WEBVTT - Single Best Idea with Tom Keene: Richard Clarida & Suzy Welch

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

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<v Speaker 2>Single Best Idea and a special edition. We'll get to

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<v Speaker 2>my essay of the Year in a moment. What a

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<v Speaker 2>joy A whole wide set of guests today, thanks to

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<v Speaker 2>Keith Cowing of NASA Watch for giving us great perspective

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<v Speaker 2>on Elon Musk in his space effort and what mister

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<v Speaker 2>Bezos is doing with Blue Origin. Everybody got safe back

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<v Speaker 2>to Earth after going up sixty two. As they call

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<v Speaker 2>it Shepherd, but it's sort of like Alan Shephard and

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<v Speaker 2>Mercury One where we're here, we're going up and we're

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<v Speaker 2>coming right back down. I think it's sort of cool

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<v Speaker 2>that they call it the Shepherd Mission. Our mission today

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<v Speaker 2>was good conversation Man Deep singh on Ai. Will have

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<v Speaker 2>him more and more tomorrow to look ahead at gold

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<v Speaker 2>at four thousand, maybe forty one hundred by the time

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<v Speaker 2>James Steele comes in the studio tomorrow from HSBC. Really

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<v Speaker 2>looking forward to that. Richard Clarina with a former vice

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<v Speaker 2>chairman of the Federal Reserve System with PIMCO and always

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<v Speaker 2>with Columbia. Richard Clarita and the turmoil, the Tumult of Japan.

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<v Speaker 3>Japan went through about a two decade period where they

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<v Speaker 3>had deflation. It wasn't a spiral, but prices were negative.

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<v Speaker 3>I think to me, Tom, one of the interesting things

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<v Speaker 3>about Japan is although the boj was trying to reflate

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<v Speaker 3>the economy, the politicians in the public actually didn't get

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<v Speaker 3>a vote. They actually liked deflation. You know, you've got

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<v Speaker 3>your savings in yen under the mattress. You know deflation

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<v Speaker 3>is good for you. So I think a challenge right

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<v Speaker 3>now in Japan is they finally, after twenty five years,

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<v Speaker 3>achieved the positive two or three percent inflation, but it's

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<v Speaker 3>creating substantial political tension.

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<v Speaker 2>Richard Clarina of PIMCO there and of course all of

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<v Speaker 2>us work at Columbia University, Bloomberg News off our Tokyo

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<v Speaker 2>desk today with a spectacular bar chart showing the agony

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<v Speaker 2>of an inflation to the Japanese. Their real wage, their

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<v Speaker 2>inflation adjusted wage is there's only one word for it.

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<v Speaker 2>It's grim. A special day my essay of the year,

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<v Speaker 2>and it is Professor Susie Welch of New York University.

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<v Speaker 2>Susie Welch, with some legitimate data study of this generational

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<v Speaker 2>divide between the goals aspirations of a older generation from

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<v Speaker 2>gen Z. It was an essay in the Wall Street Journal.

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<v Speaker 2>It's created a firestorm of comment. She was just brilliant.

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<v Speaker 2>Today here is Professor Welch.

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<v Speaker 1>They can't do what they would need to do, which

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<v Speaker 1>is promise a long term employment. I mean people feel

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<v Speaker 1>loyal when they feel like, Okay, I'm investing my time

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<v Speaker 1>in a company and I'm going to be here in

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<v Speaker 1>two or three years and my boss is going to be.

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<v Speaker 2>Here disclosure Bloomberg LP every day. It's a privilege. I mean,

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<v Speaker 2>that's where we come from, right, the three of us.

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<v Speaker 1>Right, Well, you've got probably a sense that, look, this

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<v Speaker 1>company is healthy and it's thriving, and we're all going

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<v Speaker 1>to be here, and I'm willing to get myself to

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<v Speaker 1>this organization and to work the extra hours because we're

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<v Speaker 1>all going to be here together. But for most people

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<v Speaker 1>going into organizations, there's this constant sense of fragility and

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<v Speaker 1>we may not be here. I could be gone tomorrow.

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<v Speaker 1>Why would you invest in yourself in that? And so

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<v Speaker 1>that contract is pretty much over now. There are places,

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<v Speaker 1>I think JP Morgan Goldman Zachs you can go and

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<v Speaker 1>think I could try to build my whole career here.

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<v Speaker 1>But there's not a lot of companies I've done anymore.

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<v Speaker 2>Susie Welch a riveting conversation. We hope to get that

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<v Speaker 2>out in its entirety for you on a podcast. We'll

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<v Speaker 2>see if we can pull that off. Today, I will

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<v Speaker 2>get the essay out on Twitter and LinkedIn and again

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<v Speaker 2>she's created with all of this is real academics. This

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<v Speaker 2>is not opinion, folks. This is like looking at complex

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<v Speaker 2>adult academic data about the emotions of gen Z versus

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<v Speaker 2>the emotions of the people on the hiring front at corporations.

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<v Speaker 2>We're in a podcast or out at Apple, your Spotify

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<v Speaker 2>YouTube podcasts, A single best idea

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<v Speaker 1>S