Fed Gets a Win Deflating Asset Bubbles

You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio or watch us on YouTube and now also on Bloomberg Quick Take. We got more Fed talk we want to get to. Yeah, well, speaking to the FED, it's not really succeeding when it comes to its dual mandate. Yes, unemployment is low, but inflation remains sky high. That's at It's monetary tightening campaign is having a major impact in deflating asset bubbles that

just swelled during the pandemic. I mean, we're talking crypto housing prices, tech stocks, and it's doing so without up ending its financial system. Rich Miller writes all about it. He's Bloomberg News Economics reporter he joins his via zoom from Washington, d C. Rich. Good to have you with us this ternon. So take us through the metrics that

you looked at when you talk about deflating asset bubbles here. Well, I mean, obviously the one that topic topic the juror at the moment is is crypto, right, and that's depending on how you measured It's the market cap of crypto is down about two thirds from like three trillion dollar high not too long ago. Um. If you can look at the Fang stocks, they're down about more than fifty um. Nasac is down less than that, but Nasac as a whole.

But if you um look at the Fang stocks that down by more than fifty cent, and the house prices they're just starting to tick over. But you know, this is the first time they've basically started the decline and in ten in ten years, um, so all across the

board we're seeing sort of pretty weak asset prices. And if you would you know, I told people, you know that the FED was gonna raise rates so aggressively a year ago, Uh, they would have said, oh my god, you know, we're gonna see havoc in the financial markets. You're gonna you're gonna see um firms going bust. You're gonna see uh bank runs, You're gonna see etcetera, etcetera. None of that has happened. You know, we we the air is coming out of these bubbles. But so far,

so far, and that's a big, big provisor. So far, it hasn't really you know, you know, shaking the financial system like we saw in you know, the Great Financial Crisis. It's interesting, I mean even looking at something like commodities, they're down about uh from their high back in June, and some of that's geopolitical rich, but you do wonder, right like it makes you think might the FED f O M. C. J. Powell and Company be able to engineer that soft landing? Yeah? I mean it it increases

the chances, right um um. Obviously, if if you really saw havoc in the system, you know, the the we'll be heading into a recession, very clear really and probably a deep one, and and the FED would have to be cutting rates a lot. But uh, so far they can. They've been able to keep raising race without sort of causing so much havoc in the financial market that that

that they'll have to you know, stop or retrace. And I've got a quote in there from Jeremy Stein, he's an ex fed governor, and you know he said, you know, if you had told me a year ago that they were going to be raising this, I'd say, oh my god, you know, you're gonna crack everything up. But so far we haven't. Is One of the reasons why this is kind of okay is because it goes to what's referred

to as the wealth effect. When people's assets decline, they tend not to spend as much money on large purchases. But it's not huge though, right, Yeah, I mean I think the economists say it's you know, for every dollar full, it's only like a couple of cents off consumption basically, right, it might be a little a little, a little bit. But does that have an effect to bring down inflation. Well, that'll that'll be one factor contributing to uh, you know,

a slowdown and consumption. And that's what the fit defend wants, you know, consumption to slow, demand to slow so that that's that's one of the one of the one of the vehicles. But I guess the main vehicles are what you'd say, you know, your higher buying costs right, so housing um buying less you know, fewer cars, buying, fewer durable goods. That would be the main um mechanism by which the higher interest rates would slow the economy down.

But a peripheral periphetly we would also by by knocking asset prices down and makes people feel less rich. I'm gonna save a little more, I'm not going to spend that money, right. You know one thing I want to ask you, rich and I wonder if we can't roll out some kind of financial blow up, which you you point out your story because you know, one of the things I think about this, I'm not saying this is a blow but you have Blackstones Behemoth private credit fund,

you know, hitting redemption limits for the first time. It's to your histories because you had investors pulling out some fifty billion dollars from the corporate landing. But like I saw that, and we continue to kind of figure out corporate real estate, like might it not come back fully post pandemic and so what happens? So I just wonder, is there's something potentially that could still happen. Yeah, yeah, I mean that actually that that fun the Blackstone Fund

has actually been doing pretty well. So um uh, it's not like you know, people are pulling the money out because they um because they weren't getting performance yet losing money that they either they're pulling out to take profits or or they're pulling it out because they think, you know, maybe next year won't be so good as as for a commercial real estate as the dividends that they've been getting from that as as last year, and you know that fun did have you know a rule saying how

much you could redeem? You know, So it's it's I'm not sure it's a sign of like you know, financial cracks are happening. Uh. I think it's more idiosynchronic. Actually, there was a caveat in here that you made. When when when does that caveat, if at all, come true? What do we need to look for to make sure that, you know, it doesn't up end the economy? What's the

first sign? Yeah? I mean what you know? I wish I could tell you and right now I wouldn't be talking to you guys right or I'll be talking to you from a yacht right. We would welcome that with the great Internet connection too, I bet um uh, well, as we saw with the UK. I mean we're, you know, all of a sudden pension funds at all places, right, you know, we thought, you know, these are supposed to be rock solid, you know, all of a sudden that that you know, these things can come out of the blue.

I mean, the regulators are doing their best to keep an eye on everything, but um, it's hard beforehand. You know, there's that Buffett saying, right when the when the tide goes out, you see who's swimming naked? Right? Um, you know, when when when the interest rates go up, you see who's sort of highly leveraged, and you know who who who Who's caught with their pants verbal pants now so to speak. So yeah, I mean mixing a lot of metaphors here, but anyway, yeah, um, you know, still to

be said. But I mean, so far, so good. All right, Rich, we gotta run. Thank you so much. Rich Miller, economics reporter at Bloomberg News, joining us via zoom from Washington, d See Carol Master, Timsdanovich. This is Bloomberg Radio. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes. Tim Stenovic on Bloomberg Radio. Since life expanded, expectancy in the United States has declined two points seven years. It

is the largest since World War Two that declined. Black Americans lost four years of life expectancy and Indigenous Americans lost more than six In our next guests as we can do a lot better, he writes about it in a recent article for Bloomberg City Lab. We're very pleased to have back with us. Dr Joshua Sharfstein. He's Igstein for the Public Health Practice and Community Engagement and director of the Bloomberg American Health Initiative. It's at the Johns

Hopkins Bloomberg School of Public Health. It is supported by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, also the co author of the Opioid Epidemic What Everyone Needs to Know. Dr charf Stein this afternoon, joins us on the phone from Philadelphia. Dr Charfstein, It's always great

to get you on the program. Anyone who reads this headline would say, Okay, that's just because of COVID, but you actually arguing your peace that life expectancy would have gone down even if we didn't have the excess deaths that were caused by COVID. What's going on. Well, it turns out life expectancy peaked in the United States and and it's been stagnating and even declining a little bit

since then, even before the pandemic. UM. The pandemic obviously is the major reason for that shocking decline, which is the largest decline in life expecancy since World War One, over a hundred years ago. UM. But it's not the only cause. Another major cause are overdoses. More than a hundred thousand Americans now dying as fatal overdoses. That's double

um what it was just a few years ago. UM. And then on top of that, we see a significant increases in gun related suicides and homicide, as well as motor vehicle crashes, which are up like since. So there are multiple causes, but what they do have in common is that they are preventable. UM. A lot of these deaths can be prevented if we take some basic steps

which actually have a lot of support. And forgive me, you're right, I've misread the largest since World War Two, that two point seven years off our life expect expectancy since nineteen very very significant. You know. One of the things that I've done some work on And recently when the u n UM in town and the fall, we did a gathering to talk about noncommunicable diseases. You know, so this is something you cover too, and we're talking

about things like diabetes, strokes, heart disease. UM. This is really the leading killer in so many different countries, and I feel like we all just kind of well, yeah, that's a part of life, but it doesn't have to be, does it. Well, Um, there are absolutely ways to reduce

premature deaths from cardiovasc disease, diabetes, and other noncommunicable diseases. UM. In the report, we talk about the value of controlling salt intake, and most of the salt we take in is already in our food, it's not the salt we put on with the salt shaker and getting the salt down and that food could make a big difference. I think it's estimated saving fifty lines a year. UM. That's

my understanding. So it's UM, it's really UM important not just to think of it as you know, eat healthy, but how do we get healthy food to ourselves and to other people so we can We've covered food. I want to go to overdoses. You're the co author of the opioid epidemic. What everyone needs to know. We know that over the last few years, opioid overdoses here in the United States of skyrocketed. UM what is the best

way to address this? So I think if to start with what we know and what we know work and one of the most effective treatments for opioid use disorder our medications like methodone and bupanorpine. They reduced the chance of death from any cause. Somewhere on the order of these medications. Forgive me, but are these medications that people take if they are unconscious like a what um you know in through their nose or these medications of it is not the lockdone is what is? What is resuscitates you.

But then the problem is if you still have addiction, if you're still addicted, it is quite likely that you will go back to um using opioids because that is what your brain is really compelling you to do. So what U A pupernorphine and methodone do is really addressed that craving and people say, aha, I can be myself again. I remember one person who we interviewed. He said, I felt like I was married to heroin until I got on treatment with methodone and then I could get a divorce.

I thought only suicide would be my own. That was the only way to get away. But it really addresses the problem in the brain from addiction, really helps people put their lives back together and dramatically reduces the risk of overdose deaths. And unfortunately, if you were then one in five people with opius used to sort of actually

get these medicines, many places don't offer them. Many emergency departments to fight evidence that starting treatment in the emergency department will double the success staying in treetment it one month, and that was a very well designed, randomized controlled child. Despite that evidence, a lot of places don't offer it.

So we say, look, let's make that the standard of care not just an emergency department, but also in jails and prisons, where people can get started on treatment and not only dramatically reduced the chance they'll die when they leave detention, but also dramatically reduced the chance they'll commit another crime associated very clearly with lower risit of it.

Can we talk about gun shootings and full transparency. We know Michael R. Bloomberg very dominant when it comes to gun violence prevention, and he established every Town for Gun Safety, the largest advocacy group back in and has donated money to it. Of course. Michael Bloomberg, the founder of Bloomberg LP and Bloomberg Philanthropies. But gun shootings, it's kind of almost sad that I don't know that we're getting used to it, but it just feels like gun shootings are very,

very commonplace in the United States. That's another big reason why life expectancy has gone down. That's right, forty seven thousand gun related suicides and homicides UM and UH, they are preventable, and there are particular policies that really do work, and some of them have been adopted by states across the political spectrum. I remember after the Parkland shooting. UM, there was a lot of cynicism. People said, well, we've

seen this movie before, nothing's going to change. But those young people got involved, and before you know it, a very red state, Florida pass the law called Extreme Risk Protection Orders, basically making it possible for people to um temporarily lose access to their guns if they're behaving dangerously

and are a risk of themselves or others. And that was passed in Florida, and those laws indicates for every evidence so far, for every ten to twenty of those orders issued in temporary removals of guns happening, a suicide is prevented. And there are many examples of people who were um potentially going to kill someone else or even mass shootings whom this was a tool that kept everybody safe. Um. Those laws are in nineteen states, in the District of Columbia.

Now our report says, let's let's put them everywhere. And in fact, Congress in its incredible you know gun legislation. I say incredible because people didn't think anything with hath actually provided money to help implement these laws, and good implementation of these laws where people know how to use them, really matters in preventing those suicides and homicides. The other policy that we write about has a lot of evidence behind that, and that's requiring a permit to get a firearm.

Um it's called permits to purchase. And those laws are associated with fewer suicides, fewer homicides, and fewer mass shodes. What about when it comes to policies around driving, because motor vehicle deaths are another reason why we see a decline in life expectancy. You argue that these are preventable. How do cities and states prevent these? Yeah, they they they really are preventable, and there are different kinds of strategies.

One of them that we mentioned in the report is additional technology to keep people who are um inebriated from driving. You know, reducing drunk driving UM is really important because it's responsible for so many deaths on the road. And right now there is um work to create new technology and cars that keeps people from driving who are drunk. And if if people can roll up their sleeves and get that technology to work, that could be very impactful.

The other kind of solution we talked about is redesigned looking for where those crashes are happening. You know, when you see multiple little memorials on a particular corner, someone has to ask, you know, or a particular bend in the road, like is something wrong with the road? You know?

And when you redesign to make things safe for pedestrians, safer for bicyclists, then you actually do see if you are motor vehicle related fatalities, and that can be a real strategy for reducing seemed that and I should be again full disclosure that Bloomberg Philanthropies has also been working to save lives and reduced industries injuries, I should say, from traffic crashes. Um. And they've been doing this around the world. Dr josh H. Charstein, thank you so much.

Fi Stein for public health and practice and community engagement at John's Hopkins Bloomberg School of Public Health. He is also director of the Bloomberg American Health Initiative, also at Johns Hopkins. Joining us on the phone in Philadelphia, you're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. The new Wisha Bloomberg Business Week is out in this week's issue has at least a bit of good news for readers and listeners.

It's the ninth annual Good Business issue, featuring subjects from tackling inequality to saving the planet with more sustainable practices. Bloomberg Business Week Solutions and Strategy Senior Editor Rebecca Penty oversees the issue. She joined us on the phone from London. Rebecca, I want to get to some of the stories in just a second, especially the cover story. It's close to my heart because I'm a subscriber to Misfits Market. But let's talk a little bit about your thinking behind the

issue and how you approach it this year. Yeah, So, I think every year we're we're looking for uplifting stories to tell about how business can be a force for good in the world, um, which which isn't always something people think about. I mean often times people think that CEO is just out to make a quick book or you know, thinking about shareholder returns as being the b

l end All. And I think this year our issue is landing at a time that's just perfect because we've got inflation throwing, We've got you know, job cuts that are starting to trickle through, and we've got some skepticism out there about E s G investing and most recently, you know, whether CEO philanthropists really are all they're cracked up to be, you know, the case of STX crumbling and sambankment freeds, effective altruism movement, um, you know, really

becoming changed. So I think the issue is really timed well in providing readers with some uplifting stories about people about leaders who actually are doing some really positive work and deserves the attention. All right, Well, let's talk about one of those leaders, and that is the leader at Misfits Market, and that is the cover story tell us about this. I'm not familiar with him, but Tim says he's a pretty active I tell you, I got to tell you, Rebecca, I was exactly the person you described

in this story. We didn't subscribe until lockdown hit and that's when we know thanks to the story, uh, Misfits went into overdrive. And I remember getting an email from them saying, Hey, you're not the only one. We are overwhelmed. You're on a wait list, but we'll try to get you in. I think that's when a lot of people started subscribing to online groceries. It's the same for me, you know, was when I when I started as well

in London. And this is a really fun story about you know, a founder who is now thirty years old. UM the son of immigrants from India, and you know, his parents taught him the value of not wasting food about you know, eating eating. One of the anecdotes is his parents would let him throw an apple away until

he'd eaten all the flesh around the core. And so he started this Philadelphia based online grocer in and you know he was talking odd ball shaped fruit of fruits and vegetables, you know, things that read are too big or odd shaped that the grocery stores wouldn't sell. UM in his living room with his apartment that he shared with his future wife, and it really grew from there.

And soft Bank as an investor, they've got and he's got five million adventure capital funding and he's taken this thing national and that means, you know, a lot of growing pains, a lot of trying to sort out how does he stick to that mission of providing people with organic you know, UM produce, trying to trying to keep food out of the trash, UM with also trying to meet that those nationally sourcing all of the supply and and providing customers with things that they want because people

are counting on being able to order what they want when they want, and that doesn't always line up with UM dealing with food that would otherwise end up in waste. Rebecca, as we said, this is one of the stories that makes up the cover, if you will, in the cover theme of good business. But I do wonder, you know, when you talk about misfits, you know there's lots of

transparency and it does look like. This is truly when we think what maybe E. S G should be, this is what it kind of you would think it would look like. Having said that, is the business sustainable? Is it viable? Because it sounds like they're growing like crazy. I think that's the big question that the story isn't quite able to answer because they're just in the middle

of scaling up. So, I mean, I think some of the risks that we point out is that they're investing a lot, I mean the capital investment in terms of facilities, technology, people, I mean, just investing in relationships with all their suppliers, um and and it's a it's a famously scrappy difficult space to crack because if you're going you know, if you're going into the very urban areas, then it makes

it's easy. But if you're going to rural places, I mean, the CEO acknowledges that they're losing money in some of their roots in order to just gain those customers. So it's certainly a risky bet. And we don't have all the information because of course they're not going to share everything with us, But I think it's um you know, and I think also it's disclosing that not every single bit of produce is going to be odd ball when you're when you're growing that big and when you're trying

to meet that's that's what I said. I said, we really get something that looks funny. I mean, oftentimes stuff is small. But speaking of solutions, there's a lot of stuff in need of solutions here. It is the solutions issue. Healthcare is one of those things that needs fixing. John Tozzi has a story in the current Issue all about how JP Morgan is still trying to fix healthcare even after Haven, which was that thing that I tried with

Amazon and Berkshire Hathaway failed. Yeah. I think this is fascinating because it's our example of a really massive company that is looking at it an issue that's really important for society. Healthcare costs are just ballooning in the US now. No matter how much employers throw at it, the cost keeps climbing, and a lot of its structural. I mean, these are issues that are different in different countries, but in the US in particular, you know, I mean, doctors

are prescribing medications that cost more money. Ensures are having to pay more for those medications. So what JP Morgan is doing. Is is something that others have tried before, including JP Morgan previously with but they're trying to really um serve their own employees on the ground and prevent issues.

So they've got you know, clinics near their office in Ohio and Columbus, Ohio, and they are trying to to make sure that their employees are building relationships of those medical professionals that they will go get seen at the first indication that something is wrong and actually prevents those

big issues from happening. Kind Of glad somebody's working on because I do feel like this is the big nut to crack still when we talk about disruption, it really still has to come in the healthcare space really quickly. Thirty seconds. Rebecca faked chocolate. That seems like a crime quickly. I know. I know when when our reporter who's who's actually based in Madrid pitched this to me a few months ago, I thought, really, what's the problem with chocolate?

And I felt super ignorant when I learned about all the terrible problems with chocolate that I feel like I should have known. But it's you know, chocolate is um cocre. Farming is a huge cause of deforestation and child labor. So these you know, there are a few upstarts and the one that we feature is called Win Win Food Labs are based in London and they used for men to barley and carib to produce chocolate and they're using a lot of the same technologies that the vegan food

industry uses to take those flavors that chocolate. Um, chocolate is standards port and pieces out using other ingredients. Love the issue. I feel like we all need a little good business right now, and you guys give us so much. Rebecca Pentty, Solutions and Strategy, Senior editor of Bloomberg Business Week. The Good Business Issue. It is at a newsstands, online and always on the Bloomberg terminal. I'm broad macro journal now. But you let me drive. Oh no, no, no no, no

home please, I'll do the dravels. I want to drive. It's good question, good drive. This is the drive to the clothes well down on Bloomberg Radio. All right, just about seventy minutes left in today's trading session, getting ready to count down the Thursday trade equities. As you heard from Charlie, certainly kicking around, uh if you will, um, But we are definitely off our worst lovels of the session, but we're off our highs. But it's really about the

tech trade today. Those big name fang stocks, many of them are really outperforming today. Let's get into it with Samir Samana, senior Global market strategist at the Wells Fargo Investment Institute. Semeir joining us this afternoon via zoom from Charlotte, North Carolina. Semir, it's good to have you back with us. How are you, I'm good, Thanks for having me. Well, thanks so much for joining us. So how do you take into account everything that we've seen over the last

week or so? After we heard from Fed chair J Powell got sleuve economic data last week, Mike McKee described this week's economic data is a bit boring, but you know you can debate that. Uh, and you know what we have next week coming from Fed Chair J Powell. How's it all laying out for you? It just still

seems a little too Pavlovian. I mean, the market just keeps nothing off the old playbook where it goes right back to you know you guys mentioned saying you know, non earning you know, small cap growth stocks, you know, cryptos having a pretty good day. Um, we just think the regime has changed again. It doesn't have to be a major change, but you know, we do think going forward, cyclicals will do much better. Um. Honestly, we're a little surprised to see oil falling, you know, even on the

day when it seems like there's some supply disruptions. Um. And we continue like that sector quite a bit. So there are pockets of value that investors can take advantage up to play kind of the environment we see over next year, but we don't think it's going to be led by by those growth stocks. Interesting having said that, Apple, Microsoft, Amazon, Meta or all some of your outperformers in today's session, Met alone, and I know it's been beaten down, but

it's up from early November. You've got Amazon up about fift since early November. Microsoft's since early November. And these are obviously why you're seeing certainly the Nasdaq one hundred outperformed today. Um, these are these names are areas that you would bet on. It sounds like no when you when you say that you're not really into growth. So

we like technology. So if you know, too often it seems like information technology, consumer discretionary and camp services kind of get lumped together and what I will call the growth trade. UM we like information technology, we like UM camp services, well, parts of camp services were neutral there and the part that we would probably avoid is consumer discretionary. Right. That's where you've got a large electronic vehicle maker and you've got a large e commerce company which you know

aren't consumer centric is they used to be? Now they're more part of this growth trade. And I think the growth trade as a whole, it starts to bifurcate into the more enterprise you know, specific names kind of on the technology side, the true technology side, whereas the consumer probably struggled in the first part of next year as

a moderate recession takes hold. Again, keep in mind, in order to get in place you under control, the FED probably has to has to make sure that the consumer doesn't feel all that great in the first part of next year. Let's talk a little more about that. What do you mean the consumer struggles just a little bit.

What data is pointing to that for you? Sure? So we talked about continuing claims earlier on Bloomberg TV with respect to how those are starting to kind of perk up and get close to levels where they're higher than they were about a year ago. If you look at the Challenger layoffs on your Bloombroock terminal, those are up, I believe four hundred plus percent over the past year, which tells me that those should eventually start to flow

into the claims data UM. If you look at l A I, that's down quite a bit, consistent with a recession starting in the coming quarters. So all these different things tell us that you know, again it's more time you win, not if there's a recession. One thing I'm gonna ask you about the notes that you shared with our producer Paul and and then obviously with US, is you're overlying thinking is it's not a time to broadly

buy equity, so not necessarily buy the equity markets. And you point to the SPX resistance SMP five hundred at the two hundred day moving average in UM and more resistance at the trend line off the January record high

in forty area and not likely to sustainably break. Having said that, we kicked off our broadcast at two pm Moll Street Time with Abigail Doolittle, who as the markets for US, and she noted the dow out performance this year and it being above it's two d day and above it's August high, and that it's hard not to make the argument that the S and P is likely

to follow. Do you not buy into that? Well, I think the tricky part there is if you look at what's driving the Dow, really it's energy, it's healthcare to a certain extent, and then in some of those tech names that we mentioned, and again that to us is a pretty defensive playbook for the type of slowdown that we see. So the reason we like those three sectors is we think they'll be durable in the midst of

a recession. So in some ways it's possible that the sp follows the Dow higher, but I would think the next move, probably for both of them, is probably to the downside. Again, because I don't think markets, equity markets more broadly reflective recession. You know, we were talking earlier on Bloomberg TV about how the markets for the most part, you know, seem to be thinking of soft landing is

about the really only option. Um every time that that kind of talks about, you know, interest rates in the various outcomes. But you know, J. Powell and others have been very clear that it's still possible that you know, a recession is possible next year, and we think it's actually pretty likely. What do you need to see on the SMP five hundred for you, it's for you to say, Okay, now the SMP five hundred is broadly reflecting a recession. Sure,

So we've been saying price or time. So either you know, get us to probably the first or second quarter of next year, because again, you know, if the market is a leading indicator by about a quarter or two and we think the recessions over by let's call it late summer of next year, then you know, again probably first or second quarter from a timing standpoint, makes a lot

of sense to us. Or the other option would be, you know, if you get back kind of to these recent lows that we've been at, called thirty five thirty six hundred, at those levels, we do think there's probably

some good risk reward. And what I mean by that is so our YearIn target for next year on the SMP is about forty four hundred, and so you know, at those thirty seven hundred lows, you know and below, you've got almost upside to the year end target range that we have for next year, and it wouldn't surprise me if there's only about five downside from those levels in terms of it overshoot. So to have kind of two to three to one odds as an investor, we

think is a pretty good outcome. All Right, we're gonna leave it there. Hey, Samir, thank you so much. Really appreciate your time today. Samir Samana, Senior global market strategist over at Wells Fargo Investment Institute. That's a subsidiary of Wells Fargo Bank, which really kind of serves the Wells Fargo wealth and investment management clients. Joining us via zoom in Charlotte, North Carolina. Thanks for listening to Bloomberg Business Week.

Download the podcast on iTunes, SoundCloud, or Bloomberg dot com. You can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us live on YouTube now, also on Bloomberg Quick Take