katie: bloomberg's david westin joins me now. onversation, really fascinating when it comes to that 10% tariff. maybe have a lot of economic damage, but geopolitical damage for sure. david: i was surprised. i thought he would be more concerned. other people we had talked to were more concerned. he seemed to be sanguine about that. at the same time he thinks there are big differences. a little negative on bob rubin's analysis, which surprised me. katie: that surprised me as well. it is an interesting narrative, that it is not necessarily the economic policy of the time, but advances in technology. apply that to today's data -- david: you hope for ai. a.b. generative ai can do something like the late 1990's. katie: people have certainly made the comparison that what we are witnessing is akin to basically the adoption of the. that i think i heard that argument around bitcoin as well. [laughter] so, i'm a little bit skeptical of the comparisons. great conversation with paul krugman. i understand, 6 p.m. tonight you have some great? da

david westin, thank you. bloomberg. ♪ katie: the etf world, including me, will convene in miami next week at the exchange conference, and last year the conversation was all about dividends and cash flows. nothing too exciting, but it was really a sign of the times. running us is eric bell tunis of bloomberg intelligence. if last year the discussion was tamed, what are we going to be talking about this year? eric: i would expect a lot of bitcoin talk, to be honest with you. every three or four years there is a shiny object that causes a lot of debate, and i remember back when smart data was that thing. then was esg. that has died down. i think the bitcoin etf and digital assets of the etf world will be a big topic. i know i'm moderating a panel on crypto and the title is, the gloves are off. so they got the right guy. i like to make these panels spicy if i can. i've got grayscale on there, bitwise, and galaxy, who does the invesco etf. there is also something called real talk on esg. i wish i was moderating th

katie: david westin now sitting beside me. unconventional approach. not heard it before. free trade or protectionism, right? both parties have moved toward protectionism. he said you shouldn't treat ideas the same way as goods. it goes back to the reason he got the nobel prize. his theory was a theory of growth that depended on innovation and ideas. katie: does this align with one party? is biden or trump campaigning on this? david: no one is. good point. we asked paul, he thinks the democratic party may be more open to it. certainly, what we have heard from former president trump, they are more interested in tariffs. katie: see if this catches on. great conversation. the big show tonight. david: we will continue the trade discussion with the former house majority leader, eric cantor. we also have josh friedman, cofounder of cantor. katie: great to see you, looking forward to it. this is bloomberg. ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chu

we have the ro ceo and wall street week host david westin. will talk about weight loss drugs. david: everyone else is, so we might as well. talk about your company and how much of your business is consumed with weight loss and diabetes drugs? zach: they are approved for both. we will talk about that. i will take a step back. ro helps patients achieve their health-care goals and the most effective and convenient way. we have done that for six years by vertically integrating doctors offices and labs and helped millions of patients. we have been an obesity care for three years and it felt hundreds of thousands of patients start their obesity care and weight loss journey. just over a year ago we launched the body program, high quality obesity care centered around glp-1's. the reason we are talking about it today as we have seen pretty unprecedented demand to ro.com and across the country. glp-1's are satisfying unique criteria that we've never seen before in medicine driving the perfect storm of unprecedented demand that you alluded to. katie: let

we are joined by david westin. are a lot of money managers that are excited to hear that he has boosting allocations. david: right now we hear that private equity is not the place to go because they have problems returning the money and he is saying i am wanting to go more and more into private equity and credit. sonali: interesting that he is taking it out of public equities to get there. why exactly? david: he thinks he can get better returns over time and they tend to be less volatile because it is not traded as fast. i asked about the liquidity issue and he says there has been an issue but that has been relieved over the long term. sonali: when i speak to the apollos of the world they would be rather -- they would rather be seen in the fixed income button -- bucket rather than alternatives bucket. is this too little money? david: exactly. he has $260 billion. and that is where he wants to go. so tomorrow we are going to have control from pimco. and what it would mean for policies involving wall street tomorrow.

katie: that was david westin and lindsay rosner of golden sex asset management.an francisco fed president tomorrow. this is bloomberg. ♪ ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) -awww. -awww. -awww. -nope. ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, anow. constant contact. helping the small stand tall. katie: a new poll from bloomberg news shows former president donald trump is maintaining his lead in the seven key swing states as voters remain concerned with president biden's age. joining us for more is balance of power coanchor kailey leinz. read through the details of this poll. it sounds like voters are not just about either candidate. kailey: and they haven't been for pretty much the duration of this race. this poll is not good news for the incumbent president. trump is leading him on average across all seven swing states by about five points. even if you add third-party candidates, trump maintains that lead. is the age questions and eight and 10 voters answered that biden is too old and that includes youn

joining me now is the man who did the interview, david westin.on the fed but also on constrained lending given what we are seeing in commercial real estate. >> you heard him talk about opportunities. he finds it an opportunity because there is not as much lending out there, particularly because fed -- the fed and regulators are constraining banks from stepping in. that for him as an opportunity because they can step in and make a good return if the company is solid. katie: you listen to men such as josh friedman talk about the stress and it makes sense that there are bets for them to take here. david: he was careful about saying there's a difference between companies where the fundamental business plan does not work but there are companies that are good, solid companies that of gotten overextended and there has to be an adjustment in their balance sheet and they can help them get over that hurdle and pay back the money, which is important. katie: so there are opportunities, but you have to be selective about it. when it came to his comments on re

joined by david westin. we were chatting about this in the break. cessarily think of book publishing is a big growth area. david: you don't think about book publishing. typically what you hear his book publishing is not a good business and that's why i was curious to say why did you want to be in this business at all. he think there's money to be found and also simon & schuster is iconic. it's been since 1975 it was not owned by a conglomerate. part of this was for the first time since 1995 will be focused on book publishing and there's money to be made. katie: calling and unloved gem. i would imagine that's very attractive to the likes of kkr. interesting to hear from jonathan karp what simon & schuster is getting out of this deal being able to hire more and plan on how they are going forward. david: employee ownership is important. particular manufacturing companies, giving people a piece of the action and giving them incentive. also a lot of transparency and it's been very successful at giving more productivity and having more success. they are ta

david westin sat down with richard haas.sten. >> i think joe biden has done good on foreign policy. whatever you think about it, i don't think voters are going to have that foremost in their minds. it might be questions of his age, or mr. trump's legal issues. what is interesting is, even though most voters will not vote on the basis of foreign, wherever is elected, this election will have enormous consequences for the world and america's relationship with the world. david: george w. bush did not run on foreign, and yet he ended up eating a foreign policy president. give us a sense of some of the differences on some of the key issues. you have the war in ukraine, the middle east, climate, china. to some of the differences between these people? richard: china is one of the areas the differences might not be that great. they are both tough on china economically. not so clear geopolitical. on trade neither one of them as much of an enthusiast for trade. both wanted to get out of afghanistan, but it probably ends most of the sim

i'm david westin. this week, special contributor

this is bloomberg wall street week, i'm david westin. this week, julian saulsberry on

joining us we have the cornell university senior professor of international trade policy as well as david westinome ways it feels like -- 2016 again. david: thank you so much for joining us. give us a sense of what happened in the wake of donald trump and then joe biden. where are we with the balance of trade between u.s. and china? >> things have shifted. you of the trump tariffs being continued by biden because none of the tariffs came down. we have other additional restrictions on technology and other types of trade and economic restrictions. all the at -- all of this is had an effect on trade between the two countries. in early 2016. china factor for 22% of imports. that number is down to 14%. it is likely to show the smallest goods trades deficit with china at around 1% of u.s. gdp over the last 20 years. certainly there's been a big effect with what trump and biden have done. given where the political climate is in washington right now there isn't much prospect for trade relationships between the countries. katie: these tariffs the trump put in place did not come down under president biden

annabelle: that was the san francisco fed president speaking with david westin.an watch us live and see our past interviews on our interactive tv function, tv . you can dive into any bloomberg functions we talk about. plus become part of the conversation by sending us instant messages during our show . this is bloomberg survivors only. check it out at tv . ♪ >> the south korean government has held its first talks with doctors who walked off the job in protest against a plan. doctors have been ordered to return to their post by friday or face punishment. let's bring in our east asia government editor. we are talking about more than 70% of doctors across 100 hospitals who have walked off the job. how did the talks go? was there any progress before the deadline today? jon: it did not look like there was much progress. the doctors are the trainee doctors. kind of similar to a medical residence abroad. the are key for the delivery of emergency care. we are waiting to see what will happen today. the day has just started. we are trying to figure out if the docto

david westin is with me now and joining us is our crowd founder and ceo. sting platform really looking forward to this conversation. david: it's delightful to have you in new york. we have to start with the war and its effects. we always say we don't want to forget the people involved and the human tragedy being played out every day. with that there are economic effects so give us a sense of the israeli economy overall. last year overall was not so bad. >> last year we beat the oecd average which was 1.7 for the year. the year before of course in 22 was 6.5 select a tiger kind of economy. they are projecting next year would be 2% which is for israel sort of sledging. the projection for 25 is already at 4.5%. the economy is clearly already in the middle of a rebound the bad numbers for the fourth quarter were largely because the major impact of the war was in october and november when the full brunt of the call up of the workers who had to go to reserves 300,000 of them are now coming back. the economy is coming back. the three sectors hit the worst are tour

former comptroller of the currency and currently managing partner as well as wall street week host david westine proposed new requirements the subject of some heated debates. david: for the banking industry they are not too happy necessarily. first principles on these proposed capital requirements what is the problem that's being addressed or is it a matter of complying with commitments? >> thank you very much for allowing me to join you this morning. as katie said this is a very topical item today. both regulators and the banking industry and it's an attempt to bring deposit to the endgame is what you've heard the regulators .2 and in july they put out a rule that removes a lot of the balances to risk rated assets. and the impact of that by a lot of regulators in the private banking sectors is that would increase the capital level for those banks over $100 million from 16% to 22%. the other prevention to this is historically that applied to banks over $700 million and now would apply to banks over $100 billion. so substantial increase that this will apply to. katie: let's look at potential uni

panera founder , the chairman and lead investor and the author of know what matters as well as david westin is very hot. david: food as well as dress as i understand it. tell us how do you define for yourself and everyone else the segment of the market that you are trying to own? ron: it is essentially trying to appeal to consumers who want real food, they want to be served in environments that engage them and people that actually care. what fast casual really is is aspirational in the sense that it's not processed commercial fast food but real food, better food and something you really want. katie: when it comes to fast casual can you differentiate between fast casual and traditional fast food because obviously a kava or panera is different than mcdonald's. are those two sorts of restaurants in competition? ron: i think generally we are all in competition. and you you wake up each morning it's 11:00 a.m. and you say what am i in the mood for. and my the mood for mediterranean, hamburger, pizza. and then you say who is the best operator, what is the best experience i can get within my physi

david westin is with me now, and joining us is paige cognetti, mayor of scranton, pennsylvania. he hometown of president joe biden. david: i have heard rumors to that effect. he has mentioned that once or twice. mayer, thank you for being with us. give us a snapshot of where scranton is. and with respect to what we heard from katie, how does infrastructure development fit into your future growth plans? paige: scranton embodies the opportunity of small city america. we are 2.5 hours from new york city, but we are in these beautiful mountains. i can ski 10 minutes away from my office. we have seen a lot of new folks coming into town, retirees, knowing their retirement income is not taxed in pennsylvania. entrepreneurs wanting to start a business but still be able to access the city and surrounding area. we have families wanting to buy a home that is a fraction of what they would pay in northern new jersey or new york. so we have a lot of opportunity here because of our geographic location, our industrial history. we still have a lot of that base. we have 11% of our jobs manufacturi

he sat down with david westin to explain his reasoning behind all of those approvals of the bitcoin etf's several years ago back in 2021 there was a product that went live, so to speak. an exchange traded fund wrapped around bitcoin futures. and then a different set of products came to us. and asked to list on the stock exchanges. while we had denied two dozen of these over five years, a court in washington said no, they thought we had not gotten that right and they remanded it back. i thought the really most sustainable thing was to approve these have in the court ruling. in terms of statistics, we really do look at and ensure as best as we can that there is not fraud normally -- or manipulation. one of the challenges on the bitcoin market is that so much is traded on trading platforms that are noncompliant with our laws. now bitcoin is not a security. but they are trading on those platforms a lot of other crypto tokens. without prejudging anyone, you have to be careful. with hundreds of other crypto tokens, there are likely other security is and we are in court in a number of these case

david: this is wall street week and i am david westin.ing a series of reports on wall street votes, the difference that the presidential election could make on wall street. we welcome back liberty cantrell. thank you for being here. do not know a lot of the election. we think it might be donald trump against joe biden. assuming those are the candidates, what could it mean for wall street, and let us start with fiscal policy. >> the first big fiscal inflection point that either joe biden or donald trump would have to address in 20 funny five -- 2025 aside from the debt limit would be the trump tax cuts on the personal side. if you remember that when the tax cuts were passed they extended the personal side through 2025. those all expire at the end of 2025. the big inflection point will be that and that will depend a lot on who is in the white house. really importantly, with the composition that congress is, the senate controlled by democrats and the house by republicans. we could see both chambers flip because of the senate map. you could s

joining me now is wall street week host david westin and jason furman, harvard kennedy school professorice of economic policy, and former council of economic advisers chairman. certainly a heavy weight it comes to economic. david: certainly someone we both pay attention to. jason, thanks for being with us. 80 it is looking a gift horse in the mouth. why is this economy so strong and why did so many of us not get it? we are surprised it is this strong. jason: look, we have had a battle between fiscal and moderate -- and monetary policy. fiscal policy has been expansionary. i'm not just talking 2021. last year it was expansionary too. monetary policy has been contracting, and you see that playing out with consumer spending, outweighing week categories like residential investment, which have been held down by monetary policy. katie: where would i look for the pockets of weakness? you think about how many rate hikes we have seen from the fed, over 500 basis points or so. it feels like it has not put a damper on the labor market, on inflation. yes, we have cooled quite a bit, but where are w

earlier today david westin caught up with the san francisco fed president, mary daly. mary: the way it works is you raise the interest rate and that raises borrowing costs and that slows people's spending and the economy settles down to a sustainable pace and that is how inflation goes down. what is different this time is that consumers have just stayed in the game. they continue to spend, they want to participate in the economy and that is spurring ongoing growth and that has kept inflation a little bit higher for longer than we would have thought. i think overall the news is good. yes, we absolutely see the challenges that families face when they have to pay higher borrowing costs, that they know what they really want us to do is to bring inflation down. there is no place i go, i have a really big district that if you travel anywhere in the united states you will hear the same thing, what is your number one problem? inflation, that is a focus and what our job is. sonali: let us talk about more with the prime generation and head of capital at citigroup. when you look

larry summers talking to david westin back end of last week.economics, joins us now. how high? are the risks of a hike? chris: larry puts it at 15% paid i think it is lower, a handful percent. if you dig into what is going on in inflation, there's a lot of reasons to expect it to continue going down and only a couple reasons to see it go up for a month or two, which is really what is going on. it is a counter turn rally in inflation, if you like, and the main trend is downwards. that is where all the theoretical analysis inflation -- analysis of inflation is pointing at the moment. guy: we are struggling to predict inflation. inflation has been very hard to read recently. how humble do we need to be in terms of what we should inspect from the data? the market has gone all in on this idea, this narrative, that inflation will come down, we will have a goldilocks soft landing. how strongly should we query that theory at the moment? chris: sure, you need to be humble. we wrote a piece quoting janet yellen from 2015, giving a speech about the idea t