Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: Single Best Idea and a special edition. We'll get to
Speaker 2: my essay of the Year in a moment. What a
Speaker 2: joy A whole wide set of guests today, thanks to
Speaker 2: Keith Cowing of NASA Watch for giving us great perspective
Speaker 2: on Elon Musk in his space effort and what mister
Speaker 2: Bezos is doing with Blue Origin. Everybody got safe back
Speaker 2: to Earth after going up sixty two. As they call
Speaker 2: it Shepherd, but it's sort of like Alan Shephard and
Speaker 2: Mercury One where we're here, we're going up and we're
Speaker 2: coming right back down. I think it's sort of cool
Speaker 2: that they call it the Shepherd Mission. Our mission today
Speaker 2: was good conversation Man Deep singh on Ai. Will have
Speaker 2: him more and more tomorrow to look ahead at gold
Speaker 2: at four thousand, maybe forty one hundred by the time
Speaker 2: James Steele comes in the studio tomorrow from HSBC. Really
Speaker 2: looking forward to that. Richard Clarina with a former vice
Speaker 2: chairman of the Federal Reserve System with PIMCO and always
Speaker 2: with Columbia. Richard Clarita and the turmoil, the Tumult of Japan.
Speaker 3: Japan went through about a two decade period where they
Speaker 3: had deflation. It wasn't a spiral, but prices were negative.
Speaker 3: I think to me, Tom, one of the interesting things
Speaker 3: about Japan is although the boj was trying to reflate
Speaker 3: the economy, the politicians in the public actually didn't get
Speaker 3: a vote. They actually liked deflation. You know, you've got
Speaker 3: your savings in yen under the mattress. You know deflation
Speaker 3: is good for you. So I think a challenge right
Speaker 3: now in Japan is they finally, after twenty five years,
Speaker 3: achieved the positive two or three percent inflation, but it's
Speaker 3: creating substantial political tension.
Speaker 2: Richard Clarina of PIMCO there and of course all of
Speaker 2: us work at Columbia University, Bloomberg News off our Tokyo
Speaker 2: desk today with a spectacular bar chart showing the agony
Speaker 2: of an inflation to the Japanese. Their real wage, their
Speaker 2: inflation adjusted wage is there's only one word for it.
Speaker 2: It's grim. A special day my essay of the year,
Speaker 2: and it is Professor Susie Welch of New York University.
Speaker 2: Susie Welch, with some legitimate data study of this generational
Speaker 2: divide between the goals aspirations of a older generation from
Speaker 2: gen Z. It was an essay in the Wall Street Journal.
Speaker 2: It's created a firestorm of comment. She was just brilliant.
Speaker 2: Today here is Professor Welch.
Speaker 1: They can't do what they would need to do, which
Speaker 1: is promise a long term employment. I mean people feel
Speaker 1: loyal when they feel like, Okay, I'm investing my time
Speaker 1: in a company and I'm going to be here in
Speaker 1: two or three years and my boss is going to be.
Speaker 2: Here disclosure Bloomberg LP every day. It's a privilege. I mean,
Speaker 2: that's where we come from, right, the three of us.
Speaker 1: Right, Well, you've got probably a sense that, look, this
Speaker 1: company is healthy and it's thriving, and we're all going
Speaker 1: to be here, and I'm willing to get myself to
Speaker 1: this organization and to work the extra hours because we're
Speaker 1: all going to be here together. But for most people
Speaker 1: going into organizations, there's this constant sense of fragility and
Speaker 1: we may not be here. I could be gone tomorrow.
Speaker 1: Why would you invest in yourself in that? And so
Speaker 1: that contract is pretty much over now. There are places,
Speaker 1: I think JP Morgan Goldman Zachs you can go and
Speaker 1: think I could try to build my whole career here.
Speaker 1: But there's not a lot of companies I've done anymore.
Speaker 2: Susie Welch a riveting conversation. We hope to get that
Speaker 2: out in its entirety for you on a podcast. We'll
Speaker 2: see if we can pull that off. Today, I will
Speaker 2: get the essay out on Twitter and LinkedIn and again
Speaker 2: she's created with all of this is real academics. This
Speaker 2: is not opinion, folks. This is like looking at complex
Speaker 2: adult academic data about the emotions of gen Z versus
Speaker 2: the emotions of the people on the hiring front at corporations.
Speaker 2: We're in a podcast or out at Apple, your Spotify
Speaker 2: YouTube podcasts, A single best idea
Speaker 1: S