1 00:00:00,080 --> 00:00:07,400 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 2 00:00:11,960 --> 00:00:15,560 Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along 3 00:00:15,600 --> 00:00:18,960 Speaker 2: with Paul Sweeney. Join us each day for insight from 4 00:00:18,960 --> 00:00:23,119 Speaker 2: the best in economics, finance, investment, and international relations. You 5 00:00:23,160 --> 00:00:26,520 Speaker 2: can also watch the show live on YouTube. Visit the 6 00:00:26,520 --> 00:00:31,280 Speaker 2: Bloomberg Podcast channel on YouTube to see the show weekday 7 00:00:31,280 --> 00:00:34,320 Speaker 2: mornings from seven to ten am Eastern from our global 8 00:00:34,360 --> 00:00:39,000 Speaker 2: headquarters in New York City. Subscribe to the podcast on Apple, Spotify, 9 00:00:39,360 --> 00:00:42,920 Speaker 2: or anywhere else you listen and always I'm Bloomberg Radio, 10 00:00:43,080 --> 00:00:46,320 Speaker 2: the Bloomberg Terminal, and the Bloomberg Business App. 11 00:00:46,680 --> 00:00:48,040 Speaker 3: An economics finance investor. 12 00:00:48,080 --> 00:00:50,120 Speaker 2: We're going to start striving as Sophia dress with this 13 00:00:50,280 --> 00:00:53,880 Speaker 2: year in Moments features up three to a fag's up 14 00:00:53,920 --> 00:00:54,400 Speaker 2: twenty three. 15 00:00:54,440 --> 00:00:57,040 Speaker 3: Currencies boring, Sofia is going to be boring. 16 00:00:57,440 --> 00:01:01,280 Speaker 2: From the Interactive Brokers Studios, It's gonna be good. Lisa 17 00:01:01,320 --> 00:01:04,400 Speaker 2: Mattel here with our Bloomberg Business Flow, nas never boring. 18 00:01:04,440 --> 00:01:05,000 Speaker 4: Good morning. 19 00:01:05,080 --> 00:01:08,160 Speaker 1: Futures mixed. Right now we have NAZAC futures. They're leading 20 00:01:08,160 --> 00:01:11,280 Speaker 1: the losses down about eleven points down, futures up twenty 21 00:01:11,319 --> 00:01:15,840 Speaker 1: two points. SMP futures up about three points. This the focus. 22 00:01:15,480 --> 00:01:17,680 Speaker 4: Shifts from US politics a heavy week. 23 00:01:17,520 --> 00:01:21,640 Speaker 1: For company earnings. Tesla Alphabet report after the close. Analysts 24 00:01:21,640 --> 00:01:26,000 Speaker 1: looking for details on Tesla's robotaxi service, also whether AI offerings, 25 00:01:26,040 --> 00:01:29,360 Speaker 1: whether that's gonna boost Alphabet's Google Cloud revenue. We shall 26 00:01:29,400 --> 00:01:32,080 Speaker 1: see before Tesla and Alphabet, though there's a ton of 27 00:01:32,080 --> 00:01:35,280 Speaker 1: other reportings earning got too. We'll get to ups down 28 00:01:35,319 --> 00:01:38,800 Speaker 1: more than seven percent right now. The company miss profit estimates. 29 00:01:38,800 --> 00:01:41,800 Speaker 1: That was due to higher labor costs weaker package demand. 30 00:01:42,120 --> 00:01:45,840 Speaker 1: General Motors their profits served sixty percent from a year ago, 31 00:01:46,120 --> 00:01:48,760 Speaker 1: easily beating expectations. That was thanks for strong demand for 32 00:01:48,800 --> 00:01:52,480 Speaker 1: those gas powered trucks shares up about four percent and 33 00:01:52,600 --> 00:01:55,200 Speaker 1: General Electric up three percent. Reported to jump in second 34 00:01:55,280 --> 00:01:59,680 Speaker 1: quarter profit raise guidance for the year. GE Aerospace really 35 00:01:59,680 --> 00:02:01,840 Speaker 1: took a vantage of that strong demand during the summer 36 00:02:01,880 --> 00:02:02,640 Speaker 1: travel season. 37 00:02:02,840 --> 00:02:03,720 Speaker 4: And stay tuned here. 38 00:02:03,760 --> 00:02:06,600 Speaker 1: In about a half hour, we'll have g GE CEO 39 00:02:06,720 --> 00:02:08,280 Speaker 1: Larry Culp on live. 40 00:02:08,360 --> 00:02:10,520 Speaker 4: That is your Bloomberg Business Flash, Tom and Paul. 41 00:02:10,639 --> 00:02:12,639 Speaker 3: This is thanks so much. This is a joy three 42 00:02:12,680 --> 00:02:14,000 Speaker 3: hour conversation. Right now. 43 00:02:14,120 --> 00:02:18,120 Speaker 2: Sophia at dros's ato point seven to a truly iconic 44 00:02:18,160 --> 00:02:21,360 Speaker 2: and foreign exchange at Morgan Stanley years ago, thrilled that 45 00:02:21,400 --> 00:02:25,960 Speaker 2: she could join us this morning. The correlations within the 46 00:02:26,040 --> 00:02:28,919 Speaker 2: market right now, how tight are they? 47 00:02:29,040 --> 00:02:30,520 Speaker 3: Is it a normal Joant? 48 00:02:31,480 --> 00:02:33,800 Speaker 5: Is it well? First of all, good morning and thanks 49 00:02:33,800 --> 00:02:36,720 Speaker 5: for having me. Is it a normal July? I don't 50 00:02:36,720 --> 00:02:40,639 Speaker 5: think summers are ever normal. Summers are usually characterized by 51 00:02:41,320 --> 00:02:45,600 Speaker 5: less liquidity, less newsflow, but this is a different summer, right. 52 00:02:45,600 --> 00:02:48,639 Speaker 5: We have a lot of headlines to react to, and 53 00:02:48,919 --> 00:02:52,440 Speaker 5: you know, market positioning has been relatively concentrated and sensitive 54 00:02:52,480 --> 00:02:54,679 Speaker 5: to these headlines, so when you see one ass a 55 00:02:54,720 --> 00:02:59,919 Speaker 5: class move, you can see correlations across others as well. 56 00:03:00,800 --> 00:03:03,600 Speaker 6: Inflation, where are we in terms of fighting inflation? Where's 57 00:03:03,600 --> 00:03:06,600 Speaker 6: the FED in terms of fighting inflation? Do you think so? 58 00:03:06,639 --> 00:03:09,000 Speaker 5: I think the Fed's probably breathing a sigh of relief. 59 00:03:09,160 --> 00:03:12,320 Speaker 5: This turned out really well, considering we were flirting with 60 00:03:12,440 --> 00:03:16,040 Speaker 5: double digit inflation not too long ago. I think the 61 00:03:16,080 --> 00:03:19,680 Speaker 5: FED is definitely taking comfort from the fact that the 62 00:03:19,840 --> 00:03:24,080 Speaker 5: disinflation has reasserted itself. So after a bumpy path the 63 00:03:24,080 --> 00:03:27,800 Speaker 5: first few months of the year, inflation's back on the downtrend. 64 00:03:27,919 --> 00:03:29,080 Speaker 5: Fed's feeling pretty good. 65 00:03:29,400 --> 00:03:32,160 Speaker 3: Seventy seven handle on oil. That's why I don't know. 66 00:03:32,240 --> 00:03:35,840 Speaker 6: Yeah, that's big. So again, is that suggests a September 67 00:03:35,920 --> 00:03:38,920 Speaker 6: rate cut is in the cards for me? 68 00:03:38,960 --> 00:03:42,120 Speaker 5: It does. I think that the case is definitely building there, 69 00:03:42,480 --> 00:03:44,680 Speaker 5: and I think what's important for investors to keep in 70 00:03:44,720 --> 00:03:49,120 Speaker 5: mind is that inflation's coming off, and this is sufficient 71 00:03:49,280 --> 00:03:51,920 Speaker 5: for the FED to start dialing back the amount of 72 00:03:52,360 --> 00:03:56,240 Speaker 5: policy restraint it has delivered to the economy. It's not 73 00:03:56,720 --> 00:04:01,760 Speaker 5: cutting because the economy's weakening. It's calibrating the amount of 74 00:04:01,840 --> 00:04:04,760 Speaker 5: restraint needed because the supply side's doing some of the 75 00:04:04,760 --> 00:04:05,440 Speaker 5: work for the FED. 76 00:04:05,600 --> 00:04:08,680 Speaker 2: The powerhouse that mister Cohen's put together at point seven 77 00:04:08,720 --> 00:04:13,880 Speaker 2: to two with Dean Mackie Stanford Economics, Sofia Dros's Michigan Economics, 78 00:04:13,920 --> 00:04:17,880 Speaker 2: it's like it's world class. And the overlay of those 79 00:04:17,880 --> 00:04:22,200 Speaker 2: two schools is don't forget fiscal Are we forgetting our 80 00:04:22,279 --> 00:04:23,880 Speaker 2: debt and deficit right now? 81 00:04:24,600 --> 00:04:27,880 Speaker 5: I don't think we're forgetting our debt and deficit. I 82 00:04:27,960 --> 00:04:32,839 Speaker 5: just think that there's probably less clarity at this particular juncture. 83 00:04:33,080 --> 00:04:36,680 Speaker 5: It's certainly something that people are discussing. And when we 84 00:04:36,720 --> 00:04:40,240 Speaker 5: get these budget forecasts at the fiscal deficit is going 85 00:04:40,279 --> 00:04:41,960 Speaker 5: to be seven percent of GDP. 86 00:04:42,200 --> 00:04:44,400 Speaker 3: Should our listeners and viewers be worried about that? 87 00:04:44,680 --> 00:04:47,760 Speaker 5: Yeah, it is a pretty eye popping number. I don't 88 00:04:47,800 --> 00:04:50,440 Speaker 5: think though it has fully shown up into price action, 89 00:04:50,920 --> 00:04:53,719 Speaker 5: and in particular I see that in the dollar, which 90 00:04:53,800 --> 00:04:57,159 Speaker 5: remains very elevated despite some of these fiscal risks that 91 00:04:57,200 --> 00:04:57,920 Speaker 5: are percolating. 92 00:04:58,279 --> 00:05:00,040 Speaker 6: So a lot of folks will say that the the 93 00:05:00,040 --> 00:05:02,560 Speaker 6: FEDS already behind the curve, that they should be cutting 94 00:05:02,640 --> 00:05:05,680 Speaker 6: rates already. Are you concerned that the Fed is in 95 00:05:05,760 --> 00:05:08,360 Speaker 6: fact behind the curve and that that is an increasing 96 00:05:08,360 --> 00:05:11,560 Speaker 6: in a recession type risk maybe in twenty five. 97 00:05:12,080 --> 00:05:14,839 Speaker 5: So I don't have the same urgency that some of 98 00:05:14,839 --> 00:05:18,800 Speaker 5: these other commentators might because this is a very different cycle. 99 00:05:19,440 --> 00:05:21,560 Speaker 5: I would argue you could say the Feds behind the 100 00:05:21,600 --> 00:05:24,880 Speaker 5: curve if we're seeing the economy start to weaken materially, 101 00:05:25,200 --> 00:05:27,440 Speaker 5: and that's not where we are at at all. And 102 00:05:27,480 --> 00:05:29,640 Speaker 5: I think this week what we'll see is that GDP 103 00:05:29,920 --> 00:05:33,880 Speaker 5: will accelerate a bit from the pace that we saw 104 00:05:33,960 --> 00:05:36,960 Speaker 5: in the first quarter. Consumer remains strong, and all the 105 00:05:36,960 --> 00:05:40,680 Speaker 5: recent data points again show some pickup in momentum, which 106 00:05:40,720 --> 00:05:43,080 Speaker 5: I think is going to last into the balance. 107 00:05:42,680 --> 00:05:43,080 Speaker 2: Of the year. 108 00:05:43,440 --> 00:05:45,640 Speaker 6: How about the labor market. I mean a four point 109 00:05:45,640 --> 00:05:49,200 Speaker 6: one percent unemployment rate that gots some people's attention, but 110 00:05:49,200 --> 00:05:53,120 Speaker 6: that's still we're relatively fully employed. Here is the labor 111 00:05:53,160 --> 00:05:55,240 Speaker 6: market as strong as it appears on the surface. 112 00:05:55,880 --> 00:05:58,040 Speaker 5: So I think what's different about the labor market this 113 00:05:58,120 --> 00:06:01,359 Speaker 5: time is that the unemployment rate has risen because labor 114 00:06:01,400 --> 00:06:04,440 Speaker 5: supply has risen. We usually are not in this case. 115 00:06:04,520 --> 00:06:07,680 Speaker 5: Usually the unemployment rates rising because people are getting laid off, 116 00:06:07,720 --> 00:06:10,800 Speaker 5: people are getting fired. That's not what's happening here. I 117 00:06:10,800 --> 00:06:13,960 Speaker 5: think the labor market remains strong. We saw a lot 118 00:06:13,960 --> 00:06:17,839 Speaker 5: of fluctuations in the labor market post the pandemic. So 119 00:06:17,920 --> 00:06:20,240 Speaker 5: obviously we had the pandemic, everything shut down, there was 120 00:06:20,240 --> 00:06:23,359 Speaker 5: no demand for labor. But as we started to have 121 00:06:23,400 --> 00:06:26,200 Speaker 5: the economy reopened, there was a pent up demand for labor. 122 00:06:26,480 --> 00:06:28,520 Speaker 5: And I think we were sorting through that pent up 123 00:06:28,560 --> 00:06:31,719 Speaker 5: demand up until very recently. But now it seems to 124 00:06:31,760 --> 00:06:34,279 Speaker 5: me things are normalizing to a good level. 125 00:06:34,480 --> 00:06:35,919 Speaker 3: Ed youar. Denny was in yesterday. 126 00:06:36,000 --> 00:06:39,599 Speaker 2: That's called Yale economics, and he's made very clear with 127 00:06:39,680 --> 00:06:42,720 Speaker 2: his correct bullish call so far that this is his 128 00:06:43,040 --> 00:06:47,240 Speaker 2: roaring twenties is the tone at point seventy two that 129 00:06:47,320 --> 00:06:49,200 Speaker 2: this is a roaring twenties. 130 00:06:49,680 --> 00:06:52,520 Speaker 5: I don't know about roaring twenties exactly, but I'll tell 131 00:06:52,520 --> 00:06:54,599 Speaker 5: you a little bit about my forecast. I'm looking for 132 00:06:54,680 --> 00:06:57,560 Speaker 5: nominal GDP five five and a half percent this year, 133 00:06:57,800 --> 00:07:01,480 Speaker 5: and that's pretty strong, and that of entails that corporate 134 00:07:01,520 --> 00:07:05,279 Speaker 5: profits will remain strong and that risky assets are going 135 00:07:05,360 --> 00:07:06,440 Speaker 5: to be underpinned. 136 00:07:07,400 --> 00:07:10,480 Speaker 6: So, I mean, what is kind of driving this economy 137 00:07:10,480 --> 00:07:12,080 Speaker 6: for you? Is is it the consumer? 138 00:07:12,240 --> 00:07:12,440 Speaker 7: Is it? 139 00:07:12,680 --> 00:07:14,280 Speaker 6: I mean, we know the consumer is seventy percent of 140 00:07:14,280 --> 00:07:17,560 Speaker 6: this economy, but is it manufacturing? Where are you seeing 141 00:07:17,560 --> 00:07:20,480 Speaker 6: that growth? Because that is again, as you mentioned, pretty 142 00:07:20,480 --> 00:07:21,000 Speaker 6: solid growth. 143 00:07:21,120 --> 00:07:24,880 Speaker 5: Yeah, of course, so we are seeing the consumer remain strong. 144 00:07:25,120 --> 00:07:28,000 Speaker 5: And I think maybe that there are some misconceptions about 145 00:07:28,600 --> 00:07:31,800 Speaker 5: the relative strength of the consumer, maybe some concerns about 146 00:07:32,600 --> 00:07:36,119 Speaker 5: the fact that goods prices are slowing, and so maybe 147 00:07:36,120 --> 00:07:39,360 Speaker 5: that's restraining some of the things we're seeing in retail sales. 148 00:07:39,400 --> 00:07:42,640 Speaker 5: But increasingly the consumers also spending on services, and so 149 00:07:42,680 --> 00:07:47,280 Speaker 5: when I look at consumption overall, it remains at a 150 00:07:47,320 --> 00:07:50,320 Speaker 5: trend pace, which again makes it hard to see a recession. 151 00:07:50,440 --> 00:07:52,840 Speaker 2: Diane Swank would never speak to me again if I 152 00:07:52,880 --> 00:07:56,480 Speaker 2: didn't bring this up, which is an arbor go blue 153 00:07:57,080 --> 00:08:01,239 Speaker 2: and the thing that Ned Gramlet and this is Paul Losing, 154 00:08:01,360 --> 00:08:04,040 Speaker 2: Rudy dorn Bush at MIT and Ned grambletch so early 155 00:08:04,040 --> 00:08:05,520 Speaker 2: at Michigan was just horrific. 156 00:08:06,080 --> 00:08:08,240 Speaker 3: But it's rare that a professor. 157 00:08:07,960 --> 00:08:12,040 Speaker 2: Invents an institution, which is what need Gramlich did. And 158 00:08:12,080 --> 00:08:15,920 Speaker 2: to me, it's the I think in Matt Shapiro where 159 00:08:16,080 --> 00:08:20,840 Speaker 2: Michigan reinvented how we think about inflation. With all the 160 00:08:20,880 --> 00:08:24,440 Speaker 2: Michigan heritage that you have, what's the most important thing 161 00:08:24,480 --> 00:08:28,800 Speaker 2: our listeners and viewers need to understand about studying inflation? 162 00:08:29,480 --> 00:08:33,560 Speaker 5: Oh, you mentioned some of my great professors, Matt Shapiro 163 00:08:33,840 --> 00:08:38,719 Speaker 5: and Ned Gramlck with regard to inflation, I think one 164 00:08:38,720 --> 00:08:40,680 Speaker 5: of the things that we need to keep in mind 165 00:08:41,200 --> 00:08:44,360 Speaker 5: is inflation expectations, and of course we need to keep 166 00:08:44,400 --> 00:08:47,480 Speaker 5: in mind what's going on with the output gap as 167 00:08:47,520 --> 00:08:51,439 Speaker 5: well in the broader economy in terms of capacity constraints. 168 00:08:51,760 --> 00:08:55,520 Speaker 5: And again in this environment, we're seeing that inflation expectations 169 00:08:55,600 --> 00:09:00,240 Speaker 5: are relatively tame, relatively muted, and they are in line 170 00:09:00,280 --> 00:09:04,040 Speaker 5: I think, with keeping inflation expectations anchored and helping the 171 00:09:04,080 --> 00:09:06,800 Speaker 5: FED to do its job, giving it the confidence that 172 00:09:06,920 --> 00:09:09,440 Speaker 5: you can dial back on the restraint. 173 00:09:09,800 --> 00:09:12,000 Speaker 3: This has been great. Did you notice to Sure Mets 174 00:09:12,040 --> 00:09:15,640 Speaker 3: Orange in today for thy Radio were garbed in the 175 00:09:15,800 --> 00:09:18,160 Speaker 3: team color? Whatna? What are they gonna do with Alonso? 176 00:09:18,200 --> 00:09:19,360 Speaker 3: Are they gonna trade him? 177 00:09:20,040 --> 00:09:25,640 Speaker 5: So that's not my sense of or competency. I forecast 178 00:09:25,720 --> 00:09:28,400 Speaker 5: other things. But it's exciting coming off a win. So 179 00:09:28,480 --> 00:09:31,240 Speaker 5: that's my my celebratory Orange coming off a win, got 180 00:09:31,280 --> 00:09:33,599 Speaker 5: the Subway series coming up, a lot, a lot to 181 00:09:33,600 --> 00:09:35,200 Speaker 5: be excited about it. 182 00:09:35,200 --> 00:09:37,199 Speaker 3: It's great. Can you see her and Dean mackiw the 183 00:09:37,240 --> 00:09:42,920 Speaker 3: Mets yankeeskin? Sure? Absolutely, I mean Sophia, thank you so much. 184 00:09:43,720 --> 00:09:57,800 Speaker 2: With this point, the gentleman that defines the culture and 185 00:09:57,840 --> 00:10:01,320 Speaker 2: the character of the different parts of the gold market 186 00:10:01,480 --> 00:10:05,319 Speaker 2: is James Steele of HSBC. He's got some big fancy title, 187 00:10:05,360 --> 00:10:10,160 Speaker 2: but he's uh, just worldwide exquisite and the things of gold. 188 00:10:10,200 --> 00:10:13,680 Speaker 2: We don't understand. What's the biggest thing, James Steele, I 189 00:10:13,720 --> 00:10:16,720 Speaker 2: get wrong when I think about gold. Straighten me out. 190 00:10:16,960 --> 00:10:18,480 Speaker 2: What do I need to know about gold? 191 00:10:18,800 --> 00:10:21,760 Speaker 8: Well, Tom, You're you're a very erudite on the subject, 192 00:10:22,200 --> 00:10:24,840 Speaker 8: I must say, But there's always a difference. There's always 193 00:10:24,840 --> 00:10:28,440 Speaker 8: a cleavage between the underlying physical market that millions of 194 00:10:28,440 --> 00:10:33,079 Speaker 8: people participate in every day and the and the investment side, 195 00:10:33,480 --> 00:10:37,480 Speaker 8: which tends to be dominated to buy a relatively small 196 00:10:37,559 --> 00:10:41,600 Speaker 8: number of people. New York, Hong Kong, London. I would 197 00:10:41,600 --> 00:10:46,480 Speaker 8: say that it's understanding and marrying the two and seeing 198 00:10:46,520 --> 00:10:50,320 Speaker 8: the the time difference between how one affects the other. 199 00:10:50,480 --> 00:10:54,880 Speaker 2: Over overtime, does a jewelry market affect the next Kruger 200 00:10:54,960 --> 00:10:56,479 Speaker 2: ran that Lisa Matteo. 201 00:10:56,200 --> 00:11:01,360 Speaker 8: Buys, well, Uh, Lisa deserves all the gold she can get. 202 00:11:01,440 --> 00:11:07,120 Speaker 8: That's that's all I can say. But over time, about 203 00:11:07,160 --> 00:11:11,120 Speaker 8: fifty percent of physical demand is in jewelry. But it's 204 00:11:11,160 --> 00:11:13,600 Speaker 8: slow moving. And what I mean by that is the 205 00:11:13,640 --> 00:11:17,800 Speaker 8: effect on price is slow moving. It takes time for 206 00:11:17,920 --> 00:11:21,680 Speaker 8: high prices to move into the market to get a 207 00:11:21,720 --> 00:11:26,400 Speaker 8: price response. Also, high prices will bring on more recycling. 208 00:11:26,800 --> 00:11:30,200 Speaker 8: Gold is never consumed, It stored some other place and 209 00:11:30,240 --> 00:11:36,679 Speaker 8: some other string. But I think what has happened recently 210 00:11:37,280 --> 00:11:40,800 Speaker 8: and I'm glad I'm on today because India is the 211 00:11:40,800 --> 00:11:44,400 Speaker 8: second largest consumer of gold in the world, very often 212 00:11:44,440 --> 00:11:49,720 Speaker 8: the largest importer, and the Indian budget has reduced the 213 00:11:49,960 --> 00:11:53,560 Speaker 8: tax on gold coming in from fifteen percent to six percent. 214 00:11:54,240 --> 00:11:57,800 Speaker 8: And so that's that's and for silver, and so that's 215 00:11:57,840 --> 00:12:00,160 Speaker 8: quite significant I think we're going to see and the 216 00:12:00,200 --> 00:12:01,559 Speaker 8: market has already risen on that. 217 00:12:02,360 --> 00:12:04,960 Speaker 6: So as far as I know, gold is a commodity. 218 00:12:05,000 --> 00:12:07,640 Speaker 6: That's how comes up on the Bloomberg terminal. So that 219 00:12:07,760 --> 00:12:12,240 Speaker 6: means supply demand. Talk us about supply and demand for 220 00:12:12,320 --> 00:12:13,280 Speaker 6: gold these days. 221 00:12:13,880 --> 00:12:18,200 Speaker 8: Yes, gold, gold is quite unique in that it's arguably 222 00:12:18,200 --> 00:12:20,520 Speaker 8: a commodity and a currency at the same time. But 223 00:12:20,520 --> 00:12:22,640 Speaker 8: but you're certainly correct in saying that it's a it's 224 00:12:22,640 --> 00:12:27,319 Speaker 8: a commodity and and but it has currency like aspects 225 00:12:27,320 --> 00:12:29,480 Speaker 8: and value to and it was currency for a very 226 00:12:29,480 --> 00:12:33,560 Speaker 8: long time. Gold is produced and almost in most countries 227 00:12:33,600 --> 00:12:36,840 Speaker 8: in the world. Mind, supply has been going up in 228 00:12:36,880 --> 00:12:41,320 Speaker 8: response to prices. But it's it's not really a question 229 00:12:41,440 --> 00:12:44,840 Speaker 8: of of money. It's really a question of geology. So 230 00:12:44,880 --> 00:12:48,800 Speaker 8: it's it's God not mammat right, there's only so much gold, 231 00:12:48,840 --> 00:12:51,640 Speaker 8: and what we're what we're seeing now and and and 232 00:12:51,640 --> 00:12:55,200 Speaker 8: and what is troubling on the supply side longer term 233 00:12:55,800 --> 00:12:59,360 Speaker 8: is that the or grades are dropping because of course 234 00:12:59,679 --> 00:13:03,400 Speaker 8: there grades the amount of gold you get per amount 235 00:13:03,400 --> 00:13:06,640 Speaker 8: of rock that's coming out of the ground is dropping 236 00:13:06,800 --> 00:13:10,040 Speaker 8: because we've we've exploited all of the We've been looking 237 00:13:10,120 --> 00:13:12,640 Speaker 8: for it considerably longer than oil. 238 00:13:12,679 --> 00:13:15,480 Speaker 3: Oh, it's not this is important. Are we running out 239 00:13:15,559 --> 00:13:17,079 Speaker 3: of gold in the ground. 240 00:13:18,480 --> 00:13:23,319 Speaker 8: No, but it's becoming harder to get It's in increasingly 241 00:13:23,400 --> 00:13:27,120 Speaker 8: inhospitable and difficult places, and we have to bring up 242 00:13:27,200 --> 00:13:29,920 Speaker 8: much more rock compared to. 243 00:13:29,320 --> 00:13:30,000 Speaker 3: To get the gold. 244 00:13:30,160 --> 00:13:32,880 Speaker 2: To get the gold, tell me about the price of gold. 245 00:13:32,920 --> 00:13:34,960 Speaker 2: And we're in a new territory. It's not like the 246 00:13:35,040 --> 00:13:38,480 Speaker 2: nineteen eighties or whatever. In the whole goldhisteria, does James 247 00:13:38,480 --> 00:13:44,520 Speaker 2: Steele have a semi log extrapolation of a trend lining 248 00:13:44,600 --> 00:13:49,280 Speaker 2: gold or is it just completely removed from normal financial 249 00:13:49,360 --> 00:13:50,480 Speaker 2: math chart math? 250 00:13:51,160 --> 00:13:52,200 Speaker 3: Well, I think you know. 251 00:13:52,440 --> 00:13:54,719 Speaker 8: I'm really glad you mentioned nineteen eighty because I was 252 00:13:54,800 --> 00:13:58,760 Speaker 8: thinking about it coming in this morning. Gold hit eight 253 00:13:58,840 --> 00:14:02,280 Speaker 8: hundred and fifty dollars in January of nineteen eighty, which 254 00:14:02,280 --> 00:14:05,560 Speaker 8: I remember, and I wasn't in the business, but I 255 00:14:05,559 --> 00:14:10,120 Speaker 8: do remember it. And in today's money that's about thirty 256 00:14:10,160 --> 00:14:11,400 Speaker 8: two hundred dollars an ounce. 257 00:14:11,640 --> 00:14:12,280 Speaker 3: Wow, brilliant. 258 00:14:13,400 --> 00:14:17,640 Speaker 8: So there is historical precedent for the market to go higher. However, 259 00:14:18,120 --> 00:14:23,160 Speaker 8: having said that, gold dropped very sharply for the next 260 00:14:23,200 --> 00:14:28,040 Speaker 8: ten years as real rates vulgar came in et cetera, 261 00:14:28,080 --> 00:14:31,880 Speaker 8: et cetera. And also, like now, the physical market was 262 00:14:31,920 --> 00:14:37,040 Speaker 8: getting squeezed because of high prices, and so certainly the 263 00:14:37,800 --> 00:14:41,480 Speaker 8: trend line would show higher, and we think a little 264 00:14:41,520 --> 00:14:44,720 Speaker 8: more higher, a little bit higher rather, but there are 265 00:14:44,840 --> 00:14:49,360 Speaker 8: limits to how high the price can go, especially say 266 00:14:49,440 --> 00:14:53,400 Speaker 8: after the US elections, where we'll know who the president is. 267 00:14:54,240 --> 00:14:58,000 Speaker 8: Geopolitical risk is very high, and that may calm down. 268 00:14:58,040 --> 00:15:00,040 Speaker 2: Well, do you have a twelve month price target and 269 00:15:00,160 --> 00:15:05,920 Speaker 2: is it based off a disinflationary inflationary dynamic? Is it 270 00:15:05,960 --> 00:15:08,760 Speaker 2: a traditional vulgar worry about inflation? 271 00:15:10,200 --> 00:15:14,360 Speaker 8: Well, yes, I mean real rates have been One of 272 00:15:14,360 --> 00:15:16,680 Speaker 8: the interesting things about the market is that since the 273 00:15:16,800 --> 00:15:20,560 Speaker 8: end of twenty twenty two, there's been a disconnect between 274 00:15:20,600 --> 00:15:24,160 Speaker 8: real rates and the gold price. The gold has continued 275 00:15:24,160 --> 00:15:26,960 Speaker 8: to go up and so did real rates. Now we 276 00:15:27,000 --> 00:15:31,880 Speaker 8: think over time that relationship, which is rock solid for decades, 277 00:15:33,040 --> 00:15:35,560 Speaker 8: will re emerage and we'll see a little bit of 278 00:15:35,560 --> 00:15:39,240 Speaker 8: weight on the gold market next year. This year we're 279 00:15:39,240 --> 00:15:42,800 Speaker 8: looking for a Hive around twenty six hundred, but weakness 280 00:15:42,840 --> 00:15:44,480 Speaker 8: as we get towards the end of the year. 281 00:15:44,960 --> 00:15:47,520 Speaker 2: Friend emails in and this comes off the are No 282 00:15:48,120 --> 00:15:50,800 Speaker 2: Bloomberg Business Week, huge magazine. 283 00:15:50,840 --> 00:15:52,320 Speaker 3: We had last week the. 284 00:15:52,320 --> 00:15:57,680 Speaker 2: Serpente viper bracelet at Bulgari, pricing in at sixty six hundred. 285 00:15:58,040 --> 00:16:02,160 Speaker 2: What's the gold markup on surpenty viper bracelet. 286 00:16:02,440 --> 00:16:03,520 Speaker 3: I'm just well that one. 287 00:16:03,560 --> 00:16:08,920 Speaker 8: I'm afraid that's above my pay grade, Tom. But the 288 00:16:09,040 --> 00:16:13,080 Speaker 8: markup on jewelry can be several hundred percent. Oh really 289 00:16:14,040 --> 00:16:18,160 Speaker 8: now now, now, now you're paying for a lot. You know, 290 00:16:18,160 --> 00:16:20,280 Speaker 8: you're paying for a lot of craftsmanship. You're paying for 291 00:16:20,320 --> 00:16:23,120 Speaker 8: something you can buy on Fifth Avenue City, you know, 292 00:16:24,360 --> 00:16:29,840 Speaker 8: Covent Garden, Ginzo, you know. So so really it's high 293 00:16:29,920 --> 00:16:31,800 Speaker 8: now that now that can fall. 294 00:16:32,080 --> 00:16:33,640 Speaker 3: I mean I've I've stood and. 295 00:16:33,560 --> 00:16:38,240 Speaker 8: Bought a gold chain in a in a in a 296 00:16:38,280 --> 00:16:43,120 Speaker 8: soup in Dubai, and the chap's plugged into Bloomberg because 297 00:16:43,360 --> 00:16:48,600 Speaker 8: his margin is minuscule, he can't ford and he's changing 298 00:16:48,600 --> 00:16:52,160 Speaker 8: it by five ten dollars as we're speaking. So the 299 00:16:52,200 --> 00:16:55,000 Speaker 8: markup can so the night. 300 00:16:54,600 --> 00:16:56,800 Speaker 2: They melt that down and give it the Dana Telsea 301 00:16:56,920 --> 00:16:59,720 Speaker 2: to walk over to fifty seventh Street to Bulgari. 302 00:17:00,160 --> 00:17:01,040 Speaker 3: Is that how that works? 303 00:17:01,160 --> 00:17:05,160 Speaker 8: Well, there, it's all gold depending upon the carritage, and 304 00:17:05,200 --> 00:17:09,080 Speaker 8: it's depending upon what you want, how you want it made, 305 00:17:09,240 --> 00:17:13,760 Speaker 8: and who you want to buy it from. But you know, 306 00:17:13,800 --> 00:17:17,919 Speaker 8: there's a lot goes into exquisite gold items, particularly from Italy. 307 00:17:18,000 --> 00:17:22,240 Speaker 8: I mean they can really make very very fine jewelry items. 308 00:17:22,280 --> 00:17:23,560 Speaker 3: My emails lightened up. 309 00:17:25,680 --> 00:17:29,479 Speaker 6: James Steel, chief Commodities analyst for HSBC Securities USA. So 310 00:17:29,640 --> 00:17:31,760 Speaker 6: again we've talked about gold. It's been had to just 311 00:17:31,880 --> 00:17:36,199 Speaker 6: you know, record highs recently. Tell us about platinum. What 312 00:17:36,359 --> 00:17:39,560 Speaker 6: is platinum, where do we use platinum and what drives 313 00:17:39,560 --> 00:17:40,960 Speaker 6: the trading of platinum. 314 00:17:41,600 --> 00:17:44,159 Speaker 8: Well, one of the things which Tom pointed out was 315 00:17:44,200 --> 00:17:48,119 Speaker 8: that traditionally platinum had a premium to gold, and in 316 00:17:48,160 --> 00:17:51,400 Speaker 8: the last few years it's sunk to a significant discount, 317 00:17:51,760 --> 00:17:54,159 Speaker 8: not just to gold, but also to palladium, which it 318 00:17:54,200 --> 00:17:59,480 Speaker 8: also used to have a premium to. About of platinum 319 00:17:59,520 --> 00:18:03,399 Speaker 8: is in jewel and the locus of that market was China, 320 00:18:04,440 --> 00:18:07,239 Speaker 8: and a favorite wedding ring was a platinum ring. And 321 00:18:07,280 --> 00:18:11,359 Speaker 8: with the decline in the marriages in China over a 322 00:18:11,400 --> 00:18:14,400 Speaker 8: demographic issue. Over the past eight to twelve years has 323 00:18:14,400 --> 00:18:19,480 Speaker 8: been a decline in platinum jewelry demand. Now that's bottoming 324 00:18:19,520 --> 00:18:23,000 Speaker 8: out and we're beginning to see a rise in platinum 325 00:18:23,040 --> 00:18:27,800 Speaker 8: jewelry demand, especially outside of China. Forty of it is 326 00:18:27,840 --> 00:18:33,359 Speaker 8: in auto catalytic converteris heavily in diesel. But now, and 327 00:18:33,800 --> 00:18:36,120 Speaker 8: this is what's exciting about. One of the things that's 328 00:18:36,119 --> 00:18:41,800 Speaker 8: exciting about platinum is that cheaper, more expensive palladium was 329 00:18:41,840 --> 00:18:45,440 Speaker 8: being substituted. So platinum was beginning to make inroads against 330 00:18:45,720 --> 00:18:50,639 Speaker 8: palladium and autocats. And since then palladium has come down, 331 00:18:51,560 --> 00:18:54,560 Speaker 8: but we're still seeing substitution in the auto industry and 332 00:18:54,600 --> 00:18:57,280 Speaker 8: that's supporting platinum demand. 333 00:18:57,480 --> 00:18:59,720 Speaker 3: Does an evy car need platinum? 334 00:19:00,040 --> 00:19:03,320 Speaker 8: Lectric vehicles do not, and so both platinum and pladium 335 00:19:03,400 --> 00:19:06,680 Speaker 8: have been hit by that. But platinum has been saved 336 00:19:06,760 --> 00:19:10,680 Speaker 8: because of its substitution with palladium. 337 00:19:11,040 --> 00:19:14,960 Speaker 2: You were making jokes about burgari and the surpente bracet fine. 338 00:19:15,480 --> 00:19:18,400 Speaker 3: Is platinum perceived in the suits. 339 00:19:18,080 --> 00:19:22,680 Speaker 2: Of Dubai or You'll let you decide, Indonesia or India, 340 00:19:22,760 --> 00:19:24,600 Speaker 2: do you line up to buy platinum? 341 00:19:25,320 --> 00:19:25,399 Speaker 7: Not? 342 00:19:25,480 --> 00:19:28,919 Speaker 8: In the same sense, platinum was very popular in Japan 343 00:19:29,440 --> 00:19:34,600 Speaker 8: and very popular in China, reduced its popularity there as 344 00:19:36,080 --> 00:19:39,639 Speaker 8: a jewelry bias of shifted into gold, but it's beginning 345 00:19:39,680 --> 00:19:43,080 Speaker 8: to come back now. It's very price conscious and also 346 00:19:43,200 --> 00:19:46,240 Speaker 8: it's a beautiful art deco metal. And you'll find that 347 00:19:46,320 --> 00:19:50,320 Speaker 8: platinum jewelry tends to increase when Art deco becomes popular again. 348 00:19:50,480 --> 00:19:56,439 Speaker 8: And the Sharper ridges precisely nineteen thirty style of doing things. 349 00:19:57,440 --> 00:19:59,119 Speaker 6: What are the young people today? The rings are not 350 00:19:59,240 --> 00:20:01,680 Speaker 6: their wedding band are not gold? What are they know? 351 00:20:01,760 --> 00:20:02,520 Speaker 6: They're darker middle. 352 00:20:03,320 --> 00:20:05,760 Speaker 8: Well, a lot of it is now platinum, especially in China. 353 00:20:06,480 --> 00:20:09,840 Speaker 8: And the other thing too, is that because platinum is cheaper, 354 00:20:10,920 --> 00:20:12,800 Speaker 8: they can make the wedding reason a little heavier. 355 00:20:12,960 --> 00:20:18,240 Speaker 2: Joining us now, Lisa Matteo on gold, Lisa, please a question, 356 00:20:18,560 --> 00:20:23,240 Speaker 2: and I'm James Steele on gold and diamonds, bubbles, bangles 357 00:20:23,240 --> 00:20:23,840 Speaker 2: and beads. 358 00:20:24,119 --> 00:20:29,240 Speaker 1: Oh, so what is let's say if you go platinum 359 00:20:29,320 --> 00:20:31,400 Speaker 1: versus gold, If you're going to buy let's say something 360 00:20:31,440 --> 00:20:34,440 Speaker 1: for somebody, which is the better bang. 361 00:20:34,200 --> 00:20:34,720 Speaker 4: For your buck? 362 00:20:34,880 --> 00:20:37,159 Speaker 1: If you're getting something let's say like a gold bracelet 363 00:20:37,240 --> 00:20:39,440 Speaker 1: or a platinum bracelet, which is which is a better. 364 00:20:39,480 --> 00:20:41,920 Speaker 8: Bang, well the bang if you just look at the 365 00:20:43,080 --> 00:20:46,680 Speaker 8: price and say nothing else. And I'm not fostering gold 366 00:20:46,800 --> 00:20:49,360 Speaker 8: or platinum compared one compared to the other, I cover 367 00:20:49,440 --> 00:20:55,520 Speaker 8: them all, but platinum would probably offer you a better 368 00:20:57,600 --> 00:20:59,240 Speaker 8: from a cost conscious basis. 369 00:20:59,320 --> 00:21:01,360 Speaker 4: That's it. Because Christmas is not too far. 370 00:21:01,960 --> 00:21:06,359 Speaker 6: Let's not forget about that. So let's talk about but 371 00:21:07,040 --> 00:21:08,080 Speaker 6: when just a quick thing. 372 00:21:08,119 --> 00:21:11,960 Speaker 8: When Tom said the supply of gold, I mean we're 373 00:21:12,000 --> 00:21:15,760 Speaker 8: also facing more in platinum is a curb and supply 374 00:21:15,920 --> 00:21:19,119 Speaker 8: because of the low prices. It doesn't come from a 375 00:21:19,119 --> 00:21:22,119 Speaker 8: lot of countries. And those countries that are making it, 376 00:21:22,200 --> 00:21:25,320 Speaker 8: that are producing it rather mining it, they're having more 377 00:21:25,320 --> 00:21:27,400 Speaker 8: and more difficulty because of the low price. So we're 378 00:21:27,400 --> 00:21:30,280 Speaker 8: going to see restrained supply going forward. 379 00:21:31,160 --> 00:21:36,160 Speaker 2: Can you see Lisa sliding into the Tiffany Victoria Tennis 380 00:21:36,200 --> 00:21:44,520 Speaker 2: bracelet in platinum with diamonds and pearls thirty one thirty? 381 00:21:47,080 --> 00:21:50,400 Speaker 3: Who's buying is it? I guess My key question is 382 00:21:50,400 --> 00:21:51,760 Speaker 3: is platinum. 383 00:21:51,200 --> 00:21:56,359 Speaker 2: A cultural embedded element of our psychology like gold. 384 00:21:57,200 --> 00:22:00,960 Speaker 8: Suggest but it would be more based than East Asian 385 00:22:01,000 --> 00:22:03,800 Speaker 8: cultures than in the West. 386 00:22:04,400 --> 00:22:08,200 Speaker 2: So which of these precious metals three to five years 387 00:22:08,200 --> 00:22:10,320 Speaker 2: out is a James Steele prediction. 388 00:22:10,920 --> 00:22:13,600 Speaker 8: I would say platinum based on the based on the supply. 389 00:22:14,760 --> 00:22:17,680 Speaker 8: You know, you can't it's not oil. You can't drill 390 00:22:17,840 --> 00:22:20,760 Speaker 8: quickly and get oil, and you can't cop a a 391 00:22:20,880 --> 00:22:26,679 Speaker 8: mine quickly either. And we do have a limited amount 392 00:22:26,680 --> 00:22:30,040 Speaker 8: of supply that's going to come from South Africa and 393 00:22:30,119 --> 00:22:32,119 Speaker 8: Russia in the years to come. I'm not saying the 394 00:22:32,119 --> 00:22:35,920 Speaker 8: supply won't increase, it won't increase next year or this year, 395 00:22:37,359 --> 00:22:42,320 Speaker 8: but eventually we're going to run into issues there and 396 00:22:42,400 --> 00:22:45,160 Speaker 8: also the smaller countries that produce it, which is North 397 00:22:45,200 --> 00:22:49,440 Speaker 8: America and Zimbabwe, it's going to be difficult for them 398 00:22:49,480 --> 00:22:52,480 Speaker 8: to gear up as well. So we are facing a 399 00:22:52,600 --> 00:22:53,679 Speaker 8: more limited supply. 400 00:22:54,400 --> 00:22:54,600 Speaker 3: Now. 401 00:22:54,640 --> 00:22:56,760 Speaker 8: The issue is how much we have an above ground stops. 402 00:22:56,840 --> 00:23:01,359 Speaker 2: So for Lisa Matteo, the Tiffany Victoria using a unique 403 00:23:01,440 --> 00:23:07,080 Speaker 2: combination of cuts for a distinctly romantic sensibility, that's an investment. 404 00:23:08,600 --> 00:23:12,879 Speaker 8: I never regard jewelry as an investment. Et s bares 405 00:23:13,680 --> 00:23:15,120 Speaker 8: our investments. 406 00:23:15,720 --> 00:23:18,200 Speaker 3: But with me here is. 407 00:23:19,880 --> 00:23:22,119 Speaker 8: That's not to say that jewelry is not a not 408 00:23:22,200 --> 00:23:27,320 Speaker 8: a value uh but it's a uh but but but 409 00:23:27,440 --> 00:23:29,679 Speaker 8: in the East, you you're struck in a good point. Actually, 410 00:23:29,760 --> 00:23:34,560 Speaker 8: in Asia in gold and to a limited degree in silver, 411 00:23:35,560 --> 00:23:41,240 Speaker 8: it's it's a mix of investment and luxury, whereas in 412 00:23:41,240 --> 00:23:45,600 Speaker 8: in in in the West, there's strict definitions between the 413 00:23:45,680 --> 00:23:48,880 Speaker 8: luxury component of precious metals and the investment co component. 414 00:23:49,359 --> 00:23:51,040 Speaker 8: That's not the case in India or China. 415 00:23:51,560 --> 00:23:54,600 Speaker 2: This is so variable when you travel. I mean, you know, 416 00:23:54,680 --> 00:24:00,000 Speaker 2: your your world world renowned on this. What's a question 417 00:24:00,320 --> 00:24:02,960 Speaker 2: they ask you in India? What's the question going. 418 00:24:02,880 --> 00:24:07,040 Speaker 6: To Jakarta, James Steel and of course HSB incredible. 419 00:24:06,760 --> 00:24:10,440 Speaker 3: HSBC, Hong Kong Shing. I bet, what's the question they 420 00:24:10,520 --> 00:24:11,760 Speaker 3: asked that we don't ask. 421 00:24:12,600 --> 00:24:14,760 Speaker 8: I think it's probably from the supply end. You know, 422 00:24:14,800 --> 00:24:19,000 Speaker 8: when I speak to producers, they want to know what 423 00:24:19,040 --> 00:24:21,119 Speaker 8: does Wall Street think? What does the City of London think? 424 00:24:21,359 --> 00:24:24,800 Speaker 8: What are the hedge funds doing? When you talk to jewelers, 425 00:24:25,280 --> 00:24:26,920 Speaker 8: they want to know how much is coming out of 426 00:24:26,960 --> 00:24:31,800 Speaker 8: the mines. A big question now that I'm asked universally 427 00:24:32,640 --> 00:24:37,120 Speaker 8: is central bank policy? Central banks have emeraged since twenty 428 00:24:37,200 --> 00:24:41,040 Speaker 8: twenty two is absolutely stupendous. Buyers have gone as one 429 00:24:41,040 --> 00:24:43,800 Speaker 8: of the reasons that we're up so much now that's moderated. 430 00:24:43,840 --> 00:24:47,879 Speaker 8: Do we bet this year, but it's still double the 431 00:24:47,960 --> 00:24:51,640 Speaker 8: rate that it was the previous fifteen years on average. 432 00:24:51,760 --> 00:24:54,560 Speaker 8: So I think I'm asked most now about official sector 433 00:24:54,600 --> 00:24:56,080 Speaker 8: policy towards gold we did the. 434 00:24:56,160 --> 00:25:00,320 Speaker 2: Last time with this. This is fascinating. Thank you for 435 00:25:00,320 --> 00:25:05,440 Speaker 2: your discussion of the Tiffany Victoria tennis bracelet in platinum 436 00:25:05,480 --> 00:25:06,640 Speaker 2: with diamonds and pearls. 437 00:25:06,920 --> 00:25:10,040 Speaker 8: James Steele briefing this way at Lisa is well deserving. 438 00:25:10,160 --> 00:25:11,920 Speaker 3: I'm sure I was a question about that. 439 00:25:12,480 --> 00:25:15,720 Speaker 2: For when you have that many softball games on the weekend, 440 00:25:15,800 --> 00:25:19,600 Speaker 2: you deserve the Tiffany Victoria and Bryce said James Steele. 441 00:25:19,760 --> 00:25:27,240 Speaker 3: Just treasure to have you with us. With HSBC. Last night, 442 00:25:27,359 --> 00:25:28,560 Speaker 3: I got up my dog. 443 00:25:28,400 --> 00:25:33,240 Speaker 2: Eared copy of Gateways to Democracy and Introduction to American Government, 444 00:25:33,640 --> 00:25:36,680 Speaker 2: enhanced by the last thirty days we've had in the Civics, 445 00:25:37,119 --> 00:25:40,120 Speaker 2: and I read cover to cover. Shiller of Brown University, 446 00:25:40,560 --> 00:25:42,720 Speaker 2: Wendy Ow was asked this three times yesterday. 447 00:25:42,840 --> 00:25:44,440 Speaker 3: Folks, don't somebody. 448 00:25:44,160 --> 00:25:50,080 Speaker 2: Drive off the road ken President Trump, renig on Vance 449 00:25:50,600 --> 00:25:54,480 Speaker 2: and pick somebody else now that we've gone Biden Harris, 450 00:25:54,840 --> 00:25:56,119 Speaker 2: is there any precedent for that? 451 00:25:57,359 --> 00:26:00,320 Speaker 7: Uh, there's no precedent for that, and what's interesting is 452 00:26:00,320 --> 00:26:04,160 Speaker 7: that it would undermine some Republican plans or calls to 453 00:26:04,280 --> 00:26:06,960 Speaker 7: challenge the Harris whoever. 454 00:26:06,680 --> 00:26:07,880 Speaker 9: The VP will be ticket. 455 00:26:08,600 --> 00:26:11,639 Speaker 7: So they're already my understanding, is trying to launch lawsuits 456 00:26:11,640 --> 00:26:13,720 Speaker 7: to say that she can't really use the money although 457 00:26:13,760 --> 00:26:16,320 Speaker 7: it's already been transferred to her because it was the 458 00:26:16,359 --> 00:26:18,199 Speaker 7: Biden Harris campaign and. 459 00:26:18,280 --> 00:26:20,960 Speaker 9: She's using the same campaign infrastructure. I didn't know that 460 00:26:21,040 --> 00:26:21,639 Speaker 9: she would do that. 461 00:26:21,720 --> 00:26:24,240 Speaker 7: I thought she might get bringing her own advisors, but 462 00:26:24,359 --> 00:26:27,280 Speaker 7: she's going with the Biden team for the moment, so 463 00:26:27,280 --> 00:26:30,440 Speaker 7: she's basically just taking over that infrastructure. Republicans have said 464 00:26:30,440 --> 00:26:33,119 Speaker 7: they're not sure that's legal, and they also want to 465 00:26:33,200 --> 00:26:36,280 Speaker 7: challenge ballot access. They want to basically say they shouldn't 466 00:26:36,320 --> 00:26:37,120 Speaker 7: be on the ballot. 467 00:26:37,280 --> 00:26:38,200 Speaker 9: I'm not sure they. 468 00:26:38,040 --> 00:26:40,720 Speaker 7: Can actually do that and also then change their own 469 00:26:40,760 --> 00:26:43,040 Speaker 7: construction of their presidential VP team. 470 00:26:43,280 --> 00:26:45,960 Speaker 2: So do you predict this ghost ghost to the Supreme 471 00:26:46,040 --> 00:26:48,679 Speaker 2: Court where it's basically six ' three Trump. 472 00:26:50,160 --> 00:26:53,640 Speaker 7: No, I actually don't think the Supreme Court, you know, 473 00:26:53,760 --> 00:27:01,640 Speaker 7: will intervene this way to declare a party nominated ticket invalid. 474 00:27:02,160 --> 00:27:03,959 Speaker 9: California v. Jones two thousand. 475 00:27:04,200 --> 00:27:07,240 Speaker 7: They basically said, parties are entities, and you know they 476 00:27:07,280 --> 00:27:10,960 Speaker 7: can figure out their own nominating rules. So and because 477 00:27:10,960 --> 00:27:13,480 Speaker 7: they've begun so a matched with state governments, they look 478 00:27:13,600 --> 00:27:17,320 Speaker 7: like they're legally state policy. But it's really the parties 479 00:27:17,320 --> 00:27:20,040 Speaker 7: that drive their own nomination process. So I can't see 480 00:27:20,080 --> 00:27:23,520 Speaker 7: them intervening on any constitutional grounds, not that they wouldn't try, 481 00:27:23,760 --> 00:27:25,640 Speaker 7: but I'm not sure this is gonna I don't even 482 00:27:25,640 --> 00:27:26,200 Speaker 7: know if they'd. 483 00:27:26,040 --> 00:27:26,520 Speaker 9: Hear the case. 484 00:27:27,359 --> 00:27:30,640 Speaker 6: Wendy, what do you expect from a Vice President Harris 485 00:27:30,680 --> 00:27:33,680 Speaker 6: over the next coming days as she hits the campaign 486 00:27:33,760 --> 00:27:35,240 Speaker 6: trail in Earnest. 487 00:27:35,920 --> 00:27:38,720 Speaker 7: Well, it was very interesting her remarks, you know, to 488 00:27:38,760 --> 00:27:42,479 Speaker 7: the campaign headquarters. Her tone was, you know, here are 489 00:27:42,480 --> 00:27:45,080 Speaker 7: the issues. We're going to try to hit Donald Trump 490 00:27:45,119 --> 00:27:49,679 Speaker 7: with personal issues about convictions, etc. Because she was a prosecutor, 491 00:27:49,880 --> 00:27:53,840 Speaker 7: but also reproductive rights, workers' rights, the environment. 492 00:27:54,200 --> 00:27:55,680 Speaker 9: I think they're trying. 493 00:27:55,320 --> 00:27:58,399 Speaker 7: To get the party back to a unified place around 494 00:27:58,440 --> 00:28:01,640 Speaker 7: issues they think they have the majority of Americans with them, 495 00:28:01,880 --> 00:28:03,320 Speaker 7: So that will be the messaging. 496 00:28:03,520 --> 00:28:05,640 Speaker 9: If she goes too personal. 497 00:28:05,240 --> 00:28:07,840 Speaker 7: All the time, that will just be a complete invitation 498 00:28:08,240 --> 00:28:10,840 Speaker 7: for Trump advance to go really personally. We've already heard 499 00:28:10,880 --> 00:28:14,440 Speaker 7: advance call President Biden a quitter. I'm just not sure 500 00:28:14,560 --> 00:28:18,119 Speaker 7: that rhetoric appeals to independent voters who have not, you know, 501 00:28:18,240 --> 00:28:20,359 Speaker 7: defected from Trump getting them back. 502 00:28:20,480 --> 00:28:22,720 Speaker 9: I think that's not really the way to get them back. 503 00:28:22,760 --> 00:28:25,480 Speaker 6: I don't think is it fair to say, Wendy that 504 00:28:25,520 --> 00:28:29,400 Speaker 6: at this point here the Democratic Party in mass I'm 505 00:28:29,400 --> 00:28:35,879 Speaker 6: talking donors, apparatus, the whole thing, is it behind VP hears. 506 00:28:36,440 --> 00:28:38,800 Speaker 7: You know, the headline this morning was that she's already 507 00:28:38,840 --> 00:28:42,120 Speaker 7: secured the support of a majority of the delegates to 508 00:28:42,160 --> 00:28:44,800 Speaker 7: the Democratic Convention in you know what, forty eight hours, 509 00:28:44,840 --> 00:28:47,840 Speaker 7: not even you know, that is remarkable, you know, for 510 00:28:47,880 --> 00:28:50,520 Speaker 7: a pace for a party, but it is astounding for 511 00:28:50,640 --> 00:28:51,880 Speaker 7: the Democratic Party. 512 00:28:52,080 --> 00:28:52,880 Speaker 9: I mean, a party that. 513 00:28:52,880 --> 00:28:55,959 Speaker 7: Was literally in chaos and a mess a week ago, 514 00:28:56,320 --> 00:28:59,280 Speaker 7: seems to look a lot more like the Republican Party 515 00:28:59,480 --> 00:29:01,280 Speaker 7: having called us around their team. 516 00:29:01,760 --> 00:29:03,600 Speaker 9: So whether the Democrats. 517 00:29:03,000 --> 00:29:05,400 Speaker 7: Can stay in this place for the next one hundred days, 518 00:29:05,680 --> 00:29:08,760 Speaker 7: that is going to be the big question, Wendy. 519 00:29:09,200 --> 00:29:11,480 Speaker 2: I put out a quote yesterday, thank you to Mike 520 00:29:11,600 --> 00:29:14,360 Speaker 2: Allen over to XIOS for bringing this up, And it 521 00:29:14,440 --> 00:29:19,280 Speaker 2: was the marine corporal from Louisiana, James Carville. And here's 522 00:29:19,280 --> 00:29:23,360 Speaker 2: the quote the most thunderous sound in politics is the 523 00:29:23,400 --> 00:29:25,360 Speaker 2: sound of a turning page. 524 00:29:26,200 --> 00:29:27,960 Speaker 3: How does Donald Trump. 525 00:29:27,880 --> 00:29:32,760 Speaker 2: Adapt to the page turning generationally for the Democratic Party. 526 00:29:34,200 --> 00:29:37,280 Speaker 7: Well, it's interesting, Tom that you think fifty nine years 527 00:29:37,280 --> 00:29:41,240 Speaker 7: old is page journing with the Democratic Party, because we've 528 00:29:41,320 --> 00:29:45,200 Speaker 7: lived through you know, Barack Obama, Bill Clinton, and even 529 00:29:45,240 --> 00:29:49,040 Speaker 7: George W. Bush. You know, so there are younger Democrats 530 00:29:49,040 --> 00:29:50,920 Speaker 7: that have also turned the page. 531 00:29:51,400 --> 00:29:53,680 Speaker 9: The problem for the Democrat Party is they turned the 532 00:29:53,720 --> 00:29:55,520 Speaker 9: page and then the page flips back. 533 00:29:55,880 --> 00:29:58,160 Speaker 7: And that's pretty much what happened with Trump, and it's 534 00:29:58,200 --> 00:30:00,280 Speaker 7: been happening ellectually in a lot a lot of the 535 00:30:00,280 --> 00:30:02,240 Speaker 7: places in the country that the Democrats used to think 536 00:30:02,360 --> 00:30:05,520 Speaker 7: they were really rock solid, like Michigan, Wisconsin, Pennsylvania, and 537 00:30:05,560 --> 00:30:06,760 Speaker 7: certainly Ohio seems to. 538 00:30:06,720 --> 00:30:09,800 Speaker 9: Have gone red. So that's the problem. It's not so 539 00:30:09,880 --> 00:30:12,880 Speaker 9: much turning the page, it's keeping the page turned. 540 00:30:13,640 --> 00:30:17,920 Speaker 7: And will Kamala Harri's appeal, I think young women to me, 541 00:30:18,320 --> 00:30:19,600 Speaker 7: that's who I'm looking at. 542 00:30:19,840 --> 00:30:20,719 Speaker 9: Young women. 543 00:30:21,480 --> 00:30:24,920 Speaker 7: Does she sort of solidify them and mobilize activate those 544 00:30:24,960 --> 00:30:27,320 Speaker 7: and I'm talking twenty four year olds, twenty six year olds, 545 00:30:27,520 --> 00:30:29,400 Speaker 7: you know, the generation that doesn't really vote in the 546 00:30:29,400 --> 00:30:31,600 Speaker 7: same numbers as forty fifteen six year old. 547 00:30:31,960 --> 00:30:36,200 Speaker 2: Luis no bustamante at Pew Research, and folks, I'm reading 548 00:30:36,200 --> 00:30:40,680 Speaker 2: Pew like crazy, and he's tumultuous at times. First line 549 00:30:40,720 --> 00:30:45,640 Speaker 2: of his new report on Latinos. In twenty sixteen, Latinos 550 00:30:45,640 --> 00:30:51,480 Speaker 2: have grown from twenty seven million to a projected thirty 551 00:30:51,560 --> 00:30:55,440 Speaker 2: six million. Tell me about that Latino growth and how 552 00:30:55,480 --> 00:30:57,080 Speaker 2: both parties adapt to it. 553 00:30:57,880 --> 00:31:02,280 Speaker 7: Well, Latino growth is im it's younger, much much younger, 554 00:31:02,320 --> 00:31:04,520 Speaker 7: not even voting age. But you know there's a statistic 555 00:31:04,600 --> 00:31:07,960 Speaker 7: floating around that every minute there's a Latino individual in 556 00:31:08,000 --> 00:31:11,240 Speaker 7: America that turns eighteen that can vote. Forty eight percent 557 00:31:11,720 --> 00:31:14,840 Speaker 7: is the turnout number for registered Latinos, the same as 558 00:31:14,840 --> 00:31:16,360 Speaker 7: people under the age of thirty. 559 00:31:16,120 --> 00:31:17,080 Speaker 9: Thirty four years old. 560 00:31:17,120 --> 00:31:20,320 Speaker 7: So the problem is that there is a big tras 561 00:31:20,560 --> 00:31:24,280 Speaker 7: you know, cash of votes that either party I think 562 00:31:24,400 --> 00:31:27,840 Speaker 7: is competitive for. But the turnout level is still relatively 563 00:31:27,920 --> 00:31:31,360 Speaker 7: low compared to Black Americans and white Americans. So until 564 00:31:31,680 --> 00:31:35,240 Speaker 7: Latinos can get mobilized to regularly vote in higher numbers, 565 00:31:35,560 --> 00:31:38,440 Speaker 7: I don't see them swinging a national election. 566 00:31:38,760 --> 00:31:42,560 Speaker 6: Paul get one well quickly, VP announcement. When should we 567 00:31:42,600 --> 00:31:43,160 Speaker 6: expect that. 568 00:31:43,280 --> 00:31:44,240 Speaker 3: Good question. Thank you. 569 00:31:44,760 --> 00:31:47,760 Speaker 9: Well, if I knew that, you know my day job. 570 00:31:47,880 --> 00:31:49,680 Speaker 9: I mean, there's not I don't know. 571 00:31:50,080 --> 00:31:53,000 Speaker 7: If I were the Democrats, I'd get it done. As 572 00:31:53,080 --> 00:31:56,120 Speaker 7: soon as you can pick somebody who's been elected, maybe 573 00:31:56,160 --> 00:31:59,160 Speaker 7: re elected, they've been vetted, someone like we've talked about 574 00:31:59,160 --> 00:32:03,440 Speaker 7: Andy Bashier, someone like that. Don't pick a newbie right now, 575 00:32:03,720 --> 00:32:07,760 Speaker 7: but certainly, I think carrying the momentum, Kamala Harris has 576 00:32:07,760 --> 00:32:10,480 Speaker 7: to solidify Kamala Harris for the Democratic Party. 577 00:32:10,680 --> 00:32:13,560 Speaker 9: She's not there yet. Let that happen and then pick. 578 00:32:13,440 --> 00:32:15,960 Speaker 3: The right Wendy, come on, I got thirty seconds. 579 00:32:16,600 --> 00:32:20,000 Speaker 2: Trump and Vance are going to go after an astronaut 580 00:32:20,080 --> 00:32:21,040 Speaker 2: fighter pilot. 581 00:32:21,280 --> 00:32:22,959 Speaker 3: How do they do that? Oh? 582 00:32:23,000 --> 00:32:24,400 Speaker 9: You mean Mark Kelly of Arizona. 583 00:32:24,960 --> 00:32:26,560 Speaker 7: If I were the Democrats, I don't take them out 584 00:32:26,600 --> 00:32:29,280 Speaker 7: of Arizona because that's a tough seat to win. 585 00:32:29,600 --> 00:32:33,480 Speaker 9: I will see how Rubnelegas does and Lucian. Yeah, don't 586 00:32:33,480 --> 00:32:35,240 Speaker 9: take them. You know, you still want to keep the 587 00:32:35,280 --> 00:32:36,840 Speaker 9: Senate closed. If you can even. 588 00:32:36,680 --> 00:32:39,000 Speaker 7: Hang on taking him out of a Senate, you have 589 00:32:39,040 --> 00:32:39,880 Speaker 7: a Democrat governor. 590 00:32:39,920 --> 00:32:41,080 Speaker 9: But it's still a tough state. 591 00:32:41,520 --> 00:32:44,000 Speaker 7: So I'm not sure that's the strategic interest of the 592 00:32:44,040 --> 00:32:45,120 Speaker 7: Democrat Party treasurer. 593 00:32:45,160 --> 00:32:46,560 Speaker 3: Heaven you on Wendy Shower. Thank you. 594 00:32:46,600 --> 00:32:49,600 Speaker 2: So nobody gets worth e mailed that Wendy, she's like 595 00:32:49,640 --> 00:32:50,240 Speaker 2: a magnet. 596 00:32:50,280 --> 00:32:52,600 Speaker 3: Professor Schiller, Tub and Center, Brown. 597 00:32:52,480 --> 00:33:06,200 Speaker 10: University, Jay, look at the front pages. Lisa has a 598 00:33:06,560 --> 00:33:09,520 Speaker 10: spectacular front pages today. 599 00:33:09,560 --> 00:33:10,520 Speaker 3: What do you have we do? 600 00:33:10,600 --> 00:33:12,840 Speaker 1: Okay, so we've all been talking about the warmer weather. Right, 601 00:33:12,920 --> 00:33:15,560 Speaker 1: it's been hot outside. People are looking to cool off, 602 00:33:15,600 --> 00:33:17,000 Speaker 1: so they want to dip in their pool. But the 603 00:33:17,000 --> 00:33:20,320 Speaker 1: problem is that the pool temperature is too hot. Okay, 604 00:33:20,320 --> 00:33:23,280 Speaker 1: it's rising above one hundred degrees. People are saying it's 605 00:33:23,360 --> 00:33:26,720 Speaker 1: not refreshing yet. So the homeowners they're doing a few things. 606 00:33:26,720 --> 00:33:28,680 Speaker 1: This is from the Wall Street Journal. They're throwing these 607 00:33:28,880 --> 00:33:32,600 Speaker 1: large blocks of ice into the pools. They're using fountains, 608 00:33:32,600 --> 00:33:35,720 Speaker 1: they're running air raiders at night. They're putting canopies over 609 00:33:35,760 --> 00:33:39,080 Speaker 1: their pool. They're even draining part of it, adding in 610 00:33:39,240 --> 00:33:41,200 Speaker 1: colder water from the hose on top of it. And 611 00:33:41,200 --> 00:33:42,920 Speaker 1: if you're doing all these things, they're spending twenty five 612 00:33:43,000 --> 00:33:46,480 Speaker 1: hundred dollars on water chillers just to get their pool 613 00:33:46,760 --> 00:33:48,800 Speaker 1: to the right temperature so they can dip their feet in. 614 00:33:48,920 --> 00:33:52,239 Speaker 6: House of water at the beach finally starting to warm up, 615 00:33:52,320 --> 00:33:54,440 Speaker 6: high sixties, but still chili. I mean, you know for 616 00:33:54,480 --> 00:33:56,920 Speaker 6: this time of year. So but again, I've never heard 617 00:33:57,120 --> 00:33:58,040 Speaker 6: like in this part. 618 00:33:57,800 --> 00:33:58,160 Speaker 3: Of the world. 619 00:33:58,240 --> 00:34:01,280 Speaker 6: You don't have to the pool water being too that's 620 00:34:01,280 --> 00:34:01,640 Speaker 6: a problem. 621 00:34:01,840 --> 00:34:02,600 Speaker 3: It's too cold. 622 00:34:02,640 --> 00:34:04,480 Speaker 6: So you have to get the you have to get 623 00:34:04,480 --> 00:34:05,800 Speaker 6: the heaters for the pool. 624 00:34:05,840 --> 00:34:08,560 Speaker 2: We got a gunny pool for the dogs, Vet Bill 625 00:34:08,640 --> 00:34:11,359 Speaker 2: and cantal Fee And what we do is we drain it. 626 00:34:11,360 --> 00:34:13,520 Speaker 2: It gets too hot, Lisa, You're absolutely right, it gets 627 00:34:13,560 --> 00:34:17,719 Speaker 2: too too hot, and down it goes and we just 628 00:34:17,760 --> 00:34:19,400 Speaker 2: fill it up with cool water in the morning. 629 00:34:19,440 --> 00:34:21,960 Speaker 6: Interesting thing in Arizona. 630 00:34:21,640 --> 00:34:29,080 Speaker 3: Kenewers is floaties from Chewy especially. I spent ten thousand 631 00:34:29,160 --> 00:34:33,480 Speaker 3: dollars Chewy one order and they said Chewy floaties for kettle. 632 00:34:33,840 --> 00:34:35,080 Speaker 3: Are you okay over there. 633 00:34:34,920 --> 00:34:38,759 Speaker 1: Again, I'm having these screen issues. We'll get well, we'll 634 00:34:38,800 --> 00:34:39,839 Speaker 1: figure that out in a bit. 635 00:34:40,080 --> 00:34:42,560 Speaker 3: Can you see where you're going in you I can. 636 00:34:42,800 --> 00:34:47,840 Speaker 1: Yeah, it's just the markets that are that are blinking. Okay, 637 00:34:48,040 --> 00:34:50,919 Speaker 1: speaking of Mario, So if you're buying a car, there's 638 00:34:50,960 --> 00:34:53,759 Speaker 1: some good news for you because manufacturer and dealers they're 639 00:34:53,880 --> 00:34:57,520 Speaker 1: slashing prices. They're doing all these incentives right now because 640 00:34:57,520 --> 00:34:59,359 Speaker 1: interest rates are just too high and people don't want 641 00:34:59,400 --> 00:35:02,160 Speaker 1: to buy the car. So you have Motor Intelligence saying 642 00:35:02,200 --> 00:35:05,400 Speaker 1: the average incentive packages offered on new vehicles it rose 643 00:35:05,520 --> 00:35:10,400 Speaker 1: fifty three percent year over year. You have Hyundai, General Motors, Volkswagen. 644 00:35:10,400 --> 00:35:14,120 Speaker 1: They're offering cash back, low interest rates, price cuts on 645 00:35:14,200 --> 00:35:16,719 Speaker 1: top of it. So you have JD Power saying nearly 646 00:35:16,760 --> 00:35:20,840 Speaker 1: seventeen percent of new car sold above manufacturer shegested retail price. 647 00:35:20,880 --> 00:35:23,480 Speaker 1: That was down from about thirty five. 648 00:35:23,280 --> 00:35:24,359 Speaker 4: Percent last year. 649 00:35:24,400 --> 00:35:26,160 Speaker 1: So if you want to buy a car, now's the 650 00:35:26,200 --> 00:35:28,160 Speaker 1: time I've been putting it off. So I don't know 651 00:35:28,200 --> 00:35:30,880 Speaker 1: if I should change my mind right now. 652 00:35:30,960 --> 00:35:32,719 Speaker 6: Up the portion you had the story on Porsche, I 653 00:35:32,719 --> 00:35:34,839 Speaker 6: could see you tooling around in a Porsche. No, yes, 654 00:35:35,320 --> 00:35:40,200 Speaker 6: absolutely hot. Actually that's what that fight Ken. 655 00:35:39,960 --> 00:35:43,400 Speaker 3: Prutt and I had. I'd say Porsche. Ken would go 656 00:35:43,719 --> 00:35:47,040 Speaker 3: mental like the Lake, great shot, folks, you've never heard 657 00:35:47,080 --> 00:35:49,680 Speaker 3: profanity with that, and he say it's Porsche. 658 00:35:49,680 --> 00:35:51,360 Speaker 4: Time for her shaft mental. 659 00:35:52,000 --> 00:35:54,960 Speaker 2: I just looked at the financing for a Vespa. Thank you, 660 00:35:55,040 --> 00:35:58,160 Speaker 2: Vespa Manhattan yet six Grand Street there you can can 661 00:35:58,280 --> 00:36:00,240 Speaker 2: slide into a vespa. 662 00:36:00,480 --> 00:36:05,000 Speaker 6: You know, they got people in my ear. 663 00:36:05,080 --> 00:36:06,000 Speaker 4: It's going crazy. 664 00:36:06,600 --> 00:36:10,319 Speaker 1: Let's get to social media, Okay, TikTok is coming to 665 00:36:10,480 --> 00:36:13,319 Speaker 1: Spain and Ireland. We're talking about the TikTok shop where 666 00:36:13,320 --> 00:36:16,319 Speaker 1: people shop on the app. It's a bally thing. So 667 00:36:16,320 --> 00:36:18,520 Speaker 1: they want to bring it to Spain and to Ireland 668 00:36:18,800 --> 00:36:21,560 Speaker 1: as early as October. The big question though, is is 669 00:36:21,560 --> 00:36:23,680 Speaker 1: this going to be a problem with the EU because 670 00:36:23,680 --> 00:36:26,080 Speaker 1: they have those new laws that are kind of targeting 671 00:36:26,120 --> 00:36:29,319 Speaker 1: tech companies. So that's the question there. But this is 672 00:36:29,400 --> 00:36:31,720 Speaker 1: like a big thing for them. I mean, TikTok shop 673 00:36:31,800 --> 00:36:35,040 Speaker 1: is their big, big draw which is bringing them in 674 00:36:35,120 --> 00:36:40,799 Speaker 1: some big bucks shopping, buying shop, all the shopping, all 675 00:36:40,840 --> 00:36:43,200 Speaker 1: the influencers, all the influencers are on it. 676 00:36:43,400 --> 00:36:45,640 Speaker 6: I think Tom could be an influencer there. 677 00:36:45,680 --> 00:36:45,920 Speaker 4: You go. 678 00:36:46,080 --> 00:36:50,319 Speaker 3: Absolutely can shop on Instagram. 679 00:36:50,920 --> 00:36:51,560 Speaker 4: You can shop. 680 00:36:51,600 --> 00:36:54,000 Speaker 1: There's ads and you just believe me. I know my 681 00:36:54,080 --> 00:36:56,879 Speaker 1: husband Instagram shopper and. 682 00:36:56,880 --> 00:36:59,000 Speaker 4: A Facebook shopper. It's very sad. 683 00:36:59,040 --> 00:37:00,000 Speaker 3: I'm learning every day. 684 00:37:00,120 --> 00:37:01,960 Speaker 1: Yes, and that's where they get a lot is So 685 00:37:02,080 --> 00:37:03,759 Speaker 1: that's how they get a lot of ads on there, 686 00:37:03,840 --> 00:37:04,520 Speaker 1: and that's how they. 687 00:37:04,440 --> 00:37:08,520 Speaker 4: Generate their revenue. So it's a big spot. Okay, Tom, 688 00:37:08,560 --> 00:37:11,719 Speaker 4: this one's for you. Okay. So this is from Business Insider. 689 00:37:11,800 --> 00:37:14,319 Speaker 1: A doctor say he's reversed his age from seventy eight 690 00:37:14,360 --> 00:37:17,080 Speaker 1: to fifty seven, and he's given out his secrets on 691 00:37:17,120 --> 00:37:17,600 Speaker 1: how he did that. 692 00:37:17,719 --> 00:37:19,359 Speaker 3: There's a lot of this going on right now. 693 00:37:19,960 --> 00:37:22,759 Speaker 4: It helped me, yes, okay. So here's what he does. Okay. 694 00:37:22,760 --> 00:37:25,160 Speaker 1: His name is doctor Michael Roys, and he's a longevity 695 00:37:25,160 --> 00:37:28,759 Speaker 1: expert Cleveland Clinic. He says, it's just regular exercise part 696 00:37:28,760 --> 00:37:29,480 Speaker 1: of his routine. 697 00:37:29,760 --> 00:37:31,160 Speaker 4: It's not crazy though, Okay. 698 00:37:31,200 --> 00:37:34,399 Speaker 1: He just tries to get in ten thousand steps a day. 699 00:37:34,680 --> 00:37:36,799 Speaker 4: So you have to buy the watch. You got to 700 00:37:36,880 --> 00:37:38,320 Speaker 4: track your steps. Okay. 701 00:37:38,360 --> 00:37:41,719 Speaker 1: He has a walking desk to help him get that. 702 00:37:41,800 --> 00:37:44,680 Speaker 1: We might have to get that, okay, Okay, we can 703 00:37:44,719 --> 00:37:46,439 Speaker 1: get the walking desk for you if you want. 704 00:37:46,520 --> 00:37:51,640 Speaker 3: I mean, rich, should we do this? Right? Here? Are 705 00:37:51,680 --> 00:37:55,000 Speaker 3: you helping out here? And I'm doing the walk? How 706 00:37:55,040 --> 00:37:55,600 Speaker 3: am I doing? 707 00:37:56,640 --> 00:37:56,960 Speaker 6: You're doing? 708 00:37:57,040 --> 00:37:57,160 Speaker 1: All? 709 00:37:57,239 --> 00:37:59,880 Speaker 3: Right? How long does it take to do ten thousand steps? 710 00:38:00,120 --> 00:38:01,080 Speaker 4: It does take a while. 711 00:38:01,200 --> 00:38:02,520 Speaker 6: Just the Penn station from you. 712 00:38:02,640 --> 00:38:05,320 Speaker 4: That's you can walk, Yes, you can park your car further. 713 00:38:05,960 --> 00:38:07,160 Speaker 4: That's one of the things he does. 714 00:38:07,400 --> 00:38:09,480 Speaker 1: But he is three times a week. He's doing cardio 715 00:38:09,520 --> 00:38:12,920 Speaker 1: about fifty minutes, you know, a day. He's lifting weights too, 716 00:38:13,239 --> 00:38:14,879 Speaker 1: twice a week. So you gotta go in the gym, 717 00:38:15,040 --> 00:38:17,440 Speaker 1: get a couple of weights. Not go as hardcore as 718 00:38:17,440 --> 00:38:18,840 Speaker 1: I do, but just a couple of weights. 719 00:38:18,920 --> 00:38:19,560 Speaker 6: So what's today? 720 00:38:19,600 --> 00:38:19,920 Speaker 3: Field? 721 00:38:20,040 --> 00:38:21,080 Speaker 6: Are we doing arms? Today? 722 00:38:21,120 --> 00:38:21,680 Speaker 4: Is upper body? 723 00:38:21,800 --> 00:38:22,600 Speaker 6: Upper body today? 724 00:38:22,760 --> 00:38:23,000 Speaker 4: Okay? 725 00:38:23,120 --> 00:38:24,640 Speaker 6: Yes we all do we have an off. 726 00:38:24,560 --> 00:38:24,960 Speaker 9: Day for you? 727 00:38:26,160 --> 00:38:26,399 Speaker 6: Yes? 728 00:38:26,440 --> 00:38:28,120 Speaker 4: I got two. I only work out five days a week. 729 00:38:28,200 --> 00:38:29,240 Speaker 6: Only only five days. 730 00:38:29,120 --> 00:38:32,160 Speaker 3: A week because she's on a baseball diamond. 731 00:38:32,440 --> 00:38:34,080 Speaker 6: Yeah the rest of the week. 732 00:38:34,440 --> 00:38:35,160 Speaker 3: Can I mentione? 733 00:38:35,280 --> 00:38:39,160 Speaker 2: The Olympics are sort of up on us, That's right, Ben, 734 00:38:39,320 --> 00:38:41,880 Speaker 2: Olympic team do team coverage the Olympics. 735 00:38:42,040 --> 00:38:43,759 Speaker 3: Yeah, here, all right, I'm gonna check that out. 736 00:38:43,920 --> 00:38:44,520 Speaker 6: I'm gonna watch it. 737 00:38:44,560 --> 00:38:45,879 Speaker 3: There are you going to watch? 738 00:38:45,960 --> 00:38:46,960 Speaker 6: I am if I can find it. 739 00:38:47,000 --> 00:38:50,719 Speaker 3: I'm with Michael Nathanson and like what I like. 740 00:38:50,800 --> 00:38:53,640 Speaker 6: The gymnastics is always good. And I don't know the 741 00:38:53,680 --> 00:38:55,440 Speaker 6: track and field. You never watched the track and field 742 00:38:55,600 --> 00:38:56,560 Speaker 6: except during the Olympics. 743 00:38:56,560 --> 00:38:59,319 Speaker 3: Always I hear that they break dancing at the Olympics 744 00:38:59,480 --> 00:39:00,799 Speaker 3: something something like that. 745 00:39:00,880 --> 00:39:02,839 Speaker 6: Yeah, and we still don't know whether they're gonna swim 746 00:39:02,880 --> 00:39:03,279 Speaker 6: in the river. 747 00:39:04,160 --> 00:39:05,520 Speaker 3: Do you have one more? Is that it? 748 00:39:05,760 --> 00:39:06,960 Speaker 6: That will be it for today? 749 00:39:07,040 --> 00:39:10,680 Speaker 3: Thank you, Lisa Mateo with the newspapers, the front pages. 750 00:39:10,719 --> 00:39:11,080 Speaker 3: Thank you. 751 00:39:11,360 --> 00:39:14,560 Speaker 2: This is the Bloomberg Surveillance Podcast, bringing you the best 752 00:39:14,560 --> 00:39:19,360 Speaker 2: in economics, finance, investment, and international relations. You can also 753 00:39:19,400 --> 00:39:23,440 Speaker 2: watch the show live on YouTube. Visit the Bloomberg Podcast 754 00:39:23,600 --> 00:39:27,600 Speaker 2: channel on YouTube to see the show weekday mornings from 755 00:39:27,640 --> 00:39:30,920 Speaker 2: seven to ten am Eastern from our global headquarters in 756 00:39:31,000 --> 00:39:34,680 Speaker 2: New York City. Subscribe to the podcast on Apple, Spotify, 757 00:39:35,040 --> 00:39:38,600 Speaker 2: or anywhere else you listen, and always on Bloomberg Radio, 758 00:39:38,800 --> 00:39:42,000 Speaker 2: the Bloomberg Terminal, and the Bloomberg Business app.