All Episodes

January 10, 2025 16 mins

On today's podcast:

1) Firefighters begin to make progress as the death toll rises in the Los Angeles wildfires

2) The Supreme Court refuses to stand in the way of Donald Trump's hush money sentencing 

3) Nvidia slams the Biden Administration for last-minute rules before Trump takes office

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Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Bloomberg Audio Studios, Podcasts, Radio News.

Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.

Speaker 3 (00:15):
Karen, we begin with new developments on those deadly wildfires
still burning in the Los Angeles area. Bloomberg's John Tucker
joins us now with the very latest.

Speaker 4 (00:22):
John, Nathan, the Los Angeles County Medical exam at are
overnight now confirms ten people have died in the fires.
This resident of Pacific Palisades echoed the harsh reality.

Speaker 3 (00:33):
Pacific Palisades right now could just be taken off the map.
It's there is no Pacific Palisades.

Speaker 4 (00:40):
And finally a measure of good news, the Pacific Palisades
fire showing early signs of control. The Kenneth fire that
broke out and expanded rapidly north of the one oh
one Freeway is thirty five percent contained. But with that
comes news of a new blaze in the far west
section of the city. La Mayor Karen Bass.

Speaker 5 (00:58):
We are expecting this fire who rapidly spread due to
high winds.

Speaker 4 (01:03):
President Elect Trump couldn't resist the urge to weigh in,
taking aim at the governor and the mayor.

Speaker 6 (01:08):
I think that Gavin is largely incompetent, and I think
the mayor is largely incompetent, and probably both of them
are just stone cold and competent.

Speaker 7 (01:17):
What they've done is terrible.

Speaker 4 (01:19):
The fires have scorched more than thirty thousand acres, They've
raised homes and businesses, and forced about one hundred and
eighty thousand residents to flee. The economic losses have been
estimated up to one hundred and fifty billion dollars, which
would rank among the costliest natural disasters in modern US history.
I'm John Tucker, Bloomberg Radio.

Speaker 2 (01:39):
All right, John, thank you. Well, another story we're following
this morning. In just hours from now, President elect Donald
Trump will be sentenced for his conviction in the New
York hush money criminal case. This comes after the Supreme
Court refused to interfere. Bloomberg Law anchor June Grosso says
Trump will not be sentenced to any time behind bars.

Speaker 8 (01:58):
Judge murshawan and lot of people when he first came
out and said I'm not going to give him any sentence,
said well, what's the point of the sentencing? Then, well,
the point is that now Trump couldn't say that, Oh,
the judge may sentence me to time, or the judge
may sentence me to probation, or who knows what. Because
the judge had said, I'm not going to sentence you

(02:18):
to anything. I'm going to give you what's called an
unconditional discharge. And basically what this is is a symbolic sentencing,
so that Trump is now, yes, a convicted felon, and
that felony is on the books in New York.

Speaker 2 (02:33):
Bloomberg law Houster in Grosso says Trump can still appeal
the verdict in New York state courts, and the case
could ultimately return to the US Supreme Court for final resolution.

Speaker 3 (02:41):
Well Karen, Attorney General Mayrick Garland is racing to release
special counsel Jack Smith's report on Trump's effort to overturn
the twenty twenty election, but a federal appeals court has
left that in limbo. The court rejected requests from Trump
and his former co defendants to stop the report from
becoming public, but the court also ruled that if the
Justice Department wants to release it sooner, it has to
challenge a lower court ruling that delayed the release by

(03:04):
another three days. DOJ lawyers filed that challenge after our
hours after the Appeals Court decision, Trump's associates could also
appeal this ruling or ask the Supreme Court to step in.

Speaker 2 (03:15):
Well, Nathan, it's now just ten days until Donald Trump
takes the oath of office for a second time, and
he's promised a flurry of actions on day one. Now
we're getting the details on what he's got planned, and
we get that story with Bloomberg's Jeff Billinger.

Speaker 9 (03:29):
Trump is planning executive orders on immigration, energy, federal workers,
and regulatory reform in his first few hours in office.
Bloomberg News has learned. The immigration orders include tighter restrictions
on border crossings, a mandate to finish unbuilt portions of
the border wall, a framework for carrying out mass deportations,

(03:49):
and in order to withhold federal resources from sanctuary cities.
The President elect is also planning a federal hiring freeze
and a return to officeman date for federal wars. And
on energy, Trump is expected to authorize drilling on federal lands.
Jeff Bollinger, Bloomberg Radio.

Speaker 7 (04:08):
Okay, Jeff, thank you.

Speaker 3 (04:09):
President elect Trump says he's planning to meet with Russian
President Vladimir Putin.

Speaker 7 (04:13):
After he takes office.

Speaker 3 (04:14):
At a meeting with Republican governors at mar A Lago,
Trump told a reporter that the Russian leader wants to
meet and they are setting it up.

Speaker 7 (04:20):
We get more from Bloomberg's John Hirskovitz.

Speaker 5 (04:22):
Trump said that if a meeting were to come, it
would come after the inauguration. There's no set date, no
set time, just this announcement that he's looking to have
the meeting.

Speaker 3 (04:33):
Bloomberg's John Herskovitz reports the Kremlin says there are no
specifics on a meeting, but Putin has repeatedly stated that
he is open to talking with President elect Trump.

Speaker 2 (04:44):
Well Nathan A confirmation hearing is set for one of
Donald Trump's key appointments Todays before he takes office. Scott Bessen,
Trump's nominee for a Treasury secretary, will appear before the
Senate Finance Committee next Thursday.

Speaker 3 (04:56):
Think Karen, the current president, is getting slammed by one
of the world's most v companies, and Nvidia is criticizing
new chip export restrictions expected to be announced soon by
the Biden administration. The company says the White House is
trying to undercut the incoming administration by imposing last minute rules.

Speaker 7 (05:13):
The ar Darling says those.

Speaker 3 (05:14):
New rules will harm the US economy and do nothing
to promote national security. In the pre market, shares of
Nvidia are down more than one percent.

Speaker 2 (05:22):
Well, let's turn to the markets now, Nathan and Wall
Street gets back to work with a huge economic report
on the agenda. We get the December jobs report later
this morning, and here's a preview with Bloomberg's Michael McKee.

Speaker 10 (05:34):
The number of jobs created in December will be a
surprise for someone. The range of forecasts is unusually wide,
from one hundred twenty thousand to two hundred and sixty
eight thousand, reflecting differing views of the state of the
labor market. Something near the low end would be the
only thing to bother FED officials. However, minutes of their
last meeting released this week made it clear they feel

(05:56):
labor markets remain in good shape. The unemployment rate matters
or to the central bankers, any big rise could be
seen as a reason to reconsider this suggestion. They will
pause rate cuts this month. Michael McKee Bloomberg Radio.

Speaker 3 (06:09):
Mike, thank you, and for those employed on Wall Street,
it could be a big bonus season. According to people
briefed on the plans. Executives at top investment banks are
planning to award traders and deal makers with their largest
bonus increases since the pandemic. Ten percent hikes are more
expected at many desks. The bonus increases reflect an upturn
in business and optimism for the year ahead, and are

(06:30):
intended to help retain employees in a competitive industry.

Speaker 2 (06:36):
And it's time now for look at some of the
other stories making news in New York and around the world.
And for that we're joined by Bloomberg's Michael Barr.

Speaker 7 (06:42):
Michael, good Morning, Good morning Karen.

Speaker 11 (06:44):
Former President Jimmy Carter was interred alongside his late wife
Rosland Carter in Plains, Georgia, the same town where they
were born, lived most of their lives, and died yesterday.
Carner was hornored with dual funerals. His afternoon funeral and
Plains was a small affair limited to family, friends and
members of Marinatha Baptist Church. Carter's personal pastor, Tony Loden,

(07:08):
said the former president dedicated his life to service.

Speaker 12 (07:12):
His covenant to spread joy is a testament to his character.
In his leadership, he advocated for justice, fairness and equality
for all people, regardless of race, creed, or gender in
America all around the world.

Speaker 11 (07:27):
Earlier Thursday, President Joe Biden eulogized the thirty ninth president
at Carter state funeral in Washington.

Speaker 6 (07:34):
I miss him, but I take solace and knowing and
he is beloved.

Speaker 7 (07:40):
Rosland are reunited again.

Speaker 11 (07:44):
Jimmy Carter died December twenty ninth at age one hundred.
A man who fled to avoid serving a nine month
prison sentence for storming the US Capitol on January sixth
has been arrested in Canada. Anthony Voe from Bloomington, Indiana,
was arrested in Whistler, British Columbia. He skipped out on
a court order to report last June for his nine

(08:04):
month prison stint. Another blast of winter storms is closing schools,
snarling flights, and putting millions of residents on alert across
parts of the Deep South and south central US. Heavy
snowfall and icy conditions are likely today in Mississippi, Georgia, Kentucky,
and Tennessee. New York Mayor Eric Adams says the city
plans to create one hundred thousand new housing units and

(08:27):
invest six hundred and fifty million dollars to address homelessness
and mental health issues. Adams made the announcement during his
fourth State of the City address at the Apollo Theater
in Harlem.

Speaker 13 (08:38):
When we came into office, we said the days of
letting people language on our streets as subways were over.
It was not safe, it was not humane, and it
was not going to continue under our launch.

Speaker 11 (08:53):
Mayor Adams also proposed an expansion of programs involving youth mentorship,
career readiness, and college preparation. Global news twenty four hours
a day and whenever you wanted with the Bloomberg News.
Now Michael Barr, and this is Bloomberg.

Speaker 2 (09:06):
Karen, Sorry, Michael Barr, thank you time now for the
Bloomberg Sports Update, brought to you by Tri State Outie.
Here is John Stanshawer.

Speaker 14 (09:18):
John, Good morning, Good morning care And there are a
lot of one sided games through the first two rounds
of the expanded college football left. Not the case in Miami's.
The semifinals began with the orange ball. Penn State had
a ten to nothing lead. Notre Dames toward the next
seventeen had two long second half touchdown drives Nicholas Singleton
scored three times for Penn State, twice at a two
and a half minute span of the fourth quarter to

(09:38):
retake the lead, and then a long bean time strike
by Notre Dame.

Speaker 1 (09:42):
To go second down at eight ten.

Speaker 7 (09:44):
State leads by a touchdown letter thrill.

Speaker 12 (09:47):
Food open Charin and glide us a fine a Jarlin,
red of Stars set State.

Speaker 14 (09:55):
Si yes being the ball, and then after an interception
Mitche send Notre Dame into the championship game of the
forty one yard field goal second seven seconds left. The
Irish won twenty seven to twenty four. The second semifinal
game is tonight in Dallas, Texas and Ohio State. The
NFL has moved Monday's playoff game between the Rams and
Vikings out of Los Angeles. It'll be played in Phoenix.

(10:18):
Rams coach Saan McVay spoke yesterday in.

Speaker 15 (10:20):
La those deals that almost doesn't feel real, but it
certainly is real to the people that are affected, and
you know, praying, you know that as many people are okay,
and you know, you just see the amount of people
that are affected in it's you know, it's one of
those deals that you know, it gives you perspective.

Speaker 14 (10:37):
Chargers had their final practice in LA before going to
Houston for tomorrow's playoff game. Joey Bosa lives near an
evacuation area, said he hopes he still has his house
when he gets back. Lakers home game with Charlotte postpone.
Lakers coach JJ Reddick lives in Palisades. His home has
been lost, same with the home that Golden State coach
Steve Kirk grew up in. His ninety year old mother
had to be evacuated at the Garden Range. With the

(10:59):
Devil's three two Sam Carrick goll midway through overtime, Islanders
a four nothing win in Vegas. Rutgers lost at home
to Produce sixty eight to fifty. Nick Hos to Oklahoma
City tonight, the Thunder lead the West at thirty and six.

Speaker 7 (11:11):
John Stanshy I learned Bloomberg Sports Tarny eating.

Speaker 1 (11:16):
Coast to Coast on Bloomberg Radio, nationwide, on Sirius Exam,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.

Speaker 7 (11:26):
Good morning. I'm Nathan Hager.

Speaker 3 (11:28):
Both President dele Like Donald Trump and the Biden administration
have taken legal hits. With less than two weeks before
Trump returns to the White House. The Supreme Court is
refusing to delay this morning sentencing in Trump's New York
hush money conviction, and an appeals court is keeping the
release of special counsel Jack Smith's report on Trump in limbo. Now,
when it comes to the Supreme Court case, the President
delect says he's okay with the decision.

Speaker 6 (11:50):
I respect the court's opinion. It was a I think
it was actually a very good opinion for us because
you saw what they said. But they invited the appeal,
and the appeal is the bigger issue.

Speaker 3 (12:01):
President Elect Trump spoke there with the reporter at mar Lago.
Joining us this morning is Terry Haines, the founder of Pangaeopolicy.
Great to speak with you again this morning, Terry. And
that bigger issue that the President elect is talking about
is the issue of presidential immunity and whether it applies
to a president elect. So could we see this case
continue even after this morning sentencing?

Speaker 16 (12:22):
Good morning, good morning data. Yeah, we could probably see
it continue in the sense that you know, these things
are like the walking dead, and it seems to never
go away. But they were, I to be advising the
president elect, I would not advise him to get to
be too optimistic about this. You know, the the court's

(12:43):
points were really twofold. First is the issues can be
handled in the regular appeals process, and secondly that the
sentencing today won't be a burden on the president elect
in any way. Those are both true. The broader issue, though,
as far as immunity goes, is the presidential immunity goes,
I think does not end up in Trump's favor. Whatever

(13:04):
else this is, it's not presidential conduct. Presidential immunity. The
courts drew a fairly tight reign around the issue of
presidential immunity and its recent decision. It is not the
open ended immunity. A lot of people like to say
politically that it might be. So what's going to end

(13:25):
up happening here? I think more likely than not is
that the conviction ends up standing because it's whatever else
it is, it's that of a private citizen.

Speaker 3 (13:34):
How much do you expect this issue, the presidential immunity issue,
to continue to be a focus for president like Trump
once he becomes president in less than two weeks.

Speaker 7 (13:43):
When we're hearing that he's already.

Speaker 3 (13:45):
Got a flurry of executive orders planned on a bunch
of issues.

Speaker 16 (13:48):
Well, I think it's you know, I think it's a
minor irritant for Trump, and I think the sentencing is
a political positive. The unbalanced. Frankly, you had this massive
campaign to destroy and harass Trump, bring all kinds of lawsuits,
justified or otherwise, and the net result of it looks
like the equivalent of a parking ticket, and that'll be

(14:12):
uh and that'll be used, I think politically well for
Trump and put everybody back on their heels, particularly when
you consider it against the backdrop of all the troubles
that are going on in New York City, some of
which you were just all reporting on the perception of crime,
the homeless, subways, and everything else makes the city look
like its own priorities are out of whack. On the

(14:33):
immigration issues that you know, they're relevant for markets, because
there's there's going to be a signal on day one
on immigration matters. Are we talking about only targeting criminals,
which Trump and his people have been saying for some time.
Are we only talking about a subset of people who
shouldn't be in the country anyway? Are we talking about
some kind of mass deportations the way that the lot

(14:55):
of the press likes to talk about this will be
relevant for skilled workers, the H one b vs. The issue,
and a whole bunch of other things. So markets will
be looking at that, I think with some trepidation and
react our.

Speaker 7 (15:09):
Last minute terry.

Speaker 3 (15:09):
The president ellect also says a meeting is being arranged
some time after the inauguration with Russian President Vladimir Putin.

Speaker 7 (15:17):
How concerned does Ukraine need to be?

Speaker 16 (15:21):
I don't think Ukraine needs to be concerned. The question
is going to be for Ukraine is exactly what Trump's
trying to do and whether Ukraine will be involved in
the process. And Trump says that they will be that
of course they'll be end up being signatorius to whatever
deal there is. You know, but I looked at this
as a little bit vaporous without disparaging the president elect,

(15:44):
you know, the idea that there might be some meeting,
of course, has been mooted out there for some time,
So continue to tickle that. I think it doesn't really
move the ball forward in any way or Today.

Speaker 2 (15:54):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.

Speaker 3 (16:01):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.

Speaker 2 (16:07):
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Speaker 3 (16:22):
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Speaker 2 (16:28):
And don't forget to subscribe to Bloomberg News Now. It's
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or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.

Speaker 7 (16:41):
And I'm Nathan Hager.

Speaker 3 (16:42):
Join us again tomorrow morning for all the news you
need to start your day right here on Bloomberg dabray
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