17 Burst results for "David Western"

"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:52 min | 5 months ago

"david western" Discussed on Bloomberg Radio New York

"The new three year plan did not generate enough investor enthusiasm to maintain a recent rally in the stock. FedEx shares right now down by 2.3%. Again, recapping stocks mixed of the Dow higher S&P NES stack lore, S&P down 6, a drop of two tenths of 1%. I'm Charlie Palatin that David western is a Bloomberg business flash. Thank you so much, Charlie pell. If this is balance of power coming from the Bloomberg interactive broker studio in New York, while the war continues apace in Ukraine with Russia consolidating wins in the east and perhaps advancing on them, no clear end in sight. And as that happened, the group of G 7 nations gathered in Europe to talk about what might be done in part about what's going on in Ukraine. One of the things on the agenda was the possibility of a cap on the amount of money being paid for Russian oil coming out of Russia. And we now turn to someone who is embraced that idea and is advocated for it. He Simon Johnson Professor of entrepreneurship at MIT's Sloan school of management, professor Johnson earlier served as chief economist at the IMF, so professor, thanks so much for being back with us. First of all, explain how this cap would work. Well, right now, Russia already sells its oil at a discount to both prices. The Russian oil used to trade very close to Brent, Brent is about $118 right now. The Russians are selling it for a discount reportedly around 30 to $35. So let's say roughly $80. And the idea of the price cap is that the buying countries of the world would get together and say, you know what, instead of paying you $80, we're going to pay you 70 or 60 or 50 or whatever number they arrive at and use that as a deliberate way to both squeeze Putin's revenue immediately and also signal that if Russia continues to escalate a Russia continues to kill civilians in Russia until it continues to fire missiles at shopping center and so on, they will squeeze those revenues further. So why would Russia accept a lower price? The price is pretty much set globally, isn't it not? Well, sure, there is a global market for oil and that's very important. This is not a proposal to at all change that global price directly. But as I said, Russia is already accepting a price that is not the Brent benchmark. That's because there's a stigma. That's because there's a fair amount of refusal by some shipping companies by some countries to have any kind of dealing with Russia. So basically what this is. I mean, the price cap is a bit of a grand name perhaps for an organized campaign to take to really emphasize to people the horrible terrorist type actions that Russia is engaging in and to ask them to consequently offer to pay less. For Russian oil. And so if all the buyers get to will it and create of the world get together and create a sort of inverse cartel in inverse OPEC, they can squeeze Russia for sure. How much they can squeeze it. We don't know how much difference will it make? We don't know. But frankly, it's better than standing by and watching Ukrainian civilians just get killed every day. Exactly. A buying cartel monopsony cartel and I'm not saying there's anything wrong inherently in that OPEC, after all, is a selling cartel. It's been around for quite a while. But one of the difficulties I've always been taught about cartels is the possibility of cheating. How do you make sure you get everybody on board and keep them on board? Well, there's always cheating around the edges of any cartel, cheating around the edges of OPEC. When the U.S. and its UN allies set up a so called oil for Food Program for Iraq in the 1990s, there was plenty of cheating around the margins there. But Iraq did receive less than the world price for its oil, consistently and that was a well enforced arrangement. This one is a little bit different. The mechanism would be different as far as we can see. But the same basic idea, which is if the buyers are angry enough and upset enough and if Russia's actions have been egregious enough, I mean, frankly, if it's not egregious already, I don't know what would be just absolutely done everything short of use nuclear weapons is just awful. Now, let turn that by our anger and shock into the idea that we'll pay you more than the cost of production, but we're going to pay you even less than you're currently getting with the Euros discount applied to Brent. That's the idea, which is pretty simple and straightforward. Yeah, professor please understand I'm not trying to defend anything that Russia has done or is doing in Ukraine. I'm just trying to figure out how it would work and whether it would work. And specifically, let me ask you about two big potential or actual cheaters. And those are India and China. Those are big consumers. It seems to me at least you may know better, unlikely that India and China would go along with this. Well, I think that's to be determined. And we may know more in the next couple of weeks the G 20 finance ministers are meeting in Bali. I think there will be a lot of discussion before and during that. I mean, basically the proposal in your China is why don't you receive more oil or the same amount of oil at a lower price. You don't ask them to give up anything. You're asking them to get a better deal. Now, ordinarily, they can't get a better deal because competing against each other in the market. But the point of the cartel would be to use that combined buying power to say, you know what, we're not going to pay Russia quite as much as we did previously. So we'll see. You're absolutely right. The key question India and China want to do. But they could also be paying Russia a lot more if they wanted to not paying your Brent right now. They are getting the Euros discount. I'm going to assure you because they want to get a good bargain. And let me also ask how much pressure you think it would bring to bear on Russia. You mentioned $70 a barrel. I understand you're not negotiating this right now. Price. But the Russian price of extraction as I understand it, at least on their more mature fields, is very, very low. I mean, the Russian budget will be in good shape at $70 a barrel. Will it not? How low does it have to get to really have president Putin feel the pressure? Well, that is the question of the day or the week in the next couple of weeks. I think if it gets down into the 40s, that is pressure, they have

Russia Charlie Palatin David western Charlie pell Bloomberg interactive broker Sloan school of management professor Johnson OPEC Simon Johnson Brent FedEx Bloomberg IMF MIT Putin
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:32 min | 6 months ago

"david western" Discussed on Bloomberg Radio New York

"This is ballots power and Bloomberg television and radio I'm David western when I check out the markets right now and one of the things that's interesting is what's going on in retail and critic Gupta is here to tell us about it pretty Well the target saga continues David and that in the last three weeks already target has cut their profit guidance twice and it's all about one thing It's about inventory and let's put this into some broader context because we all know that kind of these retailers are dealing with higher inventory decelerating sales But how did we really get here And that's what I think a very important question to ask Because we got here when a lot of these retailers and companies were faced with a dynamic of supply chain issues Think about it Can the product come out of Shanghai or Beijing or the ports in China that were shut down If they do come out are there issues in the shipping rate Does it get more expensive Will the consumers actually eat those costs Or if you'll remember the story would ever give it The ship that was stuck and had a lot of Potter delays right So a lot of these companies said well we have to prepare for this So we are going to essentially build up our inventory so we don't deal with this What they didn't take into account was decelerating sales So one of the major kind of metrics that a lot of people are looking at for retailers right now and as a proxy for that consumer story is inventories relative to sales And right now that ratio is very very high But are the sales themselves slowing down or is it just they built up too much inventory I mean how does it compare with pre-pandemic for example the sales rate Well the sales are slowing down They are This isn't a surprise You see this across sectors you even see it with tech but the concern here and really what the stock is reacting to what the forecasts are reacting to is not what the consumer is doing right now What are they going to do at the end of the year Holiday season What are they going to do after back to school It's going to be the next couple of quarters that they're saying well that's really where you're going to see a more marked deceleration And that's the concern that a lot of companies have that sure things are fine right now Will they be fine in a couple of quarters And this is before we get to the portal Los Angeles right Which could go on strike still Yes which is a very much a possibility and once again this comes back to one of the concerns or some of the concerns that a lot of these retailers had about protecting the inventory and making sure that if there is this booming demand from the American consumer which by all indication there is can they fulfill it Can they meet it You've seen a lot of companies I'm going to use chip companies for example who have had the soaring demand and aren't able to meet it because they simply don't have the capacity or the supply chains or whatever it is and right now retailers aren't in the exact same spot but they are worried about it It's fascinating story Thank you so much for bringing to us It's pretty Gupta on the markets You can catch pretty again at 1 p.m. Eastern Time on Bloomberg markets where she's.

David western Gupta Bloomberg Shanghai Beijing David China Los Angeles
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:58 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"And people can't forget their shortages and labor now too So it's not only goods to manufacture it's also the people to make them And so when you talk to our clients they all get it's messed up It's getting a little bit better It's easy for it's been a problem for many months now And the belief that it is totally related to the virus is true but there's also a tremendous amount of demand in our economy right now Consumers are spending a lot buying a lot of things and we can talk about that separately So businesses are able to increase prices because there's only so much goods are sold And that leads to inflation But more importantly they are starting to see a little bit of help and are starting to use their lines but the reality is it's a real concern One of the risks because we need people in goods to manufacture for 2022 and those things got a straight out relatively soon And that's why you're seeing the administration bring other people into help and getting to people together and figuring it out But it's been going on for ten months now So I want to come back to the consumer question you suggest Before that you say there's a little bit of improvement As you talk to your customers how fast is this supply chain problem improving And do you have any sense of when we may be getting back to something approaching normal I think it's a slower fix but each day it's better If you're a ten you went down to two when you go to three you have a 50% increase So the questions people forget your people don't care what happened to yours Do I have the stuff today And can I get it tomorrow So that's what started to get better And the bigger companies have learned to work around it You've read the articles or seen the data about that I'm sure some people have been on the show here talking about They've learned to get control of their import stream for lack of a better term But it's something that's got to be reckoned with and done and yet you're seeing it slightly better That was Bank of America CEO Brian moynihan speaking exclusively with Bloomberg's David western really interesting conversation there about post COVID tightness in labor markets but also the strength of the U.S. economy right now Let us get to global news lines.

Brian moynihan David western Bank of America Bloomberg U.S.
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:03 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"People can't forget the shortages and labor now too So it's not only good to manufacture it's also the people to make them And so when you talk to our clients they all get it's messed up It's getting a little bit better It's easy for it's been a problem for many months now And the belief that it is totally related to the virus is true but there's also a tremendous amount of demand in our economy right now Consumers are spending a lot buying a lot of things and we can talk about that separately So businesses are able to increase prices because there's only so much goods are sold And that leads to inflation But more importantly they are starting to see a little bit of help and are starting to use their lines but the reality is it's a real concern If you want the risk because we need people and goods to manufacture for 2022 and those things got a straight out relatively soon And that's why you're seeing the administration bring other people into help and getting to people together and figuring it out but it's been going on for ten months now I want to come back to the consumer question you suggested Before that you say there's a little bit of improvement As you talk to your customers how fast is this supply chain problem improving And do you have any sense of when we may be getting back to something approaching normal I think it's a slower fix but each day it's better If you're a ten you went down to two when you go to three you have a 50% increase So the question is people forget your people don't care what happened to yours Do I have the stuff today And can I get it tomorrow So that's what started to get better And the bigger companies have learned to work around it You've read the articles or seen the data about that I'm sure some people have been on the show here talk about they've learned to get control of their import stream for lack of a better term But it's something that's got to be reckoned with and done and yet you're seeing it slightly better So that was the Bank of America CEO Brian moynihan speaking exclusively with buen Berg's David western interesting Bank of America planning to hire four to 5000 staff intense competition who was talking about inflation It's here It's about what happens next So that was by moynahan All right let's get over to Bloomberg's Hannah George's got.

Brian moynihan buen Berg David western interesting Bank Bank of America moynahan Hannah George Bloomberg
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:45 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"Person classes this fall, and there will be no remote option. Except for when Covid positive. Kids must be in quarantine at home. National Federation of Independent Business, says a record 50% of U. S small business owners said they had vacant positions in August more from Bloomberg's Charlie Pellet. An unprecedented number boosted wages to lure workers. According to the N F I B data 50% of firms had job openings they could not fill last month, up 1% point from July and the largest share in monthly data back to 1986, a record 41% of small business owners said they raised compensation. Charlie Pellet. Bloomberg Radio. Global News 24 hours a day on air and on Bloomberg, Quick tick, powered by more than 2700, journalists and analysts and more than 120 countries. I'm Susanna Palmer, This is Bloomberg. This is balance and power with David Western. All of us know that across the country Roads. Bridges need help. This world is not set up behind vaccinated people going to have to come back to work. Kids are going back to school where the world of politics meets the world of business. I do think that there will be some tax increase coming down the way there's still a lot of unknown in the U. S China relationship and their Army priority for business leaders balance of power with David Weston. On Bloomberg Radio. I'm Joe Matthew for David Westin. This week. Coming up this hour, Corporate America prepares for a massive lobbying blitz to oppose President Biden's plan to raise taxes. We'll talk with one of those leading the charge Eric.

David Weston Susanna Palmer David Westin Joe Matthew David Western Eric National Federation of Indepen 41% Charlie Pellet July August 50% Bloomberg This week N F I B 1986 more than 2700 more than 120 countries Corporate America 1%
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:53 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"Could even see up to six inches early next week. Forecasters say the storm is slowing down as it goes between Haiti and Jamaica. The initial thinking was it was not Russian government. But we're not sure. Yeah. Speaking in Michigan, Biden says the U. S will respond if Russia knew about the attack. He also explained he ordered government resources to look into the matter. And President Biden is sharing his thoughts on the suspension of an American Olympian after she tested positive for marijuana. Speaking in Michigan, Biden talked about Shakeri Richardson's punishment and said the rules are the rules. However, he added, whether they should remain, the rules is a different issue. Biden also said he was proud of the way Richardson handled the aftermath of her suspension. The track star previously told the Today show the day she did the drug. A reporter had told her before the U. S track and field trials that her mom died. New research says more and more pets in the U. S are overweight. Banfield Pet Hospital in Washington state, says there was a 108% increase in dogs who were either overweight or obese between 2011 and 2020. A decade ago. 16% of Dogs had problems with their weight. Last year, that number rose to 38%. I'm Chris Caravaggio. Los Angeles County courts are putting an end to the remote audio attendance program. This comes on the heels of Britney Spears court appearance in her conservatorship battle recordings of her 24. The audio broadcast was only open to the parties involved and media. Also, recordings of court hearings are not allowed under California law without advance written permission from the judge. Los Angeles Dodgers pitcher Trevor Bauer is placed on leave following allegations of sexual assault. Cameron Fairchild reports. Major League Baseball says it is investigating the accusations. A woman obtained a protective order against power, claiming what started out as consensual sex ended with her beaten unconscious. I'm Cameron Fairchild. Bower joined the Dodgers as a free agent in the offseason. Painters misspell the name of Wisconsin City on the city's water tower. Wendy Wild reports the crew painting the water tower and Clover. Wisconsin painted a giant typo. They painted the V before the Oh The group drink Wisconsin at least getting some viral attention with their post at the water tower title on Facebook. One commenter says Here hold my beer and cheese Kurds. I got this. Another asks if Brett Farve lives there. His name is spelled with the V before they are I'm Wendy Wild. One Massachusetts resident is proving to be a lucky man. Stephen Toto made a last minute decision to buy a lottery ticket at a gas station for $30. The Massachusetts A state lottery says the man is from just west of Boston, and he collected the $1 million prize for the second time in his life. Total is not the only state resident to win the lottery for a second time. A Pittsfield woman reportedly one a $1 million lottery back in 2000, then again did it in May of this year. I'm Chris Caravaggio. And I'm Susanna Palmer in the Bloomberg newsroom, Russia linked Ransomware gang has been accused of pulling off an attack on the global software supply chain are evil. The group blamed for the May 30th ransomware attack of meat packing giant JPs is believed to be behind hacks on at least 20 managed service providers. They provide it services to small and medium sized businesses. More than 1000 businesses have already been impacted. An investor group backed by a soft bank subsidiary, America's billionaire Cook, family, and others, is positioning itself as the White knight riding up to the rescue of William Morrison Supermarkets PLC. Supermarket operator agreed to a takeover of about $8.7 billion from the consortium led by Fortress Investment Group this after turning down a lower bid from Clayton, Dubilier and Rice last month. OPEC Plus We'll try again on Monday after efforts to break a deadlock within the cartel failed for a second day on Friday. We get more about that from Bloomberg's Charlie Palette. It increases the risk. Its failure to act will unleash an inflationary spike in oil prices. Friday's ministerial meeting ended without a deal as positions remained entrenched. Delegates say the United Arab Emirates is still blocking a proposal to increase supply Charlie Palette, Bloomberg Radio. Investors are taking risk off the table as the fast spreading delta variant of the coronavirus causes fresh outbreaks in many parts of the world. Airline and cruise stocks are being dumped while there's a renewed embrace of the stay at home trade Jill Carey Hall is U. S equity strategist at B of a securities evaluations are obviously extended eyes so so obviously from a sentiment and evaluation perspective, but we don't see much upside here to the market. Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700, journalists and analysts in more than 120 countries. I'm Susanna Palmer. This is Bloomberg. This is balance and power. With David Western. One of the big fix the finance going to have to do is really find a way to start exciting American. I think the business community has been will be supportive of continued federal government action. I think there's no question that taxes are going up with the world of politics meets the.

David Western Trevor Bauer Chris Caravaggio Brett Farve Stephen Toto Susanna Palmer Richardson Biden $1 million Major League Baseball Shakeri Richardson Wendy Wild Jamaica Fortress Investment Group 38% Jill Carey Hall Haiti 108% Banfield Pet Hospital Britney Spears
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:24 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"Bloomberg, 99. 12, Boston, Bloomberg, one of 61 to San Francisco. Bloomberg, 9 62, the country Sirius, XM Channel, 1, 19 and around the Globe. The Bloomberg business As in Bloomberg radio dot com. This is balance of power. With David Western coming up on balance of power. Silicon Valley has a reputation for being left of center. But could that be changing? We talked with Tech investor Peter Rex about his decision to move his firm to Texas. But first we get a market check from Charlie. Hello. Hi. Thank you very much. Here's what's going on. David Western, happy Monday. We've got the Dow, the S and P, both higher NASDAQ on the minor slide. 10 year Yield right now, 1.6 hold percent stalks off session highs. Who's Giants Tesla and Amazon Way on the NASDAQ 100 right now. Tesla is down. 1.7%. Amazon shares down 2.1%. Craters were also assessing economic data. With inflation remaining at the forefront of the investment debate. Theo s and P is up 13 of 3/10 of 1%. The Dow up 272 points now up 8/10 of 1% as back his lower by 68, a drop of 5/10 of 1%. 10 years old 1.6%, We've got gold up 1.2% 17 91 the ounce and West Texas intermediate Crude up. 1.3% 64 44 1 a barrel 64 41 on west Texas intermediate crude. Jonathan Golub, Chief US Equity strategists of Credit Suite's has raised his year and forecast Or the S and P. 546 100, becoming the biggest bull among Wall Street strategists. He spoke about the call this morning on Bloomberg's surveillance, thanks for beating by 35% Tech is beating by almost 30% industrials. Discretionary companies are up 50 60% on average. And, you know, ultimately, we needed to, you know, increase earnings outlook. That was what drove it. And then we as we see that the overall stock market price was right on our tails. And so we moved our numbers up and again to put that call in context, he says. 4600 by year and down the S and P right now, 41 94. On the S and P 500 index again. Recapping stocks are pushing higher with the S and P up now by 3/10 of 1%. I'm Charlie. How about that? David Weston is a Bloomberg business Flash. Thank you so much Charlie pellets. The tech sector.

Jonathan Golub David Western David Weston Peter Rex Tesla San Francisco XM Channel 2.1% Amazon 1.2% 1.6% Monday Charlie 68 Texas 272 points 10 year 8/10 5/10 35%
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:50 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"At hand at Bloomberg. Quick Take This is a Bloomberg business Flash from Limburg World Headquarters signed Charlie. We've got the Dow, the S and P both higher, both looking at records right now, but a retreat from records for the NASDAQ composite index. Stocks climbed to record size optimism over the economic recovery continues to ripple through markets worldwide. 10 Year Yield Now 100.1 to a point of 1.28%. It is down 23 30 seconds to be clear. 1.28% on the 10 year, the S and P up by half a point. That is a record right now. Little changed. Down up 86 hard by 3/10 of 1% on NASDAQ is down 44 a drop their of 3/10 of 1% gold is down 1.2% lower by $21 the ounce of 17 97 and West Texas intermediate crude of 8/10 of 1% 59 95 a barrel again recapping S and P up Now by one point, I'm Charlie Palate. That's a Bloomberg business Flash. Balance of power continues. And once again here's your host, David Western. Thank you so much Joy Pellet. This is balance of power on Bloomberg Radio. President Biden won the election in November with the support of the Upper Midwest, including Wisconsin and Michigan, in part by pledging economic policies that would benefit manufacturing workers in those states. Later today, he travels back to Milwaukee for a CNN town hall meeting for a preview. We welcome now Kip Heidelberg of the Association of Equipment Manufacturers, where he is senior vice president of government and industry relations. So keep welcome back so he's going to come to visit you in Milwaukee as I understand it. What do you expect? Ng? Well, first of all, thanks for having me back. David and I got to tell you we are excited that President Biden is visiting our hometown. And we are pleased with his initial focus on revitalizing American manufacturing, investing in our infrastructure and promoting buy American. And I got to tell you No one supports by American more than equipment manufacturers, David, but the focus tonight hopefully doing this town hall will be on policies that helps sell American sell American increase global competitiveness. Allowed to build more equipment and create more family sustaining jobs here in America. So I think, Kip that the president, right the moment is focused a lot on the stimulus bill. That $1.9 trillion bill. Is that going to help sell America? I think so. And look, you know, equipment manufacturers have been working through the covert crisis, but we need now. Obviously, we need some relief. We need some recovery. But more than anything else we need to crush this virus. We need to get a handle on the pandemic. We need to put Americans back to work and open up the economy. That is what we need more than anything else, But it was talking about stimulus. We think infrastructure is the way to go. Yeah, but the president, I think it's been pretty cool. That's next. Right. That's gonna be the build back better, which comes after this first one, talk to me about your members, how they're effective of the pandemic and how much of it is in their own workforce. Had they really had to cut back and what they can manufacture or how much it is in the demand side that people aren't buying as much. Well right now, and that's a mention equipment manufacturers have been working through the covert crisis right now. For us. We're starting to turn the corner here, and it's not so much about specific. Support anymore. It is more about getting the economy back up and running so that we can create some confidence overall and you mentioned infrastructure. Obviously, the president has said that he's going to go big on on build back better, but we believe that there's an opportunity in the relief in the recovery. You know, we've talked about this before David over 700 cities have had to halt Medical infrastructure projects, economic downturn. The federal government is the only one who could help get these projects back up and running. And so the next relief for recovery package should include funding for those infrastructure projects. That's what you give our industry a boost. So the state and local support component of this that the Democrats have included. We'll see if it remains there is important for you because it actually could get you to some infrastructure. Absolutely assuming, though, that that money actually goes to infrastructure projects, and it goes to those you know all those projects that have been put on hold. That's the result of the pandemic. If it goes to something else of state local it helps us less. So we really hope that it's targeted to getting those infrastructure projects back up and running again. That will give us a short term boost. No doubt. Is the $15 minimum wage. Give you pause it all your members balls, I should say. That's a good question and look there there a lot of legislative proposals out Then there's going to be a lot of political force trading in the coming months. I can tell you this right now our industries creating more jobs and we can fill and and the job in our industry faced 35% above the national average for us It's not so much about the minimum wage. It is Maura about how can we fill all these great jobs that are out there? So? So I hope that the president tonight in Milwaukee will talk about how can be re Skilling upscale our workforce to meet the jobs of the 21st century. That's that's what our members want to hear. More so than a minimum wage will give us a sense of that specifically camp about about the Gap. If there is a gap between the people available and the skill level or the training that they have, what sorts of skills do they need? What sorts of training? Do your members find it most effective to give Well, first and foremost, we need training that actually mirrors the jobs that are available. So what do I mean by that? Well, obviously, there are lots of different jobs and they put the manufacturing industry And I don't want your listeners to think that we still don't need welders and machinists and fabricators and painters we do But more and more, You know, our industry is one that is increasingly tech forward. Sophisticated, so we need engineers. We need programmers. We need people who are trained and operating autonomous vehicles on using, you know a eye on the shop floor, and that's what we're seeing a lot of the gap right now, but also in some of those more traditional. I guess you'd call them manufacturing jobs. They're our member companies out there who cannot find enough. Well, there's for example, so I think what we've got to do and I think there's an opportunity for the president here. Is to encourage more young men and women to explore careers and manufacturing. It is the pathway to the middle class from our perspective, and if you give them a career path, they're more likely to stick with it. If they see that there's ah pot of gold at the end of that rainbow them more likely stay with it. I've talked to some businessman, particularly smaller businesses and local businessman Who are concerned that we put too much emphasis on four year liberal arts education that in fact, there are a lot of things that could be done short of that training for specific jobs that are out there and need and want people who are skilled for them. Yeah, I think that's that's absolutely right. And look as I mentioned a job in our industry pace 35% above the national average. You can have a very, very good career in couldn't manufacturing you could provide for a family. You know, you could put your kids through school. You know you can retire comfortably. And so I think we've got to change this mindset among Americans, particularly the young ones that you know the only path forward. It's a four year liberal arts degree. You know, we believe that you know the pathway to the middle classes, I said. Like through manufacturing, so we need to get more young people interested in those types of career opportunities, and we have a role to play in that, But so do parents, teachers, guidance counselors, you know the broader business community. S okay. If it's clear you're enthusiastic about President Biden come out your home town in Milwaukee here and you're expecting some good things to come in room. Is there anything that gives you pause? Are you nervous about anything that he might go the wrong way from your point of view on That's a great question, David. I think it's not so much what we that we're worried about what the president might say. Or do that rather what he might not say or not. Do you know, we way have a lot of challenges facing our country Right now. We need to rebuild our infrastructure. We talked about that, but he put Americans back to work. Jumpstart our economies of inaction is not an option. And so what we want the president to say tonight is that he's willing to work with Democrats and Republicans in Congress put country over party. Policies ahead of politics, work together to advance comments and bipartisan solutions for.

David Milwaukee Joy Pellet David Western $15 35% $21 November Republicans 1.2% 23 CNN Congress $1.9 trillion America 21st century 3/10 86 Kip Heidelberg 1.28%
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:18 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"Bloomberg radio. Our own Bloomberg World Headquarters. I'm Charlie Pellet down with a record of retreat for the S and P and the NASDAQ composite index stocks heading for a second straight drop. Treasury yields dipping after a tame inflation reading raised worries that short term economic growth remains lackluster. Technology shares leading today's declines. Dow Jones Industrial Average Higher little changed up by Seven points Now again of less than 1/10 of 1%, as some he down six. That is a drop of about 2/10 of 1% holding close to a record as deck is down. 34 a drop right now of 2/10 of 1% that has thank 100 Index is down by 4/10 of 1%. Tenure up. 5 30 seconds 10 Year Yield. 1.13% Gold is up 2/10 of 1% 18 42 The out. Silver is down 9/10 of 1% and West Texas intermediate crude closing in on 59 again 58 80 right now off by about 8/10 of 1%. So it is a mixed Wednesday. General Motors did beat analyst estimates for fourth quarter profit and signaled continued earning strength this year. Despite short term damage from a semiconductor shortage that is cascading through the auto industry. GM shares their down now by 3.3% are David Western, spoke this morning with GM CEO Mary Barra, who offered this outlook about electric vehicles. We think we're gonna have a very positive here in 2021, not only from a financial perspective but also the continued acceleration of our E V and R A V business. We're really excited that Very shortly. We're going to be launching the Chevrolet Bold evey, which is a great vehicle on that sound. That's days away on then, you know, later this year will be serving the market with the GMC Hummer. Evey. And then the Cadillac learn comes shortly after that, And right now we've got General Motors shares down by 3.1% after earnings. Twitter is surging 7.6%. Cisco Systems down Now by 4% 102 on Wall Street time for the market drivers support for the focus has always at this time on American depositary receipts. Here's Dave Wilson. Thanks, Charlie 80 Yards air higher. Unlike US shares, the S and P A. D R.

Charlie Pellet General Motors Bloomberg World Headquarters Bloomberg David Western Dave Wilson Twitter Chevrolet West Texas US Mary Barra GM Bold analyst CEO
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:58 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"Recovering a fraction of the prior months lost December payrolls down 227,000 retailing, transport hospitality. January's big losers. The unemployment rate did fall to 6.3% from 6.7%, but for the wrong reason. Many people throwing in the towel for now on finding work, Danny, tell Jud I Spielberg radio. Hello, Tom Shares down 6.8%. Saletan Interactive says it can't keep up with surging demand for the company's technology focused exercise machines. Even as a reports its first billion dollar sales quarter. I'm Charlie Pellet. That's a Bloomberg business. Flash balance of power continues once again. Here's your host, David Western. Thank you so much Joy Pollen happy Friday to you as well. At 5 30. This morning Eastern time the Senate completed its all night vote a Rama on a budget resolution, and after the vote, majority leader Chuck Schumer emphasized the need. We cannot underscore. Enough. How much help the American needs during this awful crisis. And we cannot. Missed the point that we still have a long way to go. This was a giant first step. The budget resolution sets the scene for an intense few weeks of work by individual committees to fill in all the blanks and what is really more a little more than a framework at this point to give us a sense of what comes next. We welcome Dan Kildee, Democratic congressman from Michigan, who serves in the House leadership. As chief deputy whip. So, Congressman, thank you so much always enjoy having you on first of all, just tell us what's going on The house's understand there's voted going on on your voting in batches and groups because of the Corona virus. Is there any question but that the house will pass the resolution? I don't think there's any question that will pass. This step in this step, of course, sets the framework for as you mentioned for the committees to fill in the blanks. This puts the reconciliation process in place. Which allows us to pass spending bill with a simple majority in the House and a simple majority in the Senate. The detail of that will be worked out by these committees over the next couple of weeks, but we believe it will largely be Based and maybe almost entirely based on what President Biden has proposed. The $1.9 trillion rescue package we heard for sending Hoyer of the congressman from Maryland also served with you, obviously in the leadership of the House. Room today at the White House, saying, Boy the Republicans could still join. We could get some hugging votes. Do you have any any hopes that all realistic at all of any Republicans going along? Do you know that there's two steps to this one is the procedural step, which is what we're doing right now. But once that's completed Then there's really going to have to be a question, uh, that Republicans and Democrats will answer is and that is whether the legislation that we put together is an answer that gets us Progress toward this goal might not be the bill that I would write if I wrote it by myself, and it certainly wouldn't be the bill that many of my Republican colleagues would write on their own. But there's no longer a question of what they would rather do. The question is, Do we do this? Where we do nothing. And I think that will, I hope anyway. Draw some Republican support The fact that we're using a procedure that historically has been done. You know, in a partisan fashion doesn't mean the ultimate product has the B only supported by Democratic votes. One of the things that I read was in the bill itself. In the resolution, I should say itself. It has some rather vague language. But the targeting of that $1400 we've heard from President Biden earlier days saying I want the $1400. But I do agree that could be war targeting. I just 100. We've talked before I come from Flynn. I've got a hunch is some people back in Flint think that maybe some people who are making $3000 shouldn't be getting the check. Yeah, And I think you know, the president made it clear that he's interested in open to real conversation on this. What? Of course, What we based the eligibility on is the same language that was used in the past. Uh, you know, even I would say if there's an interest in getting A tighter target. We could have that conversation that probably wanna avoid, though, is missing the point that this money is not only intended to support people who are really struggling and Stan to risk everything that they've invested in for their whole lives, but also to make sure that people in the middle class who are the spenders in the economy. Can help create demand by having the stimulative impact of putting money in their pockets so that they can support the small businesses that really are at the core of the problem that we face right now. So I get the point about Trying to tailor it, so that is much more needs based, But I don't think we want to miss the point that it's also intended to provide some stimulus in the economy. And if we if we want to modify it somewhat, but can still achieve those two goals. I think many of us are open to some changes. What about the $15 minimum wage proposal? Is that going to make it through reconciliation? That's tricky, isn't it? It is. It's trickier for sure. Um, you know, obviously. Uh, this has some economic impact. The one thing that we do need to clarify is that it's phased in over a number of years. I think there's been some misunderstanding that it wouldn't be overnight change. It's something we've been working for. We think it helps create More sustainable economy and puts fewer families. If we have a wage that is a living wage puts fewer families in a position where crisis like the one we're in. You know, could cause them to lose everything they have having, you know, a stronger middle class and the stronger minimum wage would prevent some of that. But you put you raised an important question. Through the reconciliation process. It is sometimes more difficult to get. Economic policy that does have a fiscal impact that it has other you know other characteristics to it. This has you know some policy characteristics to it. It's more difficult. We're gonna try and we'll see what the Senate does. I think we could get it through the house. But the Senate to different creature, So we'll see. How does this play back in Flint and Genesee County? Do you have some small businesses? They're saying Wait a second wonder a lot of stress right now. You don't need to be raising our conversation for employees. Yeah, we do hear that, for sure. You know, we hear that even when it's when they're not under economic stress, So I get that I think that the The point that we try to make is that we're not doing this overnight. It's a phased approach. We're going to need to do this sooner or later anyway, we haven't raised the federal minimum wage in a long, long time. You can't you can't. We can't have an economy where people work full time and live in poverty. So we've got to fix that. If, though we weigh pair that legislation was really robust Help for those very same small businesses that I think we can. We can get this done so finally, Congressman. Obviously there was the vote yesterday to take Marjorie Taylor Green off of a couple of committees. And I suspect you supported that you thought that was a good idea some Republicans supported. Are you concerned at all that What's good for the goose could be good for the grand here because there are some members of the Democratic caucus who said some pretty extreme things from time to time. If they if any member of the Democratic caucus. Um Endorsed Talked about created images about regarding violence toward other members of the house. Then I think they should bear the same result. And so I got. The speaker said that the other day were happy. Have this standard applied to anyone, regardless of their party affiliation. And, you know, there's always an attempt to say, Well, somebody else is this in this case. Where you have a member that quite literally give a thumbs up. To a comment that said that the best way to rid ourselves of the speaker of the House is a bullet to the head. That's beyond the pale. It's a little bit much after that. That okay, thanks so much Always great to have you with us. This Congressman Dan Kildee of Michigan coming.

Senate Congressman Congressman Dan Kildee President Biden president Michigan Democratic caucus Flint White House Charlie Pellet Saletan Interactive Bloomberg Tom David Western congressman Chuck Schumer Danny
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:21 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"This is balance of power in Bloomberg television and radio. I'm David Western. Want to recap now? What happened just a short time ago. Way now have the formal document in which President Donald Trump through his lawyer's response that one article of impeachment, claiming that he incited sedition against the United States in and some of substance what the president says his number one. You don't have jurisdiction because I'm not present anymore doesn't apply to me so with the whole thing has to stop. Something that was argued actually, and was voted on with majority but a narrow majority agreeing that they could go forward, and that's really suggested a question about super majority voting to convict also going on to say whatever I said, whatever I said about what I thought about the election, whether it was appropriate or not. Whatever I said to the mob or the crowd on the mall. That was protected speech constitutionally, and the Constitution protects even unpopular speech, basically saying, what I said was not very popular, but it nevertheless has protected so we now have a better sense of what President Trump is going to present for his case, although I must say in a quick perusal of the document, he goes pretty light and the election was stolen, which is rumored to be something he wanted argued strongly that there's not a lot of that in this document. At this point, that would be so that's the pleadings. Now we're gonna have a trial We expect starting sometime next week in the Senate. Let's turn now from the trump impeachment to President Biden and President Line's actions on climate he signed as Syria's of climate executive orders last week. And he said in doing so that it was not only climate day. But it was jobs Day, as well as his policies would create millions of new jobs for the economics of what he is proposing. Let's go now to Bloomberg International economics and policy correspondent. Michael McKee. So, Michael, what is he talking about? With all these millions of jobs, basically David, he is trying to make a virtue out of necessity. There are millions of people who are out of work, and many administrations come in in that situation and proposed infrastructure plans, which is exactly what Joe Biden is doing, but he's casting it in terms of jobs and casting infrastructure. In terms of green energy. Let's take a look at what would have happened Had we not had the coronavirus recession, you could see the blue line if we've been growing at the 2019 pace all the way up until today. This is where we'd be in terms of GDP instead of down here. So this is the space that Biden wants to fill in. You look at the jobs that he is trying to teach support, and that is in the energy sector of the green energy sector. You know, Satchel Paige once said, Don't look back. Something's gaining on you. Well, this stuff in this category The the renewable energy jobs are gaining rapidly on the jobs that we used to have our were the foundation of our energy society. You look out in the oil industry and look at wind and solar and how many jobs and there's a million 500,000 jobs in the auto industry, building traditional cars for up to 500,000. Or hybrids and Elektronik vehicles, so Very quickly changing, and Biden wants to move on that This is the sort of summary of his plan infrastructure, build, rebuild bridges and roads and things but also build the green energy of the future. AUTOS TRANSITION toe alternative fuels eventually phased them out. That would be after he leaves office. Then you would have the federal government spent a lot more on transit cities over 100,000 would get money for transit buildings upgrade those Upgrade four million of them to make them more energy efficient. And basically you end up with a carbon pollution free power sector by 2035. That's his goal. Whether he could reach it or not, is another question. But if he can, it probably does mean a lot of jobs. The question is how many get lost in other industries? And how does that balance out? Mike. That was great Recap in any any hit that includes Satchel Paige and has got to be a winner. Thank you so much to Bloomberg's Michael McKee. Joining us now for more on this is Ellen Hughes Crime like she is senior resident fellow at Third Way's climate and energy program. Earlier, Miss comic served as the chief economist of the Ford Motor Company and at the Department of Commerce. So, Ellen thank you so much for being with us. Give us your take, as an economist on president bind, rather bold predictions about the creation of jobs from this climate approach. I appreciate Michael's set up. I think he's absolutely right. When you look at the jobs that are going to be created. As a result of this plan, you can see how the capital markets are already moving there. And the technologies advanced such that just taking autos in particular The battery cost has come down so that now when a customer goes in tow look at different products. I'm going to see that an electric vehicle is going to be very price competitive. So starting from that core, what the Biden plan did was really build out and say, Look, the technology has moved their capital markets air moving there were going to nudge it and get the flywheel going even faster. And it gives you a lot of optimism really, that we can achieve this kind of reduction and carbon pollution. As we look out over the next 10 to 20 years, it's really where everyone is going and if we don't get there My God, We're gonna lose a lot of competitive force against China and Europe..

President Biden president Michael McKee President Trump Satchel Paige Bloomberg David Western Bloomberg International Ellen Hughes Senate United States Europe China 100,000 chief economist Third Way
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:59 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"Now. Global News update. Etiquette Governor Ned Lamont says he needs to know how many vaccines he'll get in the future. On CBS's face the Nation, Lamont says transparency and vaccine numbers is the most important thing The Biden administration can deliver. Right now. The Democrat governor says teachers will be in an early group to get vaccines. A top health official at Johns Hopkins University, says he's pleased by President Biden's response to the Corona virus Pandemic. On Fox News Sunday, Doctor Tom Inglesby per I used the new administration specifically mentioning the strategy surrounding vaccines More than 1000. Supporters of opposition leader Alexei Navalny are under arrest during protests across Russia. Reuters reports. Security forces have been breaking up the rallies today in dozens of locations across the country where protesters are demanding navalny be free. That's the latest I'm Cameron Fairchild. This his balance of power with David Western on Bloomberg Radio President Joe Biden took Morrell executive action this week to combat climate change, including temporarily blocking new leases for oil drilling on federal lands and ordering a review of fossil fuel subsidies. While announcing the action, the president said, We've waited too long to address the problem. In my view, we've already waited too long to do with this climate crisis. We can't wait any longer for a view from the oil and gas industry. I spoke with Mike Somers, CEO of the American Petroleum Institute, to get his reaction to the executive order to block the Keystone XL pipeline. You know, we really view this is a significant step backwards both for environmental progress and for economic recovery pipelines of the safest, most responsible way. That we can transport the oil and gas that America needs and the Keystone XL pipeline was going to be a way to connect. Canadian producers to the products that Americans need on a daily basis. So we were very, very disappointed with that decision. Is it dead? Well, I mean, this is a project that's been 10 years in the making. And based on the The jobs that were cut as a consequence of this decision. I think it's very concerning from our perspective that this project is probably not going to go forward at this time. I'd remind you that this is about 10,000 union jobs, good paying jobs. That that would have occurred as a consequence of the Keystone XL pipeline. And just on the day after they made this announcement, $2000 for cut, So we were very disappointed in this decision. So that's obviously very hard news for the people involved directly. What about more broadly for our energy policy? What is the practical effect of not having Keystone XL? Well, The truth of the matter is is that these products are coming to the United States from Canada, Canada, one way or another. We're gonna come on rail. Primarily, we would have preferred, of course for them to come. The pipeline, which is the safest and, of course, most environmentally responsible way to do it. You know, the Keystone XL Pipeline PC Energy, the parent company of Keystone, they'd actually promised to fully power. The pipeline itself by renewables by 2030. This was a win win win. It had passed every environmental task that had the past the Canadian government was fully supportive of this. Project as well. So I think it's a real loss for for the American people. We're still gonna use oil and gas. The question is whether or not where we're going to get it from, and unfortunately this is a policy that is going to force us to import. Products from elsewhere will continue to get these products from Canada but will become more dependent on regimes that are hostile to American needs. Because of this decision. So, Mike, I'm gonna ask you to something really hard, which put the jersey and for the other team now, what drove the Biden administration to this? What's their argument says This is why we should not have this pipeline. Well, I mean, unfortunately, David, I think it was politics. This this pipeline has become the symbol for many of the in the activist community to shut shutdown development of fossil fuels in Canada. And the United States. Unfortunately, the world's going to continue to demand these products, and there's no shutting down that demand, at least in the short term, and I think our view is that we should be getting it from our number one trading partner. In the in the country of Canada and will continue to advocate for this kind of energy infrastructure that's going toe ensure that Americans have supply of supply of safe and reliable and affordable energy. How badly does this hurt Canada? Well, you have to check in with President Trudeau as a zoo. You know, he was a huge supporter of this pipeline development on that is a country that is very dependent on revenue from fossil fuel development. So we're concerned about our number one trading partner and what this does for the bilateral relationship. Where is the next skirmish? Likely to be? Well, we know that activists on the other side of this industry. Have targeted fossil fuel infrastructure as a way to stop production in the United States. They figured out that the United States is the number one Place where we're producing oil and natural cat gas now. On the world's going to continue to demand these products. So what the activist community has done is they focused on this infrastructure in the middle. So we understand that every one of these pipelines is going to have to be Advocated for and we're will continue to push for that infrastructure to be developed because we want to provide affordable and reliable fuel to the American people. Are there other big pipelines there waiting for permission? Well, just about every pipelines. A fight right now is, you know, so we're working with all of our member companies on that development, and we want to work with the by the administration on that as well. Environmental issues are keystone for our industry as well. And we want to make sure these products are delivered in a way that is safe for the environment, and we know that pipelines are the best way. Transport these products to the American people. It strikes me that you are in an industry that is tied to fossil fuels, and you now have an administration that seems really committed to trying to reduce your industry. How do you handle that? You know what I'll say is that you know, we think there's actually a lot of room for common ground with this administration. You know we worked with. You know, President Biden when he was vice president when he was senator. He's always been a moderately minded individual that's cared about. You know the United States and American energy independence, So we feel that their ways that we can come to compromise on some of these big issues. One example of that is we know that he wants to further regulate methane emissions. This industry a P I. My member companies are all committed to that, and we want to work with this administration on reducing methane emissions, which would include regulation at the federal level. That's one area where we think that we can find common ground well, that there are others as well. Nothing in this strike me as something that might be an area where actually you can make fossil fuels Mork consistent with the climate. Is that the idea? Basically, there are other areas like that. Yeah, you know, let me give you one other example the issue of trade. You know, President Biden has always been someone that has been a free trader wanting to open up markets overseas. One way that we think that we can reduce, uh, the risks of climate change worldwide. Is to export us liquefied natural gas. Let me give you a couple of examples of where that would be really helpful China, for example. Currently they get two thirds of their power from coal if we can switch their their energy mix from coal to natural gas, which is what has happened in the United States, primarily and that has led to a decline in emissions. There would be a significant decline in emissions from China, helping reducing them to reduce the risks of climate change. The same is true in India, they get they get three quarters of their power from coal. If we can use American natural gas to improve their environmental footprint. That's something that we think should unite Republicans Democrats on everyone who's interested in expanding American energy. One of those first executive orders that was signed by President Biden was toe put America back into the Paris climate accord. Where are you on that? So a P I on our member companies have long supported the ambitions of the Paris agreement. The ambition of the Paris agreement is the lower emissions worldwide, but also to provide for sustainable development and to reduce poverty. Those are gold. I think that all of us can get behind. So we're looking forward to working with the by the administration on developing politics policies that that get us more in line with Paris..

President Biden United States Canada Keystone XL vice president President Etiquette Governor Ned Lamont Paris executive Keystone Mike Somers Alexei Navalny America partner David Western CBS Reuters
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:09 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"For the city, probably 8 to 12 inches, maybe even a little more north and west of the city. Yes. Bloomberg meteorologist Scott Caplin. New York's test positivity rate for the Corona virus continues to drop down to 4.75% in the latest numbers from Friday. If that trend continues, Governor Andrew Cuomo says endured dining at reduced capacity can resume in New York City on Valentine's Day. February. 14th. The Securities and Exchange Commission says it's seeking potential misconduct and will scrutinize brokerages decisions to halt buying the triggered a retail investor revolt. We get more about that from Bloomberg's Charlie Pellet. The SEC is facing intense pressure to respond to the recent mania in the stock market. It has worn traders about engaging in illegal schemes to drive up share prices and says it's working with other regulators, stock exchanges and federal agencies to quote, identify and pursue potential wrongdoing. That's according to a statement issued by acting Chair Alison Erin Lee and the agency's commissioners last week's while ride shook the finance industry and prompted demands for SEC action from both Democrats and Republicans on Capitol Hill. Charlie Pellet, Bloomberg Radio. Global news 24 hours a day on air and on Bloomberg Quick take powered by more than 2700, journalists and analysts in more than 120 countries. I'm Susanna Palmer, this is Bloomberg. This is a balance of power with David Western on Bloomberg Radio. Still to come this hour. The oil and gas industry comes to terms with aggressive new climate policies under the Biden administration. But first New Jersey was the second hardest hit after New York in the initial wave of covert 19 that struck last year, and now the resurgence that began with colder weather is showing signs of leveling off. I spoke to New Jersey governor Phil Murphy to find out when the state might be ready. Ease covert restrictions. I think if the numbers continue to go in the right direction, I think we will consider backing off some of this way. Take some pride in the fact that We may have been the last state to open things up on the inside, but we've kept.

Bloomberg New York City Bloomberg Radio Securities and Exchange Commis Charlie Pellet New Jersey Governor Andrew Cuomo Scott Caplin Susanna Palmer acting Chair Alison Erin Lee Phil Murphy Biden administration David Western
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:33 min | 1 year ago

"david western" Discussed on Bloomberg Radio New York

"Shape our world Fred Action to calm concerns over dollar liquidity in curry Beijing. China Data 500 wealthiest people in the world through the eyes of the most influential voices. So Larry Summers, the former Treasury secretary, Starbucks CEO Kevin Johnson SEC chairman. Jay Clayton Bloomberg Bull Street Week with David Western from Bloomberg Radio. Populism hits the financial markets. Is it a fluke? Or does it point to something deeper? Mrs Bloomberg Wall Street Week. I'm David Western, Ah Video Game store is at the heart of a titanic struggle between short sellers and retail investors. Until recently, Gamestop was a company whose time seemed to have passed with serious gamers turning to the Internet, not the mall to get their games. But then social media got involved. Starting a meteoric rise in game stops. Stock After red. It's Wall Street bets forum started pumping the stock to its three million users. The Army of Social Media empowered day traders catapulted the former small caps market value beyond those of even members of the S and P. 500. Here's Bob Prince, the co CEO of Bridgewater Associates. It just reflects the liquid that exists in the new players in the markets. You know, Historically, it's a Negative of a bubble type environment, But you know I could go for a long time. The amateur day traders were targeting short positions held by Gabe Plot Kins, Melvin Capital, and Andrew Left Citrine research. Hedge fund. Titans Ken Griffin and Steve Cohen injected a total of two and three quarters billion dollars in the Melvin capital amid the short squeeze distress. Here's the founder of S three partners. Bob Sloan. What's happening is that the retail right now is stronger. But now short bets, come back and fill in. So it Z just a battle that's going to continue within a matter of days. The Reddit Army had pushed the rally so high that Melvin Capital and citrine threw in the towel on their short positions. I'm just fine. Citron Capital is just fine cover the majority of the short in the nineties at a loss. 100% have a small imaginable position, and I'll let it go that citrine research founder Andrew left the Reddit Army of day. Traders also boosted. Other has bins, including BlackBerry Retailer Express and AMC, which is fighting to stave off bankruptcy. Hedge funds are now on the hunt for other companies that could end up on the Reddit mobs. Radar Here's Dennis Gartman, but this has wider implications for the for the near term. I think this I think you're gonna see a number of hedge funds and declare bankruptcy and start next several days, online brokerages reported service disruptions caused by the retail trading frenzy on a number of them, including Robin Hood. But the rare step of limiting some transactions on shares of game stuff AMC and others You're witnessing the French revolution of finance. Where the problem telly Terry, it is rising up to change the order, structure and finance and they're able to do that because they have Costless data. They have costless trading that Skybridge capital founder Anthony Scaramucci. There's been a surge in overall retail trading activity as people stuck at home. Try their hands at trading, according to Bloomberg Intelligence, Individual investors accounted for almost 20% of the trading volume in 2020, Here's Eileen Burbridge, partner at Passion Capital Investments. The fact that retail investors are gonna be able to communicate with one another that they can actually consolidate their buying power in such a way and provide research data points for these large institutional investors is something I don't think the regulars would've anticipated even three years ago. So what Eyes. The perfect storm that some call Gamestop. We asked Peter Atwater, president of financial Insights, and he said it was something that had been in the works for some time. What we've seen over the past couple of years have been these flash mobs with money as I call them, where investors particularly using social media, get together in Your aim at a single company. You saw this with till ray Beyond me, just one after the other, and what we've started to see is they moved from moving chairs to buying options to now buying options and things that are You know, most shorted and to me. This just reflects on the confidence of the crowd. They've They've gotten much more striking, much more aggressive, and honestly, they've succeeded at it. So so behaviorally. This looks very, very predictable. It's coming to a head at the same time, I was there a reduction of the barriers to entry. If I can put it that way that it's easier for retail traders to get into things like call options, and there was a time that required some sophistication have to go through brokers and things like that. Now. I think you could do it online, can't you Sure, I mean, the technology has moved with the crowd, but I mean, let's let's be honest. This this has been going on for a long time. You go back and you read financial history and they talk about you know, the telegraphs suddenly causing you know the market two more quickly. This is this is the same thing. But in a 2021 version, people are using a accounts online with their iPhones and our trading call options. We've taken it to an extreme. Let's talk about regulation. Because there's various discussion about whether the SEC or someone else should be getting involved. Does this potentially rely afoul of what's going on with the SEC in terms of existing regulations? I don't know if it runs afoul or not. But as a researcher, I have found that regulators When they act react to sentiment. And so I expect that if sentiment becomes too extreme people become concerned about systemic safety. Then you'll see the regulators moving and worse, and you know that that's what they do. They will close the barn doors at the moment that the the animals have already left that they're going to court water on a fire that was already Extinguishing on his own and the question, at least in my mind. I think in many people's minds is due existing regulations really address this I mean, people talked about like, pump and dump certainly their regulations about that. We really talking stop stock up so you can sell it or doesn't need to be Ah, whole new regulatory approach to this, if any, at all. No, I I expect the regulators will respond to this after the fact with with regulations that try to modernize, you know and reflect truly what's in place today, but But I would think about it Almost like servings. Actually. It will come well after the crowd has dispersed. That was Peter Atwater, president of financial insights and.

Melvin Capital founder Gamestop Peter Atwater David Western AMC CEO Mrs Bloomberg Jay Clayton Bloomberg Andrew Bloomberg Radio partner SEC Skybridge capital Beijing Hedge fund
"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:59 min | 2 years ago

"david western" Discussed on Bloomberg Radio New York

"His balance of power with David Western on Bloomberg Radio. Still to come this hour antitrust enforcement under the Trump administration gets a new regime. I talkto outgoing antitrust chief Macon del Rey him about what he accomplished and what lies ahead. But first relations with China were at the top of the Trump administration's foreign policy agenda, and there's reason to believe they'll figure prominently in the by demonstration as well, with Treasure Secretary nominee Janet Yellen, telling senators this week. China is United States biggest strategic rival. We need to take on Chinese abusive, unfair and illegal practices for an early read on where the U. S China relationship may be headed. I've talked to Elizabeth Economy senior fellow at Stanford University's Hoover Institution. I think we're going to see a lot of continuity in terms of the overall approach between the Biden and Trump Administration's I think even if you look at the next level, down from Tony and from Janet Yellen and the top Asian people have been put in place like Kurt Campbell of the National Security Council, or Eli Ratner, it d o d. You'll see that these are people who have historically taken Ah, very tough line on China s O. I think substantively we're going to see them ministrations that continues to view China as you know a top strategic competitors. On a focus of U. S foreign policy and eventually just appeared that Beijing is trying to calm things down at the moment. As you know, there's announcement of sanctions taking against I think 28 U. S politicians, including Mike Pompeo, the outgoing sexually state, and In the meantime, Twitter is knocked to the Chinese Embassy United States off of that's Twitter account. He's temporarily because the things you said about the weaker so it looks like It isn't quieting down right now. No, I don't think China is is planning a major new initiative to try to soften relationship to try to improve it. I think they've Assessed, you know, looking at the people that have been put in place in the by an administration that the ride is going to continue to be a little bit rocky, and they don't really see a need at this point to, uh, to make nice on Dure. Quite right. I mean the move. To punish the sanction. You know, 28 former Trump officials very senior officials on to say that they and their families are going to be forbidden from going to China and that the institutions with which they affiliate themselves moving forward. Are going to face sanctions as well, really quite significant Move. I think you know it sends a message to the Biden administration that this is what they can anticipate moving forward, But it was done precisely at the time is that the new administration was being inaugurated. So was Really diplomatically. Quite an unfriendly move. So are we headed toward us? Some form of disengagement between these two countries? These two economies. I mean, we can't totally disengaged with the number one of number two economies in the world, but at the same time our is just going to continue down this slope. I think you look one thing that's important to bear in mind because typically the Trump administration, you know all the responsibility for the coupling or disengagement. As you put it is placed on the shoulders of the Trump Administration. But in fact the Chinese themselves back in 2014 When they announced they're made in China 2025 program really began that process of decoupling. You know how far it goes, I think remains to be seen. I do think this is an area where the by the administration may be a little more nuanced. Maybe a little more Careful. You're trying to disentangle, you know national security from economic security. What do we really need to put on the entities list right. The list of Chinese companies for which American companies need special permission to sell. So I think I think it's going to be a little bit more cautious than the Trump Administration, which really did use a sledgehammer. Nonetheless, I think again, given the national security challenge that I believe that by administration Feels China presents. I think this linkage between economic and national security will continue, and therefore this process of the couple Ng, you know, will also continue talking about national security. Talk about the South China Sea because right there at the very end of the Trump administration, there was some sanctions taken against, among other people, the I think, the largest Chinese oil company, right She knock Right for its activities in the South China Sea in oil exploration exploration. Right. That was an unusual move actually, by the Trump administration. I thought s O. They sanction they put on the entity with companies that were responsible in some way for, um, either the energy exploration or the dredging, you know, construction companies that responsible for dredging and constructing the artificial features. That's the kind of initiative that by administration might have a difficult time rolling back. But they themselves probably would not have come up with so again. I think you know the question is how much further this process is going to go, and I think that by administration will be more careful. Throughout much, If not all, the time administration we heard from Democrats that the problem with our policy for China was not so much we're getting tough with them. But we were doing it on our own that just bilaterally rather than bringing in our friends and allies. How much can our friends and allies help the bite administration change the behavior? The Chinese regime. You know, I think The Trump Administration actually did a reasonable job in terms of working with our Asian allies because you know, they actually perceive quite a significant threat themselves from China. So in Australia, India and Japan Where we were. The Trump administration fell down was really with Europe on I think there is room to improve the relationship there. In terms of how much more you know, working together can accomplish. I think quite a bit. S so for example, we just saw the Europeans you know, have inked, although not completed this new investment deal with China. That's something I think that the by an administration wishes. You know, the Europeans held off on doing so that they could have consulted, you know, worked through sort of a parallel process on thought through, you know, what are the restrictions? What are the kinds of conditions that we want to play? Some Chinese investment on Do you know, make it more difficult because one of the things that China likes to do is divide and conquer. And if they can have, you know easier access with regard to the Europeans. The next grade. They can afford to ignore the United States. But if Europeans, united states, the Japanese Koreans, you know, instead of the Australians all work together, then they have a much more difficult time. Have we ever succeeded multilaterally and actually changing fundamental behavior from the Chinese government? That's an excellent question. I would say that there are cases where working together has Worse, the Chinese to mend regulations they were going to put in place. So there were AH couple several years ago before the administration came into power actually related, Tonto You know what the Chinese government would demand from companies in terms of access to their you know, computer codes, etcetera. So that was an area where businesses across the board pushed back and the Chinese government was forced to take a step back. But you're quite right when it comes to issues that the Chinese considered to be Their dominant priorities. For example, what's taking place in Hong Kong? There is a lot of unity around, you know, sanctions and other penalties. You know they're being levied and criticism globally against what China's doing. But that's not changing Chinese behavior in the least thanks to Elizabeth economy from Stanford University's Hoover Institution coming up President Biden signs executive orders on his first day that affect US energy policy. I talk about it with leading energy expert Dan Jurgen. You're listening to bounce a power on Bloomberg Radio. This is Bloomberg. Wendy's.

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"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:20 min | 2 years ago

"david western" Discussed on Bloomberg Radio New York

"Wall Street Week. What's the state of corporate governance of deficit is a real issue. The U. S economy continues to send mixed signals The financial stories that sheep are World Fed action to calm concerns over dollar liquidity encouraging China data 500 wealthiest people in the world through the eyes of the most influential voices. Larry Summers, the former Treasury secretary starts CEO Kevin Johnson, SEC chairman Jay Clayton Bloomberg Bull Street Way with David Westin from Bloomberg Radio. The New year stumbles out of the gate, but the markets take it in stride. This is Bluebird Wall Street Week. I'm David Western Riots broke out on Capitol Hill this week as a mob stormed the capital to disrupt the counting of the electoral college votes, driving the House and the Senate from their respective chambers and delaying the proceedings. It was history being made and not in a good way as political scientists Barbara and parody of the Universe it, Virginia's Miller Center explained. If you take exactly what happened, and that is a mob ocracy, attempting to foment a coup and break into the precincts of power into the very houses of Congress into their chambers, their inner sanctum. Nothing like that has happened in this kind of context. When the Senate and the House we're attempting to engage in their constitutional statutory ministerial duties to certify the electoral college Winner of the 2020 election. Now people go all the way back to 18 14 and you know, during the war of 18 12, a foreign power, the British came and invaded Washington and they burned the capital. They burned the White House's James Madison and Dolly Madison had to run for their lives from the executive mansion. But in in this context In a word? No, nothing like that has ever happened in our history. So it's all confess. I was not around in 18 14. But I was around as a fairly young man in the 19 sixties. When we did have marches very large marches across the country, particularly in Washington. I remember Richard Nixon holed up in the White House. Is there some parallel with that? Oh, absolutely on. We haven't even mentioned 18 60 18 61 When? In response to a presidential election that is of Lincoln, you had to begin with seven states secede from the union and a total of 11 to form home only new nation within the United States. The Confederacy. Yes, We've had that in 1968 I I do as well remembered as a young person. Awful awful. Think of Chicago. Think of the Democratic convention that year. Think of the assassination. The Robert Kennedy and Martin Luther King. So are our leaders being gunned down. On. Yeah, the uprising the race riots. The student uprising, eh? So it's not as though we've never been through this. But when I'm asked about contacts again, the Senate and the House attempting to do their constitutional statutory duties in the role of presidential election No, We've never had that. And we've never had a mob again short of the British foreign invader break into the Congress on attempt to take in effect take power before the riots. We had Donald Trump Jr. The son of the president. Basically speaking to that crowd on the Ellipse and saying, This is the Republican Party. All this is what he said in part. The people who did nothing to stop this steel..

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"david western" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:55 min | 2 years ago

"david western" Discussed on Bloomberg Radio New York

"From the people who you speak with. Let's say the Democrats do take control of the Senate just how much of Joe Biden's agenda will actually get past. It's very important to note that if Democrats pull off the win tomorrow and again, you might not get the results in Georgia for today or tomorrow for about 48 to 72 hours. If they do that they have power to set their agenda with control of the gavel at the committee's I've said this before, but I can't stress it enough. The difference between a Democratic chairman of the Energy Committee and a Republican chair Of the Energy Committee are night and day, and that gives them subpoena power. It gives them setting the structure, which CEO is Tioga, Bring on To testify. All of that is at stake in Georgia. Kevin's really a terrific report one of your best ever. Is there the historian Kevin so, really on the 12th amendment in 18 76. Lisa, I've got to digress to the markets right now, And that was a negative, real yield down under a negative 760.11 point. Negative. 1.12. We're not there yet, but we've rolled over again this morning. Well, you saw yesterday that the expectation for average inflation over the next decade, the United States rose above 2% for the first time since 2018. And how much of this and this is actually something to watch. As we get some of the results from Georgia, how much of this will be determined or accelerated? Based on with the Democrats, Republicans when the Senate and this to me how much has already been priced in is a big question? Yes, and then the statistic that Lisa Size was nudged over, according to Bloomberg Research by Ortho Donna's, the orthodontist nudged Inflation higher. How's it going at home? Tom? The orthodontist quarrel. Put it. How many retainers have been lost? There It is. The Georgia vote. We'll have it tonight with their with David Western. Look for that at 7 P.m. coming up, Greg.

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