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Setting a New Benchmark With Our 100th Episode · Trumponomics

• 0:00
  Speaker 1: It might be hard to imagine, but two years ago
• 0:03
  Speaker 1: Bloomberg was not really in the podcast business, and when
• 0:07
  Speaker 1: we recorded that first Benchmark, we really didn't know what
• 0:11
  Speaker 1: we were doing. We just wanted to produce an intelligent,
• 0:14
  Speaker 1: fun show about the global economy, and frankly, we were
• 0:18
  Speaker 1: just happy to make a second episode. And now here
• 0:21
  Speaker 1: we are nine nine shows later, and boy, what a
• 0:25
  Speaker 1: ride it's been. We've talked about all kinds of things
• 0:28
  Speaker 1: that affect billions of people around the world. We've interviewed
• 0:32
  Speaker 1: everyone from a Nobel Prize winner to a best selling author,
• 0:36
  Speaker 1: a senator, a hip hop legend, and even some members
• 0:40
  Speaker 1: of our own families. We've journeyed all over the world
• 0:43
  Speaker 1: to discuss economic issues, from Europe, the Middle East, to China, Japan,
• 0:49
  Speaker 1: and of course Dan's native Australia. And today we're going
• 0:53
  Speaker 1: to share with you some of our favorite moments from
• 0:56
  Speaker 1: those shows, and we have a couple of special guests too.
• 1:00
  Speaker 1: The one hundredth episode of Benchmark starts now. I'm Daniel Moss,
• 1:16
  Speaker 1: I cover global economics for Bloomberg View in New York,
• 1:20
  Speaker 1: and I'm Scott Landman, an economics editor with Bloomberg in Washington. So, Dan,
• 1:25
  Speaker 1: how does it feel to hit the big one hundred.
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  Speaker 1: It feels good. And one of the things that feels
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  Speaker 1: particularly good about it is the breadth of people and
• 1:35
  Speaker 1: issues we've looked at on the show. And you didn't
• 1:38
  Speaker 1: even mention the chap who developed the surfing algorithm to
• 1:43
  Speaker 1: determine which coastal communities were benefiting the most from the
• 1:49
  Speaker 1: surf industry. You didn't even mention that one. We set
• 1:52
  Speaker 1: out to make a show. I think we said right
• 1:54
  Speaker 1: at the start, this was not a program about statistics.
• 1:58
  Speaker 1: Who wants to listen to fifteen minutes of statistics bor ring?
• 2:02
  Speaker 1: And economy is a living, breathing thing, with people and
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  Speaker 1: companies making decisions every day when to spend, when to
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  Speaker 1: say And I honestly think we've covered such a range
• 2:13
  Speaker 1: of issues that are so far beyond the day to
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  Speaker 1: day of what people think of as economics, like the
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  Speaker 1: GDP numbers or the jobs report. We even said that
• 2:23
  Speaker 1: GDP numbers were rubbish at one point, did we not.
• 2:26
  Speaker 1: We did have an episode all about that, and I
• 2:28
  Speaker 1: think that you know, for me, this has definitely provided
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  Speaker 1: a way too to present people with a different side
• 2:35
  Speaker 1: and a more real world side of things that are
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  Speaker 1: actually happening in the world that have a some connection
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  Speaker 1: or that we connect in some way to economics. Well,
• 2:47
  Speaker 1: a few minutes ago we promised you some special guests.
• 2:50
  Speaker 1: Let's bring in someone who was also there at the beginning,
• 2:53
  Speaker 1: aki Eto. She left the Benchmark podcast halfway through our
• 2:58
  Speaker 1: run to join the Knowledge News team here at Bloomberg
• 3:02
  Speaker 1: and his co host of our tech podcast Decrypted Back
• 3:06
  Speaker 1: should we call it disrupted? That's certainly one after I'm
• 3:11
  Speaker 1: good to be back. Guys. Thanks for coming on, Archie.
• 3:14
  Speaker 1: Why don't you tell us a little more about your show. Yeah,
• 3:17
  Speaker 1: so we we cover all kinds of different stories from
• 3:20
  Speaker 1: the global technology industry, usually something that's a little bit controversial,
• 3:24
  Speaker 1: you know, kind of unintended consequences, uncomfortable truths, that kind
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  Speaker 1: of thing. Um. Yeah, we've been going for almost a
• 3:32
  Speaker 1: year now and I've been looking on with pride. Thank you.
• 3:36
  Speaker 1: But you know, there is one other person present at
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  Speaker 1: the creation Tory stillwell, she joins us on the line
• 3:45
  Speaker 1: where she's just finished an internship in the office of
• 3:48
  Speaker 1: the North Carolina Attorney General. She's heading back to do
• 3:53
  Speaker 1: her second year at Yale Law School. Tory. Hey, guys, Hey, Tori,
• 3:59
  Speaker 1: it's so right to hear your voice. It's good to
• 4:02
  Speaker 1: be bad. How's life after Bloomberg and after the Benchmark podcast?
• 4:07
  Speaker 1: Can it even be called life after Bloomberg? I'm not sure. Well,
• 4:12
  Speaker 1: we're still waiting for that episode you promised us on
• 4:15
  Speaker 1: the best Pizza in New Haven. We'll have to give
• 4:19
  Speaker 1: the crowd the whole crew over with the New Haven
• 4:22
  Speaker 1: and you can see for yourself. So that brings me
• 4:26
  Speaker 1: to one of our favorite moments. And Tori, you were
• 4:29
  Speaker 1: instrumental in this. It's the three am wake up call.
• 4:33
  Speaker 1: What's it like to get a call in the middle
• 4:35
  Speaker 1: of the night saying you've won the Nobel Prize. Angesteton,
• 4:40
  Speaker 1: who had just been told he'd won the prize, shared
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  Speaker 1: that moment with you. That's right. So you didn't think
• 4:48
  Speaker 1: it was a prank at least No, well I didn't
• 4:50
  Speaker 1: think it was a prank until my friend Torston person
• 4:55
  Speaker 1: this is not a prank. I never thought it was
• 4:58
  Speaker 1: a prank. Why is he telling me that basting with
• 5:00
  Speaker 1: my head? He's right trying to psych you out. It
• 5:06
  Speaker 1: is a very funny, very playful guy. Let me turn
• 5:10
  Speaker 1: to one that is one of my favorite clips and
• 5:14
  Speaker 1: personally for me was it was a proud moment when
• 5:17
  Speaker 1: we had ed Duke Booty Fletcher on the show. And
• 5:21
  Speaker 1: for the uninitiated, Duke Booty was the principal author of
• 5:26
  Speaker 1: the seminal hip hop song The Message, you know, that
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  Speaker 1: one that goes what most people do not know is
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  Speaker 1: that he is actually a scholar. He teaches at a
• 5:42
  Speaker 1: university in Savannah, Georgia, and he has a lot of
• 5:47
  Speaker 1: insight into uh, into the economy, into markets that really
• 5:52
  Speaker 1: came through in that song if you listen carefully, and
• 5:56
  Speaker 1: is something that we tapped him to talk about on
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  Speaker 1: our show because I was really piqued in specific by
• 6:04
  Speaker 1: the line in that song referring to double digit inflation.
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  Speaker 1: So clearly his is somebody who knows what he's talking about.
• 6:13
  Speaker 1: You who lived during the Clinton era, when home buying
• 6:15
  Speaker 1: in America was at its highest, there was a certain
• 6:19
  Speaker 1: element people who still couldn't get a mortgages, who still
• 6:21
  Speaker 1: didn't have enough money for a down payment, and who
• 6:24
  Speaker 1: never got a home. So now those same people, you know,
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  Speaker 1: even though the mortgage rate was low and you could
• 6:31
  Speaker 1: get the morgue, they didn't have the money for morgans.
• 6:33
  Speaker 1: So you know, that same destination still there. Well, we
• 6:38
  Speaker 1: said right at the get go, this would not be
• 6:40
  Speaker 1: a show about statistics, so sure enough when it came
• 6:45
  Speaker 1: to discuss manufacturing, who knew it better than Tories? Mom?
• 6:50
  Speaker 1: What was that conversation? Like? Right now? I think manufacturing
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  Speaker 1: is still a part of our lives and and and
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  Speaker 1: it will for a while. But I think further on
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  Speaker 1: down the road, stay like by the time maybe Tories
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  Speaker 1: forty or so, Oh god, maybe when is that exactly
• 7:15
  Speaker 1: twenty years or twenty years down the road? I could
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  Speaker 1: I could see it baton out well, Mom, Yes, thank
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  Speaker 1: you Tory. How's your mom doing? And what did she
• 7:30
  Speaker 1: think of that episode? Deads doing great? I just got
• 7:34
  Speaker 1: back from Hickory last weekend. Actually, she loved the episode,
• 7:39
  Speaker 1: so I think it was really fantastic for her to
• 7:41
  Speaker 1: get to be a part of that with me. I
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  Speaker 1: have to say that was one of my favorites too.
• 7:46
  Speaker 1: And when I began on the show as a co host,
• 7:49
  Speaker 1: I also came up with a similar idea for an
• 7:53
  Speaker 1: episode about truck drivers and what's happening to them in
• 7:56
  Speaker 1: the labor market? Where are they so hard to find?
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  Speaker 1: What's happening there? And I went very close to home.
• 8:02
  Speaker 1: Also for a guest, my uncle Kenny Hahn has been
• 8:06
  Speaker 1: a truck driver for over thirty years and he shared
• 8:10
  Speaker 1: some of his own thoughts on the business. Let's listen
• 8:13
  Speaker 1: to that. Well, the teams have been decimated by by
• 8:17
  Speaker 1: the regulation from UM. When I first started driving, there
• 8:22
  Speaker 1: was a hundred and sixty two trucking companies teams to
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  Speaker 1: trucking companies, and we're down to two now. One of
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  Speaker 1: them is a company I worked for, a BF and
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  Speaker 1: the other one is Yellow Roadway, which is a combination
• 8:32
  Speaker 1: of two major companies that had to combine because they
• 8:34
  Speaker 1: weren't making any money. And uh, you know, they can't
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  Speaker 1: find drivers any more to be teams. Is because the
• 8:41
  Speaker 1: pension plans are going into the toilet. And uh, you know,
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  Speaker 1: my pension in particular has been cut by nineteen hundred
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  Speaker 1: dollars because they because the pension is going broke. So
• 8:53
  Speaker 1: even those were the best jobs in trucking, and those
• 8:56
  Speaker 1: jobs stink. So you can only imagine, you know, working
• 9:00
  Speaker 1: for companies like J Beyond that want to work you
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  Speaker 1: like a dog and not pay you anything for for
• 9:04
  Speaker 1: your for your efforts, how hard it is for them
• 9:07
  Speaker 1: to find drivers you know, I think it's great that
• 9:10
  Speaker 1: the Landman family in the Stillwell family were able to contribute.
• 9:14
  Speaker 1: I'm pretty sure the Moss family back in Australia has
• 9:18
  Speaker 1: no clue. What I do. You know, Dan, speaking of
• 9:21
  Speaker 1: your family, I do remember a certain moment when you
• 9:25
  Speaker 1: told us all about the origins of your accent. Let's
• 9:28
  Speaker 1: take a listen to that clip. So, Dan, I was
• 9:32
  Speaker 1: scouring the internet one day when I see this great
• 9:36
  Speaker 1: article about how the Australian accent is a result of
• 9:40
  Speaker 1: like you guys drinking too much when you first settled Australia,
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  Speaker 1: and that you guys speak with just two thirds capacity,
• 9:50
  Speaker 1: with one third of your like mouth muscles sedentary. There's
• 9:55
  Speaker 1: a couple of versions of that. One is that this
• 9:58
  Speaker 1: is the kind of English that convicts spoke in the
• 10:01
  Speaker 1: late eighteenth century. The other version is when the first
• 10:05
  Speaker 1: male convict ship arrived a few days before the first
• 10:09
  Speaker 1: female convict ship, they were all going crazy. Then when
• 10:13
  Speaker 1: the first female convict ship arrived to join the first
• 10:18
  Speaker 1: male convict ship, there was this massive, massive night with
• 10:22
  Speaker 1: rum and nothing was ever the same. Again. It's fair
• 10:26
  Speaker 1: to say that some of the first European Australians were
• 10:29
  Speaker 1: conceived that night. But that's an incredible story. Well, it
• 10:34
  Speaker 1: just goes to show you that we sometimes went into
• 10:38
  Speaker 1: other topics outside of economics on this show, although you
• 10:41
  Speaker 1: can argue that just about anything has a tangential connection
• 10:45
  Speaker 1: to that subject. But anyway, I thought it would be
• 10:48
  Speaker 1: a good time to bring in a couple of people
• 10:50
  Speaker 1: who are usually behind the studio window but are extremely
• 10:55
  Speaker 1: integral to getting this program out. Alec McKee is the
• 11:00
  Speaker 1: head of podcast for Bloomberg and Sarah Patterson is the
• 11:04
  Speaker 1: producer of this podcast. We usually mentioned their names at
• 11:07
  Speaker 1: the end, but we thought it would be a good
• 11:09
  Speaker 1: idea too if they got to pick a couple of
• 11:11
  Speaker 1: their favorite clips on the show. Alec and Sarah, do
• 11:14
  Speaker 1: you want to do? You want to share that with us? Hi, everybody,
• 11:17
  Speaker 1: it's Alec. It's a privilege to be in the studio
• 11:19
  Speaker 1: with you guys instead of behind the glass wall. And
• 11:22
  Speaker 1: congratulations everybody. On the one episode, I did want to
• 11:26
  Speaker 1: just introduce a clip from a show we just did
• 11:29
  Speaker 1: about two months ago, less than two months ago, about
• 11:32
  Speaker 1: how we were poised in Asia at the time to
• 11:36
  Speaker 1: cover the biggest story of the year, which of course
• 11:38
  Speaker 1: is going to be the handover of Hong Kong to China.
• 11:42
  Speaker 1: That story that you turned out to be something completely different.
• 11:45
  Speaker 1: Let's listen in and and Lee. You were in Bangkok
• 11:50
  Speaker 1: a day was it a day or two days after
• 11:52
  Speaker 1: the handover? It was the next day, Actually it was July.
• 11:58
  Speaker 1: So you know, we were all caught a little bit unprepared.
• 12:03
  Speaker 1: We had seen things kind of melting down rather quickly
• 12:08
  Speaker 1: in Thailand, but the way when the devaluation was announced
• 12:13
  Speaker 1: and they used some up tooth phrasing. But when we
• 12:16
  Speaker 1: realized what it was and we sent the first headline,
• 12:20
  Speaker 1: you know, we were just like, wow, this is not
• 12:23
  Speaker 1: the handover of Hong Kong. This is something big. And
• 12:27
  Speaker 1: Sarah Pattison, our long suffering producer, also has a favorite.
• 12:32
  Speaker 1: It's when we interviewed a survivor of a Bosnian concentration
• 12:37
  Speaker 1: camp and asked him not only about his resettlement in St. Louis,
• 12:43
  Speaker 1: but what the election and some of the anti immigration
• 12:47
  Speaker 1: further meant to him. I hope I will not get
• 12:52
  Speaker 1: misunderstood up that is a hat and mistreating and things
• 13:03
  Speaker 1: like that. But a lot of people forget, not just
• 13:06
  Speaker 1: in Missouri, United States of America, where is their heritage?
• 13:12
  Speaker 1: Coming from Maybe maybe they were not refugee, but they
• 13:18
  Speaker 1: are emigrants like youre. And color of the skin or
• 13:24
  Speaker 1: heavily accent like mine is doesn't mean anything. Ah, people
• 13:31
  Speaker 1: try to hurt you. Maybe they don't even think why. Fortunately,
• 13:38
  Speaker 1: here in the city of St. Louis, picture is not bad.
• 13:43
  Speaker 1: Picture is pretty good and uh, neighbors try to stick
• 13:49
  Speaker 1: together and most of them appreciate what we did here
• 13:55
  Speaker 1: in the past years. Having said all of that, is
• 13:59
  Speaker 1: there a count you would have rather been resettled in? No? No,
• 14:09
  Speaker 1: I didn't know anything about United States, and United States
• 14:14
  Speaker 1: definitely look different now and when I come here. But
• 14:22
  Speaker 1: if I have to choose, people don't understand what we
• 14:30
  Speaker 1: have here. People we this is as country in the world.
• 14:38
  Speaker 1: It's tough to top a moment like that. Scott, Where
• 14:41
  Speaker 1: should we go for future episodes? Yeah? I agree with
• 14:44
  Speaker 1: you it is. It was a very poignant moment. Good
• 14:46
  Speaker 1: to leave it there. I mean, as far as the future,
• 14:49
  Speaker 1: where can't we go there? There are so many topics
• 14:52
  Speaker 1: that we still haven't covered, even even though we we've
• 14:55
  Speaker 1: done a hundred episodes. As you know, one topic that
• 14:59
  Speaker 1: I often reason for our meetings is looking at German
• 15:02
  Speaker 1: manufacturing and how that compares with the efforts to poost
• 15:07
  Speaker 1: manufacturing in the United States. And I always get voted
• 15:09
  Speaker 1: down at our meetings to pursue that one. So I'm
• 15:12
  Speaker 1: really hoping that sometime in the next one episodes we
• 15:15
  Speaker 1: can look at that one. I think we should spend
• 15:17
  Speaker 1: more time in Asia. The idea that a labor shortage
• 15:21
  Speaker 1: in Japan is hurting service at restaurants in Tokyo. That's
• 15:27
  Speaker 1: something our listeners would be interested in. Thanks to everyone
• 15:33
  Speaker 1: who's worked on the episodes or contributed in some way
• 15:37
  Speaker 1: that we didn't get to mention, so we'll mention them now.
• 15:41
  Speaker 1: Magnus Henrikson, Liz Smith, Kate Smith, Michael Shane, Jed Sandberg,
• 15:47
  Speaker 1: our colleagues around the world who have been on all
• 15:52
  Speaker 1: our guests, the staff of Bloomberg Radio one Washington for
• 15:57
  Speaker 1: letting us use their booths. Everyone who's can should read
• 16:00
  Speaker 1: at the time. Now, family, everybody's who's reviewed the show,
• 16:05
  Speaker 1: and especially those who have given us five stars. And
• 16:08
  Speaker 1: if you have any ideas for the show, or if
• 16:10
  Speaker 1: you want to talk to us or send us an email,
• 16:13
  Speaker 1: please get in touch with us. Uh We give our
• 16:16
  Speaker 1: Twitter handles at the end of every show. You can
• 16:18
  Speaker 1: probably look us up on other websites. We're not really
• 16:22
  Speaker 1: that hard to find. Please, we love hearing from you.
• 16:24
  Speaker 1: We love getting comments, and keep it coming.