Yak.
We say good morning once more to Erica hurst Kowitz from the Bloomberg Newsroom in New York City. Erica, good morning. A win for car makers overseas, car Mas, Yes, Tom.
The European Union set to propose softening emission rules for new cars, scrapping an effective ban on combustion engines, following months of pressure from the automotive industry. The proposal will allow carmakers to slow down the rollout of electric vehicles in Europe and will lower the requirements that would have halted sales of new gasoline and diesel fueled cars starting in twenty thirty five.
All right, Meanwhile, while most people would like to work a little bit less, I think everybody could probably agree on that, if agree on very little. The Nasdaq wants more hours out there, Yeah, Tom.
The nasticks looking for regulatory approval to extend trading hours on its stock venues to twenty three hours during the work week.
Well.
According to the filing, the firm is asking the SEC for permission to add an additional trading session from nine pm to four am Eastern. The Nasdaq expects to be ready for extended trading early in the third quarter. Of twenty twenty six, pending regulatory approval and alignment with the rest of the industry.
Alrighty at our futures this morning.
Erica, We're gonna get those November jobs that November jobs report before the bell. Tom Market futures right now, pointing to a lower open down futures down thirty one points, NASTAK futures down forty two, SMP futures down six from Bloomberg. Erica Herschelwitz on news radio seven hundred WLW.
All right, it's a ten straight up on your Tuesday morning, December the sixteenth year of our Lord, twenty and twenty five. And coming up here in a minute, Senator Ran Paul from the Commonwealth of Kentucky. In fact, he is here right now. Senator Paul, Good morning. I hope all's well with you this holiday season, sir, good.
Good morning, Tom. Thanks for having me.
Absolutely Hey, I want to get into look, before we get into this healthcare bill that you have proposed, a couple of questions that I think try to break it down to one oh one level. The first question I have, and there, of course, the government shut down primarily on the Democrat side, centered around healthcare Obamacare, subsidies, et cetera, et cetera, is the healthcare business, and you are a medical doctor. As everyone probably knows, is this thing almost
too big to fail? Senator, that it's gotten so big that we don't have the stomach to try and overhaul it. Because one of my best friends is a doctor, goes right down the street from me, and he tells me, this whole thing is an absolute mess.
It's certainly broken, and I think we have to examine why it's broken. So we have to examine what works in our country, what doesn't work most everything. Capitalism keeps prices down, Competition works. The two areas that competition and capitalism don't seem to be working well in our health care and education. But what they have in common is that government subsidizes. And so when you subsidize something, basically you increase the demand and you raise the price for that.
So as we've tried to give people money for help insurance, the price just keeps rising higher and higher. The more we give people, the more it rises. The second thing we have to decide is as a society, or we're going to take care of the poor among us who can't get help insurance. Well, I think we've decided to do that. But then the next question is is someone making one hundred thousand dollars a year poor or is
someone making two hundred thousand dollars a year poor. So, under the Obamacare subsidies, if you make one hundred thousand dollars a year, you get thirteen thousand dollars in subsidies. Well, most people I know think making one hundred thousand dollars a year is not bad. Making two hundred thousand dollars a years is certainly not bad. And you still get about two thousand dollars at two hundred thousand. So we just have to assess whether that society is responsibility or not.
And that is one question. The second question is how do you get prices down? Instead of just giving people money which bids the prices up, how do you bid the prices down? And I think what you have to do is allow people to bid together as a collective or as a co op. So my bill would allow people to get together and buy their insurance, like to a costco or a Sam's Club or an Amazon. So let's say you had a couple million people that bought
their insurance on Amazon. What would happen is one person at Amazon would negotiate a group contract for all a couple of million people. They would then be the largest business entity in the country negotiating for insurance. They would have the most leverage and they would get better insurance than any big corporation would get in America. And then the hope is that that size would give them market power visa the insurance company, because the insurance companies, you know,
are enormous. And if you're an accountant with two employees and you go buy insurance, it's take you to leave it. But if you've got it through Amazon and they had one person or through cost Cover, Sam's Club, one person negotiating from millions would have probably the ability to sit down with the CEO of the company and really negotiate good prices. All this takes legalized. It didn't cost any money. That's why it's not real popular yet in Washington because
it doesn't cost anything. Ex have to legalize it and let it happen.
All right, you have introduced what is called the health marketplace and savings accounts for all act Now let's start with the primary you know, backbone of this has to do with HSA's health savings accounts. For people who are wondering, you're speaking another language, what is a health savings account?
Well, only about ten percent of people have insurance are eligible by the law. And so what you do is you save your money and you don't have to pay taxes on it. So if I put two thousand dollars in my health savings account, that's subtracted for my income, and I don't have to pay taxes on the two thousand nor when I spend it. And so you know, I have three kids. We had to put braces on all of them, but I got to pay for it
with pre tax money. If you don't have a health savings account or any kind of medical savings account, you end up paying with after tax money, which is, you know, quite a burden. So my bill would say that would change the law once again, and would say anybody who wants to l savan's account and get it, they get your own money in it. But the thing is is that if you're a wise saveror then you save your money, and particularly if you save your money and you don't
get sick. Let's say you're twenty years old and you get a two thousand dollars deductible and you don't get sick, well, you put two thousand dollars away. Then the next year maybe you get a four thousand dollar deductible. You don't get sick again, then maybe you get a six thousand.
So if you're a wise saver and you don't get sick, which really the insurance companies know this, ninety eight percent of people don't get sick, but they're all paying enormous amounts for insurance, not to insuran against illness, they're prepaying health care. And so if you actually went back to having an insurance model like term life insurance when you're twenty years old, for a five hundred bucks, you can
get five hundred thousand, you know. So the thing is is what we need to do is make health insurance like term life insurance, where you're bearing more of the cost out of a savings account and then you get a relatively low premium with a higher deductible, and you try to get a higher deductible every year if you're healthy. And the vast majority of people are healthy. So there are ways we could fix this. But instead of going towards capitalism, most people in Washington, including May of the
Republicans just want to give people money. I mean they want to give people money for their HSA. They also want to give money for these Trump children accounts. And it's like, where's the money coming from. We're two trillion dollars short, and even the Republicans are wanting to give you money, just in a different way than the Democrats do.
What am I supposed to believe?
I jump on any website here, Senator Paul and I read a report about Mike Johnson, the Speaker of the House, and about a Republican healthcare bill lowers Obamacare premiums by twelve percent, saving thirty billion. You've got Bill Cassidy going on new shows over the weekend saying a deal could be made on Obamacare subsidies by the end of the year. You've got your proposal out there in many ways, walking
hand in hand with some of these things. At the end of the day, what gets done, does anything get done? And when does it get done?
So there are two alternatives. The Democrats gout their way. You just get Obamacare, which means they keep giving you more and more money, but the premiums will keep going up, and the deductles go up, and really nothing gets better. The main Republican plan, Cassidy and others. They want to give you money also, but they want to give you and it's somebody else's money where it's printed money, but they want you to put that money in your health
savings account. But they're still willing to give you money. And so I just am not for a new that. I'm for the marketplace. I'm trying to get capitalism do or the same way the price of your TV comes down looking MRIs sophisticated equipment, the wor computers and iPhones. You know is why do the price of computer conzones come down? Because there's a because capitalism works. So all you have to do is allow capitalism work. You have to believe in what made our country great, which is freedom,
voluntary exchange, and let it work. Instead, everybody's like, oh well, le's maybe we've got insurance and so it'spensive. You know that cars are expensive. Why don't we give people money to buy cars. Let's have a a Trump Car account and give everybody money in it to buy a car. We don't have that money, and that feeds the problem. So if you're two trillion in the hole, and I give you money for your health savings account. Where did
it come from? The FED prints it up and so once you get it, within about a year, it loses its value. And this is this whole affordability thing everybody's talking about. The reason things are less supportable is prices have gone up twenty five percent in the last five years, and if your wages didn't call up twenty five percent, you're being squeezed. That's the affordability squeeze right now. But
it's due to promising people something for nothing. Hey, here's a free car, here's free education, here's here's subsidized healthcare. What sounds good on the service, but the end result is rising prices, reduced purchasing power, and people feel that they've been squeezed.
I want to hit a couple of other topics before we let you get out of here. I know your time is tight. What are your thoughts about the direction that the administration is going about vaccines at this point? I mean, there's been a lot of talk. Redfield came out and talked about he thought that the Murner vaccine, among others, were bad. There's talk about this measles vaccine, all kinds of talk about vaccines. Some people, of course, want to run Robert F. Kennedy Junior out of town.
You have been extremely thoughtful I think about this topic, although some may not agree with you. Where do you think all of this stands? Do you like the direction it's going in or not so much?
I think all healthcare should be individualized, So each individual should make their decisions based on the risks and the benefits to them. Can depend on your age. When COVID came out, we found out that elderly people died and young people didn't, and so really you should have different policy based on them, and you should look at the risks and benefit and so I'm not anti vaccine. I'm
for looking at each one individually. One of the extraordinary things that came out recently and discussing the hepatitis B vaccine, whether it should be forced on people on day one of birth, whether people can wait, is they said they were going to let the decision make and be individually based. And you heard this uproar from the establishment. I'm like, they're just saying they're restating what it always should have been,
individually based. But so, for example, the COVID vaccine. What I would say is, this is in March of twenty twenty, when it was rip roaring and you were seeing people die, primarily people over seventy five, but some over sixty five, some overweight at fifty five, and so at that time, I think the better part of valor it looked like there's some evidence and probably still is true at that period of time produced hospitals that should in death didn't
stop transmission. If you were older and at risk, probably take it. But if you were fifteen years old and there was also evidence that you could get an information of the heart, there have been some deaths described. I do believe they did happen. The risk didn't exceed the benefit. The risk actually exceeded the benefits, and a fifteen year old should have never been offered it. But this is where Anthony Fuci and the government planners that are in healthcare,
they just want everybody to submit. Just do as you're told. It's to be too complicated. We let you think about whether it was good for you. Everybody should just be forced to submit. And that's why vaccine policy has been in our country. And I do think that Kennedy's done
a good job and trying to make it more individualized. Look, the HEPTI vaccine, don't I'm not saying it's bad for your kid at all, but I'm saying if you want to wait a while, it might be up and ought to be up to you, and that the only medical reason to take it at birth is that the mom has epatitis B. And if you don't have hepatitis by test, all the moms in America. Now, when you've come to the hospital they ask you, there's no reason to take
it now. They only moved the recommendation back in two months. I would have moved it back even further because the thing is, it wears off. If you vaccinate your kid
for repetize to be at perth, it wears off. I'm there ten or twelve when they might be getting closer to an age where sex, drugs and rock and roll might influence their ability to get appetitis B. But there's so much of this is wrong just because the government mandates submission instead of thinking about individualizing the risk and benefit.
Senator Paul I can't thank you enough for your time. As always, we love having you on the program. And if we don't talk to you before Christmas. I hope you and your family have a merry Christmas.
Same to you guys, Merry Christmas.
All right, thank you very much. A twenty two great to have Senator Paul. He is a regular on the program. We're fortunate to have him, and you know, I look, you may not agree with all his policies, but the guy is no nonsense. He thinks things through. He doesn't go along with the crowd, and that's on both sides. He doesn't go along with the crowd on the left, he doesn't always go around with the crowd on the right. He is an independent thinker and it's refreshing to have in Washington, DC.
To pay attention.
This is the Bloomberg money minute on seven hundred WLW.
This is a Bloomberg money minute. Ford has struggled for years to make its electric vehicle business profitable. Now the automaker will take a nineteen and a half billion dollar
hit tied to a sweeping overhaul of that business. As part of the strategic shift, the automaker is canceling a planned electric F series truck, shifting production toward gas and hybrid vehicles, and repurposing an EVY battery plant investors are getting a closer look at the health of the labor market as the government releases the jobs report for November this morning. The data was delayed due to the shutdown in Washington. Stock futures are edging lower, and a chip
crunch is expected to curb smart phone output. Next year, global smartphone shipments may decline more than two percent as a shortage of memory chips drives up costs and squeezes production. That's according to industry tracker Counterpoint Research. Meantime, the average selling price for handsets is set to rise close to seven percent in twenty twenty six. Cortney's on a Hope Bloomberg Radio.
All right, eight forty one on the morning show. You're on seven hundred WLW, the nation station, and she's known coast to coast. You're the Cincinnati yourself, but she's known in parts all over the globe. We have her every Tuesday to talk about what's good for you and me and maybe ways to handle especially this holiday season. Julius Fording, good.
Morning, Good morning Tom.
The constant battle and it is their non stop family gatherings. There is social pressure and it's all built around food. More times than not right? How much should I eat? Should I back off? I mean, it's non stop, even to the point I was thinking about this after you texted me yesterday. I noticed in our house. You know, people will drop off something at your front door, right, some kind of dessert for the holidays. And the next
thing I know, I never eat dessert at night. And the next thing I know, I'm reaching in those bags every time I turn around.
Can you help me say?
No? It's called food noise, and it's in our lives every single day of our lives.
Anyway.
You know, it's like, oh should I have that? And you fit, well, how about if you you finish the meal and you're already thinking about your next meal, or you have this battle with well should I have that or not?
Well, then I'll feel guilty. Well I'll be good tomorrow, I promise.
But all that noise gets louder during the holidays because there is way more food around.
Of course.
Yeah, yeah, just like you said, they drop it off and you act as if this food you'll never see again. Oh, this only happens once a year. I better enjoy this now. I'll get back on track in January. Can you hear your mind just chattering about it. And then there's way
more like emotions during the holidays. You've got old memories, you've got all the pressures of getting to parties, getting home, and you're not sleeping as well because you have more parties to go to and there's way more temptations.
You have to fight.
Yeah, so it gets exhausting. So it's life gets louder.
Food, noise gets louder.
Doesn't mean you're just human, it's just the way the brain works. And also you mentioned all the goodies, like, it's not it's not like the bad food is hanging around. It's not like someone delivered more carrots.
No kidding.
If they did, I would, I would, They would be out of my life forever.
Right. They deliver those really good cookies that you only get once a year from Buskin Bakery.
I'm with you. I love it.
They're nostalgic. It's emotional. So what you have to do is the big question. And I think it's individual for everyone. But since routine disappears, you're going to more parties, you're around.
More people, You've got the kids home.
You've got so many family dynamics going on, you've.
Got work, parties, You've got all that stuff going on.
I think some of the first things you have to do is somehow get you know.
Go back to the basics.
Be sure you're sleep you know, getting good sleep. Be sure you're exercising, and you know, those basic things. The other thing you have to realize is do not get into that now.
We're never mindset.
You know those cookies that are delivered and you think I'll.
Never get these again, Well you know what you will. I mean back, you know in March, You'll still be able to eat cookies. It'll be okay. You know, It's not like I better hurry up and eat them now. The other thing, too, is when you're full, you're full. If you can sort of.
Get to a point where it's not like you make rules, but you say, listen, I'm gonna just try to maintain as much routine as normal.
So let's say if you.
Go for that big celebratory.
Dinner out, you know, once a year, you.
Go with your family and you're full, and here comes the dessert tray. Well, is there a way you could skip the dessert or package it to go. You know, it's not like it's not a once in a lifetime thing. But if you could do that, just don't overdo and quit with the rules. It's sort of like, well, I'll make it up tomorrow, and you have all these rules. Well, the tighter the rules, the more you push back your brain.
Does that, Go ahead, because I got one thing that I read about that I found interesting. But go ahead, finish your thought, please forgive me.
Well, the other great thing about food and the bad thing about food is food is comfort. Food is control, food is distraction, food is nostalgia all at once, and so the brain fixates on that.
So you know, it's.
I'm wondering, you know, if you can sort of discern like it's okay to eat, you know, if you don't have good food, bad food, evil food.
You're not a bad person because you eat food.
It's just trying to figure out some way to have peace with it.
But in knowing you're human.
You know, one thing I read that I found a couple of things that were very interesting when I knew this is what we were talking about today. And one of the kind of tricks right that you could pull off is before you go somewhere where you know there's going to be a ton of food and maybe a
lot of food that's not very good for you. And that pressure you're talking about, right that others put on you, maybe you put on yourself, is before you go, load up on a little a little bit of fiber rich a snack before you go, because that helps you feel like you're fuller, right, which might reduce a temptation then to overeat once you arrive. I thought that was interesting.
And then the other thing is for people who are really concerned about calories and maybe weight gain over the holidays, one thing that you cannot forget you talk about empty calories, a lot of soda and a lot of alcohol.
Oh and alcohol is bad as you make poor choices. Whether you're gonna finally let Uncle Henry know how you feel about it, You know you're gonna go straight to the dessert table where the buffets are looking beautiful. So absolutely called it out on that Tom. And the other thing too is do you have to go to all the parties? I mean the temptations? Are there some parties you don't even want to go to first place?
Most of them you're bored.
If you're bored at a party, what's the second best thing to do?
Drink alcohol? Any food.
Yep, So what about just not going to the parties. It's okay, no, but you know you're not going to miss out on anything. But you accept all those temptations when your willpower is a little bit weaker around the holidays because you're darn tired. So that that's another really good trick.
Yeah, yeah, you know that it is. But oftentimes you know, at nine, Julie, you know, whether it's your significant other, you know, who really wants to go. You may not want to go, but they really want to go. Maybe it's something work related, not necessarily like your office party, your company party, but it's somebody at work that nice enough to invite you, So you feel like you kind of have to go. So there is that pressure out there.
But I'm with you a lot of the times you get invited to these things and you know, in your heart of heart you really don't want to go.
And you know, I always.
Say to Polly all the time, Look, if you want to go, go ahead and have a great time. If you really want me to go with you, if it's that important, I'll go.
See that's a great idea.
The other thing is to arrive late, leave early, and whether you tell people you have other obligations.
Or not, it's up to you, and they don't really care.
They love to see you too, but don't stay at the party too long.
Yeah, the eating is where it comes in.
And I have, like I said, I've already found that this holiday season that every time I turn around, I'm reaching for something and then I jump on the scale last night, which I know you tell me not to do on a regular basis, or don't get too consumed by it, but I think you know, all of us have a little bit of vanity in us. And one other thing that I thought was interesting about food during the holidays. If you're going to somebody's house and you
need to bring something, two things you can do. One, you could bring something that's a little bit healthier, kind of like you were talking about somebody dropping off carrots.
That might be an.
Extreme, but something a little bit more healthy if you're taking it somewhere. And then if you are hosting, to try to make the portions for others a little bit less, that's a great idea.
Also, create a lot of fun around your parties, like somebody was doing a scavenger hunt the other day, and dancing and creating fun around them, so everything.
Isn't centered around food.
Same with the family, you know, creating like maybe you have traditional games you play, or you'll go for a walk before you eat, or remember Christmas Caroline and all that, then everything wasn't centered around food.
If we can just have you know, food is food.
We had talked so much to it and to sort of find other family traditions where it's centered around fun and food, and I think that helps a lot.
I think that is a fantastic, fantastic idea. So you say, dancing, Are you dancing a lot of holiday parties?
Dancing in my kitchen?
That's what I do?
Yeah, yeah, I didn't ask you if you were. Are you dancing in someone else's kitchen when you're going over these holiday parties?
Well, I went online and I tapped in how how to dance for old people?
That's me like, and they gave me a few versions. So I'm working on my dance.
Okay, girl? And are you a big Christmas Carol? Do you like going out Christmas Caroling?
Love Christmas Carol?
A love it? Love it?
Love it?
Yes, Yeah, it's fun, it's creative. You know, you get you really have good conversations with people on the walks.
It kind of combines everything.
You're with people you like, the conversations are better, you're walking together, you're getting good exercise. And the look on people's faces when you know you're singing or they're singing outside your door. I think it's a neat tradition to have. Another great tradition is when you all piled in the car and went looked at Christmas lights to walk around the neighborhood and looked at all the lights. We always did that growing up. So and here we go again.
We're trying to get the food noise out of our brain. We're not worried about our next meal or whether or not we're going to get that last Christmas cookie.
Yeah, lord knows, I've been getting that last Christmas cookie since about the eighth of the month.
So thanks for reminding me.
And the other thing we talked about briefly, Tom, is this mindset.
I'll fix it in January.
You know, January is just another month of the year and sort of get out of that mindset because your whole life isn't going to change in January. So that's, you know, how you really have to think about No, I'm just going to maintain as much of my good routines as I can and not go on that all or nothing yes, like, oh I've been bad today, I'm just gonna keep being bad. There's no such thing. So if we can get out of that mindset in January,
then January won't be such a hardship. And that's the other sweet we try to give ourselves, but it really doesn't work.
Jewels. Have a great rest of your day. Are we going to get together next Tuesday? Or do you have holiday plans for next Tuesday?
Oh, we're getting together.
Yes we do, Yes, we do. Okay, have a great rest of your Tuesday today, all right, gentlemen. Another thing that Look, we're talking about getting out to parties and that kind of thing. Look, you know, if you're suffering from low testosterone, this is causing a lot of problems for you, and especially this time of the year. You know, you want to be out and have the vigor and get moving a lot of energy, but you don't get enough sleep, your workouts aren't the same. You kind of
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