Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Amy Morris and I'm Karen Moscow. Here are the stories we're following today.
Karen, we begin this morning with the passing of a former US president. Jimmy Carter, the thirty ninth President of the United States, died at his home in Georgia Sunday at the age of one hundred, the longest living president in US history. Carter's accomplishments during his one term in the nation's highest office included brokering and historic peace accord between Israel and Egypt. He faced several domestic and foreign challenges throughout his presidency, but he refined the post presidency
for US leaders. Bloomberg's John Tucker takes a look back at Jimmy Carter's political career and legacy.
Jimmy Carter served as state senator and governor of Georgia before becoming the thirty ninth President of the United States.
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Carter's tenure in the Oval office was tumultuous, marked by inflation, a recession, and an energy crisis.
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Carter encouraged energy conservation by all US citizens and created the Department of Energy. His final year in office was marred by the Iran hostage crisis, which contributed to his loss to Ronald Reagan in nineteen eighty. After politics, Carter committed much of his time to peacekeeping and humanitarian efforts like Habitat for Humanity.
Join us with Habitat for Humanity as we rebuilt Holmes and Live.
Jimmy Carter was the longest retired president and the first to live past the age of ninety five. John Tucker Bloomberg Radio.
All right, John, thank you well. After leaving office, Jimmy Carter founded the Carter Center and was awarded the Nobel Peace Prize in two thousand and two for his decades long efforts to promote peace, democracy, and human rights.
President Biden paid tribute.
He worked to eradicate disease, not nicess at home, but around the world. He forge peace, advanced civil rights, human rights, promoter free and fair elections around the world. He built housing and homeless for the hopeless without hands, and his compassion and moral clerk to clarity lifts the people up and changed lives and saved lives.
All over the globe.
President Biden also recalled his long friendship with Carter.
I've been hanging out with Jimmy Carter for over fifty years at Dawn Dummy, and I had countless conversation over those years. Well, I find extraordinary about Jimmy Carter. Goof, there's millions of people all around the world, all over the world feel they lost a friend as well.
President Biden says he'll order a state funeral for Carter in Washington and designated January ninth as a National Day of mourning. The US stock market traditionally closes on the day of presidential funerals, and no announcement has been made as of yet by Exchange overseers.
President elect Donald Trump also paid to Carter on social media. While Trump often spoke negatively about Carter's presidency during the campaign, he wrote on Truth Social yesterday that Carter quote did everything in his power to improve the lives of all Americans. For that we all owe him a gret of gratitude.
Well, Amy, We'll have more on the passing of Jimmy Carter throughout the program but we continue now with other headlines this morning. Elsewhere in politics, and Republican hardliners have not committed to re electing GOP leader Mike Johnson his House speaker after he backed a temporary spending deal that did not include President elect Trump's initial demand for lifting
the US debt ceiling, but others are pushing back. New York Republican Congressman Mike Lawler says the infighting is a waste of time.
Matt Gates and several of my colleagues teamed up with two hundred and eight Democrats to remove Kevin McCarthy, which will go down as the single stupidest thing I've ever seen in politics. With that said, removing Mike Johnson would equally be as stupid looking Congress and Mike Lawler told ABC's This Week the party is playing with fire if it removes Johnson as speaker in January.
Johnson can only afford to lose one vote among his slim Republican majority when the House votes on its new leader. If removed, a battle to replace Johnson could delay other aspects of Congress, including certifying Trump's election win. How speakership vote is scheduled for January third.
And Karen We also saw political infighting this weekend on social media over immigration. An online debate ensued over the H one B visa program, which allows companies to hire foreign workers in specialty occupations. Trump's appointment of Saram Krishnan as senior policy advisor sparked some pushback from far right activist Laura Lumer and former Trump advisor Steve Bannon, and in the past, Chrishnan has supported an extension of visas
and green cards for skilled workers. Trump advisor Elon Musk wade in, however, saying he supports the H one B visa program for highly skilled workers and criticized those in Trump's base of support who don't back it.
Trump seemed to take.
Musk's side, telling the New York Post quote, it's a great program and has always been in favor of the visus.
Hey while oversees amy Elon Musk making waves as he weighs into international politics. The world's richest man doubled down on his support for the far right Alternative for Germany Party two months ahead of the country's elections. Musk wrote the AfD party was the last spark of hope for Germany. In an opinion piece in a German newspaper. Three stage chapters of the AfD are classified as extremists and are under surveillance by Germany's domestic intelligence service.
Staying overseas, we're also following the deadly plane crash in South Korea. One hundred and seventy nine people were killed when a Boeing seven thirty seven crash landed at one international airport Sunday morning. Investigators in South Korea are probing the cause of the country's worst ever ever civil aviation accident. Bloomberg Asia aviation reporter Danny Lee says the pilot issued a may day minutes after the controls hour warned of a bird strike.
So the bird strike warning was given to pilots by the airport staff and airtraft control in the minutes before the landing, and this is a critical phase of flight for pilots to obviously navigate safely in land. And after this bird strike warning there was a made a call from the pilots they had suffered a bird strike, and then subsequently, minutes later the crash happened.
Bloomberg's Danny Lie says investigators will focus on an unusual landing gear failure in the final moments of the flight. A second aircraft from the same airline suffered a similar fault this morning above Seoul before returning safely to the airport.
Well lamy a South Korea.
Morenst devastating plane crash, the country continues to experience political turmoil and a restaurarrant being soft for South Korea's president. Yunsak Yule, the MPH leader had repeatedly defined court summons to a peer for questioning over his decision to declare martial law and vow to keep defending himself.
And finally, a look at markets.
As Wall Street enters the holiday short and final trading week of twenty twenty four, investors have seen a pullback recently in the Magnificent seven tech stocks that have powered two years of gains. Despite uncertainty about the FED and economic policies in a second Trump administration, Lall Street strategists are expression cautious optimism on US doocs heading into the
new year. Thomas Martin, senior portfolio manager with Global Tea Investments, believes equities could continue to push higher.
The underlying fundamentals in the economy, the expected earnings growth of companies and the expected growth rate of GDP and potential for positive things that can happen really are forcing strategists and people to be positive on the next year. So you know, a ten percent rate of return in the S and P five hundred is sort of the long term average over the last three decades, and that's sort of the centralcy that I'm seeing in the strategists
that I see surveyed. So it's quite possible we could have up year.
Thomas Martin with Globald Investments believes the outcome range for the S and P in twenty twenty five is likely wider than investors are anticipating.
But it's time now for a look at some of the other stories making news in New York and around the world, and for that we're joined by Bloombergy's Michael Barr.
Michael, good morning, Good morning Karen, And as we've been reporting, tributes continue to Poorian after the death of former President Jimmy Carter, known as a champion of human rights. Former New York Governor David Patterson is remembering Carter most.
Of all, he was able to mix his commitment spiritually to his professionalism as an elected official, and very few people that have ever held office in this country have done that.
Former President Jimmy Carter, also the winner of the Nobel Peace Prize night Sunday at the age of one hundred. A strong storm system is threatening to whip up tornadoes in parts of the US southeast, a day after severe weather claimed at least two lives and injured six others as twisters touched down in Texas and Mississippi. Strong storms moving eastward are expected to continue producing gusty, damaging winds, hail,
and tornadoes. Terry hackel is with a Texas based rescue group called On Point Rescue, who deployed volunteers to help with the cleanup effort in the Montgomery County community of Porter Heights.
This is bad, but people will recover. This community is tight, so we're seeing that a lot. These are mostly people that are out. They're not getting paid to be here. This is volunteers that our entire team is volunteers.
Terry Hackele with On Point Rescue says many of those affected don't have home insurance. Tony Award winning stage actress Linda Levin became a working class icon as a waitress on the TV sitcom Alice Has Died. Levin was already a success on broad Way when she was chosen to start, and at the time a new CBS sitcom in nineteen seventy six based on the Oscar winning film Alice Doesn't Live Here Anymore. Lavin's representative says she died Sunday of
complications from lung cancer at age eighty seven. Final preparations underway in Times Squares New Year's celebration. The Crossroad of the World is set to welcome millions as the ball drops from the top of the one Time Square tower to ring in twenty twenty five. Yesterday, workers at the site rehearsed the confetti toss. New Year's Eve Executive producer Jeffrey Strauss says cruise will be on rooftops around Time Square to toss confetti by hand.
As the ball descends and innumerals light up twenty twenty five, There's going to be a blizzard of colorful confetti.
New Year's Eve Executive producer Jeffrey Strauss says about three thousand pounds of confetti will be released Global news twenty four hours a day and whenever you want it. With the Bloomberg news Now. I'm Michael Barr, and this is Bloomberg.
All right, Michael Barr, thank you time now for the Bloombergy Sports update. Brown to you by Try State Outie. Here's Dan Schwartzman, Dan, good morning.
Good morning Karen.
The Giants snapped their franchise record ten game losing streak.
The second half kickoff is take it out by Smith bar Set, still going, Lemir Smith bar Set, the Jersey native takes it all the way for a Giants.
Touchdown that's courtesy of Fox Sports. With a forty five to thirty three winner of the Colts, the Giants avoid becoming the first team to go win nine at.
Home in a season.
Drew Lock throwse for three hundred and nine yards and four touchdowns with the win. Though the Giants lose their grip on the first overall pick of the upcoming NFL Draft.
They now hold the fourth selection.
Jets get dominated in Buffalo forty to fourteen by the Bills, Aaron Rodgers getting benched after throwing two interceptions.
Jets fought a four and twelve.
The Bills clinched his second seed in the AFC behind the Chiefs. Elsewhere, Eagles dominate the Cowboys forty one to seven, Saquon Barkley becoming just the ninth running back in history to surpass two thousand yards rushing in a season. Barkley is going to need one hundred and one yards next Sunday versus the Rams to break Eric Dickerson's forty year old rushing record of two one hundred and five yards
in a season. With the win, Eagles clinching the NFC East Commanders improved eleven and five and overtime thirty to twenty four win over the Falcons to clinch a playoff berth. Meanwhile, the Vikings win their ninth game in a row. They knock off the Packers twenty seven to twenty five. If the Lines win tonight over the forty nine Ers, Vikings and Lines will be playing next weekend in Detroit for both the NFC North Crown as well as the top seed in the NFC playoffs. Looking at the NBA, the
Celtics lose for the third time in four games. They fall to the Pacers in Boston one twenty three to one fourteen, while the Magic slip past the Nets one oh two to one oh one.
That's your Bloomberg Sports update. I'm Dan Schwartzman.
Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak.
Five fourteen on Wall Street, and we're looking back this morning at the life and legacy of former President Jimmy Carter. We're joined now by Terry Haynes, the founder of Pangaea Policy.
Terry, good morning to you.
Jimmy Carter was a one term president, but it was his post White House work that really seemed to define him.
Good morning, Amy, And you know, just so Carter, and ironically Richard Nixon, who his own difficulties did so much to bring Carter into the White House, ultimately really defined the post presidency in a lot of different ways. A lot of what a lot of what's been said about Carter post presidency accurately about peace and advice and all the kind of back scenes work was also engaged in by Nixon to some extent, and they really changed the
way that presidents dealt with their post presidency. So all credit to him for that. Two quick points on Carter beyond that one for markets, because I always start there. Carter really broke the back of inflation in the late nineteen seventies and early nineteen eighties. Those with longer memories will always say, well, Paul Vulker did this, Paul Vulker
did that. It was Carter that put Paul Vulker in there, and it was Carter that told Vulker that he would back Vulker's own views about this to the hilt and deal with the political fallout. And ultimately Vulker got the kudos and Carter got the short end of the stick.
But Carter should be remembered for that. Finally, Carter is really the last Democratic president to challenge Democratic articles of faith that more government and more money are always the solution to problems, and he fell out with his own Congress over that, and that contributed to his one term status.
Briefly, you also mentioned some of the ways he carried through how Nixon performed in his post presidency. But Carter also continued efforts that started during the Nixon administration to normalize relations with China.
Oh.
Absolutely, And you know, I don't mean to engage or suggest what about ism here. I just think it's the parallel tracks are very very interesting Nixon. Nixon, of course started the China Thought policy, and Carter really moved into that and continued it with a vengeance. And from the perspective of almost fifty years that was somewhat controversial to continue that way, but he did it, and his created I think unwittingly today, but I wouldn't fault him for this.
Back then created the Taiwan's Strategic Ambiguity policy that is now so much front and center in China Taiwan relations.
Now we only have about thirty seconds here. What is the main thing that stands out to you about former President Jimmy Carter.
Well, look, this is a very good and decent man. Firstly, and not as an aside, it is he is a remarkable man in many reasons. You know, this is a person who wanted to live a useful life and did beyond that. His very maverick status within the Democratic Party I think really helped doom him do a one term status.
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I'm Karen Moscow and I'm Amy Morris.
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