1
00:00:00,080 --> 00:00:06,720
Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

2
00:00:11,640 --> 00:00:15,440
Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along

3
00:00:15,480 --> 00:00:18,720
Speaker 2: with Lisa Bromwitz and Amrie Hordern. Join us each day

4
00:00:18,720 --> 00:00:22,280
Speaker 2: for insight from the best in markets, economics, and geopolitics

5
00:00:22,440 --> 00:00:24,920
Speaker 2: from our global headquarters in New York City. We are

6
00:00:24,920 --> 00:00:27,680
Speaker 2: live on Bloomberg Television weekday mornings from six to nine

7
00:00:27,720 --> 00:00:31,240
Speaker 2: am Eastern. Subscribe to the podcast on Apple, Spotify or

8
00:00:31,320 --> 00:00:33,960
Speaker 2: anywhere else you listen, and as always on the Bloomberg

9
00:00:34,040 --> 00:00:37,440
Speaker 2: Terminal and the Bloomberg Business App. Joining us is the

10
00:00:37,560 --> 00:00:40,760
Speaker 2: US Energy Secretary, Chris Right, Secretary Right, Good days you, sir,

11
00:00:40,760 --> 00:00:41,440
Speaker 2: Good to see you.

12
00:00:41,479 --> 00:00:42,239
Speaker 3: Thanks for having you.

13
00:00:42,159 --> 00:00:47,519
Speaker 2: Get to skip the line when you come in, of

14
00:00:47,560 --> 00:00:49,920
Speaker 2: course we do, missus Secretary, first time in Davos. What

15
00:00:50,000 --> 00:00:51,520
Speaker 2: was your impression of the World Economic Forum.

16
00:00:51,760 --> 00:00:55,360
Speaker 4: Oh, it's fantastic to see leaders, political leaders, business leaders

17
00:00:55,400 --> 00:00:59,360
Speaker 4: from all around the world gathering here for very candid dialogues.

18
00:00:59,600 --> 00:01:01,000
Speaker 3: I've enjoyed it very much.

19
00:01:01,120 --> 00:01:03,280
Speaker 2: There's a worry, and I'd love your reaction to this.

20
00:01:03,360 --> 00:01:06,679
Speaker 2: A worry to the President's style. Yes, it generates results,

21
00:01:06,760 --> 00:01:10,520
Speaker 2: but it's also turning off the Europeans. Did you feel

22
00:01:10,600 --> 00:01:13,319
Speaker 2: that in your conversations with European pounders that they were

23
00:01:13,360 --> 00:01:14,880
Speaker 2: offended by the last week.

24
00:01:15,040 --> 00:01:17,280
Speaker 4: I did engage in dialogues about that, and I think

25
00:01:17,319 --> 00:01:20,039
Speaker 4: the rhetoric or the speculation was so over the top.

26
00:01:20,120 --> 00:01:21,960
Speaker 4: It's going to be the end of NATO. The US

27
00:01:22,080 --> 00:01:25,039
Speaker 4: military is going to invade Greenland. These were never on

28
00:01:25,080 --> 00:01:29,720
Speaker 4: the table. The President since his arrival in office, has

29
00:01:29,760 --> 00:01:33,040
Speaker 4: been how to strengthen NATO, how to get increased defense spending,

30
00:01:33,080 --> 00:01:36,360
Speaker 4: how to get increased trade and cooperation between our countries.

31
00:01:37,280 --> 00:01:39,039
Speaker 3: So he's here to strengthen.

32
00:01:38,680 --> 00:01:43,120
Speaker 4: NATO, increase the security we have against the foes that

33
00:01:43,200 --> 00:01:46,119
Speaker 4: are rising in the world. Yes, he has a different

34
00:01:46,160 --> 00:01:48,760
Speaker 4: negotiating style and he gets different results. I just came

35
00:01:48,760 --> 00:01:51,360
Speaker 4: from the peace in the Middle East event, like the

36
00:01:51,760 --> 00:01:56,800
Speaker 4: conventional approaches don't deliver unconventional results. President Trump's about delivering results,

37
00:01:56,960 --> 00:01:58,200
Speaker 4: and yeah, that's a different style.

38
00:01:58,360 --> 00:02:00,520
Speaker 1: The speech has been about self resilience, and that's been

39
00:02:00,920 --> 00:02:02,440
Speaker 1: very much the tone coming.

40
00:02:02,400 --> 00:02:05,200
Speaker 5: Out of the White House, the idea that every.

41
00:02:05,000 --> 00:02:07,440
Speaker 1: Nation needs to look at what it has and really

42
00:02:07,560 --> 00:02:09,640
Speaker 1: build that up. And that's one reason why the focus

43
00:02:09,639 --> 00:02:12,239
Speaker 1: has been on oil. I just wonder do you feel

44
00:02:12,240 --> 00:02:15,519
Speaker 1: like prices where they're at are supporting the US shail

45
00:02:15,600 --> 00:02:19,080
Speaker 1: industry that usually operates at a higher price point. Do

46
00:02:19,120 --> 00:02:20,919
Speaker 1: you think that this push to produce more oil is

47
00:02:20,919 --> 00:02:23,119
Speaker 1: actually harming the US shail industry.

48
00:02:23,440 --> 00:02:26,320
Speaker 4: Well, First of all, though, president has one constituency, and

49
00:02:26,320 --> 00:02:27,680
Speaker 4: that's the American consumer.

50
00:02:27,880 --> 00:02:30,320
Speaker 3: You know, businesses have to compete to be the best

51
00:02:30,320 --> 00:02:31,639
Speaker 3: supplier to consumers.

52
00:02:31,919 --> 00:02:33,800
Speaker 4: But at the end of the day, the point of

53
00:02:33,840 --> 00:02:36,480
Speaker 4: a free market isn't to help or protect businesses.

54
00:02:36,720 --> 00:02:38,359
Speaker 3: It's to serve consumers better.

55
00:02:38,840 --> 00:02:41,640
Speaker 4: And I remember ten years ago the shale company struggled

56
00:02:41,639 --> 00:02:44,200
Speaker 4: because oil came down to eighty dollars and before it

57
00:02:44,240 --> 00:02:47,160
Speaker 4: was one hundred dollars, and their profitability wasn't great. They've

58
00:02:47,200 --> 00:02:50,760
Speaker 4: continued to innovate, continued to drive down breakdown prices.

59
00:02:51,680 --> 00:02:52,600
Speaker 3: US oil production is.

60
00:02:52,560 --> 00:02:55,120
Speaker 4: At a record high right now, as is natural gas production.

61
00:02:55,400 --> 00:02:55,960
Speaker 3: Do they have to.

62
00:02:55,919 --> 00:02:58,120
Speaker 4: Continue to innovate and drive down costs? Of course so,

63
00:02:58,400 --> 00:02:59,920
Speaker 4: but that's what American business does.

64
00:03:00,080 --> 00:03:02,000
Speaker 1: At what point, though, does some of the oil, say

65
00:03:02,040 --> 00:03:05,400
Speaker 1: from Venezuela, start to cannibalize from what the US is

66
00:03:05,440 --> 00:03:08,519
Speaker 1: producing at home. Something that some people are worried about,

67
00:03:08,520 --> 00:03:11,320
Speaker 1: whether it takes up space at refiners, or whether it

68
00:03:11,440 --> 00:03:13,880
Speaker 1: just lowers prices in general at a time where they're

69
00:03:13,919 --> 00:03:16,200
Speaker 1: already struggling to innovate fast enough to keep up.

70
00:03:16,120 --> 00:03:17,040
Speaker 5: With where prices are.

71
00:03:17,560 --> 00:03:20,560
Speaker 4: It's a challenge, but I would I would never underestimate

72
00:03:20,560 --> 00:03:24,280
Speaker 4: the American oil and gas business or Americans across the sectors,

73
00:03:24,520 --> 00:03:26,359
Speaker 4: so I don't worry so much about that.

74
00:03:26,600 --> 00:03:27,400
Speaker 3: And of course it's a.

75
00:03:27,360 --> 00:03:30,000
Speaker 4: Different kind of crude that comes out of Venezuela, and

76
00:03:30,040 --> 00:03:32,880
Speaker 4: a lot of our refineries were built to refine this heavier,

77
00:03:32,919 --> 00:03:35,720
Speaker 4: more viscous crude. We produce that light suite crude in

78
00:03:35,760 --> 00:03:38,840
Speaker 4: the United States. It's a good combination. But when you

79
00:03:38,920 --> 00:03:41,840
Speaker 4: have lower energy prices, you also have faster economic growth,

80
00:03:41,880 --> 00:03:43,400
Speaker 4: which means faster demand growth.

81
00:03:43,480 --> 00:03:44,800
Speaker 3: There's always feedback effects.

82
00:03:44,840 --> 00:03:45,080
Speaker 6: Here.

83
00:03:45,200 --> 00:03:46,000
Speaker 3: We're going to see.

84
00:03:45,800 --> 00:03:48,840
Speaker 4: Faster not just US growth, but global growth because of

85
00:03:48,920 --> 00:03:52,080
Speaker 4: lower global energy prices. One of my messages here in

86
00:03:52,160 --> 00:03:55,520
Speaker 4: Davos talking to the European nations, the EU was a

87
00:03:55,520 --> 00:03:57,560
Speaker 4: similar size economy to the United States.

88
00:03:57,560 --> 00:03:58,600
Speaker 3: In twenty ten.

89
00:03:59,040 --> 00:04:02,160
Speaker 4: They pivoted focused on climate change, for got what energy

90
00:04:02,240 --> 00:04:03,840
Speaker 4: is used for, and they've had.

91
00:04:03,760 --> 00:04:05,160
Speaker 3: Very little economic growth.

92
00:04:05,400 --> 00:04:08,200
Speaker 4: We were both twenty five percent of global consumption just

93
00:04:08,240 --> 00:04:11,400
Speaker 4: in twenty ten. Today the US is twenty eight percent

94
00:04:11,680 --> 00:04:15,040
Speaker 4: and the EU nations are eighteen percent. That's the cost

95
00:04:15,200 --> 00:04:17,960
Speaker 4: of expensive energy policies. And what we want to see

96
00:04:18,000 --> 00:04:22,640
Speaker 4: is Europe reinvigorated. Europe to embrace lower energy prices, reindustrialize

97
00:04:22,680 --> 00:04:25,960
Speaker 4: their economy and therefore be a stronger economic and military

98
00:04:25,960 --> 00:04:26,840
Speaker 4: partner with the US.

99
00:04:26,920 --> 00:04:29,760
Speaker 7: Well, they outsourced their energy to Russia potentially, that's why

100
00:04:29,760 --> 00:04:32,280
Speaker 7: we are seeing these exports out of the United States.

101
00:04:32,320 --> 00:04:34,359
Speaker 7: When it comes to Venezuela, though, do you have planned

102
00:04:34,440 --> 00:04:36,960
Speaker 7: to go down there, maybe even lead a delegation of

103
00:04:37,160 --> 00:04:38,160
Speaker 7: oil executives.

104
00:04:38,360 --> 00:04:40,440
Speaker 3: I'll go down to venezuel and the relative in your future.

105
00:04:40,440 --> 00:04:42,400
Speaker 4: I'll get down in the next few weeks, all go

106
00:04:42,520 --> 00:04:44,920
Speaker 4: down to meet with government officials and look at the

107
00:04:45,000 --> 00:04:48,400
Speaker 4: existing oil facilities down there. We will definitely see a

108
00:04:48,480 --> 00:04:51,080
Speaker 4: number of American oil and gas companies going down as

109
00:04:51,120 --> 00:04:53,600
Speaker 4: well and investigating opportunities on the ground.

110
00:04:53,800 --> 00:04:56,440
Speaker 7: Who are going to be going down with I imagine you're

111
00:04:56,480 --> 00:04:59,800
Speaker 7: on speed dial and have constant conversations with Mike Worth

112
00:05:00,080 --> 00:05:00,799
Speaker 7: you over Chevron.

113
00:05:00,880 --> 00:05:02,040
Speaker 5: But is it Darren.

114
00:05:01,800 --> 00:05:04,640
Speaker 7: Woods potentially feeling a little bit better, He did call

115
00:05:04,680 --> 00:05:08,120
Speaker 7: it uninvestible Venezuela when he met with the president recently.

116
00:05:08,400 --> 00:05:11,680
Speaker 4: Well, that's a backward looking comment, right, because of course

117
00:05:11,720 --> 00:05:13,920
Speaker 4: for ten fifteen years it.

118
00:05:13,880 --> 00:05:15,280
Speaker 3: Has been uninvestable.

119
00:05:15,800 --> 00:05:18,680
Speaker 4: So this is about looking forward about where we're going

120
00:05:18,720 --> 00:05:20,960
Speaker 4: and who are the early movers going to be in

121
00:05:21,000 --> 00:05:23,640
Speaker 4: an environment that's better today than it was a month ago.

122
00:05:24,000 --> 00:05:27,560
Speaker 4: But is it fully rule of law, democratic, thriving society again,

123
00:05:27,600 --> 00:05:30,279
Speaker 4: of course not. This is a process only three weeks

124
00:05:30,279 --> 00:05:32,799
Speaker 4: into it, so that you're going to see increased production

125
00:05:32,839 --> 00:05:35,960
Speaker 4: out of Venezuela, first from the incumbent players like Chevron,

126
00:05:36,320 --> 00:05:40,840
Speaker 4: and then from the new smaller, scrappier American independence that'll go.

127
00:05:41,040 --> 00:05:43,000
Speaker 5: Wildcatters are the ones that are reaching out to you.

128
00:05:43,400 --> 00:05:46,440
Speaker 4: Yes, across the board, bigger companies too, but the faster

129
00:05:46,520 --> 00:05:47,039
Speaker 4: movers will be.

130
00:05:47,000 --> 00:05:49,000
Speaker 7: The wild and you plan on giving them these fresh

131
00:05:49,040 --> 00:05:51,599
Speaker 7: licenses so if they do feel like they have the

132
00:05:51,600 --> 00:05:54,200
Speaker 7: security concerns and it's good to go in Venezuela, that

133
00:05:54,240 --> 00:05:54,880
Speaker 7: they could start.

134
00:05:55,480 --> 00:05:57,159
Speaker 3: Absolutely, they will start.

135
00:05:57,240 --> 00:05:59,839
Speaker 4: Yes, we will move o FAC approvals for anyone that

136
00:05:59,839 --> 00:06:02,039
Speaker 4: wants to go down there. We're going to let the

137
00:06:02,040 --> 00:06:04,360
Speaker 4: marketplace decide that I'm not going to choose or pick

138
00:06:04,360 --> 00:06:07,159
Speaker 4: among companies but we're going to certainly open up that

139
00:06:07,200 --> 00:06:09,320
Speaker 4: opportunities together with the interim.

140
00:06:09,040 --> 00:06:10,200
Speaker 3: Authorities in Venezuela.

141
00:06:10,279 --> 00:06:12,560
Speaker 4: Right now, we're going to open up the opportunities to

142
00:06:12,600 --> 00:06:13,080
Speaker 4: grow oil.

143
00:06:12,960 --> 00:06:16,040
Speaker 3: Production in Venezuela. Now for America, good for Venezuela.

144
00:06:16,120 --> 00:06:18,159
Speaker 2: Not chosing them picking is an interesting one because we

145
00:06:18,200 --> 00:06:21,080
Speaker 2: have seen the administration choose and pick certain companies to

146
00:06:21,160 --> 00:06:21,719
Speaker 2: develop things.

147
00:06:21,720 --> 00:06:22,839
Speaker 8: Why is this a different moment?

148
00:06:24,320 --> 00:06:27,159
Speaker 4: Well, good look to do things short and quick, to

149
00:06:27,320 --> 00:06:31,000
Speaker 4: immediately market the crude out of Venezuela and get money

150
00:06:31,040 --> 00:06:32,560
Speaker 4: flowing as fast as possible.

151
00:06:32,760 --> 00:06:34,200
Speaker 3: You've got to make choices.

152
00:06:33,839 --> 00:06:36,760
Speaker 4: Then, so immediately, when you have an immediate objective, you've

153
00:06:36,760 --> 00:06:40,039
Speaker 4: got to make decisions. But ultimately, we want capitalism in

154
00:06:40,080 --> 00:06:42,960
Speaker 4: the marketplace to decide who the operators are, who the

155
00:06:42,960 --> 00:06:45,200
Speaker 4: marketers of the crud are, and what the future of

156
00:06:45,200 --> 00:06:46,920
Speaker 4: the industry is going to be in Venezuela.

157
00:06:46,960 --> 00:06:48,000
Speaker 5: What's the ultimate goal?

158
00:06:48,200 --> 00:06:50,520
Speaker 1: Is the ultimate goal to take share away from say

159
00:06:50,560 --> 00:06:53,159
Speaker 1: the Middle Eastern Russia. Is the goal to lower prices

160
00:06:53,520 --> 00:06:56,400
Speaker 1: below fifty dollars a barrel? What's the ultimate goal with

161
00:06:56,480 --> 00:06:59,719
Speaker 1: the United States involvement in Venezuela's oil industry, Well.

162
00:06:59,720 --> 00:07:03,279
Speaker 4: The ultimate goal was to stabilize our hemisphere, to reduce

163
00:07:03,400 --> 00:07:06,760
Speaker 4: the running of drugs and guns and criminality. Venezuela's basically

164
00:07:06,760 --> 00:07:10,960
Speaker 4: become a big drug, big drug criminal organization with Hez

165
00:07:10,960 --> 00:07:14,960
Speaker 4: Bowl as Western Hemisphere headquarters there, Russia, Iron Cuba. So

166
00:07:15,000 --> 00:07:18,760
Speaker 4: the goal of Venezuela was geostrategic to have it as safe, peaceful,

167
00:07:19,160 --> 00:07:22,440
Speaker 4: prosperous ally of the United States as it was for decades.

168
00:07:23,040 --> 00:07:26,440
Speaker 4: And as part of that, the tremendous resources Venezuela has

169
00:07:26,440 --> 00:07:28,440
Speaker 4: in oil, for sure, that's going to be a large

170
00:07:28,480 --> 00:07:30,760
Speaker 4: part of their economy growing and all that, and is

171
00:07:30,800 --> 00:07:34,200
Speaker 4: more Western hemisphere oil production. Good for the United States

172
00:07:34,280 --> 00:07:36,160
Speaker 4: and good for the Western hemisphere, sure, but it's good

173
00:07:36,200 --> 00:07:36,840
Speaker 4: for the whole world.

174
00:07:37,040 --> 00:07:39,640
Speaker 5: Saraharra, do you think you can work with Delsea Rodriguez?

175
00:07:40,560 --> 00:07:42,600
Speaker 3: We are today, We absolutely are today.

176
00:07:43,000 --> 00:07:44,360
Speaker 5: You'll meet her when you go there.

177
00:07:44,560 --> 00:07:45,600
Speaker 3: I certainly will.

178
00:07:45,640 --> 00:07:48,440
Speaker 7: Because she was their oil minister. And Jonathan asked me

179
00:07:48,520 --> 00:07:50,040
Speaker 7: this when Nicholas Madora was captured.

180
00:07:50,040 --> 00:07:52,360
Speaker 5: I used to cover opak. Does the United States basically

181
00:07:52,400 --> 00:07:53,880
Speaker 5: have a seat at the table when it comes to

182
00:07:53,920 --> 00:07:54,720
Speaker 5: the cartel?

183
00:07:56,440 --> 00:07:58,800
Speaker 3: The cartel in Opak, Yeah, because.

184
00:07:58,440 --> 00:08:02,240
Speaker 7: Basically you have this pragmatic approach to Delsea Rodriguez. You're

185
00:08:02,280 --> 00:08:05,640
Speaker 7: bringing in the energy companies into Venezuela, and Venezuela is

186
00:08:05,680 --> 00:08:06,400
Speaker 7: part of OPAK.

187
00:08:07,520 --> 00:08:09,480
Speaker 4: I hadn't even thought about that, But of course we're

188
00:08:09,480 --> 00:08:12,040
Speaker 4: not looking for a seat at the table at OPAK.

189
00:08:12,360 --> 00:08:14,960
Speaker 4: Of course, the United States produces more oil today than

190
00:08:15,000 --> 00:08:18,920
Speaker 4: Saudi Arabia and Russia, the two biggest other producers of oil.

191
00:08:19,200 --> 00:08:21,160
Speaker 4: So I think we're quite comfortable with where we sit.

192
00:08:21,400 --> 00:08:24,640
Speaker 4: We just want a stable, prosperous Venezuela to be good

193
00:08:24,640 --> 00:08:26,600
Speaker 4: for the United States, good for the Western Hemisphere, and

194
00:08:26,600 --> 00:08:27,320
Speaker 4: good for Venezuela.

195
00:08:27,360 --> 00:08:27,720
Speaker 8: So that's tight.

196
00:08:27,760 --> 00:08:29,880
Speaker 2: The answer that Amory gave me when I asked that

197
00:08:30,000 --> 00:08:31,840
Speaker 2: question to her, i'm Rey turned around and said, they

198
00:08:31,840 --> 00:08:34,120
Speaker 2: already have one as Saudi Arabia. Yeah, and they can

199
00:08:34,200 --> 00:08:35,439
Speaker 2: lean on the Saudi's to get what they want.

200
00:08:35,480 --> 00:08:38,080
Speaker 8: Is that fair? Do you have enough influence on accounts?

201
00:08:38,080 --> 00:08:40,600
Speaker 3: Homy? We don't lean on them to get what we want.

202
00:08:40,679 --> 00:08:44,840
Speaker 4: But unlike the Biden administration, of course, we've embraced the

203
00:08:45,000 --> 00:08:49,040
Speaker 4: growing economies, the growing freedom in the Middle East. The

204
00:08:49,080 --> 00:08:51,400
Speaker 4: goal is to have a peaceful, prosperous Middle East and

205
00:08:51,440 --> 00:08:54,480
Speaker 4: not a conflict ridden you know, it's about bullets and

206
00:08:54,480 --> 00:08:56,160
Speaker 4: shooting people and who hates each other.

207
00:08:56,320 --> 00:08:57,959
Speaker 3: We want to make it free and prosperous.

208
00:08:58,040 --> 00:09:00,120
Speaker 7: Well, do you remember the first term when they're or

209
00:09:00,200 --> 00:09:02,800
Speaker 7: is that price war? Prices went to negative on WTI

210
00:09:02,880 --> 00:09:04,560
Speaker 7: and the President picked up the phone, this was his

211
00:09:04,600 --> 00:09:07,520
Speaker 7: first term at forty five, called President Putin and called

212
00:09:07,520 --> 00:09:09,680
Speaker 7: the Crown Prince Muhammed bin Salman. That's why I always

213
00:09:09,720 --> 00:09:12,200
Speaker 7: say the US has a seat at the table. The

214
00:09:12,200 --> 00:09:15,040
Speaker 7: President does seem to want to work in the energy space.

215
00:09:15,559 --> 00:09:18,560
Speaker 4: He understands the criticality of energy and of course during

216
00:09:18,559 --> 00:09:23,360
Speaker 4: COVID in emergency situations, you want a strong, resolute business

217
00:09:23,400 --> 00:09:24,160
Speaker 4: focus leader.

218
00:09:24,800 --> 00:09:27,160
Speaker 2: Can I finish on security guarantees in Venezuela? I think

219
00:09:27,160 --> 00:09:30,280
Speaker 2: it's importen. Can we offer security guarantees of these companies

220
00:09:30,280 --> 00:09:32,680
Speaker 2: that aren't going to develop those reserves now?

221
00:09:32,920 --> 00:09:34,200
Speaker 3: We have no plans to do that.

222
00:09:34,400 --> 00:09:37,520
Speaker 4: The US involvement right now and controlling the flow of

223
00:09:37,600 --> 00:09:41,240
Speaker 4: funds in Venezuela gives us huge leverage to reduce the

224
00:09:41,320 --> 00:09:45,400
Speaker 4: criminality in that country, re establish peace and better business

225
00:09:45,440 --> 00:09:47,880
Speaker 4: conditions in the short term. In the long run, you've

226
00:09:47,920 --> 00:09:49,960
Speaker 4: got to go all the way to a representative government,

227
00:09:50,280 --> 00:09:53,160
Speaker 4: a rewriting of laws and the constitution.

228
00:09:52,920 --> 00:09:54,120
Speaker 3: But that will take time.

229
00:09:54,360 --> 00:09:57,440
Speaker 4: But no, the activity we're doing is moving the security

230
00:09:57,480 --> 00:10:00,200
Speaker 4: situation in a positive direction. But we are not going

231
00:10:00,240 --> 00:10:03,240
Speaker 4: to get involved in providing on the ground security for

232
00:10:03,280 --> 00:10:06,760
Speaker 4: people in Venezuela. Oil and gas companies operate all around

233
00:10:06,800 --> 00:10:08,160
Speaker 4: the world in all different settings.

234
00:10:08,280 --> 00:10:09,680
Speaker 3: They're well versed in those challenges.

235
00:10:09,720 --> 00:10:13,280
Speaker 2: You understand why some companies might have reservations about coming

236
00:10:13,360 --> 00:10:15,680
Speaker 2: in because that wonder what comes off to President Trump

237
00:10:16,000 --> 00:10:18,760
Speaker 2: and whether the next administration will have that same commitment

238
00:10:19,040 --> 00:10:20,480
Speaker 2: that you have to that country.

239
00:10:20,840 --> 00:10:24,680
Speaker 4: Of course, it's an evolving environment. This is not for everyone.

240
00:10:24,720 --> 00:10:27,880
Speaker 4: There's always different risk and reward situations at time, which

241
00:10:27,880 --> 00:10:31,640
Speaker 4: is why the wildcatters will move first. The bigger longer

242
00:10:31,760 --> 00:10:34,200
Speaker 4: term you know, tens of billions in dollar investments. They're

243
00:10:34,200 --> 00:10:36,360
Speaker 4: going to wait till there's more clarity in that environment.

244
00:10:36,559 --> 00:10:39,280
Speaker 4: But fortunately with Chevron there, with Repsol there, with e

245
00:10:39,440 --> 00:10:42,280
Speaker 4: and I there, with Shell right next door, we already

246
00:10:42,360 --> 00:10:45,760
Speaker 4: have big incumbent players that are ready to grow their investments.

247
00:10:46,720 --> 00:10:50,200
Speaker 2: Stay with US, multile IMPEG. Savandan's coming up off to this.

248
00:11:00,000 --> 00:11:02,480
Speaker 2: It's the lightest this morning. The President of the United States,

249
00:11:02,480 --> 00:11:04,920
Speaker 2: Donald Trump canceling European tariffs that were sent to begin

250
00:11:05,000 --> 00:11:08,640
Speaker 2: February first. After reaching a framework deal over Greenland. The

251
00:11:08,720 --> 00:11:11,960
Speaker 2: US COMMAS secretary Howard Latnik joined us. Now making some

252
00:11:12,080 --> 00:11:13,840
Speaker 2: waves of the World Economic Forum over the.

253
00:11:13,840 --> 00:11:15,480
Speaker 8: Last couple of days. Mister secretary is going.

254
00:11:15,400 --> 00:11:15,719
Speaker 3: To see you.

255
00:11:15,840 --> 00:11:16,439
Speaker 6: Great to see you.

256
00:11:16,559 --> 00:11:18,440
Speaker 2: Let's cut through the drama. Let's get to the big

257
00:11:18,440 --> 00:11:20,680
Speaker 2: point in the elephant of the room. What happened at

258
00:11:20,720 --> 00:11:23,160
Speaker 2: dinner time the other night. I've heard all kinds of

259
00:11:23,240 --> 00:11:26,080
Speaker 2: stories booming, the guards storming at the room.

260
00:11:26,200 --> 00:11:26,720
Speaker 8: What happens?

261
00:11:26,840 --> 00:11:29,040
Speaker 9: Oh, this is so silly. So at the end of

262
00:11:29,080 --> 00:11:31,800
Speaker 9: the evening they called on me. I just published an

263
00:11:31,840 --> 00:11:35,320
Speaker 9: op ed in the Financial Times, and so they called

264
00:11:35,360 --> 00:11:38,880
Speaker 9: on me. I gave two three minutes of my ft,

265
00:11:39,960 --> 00:11:45,079
Speaker 9: which basically said that globalization right and the outsourcing of

266
00:11:45,120 --> 00:11:48,360
Speaker 9: your industry to the lowest cost in the world right,

267
00:11:48,480 --> 00:11:52,000
Speaker 9: had really left, had really harmed American, had harmed Europe,

268
00:11:52,240 --> 00:11:55,000
Speaker 9: and it had failed, it had failed us, and that

269
00:11:55,080 --> 00:11:57,040
Speaker 9: we need to reasure, need to take care of our

270
00:11:57,080 --> 00:11:57,840
Speaker 9: own citizens.

271
00:11:58,000 --> 00:12:00,360
Speaker 6: So that's basically the model. And were I was.

272
00:12:00,320 --> 00:12:04,480
Speaker 9: Done with that two or three minutes, one person of

273
00:12:04,520 --> 00:12:07,680
Speaker 9: the two hundred odd people in the room booed, and

274
00:12:07,880 --> 00:12:11,840
Speaker 9: I felt honored because it was Al Gore on alcore Bood,

275
00:12:12,160 --> 00:12:12,800
Speaker 9: and I was like.

276
00:12:13,040 --> 00:12:17,400
Speaker 2: Really, I wasn't throwing bread rolls at you from the bank.

277
00:12:17,480 --> 00:12:18,120
Speaker 2: That wasn't happening.

278
00:12:19,000 --> 00:12:20,679
Speaker 6: Put it, I put it in the ft. I mean,

279
00:12:20,960 --> 00:12:22,760
Speaker 6: I wasn't like trying to be quiet about it.

280
00:12:22,800 --> 00:12:27,080
Speaker 9: I mean I think that globalization, right, and the idea

281
00:12:27,200 --> 00:12:31,240
Speaker 9: of global supply chains and finding the lowest cost, I mean,

282
00:12:31,280 --> 00:12:33,560
Speaker 9: that is just not the way to take care of

283
00:12:33,600 --> 00:12:37,360
Speaker 9: your auto workers, right who are in Ohio and Michigan.

284
00:12:37,800 --> 00:12:40,560
Speaker 9: And so we're bringing that back. So think about this.

285
00:12:40,960 --> 00:12:43,120
Speaker 9: When we were done with we started auto tariffs. We

286
00:12:43,160 --> 00:12:45,959
Speaker 9: started working on it in March, and we finished in November,

287
00:12:46,240 --> 00:12:47,040
Speaker 9: and we were done.

288
00:12:47,080 --> 00:12:47,640
Speaker 6: The last day.

289
00:12:47,640 --> 00:12:51,160
Speaker 9: When we finished, General Motives and Ford stocks each went

290
00:12:51,240 --> 00:12:54,680
Speaker 9: up ten percent. General Motors ended the year of sixty percent.

291
00:12:54,679 --> 00:12:57,880
Speaker 9: If I told you on January first that General Motives

292
00:12:57,920 --> 00:12:59,400
Speaker 9: was going to be on sixty percent, you would all

293
00:12:59,400 --> 00:13:02,040
Speaker 9: sit out stock And how about this? On that same day,

294
00:13:02,679 --> 00:13:06,040
Speaker 9: Sean Fame, who runs the United Auto Workers, called me

295
00:13:06,080 --> 00:13:09,760
Speaker 9: and said, I can't believe I'm calling a Republican Secretary

296
00:13:09,760 --> 00:13:13,199
Speaker 9: of Commerce to say thank God for you and your administration.

297
00:13:13,679 --> 00:13:16,840
Speaker 9: The first administration is actually taking care of the auto

298
00:13:16,960 --> 00:13:18,000
Speaker 9: workers of America.

299
00:13:18,080 --> 00:13:18,800
Speaker 6: So think about that.

300
00:13:18,840 --> 00:13:22,160
Speaker 9: You can, if you really think it through, you can

301
00:13:22,200 --> 00:13:25,360
Speaker 9: take care of the company and the worker. You don't

302
00:13:25,400 --> 00:13:29,679
Speaker 9: have to pick sides because we want union labor growth

303
00:13:29,720 --> 00:13:30,240
Speaker 9: in America.

304
00:13:30,280 --> 00:13:33,360
Speaker 6: These are great jobs. Why wouldn't we want them in America.

305
00:13:33,440 --> 00:13:37,199
Speaker 9: So that's why Donald Trump wins the union vote, because

306
00:13:37,200 --> 00:13:40,720
Speaker 9: he's actually pro these workers.

307
00:13:40,760 --> 00:13:42,439
Speaker 6: He literally is pro these workers.

308
00:13:42,559 --> 00:13:45,200
Speaker 9: It's not a political thing, it's these are great jobs

309
00:13:45,200 --> 00:13:45,880
Speaker 9: for Americans.

310
00:13:46,080 --> 00:13:47,040
Speaker 6: Let's go get more of them.

311
00:13:47,080 --> 00:13:48,439
Speaker 2: There's a lot of money set to come into the

312
00:13:48,520 --> 00:13:50,840
Speaker 2: United States and big bets, a ton of FDM. We

313
00:13:50,840 --> 00:13:52,240
Speaker 2: could get into that in just a moment. I just

314
00:13:52,280 --> 00:13:55,240
Speaker 2: want to stay on G seven, allies. This week's been

315
00:13:55,280 --> 00:13:58,120
Speaker 2: quite a week. Emmanuel Macron, the French president, has said

316
00:13:58,480 --> 00:14:01,520
Speaker 2: basically accusing the US of trying to subordinate the Europeans.

317
00:14:01,880 --> 00:14:04,120
Speaker 2: The Prime Minister of Canada, I'm sure you heard his speech,

318
00:14:04,160 --> 00:14:06,880
Speaker 2: Mark Candy other day, said this is not a transition,

319
00:14:07,400 --> 00:14:10,199
Speaker 2: it's a rupture. How would you describe relations with those

320
00:14:10,240 --> 00:14:11,120
Speaker 2: countries at the moment.

321
00:14:11,640 --> 00:14:16,240
Speaker 9: I think our relations are perfectly fine, right. I described

322
00:14:16,640 --> 00:14:20,440
Speaker 9: the relationship with respect to the whole when Greenland was

323
00:14:20,440 --> 00:14:22,880
Speaker 9: going back and forth before we sort of settled it

324
00:14:22,920 --> 00:14:26,840
Speaker 9: with a framework agreement, Right, I called it a kerf fluffle. Right.

325
00:14:26,880 --> 00:14:29,640
Speaker 9: It's basically like if you have an argument with your

326
00:14:29,680 --> 00:14:31,560
Speaker 9: spouse that's not real.

327
00:14:31,800 --> 00:14:33,280
Speaker 6: You know, it's not a real one. It's like a

328
00:14:33,320 --> 00:14:33,880
Speaker 6: small thing.

329
00:14:33,920 --> 00:14:35,760
Speaker 2: My spouse doesn't go out there and deliver a speech

330
00:14:35,760 --> 00:14:36,640
Speaker 2: after that argument.

331
00:14:37,120 --> 00:14:38,239
Speaker 8: It's the end of the relationship.

332
00:14:38,280 --> 00:14:41,200
Speaker 9: Fair enough, But you're right, and I think they overreacted.

333
00:14:41,440 --> 00:14:43,680
Speaker 9: And it's proof that they overreacted because a day or

334
00:14:43,680 --> 00:14:45,640
Speaker 9: two later, there's a framework that makes sense.

335
00:14:45,880 --> 00:14:47,600
Speaker 6: Right. What did we say? We said we.

336
00:14:47,560 --> 00:14:50,360
Speaker 9: Cared about it for national security. Right, we said we

337
00:14:50,400 --> 00:14:53,000
Speaker 9: care about a national security. I mean, it's obvious we

338
00:14:53,000 --> 00:14:54,880
Speaker 9: care about it for national security. Because if you're going

339
00:14:54,920 --> 00:14:58,720
Speaker 9: to build a golden dome over the United States of America, right,

340
00:14:59,000 --> 00:15:02,760
Speaker 9: wouldn't you prefer the golden dome cover Greenland? So when

341
00:15:02,760 --> 00:15:05,160
Speaker 9: you're knocking out the missiles, you're not knocking them out

342
00:15:05,240 --> 00:15:07,120
Speaker 9: right over your head like we've all seen Israel like

343
00:15:07,240 --> 00:15:09,400
Speaker 9: knocking out the missiles right over their head with their

344
00:15:09,440 --> 00:15:10,000
Speaker 9: iron dome.

345
00:15:10,200 --> 00:15:11,640
Speaker 6: Wouldn't you prefer to knock.

346
00:15:11,400 --> 00:15:13,480
Speaker 9: Out the missiles if you live on the East coast

347
00:15:13,560 --> 00:15:15,960
Speaker 9: of the United States of America over Greenland, a couple

348
00:15:16,000 --> 00:15:18,120
Speaker 9: of thousand miles away where there's no people, Right, Does

349
00:15:18,240 --> 00:15:21,480
Speaker 9: that sound better? So this is sort of where we're

350
00:15:21,520 --> 00:15:24,560
Speaker 9: thinking about it and how our national security team is

351
00:15:24,600 --> 00:15:28,120
Speaker 9: thinking about its. Actually, the framework, well, the framework is

352
00:15:28,160 --> 00:15:30,800
Speaker 9: a national security based framework that that's what the United

353
00:15:30,840 --> 00:15:34,520
Speaker 9: States cares about. We care about our national security, we

354
00:15:34,560 --> 00:15:37,040
Speaker 9: care about the shipping lanes. So let's talk about the

355
00:15:37,120 --> 00:15:39,560
Speaker 9: national security and shipping lanes and let's see if we

356
00:15:39,600 --> 00:15:42,160
Speaker 9: can't figure out a framework to do that together. And

357
00:15:42,240 --> 00:15:44,480
Speaker 9: I think that's what the President truthed about. He said,

358
00:15:44,480 --> 00:15:46,560
Speaker 9: we're going to try to figure that out together because

359
00:15:46,640 --> 00:15:49,320
Speaker 9: those were the key points that the United States of

360
00:15:49,320 --> 00:15:52,240
Speaker 9: America cared about. And I think the President's been clear

361
00:15:52,280 --> 00:15:55,240
Speaker 9: about it and he just wants people at the table

362
00:15:55,680 --> 00:15:57,720
Speaker 9: dealing with it swiftly. I mean to think about this,

363
00:15:58,240 --> 00:16:02,760
Speaker 9: he sends out a truth and like within four days, right,

364
00:16:02,800 --> 00:16:05,280
Speaker 9: we have a framework agreement Like that's by the way,

365
00:16:05,320 --> 00:16:06,160
Speaker 9: it's a pretty effection.

366
00:16:06,160 --> 00:16:08,960
Speaker 5: And we had we had tariffs on tariffs.

367
00:16:08,600 --> 00:16:10,720
Speaker 6: Off they were as they were never on.

368
00:16:10,840 --> 00:16:12,800
Speaker 7: The threat of them are coming on for February First,

369
00:16:12,840 --> 00:16:15,200
Speaker 7: what does this do now for the agreement you were

370
00:16:15,200 --> 00:16:17,960
Speaker 7: and your team struck with Brussels because the legal implementation

371
00:16:18,080 --> 00:16:19,200
Speaker 7: has now been put on hold.

372
00:16:19,520 --> 00:16:23,080
Speaker 9: Oh, I think it'll be put on unhold probably tomorrow.

373
00:16:23,200 --> 00:16:25,960
Speaker 9: I mean, come on, That's why I said it's an overreaction.

374
00:16:26,400 --> 00:16:29,960
Speaker 9: I mean, they know when the President says, this is

375
00:16:29,960 --> 00:16:30,640
Speaker 9: what's going to happen.

376
00:16:30,720 --> 00:16:32,000
Speaker 6: I mean what provoked the president.

377
00:16:32,040 --> 00:16:35,480
Speaker 9: What provoked the President was that they sent military people

378
00:16:35,520 --> 00:16:39,520
Speaker 9: to Greenland. I mean, they didn't send military people to Ukraine. Like,

379
00:16:39,560 --> 00:16:43,160
Speaker 9: why are they sending military people to Greenland? You know,

380
00:16:43,280 --> 00:16:45,200
Speaker 9: it was so it seemed like a provocation.

381
00:16:45,320 --> 00:16:47,320
Speaker 2: We spoke to the Finish leader and he suggested that

382
00:16:47,480 --> 00:16:50,600
Speaker 2: was a miscommunication and he cleared that up pretty quickly.

383
00:16:50,680 --> 00:16:52,040
Speaker 2: There's something I want to get into with you that

384
00:16:52,040 --> 00:16:53,920
Speaker 2: I think is quite important. This, of course, is the

385
00:16:54,040 --> 00:16:55,240
Speaker 2: end of the deal. We talk about it on the

386
00:16:55,240 --> 00:16:57,560
Speaker 2: program all the time. The President anchors the story to

387
00:16:57,600 --> 00:16:59,560
Speaker 2: the extreme and then gets a faithful deal for the

388
00:16:59,640 --> 00:17:02,120
Speaker 2: unat of time. So I think that's well understood. Something

389
00:17:02,240 --> 00:17:04,560
Speaker 2: happened though, in the last twelve months that I think

390
00:17:04,640 --> 00:17:07,360
Speaker 2: is really interesting. He tried the same thing with Canada

391
00:17:07,800 --> 00:17:11,320
Speaker 2: and totally upended the election in Canada north of the border.

392
00:17:11,359 --> 00:17:12,880
Speaker 8: Polyeff was going to sail away with that.

393
00:17:13,200 --> 00:17:16,160
Speaker 2: The reason Mark Carney's here as Prime Minister is because

394
00:17:16,160 --> 00:17:19,600
Speaker 2: the President took such an assertive stance on Canada. Now

395
00:17:19,680 --> 00:17:21,680
Speaker 2: at the time, I was finding the humor in the conversation.

396
00:17:21,800 --> 00:17:24,920
Speaker 2: Then the Canadians started lighting up the Bloomberg terminal sending messages.

397
00:17:24,960 --> 00:17:27,760
Speaker 2: They were deeply offended, and we've seen that damage the

398
00:17:27,800 --> 00:17:31,280
Speaker 2: economic relationship with Canada and the United States, and the

399
00:17:31,359 --> 00:17:33,240
Speaker 2: risk camemists the Secretary, and I'd love your thoughts on

400
00:17:33,280 --> 00:17:34,680
Speaker 2: it and your reaction, because I think this is really

401
00:17:34,680 --> 00:17:38,040
Speaker 2: important regard to Europeans. The points you're making about Europe

402
00:17:38,040 --> 00:17:40,840
Speaker 2: and have made over the last week are valid points

403
00:17:40,960 --> 00:17:43,480
Speaker 2: and they're actually well received by a lot of Europeans.

404
00:17:43,800 --> 00:17:45,879
Speaker 2: But the style in which is being delivered at the moment,

405
00:17:46,200 --> 00:17:48,480
Speaker 2: some of them are finally offensive. Do you think there's

406
00:17:48,520 --> 00:17:51,320
Speaker 2: a risk here that we damage the economic relationship with

407
00:17:51,359 --> 00:17:53,560
Speaker 2: the Europeans in the same way we do with the Canadians,

408
00:17:53,680 --> 00:17:57,320
Speaker 2: and for that matter, derail the conservative movement in Europe

409
00:17:57,440 --> 00:17:58,360
Speaker 2: that's well underway.

410
00:17:59,080 --> 00:18:03,520
Speaker 9: I don't. The fact is that you need to rethink.

411
00:18:03,560 --> 00:18:07,080
Speaker 9: I think Europe is amazing and it's got extraordinary opportunity

412
00:18:07,080 --> 00:18:10,239
Speaker 9: and a twenty trillion dollar economy. But think about this,

413
00:18:10,720 --> 00:18:14,159
Speaker 9: if they had the right digital rules, meaning similar digital

414
00:18:14,280 --> 00:18:17,880
Speaker 9: rules to the United States, we have six trillion dollars

415
00:18:18,080 --> 00:18:21,119
Speaker 9: with of committed investment to build data centers in America

416
00:18:21,160 --> 00:18:23,280
Speaker 9: and we have a thirty trillion dollar economy. So if

417
00:18:23,320 --> 00:18:25,919
Speaker 9: they had a twenty trillion dollar economy, you'd say, okay,

418
00:18:26,400 --> 00:18:28,560
Speaker 9: if they had the same rules, they could get four trillion,

419
00:18:28,840 --> 00:18:32,399
Speaker 9: or how about two trillion. You realized two trillion for

420
00:18:32,480 --> 00:18:35,560
Speaker 9: their economy, right, would be ten points of GDP s

421
00:18:35,640 --> 00:18:38,000
Speaker 9: right over three or four years. I mean, that would

422
00:18:38,000 --> 00:18:40,920
Speaker 9: produce amazing growth. And let me sort of explain how

423
00:18:40,920 --> 00:18:43,800
Speaker 9: that works. So we did a deal with Micron. Right,

424
00:18:43,800 --> 00:18:46,280
Speaker 9: they're going to build two hundred billion dollars in America.

425
00:18:46,359 --> 00:18:50,080
Speaker 9: So on Friday last Friday, we did a ground breaking

426
00:18:50,359 --> 00:18:54,320
Speaker 9: of their megafab, one hundred billion dollar fag fab. And

427
00:18:54,359 --> 00:18:56,360
Speaker 9: where did they do it. They did it in upstate

428
00:18:56,440 --> 00:19:00,280
Speaker 9: New York, Conserracuorves. Now, there hasn't been industrial building state

429
00:19:00,359 --> 00:19:02,800
Speaker 9: New York in probably forty years, but if you think

430
00:19:02,800 --> 00:19:05,120
Speaker 9: about it, it had a huge industrial base once upon

431
00:19:05,160 --> 00:19:06,080
Speaker 9: a time, So what.

432
00:19:06,119 --> 00:19:09,119
Speaker 6: Does it have. It has power because it has the

433
00:19:09,160 --> 00:19:10,439
Speaker 6: power infrastructure for that.

434
00:19:10,760 --> 00:19:14,600
Speaker 9: So what that does is it creates like this enormous uplift.

435
00:19:14,800 --> 00:19:16,520
Speaker 6: And I think Europe can do the same thing.

436
00:19:16,560 --> 00:19:18,520
Speaker 9: I think the UK can do the same thing, and

437
00:19:19,000 --> 00:19:22,560
Speaker 9: Canada is just thinking in this arrogant kind of thought.

438
00:19:22,880 --> 00:19:25,119
Speaker 1: Well, but just to build on what John is talking about,

439
00:19:25,280 --> 00:19:28,400
Speaker 1: it's a style question. Can you get the same results

440
00:19:28,680 --> 00:19:32,120
Speaker 1: without using words like calling leaders week or their economy

441
00:19:32,160 --> 00:19:32,760
Speaker 1: is decaying?

442
00:19:33,080 --> 00:19:33,280
Speaker 3: Right?

443
00:19:33,359 --> 00:19:36,800
Speaker 1: Is it necessary to provoke the visceral feeling that we

444
00:19:36,880 --> 00:19:40,040
Speaker 1: feel among a lot of leaders here and in conversations

445
00:19:40,320 --> 00:19:43,560
Speaker 1: with international investors. I mean, is there any other way?

446
00:19:43,680 --> 00:19:46,680
Speaker 1: Is that style more harmful than it is helpful?

447
00:19:47,119 --> 00:19:51,439
Speaker 9: Well, I think it creates listening, Like people pay attention

448
00:19:51,520 --> 00:19:52,480
Speaker 9: to it and listen to it.

449
00:19:52,640 --> 00:19:54,000
Speaker 6: If you just sort of.

450
00:19:53,960 --> 00:19:57,439
Speaker 9: Blend in, no one hears anything in Davos, right, everybody

451
00:19:57,520 --> 00:19:59,679
Speaker 9: says the same blah blah blah blah blah. And if

452
00:19:59,680 --> 00:20:01,560
Speaker 9: you need to break out and you need to say it.

453
00:20:01,600 --> 00:20:06,240
Speaker 9: So my view is right that Canada has never expressed

454
00:20:06,240 --> 00:20:09,119
Speaker 9: to the world that they have the best deal, the

455
00:20:09,160 --> 00:20:11,159
Speaker 9: second best deal in the world, the best deal in

456
00:20:11,160 --> 00:20:14,640
Speaker 9: the world is Mexico, because remember they have USMCA, which

457
00:20:14,640 --> 00:20:18,040
Speaker 9: means eighty five percent of the Canadian economy comes into

458
00:20:18,080 --> 00:20:21,720
Speaker 9: the United States for zero. And there he is complaining

459
00:20:21,720 --> 00:20:24,760
Speaker 9: that he's going to go to China and improve it.

460
00:20:24,800 --> 00:20:28,040
Speaker 9: What's he going to do? China's delighted to sell to him.

461
00:20:28,240 --> 00:20:30,879
Speaker 9: But you think China's going to open their economy to

462
00:20:30,960 --> 00:20:32,760
Speaker 9: accept exports from Canada.

463
00:20:32,800 --> 00:20:34,440
Speaker 6: This is the silliest thing I've ever seen.

464
00:20:34,560 --> 00:20:36,840
Speaker 9: They have the second best deal because Mexico's got a

465
00:20:36,880 --> 00:20:39,000
Speaker 9: little better deal. They have twenty five percent on the

466
00:20:39,000 --> 00:20:42,040
Speaker 9: extra fifteen percent, whereas Canada's got thirty five percent on

467
00:20:42,119 --> 00:20:44,520
Speaker 9: the extra fifteen percent. But give me a break. They

468
00:20:44,520 --> 00:20:46,960
Speaker 9: have the second best deal in the world. And all

469
00:20:46,960 --> 00:20:48,600
Speaker 9: I got to do is listen to this guy wind

470
00:20:48,600 --> 00:20:49,480
Speaker 9: and complain.

471
00:20:49,200 --> 00:20:50,000
Speaker 5: Mister Secretary.

472
00:20:50,080 --> 00:20:52,760
Speaker 1: In fairness, you've seen from the airplanes, you've seen about

473
00:20:52,760 --> 00:20:55,600
Speaker 1: a thirty percent decline in Canadian visitors to the United States,

474
00:20:55,640 --> 00:20:57,879
Speaker 1: if not significantly more. You've seen a similar type of

475
00:20:57,880 --> 00:21:01,680
Speaker 1: decline from China. European traveler inbound have come down. There

476
00:21:01,760 --> 00:21:04,000
Speaker 1: is a sense that people do not want to come

477
00:21:04,040 --> 00:21:05,639
Speaker 1: to the culture of the US, and there is this

478
00:21:05,760 --> 00:21:08,840
Speaker 1: anchor about it. I just wonder if you think that

479
00:21:08,840 --> 00:21:11,200
Speaker 1: that's just temporary, or you just sort of dismiss that,

480
00:21:11,320 --> 00:21:13,320
Speaker 1: or you think it's irrelevant to the actual issues.

481
00:21:13,920 --> 00:21:17,840
Speaker 9: I think what that is is political marketing. Right, the

482
00:21:17,920 --> 00:21:20,959
Speaker 9: Canadians have the second best deal in the whole wide

483
00:21:21,000 --> 00:21:25,040
Speaker 9: world if they continue this path, right, which is a

484
00:21:25,080 --> 00:21:27,800
Speaker 9: political path of a certain thing.

485
00:21:27,840 --> 00:21:29,679
Speaker 6: I'm going to go fly to China. I'm going to

486
00:21:29,720 --> 00:21:31,160
Speaker 6: open up my markets to China.

487
00:21:31,200 --> 00:21:34,240
Speaker 9: I'm going to take Chinese electric cars and do all

488
00:21:34,240 --> 00:21:39,960
Speaker 9: sorts of this stuff. Then when USMCA gets renegotiated this year,

489
00:21:40,600 --> 00:21:43,439
Speaker 9: this year sort of like towards the end of the summer,

490
00:21:43,720 --> 00:21:45,320
Speaker 9: in the middle of the summer, do you think the

491
00:21:45,320 --> 00:21:47,679
Speaker 9: President of United States is going to say you should

492
00:21:47,800 --> 00:21:50,040
Speaker 9: keep having the second best deal in the world. I mean,

493
00:21:50,040 --> 00:21:52,840
Speaker 9: you guys are such great friends. I mean they are

494
00:21:52,920 --> 00:21:57,440
Speaker 9: playing with except of rules that they haven't really thought.

495
00:21:57,480 --> 00:21:59,200
Speaker 2: I can hear it in your voice. You're excited about

496
00:21:59,200 --> 00:22:00,600
Speaker 2: negotiating this this year.

497
00:22:00,640 --> 00:22:03,639
Speaker 9: Well, they've sort of given a sort of a roadmap

498
00:22:03,800 --> 00:22:05,920
Speaker 9: of saying, so, I guess we should change the whole deal.

499
00:22:06,440 --> 00:22:08,200
Speaker 6: Right, you want to be like the rest of the world.

500
00:22:08,480 --> 00:22:11,960
Speaker 9: You don't want to be this favored neighbor, because you've

501
00:22:12,000 --> 00:22:14,879
Speaker 9: taken it so for granted that you're willing to come

502
00:22:15,119 --> 00:22:17,879
Speaker 9: to Davos and say, the two higemic.

503
00:22:17,480 --> 00:22:20,440
Speaker 10: Powers in the world, and we're going to decide which

504
00:22:20,480 --> 00:22:22,399
Speaker 10: one we're going to work with. Really, you're going to

505
00:22:22,480 --> 00:22:24,359
Speaker 10: either work with the United States of America, where seventy

506
00:22:24,359 --> 00:22:27,360
Speaker 10: five percent of your economy is totally tied to it,

507
00:22:27,600 --> 00:22:28,280
Speaker 10: or China.

508
00:22:29,000 --> 00:22:32,639
Speaker 6: Why would you say that? It just I think it's political,

509
00:22:33,320 --> 00:22:33,560
Speaker 6: you know.

510
00:22:33,680 --> 00:22:36,600
Speaker 9: I think if we take it correctly, we should look

511
00:22:36,600 --> 00:22:39,119
Speaker 9: at it as just political noise coming out of a

512
00:22:39,160 --> 00:22:42,200
Speaker 9: prime minister and maybe this is working for his election, right,

513
00:22:42,240 --> 00:22:44,800
Speaker 9: because I don't think it can be real, because if

514
00:22:44,840 --> 00:22:49,280
Speaker 9: you took out the math of Canada's economy and doing

515
00:22:49,320 --> 00:22:52,960
Speaker 9: business with the United States of America's thirty trillion dollar economy,

516
00:22:53,280 --> 00:22:57,000
Speaker 9: there's no such thing as changing what they have today.

517
00:22:57,240 --> 00:22:59,960
Speaker 6: No one would vote for changing what they had today.

518
00:23:00,280 --> 00:23:03,040
Speaker 9: Now, not thally they're marketing as well, but they're just

519
00:23:03,280 --> 00:23:06,080
Speaker 9: for their politics, but they're surely not marketing it well

520
00:23:06,280 --> 00:23:07,960
Speaker 9: for their fundamental economics.

521
00:23:07,960 --> 00:23:09,439
Speaker 6: For long term, the United States, the.

522
00:23:09,480 --> 00:23:10,960
Speaker 5: US is doing deals with China, and I'd love you

523
00:23:10,960 --> 00:23:12,760
Speaker 5: to walk us through what's going on with the Age twenties.

524
00:23:12,880 --> 00:23:15,320
Speaker 7: Is it accurate now that basically for China to get

525
00:23:15,320 --> 00:23:17,480
Speaker 7: the age twenty chips, Taiwan needs to send them to

526
00:23:17,560 --> 00:23:19,960
Speaker 7: America for US to put a tariff on them to

527
00:23:20,000 --> 00:23:22,480
Speaker 7: make money off it, and then send to China. And

528
00:23:22,600 --> 00:23:25,440
Speaker 7: is it your understanding that China might be suspectable now

529
00:23:25,480 --> 00:23:28,680
Speaker 7: to these chips? Suspect because they're entering through the United States.

530
00:23:29,359 --> 00:23:32,760
Speaker 9: So it's the Age two hundred, right, So that's the

531
00:23:32,840 --> 00:23:33,760
Speaker 9: chip we're talking about.

532
00:23:33,840 --> 00:23:37,080
Speaker 6: And Jensen Wang came to the Oval office and he argued.

533
00:23:36,840 --> 00:23:40,440
Speaker 9: That this is a better chip than they can actually

534
00:23:40,480 --> 00:23:43,520
Speaker 9: make in any scale, right, So if we sell them

535
00:23:43,560 --> 00:23:47,120
Speaker 9: to China, right, and Chinese businesses, then they'll start using

536
00:23:47,119 --> 00:23:50,480
Speaker 9: them and they'll develop on the American tech stack and

537
00:23:50,480 --> 00:23:52,800
Speaker 9: that will take some money away from the Chinese tech stack.

538
00:23:53,040 --> 00:23:56,040
Speaker 9: And that's an interesting argument. There are two sides. There

539
00:23:56,080 --> 00:23:58,600
Speaker 9: are strong two sides. We shouldn't sell them any or

540
00:23:58,640 --> 00:24:01,440
Speaker 9: we should sell them, which to us and I stayed

541
00:24:01,480 --> 00:24:04,439
Speaker 9: right in the middle. It was a really really good discussion, okay.

542
00:24:04,640 --> 00:24:07,480
Speaker 9: And the President decided that fine, we'll sell the h

543
00:24:07,520 --> 00:24:10,520
Speaker 9: two hundreds to them, okay. And he made that decision

544
00:24:10,560 --> 00:24:12,560
Speaker 9: and after he was done, he said, and you know what,

545
00:24:13,119 --> 00:24:15,120
Speaker 9: I think if we do that, we should get twenty

546
00:24:15,160 --> 00:24:18,600
Speaker 9: five percent for the American taxpayers, right, because we're creating.

547
00:24:18,320 --> 00:24:20,520
Speaker 7: Something I think China wants to buy them knowing that

548
00:24:20,520 --> 00:24:23,159
Speaker 7: they're going from Taiwan now back to the US.

549
00:24:23,359 --> 00:24:25,040
Speaker 6: They're coming to the United States.

550
00:24:25,080 --> 00:24:29,360
Speaker 9: Because in order to collect twenty five percent, right, the

551
00:24:29,720 --> 00:24:33,440
Speaker 9: process matter to do it right is he imported, put

552
00:24:33,440 --> 00:24:36,120
Speaker 9: a tariff on it, and then export it again. Okay,

553
00:24:36,440 --> 00:24:39,840
Speaker 9: And so that's the model. It's the process model to

554
00:24:39,920 --> 00:24:44,080
Speaker 9: execute a plan that the President United States of America made, right.

555
00:24:44,240 --> 00:24:46,879
Speaker 9: So that's just the execution model of how to do it.

556
00:24:46,880 --> 00:24:49,640
Speaker 9: It's not it's just process right. And it's the same

557
00:24:49,720 --> 00:24:52,760
Speaker 9: age two hundred chip. And the question we'll find out

558
00:24:53,320 --> 00:24:57,240
Speaker 9: is that businesses in China want to buy, that's for sure.

559
00:24:57,560 --> 00:25:02,000
Speaker 9: The question is does China Central governm right want you

560
00:25:02,040 --> 00:25:03,920
Speaker 9: know when they have that same argument too, I want

561
00:25:03,920 --> 00:25:07,120
Speaker 9: to give my companies this chip that they're all clamoring for,

562
00:25:07,560 --> 00:25:09,320
Speaker 9: or do I want to force them to take the

563
00:25:09,359 --> 00:25:12,680
Speaker 9: pain of using lesser chips that are domestically made but

564
00:25:12,800 --> 00:25:14,960
Speaker 9: helping our domestic companies grow.

565
00:25:15,480 --> 00:25:17,879
Speaker 6: And that's a question we're going to see how it goes.

566
00:25:17,920 --> 00:25:20,680
Speaker 9: But I think the President put that question out there,

567
00:25:20,840 --> 00:25:22,760
Speaker 9: and I think it's a really interesting one. I didn't

568
00:25:22,760 --> 00:25:26,199
Speaker 9: say there's not two sides of that coin, right, but

569
00:25:26,280 --> 00:25:31,040
Speaker 9: the President thought having Chinese developers on the US tech stack, right,

570
00:25:31,560 --> 00:25:35,239
Speaker 9: given sort of the middle, he falls that way. And

571
00:25:35,480 --> 00:25:38,640
Speaker 9: it was really robust discussion. Both sides of the discussion

572
00:25:38,680 --> 00:25:41,160
Speaker 9: were in the room. It was a deep and thoughtful discussion.

573
00:25:41,240 --> 00:25:43,200
Speaker 9: And that's where he came out, and that's why he's

574
00:25:43,200 --> 00:25:43,679
Speaker 9: the president.

575
00:25:43,880 --> 00:25:45,919
Speaker 2: So, you know, just a final thought, just listening to

576
00:25:45,920 --> 00:25:48,280
Speaker 2: this engaging conversation of the last fifteen minutes or so,

577
00:25:48,560 --> 00:25:51,040
Speaker 2: do you fancy the FED seat over the Federal Reserve?

578
00:25:51,080 --> 00:25:53,680
Speaker 2: I can see comma section the extra. You can see

579
00:25:53,720 --> 00:25:56,240
Speaker 2: him in the equoes. Can you imagine the magic of

580
00:25:56,280 --> 00:26:01,320
Speaker 2: that news conference? These news conference, the news confer I'd

581
00:26:01,359 --> 00:26:02,760
Speaker 2: be going, you know what I call that?

582
00:26:02,840 --> 00:26:07,359
Speaker 6: I called that an Amy winehouse. No, no, no, I

583
00:26:07,440 --> 00:26:08,520
Speaker 6: call that box office.

584
00:26:09,480 --> 00:26:12,720
Speaker 8: It's good to see you. Stay with us. More Bloomberg

585
00:26:12,760 --> 00:26:25,120
Speaker 8: surveillance coming up after this. Let's stick with the economy.

586
00:26:25,200 --> 00:26:26,920
Speaker 2: The positive outlook joining us now is the Bank of

587
00:26:26,960 --> 00:26:29,280
Speaker 2: American chairman and see Brian Moynahan Brian, good to see you.

588
00:26:29,600 --> 00:26:30,159
Speaker 11: Good to see you.

589
00:26:30,880 --> 00:26:34,320
Speaker 12: Howard and I were on a panel yesterday and then yesterday. Yeah,

590
00:26:34,680 --> 00:26:36,480
Speaker 12: there made a day before yesterday and lunch to day

591
00:26:36,520 --> 00:26:39,080
Speaker 12: and actually we're going to do another public venue where

592
00:26:39,080 --> 00:26:40,760
Speaker 12: we're talking about how you raise the money to do

593
00:26:40,800 --> 00:26:44,600
Speaker 12: all this investment he was talking about, so he's he's

594
00:26:44,840 --> 00:26:47,840
Speaker 12: bullish on America. And he watched part of the interview.

595
00:26:47,840 --> 00:26:49,960
Speaker 12: It sounds like you said that you guys are too. Yes,

596
00:26:50,040 --> 00:26:51,640
Speaker 12: So let's start the GDP forecast.

597
00:26:52,640 --> 00:26:53,520
Speaker 11: Our research.

598
00:26:55,040 --> 00:26:56,600
Speaker 12: Our research turn is one of the best in the world,

599
00:26:57,240 --> 00:26:59,000
Speaker 12: led by a woman named Cannons Browning Platt, and they

600
00:26:59,040 --> 00:27:03,240
Speaker 12: all come out. They raised their GDP for US to

601
00:27:03,280 --> 00:27:06,720
Speaker 12: two point eight percent growth for the twenty six right

602
00:27:06,760 --> 00:27:08,920
Speaker 12: before we came to Davos, the world about three and

603
00:27:08,920 --> 00:27:12,040
Speaker 12: a half they raised a point one And the important

604
00:27:12,040 --> 00:27:14,080
Speaker 12: things I think to think about the US as you

605
00:27:14,080 --> 00:27:16,440
Speaker 12: think about the travel last time from the last time

606
00:27:16,440 --> 00:27:18,600
Speaker 12: you're here, last time you're here, we probably had two

607
00:27:18,600 --> 00:27:22,200
Speaker 12: and a half percent four twenty six. Then Liberation Day

608
00:27:22,240 --> 00:27:23,680
Speaker 12: it drops all the way to one and a half.

609
00:27:23,920 --> 00:27:26,480
Speaker 12: And then as a settling in of there's the four

610
00:27:26,480 --> 00:27:31,200
Speaker 12: primary policies of the Trump administration, trade and tariff, tax,

611
00:27:31,680 --> 00:27:35,600
Speaker 12: immigration and deregulation, starts settling in. We've raised it back

612
00:27:35,600 --> 00:27:38,680
Speaker 12: to two six and out two point eight and that's

613
00:27:39,000 --> 00:27:41,679
Speaker 12: so that's polish. And then underneath it we see what

614
00:27:41,680 --> 00:27:43,960
Speaker 12: the consumer really does. And if we can talk about that,

615
00:27:44,800 --> 00:27:46,520
Speaker 12: you know, the consumer spending was strong than the fourth

616
00:27:46,600 --> 00:27:48,159
Speaker 12: quarter when I've talked about that, it's four and a

617
00:27:48,160 --> 00:27:50,919
Speaker 12: half trillion dollars our seventy million consumers which were blessed

618
00:27:50,920 --> 00:27:53,320
Speaker 12: to have put into the economy a year, and that

619
00:27:53,720 --> 00:27:55,879
Speaker 12: for the fourth quarter, that grew about five percent of

620
00:27:56,119 --> 00:27:58,760
Speaker 12: twenty four's fourth quarter, and so far in January it's

621
00:27:58,760 --> 00:28:00,840
Speaker 12: growing a little faster that you've got to be careful about.

622
00:28:00,840 --> 00:28:02,919
Speaker 12: Two weeks don't make a quarter. But let's staying up.

623
00:28:02,920 --> 00:28:03,359
Speaker 11: They're strong.

624
00:28:03,400 --> 00:28:05,320
Speaker 2: Well, let's pair that GDP forecast with the bank and

625
00:28:05,359 --> 00:28:07,840
Speaker 2: the business lines. Then what position are you going to

626
00:28:07,840 --> 00:28:10,120
Speaker 2: take advantage of that better growth story in America?

627
00:28:10,160 --> 00:28:11,480
Speaker 8: And what do you expected to show up?

628
00:28:11,680 --> 00:28:11,880
Speaker 11: Well?

629
00:28:12,760 --> 00:28:15,480
Speaker 12: Because who you are, and you know, we've been part

630
00:28:15,480 --> 00:28:17,240
Speaker 12: owners of this company a long long time ago, and

631
00:28:17,240 --> 00:28:19,080
Speaker 12: Mike has built a good thing around the market's business.

632
00:28:19,119 --> 00:28:20,879
Speaker 12: That's whi you're always interested even though there's all this

633
00:28:21,000 --> 00:28:23,040
Speaker 12: other stuff that makes a lot of money. But look

634
00:28:23,080 --> 00:28:25,520
Speaker 12: if you look at Jim DeMar's now Copra as in

635
00:28:25,560 --> 00:28:29,080
Speaker 12: the company, but his team and markets this year had

636
00:28:29,119 --> 00:28:31,560
Speaker 12: their last quarter, had their fifteenh consecutive quarter of year

637
00:28:31,560 --> 00:28:34,040
Speaker 12: over year growth. They just keep walking up ten percent

638
00:28:34,119 --> 00:28:37,560
Speaker 12: up for the fourth quarter. If you look at investment banking,

639
00:28:37,560 --> 00:28:39,680
Speaker 12: which is kind of interesting, Sir Matthew Coder and a team.

640
00:28:40,200 --> 00:28:42,000
Speaker 12: You know, early in December, we thought we were about

641
00:28:42,000 --> 00:28:43,320
Speaker 12: a billion and a half and I went out at

642
00:28:43,320 --> 00:28:45,280
Speaker 12: a conference and told people that in Lo and Behore

643
00:28:45,280 --> 00:28:49,120
Speaker 12: we ended a billion six five and that made twenty

644
00:28:49,240 --> 00:28:52,720
Speaker 12: twenty Five's the second best year of investment banking fees

645
00:28:52,800 --> 00:28:56,800
Speaker 12: in our company's history, in the one that was pandemic

646
00:28:56,800 --> 00:28:58,600
Speaker 12: when everybody did a lot of financing. And next year

647
00:28:58,640 --> 00:29:01,040
Speaker 12: we think we're bullish because of pipeline and then broadening

648
00:29:01,040 --> 00:29:03,920
Speaker 12: out of the revenue stream into the IPO markets and

649
00:29:03,960 --> 00:29:05,959
Speaker 12: other things which are got to start a little bit

650
00:29:06,360 --> 00:29:08,200
Speaker 12: this year but have been pretty depressed for a while.

651
00:29:08,320 --> 00:29:11,080
Speaker 12: So that's coming in. And deals either just the deal flow.

652
00:29:11,120 --> 00:29:14,440
Speaker 12: People can get deals done. When I was here a

653
00:29:14,480 --> 00:29:17,200
Speaker 12: couple of davas ago, you know, the regulatory burdens were

654
00:29:17,200 --> 00:29:19,560
Speaker 12: getting so high that you couldn't honestly tell a client

655
00:29:19,600 --> 00:29:21,320
Speaker 12: who's trying to do a five billion dollar deal to

656
00:29:21,360 --> 00:29:23,800
Speaker 12: do it, because you said, if you can stabilize your

657
00:29:23,840 --> 00:29:26,560
Speaker 12: company for six months a year trying to get this through,

658
00:29:26,800 --> 00:29:28,440
Speaker 12: and you don't get it through, is.

659
00:29:28,360 --> 00:29:28,920
Speaker 11: That worth it?

660
00:29:29,200 --> 00:29:31,400
Speaker 12: And that's sort off the table, and even our industry,

661
00:29:31,480 --> 00:29:33,680
Speaker 12: even though we can't do anything six months, approval of

662
00:29:33,680 --> 00:29:35,120
Speaker 12: timelines are back to where they should be.

663
00:29:35,360 --> 00:29:37,400
Speaker 1: It seems like there is an incredible amount of foolishness

664
00:29:37,440 --> 00:29:40,920
Speaker 1: here at Davos about deals, about IPOs, about all sorts

665
00:29:40,920 --> 00:29:45,080
Speaker 1: of transactions, and some of the issuances of debt and equity.

666
00:29:45,520 --> 00:29:46,200
Speaker 11: At the same.

667
00:29:46,080 --> 00:29:48,840
Speaker 1: Time, there's a real concern about affordability. There's a concern

668
00:29:48,880 --> 00:29:51,400
Speaker 1: about how well the consumer is going to be able

669
00:29:51,400 --> 00:29:54,400
Speaker 1: to face off with inflation. I'm just wondering if this

670
00:29:54,440 --> 00:29:56,040
Speaker 1: is the year that we see the two come together,

671
00:29:56,080 --> 00:29:58,200
Speaker 1: because last year they didn't come together. We saw the

672
00:29:58,240 --> 00:30:01,160
Speaker 1: same kind of joblessness in terms of the growth, and

673
00:30:01,200 --> 00:30:03,400
Speaker 1: we saw the same kind of lack of enthusiasm and

674
00:30:03,440 --> 00:30:04,440
Speaker 1: sentiment surveys.

675
00:30:04,600 --> 00:30:07,080
Speaker 12: Yeah, so if you look through the if you think

676
00:30:07,080 --> 00:30:09,560
Speaker 12: about last year and think about how bullish people were

677
00:30:09,600 --> 00:30:12,000
Speaker 12: last year because about the United States and the change

678
00:30:12,000 --> 00:30:14,880
Speaker 12: of regatory regime and things like that. You know, in

679
00:30:14,920 --> 00:30:16,760
Speaker 12: April things change and then by the end of the

680
00:30:16,800 --> 00:30:19,080
Speaker 12: year it's changed back, and so I think that had

681
00:30:19,080 --> 00:30:20,080
Speaker 12: a lot to do with it. If you look at

682
00:30:20,080 --> 00:30:23,120
Speaker 12: the consumer and what we see, that spending level is

683
00:30:23,120 --> 00:30:27,640
Speaker 12: not consistent with people who feel they're threatened in the future,

684
00:30:27,760 --> 00:30:30,880
Speaker 12: and they're spending on all kinds of things. Now, if

685
00:30:30,920 --> 00:30:33,440
Speaker 12: you look at the research team the Bank of America Institute,

686
00:30:33,440 --> 00:30:35,320
Speaker 12: if you look at the work they've done, if you

687
00:30:35,400 --> 00:30:39,280
Speaker 12: put three groups of customers lower income, third, middle and

688
00:30:39,280 --> 00:30:41,360
Speaker 12: come third, upper and con third, they're all growing at

689
00:30:41,360 --> 00:30:44,080
Speaker 12: the middle and upper growing a faster rate, and frankly

690
00:30:44,120 --> 00:30:45,920
Speaker 12: that drives a lot of the growth. But if you

691
00:30:45,960 --> 00:30:47,760
Speaker 12: look at what everybody's spending on, they're spending on going

692
00:30:47,800 --> 00:30:50,640
Speaker 12: out thet they're spending on booking vacations, are spending on

693
00:30:50,720 --> 00:30:54,320
Speaker 12: essential So what's the affordability. It's the inflation that people remember,

694
00:30:54,720 --> 00:30:56,560
Speaker 12: and that is going to take a while for people

695
00:30:56,560 --> 00:30:58,440
Speaker 12: to kind of put in the rearview mirror, because people

696
00:30:58,440 --> 00:31:01,320
Speaker 12: can remember it's not too hard to remember pre COVID,

697
00:31:01,360 --> 00:31:05,240
Speaker 12: where X was costure. You know, got email customers a

698
00:31:05,240 --> 00:31:07,640
Speaker 12: gata gas cost you that your rent was this, And

699
00:31:07,680 --> 00:31:11,160
Speaker 12: with that explosion of prices, wages also went up. But

700
00:31:11,640 --> 00:31:13,960
Speaker 12: the consumer thinks more about the price side and then

701
00:31:13,960 --> 00:31:15,960
Speaker 12: the question of we'll turn over and get back and

702
00:31:16,000 --> 00:31:18,200
Speaker 12: sink And that's what's in those surveys. But if you

703
00:31:18,200 --> 00:31:21,280
Speaker 12: watch your activity, and I'm a big believer, they'll tell

704
00:31:21,280 --> 00:31:22,960
Speaker 12: you one thing. Watch what they do, and that's what

705
00:31:23,000 --> 00:31:25,480
Speaker 12: they're doing as of last Friday in the consumer base

706
00:31:25,520 --> 00:31:27,600
Speaker 12: across seventy million people, which are pretty good sample.

707
00:31:27,400 --> 00:31:28,360
Speaker 3: Size, they're spending a lot.

708
00:31:28,400 --> 00:31:29,840
Speaker 1: Maybe they would spend even more if there was a

709
00:31:29,840 --> 00:31:31,920
Speaker 1: ten percent cap on credit card rates. I mean, look

710
00:31:32,040 --> 00:31:34,160
Speaker 1: at this proposal, got a lot of attention about a

711
00:31:34,160 --> 00:31:36,360
Speaker 1: week ago. It feels like three years ago, and people

712
00:31:36,400 --> 00:31:38,640
Speaker 1: push back and said it wasn't realistic, it wasn't feasible.

713
00:31:38,720 --> 00:31:41,400
Speaker 1: We had Jamie Diving come out and discuss about how

714
00:31:41,800 --> 00:31:43,000
Speaker 1: try it and see what happens.

715
00:31:43,000 --> 00:31:43,880
Speaker 5: What's your take on that?

716
00:31:43,920 --> 00:31:47,440
Speaker 1: How realistic are you seeing those proposals as being?

717
00:31:47,880 --> 00:31:50,120
Speaker 12: So if you step back, you know we're all for

718
00:31:50,160 --> 00:31:53,719
Speaker 12: affordability and financial products. So you guys have thought over

719
00:31:53,720 --> 00:31:55,840
Speaker 12: the year, is what we did on overdraft fees taking

720
00:31:56,200 --> 00:31:58,480
Speaker 12: down by ninety percent over a course of fifteen years.

721
00:31:58,520 --> 00:32:00,520
Speaker 12: What we did on having a five hundred dollar loan

722
00:32:00,520 --> 00:32:02,760
Speaker 12: account of five dollars no interest rate, you could borrow

723
00:32:02,760 --> 00:32:05,960
Speaker 12: emergency loan of five hundred dollars. Eight million customers have

724
00:32:06,080 --> 00:32:07,760
Speaker 12: used that over the last several years to give you

725
00:32:07,800 --> 00:32:10,240
Speaker 12: a cent So and then we have a no frills

726
00:32:10,240 --> 00:32:12,680
Speaker 12: credit card, no rewards and other stuff that people might

727
00:32:12,720 --> 00:32:14,160
Speaker 12: attribute that is low rate.

728
00:32:14,200 --> 00:32:15,600
Speaker 11: It's not all way down at that rate. So I

729
00:32:15,640 --> 00:32:15,960
Speaker 11: think the.

730
00:32:15,960 --> 00:32:19,000
Speaker 12: Question is can we figure out a solution where you

731
00:32:19,040 --> 00:32:23,760
Speaker 12: can avoid the equal and opposite reaction? As our friend

732
00:32:23,840 --> 00:32:26,080
Speaker 12: Lafayette said in the Hamilton song, you know every action

733
00:32:26,120 --> 00:32:28,760
Speaker 12: has econdoptics reaction, So the equal opposite reaction we all

734
00:32:28,880 --> 00:32:31,120
Speaker 12: talked about last week. If you actually make this a policy,

735
00:32:31,360 --> 00:32:34,320
Speaker 12: you can reallocate credit. That will slow down spending, It

736
00:32:34,320 --> 00:32:36,600
Speaker 12: will slow down credit availability, and that might not be

737
00:32:36,640 --> 00:32:38,440
Speaker 12: what you're trying to achieve. So can you do something

738
00:32:38,760 --> 00:32:40,760
Speaker 12: on a go for a basis on the limited things,

739
00:32:41,040 --> 00:32:42,960
Speaker 12: and even one year if you had to go reshuffle

740
00:32:43,000 --> 00:32:45,720
Speaker 12: the whole deck, that would be pretty pretty interesting and

741
00:32:45,800 --> 00:32:46,560
Speaker 12: to cause a lot.

742
00:32:46,440 --> 00:32:49,600
Speaker 11: Of change in people's views. Of what they have available

743
00:32:49,640 --> 00:32:51,320
Speaker 11: for credit. You want people to have available for credit

744
00:32:51,360 --> 00:32:52,880
Speaker 11: because that gives them the courage to spend it.

745
00:32:53,000 --> 00:32:55,000
Speaker 12: And so we're trying to figure out that.

746
00:32:55,040 --> 00:32:56,400
Speaker 11: We're all working trying to figure out.

747
00:32:56,240 --> 00:32:58,560
Speaker 12: Okay, given the affordability, given the thought process, is a

748
00:32:58,600 --> 00:33:01,320
Speaker 12: way that we can do something that might help without

749
00:33:01,360 --> 00:33:03,480
Speaker 12: having an equal and opposite reaction, because that would.

750
00:33:03,280 --> 00:33:03,680
Speaker 11: Not be good.

751
00:33:03,880 --> 00:33:07,880
Speaker 12: Our point is to get the credit losses down to

752
00:33:07,920 --> 00:33:10,000
Speaker 12: the point you can afford that rate. You actually can

753
00:33:10,000 --> 00:33:12,080
Speaker 12: never have a charge off, and you start to think about.

754
00:33:11,880 --> 00:33:14,520
Speaker 11: Who can get credit. That's thing. So we're working hard.

755
00:33:14,560 --> 00:33:16,120
Speaker 12: We're trying to cook with solutions like we are on

756
00:33:16,160 --> 00:33:18,320
Speaker 12: some of the for the proposal around mortgage and form

757
00:33:18,400 --> 00:33:20,640
Speaker 12: and K usage and trying to think of how you

758
00:33:20,680 --> 00:33:25,600
Speaker 12: maybe can move the transfer wealth faster by giving people

759
00:33:25,720 --> 00:33:27,960
Speaker 12: in my age bracket the ability to move a fourumn

760
00:33:28,040 --> 00:33:30,000
Speaker 12: K bounce to pay help their kid buy a house

761
00:33:30,080 --> 00:33:30,760
Speaker 12: or something like that.

762
00:33:31,320 --> 00:33:33,640
Speaker 11: We threw that out to Howard yesterday.

763
00:33:33,760 --> 00:33:36,160
Speaker 12: There's these ideas of letting people use their own form

764
00:33:36,160 --> 00:33:39,200
Speaker 12: and K with less they can borrow from today. But

765
00:33:39,200 --> 00:33:40,680
Speaker 12: there's a way you can actually just take with a

766
00:33:40,760 --> 00:33:43,320
Speaker 12: draw so they don't have the added debt burden, and

767
00:33:43,320 --> 00:33:45,240
Speaker 12: then you've got to work on the supply side of housing.

768
00:33:45,400 --> 00:33:48,240
Speaker 12: And the President was interesting, Yes, he sense the issue.

769
00:33:48,240 --> 00:33:50,160
Speaker 12: If you bring down house prices to make it affordable,

770
00:33:50,200 --> 00:33:51,920
Speaker 12: is that the right answer for everybody? But on the

771
00:33:51,960 --> 00:33:55,320
Speaker 12: other hand, when you have the kind of over demand

772
00:33:55,360 --> 00:33:56,960
Speaker 12: in some of the cities, who work in thirty thousand

773
00:33:57,080 --> 00:34:01,760
Speaker 12: UITs in Charlotte twenty thousand, Bostony forty thousand, one hundred thousand,

774
00:34:01,760 --> 00:34:03,800
Speaker 12: whatever in New York, you could build a lot before

775
00:34:03,840 --> 00:34:04,280
Speaker 12: I think you'd have.

776
00:34:04,280 --> 00:34:06,200
Speaker 11: A major impact on the downward train of prices.

777
00:34:06,240 --> 00:34:10,200
Speaker 7: Well, the DJT imposed deadline of January twenty has come

778
00:34:10,280 --> 00:34:12,000
Speaker 7: and gone for the credit card caps. Have you spoken

779
00:34:12,000 --> 00:34:14,680
Speaker 7: to the administration about this issue and talk to them

780
00:34:14,719 --> 00:34:19,200
Speaker 7: about the potential counterintuitive problem with a ten percent cap?

781
00:34:21,160 --> 00:34:23,160
Speaker 12: The team and I talked administration all the time about

782
00:34:23,160 --> 00:34:26,359
Speaker 12: these policies and stuff, and they listen and they're trying

783
00:34:26,400 --> 00:34:28,319
Speaker 12: to figure out the same issue from their side, how

784
00:34:28,360 --> 00:34:31,239
Speaker 12: can they make America more affordable? And I think the

785
00:34:31,760 --> 00:34:33,319
Speaker 12: number one thing we can do to make America more

786
00:34:33,360 --> 00:34:34,120
Speaker 12: affordable is.

787
00:34:34,160 --> 00:34:35,240
Speaker 11: Keep everybody employed.

788
00:34:35,400 --> 00:34:39,680
Speaker 12: And Ernie's growth in our in our client base across

789
00:34:39,680 --> 00:34:41,560
Speaker 12: seventy million people. We see a lot of paychecks come

790
00:34:41,560 --> 00:34:44,200
Speaker 12: in and that's growing at three percent four percent, and

791
00:34:44,480 --> 00:34:47,680
Speaker 12: that's a good number, and so know that wage growth

792
00:34:47,719 --> 00:34:53,000
Speaker 12: continuity will ultimately make people feel different about it. It's

793
00:34:53,040 --> 00:34:55,960
Speaker 12: completely understandable why they feel the sort of animus of

794
00:34:56,000 --> 00:34:58,319
Speaker 12: how these things came into their household and then what

795
00:34:58,320 --> 00:35:00,840
Speaker 12: they want to do about it, and then rent and affordability.

796
00:35:00,840 --> 00:35:02,520
Speaker 12: We've given them the types of ideas I talked about.

797
00:35:02,640 --> 00:35:04,359
Speaker 2: We need to see some bit of hiring as well.

798
00:35:04,440 --> 00:35:07,680
Speaker 2: Can we talk about hiring the AI story. It's difficult

799
00:35:07,680 --> 00:35:09,840
Speaker 2: to understand what's happened with hiring in this country in

800
00:35:09,880 --> 00:35:12,719
Speaker 2: America over the last twelve months. What do you think

801
00:35:12,760 --> 00:35:15,200
Speaker 2: has happened? What's your understanding of this drop off in hiring.

802
00:35:15,320 --> 00:35:17,040
Speaker 2: Is it a supply side story? What do you think

803
00:35:17,040 --> 00:35:17,319
Speaker 2: it is?

804
00:35:17,960 --> 00:35:22,000
Speaker 12: I think I think there's a concern of availability at

805
00:35:22,080 --> 00:35:26,239
Speaker 12: labor because of the population growth, immigration dynamics that I think, again,

806
00:35:26,280 --> 00:35:27,560
Speaker 12: the administration is trying to get.

807
00:35:27,440 --> 00:35:30,160
Speaker 11: Much more fine around exactly what they're.

808
00:35:29,920 --> 00:35:33,840
Speaker 12: Doing and not threatening people who've been naturalized citizens and

809
00:35:33,880 --> 00:35:36,000
Speaker 12: things like that, and that was never what they're intended

810
00:35:36,000 --> 00:35:37,920
Speaker 12: to do, but people started reading it, so I think

811
00:35:38,200 --> 00:35:40,440
Speaker 12: and now if you looked our small business surveys, labor

812
00:35:40,520 --> 00:35:43,360
Speaker 12: availability became an issue again and hadn't been for a

813
00:35:43,360 --> 00:35:46,440
Speaker 12: good while. And so so I think that that's something

814
00:35:46,960 --> 00:35:49,040
Speaker 12: we've advised administration to be mindful of because you don't

815
00:35:49,040 --> 00:35:51,879
Speaker 12: want that to become a constraint on people's views of growing. Now,

816
00:35:52,080 --> 00:35:55,160
Speaker 12: the big hiring story here where Davos that make you

817
00:35:55,239 --> 00:35:57,120
Speaker 12: saying this year is about AI. Last year's about AI

818
00:35:57,160 --> 00:35:59,040
Speaker 12: that you formed was at AAA that your reformers out

819
00:35:59,080 --> 00:36:03,480
Speaker 12: A nineteen. The premise was the Fourth Industrial Revolution, which

820
00:36:03,480 --> 00:36:04,640
Speaker 12: is AI without just saying it.

821
00:36:04,719 --> 00:36:05,880
Speaker 11: And so it's not a new theme.

822
00:36:06,680 --> 00:36:09,000
Speaker 12: And so I give you since the first time you

823
00:36:09,000 --> 00:36:11,840
Speaker 12: probably asked somebody who decided the pandemic say post pandemic

824
00:36:11,960 --> 00:36:14,960
Speaker 12: about is AI going to cause you to change your

825
00:36:15,040 --> 00:36:18,640
Speaker 12: hiring Let's call it four years, it's called three years.

826
00:36:18,800 --> 00:36:20,520
Speaker 11: We hired sixty five.

827
00:36:20,480 --> 00:36:24,040
Speaker 12: Thousand people Bank of America two thousand year kids out

828
00:36:24,080 --> 00:36:26,719
Speaker 12: of school plus outing in school every year now and

829
00:36:26,719 --> 00:36:28,480
Speaker 12: that's for the turn of rate eight percent we got

830
00:36:28,480 --> 00:36:30,920
Speaker 12: to hire. In the month of January, we'll hire like

831
00:36:30,960 --> 00:36:32,960
Speaker 12: thirteen hundred people and we'll have the same headcount we

832
00:36:33,000 --> 00:36:35,720
Speaker 12: had the month of December. Are these people doing exactly

833
00:36:35,719 --> 00:36:38,520
Speaker 12: what the people left? Sometimes sometimes those jobs got limited.

834
00:36:38,719 --> 00:36:41,319
Speaker 12: But that's what management is challenged, just how do you

835
00:36:41,360 --> 00:36:44,040
Speaker 12: think to make the changes. We've got to make the

836
00:36:44,040 --> 00:36:48,719
Speaker 12: transformations to make the customer experience the best it can be,

837
00:36:49,200 --> 00:36:51,640
Speaker 12: to grow the company and to manage expense. And that

838
00:36:51,680 --> 00:36:53,960
Speaker 12: means you have to really pay attention to the headcount movement.

839
00:36:54,120 --> 00:36:55,640
Speaker 11: And that's why we watch it carefully.

840
00:36:55,719 --> 00:36:57,160
Speaker 2: That's where the tension is though. I think for a

841
00:36:57,200 --> 00:36:59,000
Speaker 2: lot of people, you've got the societal problem on the

842
00:36:59,040 --> 00:37:00,560
Speaker 2: one hand and on the other hand, and you've got

843
00:37:00,560 --> 00:37:03,640
Speaker 2: the opportunity and the opportunity is to do even more

844
00:37:03,800 --> 00:37:06,880
Speaker 2: with what you've already got. And that's the productivity story,

845
00:37:06,920 --> 00:37:08,480
Speaker 2: and that's what you're selling to invest is that's the

846
00:37:08,480 --> 00:37:09,600
Speaker 2: picture of the moment, isn't it.

847
00:37:09,719 --> 00:37:12,440
Speaker 12: So we had twenty eighty five thousand people in twenty

848
00:37:12,640 --> 00:37:14,799
Speaker 12: ten when I took when the team took over, we

849
00:37:14,800 --> 00:37:17,359
Speaker 12: have two hundred twelve thousand people today, and you never

850
00:37:17,400 --> 00:37:21,200
Speaker 12: heard anything about labor dislocation because we just kept planning ahead.

851
00:37:21,320 --> 00:37:22,840
Speaker 11: But that's the application of technology.

852
00:37:22,920 --> 00:37:25,440
Speaker 12: Just take the consumer business and I showed an investor

853
00:37:25,480 --> 00:37:27,760
Speaker 12: date one hundred thousand people to fifty and make it simple.

854
00:37:28,080 --> 00:37:30,080
Speaker 11: If you look at that, the business is three.

855
00:37:29,960 --> 00:37:32,680
Speaker 12: Times as big in terms of transactions activity.

856
00:37:32,880 --> 00:37:34,680
Speaker 11: But that's the power of all You've.

857
00:37:34,520 --> 00:37:36,719
Speaker 12: Got eight devices sitting on the tables in front of

858
00:37:36,760 --> 00:37:38,040
Speaker 12: you and the internet.

859
00:37:37,800 --> 00:37:38,839
Speaker 11: Activity of what you'll do.

860
00:37:39,239 --> 00:37:42,719
Speaker 12: Two, it's a combination of AI plus alerts and things

861
00:37:42,719 --> 00:37:42,880
Speaker 12: like that.

862
00:37:42,920 --> 00:37:43,560
Speaker 11: People to get.

863
00:37:43,480 --> 00:37:45,520
Speaker 12: Focused on just you know, Erica growth in our case,

864
00:37:45,560 --> 00:37:48,640
Speaker 12: you say no, there's literally a billion alerts that go out,

865
00:37:48,760 --> 00:37:51,360
Speaker 12: which is basically ourtificial intelligence people set up in advance

866
00:37:51,360 --> 00:37:53,160
Speaker 12: to tell them things go on. You don't need them

867
00:37:53,160 --> 00:37:56,080
Speaker 12: to go into Ericuld ask this if check went through

868
00:37:56,080 --> 00:37:57,640
Speaker 12: my account above twenty five hundred.

869
00:37:57,360 --> 00:37:59,400
Speaker 1: Dollars, if you set the alerts, you said something that

870
00:37:59,440 --> 00:38:01,719
Speaker 1: we reflect on a lot on our show. You said

871
00:38:01,719 --> 00:38:03,600
Speaker 1: a lot of things, but one thing in particular, that

872
00:38:04,200 --> 00:38:06,879
Speaker 1: the business would grow, but that your staff would stay

873
00:38:06,920 --> 00:38:07,840
Speaker 1: about the same size.

874
00:38:07,880 --> 00:38:09,359
Speaker 5: And you said that about a year ago, maybe two

875
00:38:09,440 --> 00:38:12,200
Speaker 5: years ago. That's a near term phenomenon.

876
00:38:13,200 --> 00:38:15,600
Speaker 1: In five to ten years, will it be the same

877
00:38:16,040 --> 00:38:19,719
Speaker 1: or will it start to change in terms of actual shrinkage.

878
00:38:19,760 --> 00:38:23,440
Speaker 12: Well, if Havard's writers view of growth will need a

879
00:38:23,440 --> 00:38:25,719
Speaker 12: lot more human content to keep up with it, and

880
00:38:25,760 --> 00:38:28,280
Speaker 12: I'll give you this. I'll give you the historical context.

881
00:38:28,480 --> 00:38:31,280
Speaker 12: In twenty nineteen, I was in a room downstairs and

882
00:38:31,440 --> 00:38:33,839
Speaker 12: the people were bringing their hands and as the way

883
00:38:33,880 --> 00:38:36,480
Speaker 12: they do it. Davos said, Oh, this technology going to

884
00:38:36,480 --> 00:38:39,000
Speaker 12: take away the jobs. And so in preparation, I said,

885
00:38:39,040 --> 00:38:40,480
Speaker 12: I've got to give some hope here. So I went

886
00:38:40,480 --> 00:38:42,560
Speaker 12: and did the research. In nineteen sixty nine, American employeed

887
00:38:42,640 --> 00:38:45,719
Speaker 12: eighty million people. In twenty nineteen employed one hundred and

888
00:38:45,719 --> 00:38:47,920
Speaker 12: sixty million people. I think there was a lot of

889
00:38:47,920 --> 00:38:50,960
Speaker 12: technology and change. It came from nineteen sixty nine to

890
00:38:51,000 --> 00:38:52,040
Speaker 12: twenty nineteen.

891
00:38:53,160 --> 00:38:54,800
Speaker 11: None of that stuff in front of you. It was available.

892
00:38:55,239 --> 00:38:57,440
Speaker 12: Have a computer at work, you wouldn't have an email accounts.

893
00:38:57,440 --> 00:38:59,799
Speaker 12: You're still getting charged by the minute for phone calls.

894
00:39:00,040 --> 00:39:03,560
Speaker 12: Think about that change, and think about we absorbed eighty

895
00:39:03,600 --> 00:39:06,160
Speaker 12: million more people working. So I don't want to be

896
00:39:06,400 --> 00:39:07,920
Speaker 12: Pollyanna about it, but I think you have to be

897
00:39:07,960 --> 00:39:10,279
Speaker 12: optimistic that if we can grow the economy and grow

898
00:39:10,360 --> 00:39:12,440
Speaker 12: the thing we will absorb. And by the way, the

899
00:39:12,480 --> 00:39:17,440
Speaker 12: population to grow US is very modest without immigration, and

900
00:39:17,480 --> 00:39:20,239
Speaker 12: there's a natural two plus percent of the people or

901
00:39:20,280 --> 00:39:22,479
Speaker 12: whatever it is die every year. It's morbid, But that's

902
00:39:22,520 --> 00:39:24,840
Speaker 12: what happens, and so and so you have burst that

903
00:39:24,960 --> 00:39:27,560
Speaker 12: kind of replace it, and you know, and people retire.

904
00:39:27,600 --> 00:39:30,520
Speaker 12: And so that's why I think management's core challenges and

905
00:39:30,600 --> 00:39:33,160
Speaker 12: manage us through and get employees to take the spirit

906
00:39:33,200 --> 00:39:34,960
Speaker 12: and help drive the growth in the company and be

907
00:39:35,000 --> 00:39:37,360
Speaker 12: a part of the solution and help us make it happen.

908
00:39:37,440 --> 00:39:40,000
Speaker 12: And my guess is, yeah, it might incrementally move head count,

909
00:39:40,000 --> 00:39:42,320
Speaker 12: but if we manage it to attrition and retirements and stuff,

910
00:39:42,719 --> 00:39:43,920
Speaker 12: we ought to be able to manage the outcome.

911
00:39:44,000 --> 00:39:45,600
Speaker 2: How did we ever live without the flympog ton No,

912
00:39:46,120 --> 00:39:50,960
Speaker 2: what was that? An 'ren just the final question you mentioned, Howard.

913
00:39:51,320 --> 00:39:52,600
Speaker 2: We talked about it, we joked about it. How to

914
00:39:52,600 --> 00:39:54,560
Speaker 2: the start of the conversation, the relationship with the White House?

915
00:39:54,560 --> 00:39:56,320
Speaker 2: How would you characterize it in your own opinion?

916
00:39:56,400 --> 00:39:56,799
Speaker 8: Right now?

917
00:39:57,080 --> 00:39:59,240
Speaker 12: Oh, look, I got you always want to get an invitation.

918
00:39:59,360 --> 00:40:02,120
Speaker 12: This is dabus invitations show we invite you guys someplace.

919
00:40:02,160 --> 00:40:05,640
Speaker 12: You want that invitation. So the rationships good. We do

920
00:40:05,719 --> 00:40:07,240
Speaker 12: continue to give lots of ideas.

921
00:40:07,320 --> 00:40:09,879
Speaker 11: And it was ironic that what was fun.

922
00:40:09,960 --> 00:40:11,520
Speaker 12: We had a client the last night and Howard came

923
00:40:11,560 --> 00:40:13,440
Speaker 12: to talk to clients it was late as they finished

924
00:40:13,480 --> 00:40:16,560
Speaker 12: up the news on Greenland, and he was able to

925
00:40:16,560 --> 00:40:18,640
Speaker 12: come in and talk about what happened. And those were

926
00:40:18,680 --> 00:40:22,160
Speaker 12: international clients who admittedly were confused for forty eight hours,

927
00:40:22,400 --> 00:40:25,360
Speaker 12: you know. And what I've tried to do with the

928
00:40:25,400 --> 00:40:28,479
Speaker 12: administration's policies and talk, especially people outside nine States, to say,

929
00:40:29,080 --> 00:40:30,879
Speaker 12: listen to what they're saying. You can figure out what's

930
00:40:30,880 --> 00:40:34,440
Speaker 12: going to happen, but don't confuse security or the trade policy.

931
00:40:34,520 --> 00:40:36,640
Speaker 12: They wanted to get action, and they did, and that's

932
00:40:36,640 --> 00:40:39,200
Speaker 12: a great thing. And you saw you leave, aside the

933
00:40:39,200 --> 00:40:41,080
Speaker 12: market reaction which can go up and down on a day,

934
00:40:41,120 --> 00:40:43,719
Speaker 12: what you saw is the clients say, Okay, I got it.

935
00:40:43,800 --> 00:40:46,080
Speaker 12: Now let's go set the business plans that will help

936
00:40:46,320 --> 00:40:47,480
Speaker 12: have that growth in the future.

937
00:40:48,360 --> 00:40:51,919
Speaker 2: This is the Bloomberg Semendments podcast, bringing you the best

938
00:40:51,920 --> 00:40:55,279
Speaker 2: in markets, economics, angiot politics. You can watch the show

939
00:40:55,320 --> 00:40:58,279
Speaker 2: live on Bloomberg TV weekday mornings from six am to

940
00:40:58,400 --> 00:41:02,320
Speaker 2: nine am Eastern, to the podcast on Apple, Spotify or

941
00:41:02,400 --> 00:41:05,000
Speaker 2: anywhere else you listen, and as always on the Bloomberg

942
00:41:05,080 --> 00:41:06,919
Speaker 2: Terminal and the Bloomberg Business app.

943
00:41:11,040 --> 00:41:11,480
Speaker 1: MHM