Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, we begin with the deadly, out of control wildfires
Speaker 3: in California. At least five people have been killed, hundreds
Speaker 3: of thousands out of their homes. Let's get the very
Speaker 3: latest with Bloomberg's John Tucker, John and Nathan.
Speaker 4: Los Angeles has plunged into its worst natural disaster in decades.
Speaker 5: One of the worst I have ever seen, if not
Speaker 5: the worst.
Speaker 4: LA Fire. Captain Eric Scott. A new wildfire flared and
Speaker 4: slowly expanded in the Hollywood Hills, fed by hurricane force winds,
Speaker 4: and some residents tried in vain to fight back.
Speaker 1: The balcony was on fire and I went around the
Speaker 1: back to grab the garden host.
Speaker 4: For a brief period winds died down. Cruz took advantage
Speaker 4: of the window to attack the fire from the air.
Speaker 4: There are currently five fires burning across Laws Angelus. One
Speaker 4: hundred thousand residents have been forced to flee. This evacuation
Speaker 4: area includes landmarks like the TCL Chinese Theater and the
Speaker 4: Dolby Theater, the home of the Academy Awards extending to
Speaker 4: a section of Hollywood Boulevard. Los Angeles Mayor Karen Bass to.
Speaker 6: Those who fled their homes, especially those who have lost
Speaker 6: your homes.
Speaker 7: Our hearts are breaking for you and we stand with you.
Speaker 4: Since the nineteen ninety four Northridge earthquake, has a disaster
Speaker 4: affected so many lives across the city At once of
Speaker 4: John Tucker Bloomberg Radio.
Speaker 2: All right, John, thank you About the Los Angeles wildfires
Speaker 2: are projected to be one of the costliest and natural
Speaker 2: disasters in US history. Acueather estimates the damage and economic
Speaker 2: loss to be between fifty two and fifty seven billion dollars.
Speaker 2: Blazer's burning around Santa Monica and Malibu are consuming some
Speaker 2: of the most pricey real estate in the US, affecting
Speaker 2: areas where the median home value is more than two
Speaker 2: million dollars.
Speaker 7: Man Karen.
Speaker 3: President Biden has canceled the final overseas trip of his presidency,
Speaker 3: choosing to remain in Washington to monitor the response to
Speaker 3: those devastating fires. Biden was scheduled to leave for Rome
Speaker 3: this afternoon.
Speaker 2: Meanwhile, Nathan President Biden is celebrating a labor crisis, averted
Speaker 2: that could have snarled American shipping. The International Longshoremen's Association,
Speaker 2: a major US doc workers union, has reached a tentative
Speaker 2: agreement on a new six year contract with the US
Speaker 2: Maritime Alliance, the group that represents ocean carriers and terminal operators.
Speaker 2: A source tells Bloomberg the deal guarantees union jobs when
Speaker 2: certain technologies are implemented, including these semi automated cranes that
Speaker 2: became a sticking point in the negotiations. It also preserves
Speaker 2: a sixty two percent pay raise that both sides agreed
Speaker 2: to in October after a three day strike shut down
Speaker 2: every major port on the East and Gulf Coast.
Speaker 3: Later today, Karen, of course, the nation says goodbye one
Speaker 3: last time. It's a former president, Jimmy Carter. We get
Speaker 3: more from Bloomberg's David Gura. In Washington, the.
Speaker 8: Federal government is closed for a national day of mourning.
Speaker 8: Former President Carter has been lying in state in the
Speaker 8: US capital, and thousands of people have visited the Capitol
Speaker 8: rotunda to pay their respects. After a departure ceremony, this morning,
Speaker 8: there will be a state funeral at the Washington National Cathedral.
Speaker 8: Former presidents will attend the service along with lawmakers and
Speaker 8: military leaders. Later, in Carter's home state, there will be
Speaker 8: a private funeral service and the thirty ninth President will
Speaker 8: be buried next to his wife, the former First Lady
Speaker 8: Rosalind Carter, in Plains, Georgia. In Washington, David Gura, Bloomberg Radio.
Speaker 3: Thank you David, and stay with Bloomberg for full coverage
Speaker 3: of President Carter's funeral. Live coverage at David Gurra and
Speaker 3: Bloomberg Zan Marie hordern starts at nine am Wall Street
Speaker 3: Time on Bloomberg Radio and Television.
Speaker 2: Well Nathan. President elect Donald Trump will attend today's state funeral,
Speaker 2: but tomorrow he's scheduled to face sent and sing in
Speaker 2: his New York count money conviction. Trump has asked the
Speaker 2: Supreme Court to step in and put the case.
Speaker 7: On hold and now, just as Samuel.
Speaker 2: Alito has confirmed he had a phone call with the
Speaker 2: President elect the day before he put in that request.
Speaker 2: In his statement, Alito says one of his former law
Speaker 2: clerks asked him to take the call so he could
Speaker 2: recommend him for a role in the Trump administration. Alito
Speaker 2: says he did not discuss the hush money case or
Speaker 2: know that Trump had filed for an emergency stay. The
Speaker 2: head of the nonprofit group fixed the court, tells Bloomberg
Speaker 2: Law All three, Trump, Alito and the former clerk should
Speaker 2: have known.
Speaker 7: Better, well, Karen.
Speaker 3: Now we turn to a Bloomberg News exclusive. The artificial
Speaker 3: intelligence phenomenon may result in thousands of job cuts on
Speaker 3: Wall Street. Let's get the details from Bloomberg's Lisa Matteo.
Speaker 9: Lisa, Bloomberg Intelligence surveyed a peer group that included City Group, JP,
Speaker 9: Morgan Chase, and Goldman Sachs, and they found that AI
Speaker 9: could push global banks to cut as many as two
Speaker 9: hundred thousand jobs in the next three to five years.
Speaker 9: And this is as the technology takes tax over currently
Speaker 9: that are carried out by human workers, and that amounts
Speaker 9: to about three percent of the industry's global workforce. So
Speaker 9: who's affected Back office, middle office operations likely to be
Speaker 9: the most at risk. Bloomberg Intelligence predicts A could meet
Speaker 9: improved earnings, with banks adding as much as one hundred
Speaker 9: and eighty billion dollars to their combined bottom line in
Speaker 9: twenty twenty seven as AI powers and increase in productivity.
Speaker 9: Lisa Matteo, Bloomberg.
Speaker 2: Radio Alisa, thank you well. Chip stocks maybe under pressure
Speaker 2: when trading resumes tomorrow. The stock market, of course, is
Speaker 2: closed today for the funeral of Jimmy Carter. After the
Speaker 2: belly yesterday's shares of Nvidia drop more than one percent.
Speaker 2: President Biden's administration plans one additional round of restrictions on
Speaker 2: the export of artificial intelligence chips from the likes of Nvidia,
Speaker 2: just days before leaving office. Begin more with Bloomberg, se
Speaker 2: and King.
Speaker 10: First of all, is it going to get implemented? Secondly,
Speaker 10: we'll have to wait and see. That will take a
Speaker 10: lot of time to sort of pass. How these restrictions
Speaker 10: will affect what companies do, And clearly they're going to
Speaker 10: look very closely at what they can get away with.
Speaker 10: And we've seen in the past with these restrictions, you
Speaker 10: see an initial essential shut down of shipments to certain
Speaker 10: places and then sort of gradually comes back as the
Speaker 10: lawyers work out what they can get away with. So
Speaker 10: it's going to be pubably chealthy to start off with.
Speaker 2: And bloomercy and King says the goal is to keep
Speaker 2: advanced technologies out of the hands of China and Russia.
Speaker 3: Well, Karen, the outgoing chair of the Securities and Exchange Commission,
Speaker 3: says there is more still to be done in regulating
Speaker 3: the cryptocurrency market. Bloomberg's David Gura spoke with Gary Gensler.
Speaker 11: In this field, it's rife with bad actors. I've been
Speaker 11: around finance for over four decades, and everything in the
Speaker 11: market's trade on a mixture of fundamentals and sentiment at
Speaker 11: any given time. I've never seen a field that's so
Speaker 11: much wrapped up in sentiment and not so much about fundamentals.
Speaker 3: Gary Gensler will step down as Chairman of the SEC
Speaker 3: on January twentieth, the day President elect Donald Trump is
Speaker 3: sworn into office.
Speaker 2: And it's time now for a look at some of
Speaker 2: the other stories making news in New York and around
Speaker 2: the world. And for that we're joined by Bloomberg's and
Speaker 2: Michael Barr.
Speaker 7: Michael Morning, Good morning Karen.
Speaker 12: Another blast of winter weather is set to grip the
Speaker 12: South at the end of the week, bringing a heavy
Speaker 12: snow and possible difficult driving conditions over the coming days.
Speaker 12: Schools and cities from Texas to Georgia are shutting down.
Speaker 12: Shoppers like this man and Jonesborough, Arkansas, are stocking up
Speaker 12: the head of the storm.
Speaker 7: I've got a half gallon milk. I'm gonna stop and
Speaker 7: get me some meal so I don't have to get out.
Speaker 7: That's bad weather.
Speaker 12: Oklahoma City pre treated all of their roads ahead of
Speaker 12: today's snowstorm. Okay Sees public Works Emergency Operations manager Mike
Speaker 12: Love says they added beat juice to their mix.
Speaker 7: He juice is an additive that we put in our salt.
Speaker 12: Brian.
Speaker 13: We do a twenty percent to ten percent mix depending
Speaker 13: on what kind of temperatures we're going to deal with.
Speaker 7: And what it really does is it makes our salt
Speaker 7: work better.
Speaker 12: Meanwhile, Virginia's capital, Richmond, remains under a weather related water
Speaker 12: boil advisory. New York Mayor Eric Adams is set to
Speaker 12: deliver his State of the City address today. Adams will
Speaker 12: deliver it at the Apollo Theater in Manhattan at noon
Speaker 12: Eastern time. The address comes as Adams faces legal troubles
Speaker 12: over accusations of taking luxury trips for political favors, something
Speaker 12: the mayor denies. The outgoing Secretary of State is dismissing
Speaker 12: the notion President elect Trump will try to take Greenland.
Speaker 12: Secretary of State Anthony blinkln was asked about it while
Speaker 12: in parents.
Speaker 14: The idea expressed about Greenland is obviously not a good one,
Speaker 14: but maybe more important, it's obviously one that's not going
Speaker 14: to happen, so we probably shouldn't waste a lot of
Speaker 14: time talking about.
Speaker 12: Earlier this week, President elect Trump declined to rule out
Speaker 12: using military force to take Greenland and the Panamont Canal.
Speaker 12: New York City's Taxi and Limousine Commission is proposing changes
Speaker 12: to Uber and Lifts driver paque calculations to close a
Speaker 12: loophole that has denied drivers millions of dollars. The proposal
Speaker 12: would effectively raise driver rates by six point one percent
Speaker 12: and includes changes to utilization rates and a new rule
Speaker 12: requiring seventy two hour advance notice to drivers before locking
Speaker 12: them out. However, Uber and Lyft are opposing the plan,
Speaker 12: morning that it would lead to more expensive rides for consumers.
Speaker 12: The New York Taxi Workers in Lion supports the proposal
Speaker 12: as a stepped towards better driver pay and job security.
Speaker 12: Global News twenty four hours a day and whenever you
Speaker 12: want it with Bloomberg News Now, Michael Barb, This is Bloomberg.
Speaker 2: Karen all Right, Michael Barr thank you time now for
Speaker 2: the Bloomberg Sports update, Brocky, you by try stayed out.
Speaker 2: Ye here's John Stanshower, John, good morning, good morning.
Speaker 13: Here a little more like it for the next They
Speaker 13: had lost a season nine three games that are really
Speaker 13: bad outing the other night against Orlando, but back at
Speaker 13: the Garden they beat Toronto, a team with only one
Speaker 13: win in this last fifteen games, one twelve to ninety eight.
Speaker 7: Coach Tom Thibodeau enjoyed this one.
Speaker 15: I thought we came out with a with a really
Speaker 15: strong spirit of togetherness, and you know, good things come
Speaker 15: from that. So thirteen that plays real fast, and Bill
Speaker 15: test you in terms of defensive transition, and I thought
Speaker 15: our guys responded well to that.
Speaker 13: In that loss to the Magic Karl Anthony Towns didn't play.
Speaker 13: He returned led the Knicks with twenty seven points, thirteen
Speaker 13: rebounds nets. At Barkley's lost to much improved Detroit one
Speaker 13: thirteen ninety eight.
Speaker 7: Pistons move over five hundred.
Speaker 13: The Big NBA game was in Cleveland, just the third
Speaker 13: game in history where both teams were riding winning streaks
Speaker 13: of at least ten games. The Cavs beat Oklahoma City
Speaker 13: one twenty nine one twenty two. It's their eleventh win
Speaker 13: in a row. They're now thirty two and four. The
Speaker 13: Thunder dropped to thirty and six. It ends there fifteen
Speaker 13: game win streak. The NHL game in Los Angeles between
Speaker 13: the Kings and Flames postponed due to the fires in LA.
Speaker 13: There's an NFL playoff game at Sofi Stadium Monday night,
Speaker 13: Rams and Vikings. The NFL announced if it's determined the
Speaker 13: game can't be played in LA, it'll be moved to Phoenix.
Speaker 7: Sixteens looking for a new.
Speaker 13: Coach, including the Jets, who have a long list of candidates.
Speaker 13: To interview yesterday was Kansas City assistant Matt Nagy, former
Speaker 13: head coach in Chicago, the Bears are looking again. They
Speaker 13: spoke with Mike Grable, who seems to be on everyone's list.
Speaker 13: New name has emerged in Chicago, Iowa state coach Matt Campbell.
Speaker 13: Tom Brady has an ownership stake in the Raiders. Reportedly
Speaker 13: they asked Brady's old coach, Bill Belichick if he was
Speaker 13: interested in He said he was not. Belichick just recently
Speaker 13: hired at North Carolina. College football playoffs semifinals starting tonight
Speaker 13: in Miami with Penn State against Notre Dame. Texas takes
Speaker 13: on Ohio State tomorrow and Dallas. The four teams left
Speaker 13: four of the seven winning this teams in college football history.
Speaker 7: John Stashaway, Bloomberg Sports Karen Nathan.
Speaker 1: Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 3: Good morning, I'm Nathan Hager. This is a national day
Speaker 3: of mourning in honor of the late Jimmy Carter. The
Speaker 3: thirty ninth President, has been lying in state since Tuesday
Speaker 3: night in the US Capitol ahead of the state funeral
Speaker 3: later this morning at Washington National Cathedral House. Speaker My
Speaker 3: Johnson honored President Carter as his flag draped casket arrived
Speaker 3: at the Capitol this week.
Speaker 6: We all know that his care for humanity didn't stop
Speaker 6: at building homes. In the face of illness. President Jimmy
Speaker 6: Carter brought life saving medicine. In the face of conflict,
Speaker 6: he broke he peace in the face of discrimination. He
Speaker 6: reminded us that we are all made in the image
Speaker 6: of God.
Speaker 3: And this morning we're pleased to be joined by Terry Haynes,
Speaker 3: the founder of Pangaea Policy. Terry, thanks so much for
Speaker 3: being with us. How can you sum up the legacy
Speaker 3: that Jimmy Carter leaves behind?
Speaker 5: Good morning, Good morning, Nathan, and then thank you particularly
Speaker 5: for having me on to talk about Jimmy Carter today.
Speaker 5: Two things to start. One is, this is a man
Speaker 5: who wanted to live a useful life and he achieved
Speaker 5: that not just with the presidency, but with the Carter Center,
Speaker 5: with Habitat for Humanity and a great deal more, for
Speaker 5: some of which Speaker Johnson mentioned there too. It's hard
Speaker 5: to imagine that it's true that Carter was president nearly
Speaker 5: half his life ago, so he had an unprecedented opportunity,
Speaker 5: uh to have a post presidential career and really shaped, uh,
Speaker 5: you know, ironically, together with Richard Nixon, to some extent,
Speaker 5: exactly what a post presidential career looked like, you know,
Speaker 5: the in the Carter the Carter Presidency, I would say,
Speaker 5: just in some a lot you know, people have redibituaries
Speaker 5: and all the rest is really a hinged the world
Speaker 5: we live in today, and a lot of a lot
Speaker 5: of reasons in a lot of ways. Finally, I would
Speaker 5: say that the markets particularly have Jimmy Carter to thank
Speaker 5: for today's market strength, because it was Carter's determination to
Speaker 5: break us inflation. Uh that, including by appointing Paul Volker
Speaker 5: the FED share and sticking with it, that really created
Speaker 5: the the economy and in the United States prosperity that
Speaker 5: we all enjoy today.
Speaker 3: There have been parallels drawn between how President Carter handled
Speaker 3: the inflationary situation to how President Biden has handled his
Speaker 3: own inflationary situation.
Speaker 7: What are the parallels you had drawn?
Speaker 5: You know? I would say two things. One is I
Speaker 5: do see the similarities, of course and Carter. Inflation ruined
Speaker 5: Carter's presidency as much as it ruined Biden's presidency. But
Speaker 5: the big difference between Carter and Biden unappreciated it's time,
Speaker 5: I would say, is that Carter was doing something about
Speaker 5: it by appointing Vulker and really wanting to crack down
Speaker 5: on inflation. And to Carter's great credit, he stuck to it.
Speaker 5: He told Vulker, you take care of the interest rates
Speaker 5: in the economy, I'll take care of the politics. Well,
Speaker 5: Vulker took care of his half, but circumstances made it
Speaker 5: too much for Carter to take care of the politics.
Speaker 5: And I would also give Ronald Reagan a shout out
Speaker 5: here as well, because Reagan continued those policies with Volker
Speaker 5: at some cost to his presidency as well. It's forgotten
Speaker 5: now that Reagan's first two years plus were anything but
Speaker 5: smooth on the inflation and economic front, but things eventually
Speaker 5: worked out and smoothed out thanks to both of those
Speaker 5: gentlemen sticking to it.
Speaker 7: Only have about thirty seconds left.
Speaker 3: But of course these remembrances are coming at a time
Speaker 3: of presidential transition. We're expecting differences to be put aside,
Speaker 3: at least for today. What's it going to take to
Speaker 3: bring the comedy comedy passed today in Washington?
Speaker 5: Passed today? You know, I think my answer to that, Nathan,
Speaker 5: just as when you and I talked after January sixth,
Speaker 5: twenty twenty one, is a little more humility from everybody.
Speaker 5: People get way over their skis on rhetoric, people get
Speaker 5: way over their skis on divisiveness. We're entering a period
Speaker 5: here with geopolitical competition and conference We're a little more
Speaker 5: humility across the board. With Serve Washington very well.
Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories
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Speaker 7: And I'm Nathan Hager.
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