Bloomberg Audio Studios, podcasts, radio News. I showed a story with you because I don't know if you noticed. It's supposed to be about eighty degrees here on Sunday.
Does that mean the mosquitoes are coming back?
I have no idea.
I think enough. I could sit outside and like, I didn't feel like I would get bitten, but the night before got bitten.
It's not quite sweat weather, but it's getting close.
Oh, it's getting close.
And it was chilly this morning when I walked the doctors.
Mister autumn man might make an appearance, mister odam.
Yeah. One of our spotlight stories by our O'Brian K. Sullivan, and it's entitled high Summer Temperatures hangover much of the US Heartland, and it says a late blast of warm weather is bringing summer like temperatures to the US Midwest, laying the transition into heating season in the natural gas market. We are Bloomberg, so we always think about the markets impacted,
no matter what. Temperatures are set to rise as much as fifteen degrees fahrenheit or more above normal throughout the Great Plans in Midwest with thirty seven till daily highs that could be tied or broken through next week, and then we'll see the warm weather slow the transition into heating season. But it is also likely to prolong drought conditions across the eastern US jew to the accompanying dry air.
Wow. Yeah, okay, high pressure dome. It's settled across the center of the country near Chicago. It'll spread eastward through the weekend. The heat sticks around homes and businesses will keep air conditioners running longer. Usually at this time of the year, energy demand starts to shift from being driven by the need to keep places cool to make sure they're warm enough. But this year is warmer than normal readings will slow that transition, as you mentioned, Carol, into
heating season. According to report from Bloomberg.
Ne Ef, you know, we still have air on at home.
Okay, So I was just gonna ask you, but my husband literally.
Goes from air conditioning to heating, so and I like to open windows and have like you know.
But there was a nice couple of weeks in September when we could keep all the windows open.
Yeah.
Then toward the end of September into this week, we did air conditioning. But last night and the night before windows open.
Everything was nice, right, it's just fresh flowing around. But like there are market implications, right, and we certainly see this play, and so we'll keep an eye on this and see, you know what it could mean. The thing that I think is interesting is that the warmer it is and Brian Sullivan in case Sullivan points us out in the story, he says a potentially longer lasting fallout is that the dryer accompanying the rising temps will likely
prolong the drought conditions across the eastern US. This is according to Orovec, more than ninety two percent of the Northeast from Maine to West Virginia is abnormally dry, and several states, including New Hampshire and Vermont, are either completely or nearly covered by drought. That's according to the US Drought Monitors. So you think about crops, you think about fires, you think about just the implications when land is so dry.
Can I talk about the Boeing story?
Is that?
Okay?
My dad used to do this when we'd be like, Dad, can I can? I was like, I don't know, can you I can?
May I talk about the bowing story?
There you go, mister Stenovek.
This is the most red story in the hour on the Bloomberg terminal. We talked about it very briefly, but we're getting some more details. Boeing's Triple seven X is slated to fly commercially for the first time in early twenty twenty seven instead of next year. Our team Julie Johnson and Sid Philip exclusively reporting this. Deutsche Luftanza, the launch customer for the wide body aircraft, is already laying
the groundwork for a fresh setback. The German airline is not including the Triple seven X and its fleet plans until twenty twenty seven, said one of the people, who asked not to be identified because the matter is confidential. Officials at Emirates, the Triple seven x's biggest customer, have also grown more cautious as it looks at entry into service, possibly not before twenty twenty seven.
So we did see Boeing shares They were up about one percent in today's session. The stock we've seen it making its way back here in twenty twenty five after what seemed like several years right of problems at the airline. Maker stock is up almost twenty three percent year today. But you know when you do have a delay in a launch like this, there are potentially implications. Analysts estimating the non cash accounting charge could run from two and a half billion to as much as four billion dollars.
The Boeing has not detailed the extent of the cost. Company reports on October twenty ninth, So I'm assuming this will be a big topic.
Do you know how long we've been talking about the start of deliveries for the upgraded Triple seven planes?
Not easy? Tip.
It was originally due to fly commercially in twenty twenty.
Yeah, well then we had a little thing called the global pandemic.
We did, and other things we did.
Boeing has already racked more than eleven billion dollars in cost overruns for this plane. It's encountered a string of setbacks and faced tough FA scrutiny in the aftermath of two fatal seven thirty seven Max crashes last decade.
Yeah, so it's I mean, listen, we know it's not easy, we know it's difficult. I'm still always kind of blown away by the mathematics and the financials of planes and airlines and making plants because these things are.
Super super expensive.
This is a wide body.
Yeah, so as opposed to the seven thirty seven, seven thirty seven max and narrowbody.
You're listening and watching Bloomberg Business Week, just a quick reminder of how we closed on this Thursday, S and P five hundred sixty seven fifteen up four points. Believe that was a record, and the Nasdaq one hundred twenty four eight ninety two that was up about ninety one points. So once again we're talking about records on Wall Street, which is something that we hadn't seen for a few days, but there was a period where it was one after another.
Well, to get to our next guest, he's somebody who wears many hats. Andrew Yang is with us. He's the founder and CEO of Noble Mobile. You might know him though as former Democratic presidential candidate in the twenty twenty race, and in twenty twenty one he made a failed run to be Democratic nominee for the New York City mayoil race. He's the founder of the Independent Forward Party, also a
best selling author. He's often on our radar, and just this past summer, Political reported that Elon Musk and Andrew Yang connected on creating a third party to a beend America's political system.
Andrew Yang, Welcome, Welcome to Bloomberg BusinessWeek. DEII great to have you with us. How are you?
It's great to be here. What an awesome intro. I'll take it.
There's a lot, there's a lot. What's more fun more challenging starting up a company or being an entrepreneur or running for political office?
Wow? It depends on the office. I will say. I thought that being the CEO of a startup might prepare me for running for office, But it turns out that as a candidate, people want to know more about you, like you become the product, and there's nothing that can prepare you for that. So if that sounds good to you, feel free to run for office.
Okay, So wait, did you like so then starting running a company?
Starting with a company? You no?
Thanks? Are you done with politics?
I'm too young to be done with politics. And even what we're doing with Noble Mobile, we're trying to lower people's cell phone bills, which strikes me as something that's kind of tangential to politics. It's something that you know is touching policy. But I'm sure I'll run for something again at some point.
We're going to get to Noble Mobile in just a minute. And like you said, there is this idea of actually getting people to use their phone, which is really interesting. I want to go back to this idea of you and Elon teaming up to create a third party to up in America's political system. Are you talking to him right now about that?
We are in touch to this day. He did endorse me in twenty twenty, and his team and I share many many people in common in our networks. So yeah, like it's stay tuned really well.
Some folks would argue that he has changed a lot since twenty twenty, or at least his positions have changed a lot, and in fact, in twenty twenty four he said he wasn't going to even get involved in the presidential race, and then he did, to the tune of hundreds of billions of dollars and even serving as a special appointee in the administration. Politically, are you aligned with him?
I'm aligned with anyone who thinks that the current system is not working, that the two party system is designed to not actually deliver results or solve problems. And there are times when Elon has definitely had that point of view. He's looked up at we need something new and it's going to take i'd say, a real coalition of Americans that might not line up along traditional politics to make that case.
Have you do you agree with all the things he did under Doge?
I do not agree with everything he said he did Underdoge?
Have you and he talked about that?
We talked about the current mission, which is to try and improve the American political system to a point where it actually seems both problem solving and responsive.
What do you think is most broken? Is it the money in politics and politicians worrying more about making sure they get re elected rather than listening to their constituents.
In a word, incentives, which is that if someone does the right thing, they're probably shortening their political career. If they go along with what their base wants, they might have a lifetime appointment.
Well, so it seems like the AVC answer to that is term limits.
That is a very popular answer, one that I endore. Seventy five percent of Americans think we should have term limits because they don't want folks heading to DC and squatting there for decades.
Is it third party likely?
It's not just likely, it's real. I mean, we have dozens of elected officials around the country right now, because it turns out that there are tens of thousands of local elected offices that are nonpartisan and that can be mayors, that can be county executives, that can be city councilor board of ed. So the Ford Party is racking up wins all over the country as we speak.
But we really still have a Congress that's like, you know, we're divided between the Republicans and Democrats, Like that's how we divide things still, And this is.
The fascinating thing. How many US Senators would you need to form a folk rum in this divided time? Maybe three, maybe four? And there are two Senators who already are independents, and you can see something similar happening in the House. It would be a slightly larger number. It might be six or eight. So you don't need an upstart movement like forward to win fifty one Senate. You need us to get three or so. And that I think is going to happen sometime in the next three or five years.
Do you think within your lifetime there will be a president who wins who is not a Democrat or a Republican?
Oh?
Yeah, I do. And I will point people to a guy named Mike Duggan who's running for a governor of Michigan right now, third term mayor of Detroit, sky high approval ratings because he turned that city around. He's running for governor and he said, look, it's not Democratic or Republican. That's the future of politics in the state. It's independent. And right now he's the front runner. So there's no reason why someone can't make that similar case nationwide. It might even be Mike Duggan.
Well, I understand the politics of it. What I don't understand is the structure of it in the primaries and how that would actually work and actually get past the primaries.
Oh, I'd love this question so much. Imagine this. Imagine a primary where Mike Bloomberg, you know, sorry, I keep name checking you, Mike, Mike Bloomberg, Mark Cuban, Matthew McConaughey, Oprah, whomever you're favorite flavor of independent is runs in a primary that every American can vote vote on their smartphone, as opposed to waiting to hear what Iowens and South
Carolinians think. And then you'd have tens of millions of Americans saying I like Cuban, I like this person, and that would be genuine, lowercase de democracy, and there is nothing stopping that from happening in twenty twenty eight. In twenty thirty two, the technology is obviously mature, and the will is there if you look at the.
Numbers, So why does it happen?
Maybe it will happen in twenty eight. All it takes is one major figure stepping forward and saying, hey, guys, I'm running as an independent and this is how we're going to choose. And by the way, if you have Mark Cuban decided to take that challenge, then you'd have a whole dozen other people following in his wake.
Do you think he's going to run? Do you talk to him about it?
I do talk to Mark, And let me say that Mark has definitely thought long and hard about running for president.
All right, tell us about Noble Mobile. You announced it in September. Tell us about it because it does unlike it's a little bit different than a lot of our Celle carriers.
Imagine this. Imagine a carrier that actually paid you to doom scroll a little bit less fifty dollars for unlimited, which is less than what ninety percent of Americans are paying, and we'll give you up to twenty dollars cash back based on your data use, so you know that extra time on x or Instagram, you're actually costing yourself a smidge of money, and it's an incentive for you to
put your phone down. Noble Mobile. We're also having offline parties around the country for people to log off, touch grass and come look at each other's faces.
I think I hear parents around the world rejoicing.
We use the phone to.
Vote, but don't use it to just doom scroll.
Yes. Look, I'm a heavy phone user and I got money back from Noble, so you know if I get money back, anyone will. But I think it's necessary to operate. But I also know there's such thing as too much of a good thing, and like and have I gotten anxious or depressed based upon staring at the screen for too long? One hundred percent? Yes.
Can you take us into the relationship that you have with T Mobile. It's an MVNO multiple more mobile virtual network operator and it's like a mid mobile for example. They're the rise of these independent They lease the spectrum at least from a traditional operator. How does that relationship work.
Love the question. So we went out to the folks at T Mobile and said, hey, we'd love to make data available to the American people a closer to true cost, like Mark Cuban did with generic drugs and cost plus drugs and T Mobile. Because they're actually innovative, they thought, you know what, we're actually going to work with you to make this possible because it's going to be good
for consumers. And they liked the better relationship with technology angle, and so they have lent us or leased us spectrum or data that we can then sell to the American people at much closer to true value. Because if you think about it, why are Americans spending eighty three a month on our wireless when Europeans are spending forty. I had a friend who worked in London. He came back and got sticker shock when he went to the wireless store. And when you reflect on why that is, we all
know why that is. It's because you have carriers that are paying twenty billion dollars in dividends and raising prices while not actually investing in their networks.
What are your expectations in terms of ramp up and folks signing on.
We've already doubled some of our early projections. People are responding very well to the Noble Mobile brand and mission. Because nine out of ten of us, and I'll use myself as an example, listeners will be able to relate to this. I was spending one hundred and forty a month on Verizon for years. I've been a Verizon customer for twenty five years. Never questioned it. I joined Verison because they had the best network, and then I looked up in years it passed and I was like, wait,
what am I paying for? So now I took my bill from one hundred and forty to forty six or so and everything works better than ever. So that's the kind of experience people respond to as soon as their friend tells them, Yo, I've done this and it's real.
Sony, tell us how many people are like signed on?
We're growing every hour. Let's put it that way.
Okay, can I.
Blow up your your experience with the MVN, Now you.
Can blow me up?
Okay, so do it. So.
Carol and I have spent a lot of years together. We talk about everything, including cell phone plans, and a few years ago she decided to move away from the big carriers, sign up for MVN. No, it didn't work.
We ran out of data and how do you get pretty mess and.
Did you get throttled too? So like your data would be slow?
They were very slow, and we were myself and my daughter were complaining to my husband, He's like, I don't know what your problem is and then it hit him and he's and we were not happy.
I am begging you to try Noble Mobile because I see the data throughputs and we do not slow it down. It's truly unlimited. If you give us fifty dollars that month, unlimited all you can eat data as fast as you can find.
So why can you do that? But T Mobile can offer that, or Verizon can off for that, or AT and T can out for that.
I mean you'd have to talk to some of those other companies.
You're literally using T mobile speck drum.
You know.
I actually it's a great question what it is. I'm going to say, it's like it's a company approach. So from our perspective, we're on a mission to delight consumers and make sure we build a better product and a better offering. And you know, it's not building a better offering slowing you down at the end of the month because you've gone through some arbitrary data cap it's truly unlimited. Uh, and we can do this quite profitably.
Know we did. We're not on them anymore.
We switched back. I'm begging you to because your impulse to look at it was light to check out.
Right over to the family, Andrew, and we'll discuss it.
What are the I will say, I'll give you our list for free for a year, accept, Carol.
Have you met Bloomberg? We don't do that.
Yeah, no, you guys. You guys are very buttoned up. It's true. I apologize seriously.
Just got a minute left here, and I want to go back to politics. The implications of kind of our political world right now. I don't want to point fingers or anything. We were divided and we had a democratic president. We've been divided with a Republican president. What are the implications of this and do we find a way out of it? Now?
The polarization's getting worse and worse. The shutdown is an emblem of that. I looked at the numbers and the trends aren't good. And so really the question is, how do we get out of this, and it's a very very short list of things that could happen. Number one would be a miraculous restoration of one party or the other to some degree of common sense, which if you look at it doesn't seem like it's in the offing.
And then number two is that fifty percent of Americans who self identifies independents raise their hands and say, you know what, I want something new, I want something different, and it's America. We can build it. Mike Bloomberg, you would be our patron saints. I'm on your airwaves right now.
Michael Bloomberg, of course, the founder and head of Bloomberg LP, home of Bloomberg TV and Radio and Bloomberg Philanthropies. Andrew Yang, when you're ready to announce what's next next?
Oh well, I appreciate that. I really really want you to try a noble bowl because you have the right impulse and someone did you wrong. We'll do it right.