August 25, 2025: Trump Removes Fed's Cook, Failure to Launch for SpaceX Starship, More

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Episode Transcript

Speaker 1 (00:01):
News when you wanted with Bloomberg News. Now, I'm Doug Prisner.
We begin with breaking news tonight regarding the Federal Reserve.
President Trump has removed Governor Lisa Cook, effective immediately. You
may recall last Friday, Trump said he would fire Cook
if she did not resign over accusations about alleged mortgage fraud.
Here is bloomberg'send the current on faith value.

Speaker 2 (00:24):
The President appears to have removed a governor at a
very critical juncture for FED policy, at a time when's
key appointments are coming up for vacancy, at a time
when the President is very critical upside for not bringing
then interust rates. So certainly would suggest that if the
spaccy does come through, it's another It's an opportunity for
the President to put someone in there who shares his

(00:45):
view on.

Speaker 1 (00:45):
The economy and the current there. He is a global
economy reporter from Bloomberg News, joining from Washington. Well. Tonight,
it was failure to launch for SpaceX. The tenth test
flight of the starship rocket was postponed for the second
consecutive this time due to weather conditions.

Speaker 3 (01:03):
Sad news not going to launch today. Weather got in
our way but you can only control so much. Can't
always control the weather. Can't control the weather. I wish
we could control the weather. We're not there yet.

Speaker 1 (01:14):
That is SpaceX mission control there now. According to SpaceX,
Sunday's cancelation was due to a ground system's liquid oxygen leak.
We go to the White House next, where earlier today,
President Trump met with South Korea's President Lee J Mung
for their first in person meeting. Now. Prior to the meeting,
Trump blasted South Korea for political instability. Well, those remarks

(01:36):
had the potential to create a rocky visit. Instead, the
two leaders voiced optimism on cooperation over North Korea, along
with security and shipbuilding. Bloomberg's skylar Woodhouse is at the
White House.

Speaker 4 (01:49):
What we've heard so far is South Korea today mentioned
one hundred and fifty million dollar investment around shipbuilding. President
Trump said that the US would be buying ships from
South Korea and then South Korea vice versa, with any
building ships here in the US.

Speaker 1 (02:07):
Ploomberg skylar Woodhouse at the White House. And indeed presidentally
did offer to arrange a summit between President Trump and
North Korean leader Kim Jong un At the APEC meeting
this fall. Canadian Trade Minister Dominic LeBlanc is in Washington
this week to meet with US Commerce Secretary Howard Lutnik. Now.
This comes just days after Ottawa dropped most of its

(02:29):
retaliatory tariffs on American goods. LeBlanc said Canada is expecting
improvements in its trade position in return. Although Canadian tariffs
do remain in place on US made steel, aluminum, and autos,
it was last Friday when Prime Minister Mark Karney announced
the tariff rollback, with the aim of easing tensions ahead

(02:49):
of next year's review of the US MCA Trade Pact.
President Trump has signed a pair of executive orders aimed
at ending cashless bail. The President called it a dry
for a violent crime now. One order applies immediately to Washington,
d C. The other threatens to strip funding from cities
that continue the practice. Trump spoke to reporters earlier in

(03:11):
the Oval Office.

Speaker 5 (03:12):
Somebody kills somebody, they go in, don't worry about it,
no cash, come back in a couple of months. We'll
give you a trial. You never see the person again.
And I mean they kill people and they get out
cashless bail.

Speaker 4 (03:23):
Now.

Speaker 1 (03:23):
Supporters of cashless bail, say it disproportionately hurts lower income Americans. However,
critics say it poses a risk to public safety, and
they point to high rates of recidivism by repeat offenders. Meantime,
the President defended the prospect of deploying the National Guard
to high crime cities like Chicago and New York.

Speaker 5 (03:43):
We may or may not. We may just go in
and do it, which is probably what we should do.
The problem is it's not nice when you go in
and do it and somebody else is standing there saying,
as we give great results, say well, we don't want
the military. They need help badly. Chicago desperately needs help.

Speaker 1 (04:02):
President Trump has cracked down on what he has called
out of control crime, with Washington being at the epicenter
of his efforts. The President has seized control of the
DC police force and deployed about two thousand National Guard troops.
The House Oversight Committee is expanding its investigation into Jeffrey
Epstein's sex trafficking operation. Chairman James Comer says former US

(04:25):
Attorney Alex Acosta will be testifying voluntarily on September nineteenth. Now.
Acosta approved Epstein's two thousand and eight plea deal, and
then went on to serve as Labor Secretary during President
Trump's first term. Acosta's plea agreement allowed Epstein to avoid
major charges. The Justice Department later called that decision poor judgment.

(04:46):
And that is news when you want it with Bloomberg News.
Now I'm Doug prisoner, and this is Bloomberg