>> stephen: whooo!o. >> stephen: nice to see you. >> wow, what an honor it is to see new person. >> stephen: oh my gosh what a pleasure. the first time you have been on the show, the last time-- which is nice, but not like the micronude recent you can exchange when are you in person. >> yes t is cold in here. stephen, i have to complain. i'm cold. >> stephen: i wish i had your hat right now. i could use a little toastiness. >> i need a blanket. >> stephen: i think have i one. >> please, please. >> stephen: would you like a wrap? i have one. >> please ease give me a nice wrap, right there my hair style is going to kill you. but i will keep this on. it actually looks kind of cool. i'm not mad. >> stephen: that has been back here for years no guest has ever asked for it. >> are you the ultimate host. >> stephen: thank you so much. so listen, now that your people are getting back together, a year and a half nowrks all kind of have been out. how has reentry been for you, have you enjoyed. >> you know, i will

>> stephen: i know.hter) >> i don't know. >> stephen: the few times i've asked, i've regretted it. >> yeah. >> stephen: what do you think happens when we die? >> we go to heaven. or, i do. (laughter) (cheers and applause) >> stephen: i'll miss you. i will! think of me. >> i will, i will. >> stephen: think of me. put in a good word. >> okay, i will. >> stephen: favorite action movie? >> oh... recent? "jumanji." >> stephen: sure. that's an action movie. the rock in "jumanji," yeah. >> "black panther." >> stephen: oh yeah. have you seen the new one? >> i haven't seen-- i haven't seen the new one yet. >> stephen: that's a good one. window or aisle? >> window. >> stephen: okay. (cheers) because you like the view. there you go. >> i just want to be... this way. >> stephen: all right. favorite smell? >> my husband. (audience reacts) >> stephen: that's nice. least favorite smell? >> mmmm... poop. (laughter) >> stephen: it's classic. >> yeah. who likes that? >> stephen: classic. it's up there with rattlesnakes. c

welcome, one and all-- >> audience: stephen, stephen! stephen, stephen!. no, welcome! welcome, one and all, to "the late show." i'm your host, stephen colbert. ( cheers and applause ) let me start off-- ( cheers and applause ) i'll start with something simple. anybody in from out of town? here? ( cheers and applause ) i assume you drove here, because this morning, an f.a.a. computer glitch grounded all departing domestic flights across the country. well, this is what happens when you run your entire aviation system off a boingo hotspot. ( laughter ) "it says here i'm connected, but i can only go to delta.com!" the problems started last night, thanks to a crash of an f.a.a. software called "notam," which shares information about hazards in the air or on the ground, such as closed runways and airspace restrictions. it's the air travel equivalent of that talk your dad gives you before the road trip. ( as dad ) "okay, you're going to want to skip 95 at this hour, because they closed the hartford exits. okay, i got some cd's from the library-- it's an audioboo

stephen colbert is next. news still streaming on cbs bay area captioning sponsored by cbs economic squeeze continues to impact the price of eggs. and now there are reports of egg smuggling across the border. u.s. customs officials say attempts to bring eggs into the u.s. from mexico are rising. >> this season on "huevos" imagine the price of eggs is so high you're willing to risk your life for a frittata. >> sometimes to build a cartel, you've got to break a few eggs. don't shoot the eggs. huevos, only on breakflix. >> announcer: it's the late show with stephen colbert. tonight: tank you for being a friend! plus, stephen welcomes brett goldstein and amanda warren. featuring louis cato and the late show band. and now, live on tape from the ed sullivan theater in new york city, it's stephen colbert! (applause). >> stephen: good to see you. happy, happy, happy, happy show, my friends. hey, everybody. thanks, everybody, please have a seat. you're too kind. welcome in here, out there, up there, down there, welcome

stephen colbert is next. captioning sponsored by cbs >> according to a new survey, more americans plan to buy gifts for their pets than their in- laws. when asked who would be on their shopping list, 34% of respondents said "my dog," 22% said "my cat," while only 19% said "in-laws." ♪ ♪ ♪ (♪ "deck the halls" ♪) ♪ ♪ ♪ ♪ ♪ ♪ >> announcer: it's "the late show with stephen colbert!" tonight: wrong desantis! and emily blunt takes the "colbert questionert." plus, stephen welcomes: chef josÉ andrÉs. with a special appearance by jeff goldblum. featuring louis cato and the late show band! and now, live on tape from the ed sullivan theater in new york city, it's stephen colbert! ( cheers and applause ) >> stephen: legally, that's-- legally... hey! yeah, get right over there. ( band playing ) ( cheers and applause ) sorry, i drew it out too much. >> louis: yeah, baby! >> stephen: got to stretch it. >> louis: true. >> stephen: stretching it. stretching it. hello! hello, hello, hello, hello. hello, hello, hello. happy wed

you, thank you, stephen. >> stephen: let me ask you something, fellas.? >> that's a good question. you know, i started covering new year's eve, like, 17 years ago for cnn. >> stephen: on the off-chance that time didn't pass that night? because that would be the only news, is if didn't become january 1 at midnight. >> they had no one else to do it, so i volunteered to do it. i volunteered to do it because i hate-- i have always hated new year's eve. >> stephen: sure. >> and i didn't want to, like-- you know, new year's eve is never what you expect it to be. you try to go to a club in new york. the lines are too long. you can't get a car. >> you wind up getting chlamydia. >> exactly. something like that. who amongst us-- >> stephen: is that a flower? a type of orchid? i don't know. >> i've been doing it for 17 years. >> stephen: do you enjoy new year's eve, andy? >> i love new year's eve. i love an over-hyped event. and, you know, covering new year's eve is-- i say this every year-- it is like a telethon with no disease. we're standing there just marking t

awe stephen! stephen. >> stephen: shhh!me, one and all, down here, up there to "the late show." thank you, sir. i am your host, stephen colbert. ( cheers and applause ) i'm sure you're asking what are we going to talk about tonight? i'm afraid that's classified, because there's an update in the ongoing story of docments being found at president biden's office and home. and i'll tell you the latest in my unfortunately recurring segment: what's up: docs! yooo-hoo! let me catch you up. as of last week, biden aides and the justice department had found about 20 classified documents. but that total went up on friday, when the f.b.i. searched biden's delaware home and found six additional items that contained documents with classified markings. how could america be $31 trillion in debt and, apparently, no one in the executive branch has ever purchased a shredder? apparently, all politicians just hoard classified material. i'm starting to wonder how jimmy carter insulates all those habitats for humanity. ( laughter ) ( applause ) c

>> stephen: thank you, ladies and gentlemen. >> audience: stephen, stephen!d applause ) ♪ ♪ ♪ >> stephen: that's the best. >> louis: this is nice. >> stephen: that's the best. hey! we're doing it? we're talking to this one? thanks, everybody. please have a seat. welcome, one and all, down here, up there, out there, to "the late show." i'm your host, stephen colbert. it is-- ( cheers and applause ) day two, right? it's day two, day two of the republicans failing to elect a speaker of the house. did they fail again? okay, good. ( laughter and applause ) no one-- no one. literally, no one. and i called people who know things. no one knows what happens now. here's what we do know: it's fantastic. ( laughter ) it's just-- it's just-- mm-mm-mm. ( laughter and applause ) there was one analyst who i think captured kevin mccarthy's situation at the end of the day, quite accurately. here's what he had to say about mccarthy. >> you get nothing! you lose! good day, sir! ( cheers and applause ) >> stephen: and yet-- and yet-- it's true! "you get nothing." and yet mccarthy

here's the thing-- >> audience: stephen! stephen! >> stephen: thanks, everybody.s and gentlemen. louis we have two fantastic guests a guy we have had out here many times. we always mix it up. he's perfect to be talking about the crise in washington right now, a young man covering washington for 50 years, chris wallace is here tonight. and just one of my-- one of my favorite actresses of all time, jessie buckley from the movie "women talking" is goinge while. she's a complete joy. we like to have good guests for our audience. it's always very important because-- ( applause ) and we don't let people down here. on monday, we have a young man you may have heard of, mr. tom hanks is going to be here on monday. we call that hold royalty, okay. but then on tuesday, we have actual royalty, because prince harry is going to be sitting right there. >> louis: come on! >> stephen: to talk about his new book "spare." it's either a gripping tell-all about the royal family, or a book of handy bowling tips. tune in to find out. once again, "tuesday! >> louis: yes. >> stephen: in a

i'm your host, stephen colbert. (applause) and folks, as crazy as the world seems-- and she do seem crazy. it's comforting every so often to be reminded that actions still have consequences. and even when those consequences are awful, it's nice to know you weren't crazy when you pointed out that those consequences were careening down the highway toward all of us like a jackknifed manure spreader. case in point: for years, the g.o.p. said nothing while the former president told over 30,000 verifiable lies. that's 20 a day. i don't always get in that many steps a day. so, no one should be surprised when that party is the one that produces newly-elected representative george santos, seen here asking, "are you there, god? it's me, l.l. cool j." we already knew santos lied about attending baruch college and being on the volleyball team, but a recently-surfaced radio clip from 2020 demonstrates just how much santos loves spreading his lies. he does it with a real joie'deceive. >> when i was at baruch, we were the number o

♪ ♪ >> stephen: hey.come back, everybody, give it up for louis cato and the band, right there plawses (applause). >> stephen: nice to see you. >> nice to see you, man. >> stephen: happy new year. people may notice, we didn't have a chance to tlk about this, i like the new set up of the band. i like how there is a new, you got a little, your name. >> yeah. >> stephen: is carved right in the front, louis cato. the late show band. new lights. you got a new position right here. >> new drum. >> stephen: sneaking up on you. >> i know, he's coming. >> stephen: he is playing the drums the entire time. we have an amazing musician on the show tonight actually, a young lady from canada. you may know-- (cheers and applause). >> stephen: shania twain! >> uh-huh. >> stephen: and from, i don't know if anyone has seen the tv show "the bear" about italian beef shop in chicago, ayo edebiri. folks, >> stephen: folks, as anyone who watches this show knows, i am fascinated by space. it's everywhere-- there's some. it's also,

. >> stephen: bazarooney.oney. >> prince doesn't come before that. >> stephen: it is its own tight nell and of itself. well, you have written this very intimate memoir which i have read. and it's fascinating. its aes a very good read. itself. (applause). >> stephen: that is available today. a lot of sensational leaks in the days coming up with this. i know that you yourself are a very private person for being a public figure. you are revealing a lot of things in here. you must be on a certain level kind of nerve-racking to be out there to publicly, physically represent the book. would you like a cocktail before we begin? (laughter) >> yes, please. (applause). >> stephen: i hear you like tequila. >> does he ever make you guys a drink or not? erne wants a drink, everybody wa.ts a drink. (cheers and applause). >> stephen: they're already on your side, man, you don't have to get them drunk. all right, are you glad now to be out here, people can see this book, after all these leaks, so they can see the context of t

hello, hello, hello. >> audience: stephen! stephen! >> stephen: welcome, one and all. thank you very much. welcome to "the late show." i am your host, stephen colbert. you know, folks, we made a bunch of jokes for the four years that the previous billionaire president ruled with malicious intent and exploited our democracy to pay for the gold plating on his toilets. and that was fun. but i gotta say, i feel much safer in the hands of this president, who's just a regular old joe six-gaffe. ( laughter ) but, that said, the gaffes are piling up. for instance, last night, we learned that biden aides have found a second batch of classified documents at a new location. no! say it ain't so, joe! i know you're retirement age. are you starting a collection? they're classified documents, not spoons from the delaware train museum! ( laughter ) find another fun thing! ( applause ) find another youthful indiscretion. tomorrow. tomorrow. defenders of the president are saying this was an honest mistake, his team has been cooperative, plus lawyers say it happens all the time. good to

thank you very much. >> audience: stephen! stephen! >> stephen: have a seat, thank you so much. welcome, welcome, one and all to "the late show." i am your host, stephen colbert. ( cheers and applause ) first of all, happy martin luther king jr. day, everybody. always worth celebrating. and in honor, i thought i'd kick off the show tonight with a lesser known fun fact from this great man's life. dp you know that-- and this is true-- although we now regard m.l.k. as one of the greatest orators of our time, he actually received two "cs" in public speaking. that's a really tough teacher: "no one wants to hear the details of a dream, martin. also, have you actually ever climbed a mountain? write what you know!" yesterday, president biden celebrated m.l.k.'s legacy from dr. king's own pulpit at ebenezer baptist church: >> i say this with all sincerity. i stand here humbled, being the first sitting president of the united states to have an opportunity to speak at ebenezer's sunday service. you have been around for 136 years. i know i look li

happy wednesday, my friends. >> stephen, stephen. >> stephen: hey, everybody. welcome one and all, what a great group of people. what a marvelous hump day gathering we have tonight. welcome to the slate show. i'm your host, stephen colbert. (applause) this has been kind of a weird couple weeks, because the news just keeps chewing its own cud. they're interesting but same stories over and over again. for instance, every night for the last week, i've been talking about new york congressman george santos, seen here showing off your grandpa's watch. but i'm not going to talk about george santos tonight. tonight, i'm going to talk about anthony devolder. that guy should not be in congress. don't take my word for it. just ask his former roommate, gregory morey-parker. orgetos?y,ave myhare oroommates th rent yet, but i nd moor my third funeral. it just won't take!" according to his former roomie, santos had some problems with the truth. >> he lied about his family having a home on nantucket and the cape. his mother was a housekeeper, in manhattan, and it just didn't s

the stephen colbert guy.ow. there's a reason he is this way. and what happens is a fabulous-- the actress mariana trevino, who is a huge, huge, huge, huge actress-- actor in mexico, is in it. she moves across the street, and all hell busts loose. >> stephen: we've got a clip here. can you explain what's going on here? >> she does not know how to drive a stick shift automobile. which is insanity to a man called otto. who cannot drive-- for crying out loud, you don't know how to drive a car. if you can't drive a stick, you are not actually driving a car. so he says, "i will teach you how to drive this car." a stick. >> stephen: jim. >> just wait for the green light. and here we go. press in on the clutch. and give it a little gas. slowly let out-- you're not in gear ( horns honking ) ) you don't have to turn the key. >> oh, my gosh. >> slowly let out the clutch. listen to me. you have given birth to to children. you learned a new language. you will have no problem learning how to drive. ply god, the sworld full

good to see you. ( cheers and applause ). >> audience: stephen! stephen! stephen!ephen: shs hh! thank you very much. ooooos! ( cheers and applause ) >> stephen: keep loose, gotta keep loose. welcome, welcome, one and all to "the late show." the. i'm your host, stephen colbert. now i know-- ( applause ) i know you all watch this show for one reason and one reason only: because i'm an expert on international finance, macroeconomics, and money stuff ( laughter ) i'm know all about the dows, joneses, and all the coins-- bit, commemorative, chocolate. and as a market watcher, i've been a bit worried, because a lot of folks out there have been forecasting a recession. well, today we got some positive news: in the last quarter of 2022, the g.d.p. increased 2.9% ladies and gentlemen. unexpected. nobody saw that coming. we're all 2.9% richer! i'm gonna blow it on 2.9 eggs! ( laughter ) this means, that despite all the worry, economic growth remains solid. a huge win for joe biden. because at his age, it's a welcome sign when something remains solid. ( laughter ) he's got bo

welcome. >> audience: stephen! stephen! stephen! >> stephen: thank you. you're very kind. welcome, ladies and gentlemen, in here, out there, all around the world to "the late show." i am your host, stephen colbert) y knoat? won to beere tith frie- have ews from new zealand. their prime minister samuel arnold announced she will step down next month. nooooo! jacinda! if you're not prime minister, who's gonna pick me up from the what i don't understand is why! >> i am leaving because with such a privileged role comes responsibility. i know what this job takes, and i know that i no longer have enough in the tank to do it justice. >> stephen: wait. wait a second. she's leaving because it's the right thing to do? ( laughter ) she didn't lose an election, or steal classified documents, or have a boris johnson sex party? ( laughter ) are you kiwis sure you know how democracy works? do you have even one deranged pillow salesman? she continued: >> after going on six years of some big challenges, i am human. politicians are human. >> stephen: "except marjorie taylor greene. she seems

(bleep) stephen. >> stephen: it's a carlos knit cast.s last season. what's going on in this photograph right here. at first i thought you were in a huge shopping cart but what are these fellow down -- >> this was maybe the best day of my entire life. this is from our second season we shot ten episodes during our second season. never tried it again. we started the season in paris, we traveled to the catskills, and some one told me about this service you can order therapy pigs. to make people feel better. i brought therapy pigs to set. they're all up for adoption. everybody got a chance to hold bam bam, one of the pigs. the grips and other folks were delightful, hugging small pigdz. >> stephen: did you think about adopting the pigs? >> slum, the three pigs that came to set, i decided against it. >> stephen: you're not allowed a garbage disposal in new york. >> but you could have a therapy piglet. >> stephen: which could be a garbage disposer. >> absolutely. >> stephen: it was delightful to have you here. >> thank you very much. >> stephen:

(applause). >> stephen: high, beautiful. (applause). >> stephen: good to see you. hello, hello, hello. hello. happy tuesday. (applause) please have a seat, everybody, thank you very much. welcome one and all, to the late show i'm your host, stephen colbert. every day, we learn about a new batch of classified documents showing up where they shouldn't be. and today is yet another day. but, there's a surprise twist, and it brings me to a new installment of my ongoing segment: "what's up, docs? mike pence edition." >> awoogah! >> awoogah! >> mother says i must not awoogah. >> stephen: earlier today, we found out that classified documents were found at mike pence's indiana home. wow. tough news for mike pence. fantastic news for joe biden. (applause) take the heat off. unlike his former boss, pence wasn't hoarding the documents. he says he took them home by accident, and they were found by one of his lawyers, who pence asked to conduct the search of his home out of an "abundance of caution." an "abundance of caution" is also why pence leaves the room when tv commercials

but it's wean on you right now, isn't it, stephen? >> i didn't do it. >> stephen didn't budge.he murder and didn't know who did. as he talked investigators combed through his apartment. no blood, no sign of any trouble. but this was interesting -- >> they found some condoms in his dresser drawer. >> wouldn't be unusual of course, for a guy stephens each to have condoms. except, stephen had told investigators he was a virgin. and saving himself for marriage. >> interesting. >> so, the detectives sort of change course and and said, why do you have condoms? >> that was where he changed a little bit. >> he got quiet. i guess he was thinking. and then he said, i got it from so-and-so's apartment. >> and a mission that he's still condoms? yes. he admitted it right out of the apartments of two of his neighbors. >> so we charged him with burglary. >> and while they held him, they took a good hard look all around the apartment complex. >> this is like a community laundry room for the residents. it's got washers and dryers. >> inside -- >> this is the maintenance room. >> they found this

because stephen was my baby. so we were always close. >> i know that soon after, randy murdaugh had called. randy is alex murdaugh's brother. >> when i was on the phone with joel, he said, let me put you on hold because randy murdaugh is calling. he said, randy wants to take be stephen's case pro bono. and i said, what case? because they said it was a hit and run. >> did you think that call from randy murdaugh was strange? >> yes. it made no sense to me. >> yeah. >> really, there was no case yet. >> yeah, you didn't know it was a case yet. >> his law office has said he didn't call -- he didn't know stephen had died until after the funeral. >> excuse me, but alex murdaugh and randy murdaugh were standing at the crime scene. >> oh, wow. >> they were at the crime scene after stephen's body was moved, randy murdaugh called and asked, was that you that just passed by? i said, yeah. he said, i wish you would have stopped so i could have met you. >> wow. >> at the crime scene. >> yeah. >> at the crime scene. >> his offi

we appreciate it, stephen. thanks for your time. that's stephen lambert, ceo of studio lambert.f pinknews. we're also joined by dino myers—lamptey, who set up his own advertising agency, the barber shop, and by sophie lewis, chief strategy officer from m&c saatchi. and we asked the three of you tojoin us on the media show because the christmas period is always crucial in us understanding media consumption, but particularly advertising consumption — what's working, what's not working, what formats people respond to, what formats are potentially now going out of date.

stephen: yes, partly. europe has had a lot of things going its way into terms of the weather there that is one risk we are watching going into 2023. milder weather and milder temperatures across europe has definitely slowed the drawdown on fossil fuel supplies. so, yes it partly reflects that, but i think the more important theme here is that there are some segments of the market that are putting on these trades for not only a less aggressive fed but a loosening of fed policy by the end of 2023. we don't really see it that way. we think the fed is more likely to hold rates throughout 2023, and if you look at the call for u.s. rates strategy as they are saying the curve will go at some point in they push that call out into the second point of the year, not the first half of the year. yes, i think in many respects, i think 2023 is going to be a year of head fakes for a number of investors. francine: stephen, thank you so much. we had a number of currencies to talk about. stephen gallo the head of european fx

no, but, stephen, stephen, i do have to make a point.iplomacy was dead. he never said that the possibility of an understanding with iran was dead. in fact, we have said the exact opposite time and time again. so, i think there's, you know, we could play with words about what exactly is dead or not. as i said, that's not myjob, i don't write obituaries. i've been charged by the president to seek a diplomatic outcome. that's still what i'm doing, even as we take other steps to those steps. i don't think anyone can doubt the military capacity of the united states, regardless of what other countries may do. it's not our first option. you know as well as i do that it is a very difficult option, it's a very dangerous option. it's not one that we would engage in, or president biden would engage in cavalierly. he would do it if necessary. you ask about israel — israel has its own interests, it has its own perception of iran. we've not always agreed on the tactics, i think we agree on the objective — which is to make sure that iran can't acquire

i'm stephen sackur. this place is home to the world trade organization, the institution whose purpose is to maximise free and fair international trade on the assumption that globalisation is good. so what happens when many governments and people around the world question that premise? well, my guest today is the director general of the wto, ngozi okonjo—iweala. will rising geopolitical tensions lead to the weaponisation of trade? ngozi okonjo—iweala, welcome to hardtalk. now, you are one of the world's key advocates of ever ngozi okonjo—iweala, welcome to hardtalk. thank you, stephen. now, you are one of the world's key advocates of ever freer trade, more globalisation. what's it like to be doing your job when the political tide across the world is running against you? the wto's purpose, the world trade organization, is... its purpose is to enhance living standards, to help living standards, to help create employment and to support sustainable development. there could be nothing more worthy than that. so

now on bbc news it's hardtalk with stephen sackur. welcome to hardtalk. i'm stephen sackur.enezuela's authoritarian leader, nicolas maduro, has, for the moment, outmanoeuvred those forces inside and outside the country intent on his removal. last month, the opposition gave up on their own alternative president and indicated a willingness to negotiate with maduro. in the us, in latin america and in europe, they seem ready to engage with the caracas regime, not least because oil supplies are at a premium. my guest is leopoldo lopez, long—time venezuelan opposition leader and former political prisoner, now in exile in spain. is it time for him to acknowledge failure? leopoldo lopez in madrid, welcome to hardtalk. thank you very much. thank you for the opportunity. it's great to have you on the show. back in 2019, your big idea as a key leader of the venezuelan opposition was to undermine socialist president nicolas maduro by creating an alternative president and an alternative government. would you now acknowledge that big idea has failed? well, certainly, we were not able to r

we appreciate it, stephen. thanks for your time. that's stephen lambert, ceo of studio lambert.f pinknews. we're also joined by dino myers—lamptey, who set up his own advertising agency, the barber shop, and by sophie lewis, chief strategy officer from m&c saatchi. and we asked the three of you tojoin us on the media show because the christmas period is always crucial in us understanding media consumption, but particularly advertising consumption — what's working, what's not working, what formats people respond to, what formats are potentially now going out of date. so, thanks to three of you for coming on to help us with this. let's start with you, sophie. what trends have you observed within the adverts you make and the demands from your clients in the last few months? well, it's obviously been a difficult time. so the run up to christmas is traditionally when a vast majority of our clients make considerable amounts of their revenue. certainly, the retailers rely on that time. but obviously it was approached with some degree of caution for lots of reasons. obviously, consumers

joining us now is stephen.ond market function has gotten worse since last month as valerie just pointed out. what does that mean for the bank of japan? do they have to widen the trading band again or completely abandon white cc echo -- ycc? >> that is 43 billion in euro equivalent to that's untenable over a prolonged. of time. this increases the chances that we will see some type of policy change whether it is a widening of the band or whether it is a complete disband of the ycc control altogether. we have to look at what is really happening here. we look at how to -- how the market has been evolving since the initial widening of the band. there still dysfunction in the bond markets. if you look at the 10 year point in the jgb curve. it's in dire need of damage control. it would suggest the bank of japan is complete lead to satisfied with what is going on in market functioning right now. dani: speaking of which, bernstein has said that if they don't change ycc and if liquidity conditions get worse from here, th

>> our next question is from stephen. >> hello. stephen. it is nice to see you again. question is about coherence. there are a lot of hands in the pot in the infrastructure pot. appropriation, multilevels, and finally someone spends it. we know what you want to do at the top. often it doesn't look like that at the bottom. look at what happened to the interservice transportation model in 1991. what we got at the end was not what we thought we would get at the beginning. how do we went teen coherence -- maintain coherence of the program, in an environment when so much was nationalized. energy is national. climate control -- changes not state. how do we come up at the end with something that looks roughly like what we started at the beginning? stephen: that is a great challenge to embrace. it really is the elephant in the room. infrastructure, our systems that sprawled across jurisdictions. when it comes to energy, as well as global as we saw with supply chain disruptions. one of the issues that i have advocated for on how we build capacity, especially in places where the

"women talking" is in select theaters now and everywhere january 20th we'll be right back with stephen markley. [ cheers and applause ♪ save big during blendjets new years sale and crush your resolutions. the blendjet 2 portable blender gives you ice-crushing, big blender power on-the-go. throw in your favorite ingredients and blend up a delicious smoothie anytime, anywhere. blendjet 2 even cleans itself. just add water, a drop of soap, and blend. recharge quickly with any usb port. order now from blendjet.com and make 2023 your best year yet. i'd like to thank our sponsor liberty mutual. ththey customimize your car i insurance,, soso you onlyy papay for whatat you need.. contestantnts ready? soso you onlyy papay for whatat you need.. go! soso you onlyy papay for whatat you need.. only pay f for what yoyou. jingle: : liberty. l libert. liberty. l liberty. ♪♪ ♪ ♪♪ ♪ ♪♪ ♪ ♪ mornrnings made e easy. that's tototally targeget. dove 0% is different. we left aluminum out and put unbeatable 48 hours freshness and 1 quarter moisturizers... in. dove 0% aluminum deodorant. instantly dry feel and

stephen: that's the whole thing.nking for the first time in years we have regulatory, economic and covid policy in lockstep. you can imagine people are like, is this too good to be true? >> not necessarily. but of course, we can understand the caution from an esters. -- from the investors. we can understand continuity. stephen: implementation. >> and geopolitical tension. de-escalation. and the near term chinese new year fx when investors may think about the extended holiday period and stay on the sidelines. we can monitor that closely. stephen: thank you for helping us kickoff coverage of your conference here. ok, many more guests. of course, the morgan stanley conference. >> stephen engle. this is bloomberg. ♪ >> 10 year jgb yields passing through the .5% ceiling set by boj. the central bank has been ramping up as bond purchases to fight back increasing rising yields. investors betting we could continue to see a more hawkish shift. we have two shares doing very differently with retailing. really plunging the most s