WEBVTT - LA Under Siege as New Fire Burns; Remembering Jimmy Carter   

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 3>Karen, we begin with the deadly, out of control wildfires

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<v Speaker 3>in California. At least five people have been killed, hundreds

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<v Speaker 3>of thousands out of their homes. Let's get the very

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<v Speaker 3>latest with Bloomberg's John Tucker, John and Nathan.

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<v Speaker 4>Los Angeles has plunged into its worst natural disaster in decades.

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<v Speaker 5>One of the worst I have ever seen, if not

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<v Speaker 5>the worst.

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<v Speaker 4>LA Fire. Captain Eric Scott. A new wildfire flared and

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<v Speaker 4>slowly expanded in the Hollywood Hills, fed by hurricane force winds,

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<v Speaker 4>and some residents tried in vain to fight back.

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<v Speaker 1>The balcony was on fire and I went around the

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<v Speaker 1>back to grab the garden host.

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<v Speaker 4>For a brief period winds died down. Cruz took advantage

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<v Speaker 4>of the window to attack the fire from the air.

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<v Speaker 4>There are currently five fires burning across Laws Angelus. One

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<v Speaker 4>hundred thousand residents have been forced to flee. This evacuation

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<v Speaker 4>area includes landmarks like the TCL Chinese Theater and the

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<v Speaker 4>Dolby Theater, the home of the Academy Awards extending to

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<v Speaker 4>a section of Hollywood Boulevard. Los Angeles Mayor Karen Bass to.

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<v Speaker 6>Those who fled their homes, especially those who have lost

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<v Speaker 6>your homes.

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<v Speaker 7>Our hearts are breaking for you and we stand with you.

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<v Speaker 4>Since the nineteen ninety four Northridge earthquake, has a disaster

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<v Speaker 4>affected so many lives across the city At once of

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<v Speaker 4>John Tucker Bloomberg Radio.

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<v Speaker 2>All right, John, thank you About the Los Angeles wildfires

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<v Speaker 2>are projected to be one of the costliest and natural

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<v Speaker 2>disasters in US history. Acueather estimates the damage and economic

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<v Speaker 2>loss to be between fifty two and fifty seven billion dollars.

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<v Speaker 2>Blazer's burning around Santa Monica and Malibu are consuming some

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<v Speaker 2>of the most pricey real estate in the US, affecting

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<v Speaker 2>areas where the median home value is more than two

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<v Speaker 2>million dollars.

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<v Speaker 7>Man Karen.

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<v Speaker 3>President Biden has canceled the final overseas trip of his presidency,

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<v Speaker 3>choosing to remain in Washington to monitor the response to

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<v Speaker 3>those devastating fires. Biden was scheduled to leave for Rome

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<v Speaker 3>this afternoon.

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<v Speaker 2>Meanwhile, Nathan President Biden is celebrating a labor crisis, averted

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<v Speaker 2>that could have snarled American shipping. The International Longshoremen's Association,

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<v Speaker 2>a major US doc workers union, has reached a tentative

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<v Speaker 2>agreement on a new six year contract with the US

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<v Speaker 2>Maritime Alliance, the group that represents ocean carriers and terminal operators.

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<v Speaker 2>A source tells Bloomberg the deal guarantees union jobs when

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<v Speaker 2>certain technologies are implemented, including these semi automated cranes that

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<v Speaker 2>became a sticking point in the negotiations. It also preserves

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<v Speaker 2>a sixty two percent pay raise that both sides agreed

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<v Speaker 2>to in October after a three day strike shut down

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<v Speaker 2>every major port on the East and Gulf Coast.

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<v Speaker 3>Later today, Karen, of course, the nation says goodbye one

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<v Speaker 3>last time. It's a former president, Jimmy Carter. We get

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<v Speaker 3>more from Bloomberg's David Gura. In Washington, the.

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<v Speaker 8>Federal government is closed for a national day of mourning.

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<v Speaker 8>Former President Carter has been lying in state in the

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<v Speaker 8>US capital, and thousands of people have visited the Capitol

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<v Speaker 8>rotunda to pay their respects. After a departure ceremony, this morning,

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<v Speaker 8>there will be a state funeral at the Washington National Cathedral.

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<v Speaker 8>Former presidents will attend the service along with lawmakers and

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<v Speaker 8>military leaders. Later, in Carter's home state, there will be

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<v Speaker 8>a private funeral service and the thirty ninth President will

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<v Speaker 8>be buried next to his wife, the former First Lady

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<v Speaker 8>Rosalind Carter, in Plains, Georgia. In Washington, David Gura, Bloomberg Radio.

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<v Speaker 3>Thank you David, and stay with Bloomberg for full coverage

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<v Speaker 3>of President Carter's funeral. Live coverage at David Gurra and

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<v Speaker 3>Bloomberg Zan Marie hordern starts at nine am Wall Street

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<v Speaker 3>Time on Bloomberg Radio and Television.

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<v Speaker 2>Well Nathan. President elect Donald Trump will attend today's state funeral,

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<v Speaker 2>but tomorrow he's scheduled to face sent and sing in

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<v Speaker 2>his New York count money conviction. Trump has asked the

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<v Speaker 2>Supreme Court to step in and put the case.

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<v Speaker 7>On hold and now, just as Samuel.

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<v Speaker 2>Alito has confirmed he had a phone call with the

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<v Speaker 2>President elect the day before he put in that request.

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<v Speaker 2>In his statement, Alito says one of his former law

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<v Speaker 2>clerks asked him to take the call so he could

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<v Speaker 2>recommend him for a role in the Trump administration. Alito

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<v Speaker 2>says he did not discuss the hush money case or

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<v Speaker 2>know that Trump had filed for an emergency stay. The

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<v Speaker 2>head of the nonprofit group fixed the court, tells Bloomberg

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<v Speaker 2>Law All three, Trump, Alito and the former clerk should

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<v Speaker 2>have known.

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<v Speaker 7>Better, well, Karen.

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<v Speaker 3>Now we turn to a Bloomberg News exclusive. The artificial

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<v Speaker 3>intelligence phenomenon may result in thousands of job cuts on

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<v Speaker 3>Wall Street. Let's get the details from Bloomberg's Lisa Matteo.

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<v Speaker 9>Lisa, Bloomberg Intelligence surveyed a peer group that included City Group, JP,

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<v Speaker 9>Morgan Chase, and Goldman Sachs, and they found that AI

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<v Speaker 9>could push global banks to cut as many as two

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<v Speaker 9>hundred thousand jobs in the next three to five years.

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<v Speaker 9>And this is as the technology takes tax over currently

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<v Speaker 9>that are carried out by human workers, and that amounts

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<v Speaker 9>to about three percent of the industry's global workforce. So

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<v Speaker 9>who's affected Back office, middle office operations likely to be

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<v Speaker 9>the most at risk. Bloomberg Intelligence predicts A could meet

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<v Speaker 9>improved earnings, with banks adding as much as one hundred

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<v Speaker 9>and eighty billion dollars to their combined bottom line in

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<v Speaker 9>twenty twenty seven as AI powers and increase in productivity.

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<v Speaker 9>Lisa Matteo, Bloomberg.

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<v Speaker 2>Radio Alisa, thank you well. Chip stocks maybe under pressure

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<v Speaker 2>when trading resumes tomorrow. The stock market, of course, is

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<v Speaker 2>closed today for the funeral of Jimmy Carter. After the

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<v Speaker 2>belly yesterday's shares of Nvidia drop more than one percent.

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<v Speaker 2>President Biden's administration plans one additional round of restrictions on

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<v Speaker 2>the export of artificial intelligence chips from the likes of Nvidia,

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<v Speaker 2>just days before leaving office. Begin more with Bloomberg, se

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<v Speaker 2>and King.

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<v Speaker 10>First of all, is it going to get implemented? Secondly,

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<v Speaker 10>we'll have to wait and see. That will take a

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<v Speaker 10>lot of time to sort of pass. How these restrictions

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<v Speaker 10>will affect what companies do, And clearly they're going to

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<v Speaker 10>look very closely at what they can get away with.

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<v Speaker 10>And we've seen in the past with these restrictions, you

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<v Speaker 10>see an initial essential shut down of shipments to certain

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<v Speaker 10>places and then sort of gradually comes back as the

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<v Speaker 10>lawyers work out what they can get away with. So

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<v Speaker 10>it's going to be pubably chealthy to start off with.

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<v Speaker 2>And bloomercy and King says the goal is to keep

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<v Speaker 2>advanced technologies out of the hands of China and Russia.

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<v Speaker 3>Well, Karen, the outgoing chair of the Securities and Exchange Commission,

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<v Speaker 3>says there is more still to be done in regulating

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<v Speaker 3>the cryptocurrency market. Bloomberg's David Gura spoke with Gary Gensler.

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<v Speaker 11>In this field, it's rife with bad actors. I've been

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<v Speaker 11>around finance for over four decades, and everything in the

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<v Speaker 11>market's trade on a mixture of fundamentals and sentiment at

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<v Speaker 11>any given time. I've never seen a field that's so

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<v Speaker 11>much wrapped up in sentiment and not so much about fundamentals.

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<v Speaker 3>Gary Gensler will step down as Chairman of the SEC

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<v Speaker 3>on January twentieth, the day President elect Donald Trump is

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<v Speaker 3>sworn into office.

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<v Speaker 2>And it's time now for a look at some of

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<v Speaker 2>the other stories making news in New York and around

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<v Speaker 2>the world. And for that we're joined by Bloomberg's and

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<v Speaker 2>Michael Barr.

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<v Speaker 7>Michael Morning, Good morning Karen.

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<v Speaker 12>Another blast of winter weather is set to grip the

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<v Speaker 12>South at the end of the week, bringing a heavy

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<v Speaker 12>snow and possible difficult driving conditions over the coming days.

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<v Speaker 12>Schools and cities from Texas to Georgia are shutting down.

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<v Speaker 12>Shoppers like this man and Jonesborough, Arkansas, are stocking up

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<v Speaker 12>the head of the storm.

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<v Speaker 7>I've got a half gallon milk. I'm gonna stop and

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<v Speaker 7>get me some meal so I don't have to get out.

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<v Speaker 7>That's bad weather.

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<v Speaker 12>Oklahoma City pre treated all of their roads ahead of

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<v Speaker 12>today's snowstorm. Okay Sees public Works Emergency Operations manager Mike

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<v Speaker 12>Love says they added beat juice to their mix.

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<v Speaker 7>He juice is an additive that we put in our salt.

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<v Speaker 12>Brian.

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<v Speaker 13>We do a twenty percent to ten percent mix depending

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<v Speaker 13>on what kind of temperatures we're going to deal with.

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<v Speaker 7>And what it really does is it makes our salt

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<v Speaker 7>work better.

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<v Speaker 12>Meanwhile, Virginia's capital, Richmond, remains under a weather related water

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<v Speaker 12>boil advisory. New York Mayor Eric Adams is set to

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<v Speaker 12>deliver his State of the City address today. Adams will

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<v Speaker 12>deliver it at the Apollo Theater in Manhattan at noon

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<v Speaker 12>Eastern time. The address comes as Adams faces legal troubles

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<v Speaker 12>over accusations of taking luxury trips for political favors, something

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<v Speaker 12>the mayor denies. The outgoing Secretary of State is dismissing

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<v Speaker 12>the notion President elect Trump will try to take Greenland.

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<v Speaker 12>Secretary of State Anthony blinkln was asked about it while

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<v Speaker 12>in parents.

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<v Speaker 14>The idea expressed about Greenland is obviously not a good one,

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<v Speaker 14>but maybe more important, it's obviously one that's not going

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<v Speaker 14>to happen, so we probably shouldn't waste a lot of

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<v Speaker 14>time talking about.

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<v Speaker 12>Earlier this week, President elect Trump declined to rule out

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<v Speaker 12>using military force to take Greenland and the Panamont Canal.

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<v Speaker 12>New York City's Taxi and Limousine Commission is proposing changes

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<v Speaker 12>to Uber and Lifts driver paque calculations to close a

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<v Speaker 12>loophole that has denied drivers millions of dollars. The proposal

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<v Speaker 12>would effectively raise driver rates by six point one percent

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<v Speaker 12>and includes changes to utilization rates and a new rule

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<v Speaker 12>requiring seventy two hour advance notice to drivers before locking

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<v Speaker 12>them out. However, Uber and Lyft are opposing the plan,

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<v Speaker 12>morning that it would lead to more expensive rides for consumers.

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<v Speaker 12>The New York Taxi Workers in Lion supports the proposal

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<v Speaker 12>as a stepped towards better driver pay and job security.

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<v Speaker 12>Global News twenty four hours a day and whenever you

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<v Speaker 12>want it with Bloomberg News Now, Michael Barb, This is Bloomberg.

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<v Speaker 2>Karen all Right, Michael Barr thank you time now for

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<v Speaker 2>the Bloomberg Sports update, Brocky, you by try stayed out.

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<v Speaker 2>Ye here's John Stanshower, John, good morning, good morning.

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<v Speaker 13>Here a little more like it for the next They

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<v Speaker 13>had lost a season nine three games that are really

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<v Speaker 13>bad outing the other night against Orlando, but back at

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<v Speaker 13>the Garden they beat Toronto, a team with only one

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<v Speaker 13>win in this last fifteen games, one twelve to ninety eight.

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<v Speaker 7>Coach Tom Thibodeau enjoyed this one.

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<v Speaker 15>I thought we came out with a with a really

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<v Speaker 15>strong spirit of togetherness, and you know, good things come

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<v Speaker 15>from that. So thirteen that plays real fast, and Bill

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<v Speaker 15>test you in terms of defensive transition, and I thought

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<v Speaker 15>our guys responded well to that.

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<v Speaker 13>In that loss to the Magic Karl Anthony Towns didn't play.

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<v Speaker 13>He returned led the Knicks with twenty seven points, thirteen

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<v Speaker 13>rebounds nets. At Barkley's lost to much improved Detroit one

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<v Speaker 13>thirteen ninety eight.

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<v Speaker 7>Pistons move over five hundred.

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<v Speaker 13>The Big NBA game was in Cleveland, just the third

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<v Speaker 13>game in history where both teams were riding winning streaks

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<v Speaker 13>of at least ten games. The Cavs beat Oklahoma City

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<v Speaker 13>one twenty nine one twenty two. It's their eleventh win

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<v Speaker 13>in a row. They're now thirty two and four. The

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<v Speaker 13>Thunder dropped to thirty and six. It ends there fifteen

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<v Speaker 13>game win streak. The NHL game in Los Angeles between

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<v Speaker 13>the Kings and Flames postponed due to the fires in LA.

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<v Speaker 13>There's an NFL playoff game at Sofi Stadium Monday night,

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<v Speaker 13>Rams and Vikings. The NFL announced if it's determined the

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<v Speaker 13>game can't be played in LA, it'll be moved to Phoenix.

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<v Speaker 7>Sixteens looking for a new.

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<v Speaker 13>Coach, including the Jets, who have a long list of candidates.

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<v Speaker 13>To interview yesterday was Kansas City assistant Matt Nagy, former

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<v Speaker 13>head coach in Chicago, the Bears are looking again. They

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<v Speaker 13>spoke with Mike Grable, who seems to be on everyone's list.

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<v Speaker 13>New name has emerged in Chicago, Iowa state coach Matt Campbell.

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<v Speaker 13>Tom Brady has an ownership stake in the Raiders. Reportedly

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<v Speaker 13>they asked Brady's old coach, Bill Belichick if he was

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<v Speaker 13>interested in He said he was not. Belichick just recently

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<v Speaker 13>hired at North Carolina. College football playoffs semifinals starting tonight

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<v Speaker 13>in Miami with Penn State against Notre Dame. Texas takes

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<v Speaker 13>on Ohio State tomorrow and Dallas. The four teams left

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<v Speaker 13>four of the seven winning this teams in college football history.

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<v Speaker 7>John Stashaway, Bloomberg Sports Karen Nathan.

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<v Speaker 1>Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 3>Good morning, I'm Nathan Hager. This is a national day

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<v Speaker 3>of mourning in honor of the late Jimmy Carter. The

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<v Speaker 3>thirty ninth President, has been lying in state since Tuesday

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<v Speaker 3>night in the US Capitol ahead of the state funeral

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<v Speaker 3>later this morning at Washington National Cathedral House. Speaker My

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<v Speaker 3>Johnson honored President Carter as his flag draped casket arrived

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<v Speaker 3>at the Capitol this week.

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<v Speaker 6>We all know that his care for humanity didn't stop

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<v Speaker 6>at building homes. In the face of illness. President Jimmy

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<v Speaker 6>Carter brought life saving medicine. In the face of conflict,

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<v Speaker 6>he broke he peace in the face of discrimination. He

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<v Speaker 6>reminded us that we are all made in the image

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<v Speaker 6>of God.

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<v Speaker 3>And this morning we're pleased to be joined by Terry Haynes,

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<v Speaker 3>the founder of Pangaea Policy. Terry, thanks so much for

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<v Speaker 3>being with us. How can you sum up the legacy

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<v Speaker 3>that Jimmy Carter leaves behind?

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<v Speaker 5>Good morning, Good morning, Nathan, and then thank you particularly

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<v Speaker 5>for having me on to talk about Jimmy Carter today.

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<v Speaker 5>Two things to start. One is, this is a man

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<v Speaker 5>who wanted to live a useful life and he achieved

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<v Speaker 5>that not just with the presidency, but with the Carter Center,

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<v Speaker 5>with Habitat for Humanity and a great deal more, for

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<v Speaker 5>some of which Speaker Johnson mentioned there too. It's hard

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<v Speaker 5>to imagine that it's true that Carter was president nearly

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<v Speaker 5>half his life ago, so he had an unprecedented opportunity,

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<v Speaker 5>uh to have a post presidential career and really shaped, uh,

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<v Speaker 5>you know, ironically, together with Richard Nixon, to some extent,

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<v Speaker 5>exactly what a post presidential career looked like, you know,

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<v Speaker 5>the in the Carter the Carter Presidency, I would say,

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<v Speaker 5>just in some a lot you know, people have redibituaries

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<v Speaker 5>and all the rest is really a hinged the world

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<v Speaker 5>we live in today, and a lot of a lot

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<v Speaker 5>of reasons in a lot of ways. Finally, I would

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<v Speaker 5>say that the markets particularly have Jimmy Carter to thank

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<v Speaker 5>for today's market strength, because it was Carter's determination to

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<v Speaker 5>break us inflation. Uh that, including by appointing Paul Volker

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<v Speaker 5>the FED share and sticking with it, that really created

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<v Speaker 5>the the economy and in the United States prosperity that

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<v Speaker 5>we all enjoy today.

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<v Speaker 3>There have been parallels drawn between how President Carter handled

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<v Speaker 3>the inflationary situation to how President Biden has handled his

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<v Speaker 3>own inflationary situation.

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<v Speaker 7>What are the parallels you had drawn?

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<v Speaker 5>You know? I would say two things. One is I

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<v Speaker 5>do see the similarities, of course and Carter. Inflation ruined

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<v Speaker 5>Carter's presidency as much as it ruined Biden's presidency. But

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<v Speaker 5>the big difference between Carter and Biden unappreciated it's time,

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<v Speaker 5>I would say, is that Carter was doing something about

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<v Speaker 5>it by appointing Vulker and really wanting to crack down

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<v Speaker 5>on inflation. And to Carter's great credit, he stuck to it.

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<v Speaker 5>He told Vulker, you take care of the interest rates

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<v Speaker 5>in the economy, I'll take care of the politics. Well,

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<v Speaker 5>Vulker took care of his half, but circumstances made it

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<v Speaker 5>too much for Carter to take care of the politics.

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<v Speaker 5>And I would also give Ronald Reagan a shout out

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<v Speaker 5>here as well, because Reagan continued those policies with Volker

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<v Speaker 5>at some cost to his presidency as well. It's forgotten

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<v Speaker 5>now that Reagan's first two years plus were anything but

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<v Speaker 5>smooth on the inflation and economic front, but things eventually

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<v Speaker 5>worked out and smoothed out thanks to both of those

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<v Speaker 5>gentlemen sticking to it.

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<v Speaker 7>Only have about thirty seconds left.

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<v Speaker 3>But of course these remembrances are coming at a time

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<v Speaker 3>of presidential transition. We're expecting differences to be put aside,

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<v Speaker 3>at least for today. What's it going to take to

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<v Speaker 3>bring the comedy comedy passed today in Washington?

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<v Speaker 5>Passed today? You know, I think my answer to that, Nathan,

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<v Speaker 5>just as when you and I talked after January sixth,

0:15:44.160 --> 0:15:47.720
<v Speaker 5>twenty twenty one, is a little more humility from everybody.

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<v Speaker 5>People get way over their skis on rhetoric, people get

0:15:52.200 --> 0:15:56.240
<v Speaker 5>way over their skis on divisiveness. We're entering a period

0:15:56.280 --> 0:16:01.360
<v Speaker 5>here with geopolitical competition and conference We're a little more

0:16:01.440 --> 0:16:05.040
<v Speaker 5>humility across the board. With Serve Washington very well.

0:16:04.960 --> 0:16:08.360
<v Speaker 2>This is Bloomberg Daybreak, your morning podcast on the stories

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<v Speaker 7>And I'm Nathan Hager.

0:16:52.360 --> 0:16:54.400
<v Speaker 3>Join us again tomorrow morning for all the news you

0:16:54.440 --> 0:17:05.040
<v Speaker 3>need to start your day right here on Bloomberg Daybreak