International news outlet since taking office. Jason the brewing battle for dominance in the video industry. Why 2020 will be the hunger games of the media industry. We began with joel weber. How do you put an issue like this together . To programoal was conversations at backyard barbecues. Streaming will be a conversation that unfolds over the next year. Goia and Tech Companies will to the mattresses and spend billions warring with each other. Story, walkher big me through that. 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 aside, this epstein business is about to go through a lot of changes. Jason Lance Armstrong is back. Joel this inspired me for the Tour De France season. Lance is not a name we hear much anymore, he was brought down by another scandal. Is there a chance at redemption . He has amassed a huge audience in podcasts. Happens ton is, what a name that gets tarnished, and i is there a chance at a second act . Jason lance took us inside his jason welcome back to Bloomberg Businessweek. Head, and interesting place. I am jason kelly. I am taylor riggs. Joel weber, thank you so much. Taylor i want to take a look at the democratic debates. You can also listen to us on the radio. Politics editor joins us. In london on dab digital. Give us your key takeaway. We saw both ninths tuesday taylor time is not being kind and wednesday, it was the moderates versus the progressives. To victorias secret. The progressives getting more jason Jeffrey Epsteins decadelong relationship is attention in the election cycle, and some folks making a last weighing on the company, but not ditch attempt to get into the race. Jason the first night it was the only issue for the lingerie brand. Victoria secret has struggled in aggressives, progressives, a changing consumer environment. Progressives. Taylor that is exactly what i everybody else on the wings wanted to look at, taking a look trying to get the attention away from Bernie Sanders and elizabeth warren. They were together in the at annual revenue. There are two ways to look at middle of the stage, they are this. Each others chief rivals. They teamed up and beat back it is off its highs from 2017. It is still above 7 billion in these moderate arguments against what some would say are their annual revenue. Extreme policies. They have a dominant market joe biden, all eyes were position. On him, but then he said take it some of the worries are melting. Easy on me, kid. Taylor here is bloomberg retail what was that . That was an eyebrow raiser. Reporter. Is not a great moment for victorias secret. Things he has going against him, race relations. Their ceo, who also runs bath , is a class woman. And body works, he has a long harris, it did not time friendship with jeffrey look at for him to say that right away. By josh great story epstein. At one point Jeffrey Epstein was the power of attorney for him. Green online that everyone should check out. They severed ties a dozen years ago, but the skeletons in that thank you so much. President trumps current policy closet caused more issues for the company in terms of their is hard to get a handle on. Taylor sending mixed messages modeling agencies and responding to consumer demand. On a strong dollar policy last week, President Trump told jason beyond the relationship reporters is a beautiful thing, between these two men, it is but he would not rule out taking safe to say, more to come on action to weaken the currency. President trump the dollar is that. It feels like there is more to strong, the country is strong. The dollar makes it harder to be revealed. This is coming at a time when compete. Victorias secret does not i did not say i would not do something. Taylor he did not get what he wanted after jay powell sent the very 2019. Not at all dollar stronger on wednesday. Jason we were watching it on realtime. Victorias secret has gotten a lot of criticism for not being what trump wants for the dollar. Bdy positive. Mixed signals is how i would describe it. The past few weeks he has had they have had a lot of secretary mnuchin say we have a competitors come into the space and say, we want to make strong dollar policy. Lingerie for women and not just larry kudlow said we will not men to look at. Intervene. Trump said he had not ruled out victorias secret has not quickly shifted to that trend. That option. Jason it is fair to say, no one it is a confusing time, a lot of sex andntially used people are raising the question, is the u. S. Committed to the more specifically sexiness to better effect or more profitable strong dollar policy. Taylor to understand why this effect than victorias secret. Is so important, take us back to the 1990s where this began when intoord sexy finds itself we instituted a strong dollar policy . The u. S. Is unique in that it the names of the products. Literally dozens of products with the name sexy in it. Is the only nation that prefers to have its currency be strong. Ory, it was that was the policy put in place in 1995 by then secretary treasury rubin. Founded by a man who went into a store to buy lingerie, did not love the experience, and said, i the dollar policy has been left are create a store were men to the treasury. That is not the case now. Comfortable buying womens it was introduced as a underwear. They were founded with men in commitment that the u. S. Would mind. Taylor it is not just not devalue its currency, and businesses behind the time. That in turn boosted demand for u. S. Treasuries, which has been we turned to Venture Capital in silicon valley. Had itsequoia capital important the way the u. S. Finances itself. Jason also important to the first female partner, she had a reputation for a superstar. Rest of the world. She knew how to close a deal, but still faced challenges. Something the rest of the world she is the first u. S. Can look to, that investors can look to, an area of certainty in investing partner at sequoia a volatile world. Absolutely. Capital who is a woman. The firm was founded in 1972, we have a deep liquid bond and four decades were no women market where Foreign Investors can rest assured that the partners in the u. S. Country is not going to dbase then a couple of years ago the its currency. Debase its cvurrency. Firm hired the former product manager at google, and ceo of a that is why we have seen the dollar emerges the haven startup. Currency of choice and is the it was a big deal, and everybody worlds haven asset. Taylor we talk about dollar was looking to see how she did, especially since sequoia had policy, rates, and then you fall that over into a much discussed been in the news a couple times topic, foreign inflows, and how over things partners had done a strong dollar does attract that people thought were not female friendly. Foreign inflows. There was a lot riding on her title dynamics together for us. Everyone iftime for shoulders. Jason specifically on this network, i am quoting here, he the u. S. Shifts away from a strong dollar policy. Said, we are not prepared to you have the u. S. Borrowing a lower our standards, when asked record amount of treasuries to plug its deficit. For investors, in a world where about bringing in women partners. She persevered, takes a 13 trillion of debt is negative partnership, what has her experience been like . Yielding, they do not have a lot of options. Foreign holdings are at a record a lot of people thought she high. We have not seen demand yet. Was brought in as a direct result of those comments. The u. S. Is more dependent than they had been trying to recruit her before that, but the timing ever on foreign inflows, it is a was unfortunate. Crucial time. Taylor up next, bloombergs this crazy exclusive interview with mexican experience she had after she president lopezobrador. Joined sequoia. Normally partners from big down with john Prestigious Firm have to be careful when they go out into micklethwait for his first the world, they get mobbed. Interview with an International News outfit since taking office. Taylor this is Bloomberg Businessweek. Every onchip in error wants to pitch them there startup idea. Every entrepreneur wants to pitch them thier startup idea. There were lots of entrepreneurs and people who normally would have getting their eye teeth to talk to sequoia capital. People did not know who she was, but she described Walking Around her,oom and people look at saw a young face, an asian woman , and did not look at her name tag to see who she was. They assumed she was in marketing or not an important person. They did not need to look at her name tag. That would not happen now because she is a more recognizable figure. Anecdotea devastating that shows the subconscious mindset that people in technology have. Taylor ahead on bloomberg taking on netflix and why try 20 will be the hunger games in the tech industry. This is Bloomberg Businessweek. Taylor welcome back to Bloomberg Businessweek. I am taylor riggs. Jason i am jason kelly. Join us every day on the radio and catch up on our daily show on podcast, get that at itunes or soundcloud. Taylor you can find us online at business week. Com. Now bloombergs exclusive interview with mexicos president Andres ManuelLopez Obrador. Jason he set down with editorinchief John Micklethwait in mexico city, 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 makes it mandatory for us to understand each other. Agreed tow, guatemala a third country agreement to do what you were talking about. They have to seek asylum in guatemala rather than going to america. Would you let mexico agreed to the same . President Lopez Obrador we would not. We are enforcing a program to reduce the number of migrants. With protection to those coming into mexico, migrants have been murdered. We have had some cases like that. Jason welcome back to Bloomberg Businessweek. That is something we do not taylor still ahead, the hottest want, and yet we have mobilized the National Guard because it podcast during the year and in was a necessity. All of sports from a former cyclist Lance Armstrong. He is the comeback kid. Jason plus, our interview with we already had that plan since nasdaq ceo unmoving company and before the threat of tariffs, and the results have been good. Beyond trading. Taylor and the 20 million car best is toinsist the for sale. Jason but first, joel weber is back with us with this weeks look into the causes of this. Interviewedou were global cover story. Ive got to say, i love this cover. Joel this is a really expensive by bloomberg in 2017, you , theed donald trump war that is about to unfold. Quotation was, having a campaign we will have a lot of different streaming platforms act by the of hatred against immigrants. Biggest media and Tech Companies he does not want mexican immigrants in america. Out there. Do you still believe that . Disneyetflix, hulu, i thinkt Lopez Obrador apple, everybody is in this game. , you have expensive as we normally say, he has been doing a lot less of that now. Netflix alone spending 45,000,000,000 dollars waiting states,as in the united for these old media titans to this was a different discourse. Catch up. Are they willing to spend that much as well . Of an antimexican joel they kind of have to come discourse, but now president and that is the takeaway. Nobody is going to walk out of trump is more moderate. This whole. My favorite netflix takeaway is mexicanre moderate with that the Marketing Budget is as big as hbos programming budget. Roots . President Lopez Obrador yes, we are talking lots of money. Jason and there are great this is something noteworthy. Details in the interview and the we are grateful to him for that. Story about how they are john when we look at the spending that money. Joel weber, thank you so much. Mexican economy, you are hoping more on theser for it to grow 4 , and this week there are worries it may go into services, here is the reporter who wrote this weeks remarks. Recession. It is this incredible showdown. Consumer spending is not high next year, it is going to get and industrial output is not high. Do you think mexico will go into even more fierce and brutal for recession this year . President Lopez Obrador no, no. All of these tech and media we are doing fine. Companies. Youn we have talked to we are doing fine and doing well. The economy is not growing as we before about this collision course these companies have been would want it to grow, but on on. It has been looming for a while, the other hand, there are no but this is where it comes to bear. Risks of recession. Netflix does not have this to 4 in thisng themselves anymore. And disney seems to be disney is leading the charge. Sixyear administration. Disney plus arrives in november say, how canns may and will be huge. Next spring, we will have hbo you go from 2 to 4 in mexico . Max. Nbc is putting together their before the neoliberal. Streaming subscription service. Iod, before 1983, since the for a long time, it was netflix, a little amazon, maybe check out cbs. All of a sudden, it is this wide mexican revolution, until 1983 open field. E grew 6 per year taylor and you have to hand it to netflix. They really paved the way and it growthas a period which feels like everyone else is playing catchup. How worried is netflix . I dont think they are too was 6 with no devaluation, worried in the sense that they without inflation. Have a little bit of a buffer. They have the rights for a lot the mexican miracle in the of the shows. Economy, that is what we want. Some of them are coming to an end and there has been a lot of john can you have a mexican news about at t paying money to miracle with Interest Rates at get friends back, one of netflixs most popular shows. 8. 25 . I know you have been good at not that will cost 100 million or interfering in the central bank. Whatever they were getting. President Lopez Obrador it is important to lower the rates to you give up that money to bring encourage growth. It over to hbo max and hope that this is an issue i am leaving friends fans will come over. For the central bank to decide. But it kind of gets to what is not juste trust we are so daunting about this competition. Going to be able to grow, but years, as dvdor also to develop. Jason for more on that sales were declining, they made interview, behind the scenes, we of money by licensing their shows and it was easy money. Caught up with John Micklethwait while he was in mexico. John the last time we spoke to you did not have do much, you already made the shows. Him in 2017, he complained that and now that is part of the difficult decision. Trump was creating an atmosphere we give up that easy money and bring those shows back. Of hatred towards mexicans. The big question is how many of ever since he has become those subscribers can you bring back . Jason staying in the media president , he has been remarkably calm no matter what trump says. He sometimes stands up to trump, world, Lance Armstrong has got himself a hit podcast. But even in our studio he talked byned from sports, dropped about trump becoming more moderate, which i am relatively surprised. Sponsors, he is making fans forget a little bit about that scandal, rebuilding his brand. He sits there and takes it. He does fight back on some things. Taylor here is max chafkin and san francisco. He was banned from sports, totally disgraced, according to he probably will not agree to do the safe third country status, the u. S. Antidoping agency. He was like the worst doper in anyones where you say, history and part of a team that did something unprecedented. Looking for asylum has to get asylum from me first. The rhetoric is incredibly calm. The government sued him for 100 million. Whether that survives the issue you would think this guy is never coming back from this. Of the freetrade bill, someone and the story is about the way Lance Armstrong sort of plowed on the horizon, there is comebacksly built this a possibility the democrats might hold that up, and mexico , beginning with a podcast in 2016. Is counting on that going it was this confessional through. Jason he notably did not attend podcast. The story talks about while he the g20 summit, and has not been as engaged with the broader was doing that it looks like cadre of World Leaders. This total vanity project, but he was putting the pieces in what do you make of that, and what does that say about his place to rebuild his business empire. Jason and what to capture so stature in the world . Well is what made him so john he is clear he wants to focus on mexico and does not want to travel. Successful, whether it was if he would meet whatever he does, he will do it and do it. Trump, but he would rather trump and that is what he has done here. Goes to meet him. Help us understand what he is he has told the mexican people doing. He will spend the year here hes got a podcast, but there is merchandise, and event series focusing on what he needs to do for the country. An event series, what is he up that is his style. You could see from the interview that he talks slowly and to . Delivery lead. On the campaign trail he does the best way to think about it is as a you to start or media rallies a little like trump but influencer. With a different style. He has got a platform with a sizable audience. He goes to all corners of mexico during the Tour De France, which and says he is fighting for them. Just wrapped up, this podca