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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Tom Keene along
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Speaker 2: the Bloomberg Terminal and the Bloomberg Business app quote an
Speaker 2: honorative Michael Spence and the laureate and Richard Porters of
Speaker 2: London Business School talking about John Hicks and long ago
Speaker 2: there was a thing that was invented called the Hicks
Speaker 2: Hansen model, which now we call the ISLM model. And
Speaker 2: the bottom line is the financial media completely focuses on
Speaker 2: financial LM dynamics money this you know, the interest rate?
Speaker 2: What's inflation can do? Oh yeah, there's an is curve
Speaker 2: which has to have the ab the real economy on it.
Speaker 2: Rich Clarita, is this fed completely riveted to inflation? Or
Speaker 2: can they perchance look at the American labor economy.
Speaker 3: If you'd ask me that question, which I think you
Speaker 3: did two years ago, I'd say they're focused on inflation
Speaker 3: because it was too damn they're saying, and I believe
Speaker 3: that desk is two sided. I think if we did
Speaker 3: see a sharp sloane in the labor market, they would respond.
Speaker 3: Because inflation is now close enough to target, they can
Speaker 3: afford to be flexible two years ago when inflation was
Speaker 3: six seven percent.
Speaker 2: No, with the fancy PhDs off of Columbia at the
Speaker 2: Echos building, when you quote unquote focus on labor, by
Speaker 2: definition your ex post, you have to wait for the
Speaker 2: labor economy to break. You can't anticipate it at a
Speaker 2: given central bank.
Speaker 3: That's a very fundamental question because ideally central bankers, and
Speaker 3: based on including on my own research with Gertler and Galley,
Speaker 3: in a perfect world, you would anticipate if you saw
Speaker 3: the labor market slowing, you try to get ahead. That's
Speaker 3: forward looking monetary policy, as I learned in practice. However,
Speaker 3: the economy is always changing, and what was a good
Speaker 3: model five years ago it may not be a good
Speaker 3: model now. So there's a real element of risk management
Speaker 3: as well. But I will tell you I got a
Speaker 3: good example of that, tom when during my time there,
Speaker 3: the models were saying, you guys got to keep hiking
Speaker 3: rates because the unemployment rates at four point two percent.
Speaker 3: Our models say inflation's coming. And Jay Palin and I
Speaker 3: the Committee didn't see inflation, so we didn't hike rates
Speaker 3: in twenty nineteen. In fact, we cut a little bit
Speaker 3: so the economy could keep going. So there's risk on
Speaker 3: both sides. And I think good monetary policy needs to
Speaker 3: be nimble and assess that.
Speaker 1: You know, central bank inflation targeting I mean, Richard, I
Speaker 1: mean this is something that you know. I mean, we felt,
Speaker 1: at least in emerging markets that central banks had found religion.
Speaker 1: And here we are, and where's central banks cutting in
Speaker 1: the face of AVT on hold? And my question for
Speaker 1: you is how long can that last?
Speaker 4: This divergence?
Speaker 3: Certainly, I think there was some talk at the beginning
Speaker 3: of the year other countries would not even begin to
Speaker 3: cut until the FED dead.
Speaker 4: I never believe that.
Speaker 3: And I see, we've already seen Sweden, We've seen Switzerlandberg
Speaker 3: almost certainly going to see Madame Leguard and the ECB tomorrow.
Speaker 3: So I think certainly central banks can get those rate
Speaker 3: cuts started, and I think they could proceed much further
Speaker 3: than the FED if their inflation data supports that decision.
Speaker 3: I think the challenge right now in Europe and the
Speaker 3: UK is the inflation data at best is moving sideways
Speaker 3: and some measures is moving up. So that may limit
Speaker 3: the number of cuts they get in this year, not
Speaker 3: because they're focused on the FED, but because inflation is
Speaker 3: not cooperating.
Speaker 1: I mean, you just hit the nail on the head.
Speaker 1: I mean, look, inflation is not cooperating right now with
Speaker 1: the ECB, and Madam Leguard is this is an interesting experiment, Tom,
Speaker 1: I mean can the ECB, I mean it's twenty five BIPs?
Speaker 1: What are they going to cut? The deeper way to
Speaker 1: four seventy five is really going to juice growth in
Speaker 1: the Eurozone? I mean do you think that's enough? Do
Speaker 1: you think they're going to have to continue to go more?
Speaker 1: Or can they cut pause and wait and see what
Speaker 1: the FED does.
Speaker 3: My guest now is that they will pause in the
Speaker 3: sense I don't see them moving at the meeting after
Speaker 3: the June meeting, based.
Speaker 4: Up on the data now.
Speaker 3: In fact, maybe I just a venture there could be
Speaker 3: a little bit of seller's remorse because they really signals
Speaker 3: this rate cut beginning in March, and I think they're
Speaker 3: going to get it in, and I think it makes
Speaker 3: sense to get it in. But I would not extrapolate
Speaker 3: from this that it's going to be every meeting.
Speaker 4: I really do think.
Speaker 3: And I saw a wonderful speech that Madame Leguard gave
Speaker 3: at the ECB Washers where I also spoke in March.
Speaker 3: It was one of her best speeches, and the message
Speaker 3: I got from that is she is very data dependent,
Speaker 3: and if the data doesn't cooperate, I think that's going
Speaker 3: to be a factor.
Speaker 2: Inter jackson whole speech, which recovered, was the same ideas, Okay,
Speaker 2: we're data dependent, but let's have a longer vision. Is well, Clarita,
Speaker 2: I have to have a nerd book of the summer.
Speaker 2: And it's Adam Posen's fault. We'll blame him out of
Speaker 2: Peterson Institute, Nori Sobsfeld and Douger when talking about trade,
Speaker 2: talking about what's out there and all of this, and
Speaker 2: we're going to get Brad Setzer in here, but Brad
Speaker 2: idea deglobalization. The Fed's got to worry about the rest
Speaker 2: of the world as well.
Speaker 4: Do they work within regional trading.
Speaker 2: Blocks now or do we still have a vibrant trade
Speaker 2: economy that can be part.
Speaker 4: Of our growth.
Speaker 3: Well, obviously, globalization, I think it's clear has peaked, and
Speaker 3: so the real question for the next five, ten, fifteen,
Speaker 3: twenty years is what does on sharing, friends, sharing, supply
Speaker 3: chain rethink. How does that translate? But I will say
Speaker 3: it's very relevant tom to monetary policy because in the
Speaker 3: thirty years before the pandemic, globalization made the FED job
Speaker 3: easier because it put dowur rice pressure on goods and
Speaker 3: in labor markets. And if it reverses, that means that
Speaker 3: the margin that does jobs harder.
Speaker 2: Right now, and this goes to the meeting next week,
Speaker 2: you've got a partition of domestic final sales, which are
Speaker 2: actually pretty good.
Speaker 4: But I'm sorry you bolt on a.
Speaker 2: Few other statistics, including trade, and it's a sub two
Speaker 2: percent economy.
Speaker 4: Yeah, which is it?
Speaker 3: My own sense is that we're heading down to around
Speaker 3: a two percent economy, with a risk that we could
Speaker 3: overshoot in the other direction. I think it's too soon
Speaker 3: to towel. But some of the data, including the Bloomberg surprise,
Speaker 3: ind it has moved into negative territory. We saw Atlanta
Speaker 3: FED marked down from four to one to eight in
Speaker 3: the last couple of weeks, so Bear's watching rich.
Speaker 1: We talk about data dependence here in the US, and
Speaker 1: we have two big data points coming out. We have
Speaker 1: the ISM services coming up tomorrow and then followed by payrolls.
Speaker 1: But I think it's those sub components. So I'm asking you,
Speaker 1: what are you really looking at? Within the data? You're
Speaker 1: looking at prices, paid, new orders. In the ISM data
Speaker 1: you looking at you know, liborforce size, average hourly earnings.
Speaker 1: I mean, what are you most focused on over the
Speaker 1: next couple of years?
Speaker 3: At some level, the flip answer would be all all
Speaker 3: the above.
Speaker 4: You know, certainly when.
Speaker 3: You're at the FED, you are looking at everything. But
Speaker 3: I would say that, if I had to prioritize, I'm
Speaker 3: focused more on the cost side of the economy right now,
Speaker 3: in the sense that everyone agrees that the labor market
Speaker 3: needs to adjust to be consistent with the inflation mandate,
Speaker 3: and I would say that the numbers there are are encouraging.
Speaker 3: We've seen a big deceleration and wage inflation that may
Speaker 3: create some political problems for the incumbent, But from the
Speaker 3: Fed's point of view, it's moving wage inflation in the
Speaker 3: direction of consistent with price to ability, unlike, for example,
Speaker 3: what we're seeing in the year zone in the UK.
Speaker 3: So I think labor market and the cost side of
Speaker 3: the economy is what I be focused on. I think
Speaker 3: the demand side will take care of itself.
Speaker 4: I'm out of time. Can you come back, of course
Speaker 4: if we can get you in for.
Speaker 2: Thank you so much, the former Vice chairman of the FED,
Speaker 2: I can't say in a just heard Tom Porcelli of
Speaker 2: PGM mention the QCEW chew on that it's some obscure
Speaker 2: labor report that only Ana Wong would study, and single
Speaker 2: handedly doctor Wang of Bloomberg Economics has changed the zeitgeist,
Speaker 2: turned it as on its head. In the last twenty
Speaker 2: four hours re report with Anawong on a one million
Speaker 2: overshoot on the job economy, the numbers are going to
Speaker 2: be much lower, much more tepid, Anawog, congratulations on forming
Speaker 2: the zeitgeist globally in the last seventy two hours. Is
Speaker 2: your report and the revisions to come of less job
Speaker 2: creation enough to change the FED now or September?
Speaker 5: Well, you know, Tom, it really depends on when that
Speaker 5: the true numbers as released, and the first hint that
Speaker 5: the FED will have of the entire revisions covering April
Speaker 5: twenty twenty three to March of twenty twenty four would
Speaker 5: be just two days before Powell's August Jacksonvile speech. And
Speaker 5: in that report are we expect about a million downward revisions.
Speaker 5: And I think that that would be enough to question
Speaker 5: and challenge their beliefs so far that that in fact
Speaker 5: the labor market's tight and they have time to win
Speaker 5: until things actually weeken. In fact, things have been weakening,
Speaker 5: So I think it's a perfect catalyst for September rate
Speaker 5: cut around.
Speaker 2: This is a birthstaff model. I'm going to suggest, doctor wrong,
Speaker 2: You're not the only fancy smart person who's figured this out.
Speaker 2: Would you suggest the staff at the Echos building is
Speaker 2: figured out much the same as you've written about for
Speaker 2: Bloomberg in the last twenty four hours.
Speaker 5: Well, you know, in the FOBC minutes for the last meeting,
Speaker 5: we saw the feedstaff is currently forecasting unemployment rate to
Speaker 5: fall this year. And the kind of models that can
Speaker 5: generate a prediction of unemployment rate falling this year rather
Speaker 5: as opposed to rising is a top down model using
Speaker 5: VR traditional forecast, which is far far away from the
Speaker 5: approach that would show a one million overstatement of non
Speaker 5: farm payrolls. So it seems to me that the direction
Speaker 5: that the feed staff is focusing putting a lot more
Speaker 5: weight on is taking data at face value and plugging
Speaker 5: it into a top down model as opposed to really
Speaker 5: questioning the measurement issues that's plaguing. See see she took.
Speaker 2: She's a Steve Levitt of freakonomics at Chicago and doctor
Speaker 2: Wong took manners one oh one in economics. She's not
Speaker 2: going to throw the FED under the bus, but she's saying,
Speaker 2: do some bottom up work.
Speaker 1: All the time for our audience. We have to define
Speaker 1: what the QCW is. It's the quarterly Census of Employment
Speaker 1: and Wages. It really does kind of crystallize the difference
Speaker 1: between the establishment and the household surveys. Obviously, non farm
Speaker 1: payrolls Friday Sprints is based on the establishment survey and
Speaker 1: a million jobs. Are you telling me that the establishment
Speaker 1: survey has been overstating the.
Speaker 4: It's eighty thousand more?
Speaker 1: I mean that is nuts, right. Talk to us a
Speaker 1: little bit about what that means and certainly what that
Speaker 1: means for the FED calculus.
Speaker 5: Yeah, you know, you know, Tom, especially you you are
Speaker 5: very close to economic history, and in economic history there's
Speaker 5: this concept of creative destruction, and you know during cyclical downturns,
Speaker 5: and that's what we are seeing last year is that
Speaker 5: the jobs closures has searched significantly, and also new business
Speaker 5: formation has slowed also. So however, Bill is still using
Speaker 5: these lagging predictions of firm closure and opening because typically,
Speaker 5: in normal times, little firms opening and closing generate a
Speaker 5: lot of churn in the labor market and accounts for
Speaker 5: as much, as you know, forty percent of the total
Speaker 5: monthly employment. But in a situation, this cyclical turning point
Speaker 5: like last year, what we're seeing now in the data,
Speaker 5: in the QCW data is that, in fact, now we
Speaker 5: know that firms are closing and as a as a result,
Speaker 5: that's produced this huge overstatement in a farm pay. As
Speaker 5: long as they.
Speaker 4: Damien jump in here.
Speaker 2: I can't state enough the importance of doctor Wong's work
Speaker 2: in the last forty eight hours.
Speaker 1: It's turn the industry, Tom, I mean, can you imagine
Speaker 1: the FOMC making decisions with the FED funds rate based
Speaker 1: on data that is basically they're disregarding that's wrong, that
Speaker 1: they basically need to revise based on revisions. I mean,
Speaker 1: that's what we're talking about. You're an a I'm looking
Speaker 1: at you are a FED policy rate forecast going out
Speaker 1: to the third quarter of twenty twenty six. You're looking
Speaker 1: for a three percent FED funds rate. I mean, forget
Speaker 1: about how we get there. But at three percent FED
Speaker 1: funds rate, I mean, does something have to break in
Speaker 1: order to get there.
Speaker 5: I'm assuming you're looking to twenty twenty five, So for
Speaker 5: this year, we're still expecting to the basis went cut
Speaker 5: because I think it takes a long It takes a
Speaker 5: long time for the FED to realize and take on
Speaker 5: board the data because the FED said they're data dependent,
Speaker 5: and the danger of this data dependency is you have
Speaker 5: to wait for the revisions and it wouldn't be until
Speaker 5: early twenty twenty five where they would get the real
Speaker 5: data based on QCW benchmark for twenty twenty three and
Speaker 5: early twenty twenty four, And wouldn't it wouldn't it will
Speaker 5: be until early twenty twenty six, or they get the
Speaker 5: full year of twenty twenty four revisions. So it could
Speaker 5: be that they are you know, the sharp much will
Speaker 5: happen only in twenty twenty five, uh.
Speaker 4: Anamon, thank you so much.
Speaker 2: Joining us now not wearing Dior in London is Leslie
Speaker 2: vin Ja Murray. I'm dying to talk to her to
Speaker 2: bring over we just saw in India over to Biden
Speaker 2: Trump November of this year. Leslie, I am sobered over
Speaker 2: and I understand is a cast system in America in
Speaker 2: India and there isn't a cast system in America, but
Speaker 2: there really is. But the poor of India. Boy did
Speaker 2: they speak in this election.
Speaker 6: It's a very surprising result.
Speaker 7: We still have Modi, you know, bound to run the
Speaker 7: country for a third term, which is a very significant result.
Speaker 7: But yes, not what people expected and you know, by
Speaker 7: all counts, it's really what we see in the US.
Speaker 6: Two people voting on the basis.
Speaker 7: Of how they comly life economics, prices of food, job
Speaker 7: op ortunities. India has a very large youth population, high
Speaker 7: levels of unemployment amongst young people, and problems when it
Speaker 7: comes to you know those level of jobs, education and
Speaker 7: health and so that is a signal and we will
Speaker 7: see in India in which Moody has to govern slightly
Speaker 7: differently than last several years.
Speaker 2: Leslie, you staggered through Wesleyan before you did LSC, and
Speaker 2: you learned humility about polling. Does Leslie Vnja Murray trust
Speaker 2: the polling in America? You know?
Speaker 7: The polling is fine for what it is, but don't
Speaker 7: draw a direct line from polling to whether you or
Speaker 7: I or our children or our neighbors or friends get
Speaker 7: up and vote. And we all know that this, more
Speaker 7: than anything else, is an election that is about do
Speaker 7: voters are the enthusiastic? Are they passionate enough to either
Speaker 7: vote for or an effect vote against Biden and Trump?
Speaker 6: Will they get out of bed? Will they vote?
Speaker 7: And especially those voters that matter in those states that
Speaker 7: matter vote? So sure, the poll you know, it's interesting,
Speaker 7: not a lot more than that at this stage, this
Speaker 7: many months out, And it doesn't tell us what we
Speaker 7: need to know, which is how inspired, how passionate are people?
Speaker 7: You know, so the things I would look at as
Speaker 7: young voters and swing states. Are they going to be
Speaker 7: mobilized to an effect vote against Biden because of the
Speaker 7: war in Gaza? Do they care about climate change therefore
Speaker 7: they'll turn up for President Biden? How much are voters
Speaker 7: in the manufacturing sector still feeling the pressure on a
Speaker 7: daily basis of inflation that would drive them to, you know,
Speaker 7: be enthusiastic to vote for Donald Trump, not for any
Speaker 7: rational reason, but as a vote against Biden. So there's
Speaker 7: lots of uncertain here. We kind of know what matters,
Speaker 7: but know the polling doesn't you know, it gives us
Speaker 7: something to talk about, for it never for many many months.
Speaker 6: We have a long way to go.
Speaker 1: Well, yeah, Leslie, I mean I'd love to ask you
Speaker 1: about these elections in India, South Africa and Mexico. But
Speaker 1: I mean you went to the guy. You went to Israel,
Speaker 1: So let's just go there. Israel hesbiler rhetoric is heating
Speaker 1: up any gam and saying Israel return residents to the
Speaker 1: North by step one, either through a deal or escalation.
Speaker 1: I mean, we've got wildfires in the north to to Hasbala,
Speaker 1: drone and rocket attacks. More than sixty thousand Israelis remain displaced.
Speaker 1: Talk to us about what comes next in Israel.
Speaker 7: Yeah, there is not a clear path forward in this war.
Speaker 7: We're seeing Netsan Yahu doubling down on the war effort
Speaker 7: in Rafa to the great backlash from much of the
Speaker 7: rest of the world. We're seeing more pressure on President
Speaker 7: Biden and others to really try and get Israel to
Speaker 7: exercise restraint, but not a lot of that happening right now.
Speaker 7: We have this wild card of the International Criminal Court
Speaker 7: that's likely to confirm and arrest warrant on the Israeli
Speaker 7: pro minister, which again from all counts, is actually leading
Speaker 7: many Israelis to gather around their prime Minister has not
Speaker 7: been very popular, but this isn't This is actually working
Speaker 7: against that.
Speaker 6: So all sorts of wildcards, but it's at the moment
Speaker 6: there is no clear sense that a deal is going
Speaker 6: to be delivered, that the war is going to result
Speaker 6: in what everybody thinks needs to happen, which is a
Speaker 6: two state solution, and there is that concern about what's
Speaker 6: going to happen between Israel and the law.
Speaker 1: And loving on Leslie. I mean, I may not think
Speaker 1: this way, You may not think this way, but from
Speaker 1: where I sit, most of America feels that a vote
Speaker 1: for the Republican Party for Donald Trump is a vote
Speaker 1: for Israel, and vice versa. A vote you know, for
Speaker 1: the Democratic Party is a vote against Israel. I mean,
Speaker 1: is that something is that real? Do you believe that?
Speaker 1: I mean, is that the way the US election is
Speaker 1: headed right now?
Speaker 6: I mean, I don't think that young voters see that.
Speaker 7: They see a president in President Biden who's been very
Speaker 7: pro Israel, and a party that's very divided, certainly has
Speaker 7: a progressive wing that wants to move in a different
Speaker 7: direction when it comes to America's support of this, but
Speaker 7: that has not been you know, just in terms of
Speaker 7: America's military support of Israel. That's that's not at all
Speaker 7: been the case. So I think that the story is
Speaker 7: much more complicated in terms of whether the Democratic Party,
Speaker 7: if you know, President Biden were re elected, will pull.
Speaker 6: Back some of that support. Very hard to say.
Speaker 7: I think in the medium term and a longer lifespan,
Speaker 7: America's support of Israel is likely to diminish, but not
Speaker 7: in the not in the New York term, not.
Speaker 4: In the Dutch.
Speaker 2: Na Murray, thank you so much, Leslie Vnerbury with us
Speaker 2: this one. I greatly appreciate it.
Speaker 4: Lisa Mateo, what do you all right?
Speaker 8: We're starting with the New York Times.
Speaker 9: I really need John Tucker for this one, Sources saying
Speaker 9: Governor Kathy Hulkal pushing to delay congestion pricing. Now it started,
Speaker 9: it's lated to star June thirtieth. Although things that congestion
Speaker 9: pricing is good for the environment environment. Here's her concern
Speaker 9: is that the timing was less than ideal because it's
Speaker 9: going to hurt the city's economy, which is still recovering
Speaker 9: from the pandemic. She wants to replace it with another
Speaker 9: revenue stream. She's considering proposing this tax on New York
Speaker 9: City businesses that would need approval.
Speaker 8: Though from the New York State legislature.
Speaker 2: I was thunderstruck today. Drive it in the Bentley's in
Speaker 2: the grudge. So I had out, I'm going down lest
Speaker 2: By Avenue, which.
Speaker 4: I never go down.
Speaker 2: The number of stores, businesses, whatever you want to call
Speaker 2: it boarded up.
Speaker 4: That's nuts.
Speaker 1: Still well, I mean, I have a short ball of
Speaker 1: the city is a shortfall of one billion dollars a
Speaker 1: year time. So it's got to come from somewhere. If
Speaker 1: it's not going to come from drivers, it's got to
Speaker 1: come from businesses, I guess. But I mean, look, selfishly speaking,
Speaker 1: I am not a fan of this congestion tax at all.
Speaker 4: So what do you think? I mean?
Speaker 2: My answer, my answer is just loaded up on the
Speaker 2: FDR and the West Side Highway.
Speaker 4: I don't know.
Speaker 9: Yeah, I'm not a fan of the congestion. I mean, granted,
Speaker 9: I'm coming from Jersey, so I'm one of those. You know,
Speaker 9: there's a lot of lawsuits and everything's still going that
Speaker 9: could delay it as well, but I'm not a fan
Speaker 9: of it.
Speaker 2: We'll have team coverage with our surveillance congestion reporter John Tucker.
Speaker 4: Look for that through the week. Next.
Speaker 9: All right, we told you about Boeing Starliner launch today. Okay,
Speaker 9: so now SpaceX also getting a launch license, so it
Speaker 9: would be its fourth major test light.
Speaker 8: It's from the FAA.
Speaker 9: They granted them the license, so SpaceX plans to launch
Speaker 9: Starship as early as tomorrow. That's from the company's star
Speaker 9: Base facility in Texas. Bloomberg will carry that live too
Speaker 9: when it does happen. But it's kind of this next
Speaker 9: step in launching space as is you know, future satellites
Speaker 9: taking humans of the Moon, possibly to Mars two on
Speaker 9: top of it.
Speaker 8: But this will be their fourth flight for the for.
Speaker 4: The Boeing is this morning just before eleven am.
Speaker 8: Correct, Yes, ten fifty two is for Boeing.
Speaker 9: So a lot going on with space travel.
Speaker 2: Yeah, it's well, it's it's just an interesting hybrid. We
Speaker 2: will see Blue Origin a match, correct, correct, Yeah, Next,
Speaker 2: all right, we go from space travel to airline travel.
Speaker 8: Right, you have these Elite fly they're doing crazy.
Speaker 4: You know they have an.
Speaker 8: Exclusive airline status.
Speaker 9: Okay, so it's like this semi secret status.
Speaker 8: Spenders Damiens on it, trying to get trying, trying.
Speaker 1: I've actually went many an hour on the phone with
Speaker 1: Delta trying to figure out how to get on Delta
Speaker 1: this or Delta that. You know, I get a lot
Speaker 1: of pushback everywhere. I don't know how to do it.
Speaker 9: Yes, so it's United's invitation only global services, Delta's three
Speaker 9: sixty yes.
Speaker 8: And Americans concierge key.
Speaker 9: Okay. You get a lot of perks. Do you want
Speaker 9: to hear some of them. You get customer service on
Speaker 9: speed up, like customer service, flight rebooking before you even
Speaker 9: know there's a problem, lounge, excess priority for upgrades.
Speaker 8: And listen to this one. Chauffeur drives in luxury cars
Speaker 8: to the gate. If you're running late.
Speaker 1: Is Penelope crew is going to be there to hold
Speaker 1: our hands?
Speaker 8: I don't know, I know you'd like that. Though.
Speaker 2: My basic take is it's out of control. I did
Speaker 2: a fancy private trip. The lounge was so packed to
Speaker 2: stand at the bar going out and coming back to
Speaker 2: do the exact same things. There were no seats of
Speaker 2: the lunch. It was the whole things. They got to
Speaker 2: blow it up and start off.
Speaker 8: Well, except it's so secret.
Speaker 9: People are people are asking how much it's going to cost.
Speaker 4: I fired my present airline. I'm not going to say
Speaker 4: what it is.
Speaker 1: And you know that they are these new airlines that
Speaker 1: are popping up. I forget the name of it, but
Speaker 1: but but it flies out of Westchester. They only fly
Speaker 1: to a few designated locations. Apparently, it's like flying private,
Speaker 1: and you go in through a part of the airport,
Speaker 1: not the public part with all the Michigan You going
Speaker 1: through a little private entrance and it's supposed to be
Speaker 1: really nice.
Speaker 8: You gotta spend a lot.
Speaker 4: You gotta spend.
Speaker 9: It's just been like fifty thousand dollars plus. You know
Speaker 9: you're in flights, all right. The last one we're going
Speaker 9: to talk about is Disney, so they could be set
Speaker 9: to invest billions of dollars into its Florida theme parks.
Speaker 9: If this new development agreement is approved for today. We
Speaker 9: all know about the you know, the back and forth
Speaker 9: taking place between Disney Governor Ron de Santis's appointees. They've
Speaker 9: agreed to end that legal fight, right but today five
Speaker 9: DeSantis appointed as supervisors. They're going to oversee the Disney World.
Speaker 9: They who oversee that Disney World district. They're going to
Speaker 9: vote today, so we'll see the results could happen. And
Speaker 9: if it does seventeen billion investment into its Florida parks,
Speaker 9: it could open that the door to another theme park
Speaker 9: at Walt Disney two more minor parks like water parks,
Speaker 9: raise the number of hotel rooms on its property.
Speaker 4: So confused, is it a new disney World, a bolt
Speaker 4: on disney World.
Speaker 9: It's it's kind of giving it a boost. They want
Speaker 9: to boost up. Remember Paul's always talking about this. How
Speaker 9: you know, we talk about the streaming, but he's like.
Speaker 8: It's all about the theme parks.
Speaker 1: Do you do this, Lisa, Tom loves Disney World.
Speaker 4: I went to give a speech.
Speaker 1: You said, a Caribbean beach reorder, an animal kingdom lodge.
Speaker 1: Come on, tell us the truth.
Speaker 4: He's always that there's alligators. I'm not going to be
Speaker 4: down there.
Speaker 2: I mean Anaheim, I'll go to Okay, do the little
Speaker 2: teacups and but.
Speaker 4: But essentially they want to they want to make Disney
Speaker 4: World big.
Speaker 8: They want to make it bigger.
Speaker 9: And this is just this is specifically for the Florida
Speaker 9: Theme Park. So they're going to increase even retail space restaurants,
Speaker 9: increase that by twenty percent. But here's the thing. Disney
Speaker 9: does have to donate up to one hundred of his
Speaker 9: is acres for infrastructure projects controlled by that district. So
Speaker 9: that's kind of what they're.
Speaker 4: Going up to. Lisa Moto, thank you so much to
Speaker 4: the newspapers.
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