Wall Street Week 08/02/2024

On this edition of Wall Street Week, Bloomberg International Economic and Policy Correspondent Michael McKee tells us whether there are harbingers of a recession in the recent jobs report. US Ambassador to Japan Rahm Emanuel gives us Asia's perspective on the US presidential election. Former House Speaker Kevin McCarthy gives former President Trump and Vice President Harris advice on their campaigns and policy proposals. MIT professor of economics Kristin Forbes tells us why central banks should be reconsidering their policy approaches, and former World Bank President Robert Zoellick has advice for Vice President Harris to establish her presidential image.

Chapters:
00:00:00 - Sudden Chill in the Labor Market
00:05:35 - Amb. Emanuel: China is Cheating its Way to Leadership
00:16:59 - Kevin McCarthy's Advice for Trump and Harris
00:23:59 - Fighting the Last Economic War
00:33:16 - Zoellick: Harris Has to Reintroduce Herself to the Public
00:43:42 - Wall Street Week's Summer Reading List
--------
More on Bloomberg Television and Markets


Connect with Bloomberg Television on:

Connect with Bloomberg Business on:

More from Bloomberg:


Watch more on YouTube:

[edmundlively]

Kamala should with an ounce of humility announce to the voters. that the president is not a king, not a dictator, but an administrator who simply mirrors the will of the voters, the Pentagon, the corporations, The lower house and the Senate but most of all the supreme Court. 😊😊😊😊

[wanderingfido]

24:10 "Fighting the last economic war" This is the most let-em-cake (or ice cream) interview Bloomberg has ever done. _"The economy is quite strong in the United States. And yet a lot of people don't feel good about it. And we keep saying, well, inflation is coming down, we're getting it under control. And it doesn't seem to be registering yet." 🤣😂🤣😂🤣😂

[BusinessLaw]

Watching Emmanuel talking (bragging) about having 3 libraries at home, and the $150, 000 fancy library in Tokyo embassy made me feel that he (and probably other politicians in our country) are so out of touch with the common people In America who are struggling with the inflation, housing and education bills. He did not even bother to pretend that he cares.

[refham]

Powell made a mistake. Instead of trying to brake suddenly right behind the car stopped due to an accident, he should have changed lanes earlier. He is not just a machine that reads the lagging indicators.

[TaniaGarciaduenas-zs]

There are no big economic problems, no support, we cannot start a war of fame, there is no American 💲🤔

[ronaldphoong]

Aming all the guests, only the lady talk sense.

[nevermind]

Watch politicians give up their soul and say 💩

[aihong]

Dean Acheson, the U.S. Secretary of State under President Harry S. Truman, delivered a significant speech on January 12, 1950, before the National Press Club in Washington, D.C. In this speech, Acheson outlined the U.S. policy toward Asia, specifically delineating the “defense perimeter” concept. This speech is often cited in discussions about the Korean War and U.S. Cold War strategy in Asia.

In his address, Acheson described the U.S. defense perimeter in the Pacific, which included the Aleutians, Japan, the Ryukyus, and the Philippines. Crucially, he did not include Korea or Taiwan within this perimeter. The U.S. and its allies dropped more bombs on Korea than they did during the entire Pacific Theater in World War II. Specifically, approximately 635, 000 tons of bombs were dropped on Korea, predominantly on North Korea, compared to 503, 000 tons dropped in the Pacific Theater during World War II .

This intense bombing campaign resulted in almost unparalleled destruction. By the end of the Korean War, the U.S. Air Force had difficulty finding targets, as most significant infrastructure had already been destroyed. The devastation was so extensive that many North Korean cities were left in ruins, with a significant proportion of the population either killed or displaced .

During the Korean War in the 1950s, the U.S. faced significant challenges against Chinese forces, resulting in a stalemate and the establishment of the Korean Demilitarized Zone (DMZ).

In the Vietnam War, the U.S. again struggled against forces supported by China and ultimately withdrew without achieving its objectives.
However China won and North Korea exists as a nuclear power today. America totally dropped the ball.

Today, China is a global industrial and economic powerhouse, making it a much more formidable opponent. China’s economic influence extends globally, including being the largest trading partner for many of America’s allies.

Rahm Emanuel has served in various political roles, including as Mayor of Chicago, Chief of Staff for President Obama, and now as U.S. Ambassador to Japan.

His tenure as Mayor of Chicago and his role in the “Pivot to Asia” policy under the Obama administration have been subjects of criticism, leading to questions about his ability to navigate the complex dynamics of the Indo-Pacific region effectively.

What a naive and irrelevant comments by him regarding China. Why he is the Ambassador to Japan during such a pivotal era is beyond belief except if he was given a sinecure by Biden.

[TaniaGarciaduenas-zs]

Buongorno Americana, the world is the world, the contradiction always sounded stato I will know the individual who works for a reason like it, it didn't sound dacordo, the economy doesn't ba Sotto atacco 😢

[billybunter]

well it wont help america destroying another country iran with all its missles and tanks man that will really cost the american economy a pretty penny.

[williamronald]

We should continue to always engage China. Economically, it is profitable for both countries. Secondly, we will have a safer, more peaceful, and cooperative world. This current thinking started under the first Trump administration and it's not been helpful for anyone.

[neov]

Wasted episode covering nothing about the mkts, Fed & Eco but Politics. Flop Show

[nicklongo]

Kristin Forbes is a giddy academic. She wants us to know she fully understands that the Fed caused ongoing pain to all the working people of this country, expected to last for years more, while keeping assets prices inflated for the 10% who hold 90% of all the wealth. She explains they have learned a lesson for the future when she is certain this set of circumstances will never happen again.

[MatheusAndrade-xtqu]

I wanted to hear about the markets. About what happened this Friday 01 August

[wanderingfido]

I'm starting to think, after listening to Zoelick, there's going to be dangerously low voter turnout for any party to accomplish a majority. People are disgusted with both parties right now.

[Bargab]

So, we just had yet another major market sell off and they devoted how much time to that topic here?

[raheelakhtar]

Bush-Dukakis! The 80’s ! These people and commentators of a certain age have no idea what the modern world is about. Internet and social media has flipped political strategy on its head.

[niurkaguzman]

Game play on how rino republicans won on democratic failings lol

[Bargab]

Lol. Listen to all this political spinning. The facts are the facts.

[chavruta]

Why are people already saying the Fed waited too long? The stock market didn't crash. There isnt an epidemic of unemployment or businesses going broke.