WEBVTT - Single Best Idea with Tom Keene: Richard Haass & Cam Harvey

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

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<v Speaker 2>Super Best Idea, I guess the words getting out. It's

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<v Speaker 2>amazing and we're humbled by the number of our guests

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<v Speaker 2>who come into our studios here at our world headquarters

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<v Speaker 2>at Lexington Avenue and fifty ninth Street. It's not easy, folks.

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<v Speaker 2>I mean, if you go out to Park Avenue at

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<v Speaker 2>any given time of day, there's not one there's two

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<v Speaker 2>tractor trailers sprawled across fifty ninth Street making the dash

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<v Speaker 2>from New Jersey over to Long Island. I mean, it

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<v Speaker 2>can really get ugly at traffic. And we really appreciate

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<v Speaker 2>when they come in today from the Philippines. Andrew gon

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<v Speaker 2>came in with the Philippine Sovereign Wealth Fund. That was

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<v Speaker 2>really special, particularly with the new American commitment to the Philippines.

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<v Speaker 2>Monamahaj and a little bit closer coming in from Saint

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<v Speaker 2>Louis and Edward D. Jones. It was great to Mona

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<v Speaker 2>in the studios and there he was in the seven

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<v Speaker 2>o'clock hour. Ambassador has showed up. Richard hass changed the

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<v Speaker 2>venerable console on foreign relations. He made them go digital

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<v Speaker 2>when no one was thinking about digital. The Internet effort

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<v Speaker 2>of the Console on Foreign Relations and Foreign Affairs and magazine.

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<v Speaker 2>All of that comes from Richard Hass and his expertise. Today,

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<v Speaker 2>Ambassador has on the myth of Iran and nuclear weapons.

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<v Speaker 3>They don't know what they're talking about. A lot of

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<v Speaker 3>the nuclear program is deeply underground and fortified locations. Assuming

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<v Speaker 3>we know where it all is, you can't take out

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<v Speaker 3>the intellectual dimensions of it. So I think what you

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<v Speaker 3>would say is if Israel used military force, it could

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<v Speaker 3>buy some time. It could set back the Iranian program

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<v Speaker 3>months or even years. But what would happen is it

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<v Speaker 3>would be reconstituted underground, probably places and locations far more

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<v Speaker 3>difficult to take out.

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<v Speaker 2>The great theme of Richard Hass and as many books

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<v Speaker 2>and the new one, The Bill of Obligations, is really,

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<v Speaker 2>really quite good about the dearth of civics, the decline

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<v Speaker 2>of civics in America, is that our foreign policy starts

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<v Speaker 2>with domestic strength. In this election season, Richard Haas on

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<v Speaker 2>our domestic challenges.

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<v Speaker 3>Well, partially, we need a new policy on us. We've

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<v Speaker 3>got to stay strong and more united domestically so we

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<v Speaker 3>can compete with China. We've got to keep our alliance

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<v Speaker 3>a strong above all with Japan, and we've got to

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<v Speaker 3>have more of a physical presence in that part of that.

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<v Speaker 3>We'll never get China to give up its dreams on Taiwan.

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<v Speaker 3>What we want to do is persuade jijiinpaying that to

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<v Speaker 3>act on those dreams would be Foolhardy.

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<v Speaker 2>Richard Haas for an extended conversation this morning, we got

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<v Speaker 2>a huge response from someone on fire. He is a

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<v Speaker 2>quiet guy. He's got a cello in his office. I mean,

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<v Speaker 2>what's that about. Cam Harvey is esteem professor, professor at

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<v Speaker 2>Fuqua at Duke, and he is fired up about a

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<v Speaker 2>FED that is way way behind. Cam Harvey and the

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<v Speaker 2>fiction of our shelter costs.

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<v Speaker 1>If you just do the simple calculation of that four

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<v Speaker 1>point nine percent and then multiply it by point thirty six,

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<v Speaker 1>that delivers one point seven seven percent. So one point

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<v Speaker 1>seven seven percent of the print today is purely due

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<v Speaker 1>to that distorted a shelter number. So if you substitute

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<v Speaker 1>anything in that's closer to reality, the inflation print is

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<v Speaker 1>not two point four percent. It is one percent or

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<v Speaker 1>potentially less than one percent. So we are we are

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<v Speaker 1>below the fed's target. Yet they're debating well, should we

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<v Speaker 1>due twenty five basis points come on this. Supposedly the

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<v Speaker 1>FED is data driven. Well, the math that we just

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<v Speaker 1>did was not a very challenging exercise.

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<v Speaker 2>Oh live Chad on YouTube lit up like a candle.

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<v Speaker 2>Thank you for the many responses. People love. Cam Harvey

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<v Speaker 2>of Duke University can't say enough about that today. Is

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<v Speaker 2>math is correct? Liz Anne Saunders out with a great

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<v Speaker 2>chart on Twitter at Charles Schwab and there were sheltered

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<v Speaker 2>way up high part of year over year, a month

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<v Speaker 2>over month. You know what was the peak was motor

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<v Speaker 2>vehicle insurance. We could do a whole show on that.

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<v Speaker 2>I think right now, I guess it's I don't drive folks,

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<v Speaker 2>you know, they drive me around, which is I'm very

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<v Speaker 2>privileged to have that, But I her motor vehicle insurance

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<v Speaker 2>is really really something we're on YouTube, And what a

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<v Speaker 2>joy today to speak to the gentleman from Manila, Andrew Gunn,

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<v Speaker 2>and to know the Pacific rim audience we're building on YouTube.

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<v Speaker 2>We're just I'm frankly shocked by it. I just the

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<v Speaker 2>reach of YouTube. I really don't understand. Subscribe to Bloomberg

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<v Speaker 2>Podcasts out on YouTube. Speaking of YouTube, podcasts and Apple podcasts.

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<v Speaker 2>This is single best I get