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January 13, 2025 • 16 mins

On today's podcast:

1) Los Angeles Fires Rage as High Winds Set to Return This Week

2) Trudeau Says Canada Tariffs Ready If Trump Starts Trade War

3) Bezos’ Blue Origin Delays Debut Mission of New Glenn Rocket

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Episode Transcript

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Speaker 1 (00:02):
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 the latest on the wildfires in
Los Angeles. The death toll is now up to at
least twenty four and more than twelve thousand buildings have
been turned to ash in the Pacific Palisades and Delta
Dina regions. Over the weekend, firefighters got a brief break
from the punishing Santa Ana wins that have spread these
flames across nearly thirty eight thousand acres, but another round
of wind gusts is in the forecast this week. Here's

(00:37):
Los Angeles County Fire Chief Robert Luna.

Speaker 4 (00:39):
The fires may be closer to being over.

Speaker 5 (00:41):
You hear that from our fire chiefs if it goes
that way, But we do have this pending weather event.

Speaker 6 (00:47):
We are not going to de escalate the number of.

Speaker 3 (00:49):
People that we have out ree Fire Chief Robert Luna.
The National Weather Service has issued its most severe alert,
a particularly Dangerous situation warning from Malibu, the San Fernando Valley,
and much of Ventura County. More than seven point seven
million people in southern California are facing critical fire weather
conditions today.

Speaker 2 (01:07):
Well, Nathan, this disaster is on track to be the
costliest in US history. ACU Weather has raised its estimate
for total economic losses to between two hundred and fifty
and two hundred and seventy five billion dollars. FEMA Administrator
Deana Criswell says things will need to change when it
comes to rebuilding.

Speaker 7 (01:25):
We have a lot of science and technology out there
that shows ways that we can make these homes stronger
and more resistant against these fires. That's really where we
need to focus our efforts as we move into the
rebuilding phase.

Speaker 2 (01:36):
And as FEMA's Dan Chriswell, who appeared on CBS's Face
the Nation, California Governor Gavin Newsom has issued in executive
order suspending some environmental and regulatory hurdles to speed up
the rebuilding process. He and other local officials have faced
heavy criticism for their response, but newsommetals NBC's Meet the
Press they're up to the challenge.

Speaker 4 (01:56):
We have fourteen thousand people work in the line right now.
We double the nation on guard. We have sixteen hundred
and eighty they're helping on logistic side. I was just
with folks from Mexico. Seventy three folks will be relieving
some of our hand crews. We've got nine states that
are now providing under this EMACS system support. So we've
got the resources.

Speaker 2 (02:13):
And you can hear meet the press and face the
nation every Sunday on Bloomberg Radio.

Speaker 3 (02:17):
It's turned out of politics Karen. Justin Trudeau says Canada
is ready to respond with counter tariffs if the US
imposes tariffs on Canadian products. The outgoing Canadian Prime minister
said his government is not looking for a trade fight,
but we'll have to retaliate if the US tariffs Canadian products.

Speaker 8 (02:33):
We are the number one export partner of about thirty
five different US states, and anything that thickens the border
between US ends up costing American citizens and American jobs.
That's not what President Trump got elected to do. I
know he got elected to try and make life easier
for all Americans, to support American workers. These are things

(02:57):
that are going to hurt them.

Speaker 3 (02:59):
Justin Trudeau those comments on MSNBC. Canada buys more US
made goods than many other country.

Speaker 2 (03:05):
Meanwhile, Nathan Jamie Diamond is speaking out about tariffs in
an interview with CBS News Sunday morning that JP Morgan
CEO says they can help the US.

Speaker 9 (03:15):
To me Tariff's early way. Every tool properly used that
can help get some posicians resolved, unfair competition, NAS security issues.
Like any tool, if it's misused, you can do damage too, And.

Speaker 2 (03:29):
JP Morgan Chase CEO Jamie Diamond says he has not
spoken with President elect Donald Trump about tariffs Well Karen.

Speaker 3 (03:35):
President elect Trump's cabinet choices will begin facing Senate confirmation
hearings this week. On Thursday, Treasury Secretary nominee Scott Bessett
answers questions we get more from Bloomberg's Doug Prisner.

Speaker 10 (03:47):
Bessett is founder and leader of the macro hedge fund
Key Square Group. If he's confirmed, Bessant will immediately resign,
and a document released by the Office of Government Ethics
indicates Key Square would be wound down at the end
of March. Bessid will also divest underlying assets to avoid
conflicts of interest. He's disclosed assets worth at least five
hundred and twenty one million dollars. Some of Besson's potential

(04:10):
conflicts will take longer to resolve he's invested at the
least a quarter million dollars in three funds that allow
him to withdraw no more than twenty five percent of
its holdings each quarter.

Speaker 11 (04:21):
In New York.

Speaker 10 (04:21):
I'm Doug Prisner, Bloomberg Radio.

Speaker 2 (04:23):
All right, Doug, thank you well. Vice President de Like
jd Vance is dialing back on his running mates, promised
to part in. All protesters involved in the US capital
riot on January sixth, twenty twenty one.

Speaker 12 (04:34):
If you committed violence on that day, obviously you shouldn't
be pardoned. And there's a little bit of a gray
area there, but we're very much committed to seeing the
equal administration of law. And there are a lot of people,
we think in the wake of January the sixth, who
were prosecuted unfairly. We need to rectify that.

Speaker 2 (04:48):
And Vice President de Like vancevan the comments on Fox
News Sunday. You can catch the program Sunday afternoons on
Bloomberg Radio. Ok.

Speaker 3 (04:55):
And you're gonna have to wait a little longer so
the rest of us actually for the next space launch.
Jeff Bezos's Blue o And has delayed the inaugural takeoff
of its new flagship rocket to deal with an unspecified
issue on the vehicle. The company says it is reviewing
opportunities for the next launch attempt for the new Glen Rocket.

Speaker 13 (05:12):
The Jeff Bezos backed.

Speaker 3 (05:14):
Firm is trying to mount a challenge to Elon Musk's
industry leading SpaceX.

Speaker 2 (05:18):
Well, we do have a milestone for one of Elon
Musk's other businesses. Nathan Tesla has overtaken Audi and Go
global car sales for the first time. Howdy sold one
point sixty seven million vehicles in twenty twenty four, down
twelve percent from a year earlier. Tesla delivered almost one
point eight million vehicles last year.

Speaker 3 (05:35):
Train of Markets now Karen futures are lower following Friday's
job related selloff on Wall Street. The drop came after
the economy in December added the most jobs since March
and the unemployment rate unexpectedly fell. Cameron Dawson is chief
investment officer at new Edge Wealth.

Speaker 11 (05:51):
It is that question of is good news good news
or is good news bad news. We think at the
end of the day, strong jobs are over all good
for the equity market, but we have to take a
hit to the valuation first to digest these higher yields.
If we continue to see this labor market hold in
better than expected.

Speaker 3 (06:10):
New Edge Wealth's Cam Dawson notes the S and P
five hundreds one and a half percent drop on Friday
wiped out the indexes advance for the year.

Speaker 2 (06:18):
Well, Nathan, let's turn to the economy now, and a
former Federal Reserve Vice chair, Randall Quarrels, believes the Fed's
independence is not going to be threatened by president like
Donald Trump, and Karrels spoke with Bloomberg's Steven Engel.

Speaker 14 (06:31):
Structurally, the FED can't really be affected by the president's
bully pulpit. And you know, the people who are appointed
of the FED generally have fairly thicked skins. So while
there's certainly political pressure, there's not really political levers that
someone can pull to affect their independence.

Speaker 2 (06:46):
And Randall Quarrels was a Trump appointee to the FED.
He served as vice chair of Supervision until twenty twenty one.
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 John Tucker.

Speaker 15 (07:01):
John good morning, Good morning, Karen House. Republicans from New York,
New Jersey and California, unhappy with a cap on state
and local tax deductions, say talks on the issue with
Donald Trump over the weekend were positive. Let's find out
more this morning from Bloomberg's Jeff Bellinger.

Speaker 13 (07:16):
Representative Nick Lolatta of New York said in an interview,
Trump is willing to engage in a solution. Representative Nicole Meliatakis,
another New Yorker who attended the gathering of about sixteen
House Republicans with Trump at his Mari A Lago resort
in Florida, posted on x that the meeting was productive.
Significant expansion of the salt deduction cap is already emerging

(07:39):
as a potential demand by some Republicans in return for
their support of any larger text related package. Jeff Bullinger,
Bloomberg Radio.

Speaker 15 (07:48):
Hospitals across the country dealing with a wave of respiratory illnesses.
The CDC says at least thirty five states are seeing
high levels of flu covid RSV, even the common cold.
So far this season, the flu alona sent more than
sixty three thousand people to the hospital and crowns at
least twenty seven hundred deaths, including eleven children. President Biden

(08:09):
delivers a foreign policy speech today the State Department White
House Press Secretary Karean John Pierre.

Speaker 2 (08:16):
He has some thoughts on the future, not just of
the country, but how this country moves forward as a leader.

Speaker 15 (08:22):
This is one of several appearances the President has been
making as he prepares to leave office. January twentieth, a
Top eight and President like Donald Trump's incoming administration signals
the Ukraine will be asked to lower the conscription age
to strengthen its battlefield position. Michael Walls, a former Army
Green Beret whom Trump tapped as his White House National

(08:42):
Security advisor, suggested the expanded draft age would help Ukraine
overcome a shortage of troops. Right now, the draft age
is twenty five global news twenty four hours a day,
whenever you want it. We have Bloomberg News.

Speaker 2 (08:54):
Now.

Speaker 15 (08:55):
I'm John Tucker, and they see he's Bloomberg. Karen.

Speaker 2 (08:58):
All right, John Tucker, thank you time now for the
Bloomberg Sports out Day, brought to you by Tri State Outie.
Here's John stash Hour, John, Good morning, Good.

Speaker 5 (09:09):
Morning, Karen. Last time there was an NFL playoff victory
by Washington was nineteen years ago. The team had a
different owner, they had a different name and their current
quarterback was five years old or rookie qube Jadeen Daniels,
who led the Commanders to twelve regular season wins, eight
more than they had a year ago, led them down
the field in the final minute of Tampa Bay, and
they kicked a field goal on the final play from

(09:30):
thirty seven to send Washington to the final Eightue.

Speaker 16 (09:37):
The Washington come, Tony Calme, I have seen it all NBC.

Speaker 5 (09:51):
The Call Commanders won a back and forth game with
the Bucks twenty three twenty. They'll not play Saturday night
in Detroit the first two games of the day. Liked
the games this past Saturday, one easily by the home
team Buffalo be Denver thirty one to seven. The Bills
are nine to zero home. They'll be home Sunday night
against Baltimore. Philadelphia down Green Bay twenty two to ten.
The Eagles await the winner of tonight's game. Vikings and

(10:12):
Rams moved from Los Angeles to Phoenix. To no one's surprise,
Mike Rabel and they had the new coach of the
New England Patriots. He was a Pats linebacker for eight years,
coach the Titans for six replaces Gered Mayo, who got
just one season after Bill Belichick coached the Pats for
twenty four at the guard. In an offensive explosion by
the Knicks, they shot fifty eight percent, beating Milwaukee won

(10:32):
forty to one, Zho six, Jalen Brunson forty four points.
He had twenty three in the first quarter. The Nets
lost a heartbreaker at Utah. Jass scored with two seconds
left in overtime and won by a point. The Celtics
beating New Orleans by a point in Melbourne. They're playing
now opening around the Australian Open, and ten time champion
Novak Djokovic lost the first set to nineteen year old
American Nisshesh Basavaretti. They're now tied one set, all straight

(10:56):
set wins for Carlos Alcarez and top seed Onick Center,
as well as Coco Gone, John Starshaw or Bloomberg Sports,
Can Ivern and Nathan.

Speaker 1 (11:05):
Coast to Coast on Bloomberg Radio nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.

Speaker 3 (11:15):
Good morning. I'm Nathan Hager as the wildfires continue to
rage in southern California. Firefighters could struggle to catch a
break from the winds that have spread the flames across
an area more than two and a half times the
size of Manhattan. Los Angeles County Fire Chief Anthony Moroney
says dangerous conditions are in the forecast for much of
this week.

Speaker 6 (11:34):
Next predicted red flag ends on Wednesday, so please rest
assured that first thing Thursday, we will start talking about
repopulation and evacuation order and warning areas.

Speaker 3 (11:48):
And this morning we were joined by Bloomberg News senior
editor Bill Ferries. Bill, good morning, I know you've been
following this situation as closely as anybody. I guess the
firefighters got a little bit of a break from the
winds over the weekend, but it's not lasting long.

Speaker 17 (12:01):
Good morning, Good morning, Nathan. That's right. Firefighters started to
make some progress over the weekend. That Palisades fire is
about thirteen percent contained as of Sunday evening. In La
they Eton fire twenty seven percent contained. But as you
were suggesting there, the conditions don't look good in the

(12:22):
days ahead. National Weather Service has its most severe alert
out there for places like Malibu, San Fernando Valley parts
of Ventura County. They're warning about what they called explosive
fire growth potential beginning late Monday and carrying on through Wednesday.
So I think people who are out there are going

(12:43):
to continue to be glued to those fire tracking apps.
Seven and a half million people or so are facing
this critical fire weather condition and they could have additional
evacuations and movements. The fires have already burned forty thousand acres.
More than one hundred thousand people have been had to

(13:03):
leave their home so far, So looks like a rough
start to the week, really beginning in the afternoon or
evening on Monday in southern California.

Speaker 3 (13:12):
Just to talk about the scope of this disaster, forty
thousand structures destroyed just puts a tip to the iceberg
of the kind of damage, the kind of economic loss
that we could see from this.

Speaker 17 (13:27):
Yeah, the area that's been burned, I mean it's already
a larger area than cities like San Francisco or Pittsburgh,
Boston or Miami. So that's just the area that's been burned.
ACU weather Ink, which looks at, you know, disasters and
the costs, they've put out an estimate of two hundred
and fifty to two hundred and seventy five billion dollars

(13:49):
in total costs that includes the damage and rebuilding and
lost wages and things like that.

Speaker 10 (13:55):
But that is up.

Speaker 17 (13:56):
It's almost double their previous estimate of fifty to one
hundred and fifty billion just a few days ago.

Speaker 3 (14:03):
What does this mean for the insurance industry? How can
Southern California rebuild from this kind of disaster? I mean
is are we going to have to face the question
about whether it's Southern California is ensurable.

Speaker 17 (14:17):
It's gonna be It's gonna be just a brutal blow
to the insurance industry. And remember, you know, broadly is
an industry. It comes after a series of major hurricanes
that hit the southeast United States last year. That's going
to be a real question going forward. What happens to
those rates? Does it make living in Southern California even

(14:39):
more costly going forward? And how many years will it
take to rebuild? Remember LA's hosting, you know, they're hosting
the Olympics in just a few years. Typically these kind
of disasters that it could take a decade or more
to fully recover from this kind of a natural disaster event.

Speaker 3 (14:55):
And to see the response that we've seen so far
and the questions that have been raised about how this
even started, what can be done to prevent this kind
of thing from happening. I mean, we've seen some pretty
withering criticism for some of the local leaders in that region.
Got about a minute left.

Speaker 17 (15:13):
Yeah, Mayor Karen Bass coming under a heavy fire for
her budget cuts that hit the fire department. In the end,
I think the fire department got more money this year
than last year, but there's a lot of deferred maintenance.
You hear union fire union leader saying that, Listen, there's
a lot of trucks that are still waiting for repairs

(15:34):
that could be out there doing some fighting. Of Course,
like everything, it's getting heavily politicized. But right now, the
focus is really what might be coming in the next
seventy two hours for southern California and whether they can
get past and whether firefighters can kind of get a
stronger grip and get more of this under control.

Speaker 2 (15:53):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.

Speaker 3 (16:00):
Look for us on your podcast feed by six am
Eastern each morning on Apple, Spotify, or anywhere else you listen.

Speaker 2 (16:05):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
in New York, Bloomberg in ninety nine to one in Washington,
Bloomberg ninety two nine in Boston, and nationwide on serious
XM Channel one twenty one.

Speaker 3 (16:20):
Plus listen coast to coast on the Bloomberg Business app
now with Apple CarPlay and Android auto interfaces.

Speaker 2 (16:26):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now and your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.

Speaker 3 (16:39):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
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