# Bloomberg Money: Inflation Angst Returns & Micron Millionaires

An episode of [Bloomberg Intelligence](https://invisiblenetwork.ai/podcast/326301337), 25 Jul 2026, 43 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/8e704079-ca57-4eac-9741-ae27003e2b7f/bca9ac90-e233-4e9a-ac6a-b491014b7034/audio.mp3?utm_source=Podcast&in_playlist=0ad812bf-fd15-4012-a18c-ae3c00090c76

Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom. Today’s guests are: Ed Yardeni, president of Yardeni Research & Tricia Scarlata, executive director and head of education savings at JP Morgan Asset Management See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News, Bloomberg Money.
[0:12] Speaker 2: This is the Bloomberg Money Podcast. I'm Tom Keene with
[0:15] Speaker 2: Scarlet Foo. Join us each week for a smart look
[0:19] Speaker 2: at the forces shaping your financial life. On Personal Finance,
[0:23] Speaker 2: on Retirement, and Wealth Management. We will explore how people
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[0:36] Speaker 2: wherever you listen, and as always on the Bloomberg Terminal
[0:40] Speaker 2: and the Bloomberg Business app.
[0:55] Speaker 3: Good Moon.
[0:56] Speaker 2: Everyone is Bloomberg Money, on Personal Finance, on Retirement, on
[1:00] Speaker 2: health Manager as well. Scott Fu and Tom King, thank
[1:03] Speaker 2: you for being with us today. A great set of
[1:04] Speaker 2: people coming up. At first, we got to talk a
[1:07] Speaker 2: FED meeting next week, and it's got to have something
[1:10] Speaker 2: to do with my personal finance.
[1:11] Speaker 3: I don't know what yet.
[1:12] Speaker 4: They're going to talk about inflation, it's definitely going to come.
[1:14] Speaker 3: Are they going to raise rates?
[1:16] Speaker 5: Uh?
[1:16] Speaker 1: Some people think so.
[1:17] Speaker 2: What the rate market district? Tho'k at first Personal Finance
[1:20] Speaker 2: the rate market this week?
[1:21] Speaker 3: What does it? Exactly? Due to the housing market.
[1:23] Speaker 4: It makes it more expensive if you're looking to get
[1:25] Speaker 4: a mortgage. Mortgage rates have creep back up again.
[1:27] Speaker 2: And of course the whole thing here is everything's getting
[1:30] Speaker 2: more expensive. We talked about this for week after week,
[1:32] Speaker 2: but the.
[1:33] Speaker 4: Fact gas prices are more expensive now because of oil.
[1:36] Speaker 3: It was an eventful week.
[1:37] Speaker 4: It's certainly stopped by the fact that Lebron James is
[1:40] Speaker 4: going to the filly.
[1:41] Speaker 3: All the clock up. That took folks nineteen seconds.
[1:46] Speaker 2: You're about the script right now, return to Akron Ohio's
[1:50] Speaker 2: Nikki Waller here.
[1:51] Speaker 3: You almost canceled being on this show, right Yeah, I
[1:54] Speaker 3: had to drive to Philly. Are you going to Philly?
[1:56] Speaker 3: Did you just assume he go back to Cleveland?
[1:59] Speaker 1: I was home.
[2:00] Speaker 6: I mean, what a great pre retirement move.
[2:03] Speaker 2: The control room's going what in God's name of the
[2:05] Speaker 2: two on Bloomberg Money. Here's what we're doing. Edward Jardenny
[2:09] Speaker 2: is in the building. It's incredibly important to speak to
[2:11] Speaker 2: ed Yard Denny. He is optimistic about the Roaring twenties.
[2:15] Speaker 2: He is optimistic that the bond vigilantes won't get.
[2:18] Speaker 4: Us Scarlett and later this hour was week with Tricia Scarlatta.
[2:21] Speaker 4: She's head of Education Savings at JP Morgan Asset Management.
[2:25] Speaker 4: Just a few more weeks ago before it's back to school,
[2:27] Speaker 4: so saving for college and all things five twenty nine
[2:29] Speaker 4: are top of thee.
[2:30] Speaker 2: And I love her because she's got huge enthusiasm. Most
[2:33] Speaker 2: people in education are boring, boring, boring, boring, and Tricia
[2:38] Speaker 2: just kills it. I mean as a real enthusiasm there
[2:40] Speaker 2: about taking hundreds of thousands of dollars from.
[2:43] Speaker 4: Us, well, you know, I mean, she's got to be
[2:45] Speaker 4: the cheerleader for everyone's saving.
[2:46] Speaker 2: Let's look at our first discussion here with good Bloomberg people.
[2:50] Speaker 2: Nikki Waller is with us from personal financier, and you
[2:52] Speaker 2: get to them two important stories there at a moment.
[2:55] Speaker 2: Stacy Vanix Smith with us today as well. Everybody's business
[2:59] Speaker 2: are wonderful podcasts. And David Gerr has chosen to be
[3:02] Speaker 2: with us. And this is after driving by Reds and me.
[3:05] Speaker 2: You came all the way back.
[3:08] Speaker 3: I had to be here. The Lineyer's like the odyssey
[3:11] Speaker 3: a mile long.
[3:11] Speaker 7: I was driving an odyssey as it was anyway, Yes.
[3:14] Speaker 1: It's likes good.
[3:16] Speaker 2: This came up this week out of the blue, and
[3:18] Speaker 2: we're totally we don't just scripts here.
[3:20] Speaker 3: David doesn't want to go throw I don't gridlock gridlock.
[3:24] Speaker 2: Do we are we rooting for gridlock in twenty twenty seven.
[3:29] Speaker 3: Oh, that's a great question. And Washington are just broadly speaking.
[3:32] Speaker 3: Broadly speaking, but in Washington, the Washington and David.
[3:36] Speaker 7: I think we're facing a lot of gridlock here as
[3:37] Speaker 7: we get closer and closer to the election. Look, there's
[3:39] Speaker 7: talk here of a government shutdown in October of this year.
[3:42] Speaker 7: We just had this vote on a war powers resolution
[3:44] Speaker 7: in the House. We saw four Republicans come over to
[3:46] Speaker 7: join their Democrats on the other side of the isle.
[3:49] Speaker 7: I think that people are aware of the fact that
[3:51] Speaker 7: given the pressures that we're seeing overseas now manifest and
[3:54] Speaker 7: domestic pressures as well, it's it's unlikely that we're going
[3:57] Speaker 7: to see a lot of movement and watch.
[3:58] Speaker 1: So I was speak of domestic pressures.
[3:59] Speaker 4: Teriffs are back, David and just white President Trump's claim
[4:02] Speaker 4: that other countries pay for it. The duties are all
[4:05] Speaker 4: basically born by American companies and at the end of
[4:07] Speaker 4: the day, American consumers absolutely right.
[4:10] Speaker 7: So we see the present using Section three or one
[4:11] Speaker 7: of that Trade Act of nineteen seventy four to impose
[4:14] Speaker 7: ten to twelve and a half percent tariffs on sixty
[4:17] Speaker 7: countries and more perhaps are on the way here. Look,
[4:19] Speaker 7: it's an interesting moment at which this is happening. You're
[4:21] Speaker 7: going to talk about inflation. I'm sure over the course
[4:23] Speaker 7: of the show we know that these are going to
[4:24] Speaker 7: be inflationary.
[4:26] Speaker 1: It is a choice, to say.
[4:27] Speaker 7: The least that the administration is doing this is they
[4:29] Speaker 7: look at this war in the Middle East widening and
[4:30] Speaker 7: lasting longer than they thought it would be. I think
[4:33] Speaker 7: it's still incumbent upon them to try to make the
[4:35] Speaker 7: sale to explain to the American people why this is
[4:37] Speaker 7: the route that they're going down, these latest tariffs on
[4:40] Speaker 7: human rights grounds at least a name, and we'll see
[4:43] Speaker 7: sort of the American people.
[4:44] Speaker 3: I think people are numbed. Were numbed into the summer.
[4:47] Speaker 4: They're customed to a lot of things flying around. Absolutely,
[4:50] Speaker 4: but it is a picture of economic anxiety, and you
[4:53] Speaker 4: see it in the price action and Nikki. It's fascinating
[4:55] Speaker 4: to see how people respond, especially young people, which is
[4:58] Speaker 4: a real picture of it. Dreams right, you've got financial
[5:01] Speaker 4: nihilism on the one end, and then you've got what
[5:03] Speaker 4: some people are calling retirement maxing on the other end.
[5:07] Speaker 6: Yes, we took a look this week at this cohort
[5:10] Speaker 6: of gen z who are not the ones on prediction markets,
[5:13] Speaker 6: who are not the ones taking these yolo bets in
[5:16] Speaker 6: the stock market.
[5:17] Speaker 1: But instead they are, and we use this with.
[5:19] Speaker 6: Our tongue in cheek, a little bit retirement maxing. And
[5:22] Speaker 6: they're putting away money into savings rather than spending in
[5:26] Speaker 6: the moment, sometimes even ignoring them us most of them,
[5:31] Speaker 6: not yet because around people under thirty, yeah, sure that'll
[5:36] Speaker 6: take care of your excess emerging. But yeah, people putting
[5:40] Speaker 6: into iras and their four one case as much as
[5:43] Speaker 6: they can because they don't know what's coming ahead.
[5:46] Speaker 4: Right, And this idea that they're not even spending on
[5:47] Speaker 4: themselves because they're just saving in every way, Stacy, you
[5:52] Speaker 4: have written or you've written about, and you've talked about
[5:54] Speaker 4: on your podcast, this idea that Americans are spending less
[5:57] Speaker 4: time on enjoying themselves, on spending for themselves recreational products.
[6:01] Speaker 4: There's something called funflation taking place.
[6:04] Speaker 8: Yes, there's a little bit of funflation taking place because
[6:07] Speaker 8: things have gotten so expensive. Obviously since the pandemic, we've
[6:10] Speaker 8: spent a lot more money on experiences rather than just goods.
[6:14] Speaker 8: We've we've tended to spend on services. Demand for services
[6:17] Speaker 8: is up, prices for services are up. Even going to
[6:19] Speaker 8: see The Odyssey this weekend could cost.
[6:22] Speaker 9: A lot of money.
[6:23] Speaker 8: The tickets for IMAX are on sale on the secondary
[6:25] Speaker 8: market for several hundred dollars.
[6:27] Speaker 9: But this, I mean, if you have kids.
[6:29] Speaker 8: For instance, just going out for ice cream, just going out,
[6:32] Speaker 8: you know, to try to movie and pizza, can can
[6:35] Speaker 8: easily go into the hurre.
[6:36] Speaker 2: Toptic two hundred dollars and Brooklyn ones going to going
[6:39] Speaker 2: to the movies, right, got a whole meal at the
[6:42] Speaker 2: the whole mail and all that stagey.
[6:43] Speaker 3: I got to ask you.
[6:44] Speaker 2: I talked to Nashville today, I talked to Austin, Texas.
[6:47] Speaker 3: You know Boise Cold with Micron and the boom there.
[6:51] Speaker 3: I mean, part of.
[6:52] Speaker 2: This nation has explosively boom cities, don't they.
[6:56] Speaker 9: Oh yeah, yeah.
[6:57] Speaker 8: I grew up in Boise and right now everyone's talking
[6:59] Speaker 8: about them Micron millionaires.
[7:01] Speaker 1: So Micron is based.
[7:02] Speaker 3: In Should we congratulate you?
[7:04] Speaker 8: I tragically, I'm not a micro' sure I did.
[7:10] Speaker 9: I went into journalism.
[7:11] Speaker 8: I don't know what I was thinking, but yeah, I
[7:14] Speaker 8: mean it's the it's one of the biggest employers in
[7:15] Speaker 8: the state. It's been making ship since nineteen seventy two,
[7:18] Speaker 8: a lot of ups and downs, but now thanks to you, AI.
[7:22] Speaker 8: I mean, it's just it's going not to say.
[7:24] Speaker 3: I want to get this in. It's just too important.
[7:26] Speaker 2: We do personal finance, we do retirement, we do wealth management,
[7:29] Speaker 2: and Nikki Waller and Suzanne Willie have without question the
[7:33] Speaker 2: essay of the day. It comes to Marlin over at Fidelity.
[7:36] Speaker 2: I was shocked at the chart the jump condition in
[7:40] Speaker 2: healthcare costs for retirees.
[7:42] Speaker 6: Yeah, it is, absolutely, It's been rising for years.
[7:45] Speaker 1: And what we're seeing is that.
[7:47] Speaker 6: If you are retiring this year, your health cost that
[7:50] Speaker 6: you will pay out of pocket, if you're a couple,
[7:52] Speaker 6: it's up to three hundred and seventy one thousand dollars.
[7:55] Speaker 6: That is an almost eight percent jump from last year.
[7:58] Speaker 2: Is supposed to be almost like free, like fifteen thousand dollars.
[8:02] Speaker 1: Yeah, no, that doesn't happen anymore.
[8:03] Speaker 4: And if you're a genetser like David Gurrow myself, you're
[8:06] Speaker 4: also thinking about really paying for your parents' care and
[8:08] Speaker 4: saving for your kids college tuition.
[8:10] Speaker 1: At the same time. So this just adds to it.
[8:12] Speaker 1: We'll be working.
[8:12] Speaker 7: Forever incredibly don't think yes, I agree, Okay, David Gurrow,
[8:16] Speaker 7: thank you so much, thank you for coming in.
[8:18] Speaker 2: Nice to have you next time and bring something from
[8:20] Speaker 2: Red Side and maybe with you. Stacy Vanixmith thinking well
[8:23] Speaker 2: or thank you so much as well. You know, I
[8:27] Speaker 2: look at this and I know the theme of the show.
[8:29] Speaker 2: It should be called Bloomberg Inflation. It should be the.
[8:31] Speaker 1: You know brand.
[8:34] Speaker 3: But this has been a really stressful week.
[8:36] Speaker 2: I mean, yeah, I'm sorry that Wednesday it was like vibrating,
[8:40] Speaker 2: I know.
[8:40] Speaker 4: But it's calmed down a little bit here on this Friday,
[8:43] Speaker 4: and you know, next week we've got a lot to
[8:44] Speaker 4: look ahead to, especially this hyperscaler earnings, because it looks
[8:47] Speaker 4: like AI is driving this entire economy.
[8:49] Speaker 2: And everybody involved with Bloomberg money, retirement, wealth management, they
[8:53] Speaker 2: all own it, don't they. We don't want we're going
[8:56] Speaker 2: to talk about that. We have a wonderful lineup here
[8:58] Speaker 2: coming up. Edward Yardeni of your Denning research. He is
[9:01] Speaker 2: definitive across the linkage of economics into the markets.
[9:06] Speaker 3: He is a true decade optimist.
[9:09] Speaker 2: And your Denny on these oring twenties from New York City,
[9:14] Speaker 2: it is Bloomberg Money this weekend.
[9:19] Speaker 3: Here it ago. I'm not now maybe I'll go.
[9:28] Speaker 2: You're listening to Bloomberg Money, stay with us with more
[9:31] Speaker 2: to come after this.
[9:38] Speaker 3: Bloomberg Money.
[9:39] Speaker 2: A perfect Friday in New York City. We had someone
[9:42] Speaker 2: in from Austin to the scarlet one hundred and five degrees.
[9:46] Speaker 2: Hundred five degrees, they said in Austin some of the South.
[9:49] Speaker 2: You know you expect it as well, but did you
[9:50] Speaker 2: get your utility bill?
[9:52] Speaker 3: For what?
[9:52] Speaker 1: I want to look at it?
[9:53] Speaker 3: I looked at it last night. It's painful.
[9:55] Speaker 2: Yeah, after thought of the air conditioning twenty fourth and
[10:00] Speaker 2: for thirty days in a row.
[10:02] Speaker 3: Let's do this.
[10:02] Speaker 2: Let's look at inflation, look at our optimism within the markets.
[10:05] Speaker 3: Joining us now definitive on Wall Street.
[10:08] Speaker 5: It's C. J.
[10:08] Speaker 3: Lawrence.
[10:09] Speaker 2: Just a few years ago he helped invent the synthesis
[10:12] Speaker 2: of economics into stock market analysis. Ed Yard Danny joins
[10:16] Speaker 2: us your Denny research Ed. We got a one hour conversation.
[10:19] Speaker 3: We're going to cram in here.
[10:21] Speaker 2: I got a first go to the therapy that's needed
[10:24] Speaker 2: as you go to retirement, which is you've got Max, Chloe,
[10:28] Speaker 2: Cooper and Bailey at the Yard Denning House.
[10:31] Speaker 3: It's a four dog night, Yeah, it certainly is.
[10:34] Speaker 10: It's their king Charles Cavaliers and the cash potato dogs
[10:37] Speaker 10: are They're always on the couch and they're sleeping.
[10:40] Speaker 2: What are the canel fees to do? I mean, the
[10:41] Speaker 2: vet bill must be just like seriously off.
[10:44] Speaker 10: But child, you have to get health insurance for your dogs.
[10:47] Speaker 10: I mean it's it's that that's your Bloomberg? Were any advice?
[10:51] Speaker 10: Thank you very much.
[10:54] Speaker 3: Here let me go to the chart right now.
[10:55] Speaker 2: Pull up an important chart here coming out of COVID.
[10:59] Speaker 2: In an our over of twenty two, a guy named
[11:02] Speaker 2: Ankomport in the chart area in Yar Denny and the
[11:05] Speaker 2: Economics and Finance said, courage by here, what did you
[11:11] Speaker 2: see in October twenty two that gives you continued confidence
[11:15] Speaker 2: in the market.
[11:15] Speaker 10: Well, October twenty two was a very strange bear market.
[11:20] Speaker 10: Usually bear markets are associated with recessions. There was no recession.
[11:24] Speaker 10: As a matter of fact. At the time, I kept
[11:26] Speaker 10: saying that we are experiencing the most widely anticipated recession
[11:30] Speaker 10: of all times. That just isn't going to happen. It
[11:32] Speaker 10: was the goodeaux recession, if you will. I just kept
[11:36] Speaker 10: betting on the resilience of the economy, and so I
[11:39] Speaker 10: kind of viewed the bear market as the aberration rather
[11:41] Speaker 10: than the economy, which remained very strong. The earnings were
[11:45] Speaker 10: holding up reasonably well, so I kind of viewed that
[11:48] Speaker 10: as a panic attack. Now, look, there were good reasons
[11:51] Speaker 10: for concerns. The Fed was raising interest rates from zero
[11:55] Speaker 10: to five point five percent of the Fed funds rate,
[11:57] Speaker 10: the bond dealer was going up. Oil price has got
[12:00] Speaker 10: a big spike, and yet the resiliency economy came through remarkably.
[12:04] Speaker 3: Well.
[12:05] Speaker 10: We were betting on that, and we're still betting on
[12:08] Speaker 10: the resilience of the economy.
[12:09] Speaker 4: Yeah, So I want to take it to what we're
[12:11] Speaker 4: seeing right now. Because you said bonnialds were going up,
[12:13] Speaker 4: oil prices are going up. That's exactly what's happening now.
[12:15] Speaker 4: The stock market has kind of slowed down a little bit.
[12:18] Speaker 4: So the parallels between then and now, one could say
[12:22] Speaker 4: is noteworthy.
[12:23] Speaker 10: Well, there's definitely parallels, but one of the big differences
[12:27] Speaker 10: is earnings. We've got what I call you know, everybody
[12:30] Speaker 10: talks about FOMO fear of missing out. I'm talking about
[12:33] Speaker 10: FEMO and that is fabulous earnings momentum. We didn't have
[12:37] Speaker 10: that back in twenty twenty two. And it was really
[12:41] Speaker 10: at the end of twenty twenty twenty November that we
[12:45] Speaker 10: suddenly had chat GPT and AI revolution just starting.
[12:49] Speaker 3: And the arc of this.
[12:51] Speaker 2: And I just finished Justin BER's wonderful book on Ned
[12:54] Speaker 2: Johnson and you know the industry from Arisa nineteen seventy
[12:57] Speaker 2: four forward. My basic take is we've read tionalized in
[13:01] Speaker 2: ownership of bonds, which has been really difficult since twenty two.
[13:05] Speaker 2: Since twenty one as well, is the basic psychology of
[13:09] Speaker 2: retirement now afraid of stocks.
[13:13] Speaker 3: I don't think so. I think actually quite the opposite.
[13:16] Speaker 10: I think a lot of my friends are retiring where
[13:19] Speaker 10: the baby boomers. I'm still working for a living because
[13:21] Speaker 10: I don't play golf, so I don't know what I
[13:23] Speaker 10: would do with myself. I know by the way I
[13:25] Speaker 10: get seasick on cruises. My friends are all going on cruises.
[13:28] Speaker 10: They used to go one every three years, now they
[13:30] Speaker 10: go three a year. And I get text messages for
[13:34] Speaker 10: them saying, I don't know what you're doing, but keep
[13:37] Speaker 10: this market going up because we're spending money like crazy and.
[13:40] Speaker 2: Are not worthing suns. Last week's Girl it was brilliant
[13:43] Speaker 2: on this setting. The stock market's become the American retirements
[13:47] Speaker 2: It absolutely ends.
[13:49] Speaker 10: Do you know that the baby boomers have ninety trillion
[13:52] Speaker 10: dollars trillion trillion dollars of net worth and by the way,
[13:56] Speaker 10: there's still some people left from the so called silent
[14:00] Speaker 10: generation older than the Baby Boomers. They have twenty trillion dollars.
[14:03] Speaker 10: So we're talking over one hundred trillion dollars of retirement
[14:07] Speaker 10: net worth assets for the largest generation ever that is retiring.
[14:13] Speaker 1: Are they going to use that?
[14:14] Speaker 4: Are they going to actualize that, or are they going
[14:16] Speaker 4: to just pass it on to their You know, the.
[14:18] Speaker 10: Kids didn't listen and they did they didn't like we
[14:20] Speaker 10: didn't like their friends, and they were noisy.
[14:22] Speaker 3: So why leave them anything? Just spend like crazy.
[14:26] Speaker 10: But look, a lot of people have been talking about
[14:28] Speaker 10: the k economy that you know, the rich are getting
[14:31] Speaker 10: rich or the poor are getting poor. I think that's missus.
[14:34] Speaker 10: What's really going on, and that's the demography. We've got
[14:37] Speaker 10: a very very well off Baby Boom generation and they're
[14:41] Speaker 10: helping their younger children and grandchildren. The affordability crisis is
[14:46] Speaker 10: really old versus young retiring people. They don't really care
[14:49] Speaker 10: if the Fed titans retiring people really don't care much
[14:54] Speaker 10: about the labor market because they're retired. All they really
[14:57] Speaker 10: care about really is the stock market. How should our
[15:00] Speaker 10: audience of retirement, of personal finance, how should they synthesize
[15:06] Speaker 10: the FED madness? You and I remember when Arthur Burns
[15:09] Speaker 10: had smoke coming out of the pipe and we interpreted that.
[15:12] Speaker 3: Now we've got this parlor game.
[15:14] Speaker 2: How does ed your Denny filter that if it's for
[15:17] Speaker 2: long term investment.
[15:19] Speaker 10: Well, I think you focus on the economy, if you
[15:21] Speaker 10: believe in the resilience of the economy, if you believe
[15:24] Speaker 10: that the labor market is in balance. We got a
[15:26] Speaker 10: four point three percent unemployment rate, which is awfully good.
[15:31] Speaker 3: We have an inflation problem.
[15:32] Speaker 10: The FED is going to have to probably raise interest
[15:35] Speaker 10: rates at least once, maybe a second time, maybe even
[15:38] Speaker 10: a third time, according to where the two year treasury
[15:41] Speaker 10: no yield is right now, I think you kind of
[15:44] Speaker 10: grin and Barrett and try to enjoy your retirement life,
[15:48] Speaker 10: because I think the market will continue to defy the bears,
[15:53] Speaker 10: because the economy will continue to defy the pessimists.
[15:57] Speaker 4: You were saying that the boomers don't care about the
[15:59] Speaker 4: FED raising rate. They're going to enjoy their retirement.
[16:01] Speaker 1: I'm not a boomer.
[16:02] Speaker 4: I'm a gen xer, so I got to work for longer.
[16:04] Speaker 4: And I'm wondering whether a higher for longer interest rates
[16:07] Speaker 4: means that I have to rethink, reassess, pivot my investment strategy.
[16:12] Speaker 10: Well, the short answer is yes, But I'm not a
[16:16] Speaker 10: big fan of the higher for longer idea about interest rates.
[16:19] Speaker 10: I think interest rates are back to normal. In other words,
[16:22] Speaker 10: four to five ten year treasury body is a sign
[16:25] Speaker 10: of a very healthy economy. It's it's a yield that
[16:29] Speaker 10: made sense before the Great Financial Crisis. The aberration higher
[16:33] Speaker 10: for longer implies we're going to be going back to
[16:35] Speaker 10: the zero. I see what, You're closer to zero interest rates?
[16:37] Speaker 1: This is it, This is this is probably the abnormal.
[16:40] Speaker 10: Yeah, now, six six, six and a half percent, seven
[16:42] Speaker 10: percent mortgage rates came awfully high to a lot of
[16:45] Speaker 10: people compared to what compared to where they were when
[16:48] Speaker 10: the economy wasn't doing so well.
[16:49] Speaker 2: And I know that you're seeing the odyssey. I guess
[16:52] Speaker 2: it's tonight. You're going to see Friday today.
[16:54] Speaker 3: They don't know that you were writing a.
[16:55] Speaker 2: Newsletter in Sparta a few years ago. We all know
[16:59] Speaker 2: that the nineteen twenties Roaring twenties, it wasn't pretty. What
[17:04] Speaker 2: happens after the Yardeni Roaring twenties of this twenty first.
[17:08] Speaker 10: Century, Yeah, I'm trying to sort that out now. I
[17:13] Speaker 10: think that if the Roaring twenty twenties works, and then
[17:19] Speaker 10: in other words, that the economy doesn't have a recession,
[17:21] Speaker 10: the stock market continues to go up. I've got ten
[17:24] Speaker 10: thousands on the S and P five hundred by the
[17:26] Speaker 10: end of the decade. If that works, there's no particular
[17:29] Speaker 10: reason why it couldn't be the Roaring twenty thirties. As
[17:33] Speaker 10: a matter of fact, that talking about a decade is roaring.
[17:37] Speaker 10: That's what the stock market usually does during decades. I've
[17:40] Speaker 10: only been a few decades where the market was just
[17:44] Speaker 10: kind of flat, where it was a nothing kind of environment,
[17:48] Speaker 10: And certainly that was the nineteen thirties were terrible, and
[17:53] Speaker 10: the nineteen seventies were no picnic, and then the period
[17:58] Speaker 10: around the Great Financial Crisis was So We've had decades
[18:02] Speaker 10: where you made nothing, but there have been lots of
[18:04] Speaker 10: decades where the market's done very well.
[18:07] Speaker 2: Not just the nineteen twenties, be nice to the nineteen seventies.
[18:11] Speaker 2: We had Bob Seger and so we got through it somehow,
[18:14] Speaker 2: Ede and he's with us, and we'll continue with this.
[18:16] Speaker 4: You're bullish on the equity market, You've long been bullish
[18:18] Speaker 4: on the equity market. You talk about boomers, this generation
[18:21] Speaker 4: that is feeling pretty good with the giche that they've seen.
[18:24] Speaker 4: What'll surprise other people about how you spend, how you
[18:28] Speaker 4: save money given what has happened.
[18:30] Speaker 10: Well, I found over the years that I can't really trade,
[18:36] Speaker 10: I can't really manage my own money because I'm too
[18:39] Speaker 10: busy doing.
[18:40] Speaker 3: My day job.
[18:41] Speaker 10: And the other thing is there's been kind of a
[18:44] Speaker 10: conflict of interest if my portfolio suddenly is thinking and
[18:47] Speaker 10: turns me pessimistic, and then I'm writing pessimistic, and it's
[18:50] Speaker 10: kind of just reflecting my own personal angst. So I
[18:54] Speaker 10: try to basically stay an ETFs and.
[18:58] Speaker 3: Keep things somewhat liquid.
[19:00] Speaker 10: Also have stocks and bonds, but mostly in an ETF portfolio.
[19:04] Speaker 4: How far out do you go? How colorful do you
[19:05] Speaker 4: go to your ETFs?
[19:07] Speaker 10: Well, you know, as I as I get old, as
[19:09] Speaker 10: I get older, I don't need bonds that go to
[19:11] Speaker 10: for thirty years, so maybe, you know, maybe I should
[19:14] Speaker 10: do that. Maybe I think you should say my triple
[19:17] Speaker 10: leveraged all cash, it would be secure.
[19:19] Speaker 3: Yeah.
[19:20] Speaker 10: But basically, I believe in the market. I believe that,
[19:23] Speaker 10: you know, the S and P five hundred has been
[19:27] Speaker 10: awfully good, and even better has been the Nasdaq one hundred.
[19:31] Speaker 10: Technology has been a leading sector in our economy.
[19:35] Speaker 4: Okay, So it looks like growth all the way for
[19:36] Speaker 4: doctor Eduard Denny.
[19:37] Speaker 10: Yeah, and I think you know a lot of these
[19:38] Speaker 10: so called Trump accounts probably will get.
[19:41] Speaker 3: Invested that way.
[19:42] Speaker 4: All right, of your Denny Research, Bloomberg Money.
[19:50] Speaker 2: Good afternoon everyone, Tom keenan scarlet. If we've got to
[19:52] Speaker 2: do a data check, it's not as frenzy as Wednesday
[19:54] Speaker 2: or Thursday, but you know, there it is.
[19:56] Speaker 4: It's calmed down quite a bit. In fact, we started
[19:58] Speaker 4: the day kind of unchanged. Now we're at session highs
[20:01] Speaker 4: the S and P five hundred gaining two thirds of
[20:03] Speaker 4: one percent for the week.
[20:04] Speaker 1: However, we're still looking at two straight.
[20:06] Speaker 4: Weeks of losses and the Vics coming down to seventeen
[20:08] Speaker 4: and a half.
[20:09] Speaker 2: John gallibed seaport he had thirty four percent. I believe
[20:12] Speaker 2: it is of SPX is next week's number. He is
[20:15] Speaker 2: shape huge renumber cross hand set is the way we roll.
[20:18] Speaker 2: We look at equities, bonds, currencies, commodities. Oil pulls back.
[20:22] Speaker 2: That's American oil from a ninety two back to eighty eight.
[20:26] Speaker 2: D xy premnch solid. Your strong dollar watched again over
[20:30] Speaker 2: the weekend, and again equity markets are up today.
[20:33] Speaker 4: All right, Well, you know the thing that so many
[20:35] Speaker 4: families save for higher education, It's in trouble. Costs are
[20:39] Speaker 4: out of control, schools are closing, and Americans are increasingly
[20:41] Speaker 4: questioning the return on investment of a college degree. This
[20:45] Speaker 4: was the thrust of a Bloomberg News story written by
[20:47] Speaker 4: Liam Knox, our education policy reporter who finds himself in
[20:51] Speaker 4: New York.
[20:51] Speaker 1: So we brought him in. Thank you so much, Liam.
[20:53] Speaker 4: Having it so, I want to focus on grad school programs,
[20:56] Speaker 4: which you recently wrote about. Master's and PhD programs are
[21:00] Speaker 4: in even bigger trouble than college programs as a whole.
[21:02] Speaker 1: Why is that?
[21:03] Speaker 11: Well, there are many factors to that, but right now,
[21:05] Speaker 11: chief among them is President Donald Trump. The Trump administration
[21:09] Speaker 11: has been working to reshape higher education in general, but
[21:13] Speaker 11: a kind of perfect storm of political threats has hit
[21:17] Speaker 11: master's programs and PhD programs especially hard. There's the crackdown
[21:22] Speaker 11: on student visa applicants and international students, who make up
[21:26] Speaker 11: a disproportionate amount of grad students in this country compared
[21:30] Speaker 11: to undergrads. There is the curtailing of federal research money
[21:34] Speaker 11: and the huge historic uncertainty around that relationship between the
[21:38] Speaker 11: federal government and research universities, which are hitting grad programs
[21:42] Speaker 11: especially hard, PhD programs in particular, but also master's programs,
[21:46] Speaker 11: particularly in stem fields. And then there's also new strict
[21:51] Speaker 11: limits on federal lending for grad students who used to
[21:54] Speaker 11: be able to borrow practically unlimited amounts of money to
[21:57] Speaker 11: attend grad school and are now going to have some
[21:59] Speaker 11: pretty strict new caps on that lending.
[22:02] Speaker 4: And a lot of people say that it was those
[22:04] Speaker 4: uncapped loans that kind of fueled the rise of grad
[22:06] Speaker 4: school programs, making them the cash cow for universities. I
[22:09] Speaker 4: actually recently sat down with Ken Ridguero of a cent
[22:12] Speaker 4: Funding about student borrowing from the private loan perspective, because
[22:15] Speaker 4: they're a private lender.
[22:16] Speaker 1: Let's take a listen, and.
[22:18] Speaker 12: About fifty to seventy five percent of the student situation.
[22:23] Speaker 12: The private sector can support the student with all the
[22:26] Speaker 12: borrowing they need at rates that are either a little
[22:30] Speaker 12: less than the current federal loan or a little bit
[22:33] Speaker 12: higher than the federal loan.
[22:34] Speaker 4: Why is there a difference in the rate that some
[22:37] Speaker 4: private lenders would charge versus the federal government.
[22:40] Speaker 12: The federal government doesn't pull credit. Credit is priced relative
[22:44] Speaker 12: to the expectation of repayment. So when there's a high
[22:48] Speaker 12: expectation of repayment, then we can give very very low
[22:52] Speaker 12: interest rates lower than the federal government.
[22:55] Speaker 4: Okay, so the economics are clearly changing for a grad school.
[22:59] Speaker 4: What are the schools themselves doing in response to this?
[23:01] Speaker 4: How are they dealing with this?
[23:03] Speaker 11: Some of the wealthiest schools are able to kind of
[23:04] Speaker 11: be more flexible, and some of them are actually setting
[23:08] Speaker 11: up their own federal loan programs with rather their own
[23:11] Speaker 11: loan programs to replace federal landing streams. Yale at this,
[23:14] Speaker 11: You Pen did this, and Harvard is doing it. Others
[23:17] Speaker 11: are going to be hedging by enrolling more undergraduate students.
[23:21] Speaker 11: The ones that can do that, that have deep applicant pools,
[23:24] Speaker 11: big brand names, money to expand physically their campuses. Colombia's
[23:30] Speaker 11: doing this the University of Chicago, Dartmouth College, other schools
[23:34] Speaker 11: that don't have the same kinds of brand name recognition.
[23:37] Speaker 11: They're setting up online programs, cheaper programs.
[23:40] Speaker 1: And things like AI.
[23:41] Speaker 11: But a lot of colleges are stretched too thin to
[23:43] Speaker 11: really adapt and are going to really feel this hit
[23:46] Speaker 11: them very hard financially.
[23:48] Speaker 4: All Right, they're going to have to come up with
[23:49] Speaker 4: some solution. Liam Knox, thank you so much. Our education
[23:51] Speaker 4: policy reporter normally in Washington, but here in New York
[23:54] Speaker 4: for the day, came.
[23:55] Speaker 3: Into the office. He did massive work from office. It's
[23:59] Speaker 3: a whole new thing.
[24:00] Speaker 1: We appreciate it.
[24:00] Speaker 2: We appreciate it. When we put Bloomberg money together. One
[24:04] Speaker 2: of the first names I said is we have to
[24:06] Speaker 2: have Tricia Scarlatta on.
[24:08] Speaker 3: She's head of Education Savings at JP Morgan Boring.
[24:12] Speaker 2: Like articles in five twenty nine's in this she brings
[24:15] Speaker 2: an energy and verve to this agony like no one
[24:20] Speaker 2: I know.
[24:20] Speaker 3: We're thrilled she could join us today.
[24:23] Speaker 2: Why is Wellesley one hundred thousand bucks a room board intuition?
[24:27] Speaker 9: He started so nicely, Tom, I think, look because people
[24:30] Speaker 9: want to go there, because everybody sees you kids on
[24:33] Speaker 9: social media having a great time, and every kid wants
[24:36] Speaker 9: to experience the same thing. When there's demand, there's demand,
[24:39] Speaker 9: people will pay.
[24:40] Speaker 2: So there's a top one hundred schools, the top two
[24:42] Speaker 2: hundred and fifty schools, there's a.
[24:44] Speaker 9: Top everything school don't if you read you could see
[24:46] Speaker 9: there's top party schools. There's top schools for degrees, and
[24:50] Speaker 9: there's top schools for experiences. So the competition is out
[24:54] Speaker 9: there and there are people that pay.
[24:55] Speaker 2: I mean a school like Cornell or Wellesley, Scarlett. You
[24:58] Speaker 2: look at it, what twenty app cancer one gets in.
[25:01] Speaker 1: I think that ratio is a lot smaller than I think.
[25:03] Speaker 9: It is a lot smaller.
[25:04] Speaker 1: Yeah, that's no work close. Okay.
[25:06] Speaker 4: My question is, given how much Wellsley or Cornell costs
[25:09] Speaker 4: right now, five twenty nine plans are meant to help
[25:12] Speaker 4: people save to pay up for that. Do we need
[25:14] Speaker 4: the five twenty nine plans to do much more than
[25:16] Speaker 4: what they're currently built to do.
[25:18] Speaker 5: No.
[25:19] Speaker 9: I think if you're doing it the right way, I
[25:21] Speaker 9: think what's the right way. The right way is starting
[25:23] Speaker 9: as early as possible, right, And so that's the problem
[25:26] Speaker 9: is is that most people just avoid it. They and look, Also,
[25:30] Speaker 9: problem is life is expensive, and it's hard to balance
[25:33] Speaker 9: all these things, retirement, saving for emergency, saving for college.
[25:36] Speaker 9: But if you start early right and save often, you
[25:41] Speaker 9: can do it. But the issue is people don't start
[25:44] Speaker 9: early enough. They don't they don't actually save and invest
[25:48] Speaker 9: early enough. So I do think that they can help
[25:51] Speaker 9: you get there for sure. I think the responsibility of parents, though,
[25:55] Speaker 9: is also being realistic. Know what you can afford. Not
[25:59] Speaker 9: everybody body has to go to Welles. Not everybody has
[26:01] Speaker 9: to go to the fancy school exactly. There's plenty of options.
[26:05] Speaker 3: What's the everg school cost?
[26:06] Speaker 2: If we're talking about the drama of one hundred thousand
[26:09] Speaker 2: NYU willsy?
[26:09] Speaker 3: What's the average.
[26:10] Speaker 9: Cost of america average private school today? They say is sixty.
[26:14] Speaker 3: Five thousand, sixty five.
[26:16] Speaker 9: That's assuming somebody's getting it.
[26:17] Speaker 2: We went out, we did a very careful survey. Here
[26:20] Speaker 2: went out in the street. We dragged into the studio
[26:22] Speaker 2: someone to talk about the future eighteen years out. Let's
[26:27] Speaker 2: listen for me.
[26:28] Speaker 13: I have a six month old son, Godulate, thank you,
[26:31] Speaker 13: and the team college savings team was calculating for me
[26:35] Speaker 13: how much it could cost in eighteen years to spend
[26:38] Speaker 13: his seven figures get my Alma Mater pen and they
[26:42] Speaker 13: estimate it could cost eight hundred thousand dollars. I think
[26:45] Speaker 13: separating right, you have your retirement money, which was still
[26:48] Speaker 13: really important to continue saving for what we see is
[26:51] Speaker 13: a lot of families end up actually using their retirement money.
[26:54] Speaker 2: He borrow from it because eight hundred thousand dollars and
[26:57] Speaker 2: I mean, you know it's gabriella scientists of course.
[27:01] Speaker 3: As well. So when you start, how do you start?
[27:05] Speaker 9: Well, well, if you want to pay for eight hundred
[27:08] Speaker 9: thousand dollars, you've got to be saving a couple thousand
[27:10] Speaker 9: dollars a month. It's a lot of money. So how
[27:13] Speaker 9: do you start. You start, like I said, when the
[27:15] Speaker 9: baby programs. Yeah, and I think you start when the
[27:18] Speaker 9: baby is born if you're expecting. Look that My my
[27:21] Speaker 9: most favorite clients are the ones that are actually starting
[27:23] Speaker 9: before they have a child, you know, and actually putting
[27:26] Speaker 9: money away before.
[27:27] Speaker 4: What a kiss, Just give us money for the kids.
[27:29] Speaker 9: I'll tell you it's so true. So really, but here's
[27:32] Speaker 9: the thing. You don't need to save one hundred percent.
[27:35] Speaker 9: Anything that you're putting away and investing is going.
[27:38] Speaker 1: To be less in the future.
[27:40] Speaker 2: Well you just heard there, folks, with precious scarletta bronze.
[27:43] Speaker 2: It this idea of saving for it all, particularly if
[27:47] Speaker 2: you have multiple children like you're doing.
[27:49] Speaker 3: You're like, oh, you think that's funny, Bronze that you
[27:52] Speaker 3: don't have to do it all.
[27:53] Speaker 9: You don't have to do it all, but be educated. Understand,
[27:57] Speaker 9: like you mentioned earlier, the return on investment. You know,
[28:00] Speaker 9: think about what is the return, what is the degram
[28:03] Speaker 9: not saying one degree is less valuable than another, but
[28:05] Speaker 9: monetarily there are differences. So so really go into it
[28:10] Speaker 9: understanding what is the cost of this institution, what is
[28:13] Speaker 9: the return going to be on that cost? And look
[28:16] Speaker 9: at state schools, there's plenty of options. Kids also go
[28:19] Speaker 9: half the time. They'll do start the first two years
[28:21] Speaker 9: in a community school and then do another That's I
[28:25] Speaker 9: know what it's a changing It's half the cost, it's
[28:28] Speaker 9: half the cost. If you do that, no one cares
[28:30] Speaker 9: where you went. They just want to know where you
[28:31] Speaker 9: got your degree from.
[28:33] Speaker 4: So this month also saw the introduction of the trump
[28:35] Speaker 4: accounts for babies. Does that change a saving hierarchy for parents?
[28:39] Speaker 4: I mean, which do prioritize if you can't put money
[28:41] Speaker 4: into both?
[28:43] Speaker 9: So that's a really great question, I think a Trump
[28:45] Speaker 9: account should be looked at as a wealth building account,
[28:48] Speaker 9: an early retirement plan. It should not really be looked
[28:51] Speaker 9: at for an education savings plan. So for those who
[28:54] Speaker 9: are going to get that seed money, you absolutely want
[28:57] Speaker 9: to get that free money, that thousand dollars. Today there's
[29:00] Speaker 9: about one point seven million people who have already gotten
[29:03] Speaker 9: that right, and so there's a lot more that are eligible.
[29:06] Speaker 9: So you want to get that seed money, for sure.
[29:09] Speaker 9: But for people that have to make a choice between
[29:12] Speaker 9: do I put money in a Trump account for education
[29:14] Speaker 9: or do I go five twenty nine, in my opinion,
[29:16] Speaker 9: you go five twenty nine because of the tax benefits,
[29:19] Speaker 9: for sure.
[29:20] Speaker 3: And then there's down the road.
[29:21] Speaker 2: Let's look at Tricia skyl out of writing in January. Here,
[29:24] Speaker 2: it's a money mustere for you this afternoon. One in
[29:27] Speaker 2: six they own federal student loans with an average of
[29:30] Speaker 2: thirty nine thy four hundred. It's four hundred and forty
[29:34] Speaker 2: five dollars every month could go for other financial priorities.
[29:39] Speaker 2: That's the reality, and some of those numbers are much
[29:41] Speaker 2: bet higher for people.
[29:42] Speaker 9: They're just putting off a lot because they have this debt.
[29:44] Speaker 9: So you're graduating college you're earning an income. You can't
[29:47] Speaker 9: move out, you can't move forward in life because you
[29:49] Speaker 9: have this, and then you have you know, parents who
[29:51] Speaker 9: take on debt take on more debt typically than the child,
[29:55] Speaker 9: and they're delaying their retirement.
[29:57] Speaker 4: So another question here about five twenty nine because I
[30:00] Speaker 4: think there's a lot of misconceptions and misperceptions about it too.
[30:03] Speaker 4: It's a lot more flexible than people realize. I mean,
[30:05] Speaker 4: Tom can use it for his grandchildren too.
[30:07] Speaker 9: You absolutely can. And another difference between a Trump account
[30:10] Speaker 9: of a five to twenty nine a Trump account has
[30:12] Speaker 9: to be opened by a parent or a guardian. Five
[30:14] Speaker 9: twenty nine account. Anyone can open the account.
[30:16] Speaker 4: I can open one to more if I wanted to
[30:17] Speaker 4: go back to school.
[30:18] Speaker 9: Yes, and you can open one for my kids if
[30:19] Speaker 9: you'd like. So, I mean, look, I think it's a
[30:22] Speaker 9: lot of flexibility. And again, I think the misconception is
[30:24] Speaker 9: that it's only for two and four year institutions. It's
[30:27] Speaker 9: much wider.
[30:28] Speaker 1: Now.
[30:29] Speaker 2: I just believe that Tricia Scarlotta has a statistic how
[30:32] Speaker 2: many people pay full boat.
[30:35] Speaker 9: It's about forty ish percent, probably one hundred percent of
[30:39] Speaker 9: our audience.
[30:40] Speaker 2: Yes, because you know, you look at the FAFSA, and
[30:43] Speaker 2: you go, you're kidding me, And so then there you are.
[30:46] Speaker 2: And if a kid can't put the puck in the
[30:48] Speaker 2: net when you were full boat at Cornell for hockey, right.
[30:52] Speaker 1: Oh, clearly, clearly.
[30:54] Speaker 3: But if he's put the puck in the net, it's
[30:56] Speaker 3: full boat.
[30:57] Speaker 9: It's full boat, it really is. And a lot of
[30:59] Speaker 9: these schools they you know, you get you get schools
[31:01] Speaker 9: like Villanova, Boston College. They don't need to give any
[31:05] Speaker 9: money because there are so many people lined up that
[31:07] Speaker 9: want to go there. So the University of Michigan, you know,
[31:10] Speaker 9: all those schools, they don't need to give them.
[31:12] Speaker 3: We just want to go to Villanova because of Jalen.
[31:14] Speaker 3: I mean, there's the reason.
[31:16] Speaker 9: Day Yeah, I mean, you know I wanted to go
[31:18] Speaker 9: to Villanova too, I didn't I want what's.
[31:19] Speaker 2: The number one question you get on a road working
[31:21] Speaker 2: for JP Morgan? What's the number one question in seminar as.
[31:24] Speaker 9: You get interesting? Now, it's about the roth Ira. Everyone
[31:27] Speaker 9: asks about the roth Ira. So people don't save enough
[31:29] Speaker 9: and invest enough in a five to twenty nine account,
[31:31] Speaker 9: but they're always so worried that I'm going to have
[31:32] Speaker 9: too much money in the account. Why is that that
[31:35] Speaker 9: is the biggest fear. I'm going to have too much money.
[31:38] Speaker 9: Yet I don't put enough money away, but I'm worried
[31:40] Speaker 9: I'm going to have too much. Then one of my options,
[31:42] Speaker 9: so now it's it really has helped us having the
[31:45] Speaker 9: flexibility of the roth Ira rollover, so that that this
[31:48] Speaker 9: year is the biggest question is Okay, I'm going to
[31:51] Speaker 9: if I'm overfunded, what can I do? And a great
[31:54] Speaker 9: people feel much better that they could do the rollover.
[31:56] Speaker 4: It just speaks again to the misperceptions and misconceptions out
[31:59] Speaker 4: there about all of this.
[32:00] Speaker 9: People are so afraid that they're going to put this
[32:01] Speaker 9: money away and the kid's not going to go to school.
[32:03] Speaker 9: Reality is seventy percent of kids go to school. And
[32:05] Speaker 9: like you said, it's not just for It's not just
[32:07] Speaker 9: two and four year institutions. You can vocation apprenticeship in economics.
[32:12] Speaker 9: You can go to a park twenty nine for you.
[32:14] Speaker 3: I need a five twenty.
[32:15] Speaker 2: The biggest problem there is a five twenty nine used
[32:17] Speaker 2: to be terribly restrictive. Right Fossils like me don't realize
[32:21] Speaker 2: how constructive it is.
[32:23] Speaker 9: Now correct And when you think about a qualified withdrawal,
[32:27] Speaker 9: I always use this as an example. Every child's qualified
[32:29] Speaker 9: withdrawal is going to be different. I have a child
[32:31] Speaker 9: who's a musician going for music. A qualified withdrawal for
[32:34] Speaker 9: him is the pedals for his equipment is the production
[32:37] Speaker 9: because he's a music major. But then if I got
[32:40] Speaker 9: an econ major, I can't use as a qualified withdrawal
[32:43] Speaker 9: a guitar. But it is going to be what that
[32:46] Speaker 9: child needs to get the degree is a qualified withdrawal.
[32:50] Speaker 9: It could be books for sure, it could be computer.
[32:53] Speaker 9: It's equipment, So think it's very expansive.
[32:57] Speaker 2: Your child needs the even tied H nine need a
[33:01] Speaker 2: new H nine pedal, it's exquisite.
[33:04] Speaker 9: You've had my Conrad on. We go to Mike all
[33:07] Speaker 9: the time. He's an incredible guitarist and he taels us
[33:09] Speaker 9: what he doesn't need.
[33:11] Speaker 1: Jisha, thank you so much for joining us today.
[33:13] Speaker 9: My pleasure.
[33:13] Speaker 4: Here's just scar a lot of JP Morgan Asset Management
[33:16] Speaker 4: coming up on Bloomberg Money, the money, the man, the
[33:19] Speaker 4: muse why people are digging deep into their pockets and
[33:22] Speaker 4: splashing the cash to see the odyssey.
[33:25] Speaker 1: You're going to go this weekend, right.
[33:26] Speaker 2: I'm not going this weekend, but I got to admit
[33:29] Speaker 2: across a cross section of people.
[33:30] Speaker 4: What a huge was I loved it and I wasn't
[33:33] Speaker 4: expecting to love it. This is Bloomberg Money, but Robert
[33:37] Speaker 4: Pattinson speaking an American accent, that was odd.
[33:39] Speaker 3: I'm not.
[33:47] Speaker 2: You're listening to Bloomberg Money. Stay with us with more
[33:50] Speaker 2: to come after this.
[33:54] Speaker 4: Bloomberg Money is your destination for personal finance is a
[33:57] Speaker 4: cross platform effort that extends beyond your TV, including our
[34:00] Speaker 4: new digital hub at Bloomberg dot Com, Slash Money and tom.
[34:04] Speaker 1: One of the.
[34:04] Speaker 4: Highlights this week is about the odyssey the movie got
[34:07] Speaker 4: to be and how some people are spending thousands of
[34:09] Speaker 4: dollars to watch it in It's full Imax Blender amazing.
[34:12] Speaker 2: I mean, I know IMAX from long, long ago, but
[34:15] Speaker 2: people say this is the IMAX and you have to
[34:17] Speaker 2: see it.
[34:18] Speaker 4: Well, this was the first movie that was built with
[34:20] Speaker 4: IMAX in mind. So joining us now to discuss as
[34:22] Speaker 4: Bloomberg Money reporter Sarah Foster and Sarah you guys went
[34:26] Speaker 4: out and talked to a whole bunch of people who
[34:28] Speaker 4: like figured this out a year ago and booked their
[34:30] Speaker 4: tickets in advance to see this on Imax.
[34:33] Speaker 5: My colleagues Michelle and Ponza, Michael Barkley. They really tracked
[34:37] Speaker 5: down some big spenders here. Some people were willing to
[34:40] Speaker 5: spend five hundred dollars travel cross country to see this,
[34:44] Speaker 5: as Chris Nolan intended. Others were even telling stories about
[34:48] Speaker 5: how they were staying up all night, you know, going
[34:50] Speaker 5: twenty four hours without sleep. What this really shows me
[34:54] Speaker 5: is that when you have these big cultural events like this,
[34:57] Speaker 5: young people in particular really are down to spend big
[35:01] Speaker 5: and to just be in the moment.
[35:02] Speaker 2: It's just kind of it's about this experiential thing. I mean,
[35:05] Speaker 2: which angels to get. I mean, it's it's beyond me.
[35:07] Speaker 2: But the answer is people like FIFA, like.
[35:09] Speaker 1: The World Cup, or like meet Together.
[35:11] Speaker 3: They like being together. They want to spend some money
[35:13] Speaker 3: to do it.
[35:13] Speaker 4: Right right, and they want to be able to hear
[35:15] Speaker 4: the waves crashing in the movie again and it's full.
[35:18] Speaker 4: I'm explunder because it's loud. It's like a spectacle.
[35:21] Speaker 5: I think there's even something to be said about this
[35:24] Speaker 5: new version of luxury. You know, only twenty five theaters
[35:28] Speaker 5: in the US can show it the way krisnal And intended,
[35:30] Speaker 5: only forty one worldwide.
[35:32] Speaker 9: You know, it's almost a three hour runtime.
[35:34] Speaker 3: For a movie. Is it three hours?
[35:35] Speaker 1: You could be there and see it, you know you want?
[35:37] Speaker 2: So when you saw Scarlet, was it were you dragon here?
[35:40] Speaker 2: Where you're like, you know? Two hours thirty mins?
[35:42] Speaker 1: That was a little skeptical. I went in there. I
[35:44] Speaker 1: had to have a drink beforehand because I was like, I'm.
[35:46] Speaker 2: Shut, okay, can you make a banner please? Food at
[35:50] Speaker 2: the Odyssey had to have a beverage of her chore.
[35:52] Speaker 4: I had to have a drink ahead of time. But
[35:54] Speaker 4: I sat there through the whole thing and it was great.
[35:56] Speaker 3: Our books for the week. This is a joy and
[35:58] Speaker 3: an honor.
[35:59] Speaker 2: You go toge if you're ever so lucky, you have
[36:01] Speaker 2: a professor that can get it done. Barry Strauss is
[36:05] Speaker 2: definitive at Cornell and you had him in class. What
[36:09] Speaker 2: is it like to have the giant Barry Strauss lecturing
[36:12] Speaker 2: you on the Trojan War?
[36:13] Speaker 10: You know?
[36:13] Speaker 4: It was pretty cool because I did not know about
[36:16] Speaker 4: him beforehand. I took a class with him and another
[36:19] Speaker 4: professor where they compared the Korean War and the Peloponnesian War.
[36:22] Speaker 4: So it was like this cross historical analysis. It was
[36:25] Speaker 4: really really interesting. And then you pick that book, so
[36:28] Speaker 4: I know you can.
[36:29] Speaker 2: I picked it out of the blue, but folks, I
[36:30] Speaker 2: can't say enough about it. If you want to learn
[36:32] Speaker 2: about this beyond Matt Damon's good looks, the answer is
[36:36] Speaker 2: Professor Strauss of Cornell owns eye.
[36:38] Speaker 4: Ground absolutely and his book separates reality from myth. Right
[36:42] Speaker 4: Helen of Troy was a catalyst myth reality. It is
[36:44] Speaker 4: about control of shipping routes in the agenc which Matt
[36:48] Speaker 4: Damon actually says to Anne Hathaway in the movie. They
[36:50] Speaker 4: kind of whisper it, but it's there. So I just
[36:52] Speaker 4: gave you a spoiler. Your book is tied to the
[36:55] Speaker 4: Odyssey and to Homer. My book of the Week is
[36:58] Speaker 4: about Homer Wibson and his family and the people who
[37:03] Speaker 4: created the show and wrote for the show, like co
[37:04] Speaker 4: Conan O'Brien. It's called stupid TV. Be more funny how
[37:07] Speaker 4: the golden era of the Simpsons changed television in America forever.
[37:11] Speaker 1: Are you a Simpsons fan?
[37:12] Speaker 5: I am a Simpsons fan. It's hard not to be.
[37:14] Speaker 3: It's amazing how people are or they're not.
[37:17] Speaker 9: Are you not?
[37:18] Speaker 3: No, I'm a huge fan. Okay fan, I think the craft.
[37:22] Speaker 2: I could go on all day about this, but you know,
[37:24] Speaker 2: I mean, I think it's it's interesting. I was looking
[37:27] Speaker 2: up Homer and they thought on AI, they thought I
[37:30] Speaker 2: wanted Homer Simpsons, and.
[37:31] Speaker 1: They would be right. That's what I picked. Who's your
[37:33] Speaker 1: favorite Simpson's character.
[37:37] Speaker 2: You could go all day about it. I think I
[37:39] Speaker 2: like the soccer ones. We do the football ones on
[37:42] Speaker 2: the soccer I mean, it's great, and I think you
[37:46] Speaker 2: could do both. Frankie the heart of as it matters.
[37:48] Speaker 2: You can do Homer Simpson and Homer from a few
[37:50] Speaker 2: years ago with Odyssey as well.
[37:52] Speaker 4: Homer Simpson is most people's favorite character. Mine is kind
[37:54] Speaker 4: of a tangangial because it's a world building exercise.
[37:57] Speaker 1: The Simpsons.
[37:58] Speaker 4: I liked Patty and Selma, Marge's older sisters or the DMV. Yeah,
[38:02] Speaker 4: and there they are at Orlando Universal. The expression is priceless.
[38:07] Speaker 1: Tom.
[38:08] Speaker 2: They look like we're in the Bloomberg money planning meeting Tuesday.
[38:12] Speaker 2: That's what That's what it looks like.
[38:15] Speaker 1: Sara, do you have a favorite Simpsons character? Definitely Lisa Oh.
[38:19] Speaker 1: I identify with Lisa. She's ahead of her time, very
[38:22] Speaker 1: similar to her.
[38:24] Speaker 4: Lisa, by the way, predicted that Donald Trump would become
[38:27] Speaker 4: president toward the Simpsons did overall, so you know, there's
[38:29] Speaker 4: a lot of true telling in the Simpsons. Sarah Foster,
[38:31] Speaker 4: Thank you, nank you, Bloomberg Money reporter Sarah Foster. For
[38:34] Speaker 4: the latest reviews and recommendations from Bloomberg. Subscribe to the
[38:37] Speaker 4: on Books newsletter.
[38:42] Speaker 2: Welcome back to Celebrity Loadstone. It's sound Kay with Scarlet Fruit.
[38:46] Speaker 2: We've been talking about some of the people that like
[38:48] Speaker 2: to listen to us on the radio, Scarlett in the
[38:51] Speaker 2: Morning and myself as well, and of course here on television,
[38:54] Speaker 2: and it's just sort of like humbling, like they want
[38:57] Speaker 2: to know about economics, finance, sort of finance and also
[39:01] Speaker 2: wealth management.
[39:02] Speaker 4: It's a lot of people are emailing you out of
[39:04] Speaker 4: the blue who like I that's great.
[39:08] Speaker 2: One day, I'm at JFK and I'm by the luggage
[39:11] Speaker 2: wrap next to this girl and everyone's looking at me,
[39:15] Speaker 2: and then they figured out that weren't looking at me.
[39:17] Speaker 2: I'm standing where this this woman and everybody's like, you know, da,
[39:20] Speaker 2: da da da.
[39:21] Speaker 3: It's Emily Blunt. And I was the only one in
[39:23] Speaker 3: the terminal who didn't know who she was.
[39:25] Speaker 4: My gosh, all right, well there you go. Maybe I'll
[39:28] Speaker 4: see Emily Blunt this weekend. Maybe you'll see you know,
[39:31] Speaker 4: another celebrity like.
[39:31] Speaker 1: That game this weekend.
[39:32] Speaker 4: Let's look ahead to the weekend and to next week.
[39:35] Speaker 4: Bloomberg This Weekend's Lisa Mitteil joined this out in studio.
[39:39] Speaker 1: What do you have your eye on?
[39:40] Speaker 14: Yeah, we're looking at Comic Con. Okay, this is this
[39:43] Speaker 14: is the nation. Emily there no think she'll be there,
[39:47] Speaker 14: but some of your favorite maybe at Chris Hemwerck, maybe whoever.
[39:50] Speaker 1: But you have all these folks.
[39:51] Speaker 14: Okay, so we're not just talking comics, right, we're talking TV.
[39:54] Speaker 9: We're talking gaming.
[39:56] Speaker 14: Gaming is huge for these You have all these people
[39:58] Speaker 14: dressed up. Cosplays a chorus, big thing for it. So
[40:01] Speaker 14: they're coming out and they're going to this. It started
[40:03] Speaker 14: yesterday in preview, so the big day is today through Sunday.
[40:06] Speaker 14: So it's a big thing. Tickets are like, you know,
[40:09] Speaker 14: about eighty five bucks or so. But the thing is
[40:11] Speaker 14: they sell out. So now on the secondary market, they're
[40:13] Speaker 14: going away from five hundred to like a thousand secondary market,
[40:16] Speaker 14: so it's it's a big problem, but it's also good
[40:19] Speaker 14: for for downtown San Diego. They're going to get a
[40:22] Speaker 14: big boost economic their people going to restaurants everywhere for
[40:24] Speaker 14: the parties in the area.
[40:25] Speaker 1: Did you say John Cena was going to be there?
[40:28] Speaker 1: I heard, I.
[40:29] Speaker 2: Heard thank you, though I hear we saw the list
[40:32] Speaker 2: of San Diego. It's a it's a it's a big thing.
[40:35] Speaker 2: I mean, San Diego is the biggest one, right, it is.
[40:37] Speaker 1: The biggest one.
[40:37] Speaker 14: I've been to the New York one. I've covered it
[40:39] Speaker 14: a number of times. There may may not have been
[40:41] Speaker 14: a Wonder Woman costume involved. It is a good time
[40:46] Speaker 14: and it's good to see, not just it's not just kids,
[40:48] Speaker 14: it's the adults.
[40:49] Speaker 1: Who come out to it.
[40:50] Speaker 14: So it's it's a good time.
[40:51] Speaker 2: For We just talked about education on the show Bloomberg Money,
[40:54] Speaker 2: and I know, Lisa, you've been through the gauntlet of
[40:57] Speaker 2: education here in the last twelve months. What was the
[40:59] Speaker 2: biggest prize getting a chairub on the path to college?
[41:03] Speaker 14: I think the biggest surprise was just how much it
[41:06] Speaker 14: was going to cost. I mean, the cost of it
[41:08] Speaker 14: was ridiculous, and looking at the number of scholarships, like
[41:12] Speaker 14: doing all the research into that and then finding, you know,
[41:14] Speaker 14: having to talk with your kid like here's the reality,
[41:17] Speaker 14: here's where you want to go here's where we can go.
[41:20] Speaker 14: And I think that is the toughest conversation, but it
[41:22] Speaker 14: has to be had. Yeah, most definitely.
[41:24] Speaker 4: All right, we also have earnings, and I know we've
[41:26] Speaker 4: talked a lot about the hyperscaler results, but there's a
[41:28] Speaker 4: bunch of companies that are going to tell us how
[41:30] Speaker 4: the consumer's.
[41:31] Speaker 14: Doing, of course, and that's why we want to look
[41:32] Speaker 14: to the consumer ones, because the big list would be
[41:34] Speaker 14: too much to get into it. So if you start
[41:36] Speaker 14: with Tuesday, we start with Coca Cola and then we
[41:38] Speaker 14: go to Visa, So that's for Tuesday. If we go
[41:40] Speaker 14: to Wednesday, Procter and Gamble, we have Microsoft and Meta
[41:43] Speaker 14: as well. Thursday we have MasterCard, Apple, Amazon, Friday, Colgate, Palmolive,
[41:47] Speaker 14: Chevron and Exceon.
[41:48] Speaker 1: So two big going Oh, Chevron and Exon.
[41:50] Speaker 4: They're raking it in right now. With oil prices the
[41:52] Speaker 4: way they've been.
[41:53] Speaker 2: They got to be in refinery products as well. To me, actually,
[41:57] Speaker 2: inside Baseball, the theme here this week of refining your
[42:01] Speaker 2: products up as a story for next week.
[42:03] Speaker 4: Well, we well, I mean especially with words.
[42:05] Speaker 3: Bloomberg money up and number ers.
[42:06] Speaker 4: No, it's actually squarely in the heart of Bloomberg money
[42:09] Speaker 4: from the oil prices where they are, Lisa, thank you
[42:11] Speaker 4: so much, Lisa Mateo of course on Bloomberg this weekend,
[42:15] Speaker 4: every Saturday and Sunday morning, starting at seven am Eastern Time.
[42:18] Speaker 1: That does it for Bloomberg Money. This is Bloomberg. We'll
[42:24] Speaker 1: get a tr choice. Yeah, I cred thought that you
[42:27] Speaker 1: how to have.
[42:30] Speaker 2: This is the Bloomberg Money podcast, bringing you a smart
[42:34] Speaker 2: look at the forces shaping your financial life.
[42:37] Speaker 3: I'm Tom Keen with Scarlet Food.
[42:40] Speaker 2: You can watch the show live on Bloomberg TV every
[42:43] Speaker 2: Friday at noon Wall Street Time. Subscribe to the podcast
[42:47] Speaker 2: on Apple, Spotify or wherever you listen, and as always,
[42:51] Speaker 2: on the Bloomberg Terminal and the Bloomberg Business app.

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