WEBVTT - Meredith Whitney Advisory Group CEO Meredith Whitney Talks Slowdown in Spending

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Joining us now Meredith Whitney here for too short a

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<v Speaker 2>conversation this morning. Meredith, I want to go with all

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<v Speaker 2>of the acclaim of what you and I did years ago.

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<v Speaker 2>The golden goose keeps delivering for finance companies. All my

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<v Speaker 2>radars up on private equity, private credit. I'm hearing the

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<v Speaker 2>same phrases you and I heard in two thousand and six.

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<v Speaker 2>Am I off the mark?

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<v Speaker 1>It reminds me more of nineteen ninety four, nineteen ninety six,

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<v Speaker 1>to the extent that you see so much specialized demand

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<v Speaker 1>for consumer loan products duration consumer loan products. So when

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<v Speaker 1>the securitization market expanded from mortgage to this is in

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<v Speaker 1>the nineties and democratization of credit, they called it into

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<v Speaker 1>auto loans to home equity. Home equity is a very

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<v Speaker 1>new product in terms of it had been around a

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<v Speaker 1>lot with household and beneficial but in terms of the expansion,

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<v Speaker 1>it went from zero to sixty really quickly. And you're seeing,

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<v Speaker 1>I mean, home equity has exploded over the.

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<v Speaker 3>Path past year.

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<v Speaker 1>And that is after seventeen year contraction. Private credit cannot

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<v Speaker 1>get enough supply to meet its demand.

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<v Speaker 2>Let's come back with Meredith threatening thrilled she's with us

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<v Speaker 2>for this good conversation this morning to get the markets open. Here,

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<v Speaker 2>huge upmoves in the markets two hours ago. It was

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<v Speaker 2>still up right now, but it's not going to be

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<v Speaker 2>the enthusiasm of seven am as well. Right now. The

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<v Speaker 2>dough up thirty eight points on first print. We'll look

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<v Speaker 2>to the NASDAK to settle out here. In the last

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<v Speaker 2>couple minutes, SI helped me here with Intel. What's the

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<v Speaker 2>symbol right now?

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<v Speaker 1>It she?

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<v Speaker 2>You know, I did I nail that? Okay, all of it.

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<v Speaker 2>I'm just nervous meritis here and you know up twenty

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<v Speaker 2>five thirty one is Meredith whitning with us this morning.

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<v Speaker 2>You have a paragraph in here which you know, I

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<v Speaker 2>think a lot of people aren't aware of seniors owned

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<v Speaker 2>nearly sick. This is classic Meredith. Seniors owned sixty percent

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<v Speaker 2>of all homes. They have seventy nine percent of on

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<v Speaker 2>their homes. Seventy six percent of those home owners have

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<v Speaker 2>no three quarters of the seniors have no mortgages. They're

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<v Speaker 2>the golden goose for consumers. How do you play it?

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<v Speaker 3>They're the golden goose for consumer lenders? Excuse me?

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<v Speaker 1>Sorry, how you play it is their so SOFI has

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<v Speaker 1>been a rocket ship. Rocket mortgage has been a rocket ship.

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<v Speaker 1>Sorry for the for the pun. But here's what's interesting.

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<v Speaker 1>Ice Mortgage Monitor came out and said that seventy percent

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<v Speaker 1>of cash out refinances were at higher rates than people

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<v Speaker 1>had on their first mortgages so they could access cash.

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<v Speaker 1>So seniors are taking out first mortgages. That seventy six

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<v Speaker 1>percent of seniors with no mortgage, I expect to go down.

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<v Speaker 1>And they're taking out there all these products that are

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<v Speaker 1>catering to seniors interest.

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<v Speaker 3>It's it's a real estate.

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<v Speaker 1>Interest only product for seniors that exists in the UK,

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<v Speaker 1>retirement interest only.

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<v Speaker 3>Excuse me, that exists only in the UK. That's coming

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<v Speaker 3>to the US.

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<v Speaker 1>All of these lenders, and I think a lot of

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<v Speaker 1>these companies are private that it will soon be going

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<v Speaker 1>public because a lot of these companies are funded by

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<v Speaker 1>private equity and their loans are funded by private credit.

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<v Speaker 4>Meredith, you talked to and investors all over the world.

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<v Speaker 4>What are they asking you most about these days?

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<v Speaker 1>I think they're asking what the next shoe to drop

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<v Speaker 1>in terms of credit is and yeah, how well, okay?

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<v Speaker 3>The two things.

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<v Speaker 1>There's an incredible interest over the government getting out of

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<v Speaker 1>Fanny Freddy, when that will happen, how what that will

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<v Speaker 1>look like, and you know what structure will happen, and

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<v Speaker 1>and then what's going on with student debt? And then

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<v Speaker 1>also what's going on with with.

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<v Speaker 3>Home equity and private credit?

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<v Speaker 1>Because one thing, I mean, you know, one of the

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<v Speaker 1>biggest thesis that we've had has been on names like

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<v Speaker 1>Rocket and so far because of this originate and cell

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<v Speaker 1>model to a certain extent, Upstart and others.

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<v Speaker 3>What else are they asking.

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<v Speaker 4>Is Fanny and Freddy talk to us about that, because

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<v Speaker 4>that could be a monster deal for a Wall Street,

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<v Speaker 4>for b the US government, see I guess homeowners.

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<v Speaker 1>It will be a monster deal for the US government.

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<v Speaker 1>So in the vein of how the US government was

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<v Speaker 1>great after this Intel deal, how the US government looked

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<v Speaker 1>great after the Mountain Pass MP materials deal, how the

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<v Speaker 1>administration will look great after Fanny Freddy, I mean, it

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<v Speaker 1>is a no brainer for Fanny Freday.

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<v Speaker 2>I got to get this in and you did a

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<v Speaker 2>PG at Lawrence phil You show up in Brown to

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<v Speaker 2>get a history degree, and then you said to me

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<v Speaker 2>you must have been like twenty four years old. Hey,

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<v Speaker 2>stupid by Visa. Who's the new Meredith Whitney Visa up

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<v Speaker 2>to twenty three per year?

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<v Speaker 3>I mean this year it's been rocket and so far.

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<v Speaker 2>Yeah, but for the next five years, ten years, who's

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<v Speaker 2>the new Visa? Just buy more Visa.

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<v Speaker 1>That's a tough one because Visa was effectively a demutualization,

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<v Speaker 1>so there are very few number crudentials. Like all those

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<v Speaker 1>insurance companies were demusualization. It's hard to have an exact fit.

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<v Speaker 1>That's a moment in time. Visa MasterCard, this is the

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<v Speaker 1>same extent. But it's hard for me to go out.

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<v Speaker 1>I look at names, like, you know, there was a

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<v Speaker 1>name that is not in my sector, Axon, which is

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<v Speaker 1>the original taser company that has been just an unbelievable name,

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<v Speaker 1>and you think about police enforcement, I think that's just

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<v Speaker 1>maybe an Axon.

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<v Speaker 2>Yeah, Meredith, with this, let me squeeze this in and

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<v Speaker 2>I want you to stay over for one more section

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<v Speaker 2>with this as well. Meredith, you're on Park Avenue, the

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<v Speaker 2>new rebuilt Park Avenue, James Diamond's Fortress Diamond Citadels above

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<v Speaker 2>a fancy restaurant at the Waldorf's reopen. What's a symbolism

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<v Speaker 2>for New York of Park Avenue as redo.

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<v Speaker 1>I think it's incredible, but those are long term projects.

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<v Speaker 1>Those are long, long live projects. The symbol to me,

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<v Speaker 1>I'm mixed. Look, I've loved New York. New York has

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<v Speaker 1>given me an incredible opportunity. It's really exciting to look

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<v Speaker 1>at at those it seems like a vestige from their PASTOK.

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<v Speaker 2>We continue with Meredith Whitney, just iconic on Wall Street

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<v Speaker 2>forever for me with OpCo, but with many others. And

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<v Speaker 2>she retired for a cup of coffee or something like that.

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<v Speaker 2>She's in Washington now we say good morning ninety nine

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<v Speaker 2>one FM Nathan Hager Radio in Washington. What is it

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<v Speaker 2>like being financial person in Washington? Is there any legit

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<v Speaker 2>financial literacy down there? Or are they just worried about

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<v Speaker 2>what the cook political reports said this morning?

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<v Speaker 1>I think they're certainly at the Treasury, they're very smart

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<v Speaker 1>people at the Commerce Department. There's some very smart people

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<v Speaker 1>at the different You know, everybody has a vested interest

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<v Speaker 1>outside of politics to be inside of politics. So it's

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<v Speaker 1>almost like everybody's on, you know, getting something out of somewhere.

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<v Speaker 1>So there's you know, their their pundits all over the place.

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<v Speaker 1>It's it's nerdy to be sure, but it's not like

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<v Speaker 1>there's only one New York and there's nothing, nothing that

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<v Speaker 1>compares to being.

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<v Speaker 2>Okay within the deregulation milieu that mister Trump is invented.

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<v Speaker 2>Do you look at it as continuing or is it

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<v Speaker 2>just simply a one off to whatever the outcome of

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<v Speaker 2>the next time.

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<v Speaker 1>Here's what I hear inside the Beltway, which is the

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<v Speaker 1>the departments that have been incredibly successful. So the Treasury

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<v Speaker 1>has gotten a tremendous amount done so far.

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<v Speaker 3>Trump is throwing.

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<v Speaker 1>More their way, so whatever they they've accomplished, they're doing more.

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<v Speaker 1>So the Genius Act was effectively written before Ump came

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<v Speaker 1>into office, so a lot of the stuff they're putting

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<v Speaker 1>out was already was already done.

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<v Speaker 3>So now they're working on new things.

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<v Speaker 1>So people are not sleeping and are trying to get

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<v Speaker 1>this agenda passed as quickly as there's a lot to

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<v Speaker 1>do in terms of deregulation. Michelle Bouman has still not

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<v Speaker 1>come out with her new guideline guideline, so that's something

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<v Speaker 1>in terms of supervision, so that's something we're waiting on

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<v Speaker 1>and that's going to be a big deal for the banks.

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<v Speaker 4>That's where I wanted to go one of the when

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<v Speaker 4>President Trump was elected the second time. You know, one

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<v Speaker 4>of the calls on Wall Street was by the banks

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<v Speaker 4>because this administration is really going to be pulled back

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<v Speaker 4>as much as they can some of the regulatory yoke

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<v Speaker 4>from a great financial crisis. So my question to you

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<v Speaker 4>is is that happening? Do you think it's going to happen?

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<v Speaker 4>Is that a real thing?

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<v Speaker 1>Well, I can just tell you P and C that

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<v Speaker 1>made an acquisition a couple of weeks ago, said that

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<v Speaker 1>they don't dem TEK spoke last week, I believe, and

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<v Speaker 1>said that he doesn't expect any big bank mergers to happen,

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<v Speaker 1>but they will have capital relief and buying the banks.

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<v Speaker 1>It has all been a financial engineering play. So they

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<v Speaker 1>bought backstock, they've increased their dividend. It's not really sexy stuff.

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<v Speaker 1>What is happening that is very sexy is the IPO

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<v Speaker 1>pipeline is wide open and I don't think that's going

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<v Speaker 1>to change. So I don't know how long it takes

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<v Speaker 1>for Bowman to come out with new supervisory guidelines set.

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<v Speaker 1>She's already told the market what she's planning on doing.

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<v Speaker 1>You know, the three quarters of the banks or two

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<v Speaker 1>thirds of the banks had unsatisfactory ratings on the banks

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<v Speaker 1>so they couldn't do anything. So lifting those and those

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<v Speaker 1>a lot of those writings were subjective management governments governments.

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<v Speaker 1>Lifting those will should put a lot in terms of

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<v Speaker 1>consolidation in the banks. The outside of the bank systems.

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<v Speaker 1>The system like the traditional banks have done better. So

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<v Speaker 1>my pure play model lines have done better than the banks,

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<v Speaker 1>even City that's up a bunch this year. But the

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<v Speaker 1>underwriting pip pipeline should be underrestivated the.

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<v Speaker 2>Heart of the matter. Good morning, Jillian Ted, writing at

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<v Speaker 2>the ft is zillion years ago, gave me the phrase

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<v Speaker 2>cdo squared. I'm hearing the same language now. I got

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<v Speaker 2>so angry at something the other day. I started doing

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<v Speaker 2>a trunch analysis on air, which is like major folks pot.

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<v Speaker 2>It's like sort of complicated. But are we reliving five

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<v Speaker 2>oh six where we're we're living securitized jargon that's going

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<v Speaker 2>to lead us to upset down the road.

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<v Speaker 3>I don't see it. I don't I don't see it.

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<v Speaker 1>Certainly not in the mortgage and the mortgage space has

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<v Speaker 1>been dead for two years, so there's no market debt

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<v Speaker 1>market big art.

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<v Speaker 2>Sorry, come on, asset back AI is.

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<v Speaker 1>Coming right right right, I don't see it because also

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<v Speaker 1>I don't expect the housard market to improve anytime time soon.

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<v Speaker 1>So outside of whatever they're going to do with government,

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<v Speaker 1>I mean, I don't think you're going to have a

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<v Speaker 1>yeah ten years.

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<v Speaker 2>Lisa, can we blow up the interview?

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<v Speaker 3>Okay?

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<v Speaker 2>Here, I saw a bar chart yesterday. I'm upset. Two

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<v Speaker 2>thirds of the nation is flat under back. Then there's

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<v Speaker 2>like New York and Milwaukee's doing well. And right at

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<v Speaker 2>the bottom of the chart, you too, is Summit New Jersey.

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<v Speaker 2>I mean, Summit Jersey is killing it. Right now. You're

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<v Speaker 2>telling me housing prices in Summit, New Jersey are at risk.

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<v Speaker 3>Oh, I don't know that.

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<v Speaker 1>I'm saying deal activity is the lowest it's been in

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<v Speaker 1>over twenty five years. Housing prices are staying high because

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<v Speaker 1>there's so little activity and the high end that can

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<v Speaker 1>get it qualified for mortgages or pay cash.

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<v Speaker 3>That's where the transactions.

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<v Speaker 4>Summit never goes down.

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<v Speaker 2>Bro for the beach.

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<v Speaker 4>The beach and spring Lake never goes down.

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<v Speaker 2>Forget it.

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<v Speaker 4>I picked two of the most expensive places in the

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<v Speaker 4>world to live, right.

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<v Speaker 1>But it's yeah, it's worth that the big box on

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<v Speaker 1>Wall Street, Right, Yeah, it used to be Big Bucks.

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<v Speaker 4>So you mentioned City, one of the many banks I

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<v Speaker 4>used to work at. Arguably the greatest trade of my

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<v Speaker 4>life is the day I left City. I sold everything

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<v Speaker 4>literally before I got out the door, which was a

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<v Speaker 4>great trade. Stocks of forty five percent this year. Has

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<v Speaker 4>Jane Fraser found the secret sauce to finally turn SUP around?

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<v Speaker 2>Do you think?

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<v Speaker 1>Okay, let's take that into contact. So what banks have

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<v Speaker 1>done incredibly well, The European banks have done unbelievably well.

0:11:59.240 --> 0:12:01.560
<v Speaker 1>A lot of that is because of the infrastructure and

0:12:01.600 --> 0:12:04.920
<v Speaker 1>investment plans, and there's going to be a huge revival

0:12:04.920 --> 0:12:06.960
<v Speaker 1>in those stocks. But they were all trading below book,

0:12:07.200 --> 0:12:09.360
<v Speaker 1>and they were all trading a blow tangible book, and

0:12:09.360 --> 0:12:12.400
<v Speaker 1>so it's a reversion to the mean, and things weren't

0:12:12.440 --> 0:12:14.760
<v Speaker 1>getting worse, and so the reason why the stock is

0:12:14.800 --> 0:12:16.439
<v Speaker 1>up is because it was the cheapest.

0:12:16.040 --> 0:12:16.679
<v Speaker 3>Going into the year.

0:12:17.600 --> 0:12:21.640
<v Speaker 1>I'm not taking anything away from the execution, but there's

0:12:21.720 --> 0:12:22.439
<v Speaker 1>a lot to do.

0:12:22.640 --> 0:12:23.720
<v Speaker 3>And is it still.

0:12:23.520 --> 0:12:25.960
<v Speaker 4>Too big of a bank, too sprawling of the bank.

0:12:26.000 --> 0:12:29.079
<v Speaker 4>They kind of do everything for everybody everywhere. That's kind

0:12:29.080 --> 0:12:31.640
<v Speaker 4>of been in one of the critiques, and I think

0:12:31.760 --> 0:12:34.800
<v Speaker 4>Jane Fraser is trying to get some focus there, but it.

0:12:34.840 --> 0:12:37.000
<v Speaker 3>Just takes a long time to move a ship.

0:12:37.120 --> 0:12:39.280
<v Speaker 1>But the fact of what she had in her, you know,

0:12:39.559 --> 0:12:42.960
<v Speaker 1>she looks like she looks very good because of the

0:12:43.000 --> 0:12:46.280
<v Speaker 1>stock performance is a novalidate whether it's deserved or not.

0:12:46.800 --> 0:12:49.240
<v Speaker 1>Her performance it was just cheap going into the year.

0:12:49.320 --> 0:12:51.480
<v Speaker 2>You're at the Hey Adams Hotel. You have lunch four

0:12:51.480 --> 0:12:54.760
<v Speaker 2>times a week. The Secretary of treasure walks in. You're

0:12:54.800 --> 0:12:57.719
<v Speaker 2>sitting with mister Bessett. What's your number one advice to him?

0:12:57.760 --> 0:12:58.160
<v Speaker 2>Right now?

0:12:59.200 --> 0:13:04.920
<v Speaker 1>Ooh, I think I think deal with Fanny Fridday. It's

0:13:05.160 --> 0:13:10.079
<v Speaker 1>you know, the fisticuffs fight between Poulty and Bassett. I

0:13:10.160 --> 0:13:12.439
<v Speaker 1>think is all over Fanny Freddy. So I think that's

0:13:12.440 --> 0:13:13.439
<v Speaker 1>what the market's waiting for.

0:13:13.559 --> 0:13:16.440
<v Speaker 2>I can't give you my opinion. I can't give you

0:13:16.520 --> 0:13:20.200
<v Speaker 2>my opinion right now. Let's go there then. I mean,

0:13:20.640 --> 0:13:23.319
<v Speaker 2>this is really sensitive stuff and we don't do rumor

0:13:23.360 --> 0:13:28.800
<v Speaker 2>and speculation. Your whole career has been fact based as well.

0:13:29.280 --> 0:13:33.240
<v Speaker 2>He's going to prosecute what the privatization of these two

0:13:33.240 --> 0:13:36.920
<v Speaker 2>great mortgage companies and push aside the pretenders. Is that

0:13:36.960 --> 0:13:40.000
<v Speaker 2>what you're saying push aside the pretenders.

0:13:40.360 --> 0:13:42.559
<v Speaker 1>I don't know that anyone gets pushed in political types.

0:13:42.720 --> 0:13:47.640
<v Speaker 1>Oh oh, oh oh, I see what you mean. It's look,

0:13:47.679 --> 0:13:50.760
<v Speaker 1>it's a knife fight down John and DC. And so

0:13:50.960 --> 0:13:53.000
<v Speaker 1>it's like, you know, I don't believe like it's a

0:13:53.080 --> 0:13:57.720
<v Speaker 1>zero S game in politics. So whoever comes out ahead,

0:13:57.760 --> 0:14:00.240
<v Speaker 1>it's I think it's yes.

0:14:00.480 --> 0:14:02.120
<v Speaker 4>With the Federal Reserve, we had the you know, their

0:14:02.160 --> 0:14:04.720
<v Speaker 4>decision cutting twenty five basis points. How do you think

0:14:04.720 --> 0:14:07.559
<v Speaker 4>that the Federal Reserve is kind of how do you

0:14:07.600 --> 0:14:09.960
<v Speaker 4>think they're performing these days? Are they behind the curve

0:14:10.040 --> 0:14:12.200
<v Speaker 4>do you think? Or are they kind of dealing with

0:14:12.240 --> 0:14:13.400
<v Speaker 4>the data as those come up.

0:14:13.440 --> 0:14:16.000
<v Speaker 1>Well, they're not saying the S word, right, which is stagflation,

0:14:16.200 --> 0:14:20.000
<v Speaker 1>which it seems we're you know, very very close to

0:14:20.440 --> 0:14:24.280
<v Speaker 1>from a from a growth standpoint. It's I hope I'm wrong,

0:14:24.320 --> 0:14:26.920
<v Speaker 1>but it's hard to see from an inflation standpoint. You

0:14:26.920 --> 0:14:28.720
<v Speaker 1>don't see it in the hard numbers, but you see

0:14:28.720 --> 0:14:31.480
<v Speaker 1>it in anecdotal And I think what you do see

0:14:31.760 --> 0:14:34.360
<v Speaker 1>is homeowners insurance. I think insurance costs are going to

0:14:34.400 --> 0:14:36.600
<v Speaker 1>go up. So they're two. They're a couple of factors.

0:14:37.400 --> 0:14:40.800
<v Speaker 1>Number one, you know, auto insurance and homeowners insurance AUTO,

0:14:40.840 --> 0:14:43.000
<v Speaker 1>and so our homeowners insurance has gone up close to

0:14:43.040 --> 0:14:45.080
<v Speaker 1>seventy percent in the last five years, and that's been

0:14:45.120 --> 0:14:47.920
<v Speaker 1>a real sticking point in terms of affordability for seniors,

0:14:47.960 --> 0:14:50.440
<v Speaker 1>and that's why they're tapping into home equity. Auto insurance

0:14:50.440 --> 0:14:54.240
<v Speaker 1>has also gone up tremendously, tell me so, yeah, So

0:14:54.400 --> 0:14:57.840
<v Speaker 1>I think you're seeing sticky points. There's all this also

0:14:57.920 --> 0:15:01.200
<v Speaker 1>things that happen in terms of the American Rescue Act,

0:15:01.280 --> 0:15:06.640
<v Speaker 1>which subsidized healthcare premiums for everyone who's self insured. Fifty

0:15:06.720 --> 0:15:11.160
<v Speaker 1>plus percent of Americans who are self insured. The ends

0:15:11.160 --> 0:15:13.400
<v Speaker 1>at the end of the year, so healthcare premiums will

0:15:13.440 --> 0:15:15.920
<v Speaker 1>spike at the end of the year. So I think

0:15:15.960 --> 0:15:17.920
<v Speaker 1>the Fed's got to be really, really careful. I mean,

0:15:17.960 --> 0:15:22.280
<v Speaker 1>they probably did cut yesterday to save face and risk management,

0:15:22.320 --> 0:15:24.240
<v Speaker 1>because they'd get in trouble if they didn't.

0:15:24.640 --> 0:15:25.800
<v Speaker 3>They'd be blamed if they didn't.

0:15:25.920 --> 0:15:30.320
<v Speaker 4>But TVD, Meredith and your coverage. What's most interesting to

0:15:30.400 --> 0:15:34.360
<v Speaker 4>you these days? Is it the new fintech just broadly defined,

0:15:34.480 --> 0:15:36.640
<v Speaker 4>or is something else specifically you're looking at.

0:15:37.400 --> 0:15:39.080
<v Speaker 1>There are a lot of things that I think are interesting.

0:15:39.800 --> 0:15:44.400
<v Speaker 1>I think that I always think that the consumer's incredibly interesting.

0:15:45.000 --> 0:15:47.640
<v Speaker 1>The consumer had been bifurcated. I think the consumer gets

0:15:47.680 --> 0:15:52.360
<v Speaker 1>even more segmented in terms of the strength I think

0:15:52.520 --> 0:15:56.160
<v Speaker 1>student debt. So the Department of Education is now going

0:15:56.200 --> 0:15:59.120
<v Speaker 1>to start garnish as August is going to start garnishing

0:15:59.160 --> 0:16:03.920
<v Speaker 1>wages to fifteen percent of salaries. That's going to put

0:16:03.920 --> 0:16:07.960
<v Speaker 1>a sting serious delinquencies or over almost eleven percent, and

0:16:08.000 --> 0:16:10.920
<v Speaker 1>that's rising quickly. So I think you're going to see

0:16:12.800 --> 0:16:14.880
<v Speaker 1>I've always the most interested in the consumers of the data,

0:16:14.960 --> 0:16:17.000
<v Speaker 1>so granular, I think you're going to see different strains

0:16:17.000 --> 0:16:19.520
<v Speaker 1>on the consumer. The very high end will continue just

0:16:19.760 --> 0:16:21.960
<v Speaker 1>you're you know, you're some in New Jersey, where I

0:16:22.000 --> 0:16:24.920
<v Speaker 1>was born, is going to still spend robustly and carry

0:16:24.960 --> 0:16:25.520
<v Speaker 1>the economy.

0:16:25.960 --> 0:16:28.680
<v Speaker 2>So Meredith, we're going to have to leave it there.

0:16:28.880 --> 0:16:33.320
<v Speaker 2>We've got news in England as well. Thank you so much, generous,

0:16:33.520 --> 0:16:33.800
<v Speaker 2>so much.

0:16:33.800 --> 0:16:34.480
<v Speaker 3>I'm such a man.

0:16:34.640 --> 0:16:37.440
<v Speaker 2>If we come down to Washington, we got a first guest.

0:16:37.560 --> 0:16:40.720
<v Speaker 2>I mean, you know, Secretary Treasurer here, Meredith Whitney, who

0:16:40.720 --> 0:16:42.200
<v Speaker 2>do you take first? I mean, it's all there was

0:16:42.200 --> 0:16:45.200
<v Speaker 2>to it. Meredith Whitney, thank you so much for being

0:16:45.240 --> 0:16:49.000
<v Speaker 2>with some important perspective here on the ebbs and flows

0:16:49.440 --> 0:16:50.640
<v Speaker 2>of our finance