彭博财经节目：就业报告引发市场波动，AI助力散户投资

TOM: GOOD NOON, EVERYONE. "BLOOMBERG MONEY ," THE AMERICAN JOB ECONOMY. MICHAEL MCKEE WILL BE WITH US. I WILL GET TO THAT IN A MOMENT. I THOUGHT IT WAS A SLEEPY FRIDAY, THAT JOBS REPORT WAS A WAKE-UP CALL. SCARLET: WE GOT A NEGATIVE PRINT OUT OF THE BLUE. TOM: I DON'T KNOW IF KEVIN HASSETT HAS RECOVERED. A LOT GOING ON ON PERSONAL FINANCE AND RETIREMENT. THE THEME I GOT FROM LISTENERS AND VIEWERS IS THE TWO AMERICAS OUT THERE.

SCARLET: ABSOLUTELY END WITH INFLATION BECOMING A BIGGER AND BIGGER STORY, THAT HAS IMPLICATIONS ON HOW YOU INVEST. TOM: WE ARE GOLFING TODAY. SCARLET: YES, WE ARE. THE NEW CEO OF THE PGA TOUR WILL BE JOINING US. BEFORE THAT, WE HAVE MEREDITH WHITNEY OF MEREDITH WHITNEY ADVISORY GROUP. TOM: SHE HAS DIFFERENT VIEWS ON OF THE CREDIT CARDS THAT ARE OUT THERE. I WANT TO REVIEW ONE OF THE SUCCESSES OF ALL TIME. SCARLET: WE WILL CHECK IN WITH CHIEF GLOBAL STRATEGIST OF J.P.

MORGAN ASSET MANAGEMENT ON WHETHER GETTING INFLATION DOWN TO 2% IS EVEN POSSIBLE. TOM: AND THEN WE DO THE GOLF THING. DO YOU PLAY GOLF? SCARLET: I'VE TRIED AND IT HAS NOT GONE WELL. TOM: WE HAVE SOMETHING IN COMMON. [LAUGHTER] LET'S GO RIGHT TO THE DATA RIGHT NOW. EQUITIES LIFTING OFF THE JOBS REPORT. WE WILL GET SOME OF THAT FROM MR. MCKIE HERE. A NICE LIFT TO EQUITIES AND WHAT HAS REALLY CHANGED IN 48 HOURS, THE VIX FINALLY BROKE DOWN TO A BULL MARKET STATISTIC.

SCARLET: IT IS BELOW 15 RIGHT NOW. STOCKS ARE FLYING, THE BOND MARKET IS UP AT THE SHORT END OF THE YIELD CURVE. THE DOLLAR IS LOWER, DOWN 0.3%. A DOWN WEEK FOR OIL EVEN WITH OIL PRICES UP 1.3%. TOM: DAVID GURA WON'T GO AWAY. BLOOMBERG THIS WEEKEND FRIDAY RAMPING UP TO THE SHOW. ANY KEY GUESTS THIS WEEK? DAVID: YES, MAYBE ONE FROM MICHIGAN. TOM: THANK YOU SO MUCH FOR JOINING. NICE TO HAVE YOU HERE. THE START OF THE SHOW RIGHT NOW, HOW DID YOU AFFECT MR.

HASSETT HERE? YOU WERE TALKING ABOUT SOCIALISM AND THE NEW DEMOCRATIC PARTY. MICHAEL: WE WERE TALKING ABOUT THE INCONSISTENCIES AND THE REPUBLICANS' LANGUAGE. THEY HAVE TALKED ABOUT THE COMMUNIST, SOCIALIST DEMOCRATS AND I WAS ASKING WHAT A SOCIALIST WAS AND HE SAID THE GOVERNMENT OWNS THE MEANS OF PRODUCTION AND I POINTED OUT THE TRUMP ADMINISTRATION HAS BEEN TAKING STAKES AND A LOT OF AMERICAN COMPANIES. TOM: JOHN EDWARDS WAS OLD-SCHOOL AND I SAW A TWO AMERICAS JOB ECONOMY BE A ROW HAVE YOU EVER SEEN IT?

AS WE ALL STRUGGLE TO RETIREMENT? MICHAEL: I DON'T THINK IT WAS TO SPLIT APART. THERE WAS A LOT OF STUFF UNDER THE HOOD YOU HAD TO THREAD TOGETHER TO MAKE A STORY OUT OF IT. WE DID LOSE 23 THOUSAND JOBS, BUT 53,000 WERE LOCAL EDUCATION TEACHERS. EDUCATION WORKERS AND A LOT OF THAT MAY BE A SEASONAL DIFFERENCE OF ONE PEOPLE WERE TAKEN OFF PAYROLLS. THEY USUALLY COME OFF MAY AND JUNE. THAT WILL GOBBLE WAY IN THE NEXT MONTH AND THEN THE QUICK -- GO AWAY IN THE NEXT MONTH.

TOM: I'M NOT USED TO THIS. MICHAEL: WE SAW 19,000 RETAIL JOBS BUT SOCIAL SERVICES AND EDUCATION AND HEALTH HAS BEEN THE BIG JOB CREATOR AND WE HAVE BEEN USUALLY GETTING 30,000 TO 50,000 A MONTH AND WE ONLY GOT 22,000. HIRING SLOW DOWN BUT WE HAD 4.1% UNEMPLOYMENT RATE BECAUSE A LOT OF PEOPLE LEFT THE LABOR FORCE. THE LABOR FORCE WAS A LOT SMALLER AGAIN FOR THE SECOND MONTH. WHAT THAT IS TELLING YOU IS THE PRESIDENT'S DEPORTATION PLANS ARE WORKING, THE BABY BOOMERS EXCEPT FOR TOM ARE RETIRING. [LAUGHTER] SCARLET: I SEE WHAT IS BEHIND HIS SHOULDER.

TOM: LAST TIME OWN OF THE SHOW FOR HIM. SAVE THE SHOW. SCARLET: THE JOBS REPORT TOOK INFLATION OFF THE PAGE FOR THE MOMENT. THE CONSUMERS HAVE THE IRAN WAR FATIGUE. HUGE SWINGS IN OIL AND GAS PRICES AND IT IS DIFFICULT TO KNOW WHERE THINGS END. I THINK EVEN THE PRESIDENT HAS IRAN MORE FATIGUE. DAVID: HE HAS BEEN TALKING ABOUT THE PROSPECTS OF A DEAL THAT DOESN'T INVOLVE THE NUCLEAR PROGRAM OR ANYTHING LIKE THAT. INTERESTING TO SEE THE WAY IN WHICH THE PRESIDENT ISN'T PIVOTING TO TALK ABOUT THE ECONOMY THAT WE DO KNOW FROM RECENT REPORTING FROM BLOOMBERG AND THE OTHER ECONOMISTS, WE KNOW HE IS CALLING UP KEVIN WARSH THE FED CHAIR TO SPITBALL HIS IDEAS ABOUT MR.

WARSH IS -- MR. WARSH'S OPINION ON THE DATA. TOM: IS IT AWED THAT WE ARE IGNORING AFFORDABILITY, STANDARD OF LIVING, PAYCHECK-TO-PAYCHECK RIGHT NOW? DAVID: I WOULDN'T PAINT THAT WITH A BROAD BRUSH. I GO BACK TO THE WHITE HOUSE. I THINK IT IS SOMETHING PRESIDENT TRUMP'S ADVISORS DESPERATELY WANT HIM TO TALK ABOUT. YOU SAW HIM GO TO LAS VEGAS TO TALK ABOUT NO TAXES ON TIPS BUT IT IS NOT SOMETHING HE IS EITHER FOND OF TALKING ABOUT OR ABLE TO STAY FOCUSED ON ONE OF THE CAMPAIGN TRAIL.

YOU MENTIONED OIL PRICES, GAS PRICES INCREDIBLY EXPENSIVE. I THINK THERE IS AN AWARENESS, BUT TO YOUR POINT, IT IS NOT IN THE REPUBLICAN ZEITGEIST, THE PRESIDENTS ZEITGEIST. YOU LOOK AT THE ELECTION IN MICHIGAN, IT WAS AN ANIMATING ISSUE AND WHEN YOU SEE INVECTIVE PUT ON THE CANDIDATE WHO WON, ABDUL EL-SAYED, HE TALKS ABOUT AFFORDABILITY AND HEALTH CARE. SCARLET: YOU HAVE WRITTEN A STORY ABOUT HOW ARTIFICIAL INTELLIGENCE IS HELPING RETAIL INVESTORS BECOME DIY HEDGE FUND MANAGERS.

THEY ARE USING THIS TO GET HUGE RETURNS ON THE STOCK MARKET.

IF YOU THINK ABOUT THE PROGRESSION OF RETAIL TRADING, THIS IS ALMOST LIKE ZERO COMMISSION 2.0. FIVE OR 10 YEARS AGO WHEN ROBINHOOD SPEARHEADED THIS ZERO COMMISSION. WE SAW GAME STOCK -- GAMESTOP AND MEME STOCK TRADING. ESPECIALLY WITH ARTIFICIAL INTELLIGENCE, THESE FOLKS DON'T JUST ASK AI WHAT STOCKS TO BUY, THEY ARE ASKING THEM TO HELP BUILD CODE, BUILD A SOPHISTICATED MODEL TO GENERATE TRADING CALLS AND BUILD SOPHISTICATED STRATEGIES.

SCARLET: ON ONE HAND THIS EMPOWERS INVESTORS AND OTHERS ARE USING SIMILAR AI MODELS THAT SPIT OUT SIMILAR OUTCOMES. DOESN'T THIS CREATE CONCENTRATION RISK WHERE PEOPLE PILE INTO THE SAME POSITIONS?

FOR SURE AND IF THEY ARE USING THE SAME AI MODELS AND GENERATING SIMILAR CALLS, THAT COULD AMPLIFY MARKET SWINGS. TOM: DOES AI TELL YOU WHEN TO GET OUT?

IT DOES, SOME PEOPLE HAVE SET UP 10% STOP LOSSES. TOM: WE USED TO DO THAT, WE DIDN'T NEED AI. [LAUGHTER]

BUT IF YOU ARE TRADING AT A HIGH FREQUENCY DURING THE DAY WHEN YOU ARE AT YOUR DAY JOB OR HAVING LUNCH WITH FRIENDS OR EVEN WHEN YOU'RE SLEEPING, THESE AI'S AND EXECUTE OR AUTOMATE STRATEGIES FOR YOU. SCARLET: MIKE MCKEE, DO WE SEE ANY EVIDENCE OF AI, THAT TYPE OF STUFF TAKING AWAY JOBS SO FAR IS IT TOO EARLY TO LOOK FOR THAT? MICHAEL: TOO EARLY TO LOOK FOR THAT BUT WE DID CAI AS ADDING FOR JOBS. 19,000 CONSTRUCTION JOBS WERE ADDED IN BUILDING AI DATA CENTERS, NONRESIDENTIAL CONSTRUCTION SPECIALTY CONTRACTORS.

THEN ANOTHER 4000 TO 6000 JOBS IN SEMICONDUCTOR MANUFACTURING. THOSE ARE DEFINITELY LINKED TO AI, BUT TOO EARLY TO SAY. TOO EARLY TO SAY THEY ARE HAVING A BIG EFFECT.

EVERY DAY I SAY THEY CAN'T KEEP IT UP BUT THEY DO. MICHAEL: IT REMINDS ME OF BUTCH CASSIDY AND THE SUNDANCE KID AND THE PINKERTON DETECTIVE SAYING, WHO ARE THESE GUYS? TOM: THANK YOU SO MUCH. ALL OF THEM AT BLOOMBERG. COMING UP, MEREDITH WHITNEY STILL LET MEREDITH WHITNEY ADVISORY GROUP WITH SOME SHARP OPINIONS ON YOUR PERSONAL FINANCE AND YOUR BANK. IT IS BLOOMBERG MONEY. TOM: "BLOOMBERG MONEY" ON A FRIDAY. IT IS HOT OUT THERE.

IS IT 90? YESTERDAY WAS BRUTAL. SCARLET: THESE ARE THE DOG DAYS OF AUGUST. TOM: WE ARE HAVING GOOD CONVERSATION ABOUT PERSONAL FINANCE, RETIREMENT, AND EVERYTHING OUT THERE IN WEALTH MANAGEMENT. HERE IS WHAT YOU NEED TO KNOW. MEREDITH WHITNEY KNOWS IT IS ABOUT BASEBALL. YOU GO UP TO THE PLATE. 2/3 OF THE TIME YOU GO BACK TO THE DUGOUT. SHE HAS ENJOYED A FEW TIMES PUTTING THE BALL IN PLAY. MEREDITH WHITNEY. WHAT WAS IT LIKE -- I'M GOING TO CALL IT 15 OR 20 YEARS AGO -- HOW DID YOU HANDLE THE DAY TO DAY OF MEREDITH WHITNEY MUNICIPAL FINANCE AND BANKING?

MEREDITH: IT WAS REALLY AWKWARD. MY WORLD HAVE BEEN REALLY SMALL COVERING BANKS AND FINANCIALS, AND I LOVED IT. PEOPLE IN THE INDUSTRY KNEW WHO I WAS AND I HAD GREAT RELATIONSHIPS AND THEN THERE WAS SO MUCH ATTENTION FOCUSED ON ME. IT IS UNCOMFORTABLE. I WAS NOT USED TO IT. I CANNOT IMAGINE HOW YOU GUYS GET USED TO IT. TOM: YO

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