CHRISTINA: COMING UP ON "BLOOMBERG THIS

WEEKEND," THE RACE TO FIND AN AMERICAN

SERVICEMEMBER AFTER A FIGHTER JET WAS SHOT DOWN OVER IRAN.

WHY PRESIDENT TRUMP SAYS THE RESCUE MISSION WILL NOT IMPACT

NEGOTIATIONS. DAVID:

PLUS, THE MARCH JOBS REPORT BLOWS PAST EXPECTATIONS.

>> THE STRENGTH OF THE U.S. ECONOMY WILL BE ABLE WORK FOR

THE GLOBAL ECONOMY. DAVID: HOW THE WAR IN IRAN WILL IMPACT

THE NUMBERS. CHRISTINA: THE ARTEMIS ASTRONAUTS ARE NOW

MORE THAN HALFWAY TO THE MOON. CHRISTINA:

HERE MORE FROM THE CREW BOLDLY GOING -- GOING FURTHER THAN ANY

MAN OR WOMAN HAS GONE.

WELCOME TO "BLOOMBERG THIS WEEKEND,"

COMING TO YOU FROM OUR GLOBAL HEADQUARTERS HERE IN NEW YORK.

I AM THE CHRISTINA RUFFINI. JOE: I AM JOE COME IN FOR DAVID

GURA, ALONG WITH LISA MATEO. IT IS APRIL 4.

WE WELCOME OUR VIEWERS AND LISTENERS HERE ON BLOOMBERG TV,

BLOOMBERG RADIO -- CHRISTINA: WE ARE HERE EVERY SATURDAY AND

SUNDAY. EVEN THOUGH THE MARKETS ARE

CLOSED, WE ARE BRINGING THE HEADLINES ACROSS ALL THOSE

PLATFORMS COME EVERYTHING YOU NEED TO KNOW COME UP TO,

ANALYSIS, AND MAYBE SOME FUN. JOE, THANK YOU FOR JOINING US

TODAY. FIRST, WE WILL GO TO LISA FOR

THE HEADLINES. LISA:

A NEW ESCALATION AS IRAN SHOOTS DOWN A U.S.

FIGHTER JET AND A SECOND U.S. PLANE CRASHES IN THE GULF

REGION. THE U.S. RESCUED ONE OF THE CREW MEMBERS

OF THE F-15 FIGHTER JET. A SEARCH AND RESCUE OPERATION

ON THE WAY FOR THE SECOND CREWMEMBER.

IN A PHONE INTERVIEW WITH NBC, PRESIDENT TRUMP DID NOT DISCUSS

THE OPERATION BUT SAID THE EVENTS WILL NOT AFFECT THE

ONGOING NEGOTIATIONS WITH IRAN.

A SECOND COMBAT JET,, AN A-10 WARTHOG ATTACK PLANE, CRASHED.

THE LONE PILOT WAS SAFELY RESCUED.

THOSE IRAN ATTITUDE IRAN'S STEPPED UP ATTACKS AS THEY

TARGETED ENERGY SITE IN THE REGION HOURS AFTER PRESIDENT

TRUMP RENEWED THREATS AGAINST IRANIAN INFRASTRUCTURE.

THE UAE'S LARGEST NATURAL GAS -- AFTER SPARKED A FIRE AND A

DRONE ATTACK SET FIRE TO AN OIL REFINERY IN KUWAIT.

SOME SIGNS THE LABOR MARKET WAS STABILIZING AS THE IRAN WAR

BEGAN. U.S. JOBS GROWTH REBOUNDED WITH

PAYROLLS RISING 178 THOUSAND IN MARCH. THE UNEMPLOYMENT RATE ON

EXCITEDLY FALLING TO A 4.3%. ECONOMISTS EXPECT THE WAR TO

HAVE MORE OF AN IMPACT ON FUTURE JOBS REPORTS IF THE

CONFLICT CONTINUES.

KEVIN HASSETT TOLD BLOOMBERG TV HE DOES NOT THINK COMPANIES

WILL HAVE TO REVISE THEIR ANNUAL FORECASTS MUCH.

>> THE MAIN REASON IS WE ARE A MUCH DIFFERENT ECONOMY THEN IN

THE 1970'S WHEN WE WERE SO ENERGY DEPENDENT.

I DO THINK THERE WILL BE SOME NEGATIVE REPERCUSSIONS THAT

WILL BE VERY SHORT LIVED. WE EXPECT THAT DISRUPTION TO BE

OVER REALLY, REALLY SOON. LISA: NASA RELEASED THE FIRST IMAGES

OF EARTH TAKEN BY THE ARTEMIS II ASTRONAUTS.

THE FOUR MEMBER CREW LAUNCHED TOWEDNESDAY EVENING FROM THE

KENNEDY SPACE CENTER IN FLORIDA. IT WILL TAKE THE CREW ABOUT

FOUR DAYS TO TRAVEL TO THE LUNAR FACILITY WITH PLANS OF A

FLYBY OF THE SURFACE MONDAY. MISSION SPECIALIST CHRISTINA

KOCH SAYS SHE IS ENJOYING THE RIDE.

>> ONE OF THE BIGGEST SURPRISES WAS HOW SMOOTH WRITING THOSE

SOLIDS WAS. WE ATTRACTED A LOT OF DYNAMICS,

A LOT OF MOTION, OR POTENTIALLY NOT BEING ABLE TO SEE

TELEMETRY, MAYBE NOT BEING ABLE TO TOUCH SWITCHES.

IT WAS VERY SMOOTH. LISA: THAT WAS CHRISTINE KOCH.

THE ASTRONAUTS ARE NOT GOING TO LAND ON THE MOON.

THEY SAID, FOR A FUTURE CREW, THEY WILL DO THAT IN 2028. JOE:

THIS IS SO COOL. LISA: IT IS. CHRISTINA:

I WILL ALWAYS TRUST SOMEONE NAMED "CHRISTINA." JOE:

THAT IS A GOOD PLACE TO START IF YOU ARE HURTLING THROUGH

SPACE. [LAUGHTER] CHRISTINA: I WILL TRY TO LAND THIS SHIP AS

EFFICIENTLY AS THAT.

-- AS THAT FAR BETTER EDUCATED AND COMPETENT CHRISTINA.

THOUGH I DID LEARN ALL THE ASTRONAUTS ARE OLDER THAN ME,

SO THIS DOES NOT WORK OUT FOR ME IN FOUR YEARS. JOE:

WOULD YOU BE THE FIRST JOURNALIST IN SPACE? CHRISTINA:

I WOULD GO, BUT I WOULD BE LIKE MY FRIEND GAIL, WHO HAS THAT

MEME WHERE SHE IS WALKING ONTO SPACEX LIKE THIS.

I NEED SOME PEP AND PROBABLY SOME THERAPY.

YEAH, YOU HAVE TO GO. JOE: BUT THIS IS GREAT.

WE TALK SO MUCH ABOUT STRIFE AND CONFLICT IN IRAN.

THIS IS ONE THING WE CAN WRAP OUR ARMS AROUND AND CELEBRATE.

CHRISTINA: PEOPLE WERE SURPRISINGLY INTO

IT. IT WAS NICE TO REVIVE THE SPACE

PROGRAM AND BECAUSE PEOPLE NEED SOMETHING TO HOLD ONTO.

BECAUSE WE HAVE GOT SOME VERY TROUBLING NEWS WITH THIS

FIGHTER PILOT DOWNED IN IRAN, STILL MISSING.

THE IRANIAN GOVERNMENT, A PROVINCIAL GOVERNOR IS

REPORTEDLY OFFERING A $60,000 REWARD TO CITIZENS WHO CAPTURE

THE PILOT ALIVE. JOE: WE WILL REMIND EVERYBODY THAT

WHEN PRESIDENT TRUMP DELIVERED HIS PRIMETIME ADDRESS TO THE

NATION A COUPLE NIGHTS AGO, HE SAID THAT IRAN NO LONGER HAD

ANY ANTIAIRCRAFT EQUIPMENT, THAT WE HAD WON THE SKIES.

THIS IS A DIFFICULT REMINDER THAT WE HAVE MORE WITH THE CHOP

WITH A LOT OF MISSILES AND LODGES IN IRAN STILL LEFT.

CHRISTINA: THERE ARE ALSO INCREASED

STRIKES IN THE UAE OVERNIGHT. IT DISSECTED 69 PROJECTILES

FIRED FROM IRAN, INCLUDING 47 DRONES AND 18 BALLISTIC

MISSILES. JOE: WE HAVE GREAT VOICES THAT TALK

TO US ABOUT THIS. CHRISTINA:

-- ETHAN BRONNER, AND BRIGADIER GENERAL MARK KIMMITT.

THANK YOU ALL FOR JOINING US.

PRESIDENT TRUMP SPOKE TO NBC VERY BRIEFLY AND SAID THE

SITUATION WITH THE DOWNED PILOT DOES NOT ALTER NEGOTIATIONS

WITH IRAN OR THE TRAJECTORY OF THIS WAR.

WHAT IS YOUR TAKE ON THAT?

>> HE IS SAYING WHAT HE FEELS HE HAS TO, BUT WE HAVE NO

EVIDENCE AS TO WHAT WILL HAPPEN IF THE PILOT IS KILLED OR THE

REMEMBER, I SHOULD SAY. IF THE CREWMEMBER IS HELD

HOSTAGE OR IF THEY CREWMEMBER IS RESCUED.

THREE VERY DIFFERENT SCENARIOS THAT CAN AFFECT DIFFERENTLY HOW

IRAN DEALS WITH THE UNITED STATES AND THEREFORE HOW THE

UNITED STATES DEALS WITH IRAN. FROM HAS BENEFITED FROM THESE

REPORTED CALLS COME OUT WHERE HE KIND OF SAYS NOTHING OR

DELIVERS MESSAGES ON TRUTH SOCIAL AND THERE'S NOT MUCH

PUSHBACK. HERE, HE IS BEING GIVEN THAT

ADVANTAGE. THE REALITY IS THE WHITE HOUSE,

YESTERDAY, WAS EXPECTING IT WAS GOOD FRIDAY, PEOPLE WOULD BE IN

AND OUT OF THE OFFICE QUICKLY, AND THEY WOULD BE UP BY

MIDMORNING. INSTEAD, WHAT WOUND UP

HAPPENING WAS THIS. THERE WAS ALL DAY MEETINGS IN

THE WHITE HOUSE AND THE SITUATION ROOM.

THE PRESIDENT WAS, RIGHTFULLY SO, CONCERNED.

THERE WERE SOME INDICATIONS THERE MIGHT BE SOME SORT OF

SPECIAL OPERATIVES FROM THE NIGHT SITS ON THE GROUND

ASSISTING THE SEARCH, BUT THAT IS ONLY AN INDICATION.

WE DO NOT KNOW. NEVERTHELESS, THIS MARKS A REAL

MAJOR TURNING POINT IN THE WAY THIS WAR IS DISCUSSED FOR THE

REASONS YOU SAID, NAMELY, WHILE THE UNITED STATES HAS A LOT OF

AIR SUPERIORITY OVER THE SKIES OF IRAN, IT DOES NOT HAVE

COMPLETE AIR SUPERIORITY. IN THIS CASE, THINKING THAT THE

UNITED STATES DID HELPED LEAD TO THIS PILOT BEING SHOT DOWN.

JOE: GENERAL COMMIT, WE WOULD LOVE

TO HEAR FROM YOU ON BOTH ENDS OF THIS, FIRST THE SEARCH AND

RESCUE OPERATION, WHETHER IT INCLUDES BOOTS ON THE GROUND OR

C-130 HELICOPTERS WE SAW VIDEO OF OVER THE WEEKEND.

THESE ARE VERY WELL TRAINED MEN AND WOMEN.

TALK TO US ABOUT THE TRAINING THEY ARE PUTTING INTO PLACE NOW.

GEN. KIMMETT: LET'S FIRST TALK ABOUT THE

TRAINING. IT IS A SPECIALIZED COURSE

GIVEN TO PILOTS, IN SOME CASES OTHER SPECIAL OPERATIONS FORCES.

THEY GO FOR A COUPLE WEEKS OF THIS EXACT TYPE OF SCENARIO.

YOU ARE ON THE GROUND, YOUR PLANE HAS CRASHED, OR POSSIBLY

INJURED, YOU HAVE NOTHING MORE THAN WHAT YOU ARE CARRYING ON

YOURSELF, AND SOME COMMUNICATIONS.

THE FIRST AND MOST IMPORTANT THING IS LEARNING TO LIVE LIKE

A BUNNY. IN OTHER WORDS, IMAGINE YOU ARE

A SMALL, FRAGILE, QUIET LITTLE BUNNY. DON'T TRYING TO BE BRAVE.

TRY TO HIDE, TRY TO FIND THE RIGHT TIME TO CONTACT YOUR

RESCUE TEAM FOR A FIRST AND FOREMOST, GET YOURSELF IN A

PLACE WHERE YOU CANNOT BE FOUND. DON'T ATTRACT ANYTHING OTHER

THAN THOSE AIRCRAFT COMING TO SAVE YOU. CHRISTINA:

GENERAL, WHEN THEY EJECT, THEY DON'T EJECT TOGETHER.

THEY EJECT IN TWO DIFFERENT PARACHUTES.

ARE THEY SUPPOSED TO FIND EACH OTHER?

DO YOU LOOK FOR YOUR OTHER GUY, DO YOU RUN AND HIDE, OR DOES IT

DEPEND? GEN. KIMMITT: IT DEPENDS.

IF YOU HAVE SEEN THE OTHER PAIR SHOULD GO DOWN AND IT IS NEAR

WHERE YOU ARE, YOU MAY WANT TO TRY TO LINK UP HERE BUT

TYPICALLY, YOUR FIRST FOCUS IS YOURSELF.

DON'T DO ANYTHING TO EXPOSE YOURSELF.

YOU MAY GET OVER TO YOUR BUDDY TO MAKE SURE HE OR SHE IS NOT

INJURED. BUT HAS GOT TO BE AN INDEPENDENT ACTION THE

INDIVIDUALS ARE TAKING. BECAUSE MORE PEOPLE JUST BRING

IN -- ATTRACT MORE. JOE: ETHAN BRONNER, WE NOTED TEHRAN

IS OFFERING A REWARD, AS CHRISTINA MENTIONED, 60 $6,000

TO CITIZENS WHO CAPTURE THE PILOT ALIVE.

TO WHAT EXTENT MIGHT THIS AMERICAN PILOT RUN INTO

FRIENDLY PEOPLE ON THE GROUND? ETHAN:

I WISH I COULD REALLY ANSWER THAT WITH ANY AUTHORITY.

THE MOSSAD HAS BEEN OFFERING VAST REWARDS IN IRAN FOR SOME

TIME NOW AND SOME OF THE MARKETING ANSWER.

I DO NOT KNOW IF THE 66 THOUSAND DOLLARS WILL DO IT.

I THINK THIS IS A BATTLE THAT IS NOT FUNDAMENTALLY ABOUT

MONEY. IT IS ABOUT TWO CULTURES AT WAR

WITH EACH OTHER. AND WITHIN IRAN, THERE IS A

CULTURE WAR AS WELL. I DON'T KNOW.

I WOULD ALSO SAY, IN THE HISTORY OF WARS, ONE DOWNED

CREWMEMBER IS NOT A HUGE TRAGEDY.

IT'S JUST, FOR US, WE DON'T CONSIDER THIS TO BE A NECESSARY

WAR, MOST AMERICANS. THEREFORE ANYTHING THAT HAPPENS

SEEMS LIKE IT WILL KNOCK THE THING OVER THE EDGE. CHRISTINA:

AND MAYBE YOU KNOW -- I DON'T -- WHAT IS IN SOUTHWESTERN IRAN?

IT IS PRETTY -- PRETTY RURAL. THE PROVINCIAL GOVERNOR IS ONE

OF THE PEOPLE CALLED THIS BOUNTY.

WHAT IS OUT THERE AND WHAT TO THE DANGERS BE? ETHAN:

I DO NOT HAVE ANY GREATER GRANULAR KNOWLEDGE THAN YOU DO

-- CHRISTINA: FAIR ENOUGH. I AM SORRY TO PUT YOU ON THE

SPOT. IT IS JUST INTERESTING TO ME,

BECAUSE WE HAVE SEEN SOME OF THESE OTHER PILOTS -- IF THERE

WAS ANOTHER AIRCRAFT THAT WENT DOWN AS WELL, AND THE PILOT WAS

ABLE TO PUNCH OUT AND GET TO, I THINK, KUWAIT, SO I AM ASSUMING

THEY'RE CLOSE TO THE WATER THERE.

BUT I DO NOT KNOW WHAT THE INTERCEPTOR IS OR EVEN WHERE

THESE PILOTS WOULD BE TRYING TO GO. ETHAN:

IN SOUTHWEST IRAN, THAT'S RIGHT. JOE:

WE HAVE BARELY TALKED ABOUT THE A-10 WARTHOG BECAUSE THERE'S

NOT A SEARCH AND RESCUE OPERATION UNDER WAY, BUT WE

JUST ADDED A NUMBER OF THESE AIRCRAFT TO THE REGION TO HELP

WITH STRAFING RUNS ACROSS THE STRAIT.

WE HAVE ANY INFORMATION ON WHAT CAUSED THIS PLANE TO GO DOWN?

MARC: NO, WE DON'T. ONE OF THE THINGS A LOT OF

PEOPLE POINT OUT, WHICH THE GENERAL CAN TALK ABOUT MORE

THAN I CAN, IS THE A-10 WARTHOG IS A VERY OLD PLANE.

MY FATHER WAS IN THE VIETNAM WAR, AND THEY WERE IN-SERVICE

AT THAT TIME. THERE HAVE BEEN MOVED BY THE

AIR FORCE, PERIODICALLY, TO GET RID OF IT, BUT IT IS SORT OF AN

ICONIC AIRPLANE, IN PART BECAUSE IT FLIES SLOW ENOUGH

AND FIRE ARE MANY ROUNDS THAT HAS A LOT OF ADVANTAGE.

WHETHER IT IS MECHANICAL OR WHETHER IT WAS BROUGHT DOWN BY

ENEMY FIRE, I AM NOT SURE. BUT WE SHOULD NOT RULE OUT THE

MECHANICAL REASONS FOR THE REASONS STATED, THAT THESE ARE

VERY OLD AIRPLANES. CHRISTINA: I WAS ASKING SOME MILITARY

FOLKS ABOUT THAT, WHY WE ARE STILL USING THE F-15, THE A-10.

I WAS TOLD THE F-15 HAS ALMOST A PERFECT AIRFRAME, AND THERE

WAS AN INCIDENT WHERE ONE OF THE WINGS WERE SHOT OFF AND THE

PLANE COULD STILL LAND.

IS IT BECAUSE THESE PLANES OR WORKHORSES COURSES, THEY GET

THE JOB DONE? WHY ARE WE STILL USING THESE,

AND WHAT ARE THEY REALLY GOOD AT? GEN. KIMMITT:

FIRST OF ALL, I THINK YOU ARE REFERRING TO THE A-10, NOT THE

F-15.

THE F-15 IS HIGH-PERFORMING, IT FLIES HIGH, DROPS PRECISION

MUNITIONS. THE A-10 IS A TANK CARRIER, HAS

A 30 MILLIMETER GUN ON IT WITH DEPLETED URANIUM ROUNDS ON IT

AND IT WAS BUILT TO STOP THE SOVIET ASSAULT INTO WESTERN

EUROPE. IT IS ESSENTIALLY A PLANE BUILT

AROUND A GUN. AS YOU SAID, IT IS SO STURDY,

YOU CAN BLOW A WING OFF AND STILL LAND IT.

VERY SLOW, VERY VULNERABLE. BUT THE PILOT ACTUALLY SITS IN

A TITANIUM BATHTUB, BECAUSE HE IS EXPECTING OR SHE IS

EXPECTING TO GET HIT BY GROUND FIRE. JOE:

THAT 30 MILLIMETER GUN IS ABOUT THE SIZE OF A VOLKSWAGEN BUG IN

THE FRONT OF THAT AIRPLANE. PRETTY REMARKABLE.

ETHAN, I WOULD LIKE TO ASK YOU ABOUT IRAN'S OFFENSIVE

CAPABILITIES, BEYOND WHAT WE SAW IN THE SHOOTING DOWN OF

THIS AIRPLANE. IRAN IS LAUNCHING ABOUT 20

MISSILES A DAY AT ISRAEL, FIRING ONE OR TWO AT A TIME.

HOW LONG CAN IT CONTINUE THIS CADENCE? ETHAN:

THIS IS A GREAT QUESTION. THE ISRAELIS HAVE BEEN SAYING

FOR WEEKS THAT THEY HAVE TAKEN

OUT 70% OF THE LAUNCHERS AND THE VAST MAJORITY OF THEIR

BALLISTIC MISSILES. THEN EVERY DAY WE SEE MORE OF

THEM STILL COMING. IN SMALLER AMOUNTS, AS YOU

SAID, ONE OR TWO PER VOLLEY. AND THEREFORE EMINENTLY GETABLE

BY ISRAEL'S DEFENSE SYSTEMS. BUT THEY DO NOT SEEM ABLE TO

STOP THEM AT ALL, AND THERE IS A GROWING SENSE THEY ARE ABLE

TO REPAIR THEM MORE QUICKLY THAN HAS BEEN ALLEGED.

AS WE KNOW, PRESIDENT TRUMP SAYS, ONE DAY, ONE THING AND

ANOTHER DAY ANOTHER THING. IT IS VERY DIFFICULT FOR US TO

KNOW. IT'S AN ENORMOUS COUNTRY, 90

MILLION PEOPLE. THE IDEA THAT SOMEHOW WE ARE

ABLE TO KNOW EXACTLY WHAT IS GOING ON ACROSS THE ENTIRE

REGION AND ALL THE LAUNCHERS SEEMS UNLIKELY.

AND THIS IS A COUNTRY THAT HAS BEEN AT WAR, ON AND OFF, PLENTY

AND IS CLEARLY READY TO SUFFER WHILE IT TAKES DOWN, IN AN

ASYMMETRICAL WAY, AGAINST A BUNCH OF -- A WESTERN COUNTRY

THAT REALLY IS NOT ENTIRELY SURE WHY IT'S THERE. CHRISTINA:

SPEAKING ABOUT FLIP-FLOPPING, WE HAVE SOUND FROM THE

PRESIDENT OVER HOW THE OBJECTIVES OF THIS WAR, THE

MESSAGE INCOME HAS CHANGED THROUGHOUT THE CONFLICT.

PRES. TRUMP: WE'RE GOING TO HAVE THEM

EXTREMELY HARD OVER THE NEXT TWO TO THREE WEEKS.

WE'RE GOING TO BRING THEM BACK TO THE STONE AGES, WHERE THEY

BELONG. IN THE MEANTIME, DISCUSSIONS

ARE ONGOING. REGIME CHANGE WAS NOT OUR GOAL.

WE NEVER SAID REGIME CHANGE. BUT REGIME CHANGE HAS OCCURRED

BECAUSE OF ALL OF THEIR ORIGINAL LEADERS' DEATHS.

THEY'RE ALL DEAD. THE NEW GROUP IS LESS RADICAL

AND MUCH MORE REASONABLE. CHRISTINA:

IT IS NOT REGIME CHANGE BUT WE GOT REGIME CHANGE.

THE NEW GROUP IS LESS RADICAL, WHICH I THINK IS A SOURCE OF

VIGOROUS DEBATES. AND WE ARE ALSO HEARING THIS

FAMILIAR TWO WEEK TIME FRAME. IT IS ALMOST LIKE WHEN THE

AIRLINES TELL YOU 20 MORE MINUTES.

THE WHITE HOUSE JUST KEEPS SAYING TWO MORE WEEKS.

WHAT IS YOUR TAKE ON ALL THIS AND HOW THE MESSAGING IS

IMPACTING OPERATIONS AND HOW PEOPLE FEEL ABOUT THIS CONFLICT?

MARC:

US AT AXIOS, WE HAD WRITTEN ABOUT THE COMPLICATIONS OF

UNDERSTANDING WHAT THE ACTUAL SIGNAL VERSUS THE NOISE IS

COMING FROM THE PRESIDENT, BECAUSE HE SAYS LOTS OF THINGS

THAT ARE CONTRADICTORY TO HIS OPPONENTS AND CRITICS, AND THIS

IS JUST MADNESS TO HIS -- TO HIS SUPPORTERS, IT IS STRATEGIC

GENIUS, GIVING PEOPLE OFF BALANCE.

IT GOES BACK TO THE ORIGINAL FEBRUARY 28 ANNOUNCEMENT AT THE

BEGINNING OF THE WAR. TRUMP LAID OUT FOUR GOALS FOR

THE U.S. MILITARY WOULD ACCOMPLISH,

WHICH IS TAKING DOWN THE TERRORIST PROXY FUNDING

CAPABILITIES OF IRAN. HE ALSO SAID THAT HE HELP THE

PEOPLE OF IRAN ROSE UP AND SHOOK OFF THEIR REGIME.

SO WHILE HE DID NOT SAY WE WILL DO REGIME CHANGE, HE MADE IT

CLEAR AT THE UNITE STATES WOULD LIKELY IRANIAN PEOPLE TO DO

THAT. CONTRAST THAT WITH THE CLIP YOU

JUST PLAYED, WHICH IS THE PRESIDENT OF THE UNITED STATES

IS SAYING WE WILL BOMB THEM BACK TO THE STONE AGE CARE THAT

IS A LITTLE DIFFERENT FROM SUGGESTING WE WANT TO HELP

LIBERATE THE PEOPLE OF IRAN. ORIGINALLY WANTED TO HELP

LIBERATE THEM FROM OPPRESSION, AND POSSIBLY WE WILL FOR SURE

ELECTRICITY AND INFRASTRUCTURE. IT IS NOT THAT SIMPLE BUT IT

WAS HER THAT WAY, AND A COST OF MARKETS TO PLUNGE, WHICH WAS A

NIGHTMARE SCENARIO FOR THE PRESIDENT. JOE:

THE MARKETS, AFTER THEY REOPEN FROM THIS LONG WE CAN.

BIG THINGS TO OUR PANEL.

MARC CAPUTO, GREAT TO HAVE YOU, ETHAN BRONNER, AND RETIRED

GENERAL MARK KIMMITT, JUST PART OF OUR CONVERSATION TODAY ON

"BLOOMBERG THIS WEEKEND." CHRISTINA:

THE MARCH JOBS REPORT WAS BLOWING PAST EXPECTATIONS.

DOES THAT CHANGE THE THINKING FOR THE FED'S NEXT DECISION ON

INTEREST RATES? THAT IS STRAIGHT AHEAD ON

"BLOOMBERG THIS WEEKEND." ♪

CHRISTINA: WELCOME BACK TO "BLOOMBERG THIS

WEEKEND." I'M CHRISTINA RUFFINI HERE WITH

LISA MATEO. THE MARCH JOBS REPORT CAME OUT

FRIDAY MORNING AND SHOWED BIG GAINS IN THE LABOR MARKET, BUT

THERE IS SOME CONCERN ABOUT HOW THE ONGOING WAR IN IRAN COULD

IMPACT THOSE NUMBERS AS WE GO FORWARD.

JOINING US NOW IS BLOOMBERG'S INTERNATIONAL ECONOMIC EDITOR,

MICHAEL MCKEE. WHERE THESE BIG GAINS, AND WHAT

DOES THAT MEAN OVERALL? BECAUSE THERE WERE ALSO

REVISIONS. MICHAEL: THERE WERE BIG GAINS.

WE ARE AT THE SMALLEST LABOR FORCE WE HAVE HAD SINCE

DECEMBER OF 2024. IT DOES NOT TAKE AS MUCH TO

MAKE A SOLID GAIN, KEEP ON STEADY, AS IT USED TO.

NOW WE THINK ABOUT 50,000 OR LESS WOULD BE OK.

178,000 IS GOOD NEWS. THEN WE SAW THE UNEMPLOYMENT

REPORT NUMBER FALL TO ALMOST 4. 2%, 4.3% ROUNDED.

BUT IT WAS VERY CLOSE TO 4.2%. IT JUST SHOWS, GOING INTO THE

MONTH OF MARCH AND GOING INTO THE WAR, THE ECONOMY, THE LABOR

MARKET WAS IN PRETTY STRONG SHAPE. LISA:

DOES THE ECONOMY NEED FEWER JOBS? CAN YOU EXPLAIN THAT?

MICHAEL: IT IS SIMPLY MATH. THE DENOMINATOR IS SMALLER

BECAUSE THE LABOR FORCE IS SMALLER, SO THE NUMBER OF

PEOPLE WHO ARE OUT OF WORK, WHO WERE ACTUALLY LOOKING FOR WORK

-- IF YOU ARE NOT MORE PEOPLE COMING INTO THE LABOR MARKET,

THAN THE LABOR MARKET IS SMALLER.

THAT CAN BE GOOD NEWS FOR THE UNEMPLOYED REPORT, AS WE SAW.

OVERALL, LONG-TERM, IT IS NOT GOOD NEWS, BECAUSE IT IS PART

OF WHAT CREATES THE POTENTIAL GROWTH IN THE UNITED STATES,

GROWING LABOR FORCE ALONG WITH GROWING PRODUCTIVITY.

IF THE LABOR FORCE IS NOT GROWING, THAT IS A PROBLEM.

THIS COULD ALL BE BECAUSE OF THE PRESIDENT'S IMMIGRATION

POLICIES. WE DO NOT KNOW FOR SURE.

BUT WE SEE A DECLINE IN THE NUMBER OF PEOPLE WHO ARE

AVAILABLE TO WORK. CHRISTINA: WHERE ARE YOU SEEING GROWTH IN

SPECIFIC JOBS SECTORS? THERE WAS A CONCERN ABOUT THE

HEALTH CARE SECTOR AND WHAT OTHER JOBS ARE LOOKING GOOD.

MICHAEL: WE GOT A BIG BOUNCE BACK AND

HEALTH CARE, 89,000. ONE OF THE PROBLEMS WITH THE

FEBRUARY REPORT WAS NURSES ON STRIKE IN CALIFORNIA.

THEY WENT BACK TO WORK, SO YOU AT THAT BACK IN.

BASICALLY WHAT YOU SAW IS THE CATEGORIES WHERE JOBS WERE

BEING CREATED ARE STILL CREATING THE JOBS, WHICH IS

HEALTH CARE, FOR THE MOST PART, LEISURE, AND HOSPITALITY.

AND WE DID SEE ANOTHER RISE IN CONSTRUCTION JOBS.

BUT OF COURSE, THERE'S A LOT OF AI CONSTRUCTION GOING ON AROUND

THE COUNTRY -- CHRISTINA: DATA CENTERS AND THINGS LIKE

THAT? MICHAEL: YEAH. MOST OF THE CONSTRUCTION JOBS

WERE IN THOSE SPECIALTY TRADES AS OPPOSED TO HOMEBUILDING.

IT WAS SOMEWHAT OF A STATUS QUO REPORT, ALTHOUGH WITH MORE

PEOPLE GETTING JOBS DURING THE MONTH. CHRISTINA:

WHAT ABOUT WAGES -- LISA: WHAT ABOUT WAGES?

WHERE ARE THEY SITTING AT? MICHAEL: WAGES CAME DOWN.

THEY ARE SORT OF ON THE LINE OF PROBLEMATIC.

WE ARE SEEING WAGE DECLINES IN LOWER PAID AREAS MORE THAN

ANYTHING ELSE.

THE HEALTH CARE WORKERS' WAGE INCREASES -- THESE ARE NOT

INCREASES. WAGE INCREASES ARE GETTING

SMALLER. RIGHT NOW, WE ARE RUNNING AT

ABOUT 3.5%, WHICH IS ROUGHLY WHERE THE FED WOULD BE IN ORDER

TO HAVE ENOUGH INCOME TO GET PAST INFLATION.

BUT NOT TOUCH OFF INFLATION ITSELF IN THE ECONOMY.

RIGHT NOW, WE ARE LOOKING AT A REASONABLE SITUATION.

IF IT CONTINUES TO SLOW DOWN, THEN YOU MAY BE A LITTLE

CONCERNED OVER WHETHER CONSUMERS CONTINUE TO SPEND.

CHRISTINA: WITH THE SLIT ON WAGES, IS THAT

MORE INDICATION THAT K-SHAPED ECONOMY IS HERE TO STAY?

MICHAEL: WE HOPE IT IS NOT HERE TO STAY,

BUT IT IS DIFFERENTLY HAVING AN IMPACT.

WE ARE SEEMING -- SEE MOST SPENDING COMING FROM HIGHER

INCOME -- CHRISTINA: YOUR EYES SAYING THAT LOWER

INCOME WAGE IS EXPANDING BUT LEISURE GOING -- MICHAEL:

THE PEOPLE WHO MAKE THE LEAST ARE HAVING TO SPEND MORE OF

THEIR PAYCHECKS, SPENDING MORE ON GASOLINE NOW, AND WE

PROBABLY SEE INFLATION FROM THE WAR BROUGHT INTO OTHER

CATEGORIES. IT WILL AFFECT WHAT THEY CAN

SPEND ON DISCRETIONARY THINGS. LISA:

ALL THAT SAID, THE INFORMATION ABOUT THE JOBS AND THE DATA WE

RECEIVED, WHAT DOES IT SAY ABOUT THE FED AND INTEREST

RATES? THEY HAVE A MEETING LATER THIS

MONTH? MICHAEL: THE FED IS GOING TO DO NOTHING.

[LAUGHTER] CHRISTINA: WE LOVE THAT.

REALLY FUN TO REPORT ON. MICHAEL:

IT SORT OF KILLED THE IDEA OF EVERYONE TURNING INTO US.

[LAUGHTER] CHRISTINA: EXCITING THINGS WILL BE

HAPPENING, PLEASE TURN ON BLOOMBERG, MIKE WILL BE ON IT

-- MICHAEL: I CAN SELL IT, BECAUSE IT WILL

BE JAY POWELL'S LAST MEETING. BUT BASICALLY THEY DO NOT KNOW

WHAT WILL HAPPEN WITH INFLATION. THEY ASSUME IT WILL GO UP.

IT IS NOT A SITUATION YOU CAN BE CUTTING RATES WHEN INFLATION

IS RISING RAPIDLY. THEY KNOW IT IS SHORT-TERM --

THEY HOPE --BUT THE ECONOMY BEING STRONG THAT THEY DO NOT

NEED TO CUT RATES, SO THEY WILL SIT BACK AND WATCH FOR THE TIME

BEING. CHRISTINA: THE REPORT ONLY COVERS PART OF

THE PERIOD OF THE WAR. KEVIN HASSETT AT THE WHITE

HOUSE HAD SOME THINGS TO SAY ABOUT THAT ON "BLOOMBERG

SURVEILLANCE" YESTERDAY ABOUT THE DISRUPTION

IN GLOBAL OIL SUPPLY. KEVIN:

THERE ARE CERTAIN TO BE SOME ORAL DISRUPTIONS IN THE SENSE

OF ON, BUT THE U.S. IS WILLING TO EXPAND TO THESE

COUNTRIES, MORE REFINED PRODUCT, MORE CRUDE.

ALSO, WE HAVE TAKEN A NUMBER OF STEPS TO MINIMIZE THE

DISRUPTIONS HERE IN THE U.S., DOING THINGS LIKE WAVING THE

JONES ACT, SO WE CAN GET U.S. -- WAIVING THE JONES ACT, SO WE

CAN GET U.S. FINISHED PRODUCT TO THE WEST

COAST. THE STRENGTH OF THE U.S. ECONOMY WILL BE SOMETHING LIKE

A SAFETY NET FOR ASIA. CHRISTINA:

STOCKS FINISHED HIGHER THIS WEEK, DESPITE THESE DISRUPTIONS.

BUT AT SOME POINT, IF THIS CONTINUES, TO KEVIN HASSETT'S

POINT AND THE PRESIDENT'S POINT, THE U.S.

MAY BE VIRTUALLY ENERGY INDEPENDENT, BUT THAT IS NOT

THE PLACE FOR OTHER KICK PLACES, ESPECIALLY ASIA AND THE

DOWNSTREAM EFFECTS OF HIGH PETROLEUM AND OIL COSTS WILL

HAVE THE ECONOMY AT SOME POINT, RIGHT? MICHAEL:

AND WE DO A LOT OF TRADE WITH ASIA, AND WE HAVE TO PAY TO GET

THE GOODS ARE MAJOR HERE, THAT WE IMPORT.

SO YES, WE WILL FEEL IT. ASIA WILL FEEL IT WAS BECAUSE

THEY DO NOT HAVE THEIR OWN ENERGY SUPPLY.

BUT WE REALLY CANNOT RAMP UP A LOT OF SALES FROM THE U.S.

TO ASIA. THERE ARE NO TAKERS OUT THERE.

THEY'VE ALL BEEN LEASED BY THE MAJORS.

THEY ARE DIVERTING OIL AWAY FROM EUROPE TO ASIA, BECAUSE

THE ASIANS WILL PAY UP FOR IT, BUT THERE IS NOT MUCH MORE

CAPACITY TO DO THAT. OIL IS A GLOBALLY TRADED

COMMODITY.

THE PRICE WE FACE FOR U.S. OIL IS ROUGHLY THE SAME AS THE

REST OF THE WORLD. SO GASOLINE PRICES ARE GOING TO

GO UP. IT'S ALL GOING TO BE A QUESTION

OF HOW LONG THIS LASTS, WHICH EVERYBODY ELSE SAID AS WELL.

BUT THE LONGER IT LASTS, BECOMES EXPONENTIALLY WORSE,

BECAUSE IT TAKES MONTHS -- AT LEAST A MONTH TO GET OIL FROM

THE MIDDLE EAST TO WHEREVER IT IS GOING VIA TANKER.

IF THE WAR ENDED AFTER THE END OF THIS SHOW, IT WOULD STILL BE

A MONTH. IT WOULD BE A MONTH UNTIL WE

STARTED GETTING OIL COMING IN FROM THOSE TANKERS.

AND NOW THE TINKERERS THAT WERE AFLOAT AND COMING, THEY'RE DONE.

SO THERE'S GOING TO BE THIS BIG GAP WHERE WE HAVE TO WAIT.

IT DOES SEEM LIKE IT WILL LAST LONGER THAN THE MARKETS ARE MAY

BE PRICING IN AT THIS POINT. WHEN YOU TALK TO PEOPLE IN THE

OIL INDUSTRY, THEY ALL THINK THAT FOLKS IN THE EQUITY

MARKETS ARE NOT PRICING THIS CORRECTLY, AT THIS POINT, THAT

IT IS GOING TO BE WORSE, BECAUSE IT WILL LAST LONGER

THAN PEOPLE THINK. LISA:--

LISA: HE SAID IT WAS A TEMPORARY DISRUPTION.

KEVIN: THE STRENGTH OF THE U.S.

ECONOMY IS GOING TO BE -- FOR THE GLOBAL ECONOMY.

I WOULD KEEP A CLOSE EYE ON FUTURES MARKETS.

FORECASTING THESE THINGS IS VERY DIFFICULT.

THE FUTURES MARKETS HAVE PRICES GOING BACK TOWARD NORMAL OVER

THE SUMMER.

>> IS HE RIGHT IN THAT ANALYSIS? MICHAEL:

HE'S PROBABLY RIGHT GIVEN THE IDEA WE MIGHT SEE THIS WAR END.

IF IT DOES END.

>> HOPEFULLY AT SOME POINT. MICHAEL:

PRICES WILL COME DOWN, BUT TO WHERE IS THE ISSUE.

WHEN YOU ARE TALKING ABOUT THE OIL MARKET CURVE KEVIN WAS

TALKING ABOUT, THE CONTRACT WE

ARE ON, THE MAIN CONTRACT FLOWS FOR OIL AT ABOUT 110.

FOR JUNE, IT IS 99 AND JULY, 97. YOU GET INTO THE 70'S BY THE

END OF THE YEAR AND YOU'RE STILL PAYING A HIGHER PRICE

THAN YOU WERE AND IT'S STILL GOING TO BE NOTICEABLE TO

PEOPLE, WHEN THEY GO TO THE GAS PUMPS.

IT'S STILL GOING TO BE WELL OVER THREE DOLLARS, IF NOT FOR

DOLLARS ANYMORE.

>> I'M GLAD I GAVE UP MY CAR WHEN I MOVED TO NEW YORK.

CHRISTINA: I WANT TO GO TO SOMETHING YOU

TOUCHED ON AND IT'S BEEN MY QUESTION ALL WEEK.

THAT'S HOW THE MARKETS DO NOT SEEM TO BE REFLECTING THE

REALITY OF SOME OF THESE SITUATIONS.

THEY SEEM OPTIMISTIC. IS THAT POSSIBLY TO THEIR OWN

DETRIMENT? THEY SEEM TO BE SPIKING ON ANY

POSITIVE THREAD THEY GET FROM THE PRESIDENT, ANY SIGN OF HOPE

THE CONFLICT IS ENDING. WHAT IS DRIVING THAT? MICHAEL:

IT IS KIND OF BIZARRE AND THERE IS A LOT OF DEBATE ON WHAT IS

DRIVING THAT. SOMETIMES, IT'S THE IDEA THAT

THE MAGA PEOPLE OUT THERE TRADE ON THE PRESIDENT'S OPTIMISTIC

COMMENTS. THAT SENDS STOCKS UP AND THEN

THE MOMENTUM TRADERS HAVE TO GET IN AND FOLLOW THAT UP AND

IT CREATES ITS OWN CIRCULAR SORT OF MARKET.

ANALYSTS ARE STILL SEEING STRONG EARNINGS FOR U.S.

COMPANIES, PARTICULARLY IN TECH. AND SO, THERE IS A REASON TO

BELIEVE -- KEVIN WAS NOT WRONG ABOUT THE U.S.

ECONOMY BEING STRONGER THAN THE REST OF THE WORLD.

THERE IS REASON TO BELIEVE THIS CAN CONTINUE FOR A WHILE.

BUT, THE ISSUE IS GOING TO BE IF THE WAR GOES ON AND PRICES

GO UP AND IT STARTS TO CREATE SOME DEMAND DESTRUCTION, PEOPLE

START PULLING BACK ON SPENDING, THEN WE WILL SEE EARNINGS GASES

GO DOWN AND WE WILL SEE MORE OF A PROBLEM IN THE STOCK

MARKET.

>> MICHAEL MCKEE, THANK YOU SO MUCH.

>> AS WALL STREET OPENS ON MONDAY, BE SURE TO WATCH

BLOOMBERG SURVEILLANCE. LISA: LET'S GET YOU UP-TO-DATE ON

TODAY'S TOP STORIES, POPE LEE HAS MARKED HIS FIRST GOOD

FRIDAY AS PONTIFF. HE CARRIED OUT A WOODEN CROSS

FOR ALL 14 STATIONS, AT THE COLISEUM.

IT MARKS THE FIRST TIME IN DECADES A POPE HAS ACCOMPLISHED

THIS COMPLETE TASK. HE SAID HE ACTS AS A

SIGNIFICANT -- IT ACTS AS A SIGNIFICANT SPIRITUAL SYMBOL.

LEO MADE THE FINAL BLESSING AROUND 30,000 PEOPLE GATHERED

FOR THAT EVENT. PRESIDENT DONALD TRUMP HAS

ASKED CONGRESS TO ENACT A $2.2 TRILLION BUDGET FOR

DISCRETIONARY PROGRAMS. IT PROPOSES $1.5 TRILLION FOR

DEFENSE, A BIG INCREASE FOR THE ONE TRILLION DOLLARS SOUGHT FOR

FISCAL YEAR 2026.

IT INCLUDES A 10% CUT TO DISCRETIONARY NON-DEFENSE

SPENDING.

-- THE JUSTICE DEPARTMENT LOST ITS BID TO CONTINUE AN

INVESTIGATION INTO BUILDING -- AFTER JUDGE JAMES ROSEBURG

UPHELD AN EARLIER RULING. THE JUSTICE DEPARTMENT, THEY DO

PLAN TO APPEAL THAT DECISION. CHRISTINA: THANKS, LISA.

JOE: WITH PRICES AND INFLATION RISING, EASTER CANDY SALES ARE

DOWN. CHRISTINA: THAT'S RIGHT.

THEY ARE DOWN, NOT TERRIBLY. THEY THINK THEY CAN STILL

REBOUND BUT THIS IS AN ISSUE. STEPHANIE, OUR PRODUCER HAS

PROPS FOR US. THERE IS DIFFERENT BRANDS AND

IT'S DIVIDED. JOE: THESE ARE NOT PROPS ON EASTER

WEEKEND, THIS IS BREAKFAST. CHRISTINA:

SOME OF THE CHOCOLATE BRANDS ARE UP, SOME OF THE NON-CANDY

BRANDS. I DON'T KNOW WHAT YOUR FAVORITES ARE. JOE:

YOU HAVE TO OPEN THEM UP AND LET THEM GO STALE BEFORE EATING

THEM.

>> THERE IS A PEEPS STRATEGY. CHRISTINA:

YOU HAVE TO LET THEM DRY OUT? I DON'T KNOW IF ANYBODY EATS

PEEPS AT 7:34 IN THE MORNING. JOE: WE WILL HAVE A LOT MORE ON

THIS. EASTER CANDY SALES ARE DOWN.

WE HAVE NEW NUMBERS JUST IN FROM BLOOMBERG, INTELLIGENCE

ABOUT WHAT CONSUMERS ARE LOOKING FOR THIS HOLIDAY

WEEKEND.

GRAB THE PEEPS AND STAY WITH US. ALONGSIDE CHRISTINA RUFFINI, I

AM JOE MURTHY -- JOE MATHIEU. IT IS "BLOOMBERG THIS WEEKEND."

♪

LISA: THANK YOU FOR JOINING US LIVE.

I AM LISA MATEO. LET'S GET YOU UP TO DATE WITH

SOME OF THE TOP STORIES. ELON MUSK HAS A DEMAND FOR WALL

STREET FIRMS. THE NEW YORK TIMES SAYS ELON MUSK IS

REQUIRING BANKS, LAW FIRMS AND OTHERS TO PURCHASE

SUBSCRIPTIONS TO HIS AI CHATBOT, GROK.

IF THEY WANT IN ON ONE OF THE LARGEST INITIAL PUBLIC

OFFERING'S IN HISTORY, THE IPO IS EXPECTED TO RAISE MORE THAN

$50 BILLION, WHICH MEANS BANKS COULD GENERATE FEES IN EXCESS

OF 500 MILLION DOLLARS FOR ADVISING ON THE DEAL.

UNITED AIRLINES ARE HAVING A NEW TIERED FARE STRUCTURE.

THOSE TRANSCONTINENTAL FLIGHTS AS WELL.

THE NEW BASE TO TEAR OFFERS THE LOWEST PRICE POINT PUT FEWER

BENEFITS. THAT INCLUDES NO POLARIS LOUNGE

ACCESS OR UPGRADE ELIGIBILITY.

THEY ADD THE ABILITY YOU CAN RECEIVE A FULL REFUND UPON

REQUEST. THE WOMEN'S NCAA SETTLE TIME -- TITLE GAME IS

SET AFTER SOUTH CAROLINA BEAT YUKON, 62-40 EIGHT.

THEY WILL TAKE ON UCLA, WHO BEAT TEXAS, 52 TO 44.

TONIGHT, FOR THE MEN, WE HAVE MICHIGAN BATTLING ARIZONA AND

YUKON PLAYING ILLINOIS. CHRISTINA:

THIS YEAR'S EASTER BASKETS MIGHT BE MISSING SOME GO TO

SWEETS AS CONSUMERS PULL BACK FROM SOME OF THE ITEMS DUE TO

HIGHER PRICES AND ECONOMIC PRESSURES.

A NEW REPORT SAYS EASTER CANDY SALES ARE DOWN 5%. DIANA ROS

ARA JOINS US. I DON'T KNOW IF IT IS GOOD OR

SAD NEWS THAT EASTER CANDY SALES ARE DOWN BUT WHERE ARE

YOU NOTICING IT MOST?

>> IT'S PRETTY MUCH ON CHOCOLATE. CHRISTINA: NO.

>> OBVIOUSLY, THE HIT IS MOSTLY ON THEM. IT'S MOSTLY ON VOLUMES.

PEOPLE ARE PUSHING BACK ON PRICE INCREASES THAT HAVE BEEN

HAPPENING FOR THE LAST 18 MONTHS.

THEY ARE BEING STRATEGIC ABOUT THEIR SPENDING. CHRISTINA:

IS IT BECAUSE CHOCOLATE IS GETTING FASTER -- IS GETTING

MORE EXPENSIVE FASTER THAN OTHER ITEMS. IT'S ONE OF THE

FEW CANDIES I HAVE MYSELF AND I BOUGHT IT YESTERDAY AND SAID

IT'S LIKE NINE DOLLARS AND SHE WAS LIKE YEAH, IT'S GETTING

EXPENSIVE EVEN FOR US TO BUY. DIANA:

COCO PRICES HAVE BEEN VERY HIGH. OBVIOUSLY, THE DEMAND SEEMS TO

BE ON THE WEAKER SIDE BECAUSE OF IT.

WE PROJECT THAT, YOU KNOW, THROUGHOUT THE SEASON, EASTER

CANDY SALES WILL PROBABLY FALL ABOUT 5%. CHRISTINA:

WE WERE TALKING BEFORE WE STARTED AND YOU SAID THIS IS

THE WEAK PEOPLE BY MOST OF THE EASTER CANDY.

IT'S NOT LIKE CHRISTMAS WHERE PEOPLE PLAN AHEAD, PEOPLE ARE

LIKE OH SHOOT, IT'S EASTER, I HAVE TO BUY SOME STUFF. DIANA:

EXACTLY.

THIS WEEK, ONE THIRD OF THE EASTER CANDY IS BOUGHT THAT

WILL BE PURCHASED FOR THIS SEASON.

64% OF SHOPPERS ACTUALLY WAIT UNTIL THE NEXT DAY TO GET THE

CANDY FOR HALF THE PRICE. CHRISTINA:

THEY ARE BUYING THE DISCOUNTED STUFF. DIANA:

WHICH AFFECTS SALES OVERALL. CHRISTINA:

WE HAVE BREAKDOWNS ON WHAT PEOPLE'S FAVORITE CHOCOLATE AND

NON-CHOCOLATE BRANDS ARE. IT'S CADBURY, PEOPLE REALLY

LIKE CADBURY EGGS? DIANA: THEY DO. CHRISTINA:

DO YOU LIKE THEM? BE HONEST. DIANA:

IT'S FUNNY. I BOUGHT SOME CADBURY EGGS FOR

THE ASSOCIATES AND THOSE WERE THE FIRST ONES. CHRISTINA:

REALLY? DIANA: YES.

CHRISTINA: ALL RIGHT, AMERICA. NOT MY FAVORITE BUT TO EACH

THEIR OWN. THEN IT IS REESE'S, HERSHEY'S,

DOVE, M&MS AND GHIRARDELLI, WHICH IS FANCY CHOCOLATE.

FOR NONCHOCOLATE, WE HAVE JELLY BELLY.

THEY HAVE THOSE TANGERINE JELLY BELLIES, HAVE YOU HAD THOSE?

DIANA: THEY ARE GOOD. CHRISTINA: PEEPS, I'M NOT CONVINCED

ANYBODY LIKES PEEPS. DO YOU BUY THEM? DIANA:

NOT REALLY, NO. CHRISTINA: THEY ARE ONE OF THE THINGS YOU

FEEL LIKE YOU HAVE TO PUT IN THE EASTER BASKET. DIANA:

IT'S AN AESTHETIC. CHRISTINA: IT TASTE JUST LIKE SUGAR.

STARBURST, HOW DO YOU FEEL ABOUT STARBUCKS? DIANA:

-- STARBURST? DIANA: THEY ARE GOOD. CHRISTINA:

SWEDISH FISH AND NERDS, THAT'S INTERESTING.

WHEN IT COMES TO WHAT PEOPLE ARE GOING TO BUY, CANDY IS AT

THE TOP. 92% SAID CANDY. FOOD IS THAT 90%.

WHAT ARE THE OTHER THINGS PEOPLE ARE GOING TO BUY? DIANA:

THEY'RE GOING TO BUY GREETING CARDS AND DECORATIONS.

THEY WANT TO BE IN A FESTIVE MODE.

LIKE I SAID, AT 90% OF PEOPLE ARE GOING TO CELEBRATE EASTER.

IT IS A SIGNIFICANT HOLIDAY. CHRISTINA:

YOU SAY FLOWERS ARE 46%. PEOPLE ARE NOT BUYING FLOWERS,

DON'T YOU GET GRANDMA FLOWERS ON EASTER? DIANA:

I GUESS IT'S BECAUSE THEY DIE SOON ENOUGH. CHRISTINA:

AND THEY ARE EXPENSIVE. FLOWERS ARE ANOTHER ONE OF THE

THINGS I NOTICED HAVE GONE UP. I WAS READING THIS ESSAY AND IT

SAYS IT'S NOT JUST KIDS GETTING TO ENJOY EASTER BASKETS.

A FERRERO SURVEY FOUND THAT 66% OF RESPONDENTS THINK ADULTS

DESERVE AN EASTER BASKET AS MUCH AS KIDS.

28% BY EASTER CANDY SPECIFICALLY FOR THEMSELVES,

GUILTY AS CHARGED. 64% PLAN TO BUY CANDY ON SALE

THE DAY AFTER EASTER. ADULTHOOD IS HARD.

KIDS HAVE IT EASY, DON'T WE DESERVE AN EASTER BASKET? DIANA:

THAT'S WHAT 66% OF PEOPLE ARE SAYING. AND I AGREE.

YOU HAVE TO CELEBRATE AS MUCH AS POSSIBLE, BRING SOME JOY TO

YOUR LIFE.

GOING BACK TO THE SALES FORECAST, IT IS A TAILWIND FOR

SALES. THERE IS OBVIOUSLY MORE DEMAND

FOR THE CANDY. BUT AGAIN, THEY ARE PROBABLY, A

LOT OF THEM, ARE WAITING FOR THE NEXT DIVE TO GET IN

PROMOTIONS. IF YOU WALK THE AISLES, WHICH I

TEND TO DO WHEN I VISIT THE GROCERY STORE, I DON'T KNOW HOW

SAD THAT MAKES ME. CHRISTINA: I DON'T THINK IT MAKES YOU SAD

AT ALL. WE ARE LOOKING FOR SALES, GOOD

THINGS. DIANA: I NOTICED THERE ARE MORE

PROMOTIONS FOR THE EASTER CANDY. THERE SEEMS TO BE A LOT OF

EAGERNESS TO MOVE INVENTORY. AND THAT IS OBVIOUSLY GOING TO

BE THE HEADWIND FOR THIS SEASON. CHRISTINA:

WHEN YOU LOOK AT THE INDUSTRY AS A WHOLE, SALES ARE DOWN.

ARE THEY DOWN A CONCERNING AMOUNT? IS THIS A PROBLEM?

DIANA: I WOULD SAY IT ACTUALLY, YOU

KNOW, OUR BASE CASE SCENARIO CALLS FOR A 5% DROP.

IF THINGS ARE -- IF PEOPLE PULL BACK MORE THAN WHAT THEY USED

TO, WHAT THEY NORMALLY DO, WE WILL SEE A DECREASE IN EASTER

CANDY SALES. THAT IS SIGNIFICANT. CHRISTINA:

THAT IS PRODUCING IF YOU CAN. I WOULD IMAGINE THERE ARE OTHER

HOLIDAYS. I GUESS HALLOWEEN IS THE

BIGGEST CANDY SALE ONE. DIANA: HALLOWEEN IS THE HIGHEST ONE.

CHRISTINA: ARE WE GOING TO HAVE TO WAIT

UNTIL THEN TO SEE IF THEY CAN REBOUND FROM THIS? DIANA:

THE INDUSTRY WILL BEHAVE IN TERMS OF CANDY SALES OVERALL.

BUT YEAH, THIS IS A SIGNIFICANT HOLIDAY FOR THE SEASON.

IT'S ABOUT 10% OF CANDY SALES. FOR THE U.S. CHRISTINA:

WE WILL HELP THE INDUSTRY OUT, I WILL GET YOU IN EASTER BASKET

AND YOU GET ME AN EASTER BASKET AND WE WILL BE PARTICIPATING.

FOR THE GOOD OF THE ECONOMY. DIANA: EXACTLY.

WE HAVE TO DO IT FOR THE ECONOMY. CHRISTINA:

THANK YOU FOR COMING IN. WE APPRECIATE IT.

YOU CAN READ MORE OF THIS ANALYSIS ON THE TERMINAL AND

BLOOMBERG.COM. I HAVE JELLY BEANS.

DO YOU WANT JELLY BEANS? JOE: YEAH, JELLY BELLY YOU SAID WAS

YOUR FAVORITE. THE PEEPS, PEOPLE ARE BEING

WEIRD ABOUT THE PEEPS. IT'S THE CANDY CORN OF EASTER.

CHRISTINA: YES. JOE: THEY GET NO RESPECT BUT THEY

ARE MANDATORY. CHRISTINA: LISA, YOU WERE SAYING HOW OLD

ARE YOUR KIDS? LISA: MINE ARE 18 AND 23 AND I STILL

GET THEM EASTER BASKETS. JOE: WHAT A GREAT MOM.

LISA: IT'S LIKE BEAUTY PRODUCTS, SHAVE KIDS, ALL THAT KIND OF

STUFF THAT'S WHAT WE'VE TRANSITIONED TO AT THIS AGE.

JOE: DID YOU GET A BASKET GROWING UP?

CHRISTINA: I DID. THIS IS THE FIRST EASTER I'M

MISSING IN A WHILE BUT I'M HAPPY TO SPEND IT WITH YOU.

THEY STARTED HIDING BOTTLES AND NOW WE HAVE AN ADULT EASTER

ICON. SOME HAVE VODKA AND SOME HAVE

BOURBON. JOE: EATING CANDY WHILE YOU ARE ON

AIR IS NOT ALWAYS THE SMARTEST THING TO DO. CHRISTINA:

I THINK THE AUDIENCE WILL FORGIVE US.

DO YOU REMEMBER NAPSTER? IT'S BACK AND DOING A LOT MORE

THAN JUST MUSIC. OUR CONVERSATION WITH THE

COMPANY'S CEO IS COMING UP NEXT. YOU CAN EXPLORE OUR

LIVESTREAMING NEWS AND INTERVIEWS ON OUR TV SHOWS,

DOCUMENTARIES AND REPORTER ANALYSIS AT ONE PLACE.

WHAT IS THAT PLACE? BLOOMBERG.COM/VIDEOS. ♪

CHRISTINA: WELCOME BACK. I AM CHRISTINA RUFFINI, HERE

WITH LISA MATEO. LISA: DO YOU REMEMBER NAPSTER?

CHRISTINA: THIS IS A FORMATIVE NAME, OF

COURSE I REMEMBER NAPSTER. LISA: IT'S COME A LONG WAY SINCE THE

1990'S. WE HAVE ALL COME ALONG WAY

SINCE THE 1990'S. IT DIGITIZED THE WHOLE MUSIC

INDUSTRY. IT WAS A TRENDSETTER AND NOW IT

HAS TRANSFORMED. IT'S GONE FROM DOING ALL THAT

AND NOW IT'S LIVING IN THIS NEW FORM, DIVING HEAD FIRST INTO

ARTIFICIAL INTELLIGENCE. NOT JUST MUSIC, IT HAS GONE WAY

BEYOND THAT. JOHN IS HERE TO TALK ABOUT IT.

HE'S THE CEO OF THE NEW NAPSTER. YOU HAVE TO PAINT THE HISTORY

PICTURE. HOW DID YOU GET THE NAME

NAPSTER AND WHERE IS THE COMPANY GOING NOW? CHRISTINA:

IS IT THE SAME COMPANY OR A NEW COMPANY WITH THE SAME NAME?

>> WE BOUGHT NAPSTER A LITTLE OVER A YEAR AGO.

WE REALLY WANTED TO TRANSFORM THE BRAND.

NAPSTER WAS STREAMING MUSIC AND REVOLUTIONIZED THAT PERIOD.

NOW WE ARE STREAMING INTELLIGENCE. JOHN:

SO, WE FELT LIKE WE HAVE A PRODUCT THAT CAN REVOLUTIONIZE

THAT. OR AT LEAST, STAR ASKING A LOT

OF THE QUESTIONS THAT SHOULD BE ASKED.

>> WHAT DOES THAT MEAN? STREAMING INTELLIGENCE.

TALK US THROUGH WHAT MEAN THINGS YOU ARE -- TALK US

THROUGH WHAT THINGS YOU ARE TRYING TO DO. JOHN:

WE WANT TO CONNECT AUDIENCES DIRECTLY TO A HUMAN FORM OF AI.

AI IS ABOUT INTELLIGENCE. SO, TO HAVE A CONVERSATION WITH

AI, WE THINK IS SUPER IMPORTANT. WE HAVE CREATED A PRODUCT WHERE

YOU CAN DO THAT. CHRISTINA:

IS THE GOAL TO MAKE IT MORE PALATABLE, MAKE AN AI INTERFACE

FOR HUMANS THAT FEELS MORE HUMAN? JOHN: THAT'S RIGHT.

I THINK THAT RIGHT NOW, AI IS IN THIS PROMPT PHASE.

YOU TYPE SOMETHING IN AND THEN READ AND TYPE IN SOMETHING AND

THEN READ. AND IT IS SO MUCH MORE POWERFUL

WHEN YOU CAN HAVE A CONVERSATION.

AND I THINK THE LEARNING IS EASIER AS WELL IN A

CONVERSATION, WHICH AI IS A GREAT TOOL FOR LEARNING.

IT'S NOT JUST A TOOL THAT ANSWERS THINGS.

IT HELPS US BECOME SMARTER.

>> WHAT ARE SOME EXAMPLES ABOUT HOW THIS IS BEING USED? JOHN:

WE HAVE CREATED HARDWARE PRODUCTS, NOT JUST SOFTWARE.

WE HAVE CREATED A NAPSTER STATION, WHICH IS THIS VERY

POWERFUL TOOL THAT ALLOWS FOR YOU TO GO INTO A RETAIL STORE

AND TALK TO THIS DIGITAL AGENT. THAT SAME AGENT CAN LIVE IN AN

IMMERSIVE WEBSITE, WHERE YOU CAN TALK TO THEM ON THE WEBSITE.

AND SO, THE CONVERSATION ON A WEBSITE IS VERY POWERFUL.

THAT SAME AGENT CAN REMEMBER YOU IN A STORE.

SORT OF THINK ABOUT IT AS THERE ARE THREE VERY IMPORTANT

FACTORS THAT AI BRINGS TO THE WEB THAT DISRUPTS IT.

THE FIRST IS THE ABILITY TO QUALIFY A CUSTOMER.

WHY ARE YOU COMING TO THE WEBSITE?

WHAT ARE YOU DOING, WHAT ARE YOU LOOKING FOR?

THE SECOND IS TO BE ABLE TO PRICE MATCH OTHER COMPETITORS

AND SHOW HOW YOU ARE DIFFERENT. THE THIRD IS THE CUSTOMER

SERVICE ASPECT. WE HAVE HAD THINGS THAT ARRIVE

THAT MAY NOT BE WHAT WE WANTED, THE SIZE OR THE COLOR.

TO BE ABLE TO TALK TO A HUMAN -- >> BUT IT'S NOT A HUMAN!

JOHN: IT'S HUMAN INTELLIGENCE IN THE

SENSE THAT ALL OF THESE PRODUCTS ARE CREATED BY US.

THIS AI PERSONA THAT YOU ARE HAVING THIS CONVERSATION WITH

IS SIMPLY LOOKING AT ALL OF THE THINGS AND THE KNOWLEDGE THAT

HAS BEEN COLLECTED IN A WAY IN WHICH HE CAN HELP AND DELIVER A

BETTER SERVICE TO YOU AS A CUSTOMER.

IT IS TOTALLY AN AID TO THE CUSTOMER EXPERIENCE. CHRISTINA:

WHAT ARE YOU DOING ABOUT PRIVACY CONCERNS ABOUT THAT?

THAT IS A LOT OF INFORMATION AND THE INTERNET IS FOREVER.

SOMEBODY COULD PURCHASE SOMETHING ON NAPSTER AND THEN

THEY CAN HAVE ACCESS TO ANYTHING YOU'VE BEEN TALKING TO

A THERAPY BOT OR A HEALTH CARE BOUGHT ABOUT. JOHN:

WE HAVE BEEN AT THE FOREFRONT OF MAKING IT CLEAR THAT

CUSTOMERS AND BUSINESSES SHOULD OWN THEIR DATA.

WE THINK DATA OWNERSHIP IS WHAT PRESERVES HUMANITY.

WHEN YOU TURN AN IDEA OVER TO A MACHINE, OR YOU TURN AN IDEA

OVER TO A CORPORATION THAT OWNS THAT MACHINE, YOU ARE ALSO

TURNING AWAY INNOVATION. AND SO EVERYTHING AT THE CORE

OF OUR COMPANY IS ABOUT EVERYONE OWNING THEIR IDEAS,

OWNING THEIR DATA, OWNING THE PLATFORM.

EVEN OWNING THE INTELLIGENT BEINGS THEY CREATE.

BECAUSE ULTIMATELY, THAT IS PRESERVING HUMANITY. CHRISTINA:

WE WANT TO ASK YOU ABOUT THE NAPSTER LEGACY WHICH IS STILL

PART OF THE COMPANY. YOU DO HAVE A MUSIC PORTION OF

THE COMPANY. WHAT DOES THAT DO? LISA: IT'S GOT TO BE AI. JOHN:

IT IS AI. AND WE SEE AI AS HELPING

EVERYONE BECOME A CREATOR. SO YOU CAN NOW CREATE YOUR OWN

AI ARTIST. YOU CAN LISTEN TO OTHER PEOPLE'S AI CREATIONS.

BUT IF YOU CREATE YOUR OWN AI PERSONA, YOU ACTUALLY OWN THE

MUSIC. YOU OWN THE PERSONA. THEY CAN CREATE PODCASTS AND

LIVE THESE LIVES. AND FANS CAN INTERACT WITH THEM

AND FOLLOW THEM AND REALLY ENGAGE WITH THESE AI PERSONAS

IN A VERY UNIQUE WAY. BUT YOU AS THE CREATOR, IDEA

INNOVATION, YOU OWN 100% OF ALL OF THAT BECAUSE IT IS YOUR

CREATION.

SO, WE BELIEVE THAT THAT MUSIC MODEL SHIFT IS SOMETHING THAT

IS SUPER IMPORTANT. IT DOESN'T TAKE AWAY FROM

PEOPLE CREATING MUSIC OR THE LOVE OF MUSIC.

WE THINK THERE IS THIS NEW MODEL THAT NEEDS TO BE DONE.

AND WE THINK NAPSTER IS THE ONE TO DO IT.

>> THANK YOU VERY MUCH.

>> THANKS SO MUCH FOR BEING WITH US. CHRISTINA:

I DON'T KNOW IF HAVING A VISION OF THE AI IROBOT I'M TALKING TO

IS GOING TO MAKE ME LESS ANGRY THAT I'M TALKING TO AN A IROBOT.

JOE: HOW OLD DO YOU HAVE TO BE TO

REMEMBER NAPSTER? LISA: I NEVER USED IT.

IT WAS OUT AND I NEVER USED IT. TALKING TO AN ANIMATED PERSON,

IS THAT WHAT YOU WANT TO DO? JOE:

JUST PUT AI ON IT IF YOU NEED TO CATCH UP WITH THE TIMES.

CHRISTINA: WE ARE COMING UP ON 8:00 A.M.

IN NEW YORK. AHEAD, HOW THE ENERGY CRUNCH IS

PUTTING PRESSURE ON ONE CRITICAL COMMODITY. ♪

>> WELCOME TO "BLOOMBERG THIS WEEKEND" LIVE FROM NEW YORK.

WITH DAVID GURA, CHRISTINA RUFFINI AND LISA MATEO.

THE LATEST HEADLINES, ANALYSIS, BIG INTERVIEWS AND THE STORIES

THAT HIT HOME ON YOUR DAYS OFF.

CHRISTINA: IT IS 8 A.M. AT BLOOMBERG'S WORLD

HEADQUARTERS. I'M CHRISTINA RUFFINI WITH JOE

MATHIEU IN TODAY FOR DAVID GURA. WE HAVE A LOT OF NEWS TO GET TO.

OF COURSE WE ARE STILL TALKING ABOUT IRAN WHICH IS LEADING

EVERYTHING AND THE MISSING AMERICAN AIRMEN WHO WAS --

WHOSE PLANE WAS SHOT DOWN. THEY RECOVERED ONE OF THE

FLIGHT CREW BUT ONE MAN IS STILL MISSING. JOE:

A BUSY AND NEWSY HOLY WEEKEND. WE THANK YOU FOR BEING WITH US.

CHRISTINA AND LISA MATEO. SOME OF THE NEWS HAS BEEN

CHALLENGING. FOLLOWING THE PRESIDENT'S

ADDRESS JUST DAYS AGO, THERE ARE STILL MAJOR CHALLENGES IN

THE WAR WITH IRAN. CHRISTINA: LET'S START WITH LISA. LISA:

THE U.S. DOES CONTINUE THE SEARCH FOR

THE DOWNED AIRMEN AND THIS IS AS IRAN CONTINUES TO STRIKE.

THE CREWMEMBER THEY ARE LOOKING FOR WAS FROM IN F-15E SHOT DOWN

BY IRAN ON FRIDAY. TEHRAN OFFERED A REWARD OF

66,000 DOLLARS TO CITIZENS WHO CAPTURED THE PILOT A LOT.

A SECOND CREWMEMBER WAS RESCUED. IN AN INTERVIEW WITH NBC,

DONALD TRUMP DID NOT DISCUSS THE OPERATION BUT DID SAY THE

EVENTS WOULD NOT AFFECT IRAN THE ONGOING NEGOTIATIONS WITH

IRAN. A SECOND COMBAT PLANE CRASHED

IN THE PERSIAN GULF THE SAME DAY.

THE NEW YORK TIMES SAYS THAT THE PILOT WAS SAFELY RESCUED.

THIS ALL COMES AS THE WAR ENTERS ITS SIXTH WEEK, ENERGY

PRICES RISING. LITTLE SIGN THAT IRAN WILL BACK

DOWN TO REOPEN THE STRAIT OF HORMUZ.

TODAY A STRIKE TARGETING THE PERIMETER OF IRAN'S NUCLEAR

POWER PLANT AND LEFT ONE STAFF MEMBER DEAD ACCORDING TO IRAN.

MEANWHILE, IRAN CONTINUES TO FIRE MISSILES AND DRONES AT

GULF STATES IN ISRAEL. SOME SIGNS THE LABOR MARKET WAS

STABILIZING AS THE WAR BEGAN. U.S. JOB GROWTH REBOUNDED WITH

PAYROLLS RISING 178,000. THE UNEMPLOYMENT RATE FALLING

TO 4.2% HEARD WHAT DOES THIS MEAN FOR INTEREST RATES?

BILL DUDLEY TELLS BLOOMBERG SURVEILLANCE THAT WITH THE

CURRENT UNCERTAINTY IT IS BEST FOR THE FED TO DO NOTHING. BILL:

BACK WHERE THEY WERE A YEAR AGO WHERE THEY WERE WORRIED ABOUT

BOTH SIDES OF THE MANDATE. AND THEN AS WE WENT THROUGH

2025 THEY BECAME LESS WORRIED BUT -- INFLATION AND LESS

WORRIED ABOUT GROWTH AND NOW THEY'RE WORRIED ABOUT BOTH.

AND SO, GIVEN THE CURRENT ENVIRONMENT, THEY WILL SIT ON

THEIR HANDS FOR QUITE SOME TIME. LISA:

NASA HAS RELEASED THE FIRST IMAGES OF EARTH TAKEN BY

ARTEMIS II. THE CREW LAUNCH WEDNESDAY

EVENING FROM THE KENNEDY SPACE CENTER.

IT WILL TAKE THE CREW FOR DAYS TO TRAVEL TO THE LUNAR VICINITY

FOR PLANS WITH A FLYBY ON SUNDAY.

THEY DESCRIBE WHAT THEY SAW AS THE SUN WAS SETTING.

>> I DON'T WHAT WE EXPECTED YOU SEE AT THE MOMENT BUT YOU CAN

SEE THE ENTIRE GLOBE. FROM POLE TO POLE.

YOU CAN SEE AFRICA, EUROPE, AND IF YOU LOOKED REALLY CLOSE YOU

COULD SEE THE NORTHERN LIGHTS. IT WAS THE MOST SPECTACULAR

MOMENT. IT PAUSED ALL FOUR OF US.

LISA: THE COOL THING IS ABOUT THIS AS

THEY COULD BREAK THE RECORD FOR THE FARTHEST ANY HUMAN HAS

TRAVELED IN SPACE. CHRISTINA: AND THAT IS BECAUSE THEY LOOPED

AROUND THE WORLD AND THEN THEY DID A FIGURE 8. LISA:

IT TAKES LONGER, YES. CHRISTINA: IT IS A GOOD TRICK. I LIKE THAT.

JOE: NOT SURE HOW I FEEL ABOUT THE

DARK SIDE OF THE MOON. THAT WILL BE QUITE AN

EXPERIENCE. CHRISTINA: DO THEY PLAY THE DARK SIDE OF

THE MOON? JOE: WHAT CAN I SAY? WE'VE A LOT OF SERIOUS STUFF TO

DEAL WITH EVENNESS AS THE ASTRONAUTS MAKE THEIR WAY

CLOSER TO THE MOON, WE HAVE TOUGH STUFF TO TALK ABOUT ON

EARTH. CHRISTINA: BEFORE WE GO TO OUR REPORTERS,

COUPLE HEADLINES.

THE NEW YORK TIMES CITING PERSONAL HAVE BEEN DIGGING OUT

UNDERGROUND BUNKERS AND RETURNING THEM TO OPERATIONS

HOURS AFTER THE ATTACK. THE PUSHBACK FROM WHAT WE'RE

HEARING FROM THE PRESIDENT'S SPEECH WHERE HE SAID IRAN'S

CAPACITY HAS BEEN OBLITERATED BUT THEY ARE STILL TAKING DOWN

U.S. PLANES. SO IT IS NOT COMPLETELY

OBLITERATED AS OF YET. JOE: THE PRESIDENT AS HE SPOKE TO

THE NATION.

IRAN HAS NO ANTIAIRCRAFT EQUIPMENT PRINCI AND IN

REPORTING THAT IRAN RETAINS HALF OF ITS MISSILE LAUNCHERS

WHICH IS A FAR CRY FROM THE PICTURE THE ADMINISTRATION IS

PAINTING AND WE FIND OUT ABOUT THE DOWNED F-15, AND IT MAKES

US WONDER WHAT COULD COME NEXT. HELPING US TO THAT END IS JAMIE

TARABAY, SPECIALIZING IN NATIONAL SECURITY COVERAGE.

IT IS GREAT TO SEE YOU. WE WOULD LIKE TO START WITH THE

SEARCH AND RESCUE OPERATION THAT IS UNDERWAY NOW AND THE

REMINDER THAT THERE IS A LOT OF WORK LEFT FOR THE UNITED STATES

IN THIS CONFLICT. ARE WE LEARNING THAT IRAN HAS

MORE CAPABILITY THAN WE THOUGHT DAYS AGO? JAMIE:

I THINK THAT GIVEN IT HAS BEEN SIX WEEKS NOW, AND WE ARE STILL

SEEING MAYBE NOT THE RELENTLESS BOMBING CAMPAIGN THAT WE SAW AT

THE OUTSET BUT THE MORE JUDICIOUS USE OF THEIR ARSENAL,

CERTAINLY MAKES, SORT OF RAISES THE QUESTION WHAT MORE DO THEY

HAVE THAT WE DON'T KNOW ABOUT? I THINK RIGHT NOW AS YOU AND

CHRISTINA HAVE BEEN TALKING ABOUT, I THINK WHAT WE KNOW

KNOW AND WHAT COMES NEXT IN TERMS OF THE SEARCH-AND-RESCUE

FOR THIS SERVICE MEMBER IS GOING TO BE REALLY IMPORTANT.

WHETHER THIS PERSON IS CAPTURED, WHAT THEIR FATE IS,

WHETHER THEY ARE USED AS LEVERAGE, WHETHER, I MEAN, JUST

SORT OF THE RISKS THAT ARE

INHERENT IN WHATEVER HAPPENS TO THIS PERSON.

WE'VE SEEN SO MANY SITUATIONS IN THE PAST WHERE THERE HAVE

BEEN REALLY, WHERE HEAD IS GONE VERY VERY BADLY.

I'M THINKING OF BLACK HAWK DOWN. THE OUTSET OF THE INVASION OF

THE WAR IN IRAQ IN 2003 WE SAW JESSICA LYNCH CAPTURED AND

TAKEN. ONE OF THE THINGS WE HAVE TO

PAY ATTENTION TO, AND WITH CHRISTINE THAT WAS ASKING ABOUT

THE SORT OF THE TERRAIN AND WHERE THIS PILOT WENT DOWN, IT

IS MOUNTAINS BUT ALSO NEAR A MILITARY BASE.

SO, YOU KIND OF WANT OF HOPE FOR THE BEST. OBVIOUSLY THAT

THIS PERSON IS CAPTURED. BUT TREATED WELL, ACCORDING TO

INTERNATIONAL CONVENTIONS. BUT WE REALLY DON'T KNOW AT

THIS POINT. AND I THINK THAT IS GOING TO BE

SUCH A HUGE PRIORITY BECAUSE THAT CAN REALLY CHANGE THE

CALCULUS WITH THE WAY IT IS LANDING WITH THE AMERICAN

PEOPLE, DEPENDING ON WHAT HAPPENS TO THIS PERSON.

CHRISTINA: THAT IS WHY PRESIDENT TRUMP'S

REMARKS TO NBC WHERE WAS SURPRISING WHERE HE WAS ASKED

IF YOU THOUGHT THIS INCIDENT WOULD CHANGE NEGOTIATIONS?

HE SAID, NO, IT'S WAR. NOT AT ALL.

DO YOU THINK THAT IS ACCURATE? IF YOU THINK THIS IF THAT -- IF

THIS PERSON IS CAPTURED AND USED AS A PROPAGANDA TOOL, IT

COULD CHANGE THE WAY THE PRESIDENT AN AMERICAN OPERATES

-- AND AMERICA FIRST? LISA: THE PRESIDENT HAS BEEN HIS OWN

NEGOTIATOR IN A WAY IN A STYLE THAT HAS BEEN UNPREDICTABLE AND

I DO NOT KNOW THIS IS NOT SOMETHING HE IS NOT DOING RIGHT

NOW, BECAUSE THERE IS THIS FATE OF THIS PERSON AT HAND AND WE

DO NOT KNOW WHAT IS GOING ON THERE.

MAYBE HE KNOWS SOMETHING ABOUT THE RESCUE OPERATION WE DO NOT

KNOW SO HE'S CONFIDENT THAT ISN'T GOING TO BE AN ISSUE.

BUT I DON'T, I JUST, I THINK HE'S OBVIOUSLY VERY, YOU KNOW,

THIS IS PART OF HIS STYLE. PROBABLY DOES NOT WANT TO BE

PUT ON THE BACK FOOT OR IN A POSITION WHERE HE HAS TO GO TO

TEHRAN, TO WHOEVER'S LEFT IN CHARGE NOW.

AND WE'VE SEEN SOME STATEMENTS OUT OF THE SPEAKER OF THE

PARLIAMENT IN IRAN THAT THEY ARE MAKING FUN OF AMERICAN

AIRPOWER, AMERICAN MILITARY MIGHT.

WITH THE FATE THAT IS UNKNOWN OF THIS PERSON.

SO, WE'RE GETTING INTO REALLY RISKY AREA HERE.

IF, IF WE DON'T KNOW WHAT HAPPENS TO THIS PERSON.

AND I THINK THE LONGER THIS DRAGS OUT THE MORE PEOPLE WILL

BE VERY UNHAPPY ABOUT THE EXECUTION OF THIS WAR,

PARTICULARLY GIVEN THE STATEMENTS FROM THE PRESIDENT

AND THE SECRETARY OF DEFENSE ABOUT THE SORT OF THE

UNCONTESTED AIRSPACE, THE U.S. HAD OVER IRAN UP TO THIS POINT.

JOE: IT REMINDS US WHY WE HAVE A GENEVA CONVENTION AND SOME OF

POINTING OUT THE PRESIDENT'S THREATS OF BOMBING DESALINATION

PLANTS AND THE CIVILIAN ENERGY GRID MIGHT NOT HELP US, DESPITE

THE MORALITY INVOLVED, MIGHT NOT HELP US WHEN AN AMERICAN IN

IS IN HARMS WAY. WE WANT TO ASK ABOUT NATO AND

THE REMARKS ABOUT THE ALLIANCE. THERE WAS A REPORT HE WAS

CONSIDERING WITHDRAWING, WHICH THE CONGRESS WOULD HAVE TO HAVE

A SAY IN, BUT PAPER TIGER IS HOW HE DESCRIBED NADER.

I WOULD SAY IT IS BEYOND RECONSIDERATION.

THE IDEA OF WITHDRAWAL. I WAS NEVER SWAYED BY NATO.

I KNEW THEY WERE A PAPER TIGER AND PUTIN KNOWS THAT, TOO.

IS THIS MUSIC TO VLADIMIR PUTIN'S EARS? JAMIE:

THE SHORT ANSWER TO THAT QUESTION IS YES.

HE HAS LONG DERIDED SORT OF THE EXISTENCE AND THE NOTION OF

NATO. WE SAW THAT IN THE FIRST ADMINISTRATION.

WE ARE SEEING IT EVEN MORE HEIGHTENED IN THIS ONE.

PARTICULARLY WHEN IT COMES TO DEFENSE SPENDING.

AND WE ARE SEEING THIS IDEA THAT YOU KNOW, EVEN WITH THE

ALLIES REGARDING THE STRAIT OF HORMUZ AND YOU GUYS CAN FIGHT

THAT OUT AND FIGURE IT OUT, BECAUSE WE DO NOT REALLY NEED

IT, THE FACT THAT THE U.S. MILITARY WAS DENIED ACCESS IN

ITALY AND SPAIN DURING THE EXECUTION OF THIS WAR, WE HAVE

SEEN THE WAY THAT PRESIDENT TRUMP HAS BEHAVED WITH BRITISH

PRIME MINISTER KEIR STARMER OVER, YOU KNOW, JUST THESE

EXACT THINGS. HE CANNOT LEGALLY DO THIS.

THERE ARE OBVIOUSLY MECHANISMS IN PLACE BUT LIKE YOU SAID,

EVERY TIME HE CRITICIZES NATO, IT MAKES, IT SORT OF INFLATES

VLADIMIR PUTIN'S AMBITIONS AND HELP SOME A LITTLE BIT MORE.

I WILL SAY THAT, GIVEN THE SORT OF, THE FOCUS ON THE IRAN WAR,

OVER THESE LAST SIX OR SEVEN WEEKS, WHERE WERE WE PRIOR TO

THAT AND WHERE WAS THE FOCUS WITH THE MILITARY IN THIS

COUNTRY? AND JUST SORT OF SEEING ALL OF

THE DIFFERENT PLACES AND THE DIFFERENT SORT OF BASES AND

SORT OF DEPLOYMENT AND NOW THAT IS ALL CHANGING.

AND YOU HAVE PEOPLE LIKE VLADIMIR PUTIN AND XI JINPING

IN CHINA WATCHING ALL OF THIS AND ALSO REARRANGING THEIR OWN

CALCULUS ABOUT WHAT THEIR OWN AMBITIONS ARE FOR THEIR OWN

REGIONS. SO THERE IS A LOT THAT IS VERY

QUICKLY CHANGING RIGHT NOW. AND THIS DOES NOT HELP.

THE NATO, THE HEAD OF NATO WILL BE IN WASHINGTON, D.C.

NEXT WEEK. AND HE DOES HAVE A VERY GOOD

RELATIONSHIP WITH PRESIDENT TRUMP.

SO WE WILL SEE IF THAT MAKES A DIFFERENCE AS WELL. JOE:

TO BE A FLY ON THE WALL FOR THAT MEETING.

I WOULD BE CURIOUS TO SEE IF CAMERAS ARE ALLOWED INSIDE.

THANK YOU SO MUCH FOR BEING WITH US ON "BLOOMBERG THIS

WEEKEND." ENERGY PRICES ARE SUCH A BIG

COMPONENT OF THIS WHOLE STORY. BRENT, WTI CLOSING WELL ABOVE

$100 A BARREL. THE WORLD'S MOST IMPORTANT OIL

GAUGE CLOSING AT ITS HIGHEST LEVEL IN 18 YEARS, PUTTING

STRAIN ON COUNTRIES. CHRISTINA: WE'VE SEEN THE IMPACT.

AUSTRALIA IS CUTTING TAXES. SOUTH KOREA IS ASKING PEOPLE TO

RIDE BIKES. THE PHILIPPINES HAVE DECLARED A

NATIONAL ENERGY EMERGENCY AND IN TILE IN THE CRISIS IS

IMPACTING THE LIVING AND THE DEAD -- IN THAILAND.

>> IN BANGKOK AND THIS IS THE HOTTEST TIME OF THE YEAR FOR

THAILAND. BUT THE GOVERNMENT IS ENCOURAGING PEOPLE TO SET THEIR

AC TO 80 DEGREES FAHRENHEIT. THEY ARE ALSO ASKING STATE

WORKERS TO WORK FROM HOME. CUTTING BOTH OFFICE ENERGY USE

AND FUEL FOR COMMUTING. THAILAND IMPORTS A LOT OF ITS

ENERGY, ESPECIALLY FROM THE MIDDLE EAST, AND PRICES HERE

HAVE BEEN RISING FAST. FUEL SHORTAGES IN SOME AREAS ARE

AFFECTING BUDDHIST CREMATION CEREMONIES.

A RITUAL BELIEVED TO HELP GUIDE SPARES TO THE AFTERLIFE.

TEMPLES ARE SCRAMBLING TO GET ENOUGH DIESEL. CHRISTINA:

MORE DISPATCHES FROM OUR BUREAUS AROUND THE WORLD AS THE

STORY CONTINUES. THAT WAS GREAT. SPEAKING OF PEOPLE WE WANT TO

BRING IN, PAUL WALLACE, THE MANAGING EDITOR FOR THE MIDDLE

EAST AND NORTH AFRICA. THANK YOU FOR JOINING US.

I THINK WE WANT TO START WITH THE REAL WORLD PRICE OF OIL,

KNOWN AS BATED BREATH. CAN YOU EXPLAIN WHAT THAT MEANS

AND WHAT IT'S SO IMPORTANT.

>> IN THE WORLD OF OIL YOU HAVE WHAT ARE OFTEN CALLED PAY PER

BARRELS, FUTURES THAT OFTEN TDON'T INVOLVE PHYSICAL OIL

BEING TRADED OR HANDED OVER TO THE BUYERS.

BUT YOU DO HAVE THE PHYSICAL BARRELS, THE THINGS THAT ARE

ACTUALLY TRADED. AND DATED BRENT IS THE MOST

IMPORTANT BENCHMARK GLOBALLY AND THAT SHOT UP TO OVER $140 A

BARREL AT THE END OF LAST WEEK'S CLOSING ON THURSDAY.

AND I THINK THAT JUST GOES TO SHOW HOW DEEP THE SHORTAGES ARE

NOW IN THE GLOBAL PETROLEUM MARKET.

IT IS NOT THE FIRST SORT OF PHYSICAL BENCHMARK, PHYSICAL

BENCHMARK WE'VE SEEN SOARING. IF YOU LOOK AT MIDDLE EASTERN

BENCHMARKS. FOR EXAMPLE, THERE IS A --

CRUDE BENCHMARK THAT CLOSELY REFLECTS ACTUAL PHYSICAL

TRADING. THAT SOARED, YOU KNOW, EARLIER

INTO THE WAR, TWO WEEKS INTO IT AND IS WELL ABOVE WHERE WTI AND

BRENT FUTURES ARE TRADING AT $110 A BARREL.

I THINK WHAT YOU SEE IN THE OIL MARKET RIGHT NOW ARE BIG FEARS

OF SHORTAGES. WE ARE TALKING ABOUT OVER 10

MILLION BARRELS A DALE OF CRUDE THAT IS EFFECTIVELY -- THAT HAS

EFFECTIVELY BEEN TAKEN OFF-LINE OR THAT CAN NO LONGER BE SENT

TO GLOBAL MARKETS TO REFINERS AROUND THE WORLD.

BECAUSE OF THE EFFECT OF CLOSURE OF THE STRAIT OF

HORMUZ, YOU KNOW, YOU SORT OF SINK IN-- CAME TO ME BY TALKING

ABOUT ASIA. ASIA HAS BIG PROBLEMS BECAUSE

IT BUYS THE VAST MAJORITY OF THE OIL AND LIQUEFIED NATURAL

GAS THAT COMES OUT OF THE PERSIAN GULF COUNTRIES, IRAN

ITSELF BUT THE LIKES OF SAUDI

ARABIA, THE UAE, QATAR WHEN IT COMES TO OIL AND LNG.

WHEN YOU SEE DATA BRENT GO THAT HIGH, USE THAT SHOWS YOU HOW

WORRIED PEOPLE ARE, THE

COMMODITIES CURVE IS BACKWARD DATED AT THE MOMENT.

THAT'S NOT NECESSARILY A SIGN THAT THIS WILL BE A SHORT-LIVED

PHENOMENON AND IN TWO TO THREE MONTHS, IT WILL BE BACK TO

NORMAL. IT IS A SIGN OF HOW DESPERATE

PEOPLE, REFINERS AROUND THE WORLD ARE TO GET THEIR HANDS ON

COMMERCE AND CRUDE, BECAUSE OF WHAT'S GOING ON WITH HORMUZ AND

THE IRAN WAR. JOE:

BOB MCNALLY ALWAYS USES THE LINE, IT'S ALL ABOUT THE

BARRELS. YOU MENTIONED 10 MILLION

BARRELS -- 10 BILLION BARRELS.

FUZZY MATH CIRCULATING IN WASHINGTON AMONG MARKET

PARTICIPANT SHOW NEARLY A FULL SET OF LOST BARRELS WHEN IT

COMES TO HORMUZ. HE SAYS 9 MILLION, YOU POINT TO

10. WHEN DO THE ACTUAL PHYSICAL

SHORTAGES START SHOWING UP IN ASIA, TAIWAN FOR INSTANCE, THAT

COULD IMPACT EVERYTHING FROM MANUFACTURING AND BEYOND, AND

OF COURSE, OUR WEST COAST? THE NEXT COUPLE OF WEEKS COULD

BE CRITICAL. PAUL:

ALREADY, WE ARE SEEING SIGNS OF SHORTAGES IN ASIA AND AFRICA,

IN COUNTRIES LIKE KENYA FOR EXAMPLE, THEY HAVE BEEN

REPORTING THAT. IN PAKISTAN, SOME EXAMPLES WE

HAD, WE HAD ONE OF JOURNALISTS TALKING ABOUT HOW THINGS WERE

AFFECTED BECAUSE OF ENERGY COSTS.

PAKISTAN TWO WEEKS AGO TOLD PEOPLE THEY SHOULD NOT GO AND

WATCH THE MAIN CRICKET LEAK THAT IS ON RIGHT NOW, TO

PRESERVE -- CRICKET LEAGUE THAT IS ON RIGHT NOW TO PRESERVE

ENERGY, AND PEOPLE USING GASOLINE AND DIESEL TO TAKE

TAXIS OR CARS TO GO SEE MATCHES. THE LONGER HORMUZ STAYS SHUT,

THE WORSE THESE WILL BECOME.

AND YOU ARE GETTING A LOT OF -- I DON'T KNOW WHERE BOB MCNALLY

HIMSELF STANDS ON THIS BUT YOU ARE GETTING MORE AND MORE OF

THEM TALKING ABOUT 150 DOLLARS A BARREL FOR OIL OR EVEN $200.

200 IS NOT SOME KIND OF WILD ESTIMATE ANYMORE.

IT'S WHAT A LOT OF TRADERS ARE SAYING IS POSSIBLE, IF HORMUZ

REMAINS SHUT FOR ANOTHER MONTH OR TWO. CHRISTINA:

PAUL WALLACE JOINING US FROM A SURPRISINGLY SUNNY LONDON.

THANK YOU FOR TAKING THE TIME. THEY HAVE TO APPRECIATE IT WHEN

YOU GET IT. JOE: JUST IMAGINE WHERE OIL IS GOING

TO BE WITH NEWS OF THIS JET AND NO PLAN TO REOPEN THE STRAIT OF

HORMUZ. IT COULD BE WILD. CHRISTINA:

IT'S NOT JUST OIL, THE WAR IN IRAN IS THREATENING THE LOCAL

HELIUM SUPPLY. THAT IS STRAIGHT AHEAD ON

"BLOOMBERG THIS WEEKEND." ♪

LISA: THANK YOU FOR JOINING US LIVE

ON BLOOMBERG THIS WEEKEND. I AM LISA MATEO.

A SHIP IN THE AESOP SEE IN

RUSSIA -- AZOV SEA IN RUSSIA HAS BEEN STRUCK.

AT LEAST FIVE PEOPLE WERE KILLED.

19 PEOPLE WERE HURT AFTER A RUSSIAN DRONE HIT A CITY IN A

VISIT MARKET IN UKRAINE. PRESIDENT TRUMP HAS ASKED

CONGRESS TO ENACT A 2.2 TRILLION DOLLAR DISCRETIONARY

BUDGET. IT WILL PROPOSE ONE $.5 TRILLION FOR DEFENSE.

THAT'S A BIG INCREASE FROM THE $1 TRILLION SOUGHT FOR 2026.

IT INCLUDES A 10% CUT TO DISCRETIONARY NON-DEFENSE

SPENDING.

THE FBI HAS LABELED A DATA BREACH A MAJOR INCIDENT.

IT TARGETED AND FBI SURVEILLANCE SYSTEM AND QUICKLY

LEVERAGED ALL TECHNICAL CAPABILITIES TO REMEDIATE THAT

INCIDENT. SEVERAL NEWS OUTLETS REPORTED

CHINA LINK HACKERS ARE SUSPECTED OF BEING BEHIND THE

BREACH. THE BREACH DOES NOT APPEAR TO

BE CONNECTED TO THE RECENT COMPROMISE OF KASH PATEL'S

EMAIL. JOE:

THE WAR IN IRAN IS NOT JUST IMPACTING THE PRICE OF OIL,

WHICH WE TALK ABOUT SO OFTEN, IT'S IMPACTING THE PRICE OF

HELIUM. PRICES SOARING SINCE THE WAR

BEGAN WITH HELIUM PRICES DOUBLING.

-- SHUT DOWN THE WORLD'S LARGEST LIQUEFIED GAS FACILITY.

HELIUM IS A BYPRODUCT OF LNG. WE HAVE A PROBLEM.

JOINING US AS CLIFF CAME, THE PRESIDENT OF PULSAR HELIUM.

WE ARE NOT TALKING ABOUT PARTY BALLOONS.

HELIUM IS A CRITICAL COMPONENT IN MEDICAL SERVICES BUT ALSO,

THE CREATION OF SEMI CONDUCTORS AS A COOLING AGENT.

HOW MUCH TROUBLE ARE WE IN? CLIFF:

THIS WAS THE BLACK SWAN EVEN WE WERE CONCERNED ABOUT.

33% OF THE WORLD'S SUPPLY OF HELIUM IS GONE.

WE HAVE HAD SHORTAGES OVER THE PAST 20 YEARS WITH THE DEMAND

OF SEMI CONDUCTORS GOING UP FOR MANY APPLICATIONS.

EVERYTHING FROM OUR NATIONAL DEFENSE TO YOUR CELL PHONES

THAT ARE IN YOUR HANDS. AND WE DON'T HAVE RAMP UP

CAPACITY JUST TO MAKE HELIUM. SO YEAH, IT'S A PRETTY SCARY

THING. CHRISTINA:

IS THERE A REPLACEMENT FOR IT? CAN YOU USE ARGON OR HYDROGEN?

IF THAT DOESN'T ALWAYS END WELL. CLIFF:

YOU DON'T WANT TO USE HYDROGEN. THE HINDENBURG USED HYDROGEN

BECAUSE THE U.S. WOULD NOT SELL HELIUM.

DON'T USE IT IN PARTY BALLOONS. THERE IS NO SUBSTITUTE.

YOU CAN'T USE NITROGEN OR OXYGEN OR ANYTHING LIKE THAT

FOR M.R.I.'S. NO SUBSTITUTE FOR IT.

JOE: SO THIS IS CRITICAL ENOUGH THAT

YOU FIND YOURSELF AT THE PENTAGON YESTERDAY.

ARE THEY ASKING YOU FOR HELP? CLIFF:

IT IS EXTREMELY CRITICAL TO OUR NATIONAL DEFENSE.

EVERYTHING FROM MUNITIONS MANUFACTURING TO THE CHIPS THAT

GO INTO THE F-15S AND THE PATRIOT MISSILE SYSTEMS. IF WE

DON'T HAVE HELIUM, WE DON'T HAVE THAT INDUSTRY. CHRISTINA:

WHEN YOU WERE IN D.C., DID YOU HAVE AND I TOLD YOU SO MOMENT?

THE U.S. SOLD ITS HELIUM RESERVE IN 2024

TO A FOREIGN ENTITY AND I UNDERSTAND YOU ADVISED THE

GOVERNMENT AGAINST DOING THAT. CLIFF:

A LOT OF US ADVISED AGAINST IT BUT THERE WAS A CONGRESSIONAL

MANDATE FOR IT TO SELL AND THEY HAD TO SELL IT.

THAT STRATEGIC RESERVE, WHICH WE CALLED THE CLIFFSIDE OF THE

INDUSTRY WAS THE FLYING WHEEL FOR THE U.S.

FOR MAINTENANCE, YOU STILL HAD CLIFFSIDE GOING TO KEEP THINGS

PRETTY STABLE AND SMOOTH. BUT THAT'S NO LONGER THE CASE.

THE U.S. DOES NOT HAVE A STRATEGIC

RESERVE ANYMORE. BUT CHINA AND RUSSIA DO. JOE:

THE U.S. IS THE BIGGEST PRODUCER IN THE

WORLD STILL, RIGHT? IT'S THE U.S., QATAR, RUSSIA

AND ALGERIA. WHY SO FEW? CLIFF: IT'S EXPENSIVE AND COMPLEX.

YOU HAVE TO HAVE THE RIGHT RESOURCE DEPOSIT TO MAKE IT

HAPPEN. MOST HELIUM PRODUCED TODAY IS

ASSOCIATED WITH NATURAL GAS. I WOULD SAY 90% OF ALL HELIUM

IS FROM LNG, ALGERIA, QATAR, ELLEN G.

LAB-- LNG. QATAR AND LABARGE, ELLEN G.

CHRISTINA: HOW LONG DO YOU THINK IT'S

GOING TO TAKE THIS DISRUPTION TO BE FELT BY AVERAGE

CONSUMERS, NOT INDUSTRIAL CONSUMERS?

WE WERE READING A FORMER NINTENDO SALES LEAD SAYS SWITCH

TO PRICES MIGHT SPIKE BECAUSE OF HELIUM PRICES. CLIFF:

CONSUMER ELECTRONICS WILL SUFFER PRETTY QUICKLY.

EUROPE IS FEELING THE SHORTAGES. ASIA WILL BE OUT THERE TRYING

TO COMPETE FOR SPOT MOLECULES. THE U.S. IS RESOURCE RICH.

BUT, WE DON'T HAVE ADDITIONAL RAMP UP CAPACITY.

WE HAVE A CONCENTRATION RISK IN THE UNITED STATES WITH OUR

HELIUM SUPPLY. CHRISTINA:

IS THAT SOMETHING YOU WERE PRESSING THE GOVERNMENT TO

ADDRESS? SHOULD THERE BE BIGGER RAMP-UP

AND PRODUCTION CAPACITY IN THE U.S.? CLIFF:

A LOT OF US HAVE BEEN TALKING WITH THE FEDERAL GOVERNMENT FOR

YEARS TO PUT IT BACK ON THE CRITICAL MINERALS LIST. AND FOR

REASONS, IT'S A LONG DISCUSSION, RIGHT, IT WAS

PULLED OFF A FEW YEARS BACK. ONE ITEM IN THAT, A SINGLE

CRITICAL POINT OF FAILURE. IT'S ONE OF THE INCLUSIONS FOR

MAKING IT A CRITICAL MINERAL. AND IF WE HAVE -- IF LABARGE

GOES DOWN, NOW WE ARE AT 60% OF THE WORLD SUPPLY OF HELIUM

BEING GONE AND WE ARE IN TROUBLE. JOE:

WE SPENT SO MUCH TIME LOOKING AT CRUDE OIL.

BRING THIS INTO YOUR WORLD. IF WE HAVE SEEN PRICES DOUBLE

ALREADY SINCE CUTTER SHUT THINGS DOWN -- QATAR SHUT

THINGS DOWN, WHERE COULD WE GO? WHAT'S THE EQUIVALENT OF 200

DOLLARS PER BARREL OF OIL WHEN YOU ARE BUYING HELIUM? CLIFF:

J YOU ARE TALKING TO DOLLARS A FOOT. JOE: IS THAT COMING?

CLIFF: THAT IS DEFINITELY COMING.

CHRISTINA: THE QUANTITY IS BY FEET? CLIFF:

MCF, WE GO BY CUBIC FEET. IT'S AN EASIER NUMBER TO HANDLE.

IF I WENT BACK TO 1991, I WOULD SAY THE PRICE OF HELIUM WAS

FIVE CENTS PER CUBIC FOOT. COMING OUT OF THE LAST

SHORTAGE, WE ARE STARTING TO SETTLE DOWN AROUND $.38 TO $.48

PER STANDARD CUBIC FEET. AT THE HEIGHT OF THE LAST

SHORTAGE, WE WERE AT $2.50 A FOOT. THAT'S PRETTY HIGH. JOE:

YOU'VE SEEN THESE NUMBERS BEFORE AND WE ARE GOING BACK TO

THE HIGHS. CLIFF: WE HAVE SEEN THE ALLOCATION

LETTERS THAT ARE OUT THERE.

THOSE -- THERE IS MORE TO FOLLOW, I'M SURE. SO, YEAH. JOE:

HOW DID YOU LEAVE THIS MEETING AT THE PENTAGON?

WERE THERE SOLUTIONS AT THE TABLE? CLIFF:

THEY ARE DEFINITELY TAKING A SECOND LOOK AT THIS AND

LISTENING TO INDUSTRY LEADERS ABOUT THIS.

WHAT DO WE NEED TO DO? DO WE NEED TO BUILD MORE LIQUID

FIRES, CAPACITY? DO WE NEED TO LOOK AT HELPING

JR. EXPLORE AS LONG AS THEY ARE OUT THERE?

PROTECTING AGAINST THE LOW PRICES RUSSIA MAY TRY TO FLOOD

THE MARKET TO DISRUPT THE POTENTIAL FOR BUILDING NEW

PRODUCTION? -- PRODUCTION. JOE:

WE HAVE BEEN ASKED CHRISTINA: WE HAVE BEEN TALKING ABOUT

ARTEMIS II. THIS IS NOT JUST ABOUT CHIPS

AND CAPACITY NOW, THIS IS ABOUT THE FUTURE OF SPACE EXPLORATION.

CLIFF: THE USED 1.5 MILLION DOLLARS OF

HELIUM. WHEN YOU THINK ABOUT THE EUROPEAN SPACE AGENCY AND

RUSSIA AND INDIA, THEY NEED HELIUM TO LAUNCH ROCKETS.

WE NEED HELIUM TO PUT THE SATELLITES INTO SPACE FOR YOUR

STARLINK. IF YOU ARE AT RISK WITH YOUR

HELIUM SUPPLY, IT'S GOING TO DISRUPT YOUR LUNGS -- LAUNCH

CADENCE.

IF YOU ARE PLANNING JOE: IT IS AMAZING WHAT YOU CAN TAKE

FOR GRANTED UNTIL THERE IS A SHORTER. CHRISTINA:

IT IS COMPLICATED, ARE THERE ANY SHORT-TERM SOLUTIONS? CLIFF:

THERE ARE NO SHORT-TERM SOLUTIONS, OTHER THAN THE

EXPLORERS OUT THERE TRYING TO GET NEW PRODUCTION ONLINE.

THAT IS PROBABLY OUR NEAREST TO TERM, BUT YOU'RE TALKING ABOUT

SIX TO 16 MONTHS TO GET A NEW PLANT.

A REGULAR GASEOUS PLAN FOR HEALING YOU CAN GET PUT INTO

PLACE IN SIX MONTHS IF YOU FIND IT APPOSITE TO REFINE.

BUT THEN TO GET TO HELIUM WHICH IS LIQUID HELIUM, THE CRYOGENIC

STATE OF IT, THOSE LIQUEFIES TAKE 16 MONTHS TO BUILD, $50

MILLION. JOE: YOU WANT WHERE POLICYMAKERS

HAVE BEEN. WE HAD A CHIPS ACT THAT BROUGHT

DOMESTIC MANUFACTURING OF SEMI CONDUCTORS TO THE FORE, AND

THIS IS SOMETHING WE TALKED ABOUT IN WASHINGTON EVERY DAY.

HOW WE HAVE TO RELY LESS ON OTHER NATIONS.

WE TALK ABOUT THE NVIDIA'S, THE TAIWAN SEMI CONDUCTORS BUT NONE

OF THAT IS POSSIBLE WITHOUT HELIUM.

SHOULD THERE BE A CONGRESSIONAL ANSWER TO THIS, DO WE NEED TO

REVIVE THE RESERVE? CLIFF: I THINK SO. JOE:

WHY ISN'T IT HAPPENING? CLIFF: THIS ADMINISTRATION IS MAKING

MORE STEPS THAN THE LAST ONE DID. TRYING TO BE AGNOSTIC HERE.

THEY ARE BEHIND A CHIPS ACT. CHRISTINA:

I'M CONFUSED HOW THIS HAS FLOWN UNDER THE RADAR SO LONG BECAUSE

WE TALKED ABOUT CRITICAL MINERALS AND CHIPS AND WE

TALKED ABOUT SINGLE POINT FAILURES AND THIS ONLY NOW IN

MY MIND AND WE ARE PRETTY INTO THE NEWS HAS COME INTO THE

CONVERSATION. CLIFF: I LIKE TO SAY HELIUM IS, THE

LORD OF THE RINGS REFERENCE WHERE IT IS ONE RING THAT RULES

THEM ALL. EVEN WHEN WE TALK ABOUT THE

RARE EARTH MINERALS. EVEN TO GET THOSE PROCESSED.

WE HAVE A PROBLEM WITH PROCESSING. WE DON'T HAVE ANY.

YOU CAN FIND THE MINERALS. WE DO NOT HAVE THE CAPABILITY.

AND IN THAT PROCESS, WHEN THEY'RE IN THE LABS AND TESTING

TO MAKE SURE THE MINERALS GET TO THE HIGH PERIODS WE NEED FOR

PRODUCTION, YOU NEED HELIUM FOR THAT.

SO IF YOU DO NOT HAVE HELIUM, YOU DON'T HAVE ELECTRONICS, YOU

DO NOT HAVE AEROSPACE. YOU DO NOT HAVE NINTENDO SWITCH.

CHRISTINA: I DON'T HAVE ONE. I DON'T PEOPLE THAT WOULD BE

VERY UPSET. CLIFF: YOU HAVE A CELL PHONE.

CHRISTINA: I HAVE MULTIPLE. WHAT SHOULD COUNTRIES DO?

SHOULD GOVERNMENTS TRY TO AND PRIORITIZE?

I'M ASSUMING WE ARE NOT GETTING PARTY BALLOONS IN THE FUTURE.

WHAT DO YOU DO WHEN YOU HAVE A LOT OF MOUTHS TO FEED? CLIFF:

RATIONING WOULD BE A TOUCHY SUBJECT.

YOU WOULD HAVE TO -- A TOUCHY SUBJECT -- IT IS NOT

PRIVATIZED. CHRISTINA: WHAT WOULD YOU LIKE TO SEE

GOVERNMENTS TO? CLIFF: I WOULD LIKE THEM TO TAKE IT

SERIOUS INSTEAD OF SAYING WE HAVE PLENTY OF SUPPLY THIS YEAR.

BUT NEXT YEAR WE HAVE A SHORTAGE.

AND THEN THAT JUST BLUNTS OUR GROWTH ANYWAY.

WHEN YOU LOOK AT SEMI CONDUCTOR COMPANIES AND ALL OF THESE

FOLKS THAT USE HELIUM AND MANUFACTURING, FIBER-OPTIC

CABLES. THEY CANNOT, YOU KNOW PROJECT

AND LOOK AT GROWING THEIR BUSINESS IF THERE IS NO STABLE

SUPPLY OF HELIUM. HOW ARE WE GOING TO HAVE A

STABLE A.I. GROWTH IF WE DO NOT HAVE HELIUM?

WE HAVE ADVERSARIES, RUSSIA AND CHINA, THAT DEFINITELY

RECOGNIZE IT IS CRITICAL.

WHEN YOU LOOK AT THE WAR PROCESSING FACILITY IN RUSSIA

WHICH THEY JUST BROUGHT ON LINE, THE RUSSIANS BUILT THE

COSMODROME NEXT DOOR TO IT. THAT IS THEIR NEW SPACE PROGRAM.

THEY WANT HELIUM RIGHT NEXT TO THEIR SPACE PROGRAM.

WE DON'T HAVE THAT HERE. JOE: WE HAVE IDENTIFIED THE PROBLEM.

IF THE STRAIT WERE TO REOPEN, THERE IS AN EXPECTATION THAT

ENERGY PRICES WOULD PLUMMET. WOULD YOU END UP WITH A GLUT?

CLIFF: NO, BECAUSE THE PLANT WAS DAMAGED. JOE:

YOU NEED TO FIX THE PLANT AND THAT CAN TAKE YEARS. CLIFF:

QATAR ENERGY SAID 3-5 YEARS. AT LEAST. CHRISTINA:

THANK YOU FOR COMING IN ON WE CAN. WE WERE SAYING, THANKS FOR

COMING IN, IT IS A HOLIDAY. YOU SAID IT'S A BUSY TIME FOR

YOU. SOUNDS LIKE THIS IS VERY CRITICAL.

WE APPRECIATE YOU TAKING TIME. IT IS SHOCKING THAT SOMETHING

THAT HAS NOT BEEN ON OUR RADAR. JOE: IT IS AMAZING.

AGAIN, YOU TAKE THINGS FOR GRANTED UNTIL THERE IS A

SHORTAGE AND NOW IT IS ONE OF THE BIGGEST STORIES IN THE

WORLD AND YOU WONDER HOW THE ADMINISTRATION MIGHT GET ITS

ARMS AROUND THIS IF INDEED WE HAVE WEEKS OR MONTHS LEFT OF

THIS CONFLICT. CHRISTINA: SOUNDS LIKE YOU GUYS ARE TRYING

TO GET THEIR ATTENTION. MAYBE THEY'RE LISTENING.

THIS SEEMS LIKE SOMETHING IMPORTANT THAT NEEDS TO HAVE

THEIR ATTENTION. YOU'RE WATCHING "BLOOMBERG THIS

WEEKEND." WE'LL BE RIGHT BACK.

♪

LISA: THANK YOU FOR JOINING US LIVE.

LET'S GET YOU UP-TO-DATE WITH THE TOP STORIES -- MARKED HIS

GOOD FRIDAY AS JUNTA.

HE CARRIED FOR ALL 14 STAGES OF THE WAY OF THE QUEST FOR THE

FIRST TIME IN DECADES THE POPE HAS COMP COMPLETED THIS TASK.

LEO GAVE THE FINAL BLESSING AND 30,000 PEOPLE GATHERED FOR THAT

EVENT.

ELON MUSK IS ASKING FOR-- ASKING BANKS TO PURCHASE

SUBSCRIPTIONS TO HIS AI CHATBOT GROK.

THE IPO EXPECTED TO RAISE MORE THAN 50 BILLION DOLLARS AND

EVALUATION ABOVE ONE TRILLION WHICH MEANS THAT BANKS CAN

GENERATE FEES IN EXCESS OF $500 MILLION FOR ADVISING ON THAT

DEAL. IN SPORTS, THE NCAA TITLE GAME

SAID AFTER SOUTH CAROLINA BEAT YUKON 62-49.

THEY WILL TAKE ON UCLA WHO TOPPED TEXAS.

THAT GAME SET FOR TOMORROW NIGHT. MEN'S ACTION TONIGHT.

YUKON TAKING ON ILLINOIS AND MICHIGAN BATTLING ARIZONA.

THE NATIONAL CHAMPIONSHIP SET FOR TOMORROW. CHRISTINA AND JOE.

CHRISTINA: THANKS. AS THE A.I. INDUSTRY CONTINUES TO EVOLVE WE

HAVE A GROWING NUMBER OF HIGH-PROFILE LEADERS SHAPING

PRESENT AND FUTURE. INCLUDING NEUROSCIENTISTS WHO

IS THE CEO OF GOOGLES A.I. RESEARCH LAB. JOE:

ALSO THE SUBJECT OF "THE INFINITY MACHINE."

THE QUEST FOR SUPER INTELLIGENCE.

A FASCINATING AND I THINK WE CAN SAY SCARY READING.

JOINING IS NOW THE AUTHOR OF THE BOOK, TWO-TIME PULITZER

PRIZE FINALIST, SEBASTIAN MALA B. WELCOME TO BLOOMBERG TV AND

RADIO. CHRISTINA: AND THANK YOU FOR TERRIFYING US

ON THIS HOLIDAY WEEKEND. JOE:

NIGHTMARES, AND DREAMS AND NIGHTMARES FOR OTHERS.

IS IT TOO LATE FOR THE ABILITY TO GET OUR ARMS AROUND THIS

TECHNOLOGY? SEBASTIAN:

THAT'S TOO FATALISTIC BUT GOVERNMENTS DO HAVE TO ACT.

MY BOOK IN SOME SENSE IS A CASE STUDY OF AN INDIVIDUAL WHO IS

RUNNING -- HE'S VERY POWERFUL IN TERMS OF CORPORATE

LEADERSHIP AND A.I. SCIENCE BY HIS -- BUT BY

HIMSELF HE CANNOT MAKE IT SAFE EVEN THOUGH HE WANTS TO.

WE SAW THAT AGAIN WITH ANTHROPIC AND THE FIGHT WITH

THE PENTAGON RECENTLY. ONE LEADER SAYS TO THE PENTAGON

THAT SAYS THERE ARE RED LINE. AN OPEN EYES SHOWS UP AND SAYS,

WE CAN GIVE YOU -- AN OPEN A.I. SAYS THAT WE CAN GIVE IT TO.

WE NEED GOVERNMENT TO STEP IN. CHRISTINA: IS THAT POSSIBLE?

WE'VE SEEN GOVERNMENT LAG BEHIND. WE JUST HAD THE FIRST

SUCCESSFUL CASE ABOUT SOCIAL MEDIA AND SOCIAL MEDIA HAS BEEN

AROUND FOR 20 IS BECAUSE THE LAWS ARE NOT KEEPING UP WITH

TECHNOLOGY. THIS IS LEAPS AND BOUNDS BEYOND

WHAT MOST GOVERNMENTS CAN FUNCTION WITH LEGISLATION.

WHAT DO YOU DO? SEBASTIAN: YOU ARE RIGHT.

WE ARE LATE ON SOCIAL MEDIA REGULATION.

IF YOU LOOK AT THE POLLING, BACK IN THE 1990'S, PEOPLE SAID

ARE YOU FEELING OPTIMISTIC ABOUT THE INTERNET?

TWO THIRDS SAID YES. NOW IT IS THE OTHER WAY AROUND.

WITH A.I., IT IS THREATENING ME. THEY WILL HAVE TO WAKE UP TO

THAT. THAT IS WHAT -- WHEN HE FOUNDED

DEEPMIND IN 2010. IT HAS BEEN 16 YEARS AND HE HAS

BASICALLY HAD THE VIEW IN THE AND WE WILL NEED TO MAKE IT

SAFE. THEY WILL NEED TO BE POLICY.

BUT YOU CANNOT DO IT FROM A LAB. JOE:

DARIO AMODEI AT ANTHROPIC HAS BEEN PROLIFIC IN NOT ONLY

PROMOTING AND EXPANDING THEIR TECHNOLOGY BUT WARNING PEOPLE

ABOUT ITS POTENTIAL ALONG THE WAY.

AND THIS CAME TO A HEAD AT THE PENTAGON AS YOU KNOW.

AND I WANT TO YOUR THOUGHTS ABOUT THE WAY THIS IS BEING

HANDLED AS THE COMPANY IS BLACKLISTED BY THE PENTAGON,

EVEN THOUGH IT IS STILL USING THE TECHNOLOGY.

IN A WAR WITH WAR. SEBASTIAN: IT IS A CONTRAST. ONE THAT WAS

HAPPENING I WAS IN CHINA BECAUSE THE EARLY EDITION OF MY

BOOK CAME OUT FIRST IN CHINA. THEY WORK FASTER ABOUT

EVERYTHING IN CHINA. I WAS TALKING TO A.I.

LEADERS AND RESEARCHERS AND INDUSTRIAL LEADERS AND THEY

WERE TALKING ABOUT SAFETY A LOT. THAT IS NOT WHAT PEOPLE THINK

ABOUT CHINA. BUT WHEN I WAS THERE, THAT IS

WHAT I DISCOVERED. I THINK IT IS A BIT BACK TO

FRONT THAT THE U.S. IS NOT TALKING ABOUT IT SO MUCH

AT THE FEDERAL LEVEL. IT IS GOING TO CHANGE AT SOME

POINT. THE ONLY QUESTION IS -- DO WE

HAVE A DISASTER FIRST, AND THEN IT CHANGES OR CAN WE GET AHEAD

OF THAT? JOE: WHAT DOES DISASTER LOOK LIKE.

SEBASTIAN: THE BIGGEST IS CYBERATTACK FOR

THERE WAS ONE IN MEXICO THAT WAS FACILITATED BY CLAUDE AND

OPEN A.I. SOME GROUP THAT WAS NOT

TECHNICALLY SOPHISTICATED TOOK ELECTRICAL RECORDS.

THAT IS ONE THING. BUT WHAT ABOUT IF YOU HAD A

CYBERATTACK THAT DISABLED THE A CYBER ATTACK DISABLED THE

SOFTWARE -- HANDLING A DAM. MASS OUTAGES, THE DAM FLOODS,

THIS COULD GET REALLY BAD. CHRISTINA:

WE THINK ABOUT AI HELPING WITH CODING IN A POSITIVE WAY.

THIS WAS THE FIRST TIME I THOUGHT ABOUT IT HELPING CREATE

CYBERATTACKS AND VIRUSES AND THINGS THAT COULD TAKE DOWN

SYSTEMS. YOU ALSO TALK ABOUT OPPENHEIMER SYNDROME, CAN YOU

TALK ABOUT WHAT THIS MEANS AND HOW IT RELATES TO DIMIS?

SEBASTIAN: IN THE END, WE SPOKE FOR MORE

THAN 30 HOURS. IT'S BEEN THREE OR FOUR YEARS.

AT THE BEGINNING, I THOUGHT THESE GUYS, WHO ARE BUILDING

AI, HAVE THEIR HANDS ON THE MODERN EQUIVALENT OF THE

NUCLEAR MATERIAL. THIS IS THE 21ST-CENTURY

NUCLEAR RACE. WHAT DOES IT FEEL LIKE?

CAN YOU SLEEP WHEN YOU DO THAT? WHAT'S THE TINGLING SENSATION

OF DOING SOMETHING THAT COULD THREATEN HUMANITY?

AND I THOUGHT MAYBE THESE GUYS DON'T WANT ME TO BRING IT UP

BECAUSE IT IS A SENSITIVE TOPIC. HOW AM I GOING TO DO THIS?

TURNS OUT THEY BRING IT UP THEMSELVES.

HE HAS THE SAME BIRTHDAY AS ROBERT OPPENHEIMER.

D EMIS -- IT'S INTERESTING, ON

THE CORNER OUTSIDE MY OFFICE WAS THE BLACK, WHITE, BLACK,

WHITE, PEDESTRIAN CROSSING WHERE PEOPLE CROSS THE ROAD.

THAT'S WHERE THE HUNGARIAN NUCLEAR SCIENTIST IN THE 1930'S

HAD THE IDEA FOR THE NUCLEAR CHAIN REACTION WHICH LED TO THE

MANHATTAN PROJECT.

THESE PARALLELS ARE THERE. THE WEIRD THING IS THEY KNOW

IT'S DANGEROUS AND THEY KNOW THERE IS AN OPPENHEIMER

PRECEDENT.

THEY KNOW HE TRIED TO PERSUADE TRUMAN NEVER TO USE IT AGAIN

AND YET THEY STILL BUILD IT.

IN A WAY, THAT'S THE MOST FASCINATING PSYCHOLOGICAL HUMAN

TAIL ABOUT WHY DO YOU CARRY ON WHEN YOU KNOW IT IS DANGEROUS.

IN THE END, I THINK ALL OF US FEEL THAT TECHNOLOGY IS'S SCARY

AND EXCITING AND WE TAKE THAT TRADE AND MOVE FORWARD WITH

TECHNOLOGY. IF WE DIDN'T, WE WOULD STILL BE

LIVING IN CAVES.

IT'S AN ENLARGED VERSION OF ALL OF US. CHRISTINA:

IS IT HUBRIS, NARCISSISM, CAPITALISM?

WHAT IS FUELING THEM TO GO FORWARD WHEN THEY SEEM TO KNOW

THAT IT COULD BE A CATACLYSMIC TECHNOLOGY? SEBASTIAN:

HE HAS A SORT OF DRIVE FOR POWER. HE THOUGHT OF RUNNING FOR

GOVERNOR OF CALIFORNIA. HE WANTS TO BE BIG AND

CONSEQUENTIAL IN THE WORLD.

FOR DEMIS, IT'S ABOUT SCIENTIFIC CURIOSITY.

HE GREW UP DREAMING ABOUT SOLVING THE PROBLEMS IN PHYSICS.

HE'S UNBELIEVABLY AMBITIOUS. HE SAID ISAAC NEWTON KINDA

FAILED, DIDN'T HE BECAUSE HE DIDN'T EXPLAIN EVERYTHING.

AND I HAD TO DO MORE THAN ISAAC NEWTON.

HE THOUGHT I NEED TO BUILD AI TO HELP ME GO FURTHER WITH

PHYSICS. THAT'S KIND OF HOW HE THINKS.

IT'S ALMOST A SPIRITUAL QUEST FOR HIM.

WE WERE SITTING ONE TIME TOGETHER IN A KIND OF CAFE IN

LONDON, TALKING. WE WENT THROUGH THE SESSIONS

AND THEY GOT QUITE INTENSE. IT WAS AN OUTDOOR CAFE.

THEY ARE TRYING TO MAKE SALES AND SO FORTH.

HE SAID WHEN I'M AWAKE AT MY DESK AT 2:00 IN THE MORNING,

REALITY IS SCREAMING AT ME IN THE FACE AND SAYING YOU HAVE TO

DISCOVER ME AND UNDERSTAND ME AND IT FEELS LIKE A SPIRITUAL

CALLING TO UNDERSTAND HOW THE WORLD WORKS AND HOW NATURE

WORKS.

BECAUSE MAYBE, SOME KIND OF INTELLIGENT DIVINITY HAS

CREATED ALL OF THIS. AND TO UNDERSTAND THAT, CLOSER

TO MY VERSION OF GOD, I NEED TO UNDERSTAND WHAT'S GOING ON WITH

REALITY. AND THEREFORE I NEED AI.

CHRISTINA: I THINK WE WILL HAVE TO LEAVE

IT THERE. THAT IS SOMETHING I WILL THINK

ABOUT FOR THE REST OF THIS WEEKEND.

THE BOOK IS THE INFINITE MACHINE. THE QUEST FOR SUPER

INTELLIGENCE. THANK YOU FOR JOINING US.

ON A SLIGHTLY MORE CHEERFUL NOTE, THE MASTERS IS JUST DAYS

AWAY. SOME BIG NAME GOLFERS WILL NOT

BE IN ON THE QUEST FOR THE GREEN JACKET.

WE WILL GET THE LATEST FROM RANDALL WILLIAMS. YOU KNOW THE

DEAL ON BLOOMBERG THIS WEEKEND. TAKE US WITH YOU NO MATTER

WHERE YOU GO. LISTEN ON BLOOMBERG RADIO,

STREAM US LIVE ON THE BLOOMBERG BUSINESS APP.

WHEREVER YOU ARE, WE ARE THERE. ENJOYING YOUR WEEKEND WITH YOU

AND KEEPING YOU A LITTLE BETTER INFORMED. WE WILL BE RIGHT BACK.

STICK WITH US. ♪

LISA: WELCOME BACK TO BLOOMBERG THIS

WEEKEND. I AM LISA MATEO. THE MASTERS T IS OFF NEXT

WEEKEND AT AUGUSTINE NATIONAL AND IT'S THE 90TH YEAR BACK FOR

THE ICONIC TOURNAMENT.

RORY MCELROY IS LOOKING FOR BACK-TO-BACK WINS.

SCOTTIE SCHEFFLER AND BUBBA WATSON ARE ALSO COMPETING FOR

THE GREEN JACKET. NOTABLY ABSENT, TIGER WOODS AND

PHIL MICKELSON, BOTH SKIPPING FOR PERSONAL REASONS.

I TALKED EARLIER WITH RANDALL WILLIAMS. RANDALL, THANKS FOR

JOINING ME. BEFORE WE JOIN SOME OF THE TOP

PLAYERS, I WANT TO TALK ABOUT THE MASTERS ITSELF, IT'S ONE OF

THE MOST POWERFUL BRANDS IN SPORTS.

BUT IT IS SMALL IN SCALE. PEOPLE GO TO THE TOURNAMENT AND

SANDWICHES ARE KNOWN FOR BEING PRETTY CHEAP.

$1.50 FOR A SANDWICH. WHAT'S THEIR BUSINESS MODEL?

HOW DO THEY MAKE MONEY? RANDALL: IT'S ALL MERCHANDISE.

WHEN YOU THINK ABOUT SPORTS, YOU THINK ABOUT BROADCASTING

FEES. THE MASTERS DOES NOT CHARGE

DOMESTICALLY. EVERYTHING COMES FROM

MERCHANDISE, FOOD AND INTERNATIONAL BROADCASTING

RIGHTS AS WELL. THE MODEL IS INCREDIBLE AND IT

IS BUILT BY TRADITIONS FOR FANS. IF YOU ARE SELECTED IN THE

TICKET LOTTERY AND YOU ARE ABLE TO GO, YOU ARE GOING TO POUR

MONEY INTO THE AUGUSTA NATIONAL GOLF CLUB. LISA:

WHY DON'T OTHER EXPORTS FOLLOW THE SAME MOTTO? RANDALL:

IF OTHER SPORTS FOLLOWED THIS MODEL, THEY WOULD NEED TO BE

AROUND AS LONG AS THE MASTERS AND BUILD SIMILAR TRADITIONS.

YOU THINK ABOUT THE U.S. OPEN, IT CHARGES FOR

BROADCASTING RIGHTS. THEY HAVE SIMILAR TRADITIONS

BUT THE MASTERS IS SECOND TO NONE IN TERMS OF THE GREEN

JACKET THEY HAVE FOR THE WINNERS.

IT'S A TUESDAY NIGHT DINNER THEY HAVE FOR THE CHAMPIONS AS

WELL. YOU THINK ABOUT THESE THINGS

AND IT'S ALL EXCLUSIVE. THAT'S HOW THEY BUILT THEIR

BUSINESS AND HOW THEY CONTINUED TO IMPROVE THINGS. LISA:

LET'S TALK ABOUT THE SPORT OF GOLF ITSELF.

HOW HAS IT BEEN CHANGING? YOU HAVE GAMBLING AND

PREDICTION MARKETS AND STREAMING.

ALL OF THAT PUT TOGETHER, HOW DOES IT CHANGE THE SPORT?

RANDALL: LET'S START MORE BROADLY, THE

PGA TOUR AND THE LIV GOLF DEAL THAT WAS MADE YEARS AGO AND HAS

SINCE NOT BEEN COMPLETE. THERE IS THE PGA TOUR

ENTERPRISES THAT HAS FUNNELED OVER $1.5 BILLION INTO THE

MAXIMUM OF $3 BILLION. WHAT THAT HAS RESULTED IN IS

MORE MONEY FOR THE PLAYERS, INFRASTRUCTURE AND SO MANY

DIFFERENT THINGS THAT HAS ELEVATED THE PGA TOUR.

LIV GOLF IS PRIMARILY FOCUSED OVERSEAS.

I DON'T, AS IT STANDS RIGHT NOW, BELIEVE A DEAL WILL COME

TO TERMS. BUT GOLF WAS FRAGMENTED FOR A LITTLE BIT AND

NOW THEY ARE BACK ON THE SAME PAGE.

AS IT PERTAINS TO GAMBLING, THEY ARE DEALING WITH THIS AS

ANY OTHER SPORT HAS, TRYING TO FIGURE OUT IF THEY WANT TO DO

PARTNERSHIPS, IF THEY WANT TO BRING IN PREDICTION MARKETS

LIKE POLYMARKET AND KALSHI. THEY HAVE NOT JUST YET BUT WE

HAVE SEEN LEAGUES AND ORGANIZATIONS LIKE THE NHL AND

MLB, THAT HAVE. LISA: POOR PEOPLE KEEPING AN EYE ON?

RANDALL: SCOTTIE SCHEFFLER, OF COURSE.

JOHN ROMM COMES TO MIND AND BRYSON THE SAMBO.

EVEN -- BRYSON DESHAMBEAU. SCOTTIE SCHEFFLER HAS BEEN

INCREDIBLY HOT. IF YOU SAID SCOTTIE SCHEFFLER

WOULD WIN THE MASTERS, IT WOULD NOT BE A HOT TAKE, IT WOULD BE

A COMMON ONE. LISA: LET'S GET YOU TO OTHER STORIES.

ARE THERE ANY STORYLINES SURROUNDING THE MASTERS?

RANDALL: THE BIG THING IS TIGER WOODS.

HE EXPECTED TO CONSIDER PLAYING IN THE MASTERS.

HE'S ONE OF GOLF'S BIGGEST STARS.

WHEN THE INCIDENT HAPPENED AND THE ACCIDENT HAPPENED IN

FLORIDA, OBVIOUSLY HE'S NOT COMPETING.

WHAT THAT MEANS FOR THE MASTERS AND GOLF AT LARGE IS ONE OF ITS

BIGGEST STARS HAS WITHDRAWN FROM THE TV.

AND NOW, THAT'S GOING TO MEAN LESS VIEWERSHIP, POTENTIALLY.

AND ULTIMATELY, EVERYBODY JUST WANTS TO SEE HIM SAFE AND

HEALTHY. HE'S GOING TO BE GOING AWAY

FROM THE U.S. A LITTLE BIT, AND SEEKING HELP.

WE WILL SEE. THE BIGGEST THING WAS TIGER.

LISA: WE HAVE SEEN THIS BEFORE WITH

TIGER. CAN HE COME BACK FROM THIS?

WHAT DOES IT MEAN FOR HIM? RANDALL: HOPEFULLY.

IT WAS TELLING THAT HE DID NOT WANT TO TAKE A URINE TEST. ONLY

GOD KNOWS WHAT WAS IN HIS SYSTEM PRE-HOPEFULLY THE

RECOVERING HE'S GOING TO DO WILL ALLOW HIM TO BE BETTER, TO

BE SOBER POTENTIALLY. AND, YOU KNOW, COME BACK TO THE

SPORT OF GOLF. EVERYONE LOVES TO WATCH TIGER.

WE THINK ABOUT ALL OF THE MOMENTS HE HAS GIVEN US.

TO SEE THEM COMPETE, EVEN IF IT'S NOT AT THE HIGHEST LEVEL,

IS GOING TO MEAN SOMETHING TO FANS AND PLAYERS. LISA:

YOU MENTIONED THE PGA AND LIV GOLF MERGER.

WHERE ARE WE WITH IT AND WHAT DO GOLFERS THINK ABOUT IT?

RANDALL: I THINK IT'S NONEXISTENT AT

THIS POINT. IF YOU ASK ONE SIDE, THEY WILL

SAY TALKS ARE CONTINUING. IF YOU ASK THE OTHER SIDE, THEY

WILL SAY TALKS ARE NONEXISTENT. AS IT CURRENTLY STANDS, THE PGA

TOUR HAS BEEN MAKING IMPROVEMENTS TO REALLY GROW AND

BE BIGGER THAN IT EVER HAS BEEN. THEY BROUGHT IN -- HIS NAME IS

BRIAN, HE'S THE NEW CEO THERE. HE'S MAKING A BUNCH OF

DIFFERENT CHANGES TO LEGITIMIZE IT EVEN MORE THAN IT ALREADY IS.

ON LIV GOLF'S FRONT, THEY ARE TRYING TO DO THINGS AND BECOME

THE DOMINANT ORGANIZATION THERE. IF THEY ARE ABLE TO MEET IN THE

MIDDLE, GREAT. AS IT STANDS RIGHT NOW, BOTH

PARTIES HAVE SEPARATED AND IT DOES NOT SEEM LIKE THEY ARE

EVER GOING TO COME TO TERMS AND SAY LET'S COME TOGETHER. LISA:

THE FINAL FOUR GOING ON TONIGHT. UCONN AND ILLINOIS, THEY BEAT

DUKE. IT WAS CRAZY, INCREDIBLE. AND THEN WE HAVE MICHIGAN AND

ARIZONA. WHAT'S YOUR TAKE AS FAR AS

WHO'S GOING ALL THE WAY? RANDALL:

I HAVE TO GO UCONN AFTER THAT SPECTACULAR WIN.

THERE WAS A POOLSIDE BAR. I WAS SITTING INSIDE AND I

HEARD A LOUD BANG'S AND OR SOMEONE ELSE WHO REACTED TO THE

SHOT THAT PLAYER HIT.

YOU HAVE TO IMAGINE THAT WILL SUPERCHARGE A TEAM.

THERE ARE LEGITIMATE FOES OUT THERE BUT I THINK DAN HURLEY IS

AN INCREDIBLE COACH AND HE POURS INTO HIS PLAYERS SO I'M

GOING WITH UCONN.

>> HE'S GOING WITH UCONN.

>> WE ARE COMING UP ON 9:00 A.M. IN NEW YORK, NEXT, WE WILL TALK

WITH KEN MARTIN. THE NEXT HOUR OF BLOOMBERG THIS

WEEKEND STARTS NOW. ♪

>> COMING UP ON "BLOOMBERG THIS WEEKEND,"

THE RACE TO FIND AN AMERICAN SERVICEMEMBER AFTER A FIGHTER

JET WAS SHOT DOWN OVER IRAN. WHY PRESIDENT TRUMP SAYS THE

RESCUE MISSION WILL NOT IMPACT NEGOTIATIONS. JOE:

THE MARCH JOBS REPORT.

>> THE STRENGTH OF THE U.S. ECONOMY WILL BE A BULWARK FOR

THE GLOBAL ECONOMY. JOE: HOW THE WAR IN IRAN COULD

IMPACT XBOX NUMBERS. CHRISTINA:

AND THE AR TEMIS ESTIMATES ARE HALFWAY TO THE MOON.

HEAR MORE FROM THE CREW BOLDLY GOING FARTHER THAN ANY MAN OR

WOMAN HAS GONE BEFORE.

WELCOME BACK TO "BLOOMBERG THIS WEEKEND."

I'M CHRISTINA RUFFINI HERE WITH JOE MATHIEU. IT IS 9:00 A.M.

IN YOUR. WE HAVE A LOT OF NEWS TO COVER

THIS MORNING. BUT JOE, YOU ARE ON AND HELPING

US OUT AND WE ARE VERY APPRECIATIVE. JOE:

I'M GLAD DAVID COULD GET SOME REST. IT HAS IS BEEN A VERY

NEWSY A TIME, ALBEIT A WEEKEND. AND WE HAVE A PILOT STILL

MISSING IN A LOT OF CONCERNS ABOUT THE WAY FOR. CHRISTINA:

WE START WITH LISA MATEO. LISA: THE NEW ESCALATION.

IRAN SHOOTS DOWN THE U.S. FIGHTER JET.

AND THE SECOND PLANE REPORTEDLY CRASHED IN THE GULF. THE U.S.

HAD RESCUED ONE OF THE CREWMEMBERS OF THE F-15E

FIGHTER JET, SEARCH AND RESCUE OPERATION UNDER WAY THE SECOND

CREWMEMBER. PRESIDENT DONALD TRUMP DID NOT

DISCUSS THAT OPERATION, BUT DID SAY THE EVENTS WOULD NOT AFFECT

THE ONGOING NEGOTIATIONS WITH IRAN.

A SECOND COMPACT JET, A WARTHOG ATTACK PLANE CRASHED IN THE

PERSIAN GULF. THE NEW YORK TIMES SAYS THE

PILOT WAS SAFELY RESCUED. THE DEVELOPMENTS ADDED TO

IRAN'S STEPPED-UP ATTACKS AS THE ISLAMIC REPUBLIC TARGETED

ENERGY SITES HOURS AFTER PRESIDENT TRUMP RENEW THREATS

AGAINST INFRASTRUCTURE. THE UNITED ARAB EMIRATES

LARGEST NATURAL GAS PROSODY FACILITY -- GAS PROCESSING

FACILITY, AFTER DEBRIS SPARKS A FIRE AND A DRONE ATTACK SET

ABLAZE AN OIL REFINERY IN KUWAIT.

SOMETIMES THE LABOR MARKET WAS STABILIZING AS THE WAR BEGAN.

U.S. JOB GROWTH RESPONDED WITH

PAYROLLS RISING 178,000 AND THE UNEMPLOYMENT RATE FALLING TO

FOUR POINT 3%. ECONOMISTS EXPECT THE WAR TO

HAVE MORE OF AN IMPACT ON FUTURE JOBS REPORTS IF THE

CONFLICT CONTINUES. KEVIN HASSETT TOLD BLOOMBERG TV

HE DOES NOT THINK COMPANIES WILL HAVE TO REVISE THEIR

ANNUAL FORECASTS.

>> THE MAIN REASON IS WE ARE MUCH DIFFERENT ECONOMY THEN WE

WERE IN THE 1970'S WHEN WE WERE SO ENERGY DEPENDENT.

I DO THINK THAT THEY ARE, THERE WILL BE SOME NEGATIVE

REPERCUSSIONS THAT WILL BE VERY SHORT-LIVED IN THE ASIAN

ECONOMIES AND WE EXPECT THAT DISRUPTION TO BE OVER REALLY

REALLY SOON. LISA: IN OTHER NEWS NASA HAS RELEASED

TO THE FIRST IMAGES TAKEN BY THE ARTEMIS II.

THE CREW LAUNCHED INTO SPACE FROM WEDNESDAY EVENING.

IT WILL TAKE THE CREW FOR DAYS TO TRAVEL TO THE LUNAR VICINITY

WITH PLANS FOR A FLYBY ON MONDAY.

THE MISSION SPECIALIST SAYS SHE HAS ENJOYED THE RIDE.

>> ONE OF THE BIGGEST SURPRISES WAS HOW SMOOTH RIDING WAS.

WE EXPECTED A LOT OF MOTION. WE WERE PREPARED TO NOT BEING

ABLE TO SEE TELEMETRY, TO NOT BEING ABLE TO TOUCH SWITCHES

AND IT WAS VERY SMOOTH. LISA: SO, THE ASTRONAUTS ARE NOT

GOING TO LAND ON THE MOON. THAT WILL BE THE TASK OF

ANOTHER CREW THAT WILL GO IN 2028.

THEY WILL TAKE A NICE JOURNEY AROUND IT. JOE: A ROUND TRIP.

CHRISTINA: SEA OF TRANQUILITY. WHICH WE COULD ALL USE A LITTLE

BIT. THIS MORNING WE STILL DO NOT

HAVE ANY UPDATES ON THAT MISSING F-15E FIGHTER PILOT WHO

WENT DOWN OVER IRAN. ONE PILOT WAS RECOVERED AND ONE

IS STILL MISSING. SEARCH AND RESCUE EFFORTS ARE

UNDERWAY.

THERE ARE REPORTS THAT A GOVERNOR HAS OFFERED A BOUNTY

FOR THE CAPTURE OF THE PILOT

ALIVE, 60$66,000 U.S. DOLLARS. JOE: NOT CLEAR WHAT BROUGHT THE

PLANE DOWN BUT THE PILOT HAS BEEN RECOVERED. CHRISTINA:

THAT IS A SINGLE PILOT AIRCRAFT. JOE:

AN ATTACK PLANE WE HAVE JUST BEEN SENDING OVER BY THE DOZENS

MOST RECENTLY HELPING TO STRAFE THE COAST ALONG THE STRAIT, BUT

IT REMINDS US OF THE MANY RISKS THAT ARE FACING OUR MEN AND

WOMEN THAT WE TAKE REBRAND WITH SO MANY SUCCESSFUL OPERATIONS.

CHRISTINA: AND THE BACKDROP OF THIS IS,

THE WHITE HOUSE IS ASKING CONGRESS FOR ONE POINT FIVE

DOLLARS TRILLION FOR DEFENSE FOR THE 2027 FISCAL YEAR.

THAT WOULD BE THE HIGHEST LEVEL IN MODERN HISTORY.

AND A 40% INCREASE FROM WHAT THE U.S.

SPENDS ON THE PENTAGON THIS YEAR. JOE:

ALREADY AT $1 TRILLION THIS YEAR.

IS THAT WHAT THE PRESIDENT SAID ON WEDNESDAY? JOE:

CHRIS CHRISTINA: THE PRESENT SAID A LOT OF

THINGS. JOE: IT IS NOT POSSIBLE FOR US TO

TAKE CARE OF DAY CARE AND MEDICARE.

WHERE TO TAKE CARE OF ONE THING -- MILITARY PROTECTION.

CHRISTINA: WE HAVE TO GUARD THE COUNTRY

COME HE SAYS. I KNOW ONE INDIVIDUAL WHO MIGHT

HAVE SOMETHING TO SAY ABOUT THAT AND HE IS OUR NEXT GUEST.

JOE: CAN MARTIN IS WITH US TO TOP

OUR 9:00 HOUR ON THE EAST COAST. ON BLOOMBERG THIS

WEEKEND. IT IS GREAT TO SEE YOU. WELCOME BACK TO BLOOMBERG TV

AND RADIO. I WANT TO ASK YOU ABOUT A LOT

OF THINGS HERE, INCLUDING THE MIDTERMS, BUT YOUR THOUGHTS ON

THIS. WHEN IT COMES TO MESSAGING, AND

DEMOCRATS WHO ARE ON THE CAMPAIGN TRAIL AS WE SPEAK WITH

THE CONGRESS THAT IS NOT IN WASHINGTON, IS THIS AN AD THAT

HAS BEEN WRITTEN FOR YOU BY THE PRESIDENT? KEN: CERTAINLY.

OF COURSE WE HAVE ALREADY STARTED PLAYING IT.

WE HAVE BEEN PUSHING IT OUT ALL THROUGHOUT THE COUNTRY BECAUSE

WHAT A REMARKABLE STATEMENT FROM A PRESIDENT OF THE UNITED

STATES TO SUGGEST THAT THE ONLY THING THE FEDERAL GOVERNMENT

SHOULD BE FOCUSED IN ON IS FIGHTING WARS OF CHOICE AROUND

THE WORLD. AT ENORMOUS EXPENSE AT THE

EXPENSE OF HARD-WORKING AMERICANS RIGHT NOW WHO ARE

REALLY STRUGGLING BASED ON THIS DISASTROUS ECONOMIC POLICY THAT

DONALD TRUMP HAS PUSHED OVER THE COURSE OF THIS LAST YEAR

WHICH IS MAKING IT HARDER FOR PEOPLE TO ALREADY AFFORD THEIR

LIVES.

THIS WAR MAKING IT EVEN MORE DIFFICULT.

LOOK, THE REALITY IS, HE'S MADE IT VERY CLEAR WHAT HIS VALUES

ARE. AND THESE ARE CHOICES, OF COURSE.

AND HE HAS DECIDED TO PICK FIGHTS AROUND THE WORLD AND

AGAIN TO MAKE IT CLEAR THAT PEOPLE WHO, YOU KNOW, NEED

CHILDCARE IN THIS COUNTRY, PEOPLE WHO ARE CONCERNED ABOUT

THE RISING COST OF GROCERIES AND THE LACK OF AFFORDABLE

HOUSING AND THE FACT THAT THEY CAN BARELY AFFORD THEIR UTILITY

COSTS OR FILL UP THEIR GAS, YOU KNOW, THE REALITY IS RIGHT NOW

PEOPLE ARE STRUGGLING AND DONALD TRUMP IS IGNORING THEIR

CRIES FO R HELP. CHRISTINA: WHEN IT COMES TO THEM AND

TURNS, WHAT IS THE PRIORITY FOR DEMOCRATS? THE PRESIDENT RAN ON

AFFORDABILITY. GAS PRICES ARE GOING UP.

HOW ARE DEMOCRATS PLANNING TO CAPITALIZE AN MESSAGE ON THAT?

BECAUSE SOMETIMES THE MESSAGING IS NOT YOUR PARTIES FORTE.

HOW ARE YOU GOING TO MAKE THIS HAPPEN FOR YOUR PARTY? KEN:

LISTEN, I WOULD SAY IF YOU LOOK AT THE LAST YEAR, WE'VE HAD

TREMENDOUS SUCCESS. WE HAVE WON OVER 90% OF

ELECTIONS ON THE BALLOT. OVER PERFORMANCE WHICH IS 14

PERCENTAGE POINTS ON AVERAGE, THE ALL-TIME HIGH.

AND THE THROUGH LINE ON THAT IS THAT ALL OF OUR CANDIDATES

FOCUSED ALMOST EXCLUSIVELY ON AFFORDABILITY.

MAKING SURE THAT WE ADDRESS THE ANXIETY OF THIS NATION RIGHT

NOW, WHICH IS REALLY AROUND THE ECONOMY.

MANY AMERICANS ARE FALLING BEHIND, AND NO ONE FEELS LIKE

THIS ECONOMY IS WORKING FOR THEM RIGHT NOW.

AS WE GO INTO THESE LAST 214 DAYS LEFT UNTIL THE MIDTERM

ELECTION WE WILL FOCUS ON THREE REALLY IMPORTANT THINGS, ONE IS

OF COURSE AFFORDABILITY. HOW DO WE MAKE SURE THAT YOU

CAN AFFORD TO GET TO WORK? HOW DO WE MAKE SURE YOU HAVE A

JOB TO GO TO? HOW DO WE MAKE SURE YOU CAN

AFFORD YOUR RENT OR YOUR MORTGAGE OR PUTTING GROCERIES

ON THE TABLE? SECOND, WE'RE GOING TO FOCUS ON

THE EMERGENT HEALTH CARE CRISIS IN THIS COUNTRY.

BASED ON THE BIG UGLY BILL AND THE FACT THAT THEY ARE GOING TO

TAKE AWAY SO MUCH REVENUE FROM HEALTH CARE SYSTEMS IN THIS

COUNTRY. 300 HOSPITALS ARE GOING TO

CLOSE , A QUARTER OF NURSING HOMES WILL CLOSE.

HEALTH CARE PREMIUMS ARE RISING ON EVERY AMERICAN RIGHT NOW.

HEALTH CARE IS AN EMERGING CRISIS IN THIS COUNTRY.

AND THE LAST THING WE WILL FOCUS ON IS FIXING THIS CORRUPT

AND RATING SYSTEM THAT ONLY BENEFITS THE WEALTHY, THE

WELL-CONNECTED AND THE POWERFUL AT THE EXPENSE OF EVERYONE ELSE

IN THIS COUNTRY. THAT IS WHAT DEMOCRATS ARE

FOCUSED ON. WE WILL FOCUS ON DELIVERING

REAL SOLUTIONS TO WHAT'S VEXING THE AMERICAN PEOPLE AND NOT

FOCUS ON FIGHTING WARS OF CHOICE AROUND THE WORLD THAT

ARE COSTING, THE AVERAGE AMERICAN HOUSEHOLD IS PAYING

$400 A MONTH TO LITIGATE THIS WAR IN IRAN, AND IT IS $400

THEY DO NOT HAVE. JOE: WITH A GALLON OF GASOLINE AT

$4.10 ON AVERAGE ACCORDING TO AAA. KEN, WE WANT TO TALK ABOUT

RESOURCES. WE HAD A CONVERSATION LAST WEEK

WITH SUSAN DELL BENING WHO CHAIRS THE DCCC, THEY ARE

TARGETING TRUMP PLUS 13 SEATS IN SOME DISTRICTS.

I REALIZE YOU HAVE HISTORY ON YOUR SIDE.

YOU MIGHT EVEN HAVE THE MESSAGE ON YOUR SIDE BUT HOW ABOUT

MONEY?

THE RNC HAS A SEVEN TO ONE MONEY ADVANTAGE.

YOU PULLED IN $10.3 MILLION IN FEBRUARY.

THE RNC, $18.5 MILLION. DO YOU HAVE THE RESOURCES TO

PURSUE THAT MANY SEATS? KEN: ABSOLUTELY.

IN COMBINATION WITH A DCCC, OF COURSE WE DO.

LOOK, WE DO NOT NEED TO OUTRACE THE REPUBLICANS, WE NEED TO

RAISE ENOUGH MONEY TO BE IN THE RING SO WE CAN FIGHT.

I WILL GIVE YOU AN EXAMPLE. IN TEXAS, WE FLIPPED AT STATE

SENATE SEAT, IT WAS A +17% TRUMP DISTRICT.

IT WAS A 31 POINT SWING AND THE REPUBLICAN OPPONENT RAISED $2.5

MILLION TO OUR CANDIDATES $380,000.

WE DO NOT NEED TO OUTRAISE THE REPUBLICANS.

LOOK, LAST YEAR WE RAISED A RECORD AMOUNT OF MONEY FOR

FIRST YEAR CHAIR OF THE DEMOCRATIC NATIONAL COMMITTEE,

WE RAISED A RECORD AMOUNT OF MONEY AND WHAT WAS FUELING THAT

WAS THE GRASSROOTS DOLLARS, THE SMALL DONORS AVERAGING $51.

THAT WAS WHAT WAS FUELING OUR EFFORT AND WE RAISED A RECORD

AMOUNT WHICH ALLOWED US TO WIN A RECORD AMOUNT OF RACES.

WE HAVE WENDED OUR BACK AND WE HAVE MOMENTUM AS YOU MENTION.

WE HAVE A MESSAGE THAT HAS RESONATED.

AND WE WILL HAVE THE RESOURCES TO MAKE SURE THAT WE CAN

COMPETE. AS YOU MENTIONED, BECAUSE OF

THIS HISTORICAL OVER PERFORMANCE WE HAVE BEEN ABLE

TO EXPAND OUT THE MAP. ANY REPUBLICAN WHO SITS IN A

14% OR LESS DISTRICT IN THIS COUNTRY IS TARGETED BY THE

DEMOCRATIC PARTY BECAUSE THEY ARE VULNERABLE.

AND THAT IS 50 REPUBLICANS WHO SIT IN THOSE SEATS ARE NOW ON

OUR TARGET LIST. WE HAVE A GREAT PATH TO THE U.S.

HOUSE AND IS AS IT SOUNDS, AN EQUAL CHANCE OF US WINNING THE

U.S. SENATE BACK AS WELL. CHRISTINA:

ALMOST EVERY TIME I HAVE A DEMOCRAT I ASKED THEM TWO

QUESTIONS, WHO IS THE LEADER OF THE DEMOCRATIC PARTY?

IF YOU ACTUALLY TAKE BACK THE HOUSE OR THE SENATE, IS THERE

ANYTHING YOU CAN ACTUALLY DO TO STOP THE LEGISLATIVE -- OF A

PRESIDENT WHO SEEMS NOT TO CARE WHETHER HE HAS CONGRESSIONAL

APPROVAL FOR MOST OF THE THINGS HE DOES? KEN:

LET ME ANSWER THE FIRST THING. LOOK, THERE ARE MANY LEADERS OF

THE DEMOCRATIC PARTY. I HAPPEN TO BE ONE OF THEM.

CHRISTINA: ISN'T THAT PART OF THE PROBLEM?

KEN: NO. THIS IS ALWAYS A PROBLEM FOR

EITHER PARTY WHEN THEY ARE ALL POWER.

THE PRESIDENT AND THE PARTY IN POWER HAVE A MUCH BIGGER

MEGAPHONE. THAT IS ALWAYS THE CASE.

WE HAVE GOT GREAT GOVERNORS OUT THERE.

WE HAVE GREAT MAYORS OUT THERE. WE HAVE WONDERFUL MEMBERS OF

CONGRESS. SO THERE ARE MANY LEADERS.

AND OF COURSE WE ARE BIG TENT PARTY. WE HAVE LOTS OF DIFFERENT

IDEAS. AND AS WE COME INTO THIS

PRESIDENTIAL RACE IN 2028 AND WE GET A NOMINEE, OF COURSE, IT

WILL START TO COME INTO FOCUS WITH THE LEADER IS.

UNTIL THEN, WE HAVE MANY LEADERS WHO ARE DELIVERING FOR

THE AMERICAN PEOPLE WHO ARE STANDING UP.

BEEN VERY PROUD OF WATCHING WHAT OUR GOVERNORS HAVE DONE

DURING THIS LAST YEAR AND DELIVERING ON PROMISES THEY

MADE TO THE AMERICAN PEOPLE. I HAVE BEEN PROUD OF WATCHING

OUR MAYORS USE THE POWER THEY HAVE TO PROTECT COMMUNITIES IN

THIS COUNTRY FROM THIS ADMINISTRATION.

I'VE BEEN REALLY PROUD OF OUR MEMBERS OF CONGRESS IN USING

THEIR PLATFORMS TO ACTUALLY SPEAK OUT AND HOLD THIS

PRESIDENT ACCOUNTABLE. THERE ARE A LOT OF LEADERS OF

THE DEMOCRATIC PARTY, AND I GET THAT QUESTION A LOT.

I AM VERY PROUD OF THE FACT THAT WE HAVE SO MANY GREAT

LEADERS IN THIS PART OR WHO IS STANDING -- IN THIS PARTY WHO

ARE STANDING UP AND FIGHTING TO MAKE A DIFFERENCE IN THEIR

LIVES. ON THE SECOND PIECE, LOOK, I

THINK WHEN WE WIN BACK CONTROL OF THE CONGRESS AND HOPEFULLY

THE SENATE, OUR JOB IS TO PASS LEGISLATION TO ACTUALLY STAND

UP AND DO WHAT WE SAID WE WOULD DO AND PUT IT ON DONALD TRUMP'S

DESK AND MAKE HIM MAKE A CHOICE. IF HE'S GOING TO ACTUALLY SIGN

LEGISLATION THAT IS GOING TO BRING DOWN THE COSTS FOR

AMERICAN PEOPLE. AND ACTUALLY HELP CREATE JOBS

AND ACTUALLY RESTORE HEALTH CARE ACCESS IN THIS COUNTRY AND

HELP FAMILIES THAT ARE STRUGGLING WITH CHILDCARE AND

FINDING JOBS. AT THE END OF THE DAY, IF WE DO

THOSE THINGS, AND THE PRESIDENT STILL REFUSES TO SIGN THEM, THE

REPUBLICANS WILL HAVE NO CHANCE OF WINNING IN 2028.

WHAT WE ARE GOING TO DO IS FOCUS ON DOING OUR JOBS AND

DELIVERING ON THE PROMISES WE MADE TO THE AMERICAN PEOPLE.

IT WILL BE UP TO THE PRESIDENT TO DECIDE WHETHER OR NOT HE

WANTS TO JOIN DEMOCRATS. JOE: IF YOU CONSIDER WHAT PRIMARY

VOTERS ARE LOOKING FOR HERE IN THIS MIDTERM CYCLE, THERE WAS

FASCINATING RESEARCH RECENTLY FROM THE GROUP THIRD WAY,

FAMOUSLY MODERATE, ACCORDING TO SOME DANGEROUSLY MODERATE

DEPENDING UPON THE PROGRESSIVE YOU SPEAK WITH.

THEY TALKED ABOUT WHAT PRIMARY VOTERS LIVES ARE LIKE, WHAT

THEY'RE LOOKING FOR AND IT CAME DOWN TO BASICALLY A QUESTION OR

AN ARGUMENT OF PRIVATE -- OF PRIVATE TO SOME VERSUS

PROGRESSES AND. -- V.

PROGRESSIVISM. 25% PREFERRED PRAGMATISM.

IS THAT AN IMPORTANT THING TO FOLLOW IN THIS CAMPAIGN CYCLE?

KEN: I DON'T LIKE TO PUT A LABEL ON

ANY OF THIS. I DO AGREE THAT WHAT AMERICANS

WANT RIGHT NOW IS A RESULT.

THEY'RE SICK AND TIRED OF WATCHING POLITICIANS FROM BOTH

PARTIES SAY ONE THING AND GET INTO OFFICE AND DO ANOTHER.

THEY WANT PEOPLE TO STAND UP AND FIGHT FOR THEM AND DELIVER.

IT IS ONE OF THE CHALLENGES, BOTH THE REPUBLICAN PARTY AND

IT HAS BEEN FOR THE DEMOCRATIC PARTY.

BUT WHAT I THINK YOU ARE SEEING RIGHT NOW, WHICH IS WHY DONALD

TRUMP'S LOW -- AND THE REPUBLICAN PARTY IS IN DANGER

OF LOSING BOTH CHAMBERS OF CONGRESS, IS YOU HAVE ONE PARTY

THAT IS ACTUALLY DELIVERING. LOOK AT WHAT ABIGAIL SPANBERGER

AND MIKEY CHERYL DID ON DAY ONE AFTER THEY WERE ELECTED

GOVERNOR. LOOK AT WHAT OTHER DEMOCRATIC

ELECTED OFFICIALS ARE DOING THROUGHOUT THE COUNTRY TO STAND

UP AND DELIVER ON THOSE PROMISES.

AND THE REPUBLICANS CONTINUE TO IGNORE THE PLEAS OF THIS

COUNTRY TO FOCUS ON THE ISSUES THAT MATTER MOST TO THE

AMERICANS. I THINK AT THE END OF THE DAY,

YOU KNOW, YOU CAN CALL IT PRAGMATISM OR CALL IT

DELIVERING ON YOUR PROMISES. ONE OF MY FIRST BOSS IS YOU

SHOULD NEVER SEPARATE THE LIFE YOU LEAD FROM THE WORDS YOU

SPEAK. MOST AMERICANS ARE SICK AND

TIRED OF POLITICS AS USUAL. THEY WANT SOMEONE WHO WILL

STAND UP, BE THERE CHAMPION AND HELP THEM GET AHEAD, NOT JUST

GET BY. CHRISTINA: ON THAT NOTE, AMERICANS ARE

SICK AND TIRED WITH POLITICS, FRUSTRATED WITH CONGRESS

MEMBERS IN BOTH PARTIES AND HAVE A NEW ACCOUNTABILITY BUDDY

MAKING ITS PRESENCE KNOWN AND THAT IS TMZ, THE SITE WE

USUALLY THINK OF AS GOSSIP. WE SPOKE TO HARVEY LEVIN OF

THAT SITE ABOUT WHY THEY ARE GOING AFTER MEMBERS OF CONGRESS

WHO ARE SEEN ON VACATION WHILE THE GOVERNMENT TO SHUT DOWN.

WE WILL PLAY SOME SOUND FOR YOU. >> WHEN YOU LOOK AT WHAT WE ARE

DOING, IT'S THE BIG THING WE ARE DOING.

WHAT WE ARE DOING IS SHOWING HOW THE PUBLIC FEELS ABOUT THEM.

AND I THINK THEY HAVE LOST THAT BIG VIEW OF IT.

AND STARTED LOOKING AT IT, THE BLAME GAME, THE REPUBLICANS DID

NOT VOTE ON THIS OR THE DEMOCRATS DIDN'T DO THAT.

AND THEY ARE NOT STEPPING BACK AND LOOKING AT CONGRESS AS A

WHOLE. CHRISTINA:

WE HAVE ABOUT 30 SECONDS HERE BUT I'M CURIOUS WHAT YOUR

REACTION TO THIS IS. IT TAPS INTO A BROADER SPECTRUM

OF THE AMERICAN PUBLIC, REALLY ANNOYED THAT CONGRESS IS NOT

DOING WHAT THEY SENT THEM THERE TO DO. KEN:

I ALWAYS SAID SUNLIGHT WAS THE BEST DISINFECTANT.

IT'S IMPORTANT FOR FOLKS TO HOLD ELECTED OFFICIALS AND

LEADERS IN CONGRESS AND THROUGHOUT THE COUNTRY

ACCOUNTABLE. DURING A TIME WHEN GOVERNMENT

SHUT DOWN AND WE SEE POLITICIANS TAKING VACATIONS,

POLITICIANS NOT DOING THEIR JOB WHILE PEOPLE ARE SUFFERING, OF

COURSE PEOPLE ARE GOING TO BE FRUSTRATED.

AGAIN, THIS SHOULD BE A WAKE-UP CALL TO EVERY POLITICIAN IN

EACH PARTY TO MAKE SURE THAT IN TIMES OF CRISIS LIKE THIS IN

THIS COUNTRY, IT REQUIRES PEOPLE TO STAND UP, DO THEIR

JOB AND DELIVER FOR THE AMERICAN PEOPLE.

DEMOCRATS ARE DOING THAT. REPUBLICANS ARE SITTING ON

THEIR -- WHILE PEOPLE ARE SUFFERING IN THIS COUNTRY. JOE:

WE THANK YOU FOR A GREAT CONVERSATION.

HAPPY EASTER TO YOU. I WANT TO KNOW WHY LINDSEY

GRAHAM WAS AT CHEZ MICKEY AND WHAT HE ATE WHILE HE WAS THERE.

CHRISTINA: PRESIDENT TRUMP HAS THREATENED

TO PULL OUT OF NATO. EVEN AS THE WAR INTENSIFIES.

WE WILL SPEAK WITH THE FORMER U.S. AMBASSADOR'S NATO.

TO PULL OUT OF NATO. EVEN AS THE WAR INTENSIFIES.

THAT IS STRAIGHT AHEAD ON "BLOOMBERG THIS WEEKEND." ♪

LISA: THANKS FOR JOINING US LIVE ON

BLOOMBERG THIS WEEKEND. I AM LISA MATEO.

A SHIFT IN THE AZOV SEA HAS BEEN HIT BY KYIV.

MOSCOW'S FORCES TARGETED SEVERAL UKRAINIAN REGIONS.

AT LEAST FIVE PEOPLE WERE KILLED AND 19 ENTERED AFTER A

RUSSIAN DRONE HIT A BUSY MARKET IN THE CITY -- IN A CITY OF

UKRAINE'S SOUTHEAST REGION. INDIA SAYS THE COUNTRY IS

BUYING CREW FROM IRAN TO NAVIGATE THE ENERGY CRISIS.

THE MINISTRY DENIED PAYMENT HURDLES WERE IMPEDING ON THOSE

PURCHASE. INDIA CONFIRMED THE ARRIVAL OF

A RAINY AND LIQUEFIED PETROLEUM GAS WITH A VESSEL CARRYING

AROUND 40,000 TONS.

A JUDGE DENIED JANINE PIRRO'S MOTION TO REVIVE FED SUBPOENAS.

-- AFTER THE DISTRICT CHIEF JUDGE UPHELD AN EARLIER RULING.

THAT MOVE DELAYS THE CONFIRMATION PROCESS FOR

PRESIDENT DONALD TRUMP'S FED CHAIR NOMINEE, KEVIN WARSH.

THE JUSTICE DEPARTMENT PLANS TO APPEAL THAT DECISION. CHRISTINA:

WE WANT TO GET STRAIGHT TO THESE LIVE PICTURES OUT OF

BAGHDAD. THOUSANDS OF PEOPLE GATHERING

IN SUPPORT OF IRAN AS THE WAR HITS ITS FIFTH WEEK.

NOW NEXT WEEK, NATO SECRETARY-GENERAL WILL MEET

WITH PRESIDENT DONALD TRUMP AT THE WHITE HOUSE FOLLOWING WEEKS

OF THREATS FROM THE PRESIDENT TO WITHDRAW FROM THE MIDDLE

ALLIANCE AFTER ALLIES GAVE A LESS THAN ENTHUSIASTIC REACTION

TO THE WAR IN IRAN.

JOE: MR. INVESTOR, WELCOME BACK TO

BLOOMBERG TV AND RADIO. IT IS FANCY MEETING YOU HERE ON

THE WEEKEND BUT THE NEWS CYCLE KEEPS ON PUSHING.

AS THE PRESIDENT SUGGESTS HE'S BEYOND RECONSIDERATION, THE

LANGUAGE HE USED WHEN IT COMES TO WITHDRAWING FROM NATO,

WHETHER SECRETARY RUDA CAN CHANGE HIS MIND NEXT WEEK.

>> THAT WILL BE THE REASON WHY HE'S COMING.

THE VISIT WAS ANNOUNCED BEFORE THOSE STATEMENTS.

HE WILL TRY TO FIND A WAY TO TELL DONALD TRUMP NATO IS VITAL

TO AMERICAN SECURITY. IT'S NOT A HARD CASE TO MAKE.

TODAY HAPPENS TO BE THE 77TH ANNIVERSARY OF THE SIGNING OF

THE NORTH ATLANTIC TO BUY 12 NATIONS, INCLUDING THE UNITED

STATES. FOR 77 YEARS, THE UNITED STATES

HAS BEEN LED BY PEOPLE IN THE OVAL OFFICE AND EVERYWHERE ELSE

AND SENIOR MILITARY AND CIVILIAN POSITIONS WHO HAVE

UNDERSTOOD THAT IT IS MUCH BETTER TO TRY TO PREVENT WAR IN

EUROPE THAN TRYING TO HAVE TO FIGHT IT AS WE DID IN WORLD WAR

I AND WORLD WAR II. IT IS CHEAPER AND MAKES US MORE

PROSPEROUS AND MORE SECURE AND MORE FREE.

THAT IS THE FOUNDATION OF NATO. IT IS SOMETHING THAT PRESIDENT

TRUMP HAS NEVER REALLY UNDERSTOOD OR HAS BOUGHT INTO.

HE THINKS THE BURDENS OF NATO ARE LARGER THAN THE BENEFITS.

AND THAT IS THE CHALLENGE THAT HE WILL HAVE WHEN IT COMES TO

WASHINGTON NEXT WEEK. CHRISTINA: I WAS CURIOUS TO SEE YOUR

REACTION TO BE PRESIDENT PRIMETIME ADDRESS.

THERE WERE A LOT OF REPORTS THAT HE WOULD GO AFTER NATO.

HE DID NOT REALLY DO IT. HE TALKED AROUND IT A LITTLE

BIT. HE SAID IF IT'S THE OIL YOU NEED, YOU SHOULD GO PROTECT IT.

BUT HE DID NOT NAME NAMES AND HE DID NOT GO AFTER THE

ALLIANCE. I'M WONDERING IF YOU THINK THAT

WAS MISREPORTED. MY INSTINCT TELLS ME IT WAS A

RECALIBRATION AND SOMEONE MAY HAVE GOTTEN IN HIS EAR.

I WONDER WHAT YOUR TAKE IS ON THAT AND IF YOU THINK HE CAN BE

SWAYED BY PEOPLE HE TENDS TO LISTEN TO, RUTTA AND THE

PRESIDENT OF FINLAND, WHO HE GOES GOLFING WITH AND CAN GET

HIM BACK INTO THE FOLD OCCASIONALLY.

>> WHO KNOWS WHAT DRIVES THE PRESIDENT AND HOW THIS SPEECH

CAME TOGETHER. IT IS A MYSTERY TO MOST OF US

WHY HE DECIDED TO DELIVER A SPEECH THAT WAS, FRANKLY,

CONTENT FREE. THE ONLY THINGS HE SAID, HE HAD

ALREADY SAID ON TRUTH SOCIAL OR IN INTERVIEWS IN THE PREVIOUS