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Single best idea and when you wake up in the morning here at Team Surveillance, it's real simple. You never know what the news will bring. Sometimes it's a day of economics, finance, investment, international relations. I've said this in speeches before that, before August of two thousand and seven, you know, Eric helped me here, probably twenty days of the year we're boring, maybe fifteen days of the year
we're boring. But since the financial crisis of that August in two thousand and seven, all of eight and nine, literally I've got fingers left over on one hand of the number of boring. They're never boring. And it's either on what we do at Surveillance or it can be
on an event as we unwitness this morning. Amy Morrison Washington leading our coverage on a horrific failure of engineering a large, large container ship smashing into I guess under mechanical challenges, smashing into a huge Francis Scott Key Bridge in Baltimore, with loss of life, just the shock that damaged the devastation of the bridge. We scrambled, and our leadership was Michael Barr, of course, and Amy Morris with ninety nine one FM in Washington where their updates the
news moving forward. But part of that is team surveillance going out and saying, Okay, who are people that understand the underlying of a tragic event like this. One of them is John kutsonis what's so interesting about John kutsonis is not only did he do equity research with City Group and others through the years, but also just a
complete understanding of global shipping. He's a member of the board of Synergy out of Athens, Greece, and his Breakwave Advisors is somebody that talks about the mechanism the process of shipping. Here even on a day when we see a tragedy, here is John Consonas And the first thing to.
Do from a shipping perspective, the first thing you have to do is obviously find what went wrong right. I mean, these are state of the r ships, especially this one involved in this accident is a brand new ship. It's less than ten years old building Korea. These are high quality ships, so it's a very unlikely phenomenon that you get something like that. The other thing is obviously you have to look at the human error. But again when the ships approach ports or tight waterways or areas that
they don't know very well. You have a experienced personnel that gets on board from the port, basically pilots and the other ones who are going to steer the ship through the waterway. So there are a lot of elements here. One is obviously the human element. The other is the mechanical failure, which seems to be the case. Here is also obviously the timing here, because if you happen like or fifteen minutes later, nothing would have gone wrong.
Bloomberg continuing coverage of this horrific disaster through the day. Really, I will have the Asian coverage here the trip bound for Sri Lanka that out of our center tendency of Hong Kong and Singapore, and then we'll come around to London and of course marisk of the Baltic Sea in Scandinavia, we'll have coverage there as well. Yes, I'm the business part of it. And then to Baltimore in the absolute shock.
I thought Governor Wes Moore was particularly articulate about how Baltimore now must pick up the pieces, rebuild a bridge, mourn those that have died, and move on. And as John Katsano said, this will take easily into twenty twenty five. Is well. We tried to have a normal coverage too short. A conversation with Adam Posen. He's with the Peterson Institute. He's been a huge support to Bloomberg surveillance over the years. Any number of topics to speak to doctor Posen about.
I really want to go back to a Robert Armstrong essay or interview, I should say in the ft with Adam Posen, and I thought it was just just brilliant how Adam Posen talked about what he got wrong in his economics of the last three or four years. He underestimated the resiliency of the American citizen.
People adapted, they set up new businesses, they moved to new jobs, they arranged care. That doesn't mean we should leave them to that. It's better that we didn't. But we as economists, and particularly people who are on the progressive side, where I sort of am, you know, we understandably worry a lot about people buffeted by large shocks that they have no fault in and they can't control.
But what I think COVID showed us is people's ability to adapt to these shocks is much bigger than we worried about, and that leads into all kinds of positive though non intended labor market changes in the US that I think came out of this process.
Adam Posen the Peterson Institute. Later on in that conversation, Paul Sweeney asked him about productivity, about the efficiency of the American economy, and he came out not reluctantly, but he said he was a hedged productivity bull. That there is something new going on in America that can lead, you know, away from the FED babble, can lead to a good economy, a developing real GDP, maybe a sprightly
nominal GDP. And of course the arch matter here to the next FED meeting and the key jobs report end of March early April jobs report, is this continuing underestimation of what GDP is doing. There's some gloomy people out there as well, so you got to be careful on that. Really, thanks to all of our team today for a huge effort in trying to stay on the script that is Bloomberg surveillance, but also our coverage of a bridge down
in Baltimore, run Apple car play worldwide and across the nation. Also, I should say on Google Play, Android Play, I should say at Google Play, but at Apple download the Bloomberg Business app, and many of you can see a safer, better way to listen to us on YouTube. It's search Bloomberg Podcasts. Thank you for the growth here, Thank you for the comments of live chat. It just done at the World Reach. Good morning to Taiwan.