November 24, 2025 • 23 mins
Watch Scarlet and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu
- Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist, discusses while Bitcoin has tumbled more than 30% since October amid a brutal unwinding of speculative excess, gold has quietly held its ground, consolidating above $4,000 after a record-setting rally earlier this year. The crypto crowd has long claimed their investment shares gold’s appeal - a hedge against fiat debasement and inflation - only newer, shinier, and flashier. That thesis has come under serious pressure in macro markets: Year-to-date, gold is up more than 50%, while Bitcoin is down roughly 7%.
- Sam Fazeli, Bloomberg Intelligence, Director of Research for Global Industries and Senior Pharmaceuticals, discusses how a pill version of Novo Nordisk's Ozempic failed to slow the progression of Alzheimer’s disease in a pair of long-shot studies that aimed to open up a new use for blockbuster obesity drugs.
-Matthew Schettenhelm, Bloomberg Intelligence Media Litigation Analyst, discusses how for Nexstar, Sinclair and other US media broadcasters, a key opportunity is being pursued in the easing of US regulations on owning TV and radio stations. Though President Trump's Nov. 23 social-media post expressing concern about letting broadcasting networks expand heightens a key risk that we've warned of -- Trump can be unpredictable, and the FCC probably won't deregulate if he is opposed -- we don't yet see Trump's stance as thwarting the FCC's easing of a 39% US ownership cap.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news. You're listening to the
Bloomberg Intelligence podcast. Catch us live weekdays at ten am
Easterned on Apple, Cocklay and Android Auto with the Bloomberg
Business app. Listen on demand wherever you get your podcasts,
or watch us live on YouTube.
Speaker 2 (00:24):
Bitcoin it gets your attention, folks. It is down another
one point eight percent today, eighty six thousand dollars. The
high just you know a month, month and a half
ago is one hundred and twenty five thousand, so we
got a north of a thirty percent drawdown in bigcoin.
It's a commodity to me. I don't know more sellers
and buyers. Let's chicka with Mike mcloughan. He covers this
(00:45):
stuff because he's a commodity strategist for Bloomberg Intelligence.
Speaker 3 (00:48):
Mike, you've seen.
Speaker 2 (00:49):
Commodities trade up and down for decades. Here put this
bitcoin moving context for us.
Speaker 4 (00:55):
Well, Paul, I like the way you started. It's a
commodity to you, and I used to think that too.
Speaker 5 (00:59):
Now to me actually less of a commodity because in
all commodities you have an underlying the basis, and you
have supply and demand fundamentals and Bitcoin there's millions of
competitors and there's no underlying to it, So I'm worried
and doesn't have a practical value other than to trade
and hold value at least gold.
Speaker 4 (01:14):
This looks pretty and things.
Speaker 5 (01:15):
So I'm afraid what's happening in bitcoins are seeing that
overdue purge and those millions of cryptocurrencies that track nothing,
it's pulling out Bitcoin. They're probably going to have to
head towards zero. And the key question is what do
we do for the end of the year. Can we
recover from these levels? And I think it's unlikely we do,
which means the whole system might be coming down into
maybe a grinch is going to win Christmas.
Speaker 6 (01:35):
Wow, that's quite a call. Yeah, the whole system coming down.
Speaker 7 (01:39):
I mean, for now people are saying that there's we're
shaping up to be the worst November for bitcoin since
twenty twenty two, which was around the time that saying
Bankmin Freed and his company, you know, basically fell apart.
Talk a little bit about the Bitcoin ETFs and how
demand and inflows into those probus drove a lot of
(02:01):
the rally in spot baitcoin overall, and perhaps are removing
a big source of support right now.
Speaker 5 (02:07):
Well, I'm glad you went there, Scarlett, because my primary
goal the last few years one Bloomberg we launched a
Bloomberg Galaxy crypto index. Idea was eventually for the whole
space to be tracked by widely by ETFs, including that index,
and once we got there, I figured and put in
a plateau. Now we've gotten there, and I think it's plateau.
So basically we've gone from the geeks and the insiders
who made a lot of money pushing it over to
(02:28):
retail and the big picture people want to catch up
and chase the performance, and they're finding out it's poor
performance near a peak.
Speaker 4 (02:35):
They're piling on.
Speaker 5 (02:36):
The biggest ETFs. Ever, it's classic peak bubble. So if
you want a bubble in all markets, it starts with cryptos.
Maybe not equities, but it's as bad as it was
for dot com bubble in nineteen ninety nine.
Speaker 4 (02:47):
Now the whole thing's going back downward, and by the
end of the year should it recover.
Speaker 5 (02:51):
I look at it as we need to just purge
millions of these things that track nothing, that are worth
billions of dollars. One good example is number nine on
the Bitcoin cryp pages. Dosee coin, it's worth twenty one
billion dollars, attracts nothing.
Speaker 4 (03:04):
It was launch as a joke.
Speaker 8 (03:06):
Wow.
Speaker 2 (03:06):
So we had Eric baoutchunasan just earlier and he said
most of the ETF buyers are still in it. They
haven't sold about five or six percent of sold or
seen outflows.
Speaker 3 (03:16):
Out of the ETF.
Speaker 2 (03:17):
So the ETF flows are kind of hanging in there
at this point.
Speaker 3 (03:21):
So off to see, do we.
Speaker 6 (03:23):
Know who is selling?
Speaker 5 (03:24):
Mike, Yeah, well, certainly some of the OG's people have
been along in for a long time. Once they heard
that Trump was so involved, they wanted to get out.
But Eric has on been on top of this. He
nailed it very beginning with the launching the ETF. The
problem is, I hear the average price for all ETFs,
and since they've been launched for bitcoins around eighty nine thousand,
we're below that.
Speaker 4 (03:42):
So we're getting below there.
Speaker 5 (03:43):
And also they've got double the vow till they what
they left they left the stock market, they get better.
Speaker 4 (03:47):
Performance, they're getting worse. This is classic peak stuff. Paul.
Speaker 5 (03:50):
I'm worried that it's just gonna I'm worried about that
Grinch effecting to the end of the year when everybody expects, oh,
Santa Claus is gonna come, but Grinch takes all Grinch
shows up.
Speaker 7 (03:59):
Okay, Mike, But the president and his family are very
much invested in bitcoin, in the crypto industry at large.
Speaker 6 (04:06):
Is there not a Trump put here?
Speaker 4 (04:08):
Well, that's the key thing. What are they going to
do to make a difference.
Speaker 5 (04:11):
Strategic Bitcoin Reserve though that was floated last year didn't
work out. We have the President's sun coined for it
to go much higher, and the future we might have
laws against those kind of things because there's a vested interest.
I don't know how it's going to work out, but
it was that Fostian bargain. I'm worried about that just
in bloting now. And the key question is what stops it?
Speaker 4 (04:27):
What are they going to do to make it change?
Speaker 5 (04:29):
The bottom line is there's so many millions of these
things that are just pine and sky speculative digital assets.
Speaker 4 (04:35):
They just need to purge and then we'll go back.
Speaker 5 (04:37):
And I'm afraid that means Bitcoin's first stop on this
move is really towards fifty thousand. It's got to really
end the year up on the year to show anything
other than that, I'm afraid fifty thousand to the next
key level, which means Domino's tumble, and the questions what
can they do to make a difference, Maybe get the
Fed the ease, which means more inflation, which means they're
not going to get elected.
Speaker 7 (04:55):
Right, Well, all of that, the macro headwinds are the
same as any other acid classic.
Speaker 6 (05:01):
Yes, in many ways.
Speaker 7 (05:02):
Mike mcgloan and Bloomberg Intelligence senior commodity strategists joining us
on bitcoin.
Speaker 3 (05:07):
Stay with us.
Speaker 6 (05:07):
More from Bloomberg Intelligence coming.
Speaker 3 (05:09):
Up after this.
Speaker 1 (05:13):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Apple, Cocklay and Android
Auto with the Bloomberg Business app. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (05:27):
Let's talk to Sam Fazzelli because it's Monday, and that's
what we do. We talk healthcare, and you want to
talk healthcare. Talk to Sam Fazzelli. He's over there in London.
I think I haven't checked at these badge I mean,
who the heck knows what these people over there in London.
But he's the best there is out there folks on
global healthcare and we appreciate getting a few minutes of
his time. Sim this obesity story is become the story
(05:49):
for your world. I mean, it's almost like forget about
some of these other issues you guys have been dealing with,
what you know, other diseases and therapeutics and so on.
It's all about obesie drugs. Talks about Novo Nordis start
taking on engineer.
Speaker 9 (06:02):
Yeah, hi Paul, and just for the actuality, I'm in
France at the minute, see told, but only another twelve
hours now. Today's news from NOMA. Notice is not about OBCD.
It's about a drug semaglutide in a pill form that
they've tested in Alzheimer's disease. And the theory was, and
(06:26):
there was some evidence that people who were taking the
very first version of the GLP one brug so victosa
or liro glue tide, they had a lower risk of
developing Alzheimer's when you looked at historic or rect prospective
data and there's animal models, et cetera. So they thought,
but it's worth a trial and it didn't work out.
(06:47):
They said that they're seeing some impacts in some biomarkers
et cetera. And we'll find out next week what biomarkers.
But the trial didn't work out. And the question here
is was the theory wrong?
Speaker 8 (07:00):
Oh?
Speaker 9 (07:00):
Is the drug not good enough? Is it pill enough?
We know the pill doesn't do as well in obesity
as the injection. Should they have tested the injection?
Speaker 6 (07:09):
That's a good question.
Speaker 7 (07:10):
And you mentioned that the ingredient here that we're paying
attention to is some maglitude, which I hope I'm pronouncing
correctly there. Does that mean that this ingredient and Alzheimer's
are just a no go from here on out? Or
does there need to be more testing before we can
determine that?
Speaker 9 (07:24):
Yeah, there needs to be more testing, But who's going
to do that? I mean, having failed, now, who's going
to put the money into test it?
Speaker 8 (07:31):
Now?
Speaker 9 (07:32):
Lily does have an Alzheimer's business in a completely different
with different set of drugs, and they have a more
punchy product once weekly with a relatively easily administered pen.
That would be interested to see whether that.
Speaker 10 (07:48):
Helps and you know, so that you get more much
more drug in the body, or maybe redesign it a bit.
So it really does depend on how much appetite for
risk these companies have and literally now with the just
literally just over trillion dollar market cap, maybe they should
give it a go. You know, it would be magic
if this thing, It literally would be magic if this thing.
Speaker 9 (08:09):
Just helped so many different diseases.
Speaker 2 (08:12):
Same talk to us about just the market for dementia.
Alzheimer's is one one part of it. I would think
that's a it's a big market and be it. It's
got to be a growing market with people living longer.
How do you guys think about it and how do
you play it?
Speaker 11 (08:25):
If you're an investor, Yeah, it's it's It is a
significant societal issue number one. And you know, I think
there are many, not many families who would say that
they haven't experienced it. They have all the people in
their in their extended family. So the market has humongous potential.
(08:45):
But you need drugs that actually treat the disease. Remember,
by the time you have Alzheimer's, I.
Speaker 9 (08:51):
Eat a full blown dementia of the Alzheimer's type or
other types. It's a bit late. That means that a
lot that's already happened. So you need to go early,
and early it means long, expensive trials and Lily is
doing that with their assets, So fingers crossed, we'll find
out in the next two or three years where they're
going early with these assets. Rush is doing it too.
(09:12):
It would be a beneficial.
Speaker 7 (09:14):
Right, I mean, the test with the pill form of
ozambic was definitely a lottery ticket. If it worked, great,
If not, we're back to the drawing board. Are there
any effective treatments right now against dementia or Alzheimer's?
Speaker 9 (09:27):
Well, by effective, I mean it's tough to say, but
there are drugs that lower this thing that is viewed
as a critical part of the Alzheimer's disease, which amyloid
plaques in your brain. If they do lower it. Lily's
got that drug, Biogen's got an equivalent drug. Rushi is
trying a similar approach. And you do slow down the degeneration.
(09:50):
You don't stop it, you slow it down. So what
we really want is to stop people getting to that degeneration.
Try and get them before they have full grown Alzheimer's
or dementia, so that's called mild cognitive impairment. Try and
slow that down to give them another ten, twelve, twenty
years of dignified life.
Speaker 2 (10:10):
So where do you think we are on a time
frame for something like that same is that measured in
a couple of years or more than that.
Speaker 9 (10:19):
Well, so Lily is literally trying that and we'll find
out whether and they have the better rug in this space,
so we'll find out whether in the next two or
three years. They remember, these things are trials that need
to be run until you start seeing a difference. They
get that to that point, and of course then society
(10:40):
has to decide, well, how were we going to pay for this?
How many people? Because there's a large market, right, how
many people are we going to want to treat with
the prices of these drugs whatever they are, even if
it's ten thousand dollars a year, right, and they are
on their way to becoming worse, and we want to
slow that down. You have ten million people. This could
(11:01):
be similar in terms of value to the obesity market,
but you need the drug to do that. So let's
let's wait and see. And RASH has got a new
way of trying to do it, and they're going to
go again and also to phase three to test that out.
Speaker 2 (11:14):
All right, Sam, thanks so much for joining us. Always
appreciate getting a few minutes of your time. Sam Pazzelli,
director of Research for Global Industry and senior pharmaceuticals analysts
Bloomberg Intelligence.
Speaker 6 (11:23):
Stay with us. More from Bloomberg Intelligence coming up after this.
Speaker 1 (11:30):
You're listening to the Bloomberg Intelligence podcast. Catch us Live
weekdays at ten am Eastern on Apple, Coarplay and Android
Auto with the Bloomberg Business app. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 3 (11:44):
Scarlett.
Speaker 2 (11:45):
One of the I think the questions we get, or
maybe discussion points we have over the last month or
so month and a half has been is this a bubble?
Is this an AI bubble? And I don't know, but
I mean the people are spos after this fact, after
the fact exactly right. So, but somebody wo's supposed to
talk about it like present tenses. Michael Casper, Senior US
Equity Strategies for Bloomberg Intelligence. So, Michael, I know you're
(12:06):
having these conversations with your clients here. What are you
saying bubble, no bubble as it relates to AI.
Speaker 12 (12:12):
Yeah, I'm pretty much all the signposts for a bubble
that we have identified so far are pointing towards no bubble. Right,
So if you look at the valuation picture of say
the MAG seven. So the hottest stocks today versus the
hottest stocks in two thousand, we're talking they're trading out
about half the multiple, Microsoft, Cisco, in Telendell, the four Horsemen,
and the Internet bubble we're trading at back at the
(12:32):
top of two thousand, and in fact, the MAG seven's
multiple has come down since twenty twenty one, so they're
growing into their multiple. And you've obviously got a ton
of fundamental support here. Earning's running well faster than normal
at the end of these multi periods, so it's really
pointing towards no bubble at the moment.
Speaker 7 (12:49):
Okay, that might be the case for the Mag seven,
for the companies at the heart of the whole AI revolution,
but what about the ones that are kind of on
the periphery, on the side, and the profitless tech companies
that we talk about that are getting wrapped up in everything.
Speaker 12 (13:01):
Yeah, so it's actually interesting to bring up profitless tech.
My colleague and Bibredherty, she does thematics for us. She
has a Thematics AI universe, and we've actually scanned that
entire universe. And we're talking large caps, small caps, microcaps,
there's three companies in there that are unprofitable in the
entire AI universe of you nearly fifty companies, So there's
(13:22):
really not a lot of unprofitability, especially within the core
AI themes. And and that's another just feather in the
cap for this not being a bubble.
Speaker 2 (13:31):
How about the big tech companies using debt to fund
a lot of Does that get raise the.
Speaker 3 (13:37):
Radar at all?
Speaker 12 (13:38):
Yeah, so it's interesting that they might start dipping into
debt markets.
Speaker 3 (13:42):
That was something that I.
Speaker 12 (13:43):
Read this morning on the terminal actually, but so far,
if you look at leverage ratios, right, so total debt
to market cap or total debt to EBITDA, those are
actually significantly lower than where they were in two thousand,
and we've frankly been delevering pretty consistently throughout the post
grade financial crisis period. So leverage is actually below norms
(14:03):
for the s and P five hundred for the Russell
two thousands, it's pretty much closer to norms. So I'm
not that worried about debt financing yet, right, So there's
plenty of room for companies to take on debt here.
Speaker 6 (14:13):
Why are investors still so worried them? Why Are they
convinced that this is not sustainable?
Speaker 3 (14:18):
Yeah, I think it's a bit of a paranoia.
Speaker 8 (14:20):
Right.
Speaker 12 (14:21):
We've gone up very far, very fast, and we did
look out at some previous melt ups, So we're talking
in the end of the Great the lead up to
the Great Depression cycle, the Internet bubble, those are the
classic melt ups. Our returns have been pretty fast, but
they're still falling well short of that.
Speaker 3 (14:37):
So I think.
Speaker 12 (14:38):
Investors are a little bit worried that the returns have
been so violent and so quick, and that's adding to
a little bit of worry. And of course worry is
a good thing, right, So bubbles usually happen when nobody's
worried about them. I like to think about two thousand
and people always talk about, Yeah, my taxi driver was
telling me about some Internet stock. We're just really not
having that right now. There's still plenty of worry in
(14:58):
the system, and that's a good thing.
Speaker 2 (15:00):
Orble market earnings pretty much done with the third quarter here,
Are they enough to support this marketplace?
Speaker 8 (15:06):
Do you think?
Speaker 3 (15:06):
Yeah? I think earnings were phenomenal.
Speaker 9 (15:09):
Right.
Speaker 12 (15:09):
There were some obviously bumps in the road on a
company by company basis, but again we pretty much doubled
the pace of what consensus expectations were. If you look
at twenty twenty six expectations, those are holding pretty firm.
We're looking at about thirteen percent earnings growth for the
year ahead, again comparing that to previous bubbles. Even that's
significantly higher than what we saw at the end. You know,
(15:29):
bubbles are driven by FOMO, not fundamentals, And certainly consensus
expectations are strong, and they're actually even strengthening in the
Russell two thousand, which has been an unloved group for
quite some time. So things on the fundamental side looking
pretty decent here.
Speaker 6 (15:43):
What about on the technical side.
Speaker 7 (15:44):
I keep reading about how the S and P five
hundred is still below it's fifty day moving average, it's
short term trend line, and it briefly fell below the
one hundred day moving average on Thursday.
Speaker 6 (15:53):
And because we are not going to get.
Speaker 7 (15:55):
Any fundamental data on the economy until after the FMC
just earning season is over, there aren't a whole lot
of catalysts from here on out until maybe next year.
Speaker 12 (16:06):
Yeah, So one catalyst I'm looking at pretty intently is
going to be the holiday spend. Right, Like if that
comes in a little bit better than we expect. That
could be another catalyst for stocks. But certainly you mentioned
the FOMC decision. I think a lot of this pullback
has to do with Powells hawkish comments about two weeks ago.
You know, people just expecting a little more on the
(16:26):
rate cut side than what we're.
Speaker 8 (16:28):
Going to get.
Speaker 3 (16:28):
And again, this just looks like a textbook pullback.
Speaker 12 (16:31):
Right We're down what maybe four or five percent from
all time highs on the S and P five hundred
on the rustle. It's approaching correction territory, but still nothing
really going as far as a bubble bursting.
Speaker 7 (16:42):
Are you looking at bitcoin and crypto at all insofar
as whether it's influencing equities or whether equities are influencing bitcoin,
because there's a lot of talk about the linkage between
tech stocks and bitcoin.
Speaker 12 (16:55):
Yeah, I think bitcoin is a good gauge of risk tolerance.
I don't know about necessarily a fun mental linkage between
bitcoin and stocks outside of.
Speaker 3 (17:03):
Maybe you know the AI names those leading the corners.
Speaker 12 (17:05):
I think, you know, stocks are the dog that wags
the tail, right, and crypto is the tail here.
Speaker 3 (17:12):
But I think crypto is really kind of showing.
Speaker 12 (17:14):
Where the concerns lie in the equity markets and the
risk is in the equity markets. And again that seems
to be more with the Fed. What is the Fed
going to do? Obviously Fed raycuts would be good for bitcoin.
Everybody thinks it's it's pretty stable. So I think that's
really showing where the pressure points are for stocks.
Speaker 2 (17:31):
All right, Mike, appreciate it as always. Michael Casper, Bloomberg
Intelligence Senior US equity research strategist, giving us lots on
these markets. Here, Ai bubble, you know something, so we'll
keep an eye on the market. Is certainly trading higher
today with the S and pup one point four percent,
in the NASDAK up two point three percent.
Speaker 6 (17:48):
Stay with us. More from Bloomberg Intelligence coming up after this.
Speaker 1 (17:55):
You're listening to the Bloomberg Intelligence podcast. Catch us live
he's at ten am. He'sterned on Apple Coarcklay and Android
Auto with the Bloomberg Business app. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (18:10):
All right, let's go switch gears a little bit.
Speaker 3 (18:12):
President Trump.
Speaker 2 (18:13):
When he came into office, he was wildly considered to
be a deregulatory president. Will allow a lot of industries
maybe to consolidate. One of those industries is the broadcasting industry,
the radio and TV business. But he was out with
a tweet recently saying he maybe doesn't support that anymore,
and that was a big u turn for a lot
of people, particularly in the television industry. So we want
(18:35):
to go to the expert, Matthew Shettenhelm. He is the
media litigation analyst for Bloomberg Intelligence.
Speaker 3 (18:40):
He's one of the best on the street folks. But
his credibility with me took a.
Speaker 2 (18:43):
Big, big hit when I found out he does not
carry cash, and for an old banker like me, who's
got a wat of cash in his pocket all the time,
that was a problem.
Speaker 6 (18:52):
But we're still credit cards and therefore he's.
Speaker 2 (18:53):
Actually just the younger generation Daniel Cash. They just don't
do the cash thing. He Matt, how much of a
surprise was that President Trump tweets out that maybe he's
not behind consolidation in the TV industry.
Speaker 13 (19:06):
You're never going to let me, let me live that
one downfall. But so it's a moderate surprise. So it's
not a complete surprise because Newsmax has participated before the
FCC and has been one of the few voices that said,
don't do this, don't deregulate this space. And what you
(19:27):
really see here is President Trump latching on to an
article written on Newsmax's platform opposing the easing of this
national ownership cap. What's in play here is that there's
current FCC regulation says no company can reach more than
thirty nine percent of US households, and companies like Nextstar
(19:51):
and Sinclair want to go way beyond thirty nine percent.
In fact, Nextstar has a pending deal before the FCC.
They just filed their application on Thursday or Friday last
week to acquire Tegna that would take them to seventy
eighty percent of the country, and it depends on the FCC.
Speaker 8 (20:08):
Deregulating in this space.
Speaker 13 (20:10):
So Trump latching on to Newsmax's opposition because he's concerned
about the TV networks growing larger is a concern.
Speaker 8 (20:20):
It's a real risk.
Speaker 13 (20:22):
I'm not convinced yet that it's going to lead to
real FCC policy. I think this FCC wants to deregulate
in this space, and I think there's going to be
a pushback against Trump's view on this.
Speaker 7 (20:32):
Okay, So the FCC is headed by Brendan Carr, who's
been very active in making sure that he's out there
doing the president's bidding. Are you saying that Brendan Carr
is going to defy President Trump?
Speaker 13 (20:44):
Yeah, so that's the big question here. The FCC used
to operate as an independent agency, meaning even if the
President had a view on something, the FCC could chart
its own course. That doesn't that's not going to work
anymore the way this FC is operating. If the President
takes a firm view on something, the FCC is not
(21:06):
going to defy it because effectively, the President can fire
the FCC chairman then and you know, there's no no
future job prospect if you defy the president. What I'm
not convinced about is, you know, this was one social
media post from President Trump, and you know, talking about
concerns about letting the broadcast networks ABC, CBS, Fox get bigger.
Speaker 8 (21:29):
What I think there could be.
Speaker 13 (21:30):
Now in in you know, on in back channels, is
some education from the FCC to the White House that says, hey,
easing the national ownership cap it would let Sinclair Next
Star get bigger, probably, but it doesn't necessarily mean the
broadcast networks will get bigger. There's still an independent check
on that even if we we ease this this cap.
So ultimately, if Trump is against this, the FCC is
(21:53):
not going ahead with it in my view. But I
think there's still room for for Trump's position to evolve
on this.
Speaker 2 (22:00):
So, I mean, the reality is, I mean, this is
an industry, the broadcast television industry that is arguably on
life support vis a VI forget about cable television, which
itself is on life support. They survive that on slot.
Now it's just all about digital and social media. And
I would think the industry would have an open would
have an effective argument, not just to the DOJ, but
(22:22):
to the president as well.
Speaker 8 (22:23):
Absolutely.
Speaker 13 (22:24):
I mean that's the case that the National Association of
Broadcasters has made to the FCC that these ownership restrictions,
you know, which come from the nineteen seventies or even
earlier than that, really make no sense in the world
we live in today, where so much video that is
consumed doesn't come from from broadcast. It comes over the Internet,
(22:45):
and there are no artificial caps on how much those
companies can reach, and broadcasters are left to try to
fight with one hand tied behind their back with these
these you know, ancient FCC rules on the books, and
the Republicans at the FCC, Brendan Carr included, strongly agree
(23:06):
with that message.
Speaker 8 (23:07):
And so it's going.
Speaker 13 (23:09):
To be I think a little bit of a communication
effort that needs to happen between the FCC and the
White House too, And the real question will be how
does that play out. Does Trump's social media post actually
translate to real policy.
Speaker 8 (23:24):
I'm not convinced that it will yet.
Speaker 3 (23:26):
All Right, Matt, appreciate it as always.
Speaker 2 (23:28):
Met Chetninghelm, He's a media litigation analyst Bloomberg Intelligency space
down there in DC.
Speaker 1 (23:33):
This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each
weekday ten am to noon Eastern on Bloomberg dot com,
the iHeartRadio app, tune In, and the Bloomberg Business app.
You can also watch us live every weekday on YouTube
and always on the Bloomberg terminal
Bloomberg Audio Studios, podcasts, radio news. You're listening to the
Bloomberg Intelligence podcast. Catch us live weekdays at ten am
Easterned on Apple, Cocklay and Android Auto with the Bloomberg
Business app. Listen on demand wherever you get your podcasts,
or watch us live on YouTube.
Speaker 2 (00:24):
Bitcoin it gets your attention, folks. It is down another
one point eight percent today, eighty six thousand dollars. The
high just you know a month, month and a half
ago is one hundred and twenty five thousand, so we
got a north of a thirty percent drawdown in bigcoin.
It's a commodity to me. I don't know more sellers
and buyers. Let's chicka with Mike mcloughan. He covers this
(00:45):
stuff because he's a commodity strategist for Bloomberg Intelligence.
Speaker 3 (00:48):
Mike, you've seen.
Speaker 2 (00:49):
Commodities trade up and down for decades. Here put this
bitcoin moving context for us.
Speaker 4 (00:55):
Well, Paul, I like the way you started. It's a
commodity to you, and I used to think that too.
Speaker 5 (00:59):
Now to me actually less of a commodity because in
all commodities you have an underlying the basis, and you
have supply and demand fundamentals and Bitcoin there's millions of
competitors and there's no underlying to it, So I'm worried
and doesn't have a practical value other than to trade
and hold value at least gold.
Speaker 4 (01:14):
This looks pretty and things.
Speaker 5 (01:15):
So I'm afraid what's happening in bitcoins are seeing that
overdue purge and those millions of cryptocurrencies that track nothing,
it's pulling out Bitcoin. They're probably going to have to
head towards zero. And the key question is what do
we do for the end of the year. Can we
recover from these levels? And I think it's unlikely we do,
which means the whole system might be coming down into
maybe a grinch is going to win Christmas.
Speaker 6 (01:35):
Wow, that's quite a call. Yeah, the whole system coming down.
Speaker 7 (01:39):
I mean, for now people are saying that there's we're
shaping up to be the worst November for bitcoin since
twenty twenty two, which was around the time that saying
Bankmin Freed and his company, you know, basically fell apart.
Talk a little bit about the Bitcoin ETFs and how
demand and inflows into those probus drove a lot of
(02:01):
the rally in spot baitcoin overall, and perhaps are removing
a big source of support right now.
Speaker 5 (02:07):
Well, I'm glad you went there, Scarlett, because my primary
goal the last few years one Bloomberg we launched a
Bloomberg Galaxy crypto index. Idea was eventually for the whole
space to be tracked by widely by ETFs, including that index,
and once we got there, I figured and put in
a plateau. Now we've gotten there, and I think it's plateau.
So basically we've gone from the geeks and the insiders
who made a lot of money pushing it over to
(02:28):
retail and the big picture people want to catch up
and chase the performance, and they're finding out it's poor
performance near a peak.
Speaker 4 (02:35):
They're piling on.
Speaker 5 (02:36):
The biggest ETFs. Ever, it's classic peak bubble. So if
you want a bubble in all markets, it starts with cryptos.
Maybe not equities, but it's as bad as it was
for dot com bubble in nineteen ninety nine.
Speaker 4 (02:47):
Now the whole thing's going back downward, and by the
end of the year should it recover.
Speaker 5 (02:51):
I look at it as we need to just purge
millions of these things that track nothing, that are worth
billions of dollars. One good example is number nine on
the Bitcoin cryp pages. Dosee coin, it's worth twenty one
billion dollars, attracts nothing.
Speaker 4 (03:04):
It was launch as a joke.
Speaker 8 (03:06):
Wow.
Speaker 2 (03:06):
So we had Eric baoutchunasan just earlier and he said
most of the ETF buyers are still in it. They
haven't sold about five or six percent of sold or
seen outflows.
Speaker 3 (03:16):
Out of the ETF.
Speaker 2 (03:17):
So the ETF flows are kind of hanging in there
at this point.
Speaker 3 (03:21):
So off to see, do we.
Speaker 6 (03:23):
Know who is selling?
Speaker 5 (03:24):
Mike, Yeah, well, certainly some of the OG's people have
been along in for a long time. Once they heard
that Trump was so involved, they wanted to get out.
But Eric has on been on top of this. He
nailed it very beginning with the launching the ETF. The
problem is, I hear the average price for all ETFs,
and since they've been launched for bitcoins around eighty nine thousand,
we're below that.
Speaker 4 (03:42):
So we're getting below there.
Speaker 5 (03:43):
And also they've got double the vow till they what
they left they left the stock market, they get better.
Speaker 4 (03:47):
Performance, they're getting worse. This is classic peak stuff. Paul.
Speaker 5 (03:50):
I'm worried that it's just gonna I'm worried about that
Grinch effecting to the end of the year when everybody expects, oh,
Santa Claus is gonna come, but Grinch takes all Grinch
shows up.
Speaker 7 (03:59):
Okay, Mike, But the president and his family are very
much invested in bitcoin, in the crypto industry at large.
Speaker 6 (04:06):
Is there not a Trump put here?
Speaker 4 (04:08):
Well, that's the key thing. What are they going to
do to make a difference.
Speaker 5 (04:11):
Strategic Bitcoin Reserve though that was floated last year didn't
work out. We have the President's sun coined for it
to go much higher, and the future we might have
laws against those kind of things because there's a vested interest.
I don't know how it's going to work out, but
it was that Fostian bargain. I'm worried about that just
in bloting now. And the key question is what stops it?
Speaker 4 (04:27):
What are they going to do to make it change?
Speaker 5 (04:29):
The bottom line is there's so many millions of these
things that are just pine and sky speculative digital assets.
Speaker 4 (04:35):
They just need to purge and then we'll go back.
Speaker 5 (04:37):
And I'm afraid that means Bitcoin's first stop on this
move is really towards fifty thousand. It's got to really
end the year up on the year to show anything
other than that, I'm afraid fifty thousand to the next
key level, which means Domino's tumble, and the questions what
can they do to make a difference, Maybe get the
Fed the ease, which means more inflation, which means they're
not going to get elected.
Speaker 7 (04:55):
Right, Well, all of that, the macro headwinds are the
same as any other acid classic.
Speaker 6 (05:01):
Yes, in many ways.
Speaker 7 (05:02):
Mike mcgloan and Bloomberg Intelligence senior commodity strategists joining us
on bitcoin.
Speaker 3 (05:07):
Stay with us.
Speaker 6 (05:07):
More from Bloomberg Intelligence coming.
Speaker 3 (05:09):
Up after this.
Speaker 1 (05:13):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Apple, Cocklay and Android
Auto with the Bloomberg Business app. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (05:27):
Let's talk to Sam Fazzelli because it's Monday, and that's
what we do. We talk healthcare, and you want to
talk healthcare. Talk to Sam Fazzelli. He's over there in London.
I think I haven't checked at these badge I mean,
who the heck knows what these people over there in London.
But he's the best there is out there folks on
global healthcare and we appreciate getting a few minutes of
his time. Sim this obesity story is become the story
(05:49):
for your world. I mean, it's almost like forget about
some of these other issues you guys have been dealing with,
what you know, other diseases and therapeutics and so on.
It's all about obesie drugs. Talks about Novo Nordis start
taking on engineer.
Speaker 9 (06:02):
Yeah, hi Paul, and just for the actuality, I'm in
France at the minute, see told, but only another twelve
hours now. Today's news from NOMA. Notice is not about OBCD.
It's about a drug semaglutide in a pill form that
they've tested in Alzheimer's disease. And the theory was, and
(06:26):
there was some evidence that people who were taking the
very first version of the GLP one brug so victosa
or liro glue tide, they had a lower risk of
developing Alzheimer's when you looked at historic or rect prospective
data and there's animal models, et cetera. So they thought,
but it's worth a trial and it didn't work out.
(06:47):
They said that they're seeing some impacts in some biomarkers
et cetera. And we'll find out next week what biomarkers.
But the trial didn't work out. And the question here
is was the theory wrong?
Speaker 8 (07:00):
Oh?
Speaker 9 (07:00):
Is the drug not good enough? Is it pill enough?
We know the pill doesn't do as well in obesity
as the injection. Should they have tested the injection?
Speaker 6 (07:09):
That's a good question.
Speaker 7 (07:10):
And you mentioned that the ingredient here that we're paying
attention to is some maglitude, which I hope I'm pronouncing
correctly there. Does that mean that this ingredient and Alzheimer's
are just a no go from here on out? Or
does there need to be more testing before we can
determine that?
Speaker 9 (07:24):
Yeah, there needs to be more testing, But who's going
to do that? I mean, having failed, now, who's going
to put the money into test it?
Speaker 8 (07:31):
Now?
Speaker 9 (07:32):
Lily does have an Alzheimer's business in a completely different
with different set of drugs, and they have a more
punchy product once weekly with a relatively easily administered pen.
That would be interested to see whether that.
Speaker 10 (07:48):
Helps and you know, so that you get more much
more drug in the body, or maybe redesign it a bit.
So it really does depend on how much appetite for
risk these companies have and literally now with the just
literally just over trillion dollar market cap, maybe they should
give it a go. You know, it would be magic
if this thing, It literally would be magic if this thing.
Speaker 9 (08:09):
Just helped so many different diseases.
Speaker 2 (08:12):
Same talk to us about just the market for dementia.
Alzheimer's is one one part of it. I would think
that's a it's a big market and be it. It's
got to be a growing market with people living longer.
How do you guys think about it and how do
you play it?
Speaker 11 (08:25):
If you're an investor, Yeah, it's it's It is a
significant societal issue number one. And you know, I think
there are many, not many families who would say that
they haven't experienced it. They have all the people in
their in their extended family. So the market has humongous potential.
(08:45):
But you need drugs that actually treat the disease. Remember,
by the time you have Alzheimer's, I.
Speaker 9 (08:51):
Eat a full blown dementia of the Alzheimer's type or
other types. It's a bit late. That means that a
lot that's already happened. So you need to go early,
and early it means long, expensive trials and Lily is
doing that with their assets, So fingers crossed, we'll find
out in the next two or three years where they're
going early with these assets. Rush is doing it too.
(09:12):
It would be a beneficial.
Speaker 7 (09:14):
Right, I mean, the test with the pill form of
ozambic was definitely a lottery ticket. If it worked, great,
If not, we're back to the drawing board. Are there
any effective treatments right now against dementia or Alzheimer's?
Speaker 9 (09:27):
Well, by effective, I mean it's tough to say, but
there are drugs that lower this thing that is viewed
as a critical part of the Alzheimer's disease, which amyloid
plaques in your brain. If they do lower it. Lily's
got that drug, Biogen's got an equivalent drug. Rushi is
trying a similar approach. And you do slow down the degeneration.
(09:50):
You don't stop it, you slow it down. So what
we really want is to stop people getting to that degeneration.
Try and get them before they have full grown Alzheimer's
or dementia, so that's called mild cognitive impairment. Try and
slow that down to give them another ten, twelve, twenty
years of dignified life.
Speaker 2 (10:10):
So where do you think we are on a time
frame for something like that same is that measured in
a couple of years or more than that.
Speaker 9 (10:19):
Well, so Lily is literally trying that and we'll find
out whether and they have the better rug in this space,
so we'll find out whether in the next two or
three years. They remember, these things are trials that need
to be run until you start seeing a difference. They
get that to that point, and of course then society
(10:40):
has to decide, well, how were we going to pay for this?
How many people? Because there's a large market, right, how
many people are we going to want to treat with
the prices of these drugs whatever they are, even if
it's ten thousand dollars a year, right, and they are
on their way to becoming worse, and we want to
slow that down. You have ten million people. This could
(11:01):
be similar in terms of value to the obesity market,
but you need the drug to do that. So let's
let's wait and see. And RASH has got a new
way of trying to do it, and they're going to
go again and also to phase three to test that out.
Speaker 2 (11:14):
All right, Sam, thanks so much for joining us. Always
appreciate getting a few minutes of your time. Sam Pazzelli,
director of Research for Global Industry and senior pharmaceuticals analysts
Bloomberg Intelligence.
Speaker 6 (11:23):
Stay with us. More from Bloomberg Intelligence coming up after this.
Speaker 1 (11:30):
You're listening to the Bloomberg Intelligence podcast. Catch us Live
weekdays at ten am Eastern on Apple, Coarplay and Android
Auto with the Bloomberg Business app. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 3 (11:44):
Scarlett.
Speaker 2 (11:45):
One of the I think the questions we get, or
maybe discussion points we have over the last month or
so month and a half has been is this a bubble?
Is this an AI bubble? And I don't know, but
I mean the people are spos after this fact, after
the fact exactly right. So, but somebody wo's supposed to
talk about it like present tenses. Michael Casper, Senior US
Equity Strategies for Bloomberg Intelligence. So, Michael, I know you're
(12:06):
having these conversations with your clients here. What are you
saying bubble, no bubble as it relates to AI.
Speaker 12 (12:12):
Yeah, I'm pretty much all the signposts for a bubble
that we have identified so far are pointing towards no bubble. Right,
So if you look at the valuation picture of say
the MAG seven. So the hottest stocks today versus the
hottest stocks in two thousand, we're talking they're trading out
about half the multiple, Microsoft, Cisco, in Telendell, the four Horsemen,
and the Internet bubble we're trading at back at the
(12:32):
top of two thousand, and in fact, the MAG seven's
multiple has come down since twenty twenty one, so they're
growing into their multiple. And you've obviously got a ton
of fundamental support here. Earning's running well faster than normal
at the end of these multi periods, so it's really
pointing towards no bubble at the moment.
Speaker 7 (12:49):
Okay, that might be the case for the Mag seven,
for the companies at the heart of the whole AI revolution,
but what about the ones that are kind of on
the periphery, on the side, and the profitless tech companies
that we talk about that are getting wrapped up in everything.
Speaker 12 (13:01):
Yeah, so it's actually interesting to bring up profitless tech.
My colleague and Bibredherty, she does thematics for us. She
has a Thematics AI universe, and we've actually scanned that
entire universe. And we're talking large caps, small caps, microcaps,
there's three companies in there that are unprofitable in the
entire AI universe of you nearly fifty companies, So there's
(13:22):
really not a lot of unprofitability, especially within the core
AI themes. And and that's another just feather in the
cap for this not being a bubble.
Speaker 2 (13:31):
How about the big tech companies using debt to fund
a lot of Does that get raise the.
Speaker 3 (13:37):
Radar at all?
Speaker 12 (13:38):
Yeah, so it's interesting that they might start dipping into
debt markets.
Speaker 3 (13:42):
That was something that I.
Speaker 12 (13:43):
Read this morning on the terminal actually, but so far,
if you look at leverage ratios, right, so total debt
to market cap or total debt to EBITDA, those are
actually significantly lower than where they were in two thousand,
and we've frankly been delevering pretty consistently throughout the post
grade financial crisis period. So leverage is actually below norms
(14:03):
for the s and P five hundred for the Russell
two thousands, it's pretty much closer to norms. So I'm
not that worried about debt financing yet, right, So there's
plenty of room for companies to take on debt here.
Speaker 6 (14:13):
Why are investors still so worried them? Why Are they
convinced that this is not sustainable?
Speaker 3 (14:18):
Yeah, I think it's a bit of a paranoia.
Speaker 8 (14:20):
Right.
Speaker 12 (14:21):
We've gone up very far, very fast, and we did
look out at some previous melt ups, So we're talking
in the end of the Great the lead up to
the Great Depression cycle, the Internet bubble, those are the
classic melt ups. Our returns have been pretty fast, but
they're still falling well short of that.
Speaker 3 (14:37):
So I think.
Speaker 12 (14:38):
Investors are a little bit worried that the returns have
been so violent and so quick, and that's adding to
a little bit of worry. And of course worry is
a good thing, right, So bubbles usually happen when nobody's
worried about them. I like to think about two thousand
and people always talk about, Yeah, my taxi driver was
telling me about some Internet stock. We're just really not
having that right now. There's still plenty of worry in
(14:58):
the system, and that's a good thing.
Speaker 2 (15:00):
Orble market earnings pretty much done with the third quarter here,
Are they enough to support this marketplace?
Speaker 8 (15:06):
Do you think?
Speaker 3 (15:06):
Yeah? I think earnings were phenomenal.
Speaker 9 (15:09):
Right.
Speaker 12 (15:09):
There were some obviously bumps in the road on a
company by company basis, but again we pretty much doubled
the pace of what consensus expectations were. If you look
at twenty twenty six expectations, those are holding pretty firm.
We're looking at about thirteen percent earnings growth for the
year ahead, again comparing that to previous bubbles. Even that's
significantly higher than what we saw at the end. You know,
(15:29):
bubbles are driven by FOMO, not fundamentals, And certainly consensus
expectations are strong, and they're actually even strengthening in the
Russell two thousand, which has been an unloved group for
quite some time. So things on the fundamental side looking
pretty decent here.
Speaker 6 (15:43):
What about on the technical side.
Speaker 7 (15:44):
I keep reading about how the S and P five
hundred is still below it's fifty day moving average, it's
short term trend line, and it briefly fell below the
one hundred day moving average on Thursday.
Speaker 6 (15:53):
And because we are not going to get.
Speaker 7 (15:55):
Any fundamental data on the economy until after the FMC
just earning season is over, there aren't a whole lot
of catalysts from here on out until maybe next year.
Speaker 12 (16:06):
Yeah, So one catalyst I'm looking at pretty intently is
going to be the holiday spend. Right, Like if that
comes in a little bit better than we expect. That
could be another catalyst for stocks. But certainly you mentioned
the FOMC decision. I think a lot of this pullback
has to do with Powells hawkish comments about two weeks ago.
You know, people just expecting a little more on the
(16:26):
rate cut side than what we're.
Speaker 8 (16:28):
Going to get.
Speaker 3 (16:28):
And again, this just looks like a textbook pullback.
Speaker 12 (16:31):
Right We're down what maybe four or five percent from
all time highs on the S and P five hundred
on the rustle. It's approaching correction territory, but still nothing
really going as far as a bubble bursting.
Speaker 7 (16:42):
Are you looking at bitcoin and crypto at all insofar
as whether it's influencing equities or whether equities are influencing bitcoin,
because there's a lot of talk about the linkage between
tech stocks and bitcoin.
Speaker 12 (16:55):
Yeah, I think bitcoin is a good gauge of risk tolerance.
I don't know about necessarily a fun mental linkage between
bitcoin and stocks outside of.
Speaker 3 (17:03):
Maybe you know the AI names those leading the corners.
Speaker 12 (17:05):
I think, you know, stocks are the dog that wags
the tail, right, and crypto is the tail here.
Speaker 3 (17:12):
But I think crypto is really kind of showing.
Speaker 12 (17:14):
Where the concerns lie in the equity markets and the
risk is in the equity markets. And again that seems
to be more with the Fed. What is the Fed
going to do? Obviously Fed raycuts would be good for bitcoin.
Everybody thinks it's it's pretty stable. So I think that's
really showing where the pressure points are for stocks.
Speaker 2 (17:31):
All right, Mike, appreciate it as always. Michael Casper, Bloomberg
Intelligence Senior US equity research strategist, giving us lots on
these markets. Here, Ai bubble, you know something, so we'll
keep an eye on the market. Is certainly trading higher
today with the S and pup one point four percent,
in the NASDAK up two point three percent.
Speaker 6 (17:48):
Stay with us. More from Bloomberg Intelligence coming up after this.
Speaker 1 (17:55):
You're listening to the Bloomberg Intelligence podcast. Catch us live
he's at ten am. He'sterned on Apple Coarcklay and Android
Auto with the Bloomberg Business app. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 2 (18:10):
All right, let's go switch gears a little bit.
Speaker 3 (18:12):
President Trump.
Speaker 2 (18:13):
When he came into office, he was wildly considered to
be a deregulatory president. Will allow a lot of industries
maybe to consolidate. One of those industries is the broadcasting industry,
the radio and TV business. But he was out with
a tweet recently saying he maybe doesn't support that anymore,
and that was a big u turn for a lot
of people, particularly in the television industry. So we want
(18:35):
to go to the expert, Matthew Shettenhelm. He is the
media litigation analyst for Bloomberg Intelligence.
Speaker 3 (18:40):
He's one of the best on the street folks. But
his credibility with me took a.
Speaker 2 (18:43):
Big, big hit when I found out he does not
carry cash, and for an old banker like me, who's
got a wat of cash in his pocket all the time,
that was a problem.
Speaker 6 (18:52):
But we're still credit cards and therefore he's.
Speaker 2 (18:53):
Actually just the younger generation Daniel Cash. They just don't
do the cash thing. He Matt, how much of a
surprise was that President Trump tweets out that maybe he's
not behind consolidation in the TV industry.
Speaker 13 (19:06):
You're never going to let me, let me live that
one downfall. But so it's a moderate surprise. So it's
not a complete surprise because Newsmax has participated before the
FCC and has been one of the few voices that said,
don't do this, don't deregulate this space. And what you
(19:27):
really see here is President Trump latching on to an
article written on Newsmax's platform opposing the easing of this
national ownership cap. What's in play here is that there's
current FCC regulation says no company can reach more than
thirty nine percent of US households, and companies like Nextstar
(19:51):
and Sinclair want to go way beyond thirty nine percent.
In fact, Nextstar has a pending deal before the FCC.
They just filed their application on Thursday or Friday last
week to acquire Tegna that would take them to seventy
eighty percent of the country, and it depends on the FCC.
Speaker 8 (20:08):
Deregulating in this space.
Speaker 13 (20:10):
So Trump latching on to Newsmax's opposition because he's concerned
about the TV networks growing larger is a concern.
Speaker 8 (20:20):
It's a real risk.
Speaker 13 (20:22):
I'm not convinced yet that it's going to lead to
real FCC policy. I think this FCC wants to deregulate
in this space, and I think there's going to be
a pushback against Trump's view on this.
Speaker 7 (20:32):
Okay, So the FCC is headed by Brendan Carr, who's
been very active in making sure that he's out there
doing the president's bidding. Are you saying that Brendan Carr
is going to defy President Trump?
Speaker 13 (20:44):
Yeah, so that's the big question here. The FCC used
to operate as an independent agency, meaning even if the
President had a view on something, the FCC could chart
its own course. That doesn't that's not going to work
anymore the way this FC is operating. If the President
takes a firm view on something, the FCC is not
(21:06):
going to defy it because effectively, the President can fire
the FCC chairman then and you know, there's no no
future job prospect if you defy the president. What I'm
not convinced about is, you know, this was one social
media post from President Trump, and you know, talking about
concerns about letting the broadcast networks ABC, CBS, Fox get bigger.
Speaker 8 (21:29):
What I think there could be.
Speaker 13 (21:30):
Now in in you know, on in back channels, is
some education from the FCC to the White House that says, hey,
easing the national ownership cap it would let Sinclair Next
Star get bigger, probably, but it doesn't necessarily mean the
broadcast networks will get bigger. There's still an independent check
on that even if we we ease this this cap.
So ultimately, if Trump is against this, the FCC is
(21:53):
not going ahead with it in my view. But I
think there's still room for for Trump's position to evolve
on this.
Speaker 2 (22:00):
So, I mean, the reality is, I mean, this is
an industry, the broadcast television industry that is arguably on
life support vis a VI forget about cable television, which
itself is on life support. They survive that on slot.
Now it's just all about digital and social media. And
I would think the industry would have an open would
have an effective argument, not just to the DOJ, but
(22:22):
to the president as well.
Speaker 8 (22:23):
Absolutely.
Speaker 13 (22:24):
I mean that's the case that the National Association of
Broadcasters has made to the FCC that these ownership restrictions,
you know, which come from the nineteen seventies or even
earlier than that, really make no sense in the world
we live in today, where so much video that is
consumed doesn't come from from broadcast. It comes over the Internet,
(22:45):
and there are no artificial caps on how much those
companies can reach, and broadcasters are left to try to
fight with one hand tied behind their back with these
these you know, ancient FCC rules on the books, and
the Republicans at the FCC, Brendan Carr included, strongly agree
(23:06):
with that message.
Speaker 8 (23:07):
And so it's going.
Speaker 13 (23:09):
To be I think a little bit of a communication
effort that needs to happen between the FCC and the
White House too, And the real question will be how
does that play out. Does Trump's social media post actually
translate to real policy.
Speaker 8 (23:24):
I'm not convinced that it will yet.
Speaker 3 (23:26):
All Right, Matt, appreciate it as always.
Speaker 2 (23:28):
Met Chetninghelm, He's a media litigation analyst Bloomberg Intelligency space
down there in DC.
Speaker 1 (23:33):
This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each
weekday ten am to noon Eastern on Bloomberg dot com,
the iHeartRadio app, tune In, and the Bloomberg Business app.
You can also watch us live every weekday on YouTube
and always on the Bloomberg terminal
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Are You A Charlotte?
In 1997, actress Kristin Davis’ life was forever changed when she took on the role of Charlotte York in Sex and the City. As we watched Carrie, Samantha, Miranda and Charlotte navigate relationships in NYC, the show helped push once unacceptable conversation topics out of the shadows and altered the narrative around women and sex. We all saw ourselves in them as they searched for fulfillment in life, sex and friendships. Now, Kristin Davis wants to connect with you, the fans, and share untold stories and all the behind the scenes. Together, with Kristin and special guests, what will begin with Sex and the City will evolve into talks about themes that are still so relevant today. "Are you a Charlotte?" is much more than just rewatching this beloved show, it brings the past and the present together as we talk with heart, humor and of course some optimism.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.