WEBVTT - Single Best Idea with Tom Keene: Nick Akerman & Neil Dutta

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

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<v Speaker 2>Single best idea and really want to speak about subscribing

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<v Speaker 2>to Bloomberg podcasts. Search Bloomberg Podcasts on YouTube to search

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<v Speaker 2>Bloomberg Surveillance, but all of our other product over the

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<v Speaker 2>weekend out of Apple Podcasts, extraordinary political coverage today. We'll

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<v Speaker 2>get to that in a moment, but I just really

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<v Speaker 2>can't emphasize enough the eclecticism away from what I'm doing

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<v Speaker 2>every day here at Bloomberg News and across all of

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<v Speaker 2>our audio and video product. It's just been an exhausting

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<v Speaker 2>and extraordinary twenty four hours. Last night, seven pm ish,

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<v Speaker 2>I did a quick call with the various people that

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<v Speaker 2>tell me what to do, and I said, there's only

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<v Speaker 2>one name I really want to talk to, and he's

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<v Speaker 2>a prosecut and lo and behold, Eric hit the ball

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<v Speaker 2>out of the park and we were able to line

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<v Speaker 2>up someone it's tough to get and for those of

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<v Speaker 2>you of a certain age, you will remember the name

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<v Speaker 2>Leon Jeworski. Nick Ackerman was an assistant to Leon Jeworski

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<v Speaker 2>at Watergate. He comes out of U mass Amherston, Harvard.

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<v Speaker 2>He's absolutely definitive, literally the stereotype of the grizzled prosecutor,

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<v Speaker 2>and he's hugely popular within the media because there's no flamboyancy.

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<v Speaker 2>There's none of this modern theatric stuff. It's literally what

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<v Speaker 2>Perry Mason tried to be fifty sixty years ago. It's

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<v Speaker 2>just straightforward discussion. I was thunderstruck at Nick Ackerman's comments

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<v Speaker 2>this morning.

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<v Speaker 3>Let's listen based on at least the fact that Michael

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<v Speaker 3>Cohen served three years for these violations, and that Alan Weiselberg,

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<v Speaker 3>the CFO of Trump Org, who is instrumental in setting

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<v Speaker 3>up the phony corporate records on this and the payments

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<v Speaker 3>that went out to reimburse Michael Cohen. He's already served

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<v Speaker 3>three months in Rikers Island for unrelated matters and now

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<v Speaker 3>he's serving three months another three months in Rikers Island

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<v Speaker 3>for Lyne. And I think the judge is going to

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<v Speaker 3>have to consider that here are two people that were

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<v Speaker 3>instrumental in this crime that did serve jail time, and

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<v Speaker 3>I find it hard to believe that he is not

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<v Speaker 3>going to feel compelled to give Donald Trump at least

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<v Speaker 3>some jail time.

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<v Speaker 2>Is it something creative and different or is it Are

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<v Speaker 2>you telling me the former president of the United States

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<v Speaker 2>could enjoy a month at Rikers Island.

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<v Speaker 3>Yeah, absolutely. I mean I think what they'd have to

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<v Speaker 3>do was create a presidential suite at Rikers Island because

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<v Speaker 3>the Secret Service has to be there with him. Obviously,

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<v Speaker 3>I think there is a very strong likelihood that he

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<v Speaker 3>is going to be sentenced to imprison them. Will he

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<v Speaker 3>be protected from other prisoners. I'll just be as direct

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<v Speaker 3>about it as I can. Absolutely, I don't see how

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<v Speaker 3>anyway he can be put into the general population.

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<v Speaker 2>Nick Ackerman, and I can say, in multiple decades of

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<v Speaker 2>doing this, that is one of the most extraordinary seven

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<v Speaker 2>minute conversations I've ever ever heard. Thanks to Joe Matthew

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<v Speaker 2>and Balance of Power for helping us deliver mister Ackerman

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<v Speaker 2>to you. I'm Bloomberg surveillance. So there was economic data

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<v Speaker 2>today as well, key inflation data, at least for the FED.

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<v Speaker 2>Jason Furman was along from Harvard University's Slice and Dy said,

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<v Speaker 2>I love Professor Furman's ecumenical inflation analysis, taking twenty four

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<v Speaker 2>data points from I believe it's eight series, I can't remember,

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<v Speaker 2>and he's got a fancy grid out there. You pass

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<v Speaker 2>fail for X ten and you know where I am

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<v Speaker 2>on that matrix. But Jason Furman, with an ecumenical CPI

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<v Speaker 2>market economists in the trenches have to react to this

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<v Speaker 2>very quickly. Here is Neil Dutta of Renaissance Macro on

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<v Speaker 2>the economic data this morning.

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<v Speaker 4>When economics you have often different ways of measuring the

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<v Speaker 4>same kind of concept. You have cp GDI, you have

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<v Speaker 4>PC and CPI, and the PCE number it just covers them.

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<v Speaker 4>It has a much wider scope, right. That's why unlike

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<v Speaker 4>CPI forty percent is not shelter, right, I mean, because

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<v Speaker 4>they have it has a much wider scope. But also

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<v Speaker 4>it looks at things covering payments made on behalf of

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<v Speaker 4>an individual. I mean CPI only looks it out of

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<v Speaker 4>pocket expenses. So I think one way of thinking about

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<v Speaker 4>it is CPI kind of reflects what people think they

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<v Speaker 4>spend their money on, and the PC data reflects what

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<v Speaker 4>people accreate their money on. And I think that's one

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<v Speaker 4>of the reasons why that looking at pcee.

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<v Speaker 2>Neil Dudda there on the inflation report, the summary of it,

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<v Speaker 2>I mean, in the blur of all we did this morning,

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<v Speaker 2>I've got to admit I'm pretty much off target on it.

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<v Speaker 2>Other than to say there was a negative statistic for

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<v Speaker 2>inflation adjusted spending. That does get my attention. Some of

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<v Speaker 2>the voices we spoke to said, well, that's just one

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<v Speaker 2>data point and we'll have to see. But some very

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<v Speaker 2>good charts out today. I think it was Neil Dudda

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<v Speaker 2>Renmack that put up a chart showing the continued disinflation

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<v Speaker 2>of certain inflation sectors out there. Of course, all of

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<v Speaker 2>it wrapped around real estate as well. The single best

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<v Speaker 2>idea is just a set of conversations, and those conversations

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<v Speaker 2>happen in a blur. I can't begin to describe the

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<v Speaker 2>blur when there's breaking news and important news about trying

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<v Speaker 2>to get you the best voices that are out there.

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<v Speaker 2>I thought we were successful today to stay away from

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<v Speaker 2>punditry and to talk about the future the nation, the

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<v Speaker 2>future of our executive branch, and of course what we'll

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<v Speaker 2>see as we take this one hour exactly before scheduled

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<v Speaker 2>comments from the former President of the United States. We're

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<v Speaker 2>out an android on Apple car Play, look for that

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<v Speaker 2>on YouTube. Search for Bloomberg Podcasts and you can subscribe

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<v Speaker 2>to Bloomberg Podcasts. And that's important given just the wall

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<v Speaker 2>of news we're being hit with here in the end

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<v Speaker 2>of May, and on Apple podcasts of course, each day

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<v Speaker 2>we can, we give you single best idea