America Celebrates July 4th; Trump Accounts Arrive

Summary

Bloomberg This Weekend – July 5, 2026

Episode Theme: America Celebrates July 4th; Trump Accounts Arrive

Hosts: David Gura, Christina Ruffini, Elisa Mateo

Featured Guests: Jeff Mason (Bloomberg White House Correspondent), Madison Fernandez (POLITICO), Gautama Kunda (Yale/Bloomberg), Sarah Foster (Bloomberg Personal Finance), Randall Williams (Bloomberg Business/Sports)

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Overview

This episode focuses on the intersection of politics, finance, and major sporting events in the U.S. The team recaps President Trump’s weather-delayed July 4th address, dives into the political ramifications of a surge in Democratic Socialist candidates, analyzes the launch of the new "Trump Accounts" financial vehicles for kids, provides a deep dive into Team USA’s World Cup run, and wraps up with a lively pop news quiz.

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Key Segments and Insights

1. President Trump’s July 4th Address: Themes of Patriotism and Anti-Communism

[02:24–03:28]

• Trump’s Speech: Despite storms, President Trump delivered a defiant late-night address, mixing patriotic tradition with sharp partisanship. He declared:
  • “America will never be a communist country. Won’t happen. Communism is a loser and it always will be.” — Donald Trump ([02:33])
  • Invoked veterans and historic flags as part of the ceremony.
  • Used the language of “communism” as a direct contrast to the American system, referencing recent Democratic Socialist primary wins.

Analysis by Jeff Mason:

• The president sees the “anti-communism” theme as politically beneficial and energizing for his base.
• Trump mixes tradition with heavy partisan messaging, such as pushing for his "Save America" act—legislation aiming to restrict mail-in voting and require voter ID.

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2. The “Democratic Socialist” Surge and Party Divides

[04:59–16:24]

Is the Democratic Party Really a Big Tent?

• Madison Fernandez: While Democrats enjoy claiming their inclusivity, a challenge looms in uniting moderate and socialist factions. Cites efforts by centrists, like Congressman Suozzi, to avoid infighting:
  • “Democrats do want to stay on message and...fight against Trump, and they don’t want to be distracted by fighting with each other.” ([07:26])

The Reality of Democratic Socialists in Office:

• Gautama Kunda: Predicts awkwardness, especially with newly elected “radicals” like Mermaidani Chevalier.
  • Draws historic parallels: Candidates may repeat a “Sister Souljah moment”—distancing themselves from their party’s left wing to improve mainstream appeal.
  • “Dissolving into chaos is the Democratic Party’s base state. So I think they're all used to that. That's their norm.” ([08:42])

White House Strategy – Conflating Communism and Socialism:

• Jeff Mason: “That’s not a distinction that many Americans make... The president is successfully using that rhetoric to portray Democrats as extremists.” ([10:15])
• Examples include Bernie Sanders’ success and the party’s history of accommodating socialists.

Challenges for Newcomers:

• Madison Fernandez: “Some of these newer officials, like Darieliza Vila Chevalier ... had to come out and say, ‘I am not a communist, I am a democratic socialist.’ And that can be frustrating when you’re just trying to get to Congress and do your job.” ([13:03])

Potential Impact on the 2026 Midterms:

• Gautama Kunda: The DSA (Democratic Socialists of America) is mostly a force in deep blue urban areas (notably New York). In Colorado, anti-incumbency, not socialism, explains recent upsets.
  • “...the DSA phenomenon seems to be largely about blue urban areas, particularly New York.” ([14:22])

Partisan Messaging and the Road Ahead:

• Madison Fernandez: Both parties still lack a coherent, unified response as the economic picture sharpens.
  • “I think there has to be another step there that I’m not sure we’re there yet.” ([16:23])

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3. Policy Spotlight: The Launch of “Trump Accounts” for Children

[19:39–24:42]

• What Are Trump Accounts?

  • New child-focused retirement accounts authorized by the 2025 tax and spending bill.
  • Allow contributions from parents, relatives, and employers.
  • Federal government provides a $1,000 seed for children born 2025–2028.

• Sarah Foster: “If you’re eligible for the free money, take it... Even by the time someone gets 18, that $1,000 can grow to more, and it can grow to...$80,000 by the time they hit 65, which—this is a retirement account. That’s the best way to think about it.” ([20:21])

• Sign-Up and Participation Stats:

  • 6 million parents enrolled; 1.4 million qualifying for the seed money.

• Drawbacks and Practical Questions:

  • Complexity compared to existing 529 college savings plans.
  • Funds locked until age 18; early withdrawals have a 10% penalty unless for “eligible” uses like first-home purchase or education.
  • “Biggest unanswered question is how they’re going to handle these different contributions...How are parents going to do this complex accounting?” — Sarah Foster ([23:17])
  • Investment limited to 90% U.S. stocks, currently via State Street S&P500 indexing.

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4. World Cup Fever: Team USA and the Economics of Soccer

[27:48–35:31]

• Historic TV Ratings:

  • Team USA’s game vs. Bosnia-Herzegovina: “most watched soccer telecast in English-language U.S. history – over 24 million viewers.” ([27:54])

• Team Dynamics and Officiating Debates:

  • Analyst Randall Williams breaks down the critical red card loss and controversial VAR (video review) decisions.
  • “You can have all the excitement, and then you go to VAR and it crushes things.” ([28:52])
  • Offsides debates evoke even Ted Lasso references.

• World Cup Prize Pool & Economic Impact:

  • Prize pool: ~$900 million, distributed increasing by performance.
  • “For smaller nations, that can be life-changing money...for stars like Messi and Ronaldo, it’s a nice bonus.” ([29:52])
  • Cinderella stories (e.g., Cape Verde) matter, but FIFA and broadcasters ultimately “want the stars at the biggest stage.” ([31:21])
  • Stadiums are full; record-setting attendance; local economies booming with bars, restaurants, and general tourism:
    • “FIFA considers this a tremendous success... hundreds of millions of dollars in economic impact. People are coming here and having a good time... It’s been a huge success.” ([34:20])

• Predictions:

  • Williams tips France as the favorite but notes their vulnerability:
    • “France is one of the greatest teams of all time that I’ve seen...if they play to their top form, then they’re going to win it all.” ([33:03])

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5. Point of News Quiz: Pop Culture, Disclosures, and More

[38:43–44:39] A light-hearted team quiz wraps the episode, focused on:

• Signature Airline Snack:

  • Biscoff cookies, driving up Belgium’s Lotus Bakeries’ shares:
    • “Delta always comes through with the Biscoffs!” — Christina Ruffini ([40:34])

• Presidential Perks:

  • Trump’s disclosures included free US Open tennis tickets courtesy of Rolex.

• Upcoming Films:

  • Jesse Eisenberg to play Sam Altman in a new AI/tech drama ([43:14])

• Fashion Expansion:

  • Giorgio Armani considering moves into furniture and hotel spaces following the founder’s passing ([44:17])

The quiz showcases the camaraderie and pop savvy of the hosts, offering listeners a fun, cultural palate cleanser.

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Notable Quotes by Timestamp

• On Trump’s 4th of July stance:
  • “Communism is a loser and it always will be.” — Donald Trump ([02:33])
• On the Democratic Party’s internal conflicts:
  • “Dissolving into chaos is the Democratic Party's base state. So I think they're all used to that.” — Gautama Kunda ([08:42])
• On new Democratic Socialists managing perceptions:
  • “I am not a communist, I am a democratic socialist.” — Madison Fernandez, relaying a candidate’s stance ([13:03])
• On the economic boom from the World Cup:
  • “Hundreds of millions of dollars in economic impact. People are coming here and having a good time. They’re trying the food, people are TikToking about it... it’s been a huge success.” — Randall Williams ([34:20])
• On new Trump Accounts:
  • “If you’re eligible for the free money, take it... By the time someone gets 18, that $1,000 can grow to even more, and it can grow to $80,000 by the time they hit 65.” — Sarah Foster ([20:21])
• On stadium attendance:
  • “This is the most attended World Cup. They have many, many matches left... that number is probably going to be six and a half million people.” — Randall Williams ([32:17])

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Segment Timestamps for Reference

• [02:24] Trump’s July 4th address analysis
• [03:28] Highlights and themes from the speech
• [04:59] Democratic Socialists and party unity debate
• [07:26] Madison Fernandez on intra-party dynamics
• [08:42] Gautama Kunda on historical context and party strategy
• [10:15] Jeff Mason on messaging and White House strategy
• [13:03] Newcomer challenges with “communist” labels
• [19:39] Launch and overview of Trump Accounts
• [20:21] Sarah Foster on financial and policy details
• [24:42] Investment structure of Trump Accounts
• [27:48] World Cup: Team USA, TV ratings, and analysis
• [29:52] Prize money breakdown
• [34:20] Economic impact of the World Cup
• [38:43] Pop news quiz begins

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Tone & Language

The episode strikes a balance between serious political analysis and lively, personable banter. The hosts and guests use direct language, sometimes humorous, but always incisive and informative. The mood is spirited and conversational, both during the hard news moments and the lighter interactions.

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Conclusion

This episode offers listeners a comprehensive tour of holiday politics, emerging financial products, and ongoing cultural events. Listeners are left with a sense of a country in constant motion—politically divided, economically innovative, and enthusiastically glued to global sporting milestones. The episode wraps up with laughter and friendly competition, showcasing the unique mix of insight and personality that defines Bloomberg This Weekend.

Transcript

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Bloomberg

[David Gura]

Audio Studios podcasts Radio News welcome to the Bloomberg this Weekend Podcast with David

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Gura, Christina Raffini and Elisa Mateo.

[David Gura]

Thanks for joining us for today's selection of conversations from the show.

[Christina Raffini]

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.

[Elisa Mateo]

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.

[Christina Raffini]

All right, the weather delayed President Trump's July 4th address. Last night he took the stage speaking of what he believes America is currently fighting against and that is communism.

[Donald Trump]

America will never be a communist country. Won't happen. Communism is a loser and it always will be. The communist system is the opposite of the American system and the communist system has never worked. Our warriors did not fight communism on battlefields across the world only to have that menace rear its ugly head right back here in America. We're not going to let it happen.

[Elisa Mateo]

All right.

[David Gura]

Bloomberg's own White House correspondent Jeff Mason covered the president's address last night and he joins us now. Jeff, you had, you were always going to have a late night, but you had an even later evening because all those storms and disruptions kept delaying things and I think would have canceled it possibly with any other president. But as he mentioned in his speech, the president was never not going to speak last night. So what were the highlights? When did he finally take it to the stage? And what are the big takeaways?

[Jeff Mason]

Not Donald Trump. He does not cancel a speech like that. He and you know what? I ended up in the press pool with him and with the reporters who went to the mall for that speech. And just, just for a little color for everybody. It was raining when we got there. The president and his entourage went into kind of a glassed off structure that had been put together for them and waited out the rain for another 45 minutes or so. And then he came out to the stage shortly after 11 o', clock, spoke until shortly before midnight and got a good response from what was a pretty Trump supportive crowd, which makes some sense of people who came in for the 4th of July. As far as highlights are concerned. He did sort of a mix of some traditional Fourth of July theme, a few moving moments where he brought up World War II veterans and veterans from other wars to salute flags that they had placed on stage, some old flags from US History, but also mixed in some very, very partisan politics, including that note about communism, which is a reference to the Democratic socialists who won primaries in the last few weeks in a couple states across the nation, and his push for the Save America act, which is the bill or the measure that would restrict voting access across the United States, specifically restrict mail in voting, and also require voter id.

[Christina Raffini]

Jeff, let me stick with that. I saw some comments from Steve Bannon to Politico. We're going to dig into this a bit more in a few minutes here. But he said that Republicans and Democrats are really having a hard time here kind of figuring out how to respond to what we've seen, this surge from politicians who identify themselves as Democratic socialists. Is it clear to you from listening to the president? Yes, last night, but also on the trip that he took earlier this week to the Dakotas, that he sees this as a winner. He feels confident that this is a binary that he's keen to embrace.

[Jeff Mason]

Absolutely. And what the president likes to have, whether it's with the media, whether it's with Democrats, whether it's with some other entity. He likes to have a foil. He likes to have something that he can lift up as the bad guy. And that's to put it pretty mildly. And in this case, he's found a new one with that theme, with the theme of communism. And he's he's throwing that out, I think, in a way to try to energize his voters, to try to scare some voters and to use that as a contrast with what he is offering himself and what the Republican Party is offering. This is not unprecedented. The I remember being at a CPAC, which is that Conference of Conservative Voters during 2020, actually. So at the end of his first term and the entire this was right the beginning of COVID and the entire conference was arranged around being the theme of antisocialism. So this has shifted the vocabulary a little bit from socialism to communism. And I he absolutely sees it as a winner. And he has unveiled that as a theme pretty starkly, Both at the 4th, 4th of July speech last night, the North Dakota speech, and another speech that he gave just about a week ago.

[David Gura]

All right, Jeff, stick with us. We're going to change the game. We're going to have you stick around for this next segment, but we want to bring in our next guest first. We want to go to Gautama Kunda. He is, yeah, he's at Yale School of Management, but he's also a columnist here with Bloomberg. And on set we have POLITICO's New York playbook, co author of Madison Fernandez. And I just want to ask the two of you, as more Democratic socialists are entering the primaries nationwide, how big is the Democratic tent? Is there room for both centrists and socialists, or is there going to be a family breakup, a party break, some sort of fight here at some point? Madison, let's start with you, since you did come in on a Sunday. Not that we don't love all of

[Madison Fernandez]

our other guests, but I mean, Democrats would certainly love to say that they're a big Ten. And they do say that. But I think you're going to see over the coming months, it is going to be a challenge about how they're going to work with all these priorities together. I mean, you have a group of moderate Democrats right now who are trying to say we don't support socialism, but we do want to work together. And, you know, I was speaking with Congressman Tom Suozzi last week as he's part of this effort, and I asked, you know, what are you going to do to make sure that the whole party doesn't just devolve into chaos, because the reality is Democrats do want to stay on message and, and fight against Trump, and they don't want to be distracted by fighting with each other. And, you know, he pointed to the Freedom Caucus on the other side. He's like, we don't want that to happen. So I think that there's a lot at stake here for Democrats, and they are going to have to figure out how to work together.

[Christina Raffini]

Echoing what we heard from Westmore, the governor of Maryland, yesterday, his optimism that the tent could be big enough. Gautamakunda Let me turn to you on this very same point. And I guess a lot of difficulty here is maybe in the name itself. And of course, the Democratic Party is a party, as the name implies, Democratic socialists or not. It's, it's a group of elected officials and voters. How much does that nuance matter? How awkward is the fit in national politics?

[Gautama Kunda]

So I think it's going to get pretty awkward in some cases. I mean, dissolving into chaos is the Democratic Party's base state. So I think they're all, they're all used to that. That's, that's, that's their norm. But I think you can make some distinctions, Right? So it's not that hard for most Democrats to work with AOC or with Mermaidani Chevalier, this new candidate out in New York who's going to be in Congress. Her sort of radicalism and her record of statements on Twitter and things like that is such that it's going to be much, much more difficult for Democrats to say, to embrace her. But I do think that might actually create an opportunity for some where, if we go back to the 1990s, which I know are, you know, like the dawn of time for many of us, where Bill Clinton really separated himself out from the crowd by, as they said, you know, what they call his sister soldier moment by criticizing people on his left. It wouldn't surprise me to see Democratic candidates, as they start to maneuver for 2028 or even 2026, thinking very seriously about separating themselves from the DSA and actually gaining some political advantages from that.

[David Gura]

Gautam, you're not going to be allowed back if you're going to be talking about the 1990s being so, so far away. I like to live under the delusion that that was only like 10 years ago. Jeff Mason, I do want to ask you, it seems like the White House wasted no time at all on CE seizing on this line of attack, kind of conflating socialism and communism, which I learned recently talking to some fairly educated friends. A lot of people don't really know or understand the difference and don't really care. The difference between is the US Is the I'm serious, is the White House going to use that to their advantage? And I think we're already seeing it a little bit, including the president's remarks for sure.

[Jeff Mason]

And I think you're also right about that distinction, that that's not a distinction that many Americans make. Communism apropos the 90s. Christina.

[David Gura]

Hey, now, careful.

[Jeff Mason]

I also grew up in the 80s and you know that communism in the 80s in particular was a scary word. And it is absolutely connected to the Cold War and to the Berlin Wall and the Soviet Union and all of those things that certainly Americans of a certain age associate with negativity. But I think the others were right to note that as far as Democratic socialists are concerned, there are some high profile Democratic social who are governing right now and finding a way to do it with other Democrats, certainly including the mayor of New York. I would add Bernie Sanders to that list, a very, very successful senator who came pretty darn close to becoming the Democratic nominee for president at least once. And Democrats found a way to work with him. And that doesn't mean that there aren't fissures in the party. There absolutely are. And the reasons for those fissures are vast. And it underscores some problems broadly for the party going into the midterm elections as they try to conquer Republicans. But is it what President Trump is portraying? No, it's not. And that is also part of their job is to counteract some of that rhetoric, which he is, I think, as you rightly said, Christina, so far pretty successfully wielding against them.

[Christina Raffini]

Madison, let me pick up on what Jeff was talking about there. The role of Mayor Mamdani here in New York. And as you've noted in the New York playbook, he's had a lot of high profile phone calls in recent days with Kamala Harris, the former presidential nominee, with Gavin Newsom, who could be the Democrats nominee going forward here. What does that say to you, their willingness to engage with him about how they see him and the role that he's playing in the conversation that we're talking about.

[Madison Fernandez]

It speaks to an acknowledgement that this, this is the path forward that brings in more voters who are frustrated with the establishment and perhaps disillusioned with politics, disillusioned with the Democratic Party. And when you have someone so popular like Mayor Mamdani, why wouldn't you reach out to him to Try to get him on board, get his voters on board, especially when you see the victories he had in the New York primaries. Just something else I wanted to respond to on countering this rhetoric. I think that for some of these more established politicians, that's easier for your AOCs, for even your mom. Donnie's right now because he, you know, skyrocketed as he's coming into office. Yes, exactly. But some of these newer officials, like Darieliza Vila Chevalier, who we mentioned before,

[David Gura]

you know, she had to come out

[Madison Fernandez]

and say, I am not a communist, I am a democratic socialist. And that's just going to be more difficult for some of these newer folks who don't have a high name id, who people don't know. When you have this rhetoric coming from the Republican side, look at these communists. So they have to spend more time countering that. And that can be frustrating when you're just trying to get the Congress do your job.

[David Gura]

Especially at a time when Democrats felt they really did have the upper hand with messaging. Given the unpopularity of the war, that tenuous nature of the US Economy going into the midterms. We now have to have this whole other discussion. Gautam, I want to ask you. I grew up in Colorado, one of the other places we're seeing some Democratic Socialist candidates. And I reached out to some friends online and just said, look, if you're an independent and you vote one way or the other, would you vote for someone who's self id'd as a Democratic socialist? And I thought the responses were very interesting because a lot of more independent folks said absolutely not. It was a deal breaker. Some more on the liberal side said I would only vote for somebody who said Democratic socialist. And then I got a couple responses that said, can we just stop putting labels on people and vote based on the issues? But that is a lot to navigate for voters. Do you think there is a way where this could be a benefit to the party given unhappiness with incumbency and with what's going on right now? Or is it just going to muddy the waters because voters attention spans are short and it's November's right around the corner.

[Gautama Kunda]

Yeah, November is coming up and I think we should split this up into a few different things. Right. So the DSA phenomenon seems to be largely about blue urban air, deep blue urban areas, particularly New York. They had Kiros win Colorado, but like, I don't, it doesn't seem likely they have the same level of strength. What we saw in Colorado other than Kiros was just A profound anti incumbent push from Democratic voters who looked at their establishment and said, you had one job, you had one job, one job, one job. Your one job was to beat Donald Trump and you failed. And we will take anyone over the people who failed at that one and only task. And that I think is how you see Weezer be Bennett. And on the flip side, you know, in Colorado they have this huge advantage where the Republican nominee looks like it's going to be, you know, it's Marx who I'm trying to put this in a diplomatic way. If you believe his own testimony about his life is either delusional or a murderer, like one of those two things kind of has to be true. So that really changes the dynamic in some pretty profound ways in state by state when you're running against someone like that.

[Christina Raffini]

Madison, I'll turn to you lastly here. Just on this issue, I mentioned the Steve Bannon interview and maybe you can just kind of synthesize what he had to say in that conversation with, with Politico. Does he feel like Republicans are equipped to. Yes, the president clearly feels like he is able to push back on this. Do Republicans largely have a unified message on this yet?

[Madison Fernandez]

I mean, I think on both sides there's going to be work to do to come there with a, with a unified message. I mean, you're already seeing Republicans in recent weeks attacking Democrats on this front. But you know, when there are a lot of concerns about the economy, about rising gas prices, about everything, it's going to be interesting to see if voters are like making the connection that President Trump is trying to make. Because I think a lot of what he's saying speaks to the concerns, the economic insecurity. But if they're running around saying look at all these socialists, look at all these communists, I think there has to be another step there that I'm not

[Sarah Foster]

sure we're there yet.

[Christina Raffini]

Madison Fernandez, thank you very much. Great to see you here in studio in New York. Jeff Mason, thanks to you. Gautamakanda. Appreciate your time on this Sunday as well. No doubt this conversation will continue to evolve here in the lead up to right around the corner.

[David Gura]

It's always an election somewhere.

[Christina Raffini]

Stay with us for more on Bloomberg this weekend right after this.

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[Christina Raffini]

This weekend, a brand new investment vehicle for children called Trump Accounts went live. Started explaining accepting contributions. Accounts were created under the multitrillion dollar tax and spending bill signed in 2025 by President Trump.

[David Gura]

That's right. The idea is that parents, relatives and even employers can chip in. And these funds will grow over time due to what we all know, compound interest. That's how it works. The federal government also says it will provide about $1,000 seed contribution for kids born between January 2025 and December 2028. Joining us now is Bloomberg personal finance reporter Sarah Foster. Okay, we had a bit of a debate in our newsroom about these. Some people very on board, some people very skeptical. Where do you stand and what is this about?

[Sarah Foster]

I think the easiest way to kind of weigh this decision is, you know, if you're eligible for the free money, take it that $1,000 seed contribution for newborns who were born between the beginning of 2025, the end of 2028. I've spoken with a lot of parents who are not even planning, planning on putting their own funds into it. They're just taking the money and letting it grow over time. You know, we kind of crunch those numbers, too. And even by the time that someone gets 18, that $1,000 can grow to even more, and it can grow to, you know, $80,000 by the time they hit 65, which. This is a retirement account. That's the best way to think about it.

[Christina Raffini]

Talk a bit about how one gets one of these accounts. So there are companies that will sign you up for retirement contributions automatically. That's not the case here. So when you look at sort of who signed up for these, who's taking advantage of this? What do those numbers look like at this point?

[Sarah Foster]

At this point, the treasury says that more than 6 million parents have enrolled their children for a Trump account. And then about 1.4 million children are eligible for that seed funding. You know, we are expecting to hear a little bit more early next week from the treasury about how many parents are enrolling. So when we talk about, you know, that July 4th launch, parents have been able to sign up for the account, but it wasn't until this weekend that they were able to start contributing funds. And of course, that seed contribution wasn't expected to hit accounts come Monday when markets open, then that's when these funds are able to be invested. And we heard from the treasury last week that the mutual funds, the ETFs that parents can take advantage of are through State Street.

[David Gura]

All right, what are the drawbacks? There has to be one. What are the concerns and why do this when there's other accounts that already exist where you could do this?

[Sarah Foster]

It's definitely going to become a lot more complicated, I think, for parents to choose between the menu of options. You also have that gold standard 529 savings plan. That is what financial experts say to us still the best place to park the cash that you're saving for education.

[David Gura]

Why do this then?

[Sarah Foster]

It's really serving a gap here that a lot of children, previously you weren't really able to enroll in a retirement account until you had earned income. And now for parents who, you know, the question is you want to look at what the fund is for and choose the account that works best for it. The drawback is that it has to be locked up until 18. And then kind of the pro here is that if you have extra money that you want to put aside for your child's retirement, you know, if you're thinking about this, then this would be the account to do it.

[Christina Raffini]

Talk if you would, just about the way this is all coming together. So yes, it was part of this big piece of legislation. But you know, every other week it's seems like there's a new development here. Some philanthropist or magnet is going to donate X amount of billions of dollars to 50. Ray Dalio did as well, you know, with limits on geography or who's eligible. Some employers are putting money in as well, but there's a threshold that they have to meet. The 5000 is the max that you could put in or your employer could put in. Talk if you would, just about the ambiguity that remains here in terms of like what the penalties might be if you withdraw it and what the tax penalties might be. There's still more clarity it seems with traditional IRAs and with 529 than you have with these.

[Sarah Foster]

Yeah, so at 18, that's the point when you can start to access the funds. But of course if you're going to use it for anything that. Isn't that what they say, kind of an eligible distribution? That's you know, a first time home buyer with $10,000 education related expenses. That's when you'd pay a 10% penalty. And then on top of that, you know, the biggest unanswered question is how they're going to handle these different contributions. You know, parents, those go in post tax, employers those go in pre tax. How are you going to, you know, the ordinary income, that's what's taxed. Of course, when money comes out of an ira, how are parents going to do this complex accounting? It's another really big open question. You know, I think another thing, you know, as you were looking at, what we don't know is whether a lot of parents are going to be able to work with different trustees right now. Robin Hood is the one that is in charge of the these accounts. That's the app that parents are investing in. Other parents are working with brokerages like Fidelity, you know, Empower. Some of these programs are also angling.

[Christina Raffini]

They buy individual stocks. I mean, what kind of investments can you make through these accounts? How much determinism do you have to pick what's, what's in there?

[Sarah Foster]

Yeah, by law, the index funds that parents have to be Invested in are 90% U.S. stocks. The treasury has named four others, you know, in total that will be available in the coming months. But right now these funds are going to be automatically invested in state streets, you know, low cost index fund tracking the s and P500.

[David Gura]

All right, Sarah Foster, thank you very much. We were very curious. So thanks for helping us break it down. Stay with us for more on Bloomberg this weekend, right after this.

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[IBM Representative]

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[David Gura]

Team USA's 2026 FIFA World cup run continued continues Monday night as they take on Belgium in the round of 16.

[Christina Raffini]

According to Fox Sports, last week's win against Bosnia Herzegovina broke a record as the most watched soccer telecast in the English language history with more than 24 million viewers. As mentioned, Bloomberg Business and sports reporter Randall Williams is here with us on set in New York. Let's talk about the game we're looking forward to US versus Belgium. What are the odds looking like for the US going to that game?

[Randall Williams]

Well, obviously big loss with Flo Baligun who had a red card, which I think was a bit harsh for People

[David Gura]

are not happy about this.

[Randall Williams]

Yeah, I mean it's based on the fact that it's unnecessary contact but it was incidental and I think that the policy is really the problem here. But the rules were followed and so at that point he has to miss this match. But Team USA is in good shape. They should be competitive and it's possible that they could come out with a win. It's not like they lose flow and now it's over.

[Christina Raffini]

Where do you stand on the VAR thing? This has been a roiling debate within the Guerra household. I was struck. I mean like it is wild, it's happening after every goal, but I mean it's adding a level of kind of post scrutiny that you haven't had in the past.

[Randall Williams]

It's one of those things where like you can have all the excitement in the world and then you go to VAR and it crushes things. There was a match with a match with Portugal and Croatia where Croatia basically got a buzzer beating goal at the end of the match and then they go to VAR and the guy I mean, it doesn't even look like the ball grazed his head, but they ruled that it grazed his head. And now the game.

[Christina Raffini]

The craziest thing about that was like, there's a sensor in the ball that can tell them like unequivocally whether or not it was touched. And that was the thing. That was the.

[Randall Williams]

And offsides calls. Like, I do think that offsides should be a rule, but sometimes when it's just a toe ahead, I'm like, guys, just don't go look at offsides.

[David Gura]

I don't know if you guys ever watched Ted Lasso, but offsides, it's one of those rules that's so amorphous. It's like a whole running plot thing. And that, like, I will never understand that rule. I've just given up. I just go with what you have.

[Public.com Advertiser]

So offsides.

[David Gura]

Okay.

[Christina Raffini]

It's possible.

[Madison Fernandez]

All right.

[David Gura]

What does the prize look like for the World cup winners this year? What are we talking about? What do they get? And we were talking before in the commercial, even if they don't win, some people are getting other prizes from just having participated or being kind of like a breakout star.

[Randall Williams]

Sure. So the prize pool, I believe, is up to like $900 million. And so with that in mind, it's broken down by country and so the people who just qualified for it. You get a small amount of people who are winning the tournament or the champions get the largest amount and then it's split amongst, I believe, the players. And you know, for some of those players, if it's a smaller nation, that can be life changing money. We're talking about millions of dollars, sometimes hundreds of thousands of dollars. But for the larger players, Messi Ronaldo, this is just a nice bonus.

[Christina Raffini]

How does FIFA look at kind of like these Cinderella stories, these underdog stories? We're talking about Cape Verde a moment ago.

[Randall Williams]

Sure.

[Christina Raffini]

Now it seems like we're getting closer and closer to a finals where like a lot of the traditional teams that have been done well in the World cup in the past, Are there a good, a good thing for them? Do they like a Cinderella story?

[Randall Williams]

Absolutely. I mean, I think you, when you expand a tournament to 48 teams, you're going to have more Cinderellas. But the Cinderellas, the stories end in the round of 32, a good portion of them. We, we did not see any huge upsets in this round. Of course, Cape Verde came very, very close. But as the tournament goes on, the Titans come out, and when the Titans come out, that's really what everybody wants to See, I can tell you, if Argentina would have lost to Cape Verde, it would have been the most shocking upset in World cup history. And B, there would have been a lot of people probably at Fox, who would have been upset that Lionel Messi is not going to be playing in around the 16, the quarterfinal, semifinals, and then, of course, the final. So Fox is probably very happy that Argentina is going to continue. But it's one of those things where FIFA absolutely benefits from having smaller nations, because decinderella stories mean a lot to people in the nation's that they come from.

[David Gura]

But in the final rounds, they're probably pretty happy that most of the big

[Randall Williams]

stars are there in some way. I think a good upset always galvanizes people. But if you had to ask, of course people want to watch Mbappe, they want to watch Ronaldo, they want to watch Messi and so many more continue and advance their careers. So I'm one of those people, too. I would hate to see someone. And then the narrative games take over where, you know, if Messi goes out in the round of 32, you're going to be like, oh, look, Ronaldo fans are going to be like, look, Messi lost. And if Ronaldo goes. So it's one of those things where it's fun. But of course, everybody wants to see the stars on the biggest stage.

[Christina Raffini]

You are more fortunate than the two of us. You've been to a number of these games. I know in the run up to the World cup, there was a lot of concern that because of the dynamic ticket pricing, which a lot of people have decried, maybe there would be empty seats in the arena. Like, who's going to be able to pay for these? Are they going to be able to sell all these seats out? What's it been like in the stadium watching these games in Pool House? How much excitement is there? And in fact, are there any empty seats at the metal?

[Michigan Business Representative]

The only.

[Randall Williams]

The only seats that I have seen that are empty are sometimes suites, which is fascinating. The fact that. Interesting, but I'm talking like the entire stadium is full and then there will be, you know, 10, 12 seats, suites that are empty. Outside of that, you're talking about 80,000 people in MetLife Stadium in Estadio Azteca in Mexico City. So FIFA is doing just fine. They've already broken their attendance record. This is the most attended World Cup. They have many, many matches left. I'm sure when it's all said and done, I believe there was a match that I was at there where they said 5 million people had gone to World cup matches. When it's all said and done, I think that number is probably going to be six and a half million people that have attended. And that's a huge success.

[Christina Raffini]

You've got a suite. Maybe you don't want to ride New Jersey transit. That's the issue.

[Elisa Mateo]

I don't know.

[David Gura]

We're happy to do it. If you want to donate our suite, we'll report on it. All right. Who is your favorite to win at this point?

[Randall Williams]

I mean, you have to go. France. You have to go. I mean, they have just been blasting teams. Yesterday's match with Paraguay, I think Paraguay was just playing physical, trying to sit.

[Christina Raffini]

Physical is one word for it.

[Randall Williams]

Yeah, exactly. But they have so many, so many stars, and I think it's, it's really a thing of them. Like if they play to their top form, then they're going to win it all. But there are several contenders that have beat them. Spain beat them in the Euros years ago. Argentina beat them in the final four years ago. And so I think that they can be beaten, but at their highest form. France is one of the greatest teams of all time that I've seen. And they have a striker in Kylian Mbappe, who's second all time in World cup goals. And he's my age and you know, Messi is, I believe he's 38 and he's the all time. So when it's all said and done, Killian Mbappe is going to have 35 goals or something.

[David Gura]

French soccer team also has a very good handbag game. He's got some very nice designer French bags those gentlemen carry around. Get on it. They're very good. Sorry, David, you had an actual question?

[Christina Raffini]

No, let's just linger. Lastly, we were saying a moment ago, like living in New York, you see kind of fans come out of the woodwork. Ton of Brazil fans. And that's been like really fun thing to see. How has this played out in the economy locally? Sort of. I mean, yes, there are folks who are paying up and going to the stadium, but it really has been kind of a boon for people in New York. Bars and residents in New York City.

[Randall Williams]

Yeah, I mean, if you think about this conversation months ago, the concern was around if ice would be at some of these matches, if they would be.

[David Gura]

Anybody was going to come, right?

[Randall Williams]

If anybody, if people were scared. It has not been like that at all. There has been, I have not seen that many stories of police presence, of federal presence around stadiums. At the watch parties, people are having a ball. I went to the Timeout market where the Portugal house is at, and they celebrate like they're there and at the stadium. And so with that in mind, FIFA considers this a tremendous success. I think the US Considers this a tremendous success. And of course our neighboring countries, Mexico and Canada do as well. Just because the amount of tourism that they're bringing and that tourism is evidently going to mean hundreds of millions of of dollars in economic impact. People are coming here and having a good time. They're trying the food people are tiktoking about it and saying I love New York pizza and so many other things. So it's been a huge success and I would not be surprised if the World cup is back here in the next 15 months.

[David Gura]

It's been a little lovely, you know,

[Christina Raffini]

people going to BUC EE's.

[Randall Williams]

That has been a big Everyone should

[David Gura]

go to Buc EE's. How's it? I haven't seen the Buc EE's tweet people.

[Randall Williams]

People are going to Buc EE's and they're like, what is this magnificent place?

[Chase Sapphire Reserve Advertiser]

Place?

[Randall Williams]

And they're having a good time.

[David Gura]

The European mind truly cannot comprehend a bookies, I think. All right, Randall, thank you so much.

[Randall Williams]

Thank you for having me.

[Christina Raffini]

Great to see you and the game coming up here. Just. You'll be watching it, I assume?

[David Gura]

Yeah, I will. You know, if Randall gets some extra seats he could share with colleagues. But we did make him work on a Sunday, so I don't know if Randall's good books.

[Elisa Mateo]

Stay with us for more on Bloomberg this weekend, right after this.

[Public.com Advertiser]

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[IBM Representative]

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's 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 when you

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[Christina Raffini]

Oh, it's that Time for this weekend's Point of News quiz. The one and only Lisa Mateo. Here to assess our knowledge of the biggest story.

[David Gura]

I feel like we're pretty evenly split at this season.

[Elisa Mateo]

I think so.

[Christina Raffini]

Yes.

[David Gura]

We've had a couple ties and then I've had a couple losses.

[Christina Raffini]

Mislead the audience into thinking that we're tied.

[Elisa Mateo]

You both thought you were going to escape this quiz? No, I did for the weekend.

[Christina Raffini]

I thought there'd be a holiday break.

[David Gura]

I thought we we got shore leave. Since we were on the boat, I thought we.

[Elisa Mateo]

Okay, never. Never. Okay. Play along at home if you can. So here's how it works. They have 30 chips in front of them. Okay. They're gonna place their bets on each of three categories. Are you ready for your categories?

[Christina Raffini]

What are the categories?

[Elisa Mateo]

Okay, so the first one is food and beverage.

[Christina Raffini]

Wonderful. I feel like that's been a theme of the show today.

[Elisa Mateo]

Second is it has disclosures is theme

[Christina Raffini]

of my Life disclosures.

[Elisa Mateo]

And three is movies. Okay.

[Christina Raffini]

Okay.

[Elisa Mateo]

So now think about it. How do you want to wage your bets? Are you putting it all on the first category?

[David Gura]

You are good at that category.

[Christina Raffini]

I don't know about disclosures. I'm going to leave that disclosure plain. I don't know what that could be.

[Elisa Mateo]

Christina, you going even across?

[David Gura]

I'm too tired.

[Christina Raffini]

We don't even have to lay out the chips anymore. We can just, like, keep it.

[David Gura]

Okay, Lisa, what's. Feeling confident? I feel like I can use the food and beverage one.

[Elisa Mateo]

I don't know if you might get this, but let's see. Okay, so here we go. Food and beverage.

[Christina Raffini]

That doesn't sound promising.

[Elisa Mateo]

Belgium's.

[Gautama Kunda]

All the things.

[Elisa Mateo]

Belgium's Lotus bakeries. Okay. Is seeing shares up 49% year to date, largely powered by the sales of which airline snack?

[Jeff Mason]

Uh.

[Elisa Mateo]

Oh, so it's something you get for your snacks on an airline.

[David Gura]

I know what it is. And it's from a bakery boat. I think I do bakeries.

[Elisa Mateo]

What is the name of this? Said snack.

[IBM Representative]

Okay.

[Elisa Mateo]

And you wrote it pretty quick.

[Christina Raffini]

Yeah.

[Elisa Mateo]

Okay.

[Christina Raffini]

I wrote Biscoff's.

[David Gura]

I also wrote Biscoff.

[Elisa Mateo]

You both got it, right? Oh, dear.

[Christina Raffini]

One of us got 20 points, and that's me.

[Elisa Mateo]

Delta Airlines has it.

[Christina Raffini]

Delta always comes.

[David Gura]

Delta has.

[Sarah Foster]

Fun fact.

[Christina Raffini]

Fun fact. My mom's birthday a couple of days ago, my brother made a biscoff cake.

[David Gura]

Oh, I've seen those.

[Venture Global Representative]

Was it good?

[Christina Raffini]

I wasn't there to taste it. I was here broadcasting for you fine folks on Bloomberg this weekend on Bloomberg Television.

[David Gura]

Radio.

[Christina Raffini]

But I will get the update on that.

[David Gura]

You will.

[Elisa Mateo]

And there's also. There's a TikTok recipe for no bake Japanese cheesecake that has gone viral, and that's kind of leading to it, too.

[David Gura]

Crust.

[Elisa Mateo]

So it's made with that and Greek yogurt.

[Christina Raffini]

Oh, nice.

[David Gura]

Oh, that sounds pretty good.

[Elisa Mateo]

I know.

[David Gura]

I love those. They're great in coffee. I was once nice to a flight attendant. Well, I'm always nice to flight attendants, but I clip that.

[Christina Raffini]

Can we clip that? Christine saying, I was once nice to a flight attendant.

[David Gura]

I'm done speaking. Anyway, she literally went in the back and just handed me, like, a month's supply of Biscoffs and shoved them in my carrier.

[Christina Raffini]

I would have been very amused to see that.

[David Gura]

Was very grateful. It was awesome. All right, Lisa.

[Elisa Mateo]

All right, disclosures, disclosures.

[Christina Raffini]

I'm going to. Here we go.

[David Gura]

A lot of banter anymore we seem to catch up.

[Elisa Mateo]

Okay, okay, Here we go.

[Christina Raffini]

Will she.

[Elisa Mateo]

President Trump's financial disclosure included free World cup and super bowl tickets. But which US Open sponsor hosted him? And I'm talking about US Open Tennis, not golf. Yes, tennis.

[Christina Raffini]

We know you like golf more.

[David Gura]

I thought you were going to ask about that big ring that also came in.

[Jeff Mason]

U.S. open sponsor.

[Elisa Mateo]

Which U.S. open sponsor?

[Christina Raffini]

Wow. Okay.

[Elisa Mateo]

Hosted President Trump.

[Christina Raffini]

He was there. Was he there?

[David Gura]

Yeah, I think so.

[Elisa Mateo]

I can't remember when you were.

[Christina Raffini]

Have you gone to U.S. open?

[Elisa Mateo]

I have. I've done, like, the previews, but I haven't gone to enjoy the full experience.

[Christina Raffini]

Okay.

[Elisa Mateo]

Yeah, I want to.

[Christina Raffini]

I'm just not killing time.

[Elisa Mateo]

I'm just buying you some time.

[David Gura]

It's fine. I'm not getting it.

[Elisa Mateo]

All right, all right. Are you ready to name the company?

[Christina Raffini]

Rolex.

[David Gura]

It's a Bank of America Rolex. David Gora. What is going on today?

[Christina Raffini]

Yes, but.

[David Gura]

Yes.

[Elisa Mateo]

They gifted President Trump a luxury box for last year's.

[Christina Raffini]

Gotta get these, too, Right? You got that wrong. Oh, you got Biscott right.

[David Gura]

Stay away from my chips, you grubby

[Elisa Mateo]

little media, to give those to me. Okay.

[Donald Trump]

All right.

[Elisa Mateo]

Well, David Gura in the lead.

[Christina Raffini]

Let's see, let's see. Look at me, look at me.

[David Gura]

10 to 20.

[Elisa Mateo]

Okay, here we go. Movies. This is where you're going to make up for Christine. Here we go. Okay, Neon will distribute a movie about OpenAI, which the social Network actor will play. Sam Altman. Social Network actor. Give you. Can I give you a hint?

[Christina Raffini]

Can I give a hint? No hints. That he tried to collude with her on this.

[Elisa Mateo]

I wouldn't give her hint.

[Christina Raffini]

She'd be interesting. This movie. I don't know which book it's based. Who's reporting it's based on, but interesting to see.

[Elisa Mateo]

All right, let's see if you got it.

[Christina Raffini]

Jesse Eisenberg.

[David Gura]

Oh, no, I said Andrew Garfield.

[Chase Sapphire Reserve Advertiser]

Yes.

[David Gura]

I was gonna say from Spiderman. You're going with who kind of looks like him.

[Michigan Business Representative]

Right.

[David Gura]

So that was what I was trying to say.

[Elisa Mateo]

Thank you, thank you, thank you.

[Sarah Foster]

Look at that.

[David Gura]

Hubris. Let me take each side.

[Christina Raffini]

Please do.

[Elisa Mateo]

No, no, I take them.

[David Gura]

I take them, but David always takes mine. Can I just have this?

[Madison Fernandez]

Okay.

[Gautama Kunda]

All right.

[Elisa Mateo]

But you know what we do have, guys?

[David Gura]

A bonus.

[Elisa Mateo]

Bonus.

[David Gura]

Okay, ready?

[Elisa Mateo]

This one is fashion. Oh, Christina could come back for this.

[Christina Raffini]

Yes, yes.

[Elisa Mateo]

Here we go.

[David Gura]

I think she's going to get it.

[Elisa Mateo]

Okay, here it is. Which fashion house may expand to furniture and hotel stays following the death of its founder in September? So think about it. Who passed away back in September? A big fashion icon and now they're expanding furniture and hotel stays. Come on.

[Chase Sapphire Reserve Advertiser]

You know it.

[Christina Raffini]

I don't know.

[David Gura]

This is wrong, but I'm doing it anyway.

[Sarah Foster]

I'm too.

[David Gura]

This is.

[Christina Raffini]

Okay.

[Elisa Mateo]

Okay, David, what do you got?

[Christina Raffini]

Valentino.

[David Gura]

Valentino. Valentino.

[Elisa Mateo]

No. Giorgio Armani.

[Gautama Kunda]

Oh.

[David Gura]

Georgia Valentino died a couple years ago. You're right. You're right.

[Elisa Mateo]

So they're thinking about a fair tie

[Christina Raffini]

here on set today, which is a nice.

[Elisa Mateo]

We are a good way to end the weekend.

[Christina Raffini]

Equanimity.

[Elisa Mateo]

Congrats, guys.

[David Gura]

We're all equal here at Pointed.

[Donald Trump]

We are.

[Elisa Mateo]

Yes. Play it all.

[Christina Raffini]

Yes, we are.

[Elisa Mateo]

Bloomberg.com pointed and also on the Bloomberg Business app. You can play too.

[David Gura]

Thanks for joining us on today's Bloomberg this Weekend podcast. Don't forget to tune in live for the show every Saturday and Saturday, Sunday morning starting at 7am Eastern.

[Christina Raffini]

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.

[Public.com Advertiser]

When you're running a business, the best days are the ones where priorities stay on track. For midsize and large companies, risk can affect multiple parts of the organization at once, from property and liability to cyber and regulatory challenges. At that level, managing risk becomes an ongoing discipline. At the Hartford, the focus is on helping businesses manage risk before it turns into something more disruptive. And when losses do happen, that work is paired with insurance coverage shaped by years of underwriting, risk engineering and claims experience. Learn [e-mail] Riskmitigation policies provided by Hartford Fire Insurance Company and its property and casualty affiliates, Hartford, Connecticut.

[Venture Global Representative]

At Venture Global, we think about what can be done, not what's usually done through innovation. Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost in a fraction of the time. So while others are busy talking, we're busy building. That's Venture Global Global. That's unstoppable energy.

[Michigan Business Representative]

As industries evolve faster than ever, companies need an environment that accelerates strategic growth. And Michigan delivers on that promise. From emerging startups to global enterprises, Michigan offers what executives value most. A resilient, innovative ecosystem, diverse communities that attract top talent, and a quality of life that supports work. Life balance with our unified Team Michigan approach, businesses scale faster and compete at the highest level. Michigan Pure Opportunity Seize your [e-mail].