WEBVTT - Bloomberg Daybreak: January 20, 2023 (Updated w/Google News)

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<v Speaker 1>Live from the Bloomberg Interactive Brooker Studios. This is Bloomberg

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<v Speaker 1>day Break for Friday January. Coming up this hour, Google

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<v Speaker 1>cuts its workforce by six percent, slashing twelve thousand jobs.

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<v Speaker 1>Netflix shares rally as subscriber growth beats estimates. The US

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<v Speaker 1>hits the debt sealing now the debate over what to

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<v Speaker 1>do about it begins, and more fan officials call for

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<v Speaker 1>higher rates even as inflation. I'm Maybe Morris of federal

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<v Speaker 1>court orders Donald Trump to pay a million dollars for

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<v Speaker 1>a bogus lawsuit, and New York state revenue tops estimates

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<v Speaker 1>by billions of dollars. I'm John Stashower and Swards. The

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<v Speaker 1>net slump continued with the laws in Phoenix. The Rangers

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<v Speaker 1>lost to the Bruins. The Devils and Islanders both lost

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<v Speaker 1>in overtime. That's all trading ahead on Bloomberg Daybreak on

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<v Speaker 1>Bloomberg e Living Free on New York, Bloomberg on Washington,

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<v Speaker 1>d C, Bloomberg one oh six one, Boston, Bloomberg nine

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<v Speaker 1>sixties and Francisco Sirius x M one nine team and

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<v Speaker 1>around the world on Bloomberg Radio and Dog Carmen via

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<v Speaker 1>The Bloomberg Business Good morning. I'm Nathan Hagar and I'm

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<v Speaker 1>Karen Moscow. Here are the stories we're following today. Karen,

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<v Speaker 1>let's begin with breaking news out of Silicon Valley. One

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<v Speaker 1>of the most notable names in tech is announcing big

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<v Speaker 1>job cuts. Bloomberg Steve Rappaport joins US Live with the latest.

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<v Speaker 1>Good morning, Steve, Good morning, Nathan and Karen. Google is

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<v Speaker 1>the latest player caught in the wave of pink slips

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<v Speaker 1>crashing down on the tech industry, parent company Alphabet announcing

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<v Speaker 1>it will cut twelve thousand jobs, about six percent of

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<v Speaker 1>the global workforce. CEO Sundar Pucae and and Email two

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<v Speaker 1>employees took full responsibility for the decision, adding these are

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<v Speaker 1>important moments to sharp and focus. Rivals Amazon, Meta and

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<v Speaker 1>Microsoft recently cut thousands of jobs as big tech players

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<v Speaker 1>brace for a prolonged trop in demand. Until now, Google

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<v Speaker 1>was one of the few to avoid implementing major layoffs.

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<v Speaker 1>Live in New York. I'm Steve Rappaport, Bloomberg Daybreak. We

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<v Speaker 1>turned to the markets now in US futures are little change.

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<v Speaker 1>This Friday morning, were closing out a week that saw

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<v Speaker 1>the S and P five hundred fall for three straight

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<v Speaker 1>sessions thanks to week economic data. Hank Smith, as chief

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<v Speaker 1>investment officer at Haverford Trust, I think there is a

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<v Speaker 1>chance that the s gets lower low than the October

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<v Speaker 1>two low. But our view is it's likely that we're

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<v Speaker 1>going to have a recession, but equally as likely that

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<v Speaker 1>it's going to be mild and brief. Trust Hank Smith

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<v Speaker 1>says a key thing to watch today is the mass

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<v Speaker 1>expiration of options. It's said to be the biggest January

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<v Speaker 1>event in a decade. Well one bright spot in stocks

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<v Speaker 1>this morning, Karen is Netflix. That company reported earnings late

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<v Speaker 1>yesterday that outperformed estimates, and we get the latest live

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<v Speaker 1>with Bloomberg's John Tucker. Good morning, John, Good morning. Ninth

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<v Speaker 1>of the streaming giant, adding seven point seven million new

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<v Speaker 1>subscribers in the fourth quarter that beat forecast. New content

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<v Speaker 1>brought in more viewers. The series Wednesday in Adam's Family

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<v Speaker 1>spent Off was the company's third most popular series ever. Well,

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<v Speaker 1>the documentary Harry and Meghan was also we hit. Netflix

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<v Speaker 1>also had its own drama in the boardroom. The co

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<v Speaker 1>founder Read Hastings a stepping aside, the CEO post now

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<v Speaker 1>being filled by his two longtime associates Ted Surrandos and

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<v Speaker 1>Greg Peters shares her up over five percent pre market.

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<v Speaker 1>Last year, the company saw more than a third of

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<v Speaker 1>its value wiped out after poor showing in the first quarter.

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<v Speaker 1>Live in New York. I'm John Tucker, Bloomberg Daybreak. All right, John,

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<v Speaker 1>thank you well. On the economic front, we are seeing

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<v Speaker 1>more Fed officials called for high interest rates. That's despite

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<v Speaker 1>signs inflation is cooling. Here's Federal Reserve Bank of New

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<v Speaker 1>York President John Williams, some signs the inflations moderating. It

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<v Speaker 1>remains far too high and it is my number one

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<v Speaker 1>concern going into twin And that sentiment from John Williams

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<v Speaker 1>was also echoed by the Vice chair of the Federal Reserve,

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<v Speaker 1>Lyle Brainerd. Inflation has declined in recent months, but inflation

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<v Speaker 1>was very high and it's going to take time and

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<v Speaker 1>resolve to get it back. And Vice chair Lyle Inner

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<v Speaker 1>did not explicitly state a preference for the size of

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<v Speaker 1>the Fed's next rate. HIG traders are currently pricing in

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<v Speaker 1>a quarter point increase the low s c D in

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<v Speaker 1>the Central banks current hiking cycle. No, we're wrapping up

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<v Speaker 1>the final day of the World Economic Forum today Karen,

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<v Speaker 1>and one message is becoming clear. At Davos, finance executives

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<v Speaker 1>say they now see reasons to be upbeat. We caught

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<v Speaker 1>up with Bank of America's CEO Brian moynihan in the

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<v Speaker 1>U s UM research team, which is the best in

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<v Speaker 1>the business, as a mild recession predicted sort of mid

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<v Speaker 1>this year. In the next year, they pushed that out,

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<v Speaker 1>And so why they keep pushing out It's the strength

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<v Speaker 1>of the US consumer. They have the FED getting over

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<v Speaker 1>you know, five five, five and a quarter. Just this

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<v Speaker 1>week they moved at the three bases point rate rise

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<v Speaker 1>as opposed to fifty. Bank of America's CEO Brian moynihan

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<v Speaker 1>spoke with Bloomberg's David Weston in Davos. He joins Morgan

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<v Speaker 1>Stanley's James Gorman, and City Groups Jane Frasier with signs

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<v Speaker 1>of conscious optimism. Well, speaking of Wall Street's CEO s

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<v Speaker 1>Nathan JP, Morgan, Chase is out with fresh details on

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<v Speaker 1>Jamie Diamond's pay. The bank is keeping the CEOs total

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<v Speaker 1>compensation and unchanged. He'll get thirty four and a half

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<v Speaker 1>million for his work in two It's a year where

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<v Speaker 1>the firm's profit fell by almost a quarter, and JPMorgan

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<v Speaker 1>Stock notched its worst annual performance in more than a decade.

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<v Speaker 1>Google's parent company, Alphabet announced it will slash twelve thousand jobs,

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<v Speaker 1>more than six percent of its global workforce, become the

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<v Speaker 1>latest tech giant to rain things in after years of

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<v Speaker 1>abundant growth and hiring. Let's bring an Alex web for

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<v Speaker 1>more on this. Bloomberg Quick Take correspondent Alex Good morning.

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<v Speaker 1>A number like six percent when it comes to the

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<v Speaker 1>workforce certainly gets your attention. Though, put this into context

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<v Speaker 1>for us, what does this come after? It comes off

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<v Speaker 1>a lot of job carts across the rest of the industry,

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<v Speaker 1>And actually twelve thousand at Google seems like it's less

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<v Speaker 1>than the eighteen thousand Amazon, but six percent is a

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<v Speaker 1>far higher proportion of the workforce being cut. Done is

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<v Speaker 1>happening at Amazon? Of course? Google, you know, it is

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<v Speaker 1>based in advertising technology business. As we know, during economic turbulence,

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<v Speaker 1>the first thing that companies tend to cut is their

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<v Speaker 1>marketing budget, and Google is feeling that the pain of

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<v Speaker 1>that that you know, there's massive slow down in growth anticipated,

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<v Speaker 1>so h the job cuts. They did not expand as

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<v Speaker 1>quickly as some of their competitors, and the revenue per employee,

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<v Speaker 1>which is a pretty good gauge of whether they have

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<v Speaker 1>grown headcount more quickly than they could grow revenue has

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<v Speaker 1>continued to trend upwards, which you can't say certainly for Amazon.

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<v Speaker 1>But there is a certain course correction going on here

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<v Speaker 1>for sure. Is this the course correction that comes after

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<v Speaker 1>overspending during the pandemic? Um? I think probably it's anticipating

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<v Speaker 1>too much growth coming forward going forward right that. There

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<v Speaker 1>was a lot of spending actually that got kind of

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<v Speaker 1>front loaded during the pandemic, both in terms of cloud

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<v Speaker 1>and in terms of consumer spending. You know, the people, um,

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<v Speaker 1>you know, as they got bail out checks, there are

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<v Speaker 1>a lot of peop or not everyone, a lot of

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<v Speaker 1>people who had more disposable income. That is absolutely not

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<v Speaker 1>the case right now for the vast majority of people.

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<v Speaker 1>And so as they're spending goes down, so does the

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<v Speaker 1>so does the advertising spend, and Google gets the knock

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<v Speaker 1>on effect of that. So this adds on to the

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<v Speaker 1>spending cuts that we're seeing across the big tech industry.

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<v Speaker 1>We've heard from a number of analysts some contrarian views,

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<v Speaker 1>thinking that the traditional thing stocks might be something of

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<v Speaker 1>a buy at this point. But what does this say

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<v Speaker 1>when we see these kinds of cuts coming about the

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<v Speaker 1>overall trajectory for the tech space. I think, you know,

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<v Speaker 1>there is a question of whether they are still growth stocks.

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<v Speaker 1>But as ever with growth stocks in the anticipation has

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<v Speaker 1>long been that at a certain point they wanted to

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<v Speaker 1>they could pivot to becoming more value. And maybe maybe

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<v Speaker 1>that is what this pivot is. You know, they're still

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<v Speaker 1>generating huge amounts of cash that the likes of Google.

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<v Speaker 1>You know, it's still it is now trading um at

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<v Speaker 1>far less of a premium to the to the to

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<v Speaker 1>the market than it was, you know, certainly even a

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<v Speaker 1>year ago. I think it's not training a discount to

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<v Speaker 1>the broader market. Um. That may provide an opportunity that

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<v Speaker 1>some people may see an opportunity there, but it's by

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<v Speaker 1>no means a short thing. Thanks Alex, great to have

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<v Speaker 1>you on with us, particularly on the breaking news. Alex

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<v Speaker 1>Web of Bloomberg quick take on Google cutting twelve thousand

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<v Speaker 1>jobs across its global workforce. Looking at the shares this morning,

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<v Speaker 1>they're moving higher off the back of that headline, up

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<v Speaker 1>nearly one point six percent in early trading. It is

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<v Speaker 1>forty degrees in Central Park. Clouds breeze today, maybe a

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<v Speaker 1>lingering shower. We'll get into the upper forties. It'll turn

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<v Speaker 1>partly cloudy tonight with a lowe near thirty five. Time

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<v Speaker 1>now to take a look at some of the other

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<v Speaker 1>stories making news in New York and around the world.

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<v Speaker 1>Good morning, Amy Morris, Good morning Nathan Hagar. A federal

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<v Speaker 1>judge has ruled Donald Trump has to pay nearly a

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<v Speaker 1>billion dollars for filing a bogus lawsuit. The judge says

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<v Speaker 1>the suit against Hillary Clinton and dozens of the former

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<v Speaker 1>presidents person chieved political enemies was quote brought in bad

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<v Speaker 1>faith for an improper purpose. The New York Times reports

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<v Speaker 1>the ruling was the latest setback for Trump, who also

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<v Speaker 1>faces a broad range of legal problems and criminal investigations,

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<v Speaker 1>and his lawyers are increasingly under scrutiny themselves for their

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<v Speaker 1>actions in those cases. New York State has collected seven

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<v Speaker 1>point seven billion dollars more in taxes and the first

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<v Speaker 1>nine months of the fiscal year than forecast. State Comptroller

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<v Speaker 1>Thomas Dinnapoli says much of that was from personal income

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<v Speaker 1>tax collections, and that the tax collections are exceeding expectations,

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<v Speaker 1>but that concerns of an economic downturn create uncertainty. A

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<v Speaker 1>slowdown on Wall Street, lower banker bonuses, and a potential

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<v Speaker 1>recession could up end the state's finances. New York Governor

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<v Speaker 1>Kathy Hokele wants to bring one Buffalo Bills player to

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<v Speaker 1>New York City. The governor was at an event in

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<v Speaker 1>East Harlem when she talked with Damar Hamlin. She says

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<v Speaker 1>he wants to use the gift of his story to

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<v Speaker 1>inspire and I said, you can be a great voice

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<v Speaker 1>to join with me and letting you know people know

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<v Speaker 1>that through sports or music and culture and dance at

0:10:07.960 --> 0:10:10.240
<v Speaker 1>places like this, they can have a better outcome. So

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<v Speaker 1>so I'm going to get them up here. Don't know

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<v Speaker 1>when Hamlin suffered cardiac arrest on the field during a

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<v Speaker 1>primetime game between the Bills and the Cincinnati Bengals. He

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<v Speaker 1>tweeted later that he is excited to see how their

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<v Speaker 1>future collaborations will help. Nasau County officials are pinpointing the

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<v Speaker 1>source of an increase in overdoses over the past week.

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<v Speaker 1>Police and health officials say many of the recent overdoses

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<v Speaker 1>are linked to counterfeit prescription pills or presses. The pills

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<v Speaker 1>that are being circulated may contain fentonil and could be deadly.

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<v Speaker 1>Global News twenty four hours a day on air and

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<v Speaker 1>on Bloomberg Quicktake, powered by more than twenty seven hundred

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<v Speaker 1>journalists and analysts and more than one twenty countries. I

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<v Speaker 1>maybe Morris, this is Bloomberg. Nathan. Alright, Amy, thank you

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<v Speaker 1>time now for our Bloomberg Sports they brought to you

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<v Speaker 1>by Try stay out here for that and bring in

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<v Speaker 1>Jon stash Our. All right, Nathan. Thanks. The Giants later

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<v Speaker 1>today hit the Turnpike heading South playoff game tomorrow night

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<v Speaker 1>with their division Riyals. Giants have lost their last nine

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<v Speaker 1>games that they have played in Philadelphia. The Giants quarterback

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<v Speaker 1>is Daniel Jones. Game is different, you know, I think

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<v Speaker 1>UH will approach this UM like we would any other game,

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<v Speaker 1>but that they're good, good team. It's a good environment. Uh.

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<v Speaker 1>They bring a lot of energy. Fans are passionate, UM,

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<v Speaker 1>but like any road game, will prepare for that and

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<v Speaker 1>be able to uh, you know, handle that UM as

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<v Speaker 1>part of the game. The Eagles, top seeds in the NFC,

0:11:37.480 --> 0:11:39.560
<v Speaker 1>beat the Giants twice this year. They had a by

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<v Speaker 1>last week's fifth ever playoff game between the two teams,

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<v Speaker 1>and they both won twice. Sunday in the NFC, it's

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<v Speaker 1>Dallas at San Francisco. We'll see how Brett Maher kicks

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<v Speaker 1>for the Cowboys coming off four missed extra points. The

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<v Speaker 1>Cowboys did sign another kicker, but they say Maher made

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<v Speaker 1>all his kicks yesterday in practice. A blow to the

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<v Speaker 1>next center Mitchell Robinson, key player with his d fence

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<v Speaker 1>and rebound. He's got a broken thumb, likely to miss

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<v Speaker 1>a month. Nick's played tonight in Atlanta. The networ in Phoenix.

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<v Speaker 1>The Soun's led by twenty and the third quarter then

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<v Speaker 1>held on one seventeen to one twelve, and the Nets

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<v Speaker 1>are owing four since the Kevin Duran injury at the Garden,

0:12:13.880 --> 0:12:16.559
<v Speaker 1>Rangers didn't score until late. They lost to the Bruins,

0:12:16.640 --> 0:12:19.040
<v Speaker 1>of the best record in the NHL, three to one.

0:12:19.160 --> 0:12:21.599
<v Speaker 1>Devil's lost in overtime at Seattle for three in The

0:12:21.679 --> 0:12:25.040
<v Speaker 1>Islanders are three two overtime lost in Buffalo as the

0:12:25.120 --> 0:12:29.040
<v Speaker 1>Sabers scored twelve seconds into ot College hoops. The Rutgers

0:12:29.120 --> 0:12:32.240
<v Speaker 1>lost at Michigan State seventy to fifty seven. The x

0:12:32.360 --> 0:12:35.920
<v Speaker 1>Yankee closed our oldest. Chapman signed with Kansas City Coco

0:12:36.080 --> 0:12:38.199
<v Speaker 1>Golf into the third round, our fourth round at the

0:12:38.240 --> 0:12:42.520
<v Speaker 1>Australian Open, as Jabber, second seed on the women's side,

0:12:42.600 --> 0:12:49.240
<v Speaker 1>lost her match. John Stashward Bloomberg Sports Live from coast

0:12:49.320 --> 0:12:52.960
<v Speaker 1>to coast, from New York to San Francisco, Boston to Washington,

0:12:53.040 --> 0:12:56.840
<v Speaker 1>d C. Nationwide on Sirius x Amp, the Bloomberg Business app,

0:12:56.920 --> 0:13:01.720
<v Speaker 1>and Bloomberg dot Com. This is Bloomberg Day Break. Good morning.

0:13:01.760 --> 0:13:03.480
<v Speaker 1>I'm Nathan Hagar, and we want to take you back

0:13:03.520 --> 0:13:05.920
<v Speaker 1>to Davos now to bring you our interview with Senator

0:13:06.040 --> 0:13:08.959
<v Speaker 1>Joe Manchin, the Democrat from West Virginia. He spoke with

0:13:09.000 --> 0:13:12.840
<v Speaker 1>Bloomberg David Weston about his call for a bipartisan solution

0:13:12.960 --> 0:13:16.480
<v Speaker 1>to avert a government default that threatens to jolt global markets.

0:13:16.840 --> 0:13:19.880
<v Speaker 1>Man Should also addressed questions about his plans for re

0:13:20.040 --> 0:13:23.040
<v Speaker 1>election next year. Let's listen in to that conversation. Now,

0:13:24.000 --> 0:13:27.000
<v Speaker 1>we will pay our debts. We always have, We always will.

0:13:27.520 --> 0:13:29.319
<v Speaker 1>How mess is going to get getting from point A

0:13:29.400 --> 0:13:31.199
<v Speaker 1>to point B, we don't know yet, but I'd like

0:13:31.320 --> 0:13:35.559
<v Speaker 1>to see really truly a coalition of a bipartisan By

0:13:35.640 --> 0:13:39.520
<v Speaker 1>camera Democrats and Republicans putting a group together that says

0:13:39.559 --> 0:13:42.040
<v Speaker 1>we're gonna look at all the trust funds to find

0:13:42.080 --> 0:13:45.040
<v Speaker 1>out the deficiencies when they're going to be insolvent and

0:13:45.120 --> 0:13:47.960
<v Speaker 1>what we can do to prevent that, and then basically

0:13:48.280 --> 0:13:50.439
<v Speaker 1>have a piece of legislation that we're saying, Okay, we

0:13:50.520 --> 0:13:52.960
<v Speaker 1>will make this deal or raise the debt setting if

0:13:53.040 --> 0:13:55.839
<v Speaker 1>you allow us to have give the American public a

0:13:56.040 --> 0:13:59.680
<v Speaker 1>look at what we're dealing with and recommendations will make

0:13:59.720 --> 0:14:01.120
<v Speaker 1>and have a vote on the floor whether it goes

0:14:01.160 --> 0:14:03.520
<v Speaker 1>up or not. But at least it identifies it's serious.

0:14:03.760 --> 0:14:06.920
<v Speaker 1>And the same thing with the thirty one plus trillion

0:14:06.960 --> 0:14:09.160
<v Speaker 1>dollars of debt. So that sounds a little bit like

0:14:09.240 --> 0:14:11.720
<v Speaker 1>some commissions we've seen in the past, like base closings

0:14:11.760 --> 0:14:13.920
<v Speaker 1>and on Social Security. Where are you on that? Are

0:14:13.960 --> 0:14:16.400
<v Speaker 1>you starting to put that together? The conspect, I'm just

0:14:16.520 --> 0:14:18.800
<v Speaker 1>throwing it out to make people. My dear friend Mitt

0:14:18.880 --> 0:14:21.480
<v Speaker 1>Romney has been working on the Trust Act. I joined

0:14:21.560 --> 0:14:23.880
<v Speaker 1>him on that. I think it's it's tremendous to identify

0:14:24.320 --> 0:14:26.720
<v Speaker 1>that we've got social Security and Medicare, we got the

0:14:26.800 --> 0:14:29.240
<v Speaker 1>Highway trust. He's been very good leading that and we

0:14:29.320 --> 0:14:34.680
<v Speaker 1>talked about, remember the old uh the bowls Simpson, Let's

0:14:34.720 --> 0:14:36.280
<v Speaker 1>look at a hybrid of something that we're gonna have

0:14:36.360 --> 0:14:39.200
<v Speaker 1>to agree that we have a tremendous amount of debt

0:14:39.240 --> 0:14:42.400
<v Speaker 1>that we're writing checks our kids can't cash. So if

0:14:42.440 --> 0:14:45.760
<v Speaker 1>you want to have concerns about should we or should

0:14:45.800 --> 0:14:48.000
<v Speaker 1>we not? Absolutely we should. We should pay our debts.

0:14:48.560 --> 0:14:50.880
<v Speaker 1>Should we allow him to grow disproportionately where we have

0:14:51.000 --> 0:14:53.520
<v Speaker 1>more trouble every year? Coming to that conclusion to pay

0:14:53.560 --> 0:14:56.200
<v Speaker 1>the debts when we could have done something Kevin McCarthy

0:14:56.320 --> 0:14:58.720
<v Speaker 1>is a wonderful opportunity for him to say, listen, let's

0:14:58.760 --> 0:15:01.520
<v Speaker 1>act like adults. We've got a at whose fault, We're

0:15:01.520 --> 0:15:04.120
<v Speaker 1>all at fault. How do we fix it together and

0:15:04.200 --> 0:15:06.680
<v Speaker 1>move forward? Well, that sounds like eminently good sense to me.

0:15:06.760 --> 0:15:09.280
<v Speaker 1>Do you have time because we've heard from Jennelly already

0:15:09.320 --> 0:15:12.160
<v Speaker 1>she's taking extraordinary measures. There's a speculation about June July

0:15:12.320 --> 0:15:13.920
<v Speaker 1>we're gonna actually run out of the money. Do you

0:15:13.960 --> 0:15:17.040
<v Speaker 1>have time to get all that accomplisutions descried before. We're

0:15:17.040 --> 0:15:19.840
<v Speaker 1>not talking about bills. We're talking about, basically a framework

0:15:20.240 --> 0:15:21.840
<v Speaker 1>to bring a bill to the floor within a ninety

0:15:21.880 --> 0:15:24.520
<v Speaker 1>day period. If we agree, yes, we're gonna do target

0:15:24.600 --> 0:15:27.160
<v Speaker 1>that we're talking to the trust, make sure that we

0:15:27.480 --> 0:15:30.360
<v Speaker 1>know what we're dealing with. We're gonna target basically the

0:15:30.440 --> 0:15:32.640
<v Speaker 1>debt and increasing of the debt to how we can

0:15:32.680 --> 0:15:36.160
<v Speaker 1>basically prevent that from continue to increase as it does

0:15:36.280 --> 0:15:38.640
<v Speaker 1>and started downward trend. And there has to be some

0:15:38.720 --> 0:15:41.160
<v Speaker 1>discipline and there has to be some sacrifice. What about

0:15:41.200 --> 0:15:43.760
<v Speaker 1>strings attached to an increase in the debt? Selling along

0:15:43.800 --> 0:15:45.440
<v Speaker 1>lines you're saying, say that we don't have time to

0:15:45.480 --> 0:15:47.760
<v Speaker 1>get all the work done, get all the approvals through,

0:15:48.160 --> 0:15:50.160
<v Speaker 1>but we want a commitment that we're going to go

0:15:50.240 --> 0:15:51.880
<v Speaker 1>on the path you're describing right now. If you we're

0:15:51.920 --> 0:15:54.360
<v Speaker 1>not gonna increased, If your compary says we're gonna cut military,

0:15:54.400 --> 0:15:56.720
<v Speaker 1>we're gonna cut the social security and and all the

0:15:56.800 --> 0:15:59.400
<v Speaker 1>different safety things. You have to have your military for

0:15:59.440 --> 0:16:02.160
<v Speaker 1>the defense we have and the geopolitical unrest, you're not

0:16:02.440 --> 0:16:05.200
<v Speaker 1>going to leave senior citizens who have worked and paid

0:16:05.240 --> 0:16:07.960
<v Speaker 1>into it stranded. So quit talking and scaring them. But

0:16:08.040 --> 0:16:11.600
<v Speaker 1>Jesus out of people, find a path that works. And

0:16:11.720 --> 0:16:13.680
<v Speaker 1>you can't do it, just okay, here's we gotta do.

0:16:13.880 --> 0:16:16.040
<v Speaker 1>If you do this, then I'll vote for If you

0:16:16.080 --> 0:16:18.440
<v Speaker 1>don't do this, I'm gonna vote against it. I'm not

0:16:18.520 --> 0:16:21.640
<v Speaker 1>going to hold hostage. I want to get a reasonable

0:16:22.120 --> 0:16:25.760
<v Speaker 1>approach to find something that has long lasting and has results,

0:16:26.000 --> 0:16:28.120
<v Speaker 1>long lasting results. What about the White House? What do

0:16:28.200 --> 0:16:31.120
<v Speaker 1>the present? But we're not gonna even negotiate. I'm not

0:16:31.200 --> 0:16:33.280
<v Speaker 1>sure how that works right now. What he's saying on negotiation,

0:16:33.360 --> 0:16:34.920
<v Speaker 1>He don't he's not. I don't blame it. It. Don't

0:16:34.920 --> 0:16:37.680
<v Speaker 1>be held hostage. They shouldn't be held hostage. You can't help.

0:16:38.160 --> 0:16:40.720
<v Speaker 1>You can't hold the good faith of the greatest economy

0:16:40.800 --> 0:16:44.640
<v Speaker 1>in the world hostage by saying we're gonna destroy your

0:16:44.640 --> 0:16:46.800
<v Speaker 1>credit ratings with the rest of the world and how

0:16:46.880 --> 0:16:49.080
<v Speaker 1>they think about our country, how they investor buy our

0:16:49.120 --> 0:16:52.040
<v Speaker 1>bonds and and and things of that sort. That that's

0:16:52.040 --> 0:16:54.520
<v Speaker 1>something that can happen. It was done in two thousand eleven,

0:16:54.600 --> 0:16:57.400
<v Speaker 1>two thousand thirteen, it didn't work out well. Why would

0:16:57.440 --> 0:16:59.440
<v Speaker 1>it try to get But there's an awful lot of

0:16:59.560 --> 0:17:03.160
<v Speaker 1>leverage to do something very very constructive. It will be productive.

0:17:04.080 --> 0:17:05.600
<v Speaker 1>There are others that are only to join. I think

0:17:05.640 --> 0:17:07.960
<v Speaker 1>there is I think there's there's there's a growing amount

0:17:08.000 --> 0:17:09.879
<v Speaker 1>of people that like to say, Okay, how do we

0:17:10.000 --> 0:17:12.639
<v Speaker 1>fix this? I don't know until I get Democrats and

0:17:12.680 --> 0:17:16.200
<v Speaker 1>Republicans who are like minded put the country before the party.

0:17:16.800 --> 0:17:18.600
<v Speaker 1>But if you're just thinking, well, let me see if

0:17:18.640 --> 0:17:20.200
<v Speaker 1>we don't fix this, I can blame you for that.

0:17:20.920 --> 0:17:22.359
<v Speaker 1>And if you're a d or and are, you're blaming

0:17:22.440 --> 0:17:24.760
<v Speaker 1>one side or the other. So you're not looking for solutions.

0:17:24.960 --> 0:17:27.639
<v Speaker 1>You're looking at basically to create more chaos within the

0:17:27.640 --> 0:17:30.080
<v Speaker 1>political and that's not what we need right now. And

0:17:30.160 --> 0:17:33.639
<v Speaker 1>I'm hoping that Kevin. I'm I didn't tell Kevin McCarthy

0:17:33.760 --> 0:17:35.200
<v Speaker 1>right now. Whatever I can do to help you and

0:17:35.280 --> 0:17:38.960
<v Speaker 1>work with you, I want you to succeed election. You

0:17:39.040 --> 0:17:43.840
<v Speaker 1>can do wild one. Are you up as a Democrat?

0:17:43.880 --> 0:17:46.840
<v Speaker 1>I really haven't made that decision. I really haven't. I'm

0:17:47.359 --> 0:17:49.920
<v Speaker 1>so engaged basically in trying to bring this country together,

0:17:50.000 --> 0:17:53.280
<v Speaker 1>to unite the country to where people aren't afraid to say,

0:17:53.840 --> 0:17:55.440
<v Speaker 1>hey day, that makes sense, I'm gonna work with you

0:17:55.520 --> 0:17:57.920
<v Speaker 1>on that. It might be the opposite party. They're almost

0:17:57.960 --> 0:18:01.200
<v Speaker 1>afraid to have a conversation. I used to be it

0:18:01.320 --> 0:18:05.160
<v Speaker 1>used to be guilt by by association. Now it's guilt

0:18:05.200 --> 0:18:09.000
<v Speaker 1>by conversation. That's awful. So we've got we've got to

0:18:09.080 --> 0:18:13.800
<v Speaker 1>bring this back. This is Bloomberg Daybreak Today, your morning

0:18:13.840 --> 0:18:16.440
<v Speaker 1>brief on the stories making news from Wall Street to

0:18:16.560 --> 0:18:20.040
<v Speaker 1>Washington and beyond. Look for us on your podcast feed

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<v Speaker 1>at six am Eastern each morning, on Apple, Spotify, and

0:18:23.800 --> 0:18:26.960
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0:18:27.080 --> 0:18:29.880
<v Speaker 1>live each morning starting at five am Wall Street Time

0:18:29.960 --> 0:18:34.200
<v Speaker 1>on Bloomberg eleven three oh in New York, Bloomberg in Washington,

0:18:34.359 --> 0:18:37.520
<v Speaker 1>Bloomberg one oh six one in Boston, and Bloomberg nine

0:18:37.640 --> 0:18:41.119
<v Speaker 1>six in San Francisco. Our flagship New York station is

0:18:41.200 --> 0:18:45.520
<v Speaker 1>also available on your Amazon Alexa devices. Just say Alexa

0:18:45.680 --> 0:18:49.359
<v Speaker 1>play Bloomberg eleven. Plus listen coast to coast on the

0:18:49.400 --> 0:18:52.960
<v Speaker 1>Bloomberg Business app, serious XM Channel one nine, the I

0:18:53.160 --> 0:18:56.359
<v Speaker 1>Heart Radio app, and on Bloomberg dot com. I'm Nathan

0:18:56.400 --> 0:18:59.800
<v Speaker 1>Hager and I'm Karen Moscow. Join us again tomorrow morning.

0:19:00.000 --> 0:19:02.200
<v Speaker 1>Are all the news you need to start your day

0:19:02.520 --> 0:19:04.320
<v Speaker 1>right here on Bloomberg Daybreak