you know, whether a third of folks
Speaker 1: are going to be returning, may not return at all,
Speaker 1: maybe in a hybrid. So that's a challenge for us,
Speaker 1: and continuing to figure out how we can plan for
Speaker 1: the future and invest as we grow as a city
Speaker 1: when income tax revenue is so up in the air.
Speaker 1: So we're working with the governor, in the state legislature
Speaker 1: and others, you know, not rushing into anything, but looking
Speaker 1: at the data and how you know income tax revenue
Speaker 1: and the taxation system will overall has been impacted by
Speaker 1: the pandemic because we know that the cities in Ohio
Speaker 1: drive Ohio's economies and and folks understand that regardless of
Speaker 1: their party, and so for the cities to continue to
Speaker 1: grow and thrive, they've got to be attractive places for
Speaker 1: people to live. So if you could enact something new
Speaker 1: when it comes to income tax policy, what would it
Speaker 1: be I think looking specifically at the data and seeing
Speaker 1: how folks who are working in a hybrid or maybe
Speaker 1: come to the office a few times a week. You know,
Speaker 1: how that revenue could be shared amongst world different municipalities
Speaker 1: in partnership with the state, UH functional ownership of some
Speaker 1: of the basic city services and The most important thing
Speaker 1: right now is let's not rush into anything. Let's not
Speaker 1: make decisions until we have good data, good information to
Speaker 1: base the rationale and decision making. And we're working with
Speaker 1: our folks already with that are major employers across the
Speaker 1: state as well, because they need great cities to attract
Speaker 1: top talent as well. That was Columbus Ohio Mayor Andrew Ginther.
Speaker 1: He's a staple of the Bloomberg Harvard City Leadership initiative.
Speaker 1: It's a collaboration between Bloomberg philanthropist, Harvard Kennedy School, and
Speaker 1: Harvard Business School. Well, as you just heard, we touched
Speaker 1: on the Supreme Courts rov weight reversal with Mayor Ginther
Speaker 1: still had on Bloomberg Business Week a story in the
Speaker 1: magazine about how the US Justices are about to get
Speaker 1: back to work this coming week with several other highly
Speaker 1: divisive cases on the docket. A breakdown of what to
Speaker 1: expect from the High Courts new term. Next, this is
Speaker 1: Bloomberg broadcasting from the financial capital of the World, Bloomberg
Speaker 1: You Love in Frio in New York to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one oh six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the country, Sirius XM Chado one nineteen,
Speaker 1: and around the globe, the Bloomberg Business app and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg business Week On Monday.
Speaker 1: The U Supreme Court is back in session and on
Speaker 1: the docket cases covering everything from the right to vote, jerrymandering,
Speaker 1: affirmative action, and also gay rights. There's a variety of
Speaker 1: topics to him. A common threat among them maybe the
Speaker 1: likely clashes among those who sit on America's highest court
Speaker 1: and the millions of people their decisions will affect. This
Speaker 1: story is in the Remark section of the new issue
Speaker 1: of Bloomberg business Week, and the editor of Bloomberg Business Week,
Speaker 1: Joe Webber, joins us once again along with Bloomberg New
Speaker 1: Supreme Court reporter Greg Store. There may not be a
Speaker 1: single case quite as big as the Dob's case that
Speaker 1: overruled the constitutional right to abortion, but we're gonna have
Speaker 1: a huge college affirmative action fight coming up on October one.
Speaker 1: There are a couple of very big voting cases involving
Speaker 1: partisan jerrymandering and so called racial gerrymandering. We've got cases
Speaker 1: involving gay rights, and whether people have a business owners
Speaker 1: have a free speech right too to say I don't
Speaker 1: want to take part in the same sex wedding. All
Speaker 1: these things are the kind of cultural issues that you know,
Speaker 1: divide the country and divide the court increasingly in a
Speaker 1: conservative way. So, Greg, what's the one that you think
Speaker 1: is going to be Probably, well, it's back up here, right,
Speaker 1: Like we've had this sort of court that was a
Speaker 1: little bit more balanced in decisions. What are the decisions,
Speaker 1: you know, the cases that you kind of just rattled
Speaker 1: off there, where's the power imbalanced? Start to look like, well,
Speaker 1: you know, you look at the Affirmative Action case for example,
Speaker 1: that is actually two cases before the Supreme Court, one
Speaker 1: involving Harvard, one involving the University of North Carolina. And
Speaker 1: this case takes direct These appeals take direct aim at
Speaker 1: and two thousand three Supreme Court decision that reaffirmed that
Speaker 1: universities can use race as an admissions factor for the
Speaker 1: sake of enhancing diversity on campus. And that's something that
Speaker 1: the large majority of selective universities do. They say, if
Speaker 1: you overturn that, uh, it's going to have a devastating
Speaker 1: effect on their ability to make sure there's a significant
Speaker 1: number of black and Hispanic and Native American students on campus.
Speaker 1: You know, that's a case where you can see this
Speaker 1: court's change of membership. The three Trump appointees who made
Speaker 1: the court more conservative. You can see that that that
Speaker 1: they're very likely going to make a difference. It's a
Speaker 1: case actually where Chief Justice John Roberts, who we we
Speaker 1: know in some cases has not been willing to go
Speaker 1: as far as some of those conservative colleagues on this issue.
Speaker 1: He's kind of been in the vanguard saying, um, I
Speaker 1: believe in a color blind constitution. The constitution doesn't permit
Speaker 1: racial discrimination, and he has suggested he sees these race
Speaker 1: conscious admissions as racial discrimination. What's interesting there, though, is
Speaker 1: what we learned last time is that Roberts has maybe
Speaker 1: his own man on this court. That you've got several
Speaker 1: justices to the to the right of him and several
Speaker 1: to the left, and that also, you know, you have
Speaker 1: this line here that the Court faces at least the
Speaker 1: spectrum of a legitimacy crisis, if not a full blown one.
Speaker 1: Talk about what that means. You know, the Court going
Speaker 1: its own way here and and sort of America the
Speaker 1: American public's reaction to that. Well, let's start with the
Speaker 1: American public reaction. We've seen decline in confidence in the courts,
Speaker 1: declining the court's approval ratings, not surprisingly but noteworthy. That's
Speaker 1: especially with with Democrats. Overwhelmingly Democrats now say they disapprove
Speaker 1: of the Supreme Court. And over the summer and a
Speaker 1: couple of different presentations, Justice Helena kay In one of
Speaker 1: the liberal justices, without actually naming names and talking about
Speaker 1: particular cases, but she talked about what in her mind
Speaker 1: creates a legitimate legitimacy problem for a court, and she
Speaker 1: talked about, um, you know, if you have the same
Speaker 1: issue being decided a different way because the court's membership
Speaker 1: has changed, and one could certainly think about cases like
Speaker 1: the abortion cases as fitting into that category. And so
Speaker 1: when you have a justice on the court, you know,
Speaker 1: at least raising that that spect. You know, it's certainly
Speaker 1: something for you know, all of them to pay attention to. Creig.
Speaker 1: I want to dive into the elections that a little
Speaker 1: bit and how elections could shift under the Supreme Court,
Speaker 1: what what could they do specifically to make it so
Speaker 1: State Supreme courts have a different hand in elections. Yeah,
Speaker 1: so there are two big election cases, and the one
Speaker 1: involving state supreme courts has to do with a North
Speaker 1: North Carolina redistricting fight. And so let me just back
Speaker 1: up for a second. Remember a few years ago, the
Speaker 1: Supreme Court said, we have the Supreme Court interpreting the U. S. Constitution.
Speaker 1: Don't have authority to say that voting districts are so
Speaker 1: partisans or unconstitutional. They said that sort of partisan jurymandering
Speaker 1: claim doesn't fly in federal court. But they left open
Speaker 1: the possibility that a state supreme court could say, hey,
Speaker 1: under our state constitution, Uh, these districts you've drawn are unconstitutional.
Speaker 1: And that's what happened in this North Carolina case. And
Speaker 1: now the question at the Supreme Court, and it could
Speaker 1: be a really far reaching one, is whether then the
Speaker 1: US Constitution limits what a state supreme court can do.
Speaker 1: The U. S. Constitution, when it talks about drawing districts
Speaker 1: and setting voting rules for congressional elections, says that the
Speaker 1: power to do that lies with the state legislature. Uh.
Speaker 1: And so the question is whether the North Carolina Supreme
Speaker 1: Court kind of overstepped its bounds in doing something that
Speaker 1: only the North Carolina State legislature can do. That's Bloomberg
Speaker 1: New Supreme Court reporter Greg Store along with the editor
Speaker 1: of Bloomberg Business Week. Tell Wether you're listening to Bloomberg
Speaker 1: Business Week. Up next, a new book shines a light
Speaker 1: on the nation's most notorious far right group, how the
Speaker 1: Proud Boys created a new blueprint for extremism and turned
Speaker 1: American politics into a blood sport after the election. It's
Speaker 1: coming up next. This is Bloomberg. You're listening to Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes to
Speaker 1: m from Bloomberg Radio. This past week is scheduled hearing
Speaker 1: about the January six committee that's investigating attack on the U. S.
Speaker 1: Capitol was postponed because of Hurricane Ian. Once we schedule
Speaker 1: that could conclude the committee's presentations of investigative findings before
Speaker 1: a final report, let's do out later this year. One
Speaker 1: of the things the panel is examining is how far
Speaker 1: right groups like the Proud Boys may have influenced the
Speaker 1: takeover and protest. Writing about the rise of this group
Speaker 1: and its role in American extremism is Andy Campbell, investigative
Speaker 1: reporter for huff Post this is someone who you brought
Speaker 1: to our attention to him. This is somebody who worked
Speaker 1: with Yeah, we worked together years ago. But when Andy
Speaker 1: and I worked together, he wasn't covering the Proud Boys
Speaker 1: or the extreme right here in the US. Well, he
Speaker 1: certainly is now. In Andy's new book is called We
Speaker 1: Are Proud Boys. How a right wing street gang ushered
Speaker 1: in a new era of American extremism. He joined both
Speaker 1: of us in studio to talk about the group's origins
Speaker 1: and where it goes from here. During Donald Trump's Rye
Speaker 1: is a reactionary talk show host named Gavin McGinnis who
Speaker 1: was also co founder of Vice Media. He sort of
Speaker 1: gets kicked out of of Vice Media for his awful,
Speaker 1: awful rhetoric with the company, um and, he takes his
Speaker 1: audience with him, starts his own show called The Gavin
Speaker 1: McGinnis Show, um and and doubles down on this misogynist,
Speaker 1: bigoted rhetoric and to his audience, he's pelting them with
Speaker 1: bigoted tenants. Um One of his tenants was to quote
Speaker 1: venerate the housewife. He thought that women and women in
Speaker 1: the workplace were responsible for the end of masculinity. He
Speaker 1: also gave them a tenant to accept that white men
Speaker 1: were responsible for the success of Western culture. So he's
Speaker 1: pelting them with these sort of white supremassist ideologies. And
Speaker 1: he takes that audience and decides, I'm going to activate
Speaker 1: these guys. I'm going to build them into a gang.
Speaker 1: And he called them the Proud Boys, and he told them,
Speaker 1: you are going to take Trump and the GEOP He's grievances,
Speaker 1: and you're gonna get out there and do what the
Speaker 1: krusty old hats of the GOP won't do and fight
Speaker 1: them out in the street. And you know, six years later,
Speaker 1: they've been involved in so many acts of political violence
Speaker 1: over the years. I mean, these guys UM were involved
Speaker 1: in Unite the Right attacks in cities across the country,
Speaker 1: and of course their outsized role in the January six insurrection.
Speaker 1: UM so his small time gang that started here in
Speaker 1: New York City, UH came to be known as the
Speaker 1: National Architects of of January six. And he helped me
Speaker 1: out here because I feel like extreamist groups have always
Speaker 1: been with us right UH, in our US culture, and
Speaker 1: yet I feel like you didn't necessarily hear about them
Speaker 1: or you know, and this is a group that's out there,
Speaker 1: and you think about the impact that they've had on
Speaker 1: our culture and our society. What's different. Well, the Proud
Speaker 1: Boys were smart. After the Unite the Right rallies of
Speaker 1: charle Utsville, which they had a hand in, they realized
Speaker 1: that just being uh you know, sort of a fighting
Speaker 1: hate group wasn't gonna last very long. A lot of
Speaker 1: the groups that took part in the United the Right
Speaker 1: rallies dissolved immediately after that because people were like those
Speaker 1: guys are Nazis. And the Proud Boys got a new
Speaker 1: leader named Enrique Tario, who was very well connected in
Speaker 1: the political scene in Florida, uh so connected in fact
Speaker 1: that he was friends with Roger Stone, Trump's top confidant.
Speaker 1: Enriquetario told me he realized we needed to become a
Speaker 1: more political machine. If we're going to position what we
Speaker 1: want to do, which is the violence right as as
Speaker 1: something you know, regular Americans on the right we'll see
Speaker 1: as patriotic, as as defenders of Trump against what they
Speaker 1: describe as the leftist threat in the street. And so
Speaker 1: he turned them into a more political monster and positioned
Speaker 1: what they do as protected speech and and and patriotism.
Speaker 1: Where are you seeing the rhetoric that you write about
Speaker 1: in this book seep into American political discourse. Inside Washington
Speaker 1: d C. You hear a politician speak and are there
Speaker 1: cases where you say that is something that I've heard
Speaker 1: from Gavin McGinnis. I think Gavin McGuinness echoes the GOP
Speaker 1: and and and vice versa. I mean, Gavin pushed UH,
Speaker 1: anti immigration, anti Muslim rhetoric and what he wants them
Speaker 1: to do, and what they have done in the years
Speaker 1: since Gavin has kind of stepped aside, is that they
Speaker 1: take the GOP and and Fox News is rhetoric as
Speaker 1: marching orders. So, for example, over the summer, the Proud
Speaker 1: Boys have been going to Drag Queen's story hours across
Speaker 1: the country and showing up to intimidate people. They showed
Speaker 1: up to an event in Nevada at a public library
Speaker 1: that had been going on for years, but one of
Speaker 1: them brought a rifle and started making their way toward
Speaker 1: the door. Parents and children screamed and and and ran.
Speaker 1: This is happening at a rapid clip um. But it's
Speaker 1: no surprise that Fox News all summer has been railing
Speaker 1: against lgbt Q, against drag Queens, and you know, characterizing
Speaker 1: them as groomers, as coming for your children, and so
Speaker 1: it mirrors the rhetoric where the Proud Boys are looking
Speaker 1: at you know, Fox News and Donald Trump and saying
Speaker 1: this is what we need to go out there and
Speaker 1: put violence to Andy. When when you and I were
Speaker 1: working together at Hugh Post, you were not writing about, uh,
Speaker 1: the Proud Boys. You were not writing about American extremism.
Speaker 1: How did you come to start writing about it? And
Speaker 1: why write this book? I was a street level crime
Speaker 1: reporter back when we worked together, and you know, I
Speaker 1: covered acts of violence across the country. During Trump's rise,
Speaker 1: those acts of violence made their way into politics. Through
Speaker 1: the rise of Donald Trump, we saw any number of
Speaker 1: extremist groups coming together under the banner of Trump thinking
Speaker 1: that they had an ally in the White House. And
Speaker 1: the that stood out to me were the Proud Boys.
Speaker 1: Because these guys wanted to be lionized for their violence,
Speaker 1: they wanted to talk to the press, they were proud
Speaker 1: of what they did um and so focusing on them
Speaker 1: turned out to be a good bet because now they
Speaker 1: orbit so many acts of political violence, including January six,
Speaker 1: and so as January six was happening, and as they
Speaker 1: continued their violence despite a lot of their leaders going
Speaker 1: to jail. I realized that this is the warning shot
Speaker 1: that we need to write that going forward, this cycle
Speaker 1: of political violence held aloft by the GOP and and
Speaker 1: media UH is going to continue. And so that's why
Speaker 1: I wrote it. Is there a typical demographic of an
Speaker 1: individual who is a proud boy? Proud boys are of
Speaker 1: a lot of ideologies. There's Neo Nazis and people of
Speaker 1: color within them, but the majority of them are white
Speaker 1: guys who are angry and want to fight out Trump's grievances.
Speaker 1: How much is also that they feel like they've just
Speaker 1: been left behind in this economy. I think there's an
Speaker 1: element of that, but again it's the violence that they're
Speaker 1: aiming for through those grievances. You know, as I was
Speaker 1: thinking about you coming on listening to you talk, I mean,
Speaker 1: is this our ku klux Klan in terms of our times?
Speaker 1: Ku Klux Klan? Is that how we need to think
Speaker 1: about it? There are absolute comparisons to be made. I mean,
Speaker 1: this is a force that is racist at its core.
Speaker 1: They've made inroads with politics, and they've made inroads with
Speaker 1: the American public, but with the clan You have to remember,
Speaker 1: the clan didn't lose power because people rebuffed them. The
Speaker 1: clan lost power because so much of the American public
Speaker 1: shared that ideology that they weren't really needed anymore. And
Speaker 1: and that's the fear going forward with these guys, is
Speaker 1: that you know, enough people are going to see political
Speaker 1: violence as a normalized option in politics that the Proud
Speaker 1: Boys may not be needed. You say racist, but it's
Speaker 1: not all just white members, right, All Proud Boys are
Speaker 1: not just white. I get asked about this a lot.
Speaker 1: And you know, the Proud Boys. First of all, they're
Speaker 1: racist at their core. Right, Gavin gave them a tendant
Speaker 1: that they have to accept if they join. Anybody can join,
Speaker 1: but they have to accept that white men are responsible
Speaker 1: for the success of the West. And there are people
Speaker 1: of color. There are also Neo Nazis and the Proud Boys,
Speaker 1: but they are all gathering under this banner of getting
Speaker 1: to fight out their rage in the street against the
Speaker 1: left and against Trump's opponents, and that can create strange bedfellows.
Speaker 1: Just just last weekend, Nazis joined Proud Boys in Texas
Speaker 1: for a Drag Queen Story Our event. They were protesting
Speaker 1: and and also on top of that, the very few
Speaker 1: people of color that are members of the Proud Boys
Speaker 1: are held aloft constantly by the Proud Boys as evidence
Speaker 1: that they're they're not racist, they're not white supremacists, and
Speaker 1: that has served to put a veil in front of
Speaker 1: them when they're confusing the media and law enforcement. Hey, Andy,
Speaker 1: over the summer. Back in June, we saw footage emerged
Speaker 1: from Idaho about the Patriot Front gathering to protest an
Speaker 1: lgbt Q event, And I'm wondering where the relationship is
Speaker 1: between Patriot Front, Proud Boys, and other sort of right
Speaker 1: wing extremists. Help us kind of untangled that web right,
Speaker 1: that this is a machine and a cycle of extremism
Speaker 1: that we're seeing in front of us right now. For example,
Speaker 1: q and on conspiracy theorists and Alex Jones type plant
Speaker 1: a seed that satanic pedophiles in the form of drag
Speaker 1: queens are coming for your children. Donald Trump and Fox
Speaker 1: News sanitize and grow that seed for their audiences, push
Speaker 1: it out to millions of people, and then the extremist
Speaker 1: street groups like the Proud Boys, Patriot Front, oath Keepers
Speaker 1: who are also big on January six, come to burn
Speaker 1: it all down, and so the Proud Boys, I see
Speaker 1: them as both normalizers of political violence but also the
Speaker 1: pointy end of this extremism machine. Now, if you lop
Speaker 1: off one of those parts, there is somebody they're already
Speaker 1: ready to take take it on. And and the scary
Speaker 1: part about what we're seeing now is that every Americans
Speaker 1: are joining these extremist groups in the streets. That was tough,
Speaker 1: post investigative reporter Andy Campbell. Check out his new book,
Speaker 1: We Are Proud Boys? How are right wing street gang
Speaker 1: ushered in a new era of American extremism? I gotta
Speaker 1: say this interview, I could have talked for so long
Speaker 1: about this and what he was learning about this group.
Speaker 1: I think it's important that all Americans have an understanding, right,
Speaker 1: And I think a big part of it, too, is
Speaker 1: it's not just extremism, right, it's increasingly becoming mainstream, which
Speaker 1: I think is really scary. We're seeing it in a
Speaker 1: lot of places now. That's a really really good point.
Speaker 1: All right, everybody. That wraps up our first hour of
Speaker 1: the weekend edition of Bloomberg Business Week from Bloomberg Radio.
Speaker 1: I'm Carol Masser and I'm Tim Stanibek. Ahead in our
Speaker 1: next hour, we'll preview a brand new show on Bloomberg
Speaker 1: Quicktake called Crypto I R L. And we got a
Speaker 1: telling excerpt from an interview we did with coin Shares
Speaker 1: chief strategy officer melt Them demares that straight ahead, looking
Speaker 1: forward to that, plus how American industrial giant US Steel
Speaker 1: is going green Yep, you heard that right, going green
Speaker 1: despite producing one of the world's most carbon intensive metals.
Speaker 1: Will also sit down with tech luminary Steve Case. We
Speaker 1: talked about where the next wave of American innovation will
Speaker 1: come from. You're listening to Bloomberg Business Week. This is Bloomberg.
Speaker 1: This is Bloomberg Business Week inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business, finance and tech news as it happened. Sloomberg
Speaker 1: Business Week with Carol Messier and Bloomberg Quick Takes Tim
Speaker 1: Stinovik on Bloomberg Radio. Plenty of head in our second
Speaker 1: hour of the weekend edition of Bloomberg Business Week, including
Speaker 1: a conversation with America Online co founder Steve Case on
Speaker 1: his pursuit of the next big technological breakthrough and the
Speaker 1: surprising place it may come from. Plus u S Steel
Speaker 1: is setting its sights on a smaller carbon footprint. We'll
Speaker 1: talk to the company's head of sustainability about mitigating the
Speaker 1: impact of one of our dirtiest medals. It really is
Speaker 1: all right. First up this hour a new program from
Speaker 1: our colleagues at Bloomberg Quicktake Crypto I r L making
Speaker 1: its debut on Friday. It is co anchor by none
Speaker 1: other than Tim along with Bloomberg's Katie Greifeld. Yeah, and
Speaker 1: it's part of our first episode. Katie and I spoke
Speaker 1: with Melton Demure's she's the chief strategy officer of coin Shares.
Speaker 1: It's been a tough stretch for investors since a bitcoin
Speaker 1: hit its highs last winter. I mean everybody I could
Speaker 1: think of other words. Yea two trillion dollars in wealth
Speaker 1: wiped out. Well, we asked melt him at industry players.
Speaker 1: So anyone an apology after talking up crypto after all
Speaker 1: of the losses being publicly listed is not a barometer
Speaker 1: of quality. It's a barometer if you having filled out
Speaker 1: the appropriate work paperwork and having provided financials and the
Speaker 1: level of transparency that will allow investors to make an
Speaker 1: informed decision. Right, So this is about people making informed decisions.
Speaker 1: I think the challenge with crypto is so many people
Speaker 1: in one especially we saw this in two thousand eighteen
Speaker 1: and before then in two thousand fourteen, so many people
Speaker 1: view crypto, and so many people online marketed crypto as
Speaker 1: a way to get rich quick. So people were marketing
Speaker 1: a lot of these things as an easy button. And
Speaker 1: as you and I and everyone knows, there is no
Speaker 1: easy button. Um And I think the challenges that a
Speaker 1: lot of people had incentives to market certain things is
Speaker 1: safe to encourage people to invest in certain things, and
Speaker 1: also people don't want to do their diligence. I got
Speaker 1: the point I'm making, And what I'm trying to illustrate
Speaker 1: is this is not a phenomenon that's unique to crypto.
Speaker 1: It exists in all parts of the market. Can I
Speaker 1: just say to maybe defend the crypto industry a little
Speaker 1: bit more, think about the traditional currency industry, for ex.
Speaker 1: Scammers on Instagram, I just can't. I want before basically
Speaker 1: crypto explode in the way it did in the pandemic.
Speaker 1: So my favorite accounts on Instagram were these like four
Speaker 1: X scammers like flexing like their guccis and but you're
Speaker 1: not seeing those advertising the Super Bowl. No, but so did.
Speaker 1: It did reach a different level. But some are you saying, well,
Speaker 1: I mean four excammera is different from like coin based
Speaker 1: buying a super Bowl ad, right, which, by the way,
Speaker 1: I love that Super Bowl ad. Was that the cure?
Speaker 1: It was just the QR code bouncing around. I'm kind
Speaker 1: of a vallor move to spend millions of dollars on
Speaker 1: a little So it sounds like the I mean, in
Speaker 1: your opinion, the industry does not have anything to apologize for.
Speaker 1: It's more like, I think apologize as a challenging word.
Speaker 1: I think there are certain individuals who may be behaved
Speaker 1: in a way that is not great. But I'm not
Speaker 1: a judge, I'm not a jury, I'm not an executioner.
Speaker 1: I do my best to not engage in that behavior.
Speaker 1: I never tell people invest in this, by this, do this,
Speaker 1: So I can't speak for that. I'm not the moral
Speaker 1: compass of the industry. Again, another challenge like it's decentralized,
Speaker 1: its leaderless by its very nature. I think it's very
Speaker 1: difficult for anyone individual and to ty to sort of
Speaker 1: claim moral superiority, including the government. By the way, for
Speaker 1: this very precise. It's a slippery sloff. I understand what
Speaker 1: you're trying to arrive at. I do think that certain
Speaker 1: executives of certain companies that lost the millions tens of millions,
Speaker 1: billions of dollars of consumers funds, they definitely have explaining
Speaker 1: to do, and I do think they'll be help to
Speaker 1: account because the company exists under a legal structure in
Speaker 1: a jurisdiction with protocols. But you have a really cool
Speaker 1: story where you recognize something early on when it came
Speaker 1: to bitcoin. What did you see? When did you see it?
Speaker 1: And I mean, yeah, and how much bitcoin did you buy? That?
Speaker 1: Nice try? I r s, Okay, you're not going to
Speaker 1: tell us how much bitcoin you bought. No, I'm never
Speaker 1: going to tell you that, okay, But what was the
Speaker 1: price of bitcoin when you first got in? When I
Speaker 1: got in, I was around a hundred fifty dollars. And
Speaker 1: then I went through period where when I first started working,
Speaker 1: I was making less than I had before grad school
Speaker 1: and I was in a lot of debt because I
Speaker 1: had had a scholarship for my company to go to
Speaker 1: grad school. And then I didn't come back, so I
Speaker 1: lived in a rat infest department in New York, and
Speaker 1: I used every paycheck to buy more bitcoin, and then
Speaker 1: the price of bitcoin went from three hundred dollars two
Speaker 1: d twenty dollars and I did not feel great about
Speaker 1: my life choices. But it was really funny because people
Speaker 1: look at it now and they're like, oh, did you
Speaker 1: have some intuition? And I'm like, no, I just thought
Speaker 1: it was really interesting that people I was interacting with
Speaker 1: like I'd never interacted with people like that before professionally,
Speaker 1: and I was like, this is wild, it's fun. It's
Speaker 1: really crazy and insane. See I would have said, yes,
Speaker 1: I did have intuition, and I can see the future
Speaker 1: and you're not a part of it. And it was fun.
Speaker 1: You know what I miss? There is a certain joy
Speaker 1: in believing something that no one else believes in and
Speaker 1: willing to grind to like prove that you were right.
Speaker 1: Are those days over? Though? Well? You can make those
Speaker 1: kind of outside returns on a coin of crypto. I
Speaker 1: don't think it's a coin anymore. I think where the
Speaker 1: world is shifting to do you think what is going
Speaker 1: to generate outside returns is capturing and creating by the
Speaker 1: way trends, So I do think identifying emerging cultural movements
Speaker 1: or communities are really and investing in the financialization of
Speaker 1: those cultural movements is going to be huge thematic trend,
Speaker 1: and so that is really interesting. It's one that a
Speaker 1: lot of people aren't talking about, aren't looking at. So
Speaker 1: I do think there's still opportunities, They're just not going
Speaker 1: to be as easy because there's a lot more capital,
Speaker 1: there's a lot more people. So you have to be
Speaker 1: willing to go where other people won't go. And Lucky
Speaker 1: for me, I like really weird people. I like really
Speaker 1: weird things, and I'm willing to bet enormous amounts of
Speaker 1: money on really crazy ideas. But I think that's where
Speaker 1: the returns will continue to be. That was Melton Demers,
Speaker 1: the chief strategy officer of coin Shares with Me and
Speaker 1: Katie Greifeld. Catch the full interview on a Bloomberg Quick Take.
Speaker 1: New episodes of Crypto I R L or Fridays at
Speaker 1: eight pm Wall Street Time on Bloomberg Quicktake and at
Speaker 1: eight thirty p m on a Bloomberg TV. You can
Speaker 1: also see them at Bloomberg dot com slash qt y
Speaker 1: I r L. It means in real life, I'm so
Speaker 1: not with it. I r L. I'm so sorry. Oh god. Alright,
Speaker 1: good to know. Crypto something we talked about with Steve
Speaker 1: Case by the way this past week. Coming up here,
Speaker 1: why a O L. Co found Steve Kay says the
Speaker 1: next big idea, though, will come from the American Hartland.
Speaker 1: You're listening to Bloomberg Business Week. This is Bloomberg. This
Speaker 1: is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes.
Speaker 1: Tim Spinnoby from Bloomberg Radio. Well known investor, innovator and author. Steacases,
Speaker 1: of course, the co founder of America Online, really changed
Speaker 1: the world in so many ways if you go back
Speaker 1: to the early days of the Internet. He's, of course
Speaker 1: also chairman and CEO Revolution. That's his investment firm that
Speaker 1: backs entrepreneurs at every stage of their development. His roughly
Speaker 1: one billion dollars worth of investments in growth stage companies
Speaker 1: include Sweet Green, Draft, Kings, Clear and more. He's also
Speaker 1: Carol got a new book out. It's entitled Rise of
Speaker 1: the Rest, How entrepreneurs and surprising places are building the
Speaker 1: New American Dream. I love how he started the conversation.
Speaker 1: You specifically began by asking Steve about how the inspiration
Speaker 1: he's drawn from his years on the road, going around
Speaker 1: in a bus in search of the next big idea.
Speaker 1: Every time I've interviewed you, basically from fourteen to twenty,
Speaker 1: you were on a bus. Yeah, and this is the
Speaker 1: this is the second time I've gotten to interview you
Speaker 1: where you haven't actually been on a bus. This book
Speaker 1: is about Yeah, it really isn't defending a better part
Speaker 1: of a decade traveling around the country trying to see
Speaker 1: what's happening in terms of innovation entrepreneurship in different parts
Speaker 1: of the country, meeting hundreds of entrepreneurs, visiting dozens of cities,
Speaker 1: now making investments in about a hundred cities. I was
Speaker 1: just so fascinated bout what I saw and so frankly
Speaker 1: encouraged by what I saw. I said, I have to
Speaker 1: tell the story. I have to share these stories. And
Speaker 1: that's what led me to write the book, trying to
Speaker 1: really kind of help people understand what's happening not just
Speaker 1: in a few places like Silicon Valley, but all over
Speaker 1: the country, which I think boats well for the next
Speaker 1: phase of innovation in this country. What are we missing
Speaker 1: by ignoring what's going on in the heart of the country.
Speaker 1: Steve Well a bunch of things. First of all, some
Speaker 1: of the biggest industries up for grabs, and this next wave,
Speaker 1: what I call the Internet third wave, like healthcare, some
Speaker 1: of the expertise you need, some of the partnerships you
Speaker 1: need are in the middle of country. Mayo Clinic in
Speaker 1: Minnesota is important. That Cleveland Clinic, Ohio is important. M
Speaker 1: Danners in Texas is important. Also for some industries, like
Speaker 1: the trucking and logistics industry, getting people who understand that
Speaker 1: business that are in those communities are important. One of
Speaker 1: the stories I talked about in Chattanooga is its company
Speaker 1: called Freight Waves kind of does Bloomberg for trucking and logistics. Well,
Speaker 1: guess what I didn't know. Still, we visited with our bus.
Speaker 1: But some of the biggest trucking companies in America are
Speaker 1: based in Chattanooga, So it actually better place to be
Speaker 1: for that business than than New York City or another
Speaker 1: one acre trader in northwest Arkansas and Fayetteville. The founder
Speaker 1: actually working a head fund in San Francisco, decided to
Speaker 1: move to Arkansas because his business called is basically a
Speaker 1: platform to invest in farmland, and you need to get
Speaker 1: farmers to put their farms on the platform. Well, he
Speaker 1: thought it'd be better to be closer to the farmers,
Speaker 1: and therefore in Arkansas. So a lot of these stories
Speaker 1: that they surprised people. It certainly surprised me, and I
Speaker 1: think people in the book will will be equally surprised
Speaker 1: by how many things are happening in how many different places,
Speaker 1: most of which she's never visited. It's not just the Easterns.
Speaker 1: You know what's funny, Steve is. Twenty four hours ago,
Speaker 1: Andrew Ginther, the mayor of Columbus, Ohio, was sitting in
Speaker 1: the seat that you're sitting in right now, and he
Speaker 1: was basically saying the same thing, and he talked about
Speaker 1: the acceleration of what happened during the pandemic and the
Speaker 1: way that people moved away from the coast to other
Speaker 1: parts of the country because they were able to work remotely.
Speaker 1: You've been doing this and looking at this for what
Speaker 1: the better part of a decade at this point. Um,
Speaker 1: How did the pandemic change the way that people thought
Speaker 1: about geographies when it came to innovation, Well, you're right,
Speaker 1: it was bubbling for most of the last decade. Every year,
Speaker 1: every time we did another tour, we would see more
Speaker 1: progress in more places, but the pandemic was a tipping point.
Speaker 1: It really was sort of when people took a step
Speaker 1: back and said, where do I want to live and
Speaker 1: how do I want to live, and how do I
Speaker 1: want to work and kind of remote work, hybrid work,
Speaker 1: things like that led to some people decided to move
Speaker 1: someplace else and instead of just being in San Francisco,
Speaker 1: just being in New York or just being in Boston,
Speaker 1: which have been the historical, you know, kind of tech hubs,
Speaker 1: a lot of people moved to other parts of the
Speaker 1: country and attracting that talent is critical to fuel those
Speaker 1: start up communities. Interestingly, over the last several decades, we've
Speaker 1: seen a brain drain in this country. Most people in
Speaker 1: Silicon Valley over people in Selicon Valley are from someplace else.
Speaker 1: They didn't grow up there, that they didn't go to
Speaker 1: school there, They're from someplace else. Uh, they went there
Speaker 1: because that's where the opportunity was, that's where the capital was.
Speaker 1: And that we're seeing a slow slowing of that brain
Speaker 1: drain of people leaving in different parts of the country
Speaker 1: and a little bit of a boomerang of people returning
Speaker 1: in Columbus is a great example. A lot of moments
Speaker 1: in there. What are the trends and ideas that I
Speaker 1: don't know whether it's five years from now, ten years
Speaker 1: from now, or twenty years where you make the investment
Speaker 1: today and it's gonna be a big part of the world.
Speaker 1: How should we be thinking about that? What kind of
Speaker 1: catches your interest when you think about I think it
Speaker 1: is the most important aspects of our lives, which I
Speaker 1: think I think I wrote the book previous book, the
Speaker 1: Third Wave. It talked about the first wave of getting
Speaker 1: everybody online. The second wave was soft on top of
Speaker 1: the Internet. The third wave was going to be the
Speaker 1: Internet meeting the real world. That's the phase where in
Speaker 1: so are talking about head things like healthcare of food
Speaker 1: and agriculture, transportation, financial services, a lot of different things
Speaker 1: that that are being reimagined. So that's the first place
Speaker 1: to focus and then recognize that some of the partners
Speaker 1: you need, some the expertise you need is not on
Speaker 1: the coast. It is in these different parts of uh
Speaker 1: the country, and either start there or or move there
Speaker 1: to really capitalize on that expertise. There's a lot of
Speaker 1: examples of people deciding to move one. Actually somebody who
Speaker 1: started in New York City a company called Temper Back
Speaker 1: Weed Backed. It's focused on sustainable packaging. Style foams terrible
Speaker 1: for the environment, but people have to keep stuff cold,
Speaker 1: whether it's food companies or farmer companies. They created a
Speaker 1: better packaging and they moved to Richmond, Virginia to launch
Speaker 1: that company. And just a few months ago Goldman Sachs
Speaker 1: led a hundred forty million dollar round that company in Richmond, Virginia.
Speaker 1: So that's an example of looking for a better way
Speaker 1: and then saying even though they were in New York
Speaker 1: or the Acre Trader founder was in San Francisco, saying,
Speaker 1: is that the best place for me to launch that company?
Speaker 1: And more and more situations we're finding that's not the
Speaker 1: right answer, and entrepreneurs are going to other places too,
Speaker 1: and that's why the rise of the rest is accelerating.
Speaker 1: One word I didn't hear come out of your mouth
Speaker 1: yet has been crypto. And the reason I thought of
Speaker 1: it is because you talked about the first wave in
Speaker 1: the second wave, and I think a lot of people
Speaker 1: might hear that think, okay, well, Web one, a oll
Speaker 1: Web two applications on top of that, access to the Internet, Facebook,
Speaker 1: Phase three Wave three, Web three, crypto, in the metaverse.
Speaker 1: It's interesting that you define that third wave as being
Speaker 1: something that's real, something that's physical where the Internet actually
Speaker 1: meets the real world, not necessarily us being transformed into
Speaker 1: this sort of virtual world. Yeah, and I think there
Speaker 1: are a lot of interesting things bubbling in Web three,
Speaker 1: which has become a rather large and very basket of
Speaker 1: things running from crypto, bitcoin, blockchain, n f t S, metaverse,
Speaker 1: a lot of different things. Uh, some of those will
Speaker 1: end up scaling and being pretty significant. Others will end
Speaker 1: up not having the attraction that people thought, which is
Speaker 1: always the case when there's there's new technologies. And I
Speaker 1: can relate particularly on the metaverse point, because we launched
Speaker 1: the first graphical kind of multiplayer game kind of a metaverse,
Speaker 1: a virtual world over thirty years ago in partnership with
Speaker 1: Lucasfilm thirty five years ago. It's called Lucasfilm's Habitat was
Speaker 1: for common or sixty four computers and three modems and
Speaker 1: basically are walking around living in I totally know what
Speaker 1: they know. But but the point is that things like
Speaker 1: the metaverse are evolutions of things that were started earlier
Speaker 1: which is again always the way it is. So I
Speaker 1: think there's some really interesting things bubbling in that space.
Speaker 1: I think that is a real focus now, and what
Speaker 1: are the things that really are going to scale and
Speaker 1: how do you simplify some of these got a lot
Speaker 1: of people are confused by the varied options. That's revolution
Speaker 1: Chairman and CEO Steve Case his new book out now.
Speaker 1: It's called Rise of the Rest. How entrepreneurs and surprising
Speaker 1: places are building the new American Dream. Still to come.
Speaker 1: On Bloomberg Business Week, US Steel has plans to clean
Speaker 1: up the world's dirtiest and most widely used battle. The
Speaker 1: company's head of sustainability joins us. On the other side.
Speaker 1: You're listening to Bloomberg Business Week. And this is Bloomberg
Speaker 1: broadcasting from the financial capital of the world, Bloomberg eleven
Speaker 1: Frio in New York to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg nine
Speaker 1: sixty to the country Sirius XM Chado one nine team
Speaker 1: and around the globe the Bloomberg Business app and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Business Week. About seven
Speaker 1: percent of global greenhouse gas emissions come from the production
Speaker 1: of steel, which is also the most widely used metal
Speaker 1: on the planet. So the question is how do we
Speaker 1: mitigate the damage. Erica Chan is the general manager of
Speaker 1: sustainability at US Steel, the industrial stalwart valued at more
Speaker 1: than four billion dollars, and it's using some of that
Speaker 1: wealth to help it meet its corporate responsibility to protect
Speaker 1: the environment. Bloomberg Market senior reporter Katie Graifield and I
Speaker 1: asked Erica exactly how the company is try transitioning to
Speaker 1: cleaner manufacturing practices. Steel is made in one way, which
Speaker 1: is a traditional way of integrated steelmaking that's been done
Speaker 1: for over a hundred twenty years, where you have a
Speaker 1: blast furnace, a lot of gradings supporting, and then you've
Speaker 1: got liquid iron coming out and eventually steel um. But
Speaker 1: the newer technology uses what is called electric arc furnace technology,
Speaker 1: and that is what is referred to as many mills,
Speaker 1: and that has a lower carbon footprint, up to about
Speaker 1: seventy reduction in carbon footprint for steel. So one of
Speaker 1: the interesting things about steel is it's definitely recyclable. It
Speaker 1: loses none of its properties, and so I like to
Speaker 1: say that is that energy intensive? Go to recycle it? Um,
Speaker 1: you know, we actually use it as an energy source.
Speaker 1: So up to eight of scrap steel can be used
Speaker 1: in our electric arc furnaces. So we've been practicing circular
Speaker 1: economy before circular economy became a thing. Um. We recycled
Speaker 1: last year were five point tween million tons of steel
Speaker 1: and scrap. And so if I look at your notes,
Speaker 1: this stat really jumped out to me. That steel is
Speaker 1: of course in emissions intensive sector, counting for roughly seven
Speaker 1: percent of global greenhouse gas emissions globally. And again I'm
Speaker 1: a little shaky on the science, but the process you
Speaker 1: just described what's realistic if we think about where that
Speaker 1: seven percent can could go to. So you know, it's
Speaker 1: going to take a communation things. You know, we know
Speaker 1: we can't do it alone, right, one company can't do
Speaker 1: it alone. It's we've got to come together, and a
Speaker 1: lot of things have to happen, like government funding, you know,
Speaker 1: policy to support it um, improved regulations and all of that.
Speaker 1: But I think that the really important thing on getting
Speaker 1: to that is exploration of technologies that can help us
Speaker 1: get there, like green hydrogen. Have you heard of green hydrogen?
Speaker 1: I have heard Degree Andy marsh On our program works
Speaker 1: a lot with hydrogen and work with companies all over. Yeah,
Speaker 1: so the availability of green hydrogen is going to help
Speaker 1: lower the intensity of steelmaking. UM. A lot of other
Speaker 1: technologies like electrification, UM direct reduced iron with hydrogen, A
Speaker 1: lot of different technologies need to come to maturity and
Speaker 1: carbon capture, utilization storage as well. So, Erica, I want
Speaker 1: to talk more about sustainability of course at U S
Speaker 1: Steel and specifically about the plan to eliminate carbon emissions
Speaker 1: from steel production. UM. Is it is it too early
Speaker 1: to completely like how do you guys completely comply with
Speaker 1: e A S and like go to many males that
Speaker 1: use all the scrap steel to remail into new steel,
Speaker 1: talk about how that works. Yeah. So you know, we
Speaker 1: have we acquire a Big River Steel which actually was
Speaker 1: the first lead certified steel mill in the US UM
Speaker 1: and it's also the first US based steel site to
Speaker 1: be responsible steel certified. So UM that is our first
Speaker 1: electric arc furnace along with the one that we have
Speaker 1: a ver tubular business in Fairfield, Alabama. So the journey
Speaker 1: there is that it's it's a combination of utilization of
Speaker 1: this improved technology for steelmaking, but as well as investing
Speaker 1: in UM technologies that can help actually decarbonize so UM
Speaker 1: carbon capture realization and storage. That's one method as well.
Speaker 1: We talked about green hydrogen earlier. UM electrification of the
Speaker 1: grid because steel is so energy intensive, you know, we
Speaker 1: need more renewable energy in the grid and the grid
Speaker 1: infrastructure that can support that expanded power need. So UM,
Speaker 1: those are some of the ways that we're looking at it.
Speaker 1: When it comes to carbon capture with the current furnaces,
Speaker 1: you have the current blast furnaces. Does that work? What
Speaker 1: research have you done there? Yeah? So UM. We actually
Speaker 1: have formed some partnerships and alliances we're bringing together in
Speaker 1: a noncompetitive environment like Pierce in Academia UM as well
Speaker 1: as government agencies to look at how do we escale
Speaker 1: and how do we implement that infrastructure because it doesn't
Speaker 1: exist in a in a scale at a level that
Speaker 1: we would need, you know, to cover all of the
Speaker 1: least finn assess that our an operation today in the US.
Speaker 1: What is the role of the government here and to
Speaker 1: what extent does the US government need to step in
Speaker 1: and actually help you and other American steel companies get
Speaker 1: to net zero? Yeah? Absolutely, I mean, I think we've
Speaker 1: seen big signal from the government, um just in the
Speaker 1: past few weeks, right with the IRA and I think
Speaker 1: that's going to be a good first forward movement into
Speaker 1: making sure that the US government enables the various levels
Speaker 1: that we need to to carbonize across a number of
Speaker 1: different industries. And so, what kind of relationship, what kind
Speaker 1: of conversations do you have with politicians with the White House?
Speaker 1: What does that look like? Yeah, well, we actually welcome
Speaker 1: engagement from policymakers on all levels, federals, you know, we
Speaker 1: work very local in our communities as well, and it's
Speaker 1: it's looking at the policies that can enable like clean energy, right,
Speaker 1: like renewable incentives for renewable energy, infrastructure and development. So
Speaker 1: we do work with regulators and administrators and various agencies
Speaker 1: at a federal and stand loobal level. That was Erica Chan,
Speaker 1: she's the general manager of sustainability at US Steel. She
Speaker 1: joined me and Katie Greifeld in studio. You're listening to
Speaker 1: Bloomberg Business Week. Coming up the sweet spot when it
Speaker 1: comes to car collectors this year, wine Harvest and a
Speaker 1: geographical gem six hundred miles off the Portuguese Coast, we
Speaker 1: check in with the Bloomberg Pursuits team. This is Bloomberg.
Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. It is
Speaker 1: time now for our weekly dive into the Pursuit section
Speaker 1: of Bloomberg Business Week magazine. And we're so pleased to
Speaker 1: have with us straight from the West Coast. Now on
Speaker 1: the East coast. Right now, one of our favorite people
Speaker 1: and favorite writers, Bloomberg Pursuits Auto columnist Hannah Elliott. She's also,
Speaker 1: as we know, and we always say, got a pretty
Speaker 1: amazing beat. Yes, I agree, I won't argue with you
Speaker 1: on that fun stuff. How do you ever do anything?
Speaker 1: I would never leave this. It's honestly easier now that
Speaker 1: I'm on the West coast. It's very focused. It's all
Speaker 1: cars all the time, so it's actually even easier. Well,
Speaker 1: you've got the lead story in this week's Pursuit section.
Speaker 1: You interview vintage car collectors about how they got their
Speaker 1: favorite rides. Um, we've got the editor of the section
Speaker 1: with us as well, Chris Rousers, joining us by phone.
Speaker 1: So Chris, the series that Hannah is doing. How did
Speaker 1: it come to be? You know, Hannah talks to car
Speaker 1: collectors all the time, and she is a classic car
Speaker 1: collector herself, and you know, she always talked about how
Speaker 1: people have these great stories about how they got the car,
Speaker 1: why they chose the car. And Hannah loved interesting cars,
Speaker 1: not just like the really expensive three million dollar into Ferrari,
Speaker 1: Like she likes people to have a beat up car
Speaker 1: that has a story. And finally she just pitched the
Speaker 1: idea like, why don't I just do a column and
Speaker 1: we'll call it how did you get that car? And
Speaker 1: I said, that is a great idea. Do it all right?
Speaker 1: So had to come on in on, UM, tell us
Speaker 1: about the person you really profile in depth who has
Speaker 1: Actually I love hearing about a car, but I also
Speaker 1: loved hearing about her backstory. She's incredible. Her name is
Speaker 1: Sarah Tremble and she's a stunt driver. And so when
Speaker 1: you talk about bullet train euphoria, um a lot of
Speaker 1: the Star Trek piccard shows and then hundreds, literally hundreds
Speaker 1: of car commercials, including if you will remember the Super
Speaker 1: the Dog Driving Family, and the Suber who was actually
Speaker 1: Sarah driving. She explained to me that She's in a
Speaker 1: black hoodie pulled tight over her eyes, and she's wedged
Speaker 1: herself backwards in the bottom of the suber and the
Speaker 1: dog is standing on her, and so the dogs on top,
Speaker 1: and she's driving with her hands and feet on pedals
Speaker 1: and it's the whole thing. And then the dog would
Speaker 1: like accidentally hit the windshield White Birds, and they have
Speaker 1: to go around the block and do it again. She
Speaker 1: said that the dogs were very professional, so she was
Speaker 1: happy to work with them. But yeah, this is her job.
Speaker 1: And I have to say she started out as a
Speaker 1: as a hotel valet, so her whole story is really
Speaker 1: cool and worked her way up through the ranks. But
Speaker 1: she has some very cool cars in her personal life too,
Speaker 1: which is what we talked about. So what car in particular,
Speaker 1: So this is a nine eleven Carrera. It's from the
Speaker 1: g series, which is a series that ran from seventy
Speaker 1: three to eighty nine. It just means that's the series
Speaker 1: of nine eleven. It's basically nineteen eighties guards read nine eleven.
Speaker 1: It looks very cool, it's beat up. She got it
Speaker 1: from a guy in the valley and did a bunch
Speaker 1: of her own things, both cosmetically and mechanically to make
Speaker 1: it a car that really fits her and that she loves,
Speaker 1: and she drives and she drives it. She doesn't baby it.
Speaker 1: I mean she she doesn't take it to Set. I
Speaker 1: did ask her about she drives it in the canyons
Speaker 1: and all over, but she did say, I don't take
Speaker 1: it to Set. Well, I want to talk about this
Speaker 1: because she has this kind of thesis about why she
Speaker 1: doesn't drive it to Set, which I thought was really interesting.
Speaker 1: I mean, I'm a Californian, but you know, you know,
Speaker 1: I live here on the East Coast, not in the
Speaker 1: industry that so many people are in in l A.
Speaker 1: But it kind of says something about you if you
Speaker 1: drive to Set in a flashy car. Totally it's She's like,
Speaker 1: whatever you drive, it's gonna be a flex. And she
Speaker 1: actually had a Porsche came in before this old beat
Speaker 1: up nine eleven, and it was a new car and
Speaker 1: she just felt like it was a bit flashy. And
Speaker 1: when she shows up to Set in a flashy new
Speaker 1: Porsche and you know, the producers in an audie, She's like,
Speaker 1: oh no, this is not a good look. So, you know,
Speaker 1: she currently I think she has a key or something
Speaker 1: that she drives to set something a bit knowledge. Okay,
Speaker 1: there you go, Yes, and the race car she keeps
Speaker 1: for herself. So Chris, you know, and Hannah laying out
Speaker 1: this this story, what did you want to know or
Speaker 1: what jumped out for you? Oh? I mean, I just
Speaker 1: want to know, like what about a particular car enchant
Speaker 1: people and what makes it feel like them? And with
Speaker 1: each of the cars that Hannah has profiled in this series,
Speaker 1: there's always something where it's like, you know, I like
Speaker 1: a particular era of car, like an interwar period, but
Speaker 1: I like them to be like a fourth car, and
Speaker 1: people have really difficult stories for why they like that,
Speaker 1: and I like, I just like that. Sarah want of
Speaker 1: a car that can she can like rip up the
Speaker 1: canyons in l A and just not and not be fancy.
Speaker 1: And she said she likes being around other people with
Speaker 1: cars from that era because they're dealing with the same duff,
Speaker 1: the same problem and the same like things they love
Speaker 1: about their car, so it's fun to talk to people
Speaker 1: about it. She said. There's a lot of solidarity in
Speaker 1: driving old cars, because you do tend to find yourself
Speaker 1: gravitating to other people who have similar cars. Often because
Speaker 1: they have the same problems as you. I mean, let's
Speaker 1: be honest, like, if you're these are old cars, they're
Speaker 1: gonna break down. That's just part of the thing. So
Speaker 1: if you have a network of friends who also have
Speaker 1: the same problems, it works out nicely. Is there another one?
Speaker 1: You know you talk about her, focus on her, but
Speaker 1: I know you feature another few women in the sections.
Speaker 1: Um there are so many. Um Any King, Any King
Speaker 1: is the one with the panda that is the cutest.
Speaker 1: Chris just mentioned, you know, particular shapes or particular eras
Speaker 1: really appeal to people. And any is so funny. She
Speaker 1: is a co founder of King and Co. Which is
Speaker 1: like a marketing and branding agency. And she picked that
Speaker 1: car because she doesn't like curves on a car and
Speaker 1: this is totally and this and she's so aesthetically minded
Speaker 1: and this car is like it's all flat lines even inside.
Speaker 1: So it was just it just fits her so perfect.
Speaker 1: And again it's not none of these cars are particularly expensive,
Speaker 1: but they're interesting. And then we have Caroline Cassini. I
Speaker 1: love it. It's beautiful. Now. Caroline is so interesting. She
Speaker 1: is the head of the bottoms market, so she's around
Speaker 1: a lot a lot of older cars. This one she
Speaker 1: uses for rallies, which is awesome, and it is difficult
Speaker 1: to drive. I would be a very hard press to
Speaker 1: drive that car. And she handles it very well and
Speaker 1: she races that car. Hannah, tell us what car that is.
Speaker 1: Caroline Cassini drives this mg TC and this is just
Speaker 1: an old looking car. It's like exactly now forty eight
Speaker 1: is technically not pre war, but it looks like one
Speaker 1: of the old pre war cars. And Caroline, I should say,
Speaker 1: she's the head of the Bottoms Market. Now. The Bottoms,
Speaker 1: of course, is the auction house. The market is their
Speaker 1: online platform for selling old cars. So Caroline sees a
Speaker 1: lot of cars. Well, all I'm gonna say is one
Speaker 1: of the things I love. I love everything you do, Hannah.
Speaker 1: But I also love that it's win in and you're
Speaker 1: talking about the cars, because I think we have just
Speaker 1: this stereotype of it's only men who collect cars and
Speaker 1: it's a certain kind of cars. And I love that
Speaker 1: these are women who know what they're doing, accomplished and
Speaker 1: they just I mean the details and the level of
Speaker 1: that detail about their vehicles. It's really cool to hear.
Speaker 1: I have to say this series is not supposed to
Speaker 1: be just women. It certainly wasn't formed as an idea
Speaker 1: of we're only profiling women. It just so happens that
Speaker 1: so far the people who have interested me with their
Speaker 1: cars are our women. And it's not to say the
Speaker 1: next five people won't be men, but I just I
Speaker 1: totally agree. I love that these are their own, their
Speaker 1: names are on the titles, they're driving these things. It's
Speaker 1: not like they're borrowing the car whatever. They're just interesting
Speaker 1: picks and I love that. I love it too, And
Speaker 1: we love everything that you do. All right, Hannah, thank
Speaker 1: you so much. We want to cover a little bit
Speaker 1: more of what else is in Pursuits this week, and
Speaker 1: Chris um, I feel like we go We're gonna go
Speaker 1: from how did they get that car? To how do
Speaker 1: we get our wine this year? Because the harvest it's
Speaker 1: questionable around the global though it's not all bad. Yeah,
Speaker 1: it's gonna be a little trickier to get our wine
Speaker 1: in the next couple of years because this UH summer
Speaker 1: was really tough for wine growers around the world. Grape
Speaker 1: growers are critic Ellen McCoy talked to people in California
Speaker 1: and Oregon in Italy and France of course, to see
Speaker 1: how the harvest went this year, and it started very early.
Speaker 1: People started taking grapes very early because the weather was
Speaker 1: so dry. In most places, there was some early frost
Speaker 1: and then the summer was really dry. There were wildfires,
Speaker 1: which can mean that the grapes get dehydrated and they
Speaker 1: get super concentrated and that can make the wine to
Speaker 1: alcoholic or it's just too too tart. So people have
Speaker 1: to really try and when the time when to pick grapes.
Speaker 1: And because the summer was tough, the yields are lower,
Speaker 1: so a lot less wine is probably be made. But
Speaker 1: sometimes a dry summer actually creates grape wine. So some producers,
Speaker 1: especially like in Champagne for example, are saying, Okay, we're
Speaker 1: actually gonna have good tasting wine, even if we're gonna
Speaker 1: have less of it. Okay, so bring on the bubbles. Yeah,
Speaker 1: and I mean a nice kind of like silver lining
Speaker 1: to all the climate catastrophe that's actually leading to this.
Speaker 1: Let's end on a nice note about a spot in
Speaker 1: Portugal that's getting a ton of attention right now. I
Speaker 1: want to go, well, you know what, you should get
Speaker 1: Brandon Pressor's job, because he gets to go to all
Speaker 1: the coolest places in the world, including Madeira. Yeah. So
Speaker 1: Brandon is one of our favorite writers and he travels
Speaker 1: all over the world. He's been bugging us about Madeira,
Speaker 1: which is an island off of the northwest portion of Africa,
Speaker 1: which is a territory of Portugal, and it's just it's
Speaker 1: an incredible geographical terrain. So it's really great for mountain
Speaker 1: biking and for hiking, and it has kind of like
Speaker 1: four seasons worth of weather all at once. You have
Speaker 1: kind of like a desert environment and then you can
Speaker 1: have like a lush jungle and then a cold, snowy
Speaker 1: mountaintop all in one day. So it's really becoming a
Speaker 1: place for adventure tourists as well as a place for
Speaker 1: culinary tourists. And if you you know Madeira wine, it's
Speaker 1: sort of a sweet fortifide line that was made that's
Speaker 1: been made there for hundreds of years. You know, people
Speaker 1: have been going there for that for a long time.
Speaker 1: But now there's some other reasons to go. So it's
Speaker 1: no longer haven for British pensioners. It's not a retirement
Speaker 1: village basically. Yeah, it had this sort of like marbe
Speaker 1: kind of reputation um and sleepy. But after the pandemic
Speaker 1: a lot of local kids that grew up there kind
Speaker 1: of went back because, you know, places shut down and
Speaker 1: they had nowhere to go. And a lot of these
Speaker 1: young people are actually trying to remake the reputation. There
Speaker 1: are open restaurants and hotels and lineries. Was very cool.
Speaker 1: I don't know, Chris, you had me at ed Mountain biking.
Speaker 1: That one is definitely on my list. That's Chris Rouser.
Speaker 1: He's the editor of Bloomberg Pursuits and also big thank
Speaker 1: you to Bloomberg Pursuits Auto columnist Hannah Elliott. Another awesome
Speaker 1: edition of the section, A totally awesome section, and there's
Speaker 1: also a good story about what beats uber eats that
Speaker 1: I highly recommend, an app that you might not be
Speaker 1: familiar with about food delivery. So much there. That wraps
Speaker 1: up our weekend edition to Bloomberg Business Week from Bloomberg Radio.
Speaker 1: Think so much for joining us. I'm Carol Masser and
Speaker 1: Tim Stanov. Could be sure to tune into Bloomberg Business
Speaker 1: Week Monday through Friday, starting at two pm Wall Street
Speaker 1: Time on Bloomberg Radio. You can also watch our daily
Speaker 1: broadcast on YouTube, just search Bloomberg Global News and check
Speaker 1: out our Bloomberg Business Week podcast. You can find that
Speaker 1: at Bloomberg dot com, Apple, or wherever you get your podcast.
Speaker 1: Bloomberg Business Week is available on newstands now, at Bloomberg
Speaker 1: dot com and on the Bloomberg Terminal, and you can
Speaker 1: also see me on Bloomberg Quick Take available at Bloomberg
Speaker 1: dot com, slash Qt, and streaming platforms like Roku, Apple TV,
Speaker 1: Samsung TV and more. Have a great weekend everyone. This
Speaker 1: is Bloomberg