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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Single best idea off

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Speaker 1: of an interview with Emery Horden, Jonathan Ferrell, and Lisa

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Speaker 1: Bramwitz of a Secretary of Treasury. Huge response to that interview,

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Speaker 1: given the huge tum out, whatever your politics out there,

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Speaker 1: We're just trying to give you nuance on the conversations

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Speaker 1: around all these different decisions coming out of the new

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Speaker 1: the second Trump administration. And it was good to hear

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Speaker 1: from Scott Besson today. We were so honored after that

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Speaker 1: to have with us Jason Furman at Harvard University and

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Speaker 1: Wendy Scheller at Brown University, just back to back on

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Speaker 1: just sort of the moment at hand. In GDP analysis,

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Speaker 1: consumption is seventy percent of the American pie. Investment is

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Speaker 1: like a lean percent. But Jason Furman went on really

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Speaker 1: to describe why that is so important here from Harvard

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Speaker 1: Jason Furman on America's business investment.

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Speaker 2: Consumer spending is the majority of GDP, but investment is

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Speaker 2: the majority of fluctuations in GDP because it's much more

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Speaker 2: volatile and right now investors business investment is grappling with

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Speaker 2: continued high interest rates which are likely to stay that way.

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Speaker 2: With an appreciated dollar, which is likely to stay that way,

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Speaker 2: with uncertainty about global trade, which is likely to stay

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Speaker 2: that way. On the other side of the ledger, there

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Speaker 2: may be some reductions in investment in regulations that will

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Speaker 2: matter more in targeted sectors like energy than it does

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Speaker 2: generically across the board. So a lot of cross currents

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Speaker 2: right now, but from policy they're a little bit more

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Speaker 2: minus than plus on that part of GDP that is

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Speaker 2: most critical to business cycle fluctuations.

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Speaker 1: Jason Furman, teaching X ten at Harvard. Wendy Schiller was

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Speaker 1: on today. She's on so often. She's been a huge

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Speaker 1: support for the program, and I would suggest that a

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Speaker 1: lot of our audience looks at her as a liberal voice.

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Speaker 1: She's on because she's definitive on American civics. Just to

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Speaker 1: give you one idea, one of her great textbooks, in

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Speaker 1: its fifth edition, seven hundred and twenty pages, about the

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Speaker 1: sprawl of American history in civics. Today, she said, the

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Speaker 1: single smartest thing I've seen about the Transatlantic effort, and

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Speaker 1: I'm going to paraphrase this to set it up where

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Speaker 1: Europe as a parliamentary structure, America does not, but actually

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Speaker 1: our new president second term, Donald Trump wants to bring

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Speaker 1: back elements of that parliamentary European structure. Here, Wendy Schiller,

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Speaker 1: here's the.

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Speaker 3: Thing to remember about this Trump Republican unity and the

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Speaker 3: swiftness of all these changes. Europe has parliamentary democracies. The

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Speaker 3: prime minister when they ring control on the party that

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Speaker 3: he controls mostly, he not always controls all party policy,

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Speaker 3: all government policy. They change everything when they win the

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Speaker 3: government and they see if it works, and people say

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Speaker 3: they like it or they don't, and then they get

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Speaker 3: thrown out. We are now verging into that kind of

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Speaker 3: single party dominance in our federal level. We're not used

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Speaker 3: to it. So to say that Europe has to get

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Speaker 3: us act together, we're veering towards a political system that

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Speaker 3: looks just like Europe in the way the policy changes

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Speaker 3: so swiftly. So it's going to be us that has

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Speaker 3: to adapt, us that has to get our act together

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Speaker 3: to the kind of government that we're about. You know

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Speaker 3: that we're seeing right now.

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Speaker 1: That is a single most cogent thing I've heard in

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Speaker 1: the blur of news that we're all dealing with. Thanks

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Speaker 1: again to an Mary Horden for that interview. With the

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Speaker 1: Secretary of the Treasury. On your commute across America, look

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Speaker 1: for us on our wonderful radio distribution Good Morning Bloomberg

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Speaker 1: eleventh three zero in New York Special Good Morning ninety

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Speaker 1: two nine FM, ninety two nine FM in Greater New England.

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Speaker 1: There's a small hockey game tonight in Boston. We're on

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Speaker 1: YouTube and of course YouTube podcasts. Single, best idea