October 8, 2025 • 4 mins
Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.
In this episode, we feature conversations with Richard Clarida & Suzy Welch.
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:12):
Single Best Idea and a special edition. We'll get to
my essay of the Year in a moment. What a
joy A whole wide set of guests today, thanks to
Keith Cowing of NASA Watch for giving us great perspective
on Elon Musk in his space effort and what mister
Bezos is doing with Blue Origin. Everybody got safe back
(00:34):
to Earth after going up sixty two. As they call
it Shepherd, but it's sort of like Alan Shephard and
Mercury One where we're here, we're going up and we're
coming right back down. I think it's sort of cool
that they call it the Shepherd Mission. Our mission today
was good conversation Man Deep singh on Ai. Will have
him more and more tomorrow to look ahead at gold
(00:56):
at four thousand, maybe forty one hundred by the time
James Steele comes in the studio tomorrow from HSBC. Really
looking forward to that. Richard Clarina with a former vice
chairman of the Federal Reserve System with PIMCO and always
with Columbia. Richard Clarita and the turmoil, the Tumult of Japan.
Speaker 3 (01:16):
Japan went through about a two decade period where they
had deflation. It wasn't a spiral, but prices were negative.
I think to me, Tom, one of the interesting things
about Japan is although the boj was trying to reflate
the economy, the politicians in the public actually didn't get
a vote. They actually liked deflation. You know, you've got
your savings in yen under the mattress. You know deflation
(01:39):
is good for you. So I think a challenge right
now in Japan is they finally, after twenty five years,
achieved the positive two or three percent inflation, but it's
creating substantial political tension.
Speaker 2 (01:49):
Richard Clarina of PIMCO there and of course all of
us work at Columbia University, Bloomberg News off our Tokyo
desk today with a spectacular bar chart showing the agony
of an inflation to the Japanese. Their real wage, their
inflation adjusted wage is there's only one word for it.
It's grim. A special day my essay of the year,
(02:11):
and it is Professor Susie Welch of New York University.
Susie Welch, with some legitimate data study of this generational
divide between the goals aspirations of a older generation from
gen Z. It was an essay in the Wall Street Journal.
It's created a firestorm of comment. She was just brilliant.
(02:33):
Today here is Professor Welch.
Speaker 1 (02:35):
They can't do what they would need to do, which
is promise a long term employment. I mean people feel
loyal when they feel like, Okay, I'm investing my time
in a company and I'm going to be here in
two or three years and my boss is going to be.
Speaker 2 (02:46):
Here disclosure Bloomberg LP every day. It's a privilege. I mean,
that's where we come from, right, the three of us.
Speaker 1 (02:52):
Right, Well, you've got probably a sense that, look, this
company is healthy and it's thriving, and we're all going
to be here, and I'm willing to get myself to
this organization and to work the extra hours because we're
all going to be here together. But for most people
going into organizations, there's this constant sense of fragility and
we may not be here. I could be gone tomorrow.
Why would you invest in yourself in that? And so
(03:13):
that contract is pretty much over now. There are places,
I think JP Morgan Goldman Zachs you can go and
think I could try to build my whole career here.
But there's not a lot of companies I've done anymore.
Speaker 2 (03:23):
Susie Welch a riveting conversation. We hope to get that
out in its entirety for you on a podcast. We'll
see if we can pull that off. Today, I will
get the essay out on Twitter and LinkedIn and again
she's created with all of this is real academics. This
is not opinion, folks. This is like looking at complex
adult academic data about the emotions of gen Z versus
(03:48):
the emotions of the people on the hiring front at corporations.
We're in a podcast or out at Apple, your Spotify
YouTube podcasts, A single best idea
Speaker 1 (04:02):
S
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:12):
Single Best Idea and a special edition. We'll get to
my essay of the Year in a moment. What a
joy A whole wide set of guests today, thanks to
Keith Cowing of NASA Watch for giving us great perspective
on Elon Musk in his space effort and what mister
Bezos is doing with Blue Origin. Everybody got safe back
(00:34):
to Earth after going up sixty two. As they call
it Shepherd, but it's sort of like Alan Shephard and
Mercury One where we're here, we're going up and we're
coming right back down. I think it's sort of cool
that they call it the Shepherd Mission. Our mission today
was good conversation Man Deep singh on Ai. Will have
him more and more tomorrow to look ahead at gold
(00:56):
at four thousand, maybe forty one hundred by the time
James Steele comes in the studio tomorrow from HSBC. Really
looking forward to that. Richard Clarina with a former vice
chairman of the Federal Reserve System with PIMCO and always
with Columbia. Richard Clarita and the turmoil, the Tumult of Japan.
Speaker 3 (01:16):
Japan went through about a two decade period where they
had deflation. It wasn't a spiral, but prices were negative.
I think to me, Tom, one of the interesting things
about Japan is although the boj was trying to reflate
the economy, the politicians in the public actually didn't get
a vote. They actually liked deflation. You know, you've got
your savings in yen under the mattress. You know deflation
(01:39):
is good for you. So I think a challenge right
now in Japan is they finally, after twenty five years,
achieved the positive two or three percent inflation, but it's
creating substantial political tension.
Speaker 2 (01:49):
Richard Clarina of PIMCO there and of course all of
us work at Columbia University, Bloomberg News off our Tokyo
desk today with a spectacular bar chart showing the agony
of an inflation to the Japanese. Their real wage, their
inflation adjusted wage is there's only one word for it.
It's grim. A special day my essay of the year,
(02:11):
and it is Professor Susie Welch of New York University.
Susie Welch, with some legitimate data study of this generational
divide between the goals aspirations of a older generation from
gen Z. It was an essay in the Wall Street Journal.
It's created a firestorm of comment. She was just brilliant.
(02:33):
Today here is Professor Welch.
Speaker 1 (02:35):
They can't do what they would need to do, which
is promise a long term employment. I mean people feel
loyal when they feel like, Okay, I'm investing my time
in a company and I'm going to be here in
two or three years and my boss is going to be.
Speaker 2 (02:46):
Here disclosure Bloomberg LP every day. It's a privilege. I mean,
that's where we come from, right, the three of us.
Speaker 1 (02:52):
Right, Well, you've got probably a sense that, look, this
company is healthy and it's thriving, and we're all going
to be here, and I'm willing to get myself to
this organization and to work the extra hours because we're
all going to be here together. But for most people
going into organizations, there's this constant sense of fragility and
we may not be here. I could be gone tomorrow.
Why would you invest in yourself in that? And so
(03:13):
that contract is pretty much over now. There are places,
I think JP Morgan Goldman Zachs you can go and
think I could try to build my whole career here.
But there's not a lot of companies I've done anymore.
Speaker 2 (03:23):
Susie Welch a riveting conversation. We hope to get that
out in its entirety for you on a podcast. We'll
see if we can pull that off. Today, I will
get the essay out on Twitter and LinkedIn and again
she's created with all of this is real academics. This
is not opinion, folks. This is like looking at complex
adult academic data about the emotions of gen Z versus
(03:48):
the emotions of the people on the hiring front at corporations.
We're in a podcast or out at Apple, your Spotify
YouTube podcasts, A single best idea
Speaker 1 (04:02):
S
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