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- [01:49]
Host
podcasts Radio News welcome to the Bloomberg
- [01:55]
Narrator/Advertiser
this Weekend podcast with David Gura, Christina Raffini and Lisa Mateo.
- [02:03]
Host
Thank you for joining us for today's selection of conversations from the show.
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Co-host Joe
You can listen to our favorite discussions right here on the podcast, but also make sure to join us live every Saturday and Sunday morning starting at 7am Eastern.
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Co-host Lisa
We're on Bloomberg Television Radio and the Bloomberg Business app bringing you unique takes and in depth interviews on news, politics, lifestyle and culture.
- [02:26]
Host
Some very troubling news. With this fighter pilot down in Iran still missing, the Iranian government provincial governor is apparently offering a 66 $6,000 reward to citizens who quote, capture the pilot alive.
- [02:38]
Co-host Joe
Imagine the urgency of what's taking place on the ground right now. And we'll remind everybody that when President Trump delivered his primetime address to the nation just a couple of nights ago, he said that Iran no longer had any anti aircraft equipment that we had we had won the skies. And this is a difficult reminder that we have more wood to chop here with a lot of missiles and a lot of launchers in Iran that are still left.
- [03:00]
Host
There were also increased strikes in the United Arab Emirates overnight. UAE said it detected 69 projectiles fired fired from Iran Friday, including 47 drones and 18 ballistic missiles.
- [03:11]
Co-host Joe
Well, we've got some great voices to talk to us about this.
- [03:14]
Host
All right, we want to bring in Mark Caputo. He's Axio senior politics reporter Ethan Bronner. He's Bloomberg News Israel Bureau chief and Brigadier General Mark Kimmitt, he's former assistant secretary of state for political military affairs. Thank you all so much for joining us. Mark, first, I want to start with you because President Trump spoke to NBC very briefly and said the situation with the downed pilot doesn't alter negotiations with Iran or the trajectory of this war. What's your take on that?
- [03:41]
Mark Caputo
Well, he's saying when he feels he has to, but we have no evidence as to what's going to happen if the pilot is killed or the crew member, I should say if the crew member is held hostage or if the crew member is rescued. Three very different scenarios that can affect very differently how Iran deals with the United States and therefore how the United States deals with Iran. You know, Trump has benefited from these reporter calls where he kind of says nothing or sort of delivers the same message he says on Truth Social. And there's not much pushback. And so here he's sort of being given that advantage. But the reality is this is that the White House yesterday was expecting that it was Good Friday. People were going to be in and out of the office pretty quickly and they'd be out by mid morning. And instead what wound up happening was this. And there was an all day meeting, all day meetings in the White House in the Situation Room. President was, and rightfully so, very concerned. And there's a lot of worry. There is some indications that there might be some sort of special operators in the United States on the ground assisting in the search, but that's only an indication. We don't know. Nevertheless, this marks a real major turning point in the way in which this war is discussed for the reasons you just said. Namely, while the United States does have a lot of air superiority over the skies of Iran, it doesn't have complete air superiority. And in this case, thinking that the United States did helped lead to this pilot being shot down.
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Co-host Joe
General Kimmitt, we'd love to hear from you on both ends of this search. First, the actual Search and rescue operation that's underway right now, whether it includes boots on the ground or the C130s and helicopters that we saw video of over the weekend. But also, what is this pilot going through? These are, of course, very well trained men and women for an instance like this. Talk to us about the SEAR training that they are putting into place.
- [05:27]
General Mark Kimmitt
Now, let's first talk about the SEAR training. That's a very, very specialized course given to pilots and in some cases other special operations forces. They go through a couple of weeks of this exact type of scenario. You're on the ground, your plane is crashed, you're possibly injured. You have nothing more than what you're carrying on yourself and some communications. The first and most important thing is to, as they say, learn to live like a bunny. In other words, imagine you're a small, fragile, quiet little bunny. Don't try to be brave. Try to hide. Try to find the right time to contact your rescue team. But first and foremost, get yourself in a place where you can't be found. And don't, don't attract anything other than those aircraft that are coming to save you.
- [06:24]
Host
And General, when they eject, they don't eject together. They're on two different parachutes. What is the protocol? Are they supposed to find each other? Does it depend on the situation? I know the big impetus is survive. What do you do? Do you look for your other guy or do you run and hide? Or does it just depend?
- [06:39]
General Mark Kimmitt
Yeah, it just depends, as you say. I mean, for example, if you've seen the other parachute go down and it's near where you are, you might want to try to link up. But typically your first focus is on yourself. You don't do anything to expose yourself. You may get over to your buddy to make sure that he or she is not injured. But it's got to be an independent action that the individuals are taking because more people just bring in more, attract more. Attract more. Yeah.
- [07:11]
Co-host Joe
Ethan Brauner, we know that Tehran is offering a reward, as Christine mentioned, $66,000 to citizens who capture the pilot alive. To what extent might this American pilot run into friendly people on the ground?
- [07:27]
Ethan Bronner
Well, I wish I could really answer that with any authority. Look, I mean, the Mossad has been offering vast rewards in Iran, too, for a long time now. And some of them are getting answered. I don't really know if the $66,000 is going to do it. I think that this a battle that isn't really fundamentally about money. It is about two cultures at war with each Other. And of course, within Iran, there's a culture war as well. So, I don't know. I mean, I think. I would say that also in the history of wars, one downed crew member is not a huge tragedy, but it's just for us, we don't really consider this to be a necessary war. Most Americans, and therefore, everything that happens seems like it's going to knock the thing off over the edge. Right.
- [08:12]
Host
And also maybe, you know, I don't. What is in southwestern Iran? I mean, it's. It's pretty rural. The provincial governor is one of the people who's called to this bounty. What's out there? Who's out there, and where could the dangers be?
- [08:27]
Ethan Bronner
I mean, I don't have any greater granular knowledge than you do of what's in southwestern Iran. I'm sorry.
- [08:32]
Host
No, I'm sorry to put you on the spot. I just. Yeah, it's interesting to me because we've seen some of these other pilots. There was another aircraft that went down as well, and the pilot was able to punch out and get to, I think, Kuwait. And so I'm assuming they're close to the water there. But I don't know what the infrastructure is or even where these pilots would be trying to go in.
- [08:51]
Ethan Bronner
Southwest around. Right. Yeah.
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Co-host Joe
You know, we've barely talked about the A10 warthog because there is not a search and rescue operation underway. But, Mark, this is a pretty big deal, too. We just added a number of these aircraft to the region to help with strafing runs along the strait and be ready for whatever the President might be asking for. Do we have any information on what caused this plane to go down?
- [09:13]
Mark Caputo
No, we don't. One of the things that a lot of people point out, which, you know, as the general there can talk about more than I can, is the A10 warthog is a very old plane. I mean, my father was in the Vietnam War, and they were in service at that time. And there have been moves by the Air Force periodically to get rid of it. But it's sort of an iconic airplane, in part because it's you. It flies slow enough and fires so many rounds that it has a lot of advantage. But nevertheless, whether it's mechanical or whether it was brought down by enemy fire, I'm not quite sure. But we shouldn't rule out the mechanical reasons, for the reasons stated that is that these are very old airplanes.
- [09:51]
Host
General, to that point, I was asking some military folks about that yesterday. I was asking, you know, why we're still using the F15 why we're still using the A10. Maybe you can explain it a little bit, but I was told that the FTF F15, excuse me, has almost a perfect airframe and there was actually an incident where one of the wings was shot off and the plane could still land. Is it because these planes are just workhorses, they're around and they do get the job done. Why are we still using these and what are they really good at?
- [10:19]
General Mark Kimmitt
Well, first of all, I think you're referring to the A10, not to the F15. The F15 is a high performance aircraft, flies high, flies fast, drops precision munitions. The A10 came into use in the 80s. It's a tank killer, has 30 millimeter gun on it which has 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. And 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.
- [11:05]
Co-host Joe
That 30 millimeter gun is about the size of a Volkswagen Bug inside the front of that airplane. It's pretty remarkable. Ethan, I'd 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,
- [11:28]
Ethan Bronner
right? This is a great question. I mean, the Israelis have been saying for weeks now that they've taken out 70% of the launchers and the vast majority of their missiles, ballistic missiles. And then of course, every day we see more of them still coming and in smaller amounts, as you said, one or two per volley, and therefore eminently gettable with Israel's defense systems. But they don't seem to be able to stop them at all. And there's a growing sense that they're able to repair them more quickly than has been alleged. And as we know, of course, President Trump one day says one thing and one day another thing, and it's very difficult for us to know exactly. It's a he enormous country, 90 million people, and the idea that somehow we are able to know exactly what's going on across the entire region and all the launchers seems unlikely. And this is a country that's been at war on and off, you know, plenty, and is clearly ready to suffer while it takes down in that asymmetrical way against a bunch of West, a western that really isn't entirely sure why it's there.
- [12:33]
Host
And speaking of that flip flopping, Mark, we have some sound from the president over about how the objectives of this war and what we've heard from the administration, the messaging has changed throughout the conflict. We're going to play that for you.
- [12:44]
Ken Martin
We're going to hit them extremely hard
- [12:47]
Host
over the next two to three weeks.
- [12:49]
Ken Martin
We're going to bring them back to the Stone Ages where they belong.
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Host
In the meantime, discussions are ongoing.
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General Mark Kimmitt
Regime change was not our goal.
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Co-host Joe
We never said regime change.
- [13:01]
Host
But regime change has occurred because of
- [13:04]
Ken Martin
all of their original leaders. Death. They're all dead.
- [13:10]
Co-host Joe
The new group is less radical and much more reasonable.
- [13:14]
Host
Art. It's not regime change, but we got regime change. The new group is less radical, which I think is a source of quite vigorous debate on that. And we're also hearing this familiar two week time frame we were seeing earlier. It's almost like when the airlines tell you, oh, 20 more minutes, 20 more minutes. The White House just keeps saying, oh, two more weeks, two more weeks. What's your take on all this and, and how the messaging is impacting operations and how people feel about this conflict?
- [13:38]
Mark Caputo
Well, colleague Barack Ravid and myself in Access, we had written about the complications of kind of understanding what the actual signal versus the noise is coming from the president because it has lots of things. Some of them are contradictory to his opponents and his critics. And this is just sort of magic madness to his supporters and people in the White House. This is part of a strategic genius, keeping things ambiguous and keeping everyone off balance. But I think it helps to go back to the original February 28 announcement. With the beginning of the war that Trump had made, he laid out four goals that the US Military would accomplish, which is destroying the nuclear missile, naval and terrorist proxy funding capabilities of Iran. He then added another one saying that he hoped essentially that the people of Iran rose up and shook off the regime. So while he didn't say we are going to do regime change, he made it clear that the United States would like the Iranian people to do that. Now, contrast that with the clip you just played, which is the President of the United States is saying that we're going to bomb them back to the Stone Age. And that's a little different from sort of suggesting that we want to help liberate the people of Iran. Originally, we want to help liberate them from oppression, and now we're possibly going to plunge them into darkness and destroy all their infrastructure and their electricity. Now, it's not that quite clear and simple, but it is heard that way and that speech caused the markets to plunge, which is a nightmare scenario for the President, something he didn't want to have happen.
- [15:02]
Co-host Joe
Be watching the markets, of course, when they reopen after this long weekend. And big thanks to our panel getting things started here. Mark Caputo, Great to have you. Ethan Bronner and retired general Mark Kimmitt. Just part of our conversation today on Bloomberg this weekend.
- [15:16]
Co-host Lisa
Stay with us for more on Bloomberg this weekend, right after this.
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- [18:02]
Host
The White House is asking Congress for $1.5 trillion for defense for the 2027 fiscal year. That would be the highest level in modern history and a 40% increase from what the US spent on the Pentagon this year.
- [18:15]
Co-host Joe
We're already at $1 trillion this year. You see what the president said on Wednesday, Christina?
- [18:20]
Host
The president said a lot of things on Wednesday, Joe. Which, which thing are we talking about?
- [18:23]
Co-host Joe
It's not possible for us to take care of daycare, Medicaid, Medicare, all these individual things. We have to take care of one thing, military protection.
- [18:32]
Host
We have to guard the country. He says, well, I know one individual who might have something to say about that. And he is our next guest.
- [18:38]
Co-host Joe
Democratic National Committee Chair Ken Martin is with top our 9 o' clock hour here on the east coast on Bloomberg this weekend. It's great to see you, Mr. Martin. 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 a Congress that is not in Washington. Is this an ad that's already been written for you by the president?
- [19:05]
Ken Martin
Well, certainly. I mean, of course, we've already started playing it. We've already been pushing it out all throughout the 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, of course, fighting wars of choice around the world at an enormous expense, at the expense of hardworking Americans right now who are, 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 a harder for people to already afford their lives. And this war now, of course, 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's decided to pick fights around the world and again, to make it clear that people who 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, is right now people are struggling and Donald Trump is ignoring their cries for help.
- [20:18]
Host
But when it comes to the midterms, what is the priority for Democrats? Are you going to Try to wrap this all into one. I mean, the president ran on affordability. Gas prices are going up. How are Democrats, Democrats planning to capitalize and message on that? Because sometimes the messaging is not your party's forte. But there is a lot there to do. How are you, how are you going to make this happen for your party?
- [20:39]
Ken Martin
Well, listen, I would say if you look at the last year we have had tremendous success. We've won over 90% of the elections on the ballot. Historic over performance, which was just about 14 percentage points on average, which is an all time high. And the through line is 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. And so as we go into these last 214 days left until the midterm election, we're going to focus on three really important things. One is of course over affordability. How do we make sure that you can afford to get to work? How do we make sure that you actually have a job to go to? How do we make sure that you can afford your rent or your mortgage or putting groceries on the table as I mentioned earlier? 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're 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 are going to close. Health care premiums are rising on almost every American right now. Health care is an emergent crisis in this country. And the last thing we're going to focus on is fixing this corrupt and rigged system that only benefits the wealthy, the well connected and the powerful at the expense of everyone else in this country. And so that's what Democrats are focused on. We're going to focus on delivering real solutions to what's, you know, vexing the American people right now and not focus just on fighting wars of choice around the world that are costing the the average American household is paying $400 more a month to litigate this war in Iran. And it's $400 a month they don't have based on this disastrous economy that
- [22:28]
Co-host Joe
Donald Trump has pushed with a gallon of gas at $4.10 today on average, according to AAA. Ken, we want to talk to you about resources. We had a conversation just last week on Bloomberg with Congresswoman Susan Del Bene, who chairs, the DCCC, they're targeting Trump. Plus 11, plus 13 seats in some districts, making this a much wider effort. 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 nearly 7 to 1 money advantage over the DNC right now. You pulled in 10.3 million in February at the RNC, 8, 18.5 million. Do you have the money, the resources to pursue that many seats?
- [23:09]
Ken Martin
Well, absolutely. In combination with the dccc, the DS and our other partners, of course we do. And look, you know, we don't need to outraise the Republicans. We just need to raise enough money to be in the ring so we can compete and fight. And I'll give you an example on that. In Texas, we flipped a state Senate seat there. It was a plus 17% Trump district. Our candidate won by 14 percentage points, meaning it was a 31 point swing. And the Republican opponent there raised $2.5 million to our candidates, $380,000. Again, we don't need to outraise the Republicans. We just need to have enough money to compete. And look, last year we raised a record amount of money for a first year chair of the Democratic National Committee, we raised a record amount of money. And what was fueling that was the grassroots dollars, you know, the small donors averaging $51, you know, that was what was fueling our effort. And we raised a record amount which allowed us to win a record amount of races. Of course, we've got wind at our back. We've got momentum, as you mentioned, we've got a message that's resonated and we'll have the resources to make sure that we can compete. And as you mentioned, because of this historic over performance, we've been able to expand out the map. We can now. Any Republican who sits in a 14% or less district in this country is now targeted by the Democratic Party because they are vulnerable. And that's 50 Republicans who sit in those seats are now on our target list. We've got a great path to the US House. And as crazy as it sounds, there's an equal chance of us winning the US Senate back as well.
- [24:38]
Host
And almost every time I have a Democrat on or talk to a Democrat, I ask them two questions. Who is the leader of the Democratic Party? And if you actually take back the House and or the Senate, is there anything you can actually do to stop the legislative agenda of a President who seems not to care whether he has congressional approval for most of the things he does?
- [24:57]
Ken Martin
Well, Let me answer the first thing. You know, look, there's many leaders of the Democratic Party. I happen to be one of them. I'm the chairman.
- [25:04]
Host
But isn't that part of the problem? Yeah, well, no.
- [25:06]
Ken Martin
Look, this is always the problem for either party when they're out of power. Right. The reality is, is that, you know, the president and the party in power has a much bigger megaphone. That's just always the case. And so we've got great governors out there, we've got great mayors out there, we've got wonderful members of Congress. So there are many leaders. And of course, we're a big tent party. That means we've got lots of different ideas out there. Right. And as we come into this presidential race in 28 and we get a nominee, of course, then, you know, it will start to come into focus who the leader of the Democratic Party is. But until that time, right, we have many leaders who are delivering for the American people, who are actually standing up. I've been very proud of watching what our governors have done during this last year to actually deliver on promises that they've made to the American people. I've been proud about 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 using their platforms to actually speak out and hold this president accountable. And so, look, there are a lot of leaders of the Democratic Party, and, you know, look, I get that question a lot. I'm very proud of the fact that we have so many great leaders in this party who are standing up, delivering on the promises they made to the American people and actually fighting to make a difference in their lives. And on the second piece, you know, 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 were going to do and, you know, put it on Donald Trump's desk and, you know, make him make a choice. If he's going to actually sign legislation that's 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, you know, 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. So what we're going to do is we're going to focus on doing our jobs and delivering on the promises that we made to the American People, it will be up to the president to decide whether or not he wants to join Democrats at that point.
- [27:09]
Co-host Joe
When we consider what primary voters are looking for here in this midterm cycle. There was fascinating research out recently from the group Third Way, of course, famously moderate, according to some, dangerously moderate, depending on the progressive you might be speaking with. They talked about what primary voters lives are like, what primary voters are looking for. And it came down to basically a question or an argument of pragmatism versus progressivism. 75% of democratic self identified Democratic primary voters said they prefer pragmatism to 25% progressivism. Is that going to be an important theme to follow in this campaign cycle?
- [27:52]
Ken Martin
Well, look, I mean, I don't like to put a label on any of this. I do agree that what Americans want right now is results. They're sick and tired of watching parties, politicians from both parties say one thing and then get into office and do another. They want people to stand up and fight for them and deliver. And you know, it's one of the challenges both for the Republican Party and it has been for the Democratic Party. But what I think you're seeing right now, which is why Donald Trump's numbers are so low and the Republican Party is in jeopardy right now of losing both chambers of Congress and has been losing throughout the country right now, is you have one party that's actually delivering. Look at what Abigail Spanberger and Mikey Sherrill 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. And so look, I think at the end of the day, you can call it pragmatism or you can just call it look, delivering on your promises. One of my first bosses said that you should never separate the life you lead from the words you speak. And it's critical right now because most Americans are just sick and tired of politics as usual. They want someone who's going to stand up, be their champion and help them actually get ahead, not just get by.
- [29:13]
Host
All right, on that note, Americans are sick and tired of politics. They are frustrated with Congress members in both parties and they 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 now going after members of Congress who are seen on vacation while the government is shut down. We're gonna play some sound for you.
- [29:38]
Co-host Joe
When you look at what we're doing with these photographs and videos, it's really the big thing we're doing because what we're doing is we're showing how the public feels about them.
- [29:49]
Ken Martin
And I think they've lost that big
- [29:51]
Co-host Joe
view of it and started looking at it, you know, the blame game that the Republicans didn't vote on this or the Democrats didn't do that and they're not stepping back and looking at Congress as a whole.
- [30:04]
Host
We only got about 30 seconds here, but I'm curious what your reaction to this is because it does tap into a broader spectrum of the American public. Really annoyed that Congress is not doing what they sent them there to do.
- [30:16]
Ken Martin
Yeah. I've always said sunlight is the best disinfectant. You know, it's important for folks to hold elected officials and leaders in Congress and throughout the country accountable. And, you know, during a time when government shut down and you see, you know, politicians taking vacations, politicians, you know, not doing their job while people are suffering, of course people are going to be frustrated. And so 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. And again, Democrats are doing that. Republicans are sitting on their asses while people are suffering in this country.
- [30:55]
Co-host Joe
Ken Martin, chair of the dnc. We thank you for a great conversation. Ken, happy Easter to you and thanks for joining us. I just want to know why Lindsey Graham was at Shay Mickey and what he ate while he was there with a bubble line.
- [31:08]
Host
Stay with us for more on Bloomberg this weekend right after this.
- [31:14]
Advertiser
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Narrator/Advertiser
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- [34:06]
Host
This year's Easter baskets might be missing. Some go to sweets as consumers pull back from some of those items due to higher prices and economic pressures. A new report from Bloomberg Intelligence finds Easter Candy sales are down 5% so far this year. Equity Research analyst Diana Rosario Pena joins us now. Thank you for coming in. I don't know if this is sad news or good news that Easter candy sales are down, but where are you noticing that most?
- [34:31]
Diana Rosario Pena
Well, it's pretty much on chocolate people. I know it's one of the biggest share compared to non candy non chocolate. So obviously the hit is mostly on them and it's mostly on volumes. People are pushing back on price increases that has been have been happening for the past 18 months and they're being strategic about their spending.
- [34:54]
Host
Is it because chocolate is getting more expensive faster than some of the other items? I mean it's one of the few candies I let my have my. Well, my goodness, the few candies I have myself. And I noticed I bought it yesterday and I said to the women, this is like $9. And she's like, yeah, it's getting really expensive even for us to buy.
- [35:09]
Diana Rosario Pena
Yes, exactly. I mean, it's, it's because of cocoa prices have been very high. So chocolate tears have had to pass through those price increases. But obviously the demand seems to be a little bit on the weaker side because of it. So we project that, you know, throughout the season, Easter candy sales is. They're going to probably fall about 5%.
- [35:31]
Host
So we were talking before we started and you said this is the week that people buy the most of their Easter candy. This is not like Christmas where people plan ahead. People go, oh shoot, it's Easter. I got to buy some stuff.
- [35:41]
Diana Rosario Pena
Exactly. Yeah. So this week actually is a third of the purchase of eastern candy that is going to happen this season. Yes. So this is I guess the make or break week for, for the holiday. But you know, 64% of shoppers actually wait until the next day to get the candy for half a price.
- [36:01]
Host
They're buying a discounted stuff.
- [36:02]
Diana Rosario Pena
Buying at the discount, which obviously affects sales overall.
- [36:06]
Host
We've also got some breakdowns of what people's favorite chocolate brands and non chocolate brands are for Easter. Okay, so it's Cadbury. Really? People really like Cadbury eggs.
- [36:15]
Diana Rosario Pena
They, they absolutely love. Do you like them? Well, a little bit. I mean, I.
- [36:20]
Host
Be honest. Be honest.
- [36:21]
Diana Rosario Pena
So it's funny because I actually brought some, you know, Cadbury eggs for the associates here in the department and those were the first ones to.
- [36:30]
Host
Really.
- [36:31]
Diana Rosario Pena
Yes. So apparently they're very famous.
- [36:33]
Host
All right, America. I mean, not my favorite, but. But to each his own. Next is Reese's Hershey Dove M M's, Ghirardelli, which is like, I think kind of fancy chocolate. Oh, and kinder eggs. I, we used to live in Germany where those are from. Kinder eggs are really popular. And then for non chocolate brands, we've got Jelly Belly. Now those are my favorite. Those like, they come out once a year. They have those carrots full of tangerine jelly bellies. Have you had those?
- [36:56]
Diana Rosario Pena
Oh, yes, yes. They're good.
- [36:58]
Host
They're the best. I can't stop eating them. Peeps. I'm not getting convinced anybody really likes Peeps. My peeps?
- [37:03]
Diana Rosario Pena
Well, not really, no.
- [37:06]
Host
They're like one of those things you feel like you have to put in the Easter basket, but then they, but
- [37:09]
Diana Rosario Pena
they're 41% of the. Of the market share.
- [37:12]
Host
I think it's an aesthetics thing. I think they're just like, cute and people want to like them and then they just taste like sugar. Sorry, peeps. I know I'm gonna get, like, canceled for my candy. Hate Sour Patch Kids. I didn't know that was an Easter candy. Starburst. How do you feel about Starburst?
- [37:25]
Diana Rosario Pena
Well, I mean, they're good. Some of them are. I like the cherry.
- [37:28]
Host
You're pro Starburst? Well, let's just say it's okay. Skittles, Swedish fish, and Nerds. Oh, that's really interesting. Yeah. And then when it comes to overall what people are going to buy this Easter, candies at the top. 92% say they're going to buy candy. Food is at 90%. What are the other things that people are going to buy?
- [37:46]
Diana Rosario Pena
So they're actually going to buy greeting cards and decorations. So those are like. Yes, they want to be on the, on a festive mode. And you know, like I said, like I said on the note is 90% of people are going to celebrate Easter. So it's a significant holiday for.
- [38:04]
Host
But you say flowers are only 46%. So people are not buying flowers. Don't you have to give grandma flowers at Easter?
- [38:10]
Diana Rosario Pena
Well, I guess it's because they die soon enough and they're expensive.
- [38:15]
Host
I mean, flowers are also one of the things that I've noticed have really gone up. All right, I was reading through this essay of yours here, and it also says that it's not just kids getting to enjoy Easter baskets. A Ferrero survey. I'm assuming that's Ferrero Rocher again, Fancy chocolates found that 66% of respondents think adults deserve an Easter basket as much as kids. 28% buy Easter candy specifically for themselves. Guilty as charged. And 64%, as you already mentioned, plan to buy candy on sale the day after Easter. I mean, adulthood is hard. Kids have it easy. Don't we deserve an Easter basket?
- [38:49]
Diana Rosario Pena
That's what 66% of people are. I'm saying, and I agree, you know, you can, you have to celebrate as much as possible, bring some joy to your life. But and this, you know, going back to the sales forecast is actually, it is a tailwind for sales because there's obviously more demand for, for the candy. But again, they are probably a lot of them are waiting for the next day to, to get it in promotions. And even right now, if you walk the aisles, which I tend to do when I visit a grocery store, I Don't know how sad that makes me, but I don't think that makes you sad at all.
- [39:25]
Host
We're looking for sales, we're looking for good things.
- [39:27]
Diana Rosario Pena
Well and I also, you know, I channel check. So that is, I notice that, you know, there's more promotions for the Easter candy. So, you know, there seems to be a lot of eagerness to move inventory and that is obviously going to be the headwind for, for, for the season.
- [39:43]
Host
So when you look at the industry as a whole, I mean, sales are down. Are they down a concerning amount? Is this really a problem? Do you think it's a bellwether for the industry or.
- [39:52]
Diana Rosario Pena
I would say actually, you know, basically our base case scenario calls for a 5%, you know, drop. But if things are, if people pull back more than, than what they used to, what they normally do, we're probably going to see a 9% decrease in Easter candy sales. And that is significant.
- [40:12]
Host
That's pretty significant is this, I mean, I would imagine there are other holidays is Christmas is big. I mean, I guess Halloween is like the big candy time. So will we have to wait until then to see if they can rebound from this?
- [40:22]
Diana Rosario Pena
Well, I mean, Easter will be, I will call it the bellwether for the, you know, at least the summer months. And how, you know, the industry will, will, you know, will behave in terms of candy sales as overall. But yeah, this is a significant, you know, holiday for the season. It's about 10% of, of candy sales for the U.S. so they'll tell you
- [40:45]
Host
what, we'll help the industry out. I'll get you an Easter basket. You can get me an Easter basket.
- [40:48]
Diana Rosario Pena
Sounds good.
- [40:49]
Host
And we'll be participating.
- [40:50]
Diana Rosario Pena
That's I, I agree.
- [40:51]
Host
You know, for the good of the economy.
- [40:52]
Diana Rosario Pena
Yes, exactly. We have to do it for the economy.
- [40:55]
Host
Diana, thank you so much for coming in. We really appreciate it. And of course you could read more of this awesome analysis on The Terminal and bloomberg.com I have jelly beans.
- [41:04]
Co-host Joe
Wow.
- [41:04]
Host
Jelly beans.
- [41:05]
Co-host Joe
Yeah. Well, jelly Belly, as you said, were among your favorites. Right.
- [41:08]
Host
I'll settle for a starburst jelly bean.
- [41:10]
Co-host Joe
That's great. Yeah. But the peeps, people are being a little weird about the peeps. It's like it's the candy corn of Easter.
- [41:16]
Host
Yes, that is a good analysis.
- [41:17]
Co-host Joe
They get no respect, but they're mandatory, right?
- [41:20]
Host
I feel like that's how people feel about me. Lisa, you were just saying how old are your kids?
- [41:23]
Co-host Lisa
And you got them Easter baskets. Mine are 18 and 23 and I still get them Easter baskets.
- [41:27]
Co-host Joe
What a great mom.
- [41:27]
Co-host Lisa
You know, it's just do you hide
- [41:28]
Co-host Joe
the basket or do they wake up in the basket?
- [41:30]
Co-host Lisa
When they wake up, it's there, but it's like now it's like beauty products, shave kits, tattoo cream, like all that kind of stuff.
- [41:37]
Co-host Joe
Oh my God, I love that.
- [41:38]
Host
That's what it's transitioned to.
- [41:40]
Co-host Lisa
Stay with us for more on Bloomberg this weekend right after this.
- [41:47]
Advertiser
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- [42:47]
Narrator/Advertiser
markets, you know the value of long term thinking. You plan, you diversify, you prepare for volatility. But even the best strategies can't prevent every bad day. For more than 75 years, Cincinnati Insurance has helped individuals and businesses navigate tough moments with expertise, personal attention and independent agents who focus on relationships, not transactions. The Cincinnati insurance companies let them make your bad day better. Find an agent@cinfin.com the thing about AI
- [43:23]
Advertiser
for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand. But by embedding AI across hr, IT and procurement processes, we've reduced costs by millions, slash repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business. IBM.
- [44:01]
Host
Welcome back to Bloomberg. This weekend it is time for Pointed the Pointed News quiz where I try to defend my title, but Joe Matthew knows everything so I don't have high hopes.
- [44:09]
Co-host Joe
You're about to learn otherwise.
- [44:11]
Host
All right, we're going to learn how to do this because you're new. So Lisa's going to rank.
- [44:14]
Co-host Lisa
Okay, so let me explain it. This is a game for Risk takers.
- [44:16]
Co-host Joe
Are you risk takers? Why, absolutely. I'm known as one.
- [44:18]
Host
Okay, good, good, good.
- [44:19]
Co-host Lisa
Okay, so you're going to enjoy this. Okay, so there are three categories I'm going to give you. You have 30 chips in front of you. They're in three different sections here.
- [44:27]
Advertiser
Yeah.
- [44:27]
Co-host Lisa
You place your bets on each category. Thinking, you know what? I feel confident in this one. I'm going to stay with 10, or
- [44:33]
Co-host Joe
maybe I'll just gain.
- [44:34]
Co-host Lisa
No, I did not. It's on bloomberg.com. you have to go check it out. Well, you can play along at home.
- [44:39]
Host
Okay.
- [44:39]
Co-host Joe
I thought you invented it for Bloomberg.
- [44:41]
Co-host Lisa
I did not. I'm not that gifted.
- [44:43]
Host
No, we. We crip it from our brilliant colleagues over in the games department, Lisa, what are the topics?
- [44:48]
Co-host Lisa
All right, so let's get to the categories first. Okay, so the first category is. Is resignations. The second category is wearables. The third category is food and beverage. If we need, we have a bonus, but we'll see.
- [45:00]
Co-host Joe
Wow. Has it ever come to that?
- [45:01]
Co-host Lisa
It does.
- [45:02]
Host
It has, but we still time. Yeah.
- [45:04]
Co-host Lisa
Okay, so place your bets. How are you going? 10 each. What do you.
- [45:07]
Host
What are you going to do? I'm going to do five on resignations because there's been a lot of names in that category recently, and I'm splitting. Okay, I won't split. I won't split. All right, all right.
- [45:15]
Co-host Joe
What do we want to make this? Okay, I'm going to do 10 on. I'm just spread it out. 10 on all three.
- [45:20]
Co-host Lisa
Okay, 10 on all three.
- [45:22]
Host
But you're gonna need this board. Please take those off your.
- [45:24]
Co-host Lisa
That we have here for those is for you to write your. Your. Your answer. Okay, let me give you your first question for our first category, which is resignations. Okay, here's your question.
- [45:33]
Host
Okay.
- [45:33]
Co-host Lisa
Air Canada's CEO stepping down after his response.
- [45:37]
Host
Lisa.
- [45:37]
Ken Martin
I remember.
- [45:38]
Co-host Joe
Yeah, I'm not.
- [45:39]
Co-host Lisa
Hold on, hold on. Give your. Give yourself some credit.
- [45:41]
Co-host Joe
I remember that story.
- [45:42]
Co-host Lisa
I don't know his name. Stepping down the AT after his response to a deadly Runway collision. Which faux pas did he commit? What did he do wrong that caused him to step down?
- [45:54]
Narrator/Advertiser
Hmm.
- [45:56]
Co-host Joe
Really?
- [45:57]
Co-host Lisa
What did you think? What do you think?
- [45:59]
Host
I thought it was gonna be a Pam Bondi question. No.
- [46:03]
Co-host Lisa
And you like how we have the music to soothe you as you go along there, Jo? Oh, he's writing furiously. I have a good feeling about this.
- [46:09]
Host
Still writing. I don't know what he's writing. It's very neat handwriting.
- [46:13]
Co-host Lisa
Hopefully you folks at home have got it.
- [46:14]
Host
It's okay, Joe, we only have, like, 10 minutes.
- [46:16]
Co-host Lisa
Flip it, Joe. What do you got? He moved his. What?
- [46:19]
Diana Rosario Pena
His seat back?
- [46:21]
Co-host Joe
No, I don't.
- [46:22]
Host
No, I said a bad tweet. Did he say something bad on Twitter?
- [46:26]
Co-host Lisa
He made his statement in mostly English.
- [46:29]
Advertiser
Oh.
- [46:30]
Co-host Lisa
So think about it.
- [46:31]
Host
Oh, he didn't do it in French as well.
- [46:32]
Co-host Lisa
So. Okay, so Mondu caused this major. Yes. Quebec, they were not having because use of French. Ongoing political issues. So.
- [46:39]
Host
Yeah,
- [46:41]
Co-host Lisa
J'.
- [46:42]
Host
Accuse.
- [46:42]
Co-host Lisa
Exactly what they say.
- [46:43]
Host
No, this is a thing. Like, you have to say it in both languages. Yeah. So Lisa gets.
- [46:47]
Co-host Lisa
You have to pass them over to me. I get your chips.
- [46:50]
Host
See?
- [46:51]
Co-host Lisa
All right, I'm gonna get some. Okay, so you say next one is wearables. Google developing a fitness band to compete with Ara and which other brand that's on its way to an ipo. So Google is developing a fitness band brand it's going to compete with Aura and which other brand that's on its way to an ipo.
- [47:09]
Co-host Joe
Wow. I knew this would be my weak spot here.
- [47:12]
Host
I don't think either of us.
- [47:13]
Co-host Joe
Another brand. A whole other brand.
- [47:14]
Host
Yes.
- [47:15]
Co-host Lisa
That's on its way to an IPO.
- [47:17]
Host
You got 36, I think. Oh, I don't think anything.
- [47:21]
Co-host Joe
I only know one. I'm putting the only one I know.
- [47:24]
Host
Yeah, same.
- [47:24]
Co-host Lisa
What do you say?
- [47:26]
Co-host Joe
Are they around anymore?
- [47:27]
Co-host Lisa
No, you're both wrong.
- [47:28]
Host
Is it Garment.
- [47:28]
Mark Caputo
Is. Whoops.
- [47:30]
Host
What is a whoop?
- [47:30]
Co-host Lisa
Yes. Okay. Okay. They plan to release it later this year, but whoop. No, they. They're going for an IPO pretty soon. And the reason why it's so big is because Chase Credit Card did, like, a rebate with their fitness band. So so many people started to get
- [47:44]
Host
this so you could get it. Yes, yes, yes.
- [47:46]
Co-host Lisa
So that was a big draw for them.
- [47:47]
Host
All right, we're over here, buddy.
- [47:49]
Co-host Joe
This is going really well so far, guys.
- [47:50]
Host
What did I say to you? Nice to us. We've had a long.
- [47:53]
Co-host Joe
Oh, my God.
- [47:54]
Advertiser
Okay.
- [47:55]
Co-host Joe
Tomorrow as well.
- [47:56]
Host
Food and beverage, man. We got.
- [47:57]
Co-host Joe
I was going to go all in on this one.
- [47:59]
Co-host Lisa
You got.
- [47:59]
Host
I know your moment. We were doing both of those things together last night before.
- [48:02]
Co-host Joe
I don't know anything about that.
- [48:04]
Co-host Lisa
Food and beverage. Unilever agreed to sell its food business to which company? In a $44.8 billion deal.
- [48:12]
Co-host Joe
Do you.
- [48:13]
Host
Yes, this is.
- [48:13]
Diana Rosario Pena
I know this one.
- [48:14]
Co-host Lisa
This was a good story.
- [48:15]
Ken Martin
Really?
- [48:16]
Host
Yes. Well, I think I know it. I think I know it.
- [48:18]
Co-host Joe
I think I even read it on the air. I don't remember this headline now. All right.
- [48:22]
Host
Big, big corporate Food giants.
- [48:24]
Co-host Lisa
Think about it.
- [48:24]
Co-host Joe
Okay.
- [48:25]
Co-host Lisa
Food business.
- [48:26]
Co-host Joe
I'm just putting this to be funny because we had chocolate.
- [48:29]
Co-host Lisa
You did. Okay. You said Hershey, San Francisco. No, mccormick.
- [48:32]
Host
All right, well, you know what?
- [48:34]
Co-host Lisa
Yes.
- [48:35]
Host
Yes.
- [48:35]
Co-host Lisa
It's the spice maker.
- [48:37]
Host
That is right. It was somebody else.
- [48:38]
Co-host Lisa
McCormick.
- [48:39]
Host
Someone else is merging with Cisco.
- [48:41]
Co-host Lisa
That's.
- [48:42]
Host
Yes. Thank you.
- [48:42]
Diana Rosario Pena
It was.
- [48:42]
Host
Restaurant Depot is merging with Cisco. Thank you, Patrick. In our control room.
- [48:46]
Co-host Lisa
All right, you guys, you notice.
- [48:47]
Host
No. You have zero points.
- [48:48]
Co-host Lisa
Oh, you're not on the holiday. Here's what we're gonna do. We're gonna go for a bonus and whoever guesses gets all the chips. I'm going for it. Okay. That's what we're doing.
- [48:55]
Co-host Joe
We already lost.
- [48:56]
Co-host Lisa
It's Lisa's rules now.
- [48:57]
Host
We're both losers, buddy. We're gonna try to redeem ourselves here.
- [49:00]
Co-host Joe
Brutal.
- [49:00]
Host
Okay.
- [49:01]
Co-host Lisa
Okay. The bonus question is candy.
- [49:03]
Co-host Joe
Hey, we have some.
- [49:05]
Host
Okay.
- [49:05]
Co-host Lisa
Which Hershey brand was called out by its namesake founders grandson for skimping on ingredients?
- [49:14]
Host
Yes.
- [49:15]
Co-host Joe
Wait, what happens if there's a tie?
- [49:17]
Co-host Lisa
Then. Then you get candy too. Both of you.
- [49:19]
Host
We split the candy. All right, we got 90 seconds. Ready?
- [49:22]
Co-host Joe
Reese, did I unbox?
- [49:23]
Advertiser
Yes.
- [49:24]
Co-host Lisa
You both got it. We did it, buddy.
- [49:26]
Co-host Joe
Ty. All right. Do I get to come back tomorrow?
- [49:29]
Diana Rosario Pena
You.
- [49:29]
Co-host Lisa
You get to come back to win. And you get all your chips back and you get. And don't see any of those. You don't have to eat one because
- [49:35]
Host
you did not lose.
- [49:37]
Co-host Lisa
So that was going to be the thing we're going to have to eat.
- [49:40]
Host
I'll take the jelly beans. Jelly beans. All right, guys. Lisa, Mateo, Joe, Matthew.
- [49:46]
Co-host Joe
Yeah. So tomorrow we'll have multiple choice, correct?
- [49:48]
Co-host Lisa
No, but play at home. Bloomberg.com/pointed.
- [49:54]
Host
Thanks for joining us on today's Bloomberg this weekend podcast. Don't forget to tune in live for the show every Saturday and Sunday morning starting at 7am Eastern.
- [50:02]
Co-host Joe
We're on Bloomberg Television Radio and the Bloomberg Business app bringing you unique takes and in depth interviews on news, politics, lifestyle and culture.
- [50:16]
Narrator/Advertiser
If you follow markets, you know the value of long term thinking. You plan, you diversify, you prepare for volatility. But even the best strategies can't prevent every bad day. For more than 75 years, Cincinnati Insurance has helped individuals and businesses navigate tough moments with expertise, personal attention and independent agents who focus on relationships, not transactions. The Cincinnati insurance companies, let them make your bad day better. Find an agent@cin fin.com.
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Advertiser
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Co-host Joe
But without identity, you can't trust they'll
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Advertiser
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Co-host Joe
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