In his first interview with an International News outlet since taking office. Jason it is showtime the , brewing battle for dominance in the video industry. And why 2020 will be the hunger games of the media industry. We begin with editor joel weber. How do you put an issue like this together . Joel our goal was to program conversations at backyard summer barbecues. A little bit of everything for everyone in this streaming will one. Be a conversation that unfolds over the next year. Media and Tech Companies will go to the mattresses and spend billions warring with each other. Taylor another big story i like rands. L about l b joel victorias secret, a huge business rising for years, and now it is starting to fall. The Jeffrey Epstein scandal continues to unfold, so we step ped back and said, epstein aside, this business is about to go through a lot of changes it is not ready for. Jason Lance Armstrong is back. Joel this inspired me for the Tour De France season. Lance is a name you dont hear much about anymore. He was brought down by another scandal. Is there a chance at redemption . He has amassed a huge audience in podcasts. He got back into selling stuff. The question is, what happens to a name that gets tarnished, and is there a chance at a second act . Jason it really is amazing. Who took usth lance inside his head. Interesting place. Joel weber, thank you so much. Taylor i want to take a look at the democratic debates. The politics editor joins us. Give us your key takeaway. We saw both nights, tuesday and wednesday, it was the moderates versus the progressives. The progressives getting more attention in the election cycle, and some folks making a last ditch attempt to get into the race. Jason the first night it was really progressives, progressives. Everybody else literally on the wings trying to get the attention away from Bernie Sanders and elizabeth warren. Exactly. They were together in the middle of the stage. They are each others chief rivals. Instead of going at each other, they teamed up and beat back these moderate arguments against what some would say are their extreme policies. Taylor joe biden, all eyes were on him the second night. But then he said take it easy on me, kid. Sort of a put down, maybe not. What was that . That was an eyebrow raiser. It points out a number of things he has gone against him, namely race relations. He said this to kamala harris, a black woman. It did not look at for him to say that right away. Jason so fascinating to unpack all of that. A great story by josh green online that everyone should check out. Thank you so much. President trumps currency policy is hard to get a handle on. Taylor sending mixed messages on a strong dollar policy last week, President Trump told reporters it is a beautiful thing, but he would not rule out taking action to weaken the currency. President trump the dollar is strong, the country is strong. The dollar is a beautiful thing in one way, but it makes it harder to compete. I did not say i would not do something. Taylor he did not get what he wanted after jay powell sent the dollar much stronger after the fmoc meeting on wednesday. Jason we were watching it on realtime on our radio show. Here is more on what trump wants for the dollar. Mixed signals is how i would describe it. The past few weeks, we have had secretary mnuchin say we have a strong dollar policy. Larry kudlow said we will not intervene. And then, trump said he had not ruled out that option. It is a confusing time, a lot of people are raising the question, is the u. S. Committed to the strong dollar policy . Taylor to understand why this is so important, take us back to the 1990s where this began when we instituted a strong dollar policy. The u. S. Is unique in that it is the only nation that prefers to have its currency be strong. That was the policy put in place in 1995 by then secretary treasury secretary robert rubin. Left then, the u. S. Has dollar policy to the treasury, which is obviously not the case now. It was introduced as a commitment that the u. S. Would not devalue its currency, and that in turn boosted demand for u. S. Treasuries, which has been very important to the way the u. S. Finances itself. Jason also important to the rest of the world. Something the rest of the world can look to, that investors can look to, an area of certainty in a volatile world. Absolutely. We have this deep liquid bond market where Foreign Investors can rest assured that the country is not going to debase its currency. That is why we have seen the dollar emerge as the haven currency of choice and is the treasuries are the worlds haven asset. Taylor we talk about dollar policy, rates, and you fold that over into a much discussed topic, foreign inflows, and how a strong dollar does attract foreign inflows. Tie those dynamics together for us. It would be a bad time for everyone if the u. S. Shifts away from a strong dollar policy. You have the u. S. Borrowing a record amount of treasuries to plug its deficit. At the same time, Foreign Investors, in a world where 13 trillion of debt is negative yielding, they do not have a lot of options. The moment, Foreign Holdings of treasuries are at a record high. Awayve not seen ebbing demand yet. The u. S. Is more dependent than ever on foreign inflows, it is a crucial time. Taylor up next, bloombergs exclusive interview with mexican president lopezobrador. Jason he sat down with John Micklethwait for his first interview with an International News outfit since taking office. Taylor this is Bloomberg Businessweek. Taylor welcome back to Bloomberg Businessweek. I am taylor riggs. Jason i am jason kelly. Join us for Bloomberg Businessweek every day on the radio and catch up on our daily show on podcast, get that at itunes or soundcloud. Or bloomberg. Com. Taylor you can find us online at business week. Com. Now to bloombergs exclusive interview with mexicos president Andres ManuelLopez Obrador. Jason he is known as amlo, and he sat down with editorinchief John Micklethwait in mexico city, for his first interview with an International News outlet since taking office. They began with a discussion about their neighbor to the north. President Lopez Obrador we are neighbors, and this neighbor hood makes it mandatory for us to understand each other. John as you know, guatemala agreed to a Safe Third Country Agreement to do with those people what you were talking about. People from honduras or el salvador seek asylum they have , to seek asylum in guatemala rather than going to america. Firstwould you ever let mexico agree to the same . President Lopez Obrador we would not. We are enforcing a program to reduce the number of migrants. With protection for those coming into mexico, migrants have been murdered. We have had some cases like that. And that is something we do not want. And yet, we have mobilized the National Guard because it was a necessity. We already had that plan since before the threat of tariffs, and the results have been good. Although, i insist the best is to look into the causes of this. John when you were interviewed by bloomberg in 2017, you accused donald trump, the quotation was, having a campaign of hatred against immigrants. He does not want mexican immigrants in america. Do you still believe that . President Lopez Obrador i think that, as we normally say, he has been doing a lot less of that now. When i was in the United States, this was a different discourse. It was more of an antimexican discourse. But now, President Trump is more moderate. John more moderate with mexican immigrants, do you think . President Lopez Obrador yes, yes. This is something noteworthy. And we are grateful to him for that. John when we look at the when we looknly at the mexican economy, you were hoping for it to grow 4 , and this week, there are worries it may go into recession. Consumer spending is not high and industrial output is not high. Do you think mexico will go into recession this year . President Lopez Obrador no, no. We are doing fine. We are doing fine and doing well. The economy is not growing as we would want it to grow, but on the other hand, there are no risks of recession. We are saying 4 in this sixyear administration. And technicians may say, how can you go from 2 to 4 in mexico . Well, before the neoliberal years, before 1983, since the mexican revolution until 1983, we grew 6 per year. 5 or 6 a year. There was a period which growth was 6 with no devaluation, without inflation. The mexican miracle in the economy, that is what we want. John can you have a mexican miracle with Interest Rates at 8. 25 . I know you have been good at not interfering in the central bank. President Lopez Obrador it is important to lower the rates to encourage growth. This is an issue i am leaving for the central bank to decide. Because we trust we are not just going to be able to grow, but also to develop. Jason for more on that interview, some of the behindthescenes, we caught up with John Micklethwait while he was in mexico city. John the last time we spoke to him in 2017, he did a formal interview with us and he complained that trump was creating an atmosphere of hatred towards mexicans and mexican americans. Ever since he has become president , he has been remarkably calm no matter what trump says. He sometimes stands up to trump, but on the whole, he is resolutely polite back. But even in our interview he , talked about trump becoming more moderate, which i am relatively surprised. He has many friends across the border. He sits there and takes it. He does fight back on some things. Amlo probably will not agree to do the safe third country status, which is where you say, anyone looking for asylum has to get asylum with me first before they come to america. I think mexico is likely to say no to that. But the rhetoric is incredibly calm. Whether that survives the issue of the freetrade bill, someone that is the plowed on the one horizon, there is a possibility the democrats might hold that up, and mexico is counting on that going through. Jason he notably did not attend the g20 summit and has not been as engaged with the broader cadre of World Leaders. What do you make of that, and what does that say about his stature in the world . John he is very clear. He wants to focus on mexico and does not want to travel. You can talk to him about whether you would come and meet trump. I think the answer is he would rather trump goes to meet him. He has told the mexican people he will spend the first year here focusing on what he needs to do for the country. Also that is his style. , you could see from the interview that he talks slowly and very deliberately. On the campaign trail, he does rallies a little like trump but with a different style. He goes to all corners of mexico and tells them he is fighting for them and doing things for them. It is a big change from his predecessor, a much more technocratic person and allegedly involved in the corruption scandals circling his regime. That could also be an issue. Jason put him in the pantheon of World Leaders that you have talked to over the past couple of years. I am thinking of putin, erdogan, may, merkel where does he fit in . How does he compare to his peers around the world . John he has one similarity with erdogan, he believes in what might be described as unorthodox economics. He has a theory if he cuts spending, everything will be fine. There are bits where he lashes out at neoliberals. Now that the gdp number is not advancing as he hoped, he makes comments like that. It is a very different style than earned one, much more gentle. Imagine you spent all your life waiting to become Prime Minister of ireland or president of america, and through that time , you sat on the left wing talking about doing this and that. Then you come into power, and you do the opposite. You clamp down on spending because you think there is too much corruption but also because you want to be clear mexico will not be badly run. That is a novel way of looking at it. I think that is a very different thing. Whether he can keep pulling it off, we will see. Taylor up next, a troubling reality at victorias secret. Jason plus raising capital and raising standards. This is Bloomberg Businessweek. Jason welcome back to Bloomberg Businessweek. I am jason kelly. Taylor i am taylor riggs. You can also listen to us on the radio. Jason and in the bay area and in london on dab digital. And through the Bloomberg Business acpp. Taylor time is not being kind to victorias secret. Jason Jeffrey Epsteins decadelong relationship is weighing on the company, but not the only issue for the lingerie brand. Victorias secret has struggled to find its footing in a changing consumer environment. Taylor that is exactly what i wanted to look at in this chart. Taking a look at annual revenue. There are two ways to look at this. One, it is off its highs from 2017. The last two years, sales have fallen. Except you are still above 7 billion in annual revenue. They have a dominant market position. It is hard to see how you topple that. , some of the worries are mounting. Is not a great moment for victorias secret for multiple reasons. Their ceo, who also runs bath and body works, he has a long time friendship with Jeffrey Epstein. At one point, Jeffrey Epstein was the power of attorney for wexner. Ner less they severed ties a dozen years ago, but the skeletons in that closet caused more issues for the company in terms of their modeling agencies and responding to consumer demand. Jason beyond the relationship between these two men, it is safe to say, more to come on that. It feels like there is more to be revealed. This is coming at a time when victorias secret does not feel very 2019. Not at all. In the past few years victorias , secret has gotten a lot of criticism for not being body positive, more inclusive with advertising and in the fashion shows. At the same time, they have had a lot of competitors come into the space and say, we want to make lingerie for women and not just men to look at. Victorias secret has not quickly shifted to that trend. Jason it is fair to say, no one has essentially used sex and more specifically sexiness to better effect or more profitable effect than victorias secret. As you point out in your story, the word sexy finds itself into the names of the products. Literally, they have trademarked dozens of products with the name sexy in it. History, it, some was created more than 40 years ago by a man who went into a store to buy lingerie, did not love the experience, and said, i will create a store where men feel comfortable buying womens underwear. They were founded with men in mind. Taylor it is not just businesses behind the times. We turn now to Venture Capital in silicon valley. Jason when she joined Sequoia Capital as its first female partner, she had a reputation as a superstar. She knew how to close a deal but still faced challenges. Here is Sarah Mcbride in san francisco. She is the first u. S. Investing partner at Sequoia Capital who is a woman. The firm was founded in 1972, and for decades, there were no women partners in the u. S. Then a couple of years ago, the firm hired the former product manager at google and ceo of a startup. It was a big deal, and everybody was looking to see how she did, especially since sequoia had been in the news a couple times over some of the things its partners had done that people thought were not female friendly. There was a lot riding on her shoulders. Jason specifically on this network, i am quoting here, he said, we are not prepared to lower our standards, when asked about bringing in women partners. That is tough, to say the least. And yet, she persevered, takes the partnership. What has her experience been like . A lot of people thought she was brought in as a direct result of those comments. They had been trying to recruit her before that, but the timing was unfortunate. She told me this crazy experience she had after she joined sequoia. Normally, partners from a big, Prestigious Firm have to be careful when they go out into the world, they get mobbed. Every entrepreneur wants to pitch them thier startup idea. Down to abed going conference for upfront ventures in l a. Entrepreneurss of and people who normally would have getting their eye teeth to talk to Sequoia Capital. She was a new partner so people did not know who she was. But she described Walking Around the room and people just looked at her, saw a young face, an asian woman, and did not look at her name tag to see who she was. They just assumed she was in marketing or not an important person. That they did not even need to look at her name tag. That would not happen now because she is a more recognizable figure. I think that was a devastating anecdote that shows the subconscious mindset that people in technology have. Taylor ahead on Bloomberg Businessweek, taking on netflix and why 2020 will be the hunger games of immediate industry. Jason Lance Armstrong has his eye on your ears. Taylor this is Bloomberg Businessweek. Jason welcome back to Bloomberg Businessweek. Taylor still ahead, the hottest podcast during the year and in all of sports from a former cyclist Lance Armstrong. Banned from sports, he is the comeback kid. Jason plus, our interview with nasdaq ceo on moving the company and beyond trading. Taylor and the 20 million car for sale. Jason but first, joel weber is back with us with this weeks global cover story. Ive got to say, i love this cover. Joel this is a really expensive war that is about to unfold. This Time Next Year basically we will have a lot of different streaming platforms backed by the biggest media and Tech Companies out there. Think netflix, hulu, disney apple, everybody is in this game. Taylor so expensive, you have netflix alone spending 45,000,000,000 dollars waiting for these old media titans to catch up. Are they willing to spend that much as well . Joel they kind of have to come and that is the takeaway. Nobody is going to walk out of this whole. Everybody will be tarnished. My favorite netflix takeaway is that the Marketing Budget is as big as hbos programming budget. We are talking lots of money. Jason and there are great details in the interview and the story about how they are spending that money. Joel weber, thank you so much. Taylor and for more on these streaming services, here is the reporter who wrote this weeks remarks. It is this incredible showdown. Next year, it is going to get even more fierce and brutal for all of these tech and media companies. Jason we have talked to you before about this collision course these companies have been on. It has been looming for a while, but this is where it comes to bear. Netflix does not have this to themselves anymore. Netflix and amazon, i guess i should say, and disney seems to be disney is leading the charge. Disney plus arrives in november and will be huge. Next spring, we will have hbo max. Nbc is putting together their streaming subscription service. For a long time, it was netflix, a little amazon, maybe check out cbs all access, all of a sudden, it is this wide open field. Taylor and you have to hand it to netflix. They really paved the way and it feels like everyone else is playing catchup. How worried is netflix . I dont think they are too worried in the sense that they have a little bit of a buffer. They have the rights for a lot of the shows. Some of them are coming to an end and there has been a lot of news about at t paying money to get friends back, one of netflixs most popular shows. That is kind of amazing also, but thats going to cost 100 million or whatever they were getting. You give up that money to bring it over to hbo max and hope that friends fans will come over. But it kind of gets to what is so daunting about this competition. For years, as dvd sales were declining, they made of money by licensing their shows and it was easy money. You did not have do much, you already made the shows. They were getting good prices for them, and now that is part of the difficult decision. We give up that easy money and bring those shows back. The big question is how many of those subscribers can you bring back and get them to test of these new services . Jason staying in the media world, Lance Armstrong has got himself a hit podcast. Banned from sports, dropped by sponsors, he is making fans forget a little bit about that doping scandal, rebuilding is bait brand. Taylor here is max chafkin in san francisco. He was banned from sports, totally disgraced, according to the u. S. Antidoping agency. He was like the worst doper in history and part of a team that did something unprecedented. The government sued him for 100 million. You would think this guy is never coming back from this. And the story is about the way Lance Armstrong sort of meticulously built this comeback, beginning with a podcast in 2016. It was this confessional podcast. The story talks about while he was doing that it looks like this total vanity project, but he was putting the pieces in place to rebuild his business empire. Jason and what you capture so well in this story is what made him so successful, whether it was predoping early in his career or even as a cheater. This guy is a grinder. Whatever he does, he will do it and do it. That is kind of what he has done here. Help us understand what he is doing. Hes got a podcast, but there is merchandise, an event series, what is he up to . The best way to think about him is like a youtube star or media influencer. He has got a platform with a sizable audience. During the Tour De France, which just wrapped up, this podcast was near the top of the itunes charts. He is using the community of fans that, as he pointed out, they never went away. Nike and every Authority Figure can say he is bad, but there is a sizable chunk of sports fandom that will love him the matter what. And what he figured out is that if you have a new media platform, you can bring those people to you once a week or every day or what have you. Then you can send them to events. Armstrong has these, not races, because he is banned from organized cycling, sanctioned races, but they are rides. And he has an athletic brand called we do. They are selling kits, cycling gear, water bottles, the kind of stuff that Apparel Companies have sold. He has kind of got the band back together. I was listening to the podcast during the Tour De France, it was exciting. You have got Lance Armstrong the disgraced cyclist, george, his teammate who was a helper cyclist on the great u. S. Postal teams of late 90s, and then you have another part of the alleged doping conspiracy. So it is all of these guys that the cycling authority has said, get out, they are back in them altogether, and doing what they have always done. Jason up next, our exclusive interview with the nasdaq ceo. She started as an intern in 1993. We talk about the changes she has seen over her career. Taylor this is Bloomberg Businessweek. Jason welcome back to Bloomberg Businessweek. Taylor join us for Bloomberg Businessweek everyday on the radio from 2 p. M. To 5 p. M. Wall street time or listen to our podcast. Jason and find us online on businessweek. Com and through our mobile app. This week, we caught up with nasdaq ceo adena friedman. Adena we are providing the technology to a Company Called the football index, a u. K. Firm, meaning soccer. It allows people to bet on certain players. It is almost like fantasy football in a betting context. They have created a marketplace that allows people to buy interest in a player and then watch the players performance and understand the returns. Jason more deals like that coming in different sports . Adena we are already in the horseracing business. We have three authorities that use our platform. We see that as an industry vertical that is very relevant to realtime price discovery and high Transaction Processing capacity. As well as the potential for more advanced surveillance technology. Carol meaning what . Adena we have technology we provide to the industry with regulators, exchanges, and Market Participants that help them monitor the markets. You can use that same technology in a betting context and we have a module we created for Sports Betting that would allow you to monitor the behaviors of different people on the platform. I was going to ask you, if you go back a couple of decades, we would not have thought that the nasdaq or any exchanges would be getting into this, it is a different environment. Does that become a much more of the business . These new platforms versus the core trading . Adena today, our trading revenue is about 25 of overall. Our recurring revenue streams, the 75 , that comes from data and analytics, from corporate services, and market technology. Think of us like switzerland, we can provide that technology to other exchanges or our competitors. We provide the technology to markets in very different spaces, not just the traditional capital markets. It is the fastestgrowing part of our business. Carol we talk so often about whether it is the private equity space, how much money is out there to fund Startup Companies that allows them to stay private . How is that impacting you guys . Adena i agree there is a lot of private money out there and companies have a lot of choice. They can choose to stay private longer they can choose to tap more investors than they ever have before. We have something called the Nasdaq Private Market that helps manage liquidity in a private context. We would much rather see companies tap the public markers markets as soon as they feel ready. In the private markets, it is a concentrated Investor Base that tends to focus on the top of the economic scale. Where is if you bring them to the public markets, you are giving every person really in the world access to be an investor. If you look at the stats, over 50 of the population in the United States are invested in equities directly or indirectly. So you want more of those companies to come out and allow those hardworking people in america to invest in these companies. Carol you were at the nasdaq, started as an intern. There for 17, 18 . Go back so when you were an intern and what has changed. Adena a lot. I started in 1993. Carol still paper, right . Adena we have always been electronic. I was able to look at the trading as technology, i was a product manager. It was trading products that we were delivering to our clients. I was put in charge of some very small sidelined trading and data projects. I was able to make the most of them and show that if we could apply new technologies, we could do great things. That gave me the opportunity to run the business. But at the time, we were just a equities market. Now we are a Technology Company that serves markets but also an u. S. Options and equities and futures and treasuries market and a european market. So we have expanded dramatically. Jason if you were not doing this, what would you be doing . Adena i had a child ambition to be an astronaut. Whether or not i would be is a different question, but i did get to meet an astronaut. This was for the apollo 11 the 50th anniversary. I asked her, how did you get into being an astronaut, and she gave me the answer that would be the hard one. I majored in physics and a phd in aerospace. [laughter] that is a road that wouldve been a challenge, but it is exciting to think about what he what the space is doing these days. Jason i also sat down with the managing partner of an investment firm. He is a name that is well known in fintech. It is a continuation of what we saw five years ago. We had a very specific idea which was we would just focus on fintech. The space we occupy is that we are good at helping entrepreneurs figure out the financial system, which is quite daunting. You have a great idea, how much capital will it take, what is the regulatory process, how do you plug into that system . We found that entrepreneurs value that and other venture firms value that. We can help a company be more successful. Since then, fintech has gone from a tiny portion of the Venture Community to a big portion. When i started i wrote a blog post in 2014 and there were a a few few hundred finTech Companies, a dozen with vc funding. We just did this rough calculation, and we estimate about 15,000 firms have gotten funding around the world. Jason what was the catalyst to give it that acceleration . Hans a big part is that technology changed. And what was important, the big drivers, certainly the fact that you can say your phone is now a supercomputer. You dont need to have that inside the bank, that was a big change. Similarly, the advent of the cloud, aws dramatically cut down the infrastructure requirements. It would not cost tens of millions of dollars, you could do it by the drink. I think the financial crisis had a big impact. Every bank and Insurance Company had to cut out all of their idea labs. All of that got eliminated. All of the focus was on a major, Global Regulation cycle. Analogous to the 1930s. This happens in waves, i think. They were just dealing with that. Meanwhile, you have big changes in technology. A key thing, something that is not as well understood, and i think this is an open question, i cant predict the answer, but i think the nature of trust has changed. If you think about this issue, would you give some app on the internet the login credentials to your bank account . Jason no. Hans tens of millions of people do just that. It used to be it would take tremendous infrastructure to build that brand to be trusted. And the expectation that consumers and businesses have is of an experience that you expect. And if you do not get that and you are answering the same password or it is too frustrating or is redundant, that reduces your trust. And yet that experience characterizes many of the legacy companies. They are trying to change that, but it is hard. Meanwhile, they come up with these fantastic experiences. You are on boarded in a few seconds and its very simple. That builds trust which would have taken a decade to do 20 years ago. Jason and you can listen to more of my interview with hans morris on this weeks extra podcast. Carol a 20 million portion that promises to be the most controversial car to go to auction in years. Jason is it even a porsche . And a subversion of the word taylor welcome back to Bloomberg Businessweek. Jason you can also listen to us on the radio on sirius xm channel 119, and on a. M. 1130 in new york, 106. 1 in boston, 99. 1 f. M. In washington, d. C. Taylor a. M. 960 in the bay area, london on dab digital, and through the Bloomberg Business app. Moving to the pursuits section, pebble beach is the worlds most prestigious car show and a porsche is expected to sell for 20 million. It promises to be the most controversial sale of the year. Jason and not because of the price tag, some say it is not even a porsche. This is the type 64, a car from 1939 made by Ferdinand Porsche himself. Sothebys is calling it type 64, and they are selling it at the next auction, however, porsche was not start until 10 years after this car was made. The car was made mostly with vw parts or parts he built himself. It has been augmented with parts from fiat and a bunch of other obscure german parts makers. So is it a porsche or isnt it . It depends on who you ask and that is part of the controversy. Jason the heritage of this car, to say the least, is complicated even beyond the timing. 1939, we are talking about the nazis in germany. Porsche himself served time in jail for war crimes. He was more than associated with the nazis. But even the car, as youve mentioned, is cobbled together with different parts and not in a way we are used to seeing. That is again part of the controversy. This car was owned for over 40 years by the same man who had it until he died. He raced the car and it got crashed, as happens, it has been painted a bunch of colors, the engine has been switched out multiple times, the brakes, the transmission, it has been a lot of things. Some of the original parts are still with it, but they are not in the car. So it is really getting to the nut of what is original . But it has never been restored, people are saying it is in pristine condition. What you see is what you get. Others say it hardly has any of the original parts put in. Again, it is really controversial. Taylor staying with pursuits, pinning the word american to the title of your novel can be seen as pedestrian. Jason that is right, yet for a handful of critically acclaimed books documenting the africanamerican experience, the decision has been nothing short of radical. Our reporter has a story on who gets to be american. One of the conversations is who is an american, what makes you authentic . As i have been mulling this, i have been reading a lot. Theres a few books, an american summer american marriage and american son and all of them deal with the black experience, which is shocking, because that is not what comes to mind when people talk about who is real america. So i wanted to explore that this is a great subversion, saying i will show you a very specific story about an africanamerican and that is authentic america. Jason you quote the author of an american marriage who told her editor it sounded like a novel about some white people in connecticut, experiencing feelings. I thought that captured it so perfectly because that is not what it is about. Not at all. It is a New York Times bestselling book about a couple in atlanta. You are looking at what life is like when you have an incarcerated partner. So i love that quote that she said as well. Even as africanamericans, we have been so inundated. America is white america. So even pushing that and making it reality, thats amazing. Oprah said thats why picked up that book. Taylor Bloomberg Businessweek is available on newsstands now. Jason and online. Carol and you can find more stories from this weeks issue, including chinas generations he, hooked on credit. Jason and a minneapolis plan to make housing affordable. What was your must read . Taylor i like the story on the dollar. We knew dollar policy was important, we were reminded again how important it was when we heard from jay powell. What about you . Jason i like how you and katie brought it to an understandable way of how this affects us as consumers and investors. For me, it was the cover story. I love felix, he takes us inside something we havent thinking would happen. Something we have been thinking would happen, and now it is actually happening. Taylor check us out online. Jason and our podcast. Taylor more Bloomberg Television starts now. Hey im bill slowsky jr. , i live on my own now ive got xfinity, because i like to live life in the fast lane. Unlike my parents. You rambling about xfinity again . Youre so cute when you get excited. Anyways. Ive got their app right here, i can troubleshoot. I can schedule a time for them to call me back, its great you have our number programmed in . Ya i dont even know your phone anymore. Excuse me . what . I dont know your phone number. Aw well. He doesnt know our phone number you have our fax number, obviously. Todays xfinity service. Simple. Easy. Awesome. Ill pass. David how has humor changed . Are people laughing at the same kind of things, or are there certain things you can make fun of now and couldnt . Or vice versa . Lorne there is almost nothing i did in the 1970s i could do now. David are you ever worried theres a guest host not up to the task . Lorne yeah. David how do you coach them to maybe do a better job, to be ready . Lorne you can get almost anyone through it. David what does it take to be a leader . Lorne if youre in power, everyone knows youre in a