Jimmy Carter's Passing; Republicans Fight to Back Speaker Johnson
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Good morning. I'm Amy Morris. And I'm Karen Moscow. Here are the stories we're following today. Karen, we begin this morning with the passing of a former U.S. president. Jimmy Carter, the 39th president of the United States, died at his home in Georgia Sunday at the age of 100. The longest living president in U.S. history, Carter's accomplishments during his one term in the nation's highest office included brokering an historic peace accord between Israel and Egypt.

He faced several domestic and foreign challenges throughout his presidency, but he refined the post-presidency for U.S. leaders. Bloomberg's John Tucker takes a look back at Jimmy Carter's political career and legacy. Jimmy Carter served as state senator and governor of Georgia before becoming the 39th president of the United States. I, Jimmy Carter, do solemnly swear that I will faithfully execute... Carter's tenure in the Oval Office was tumultuous, marked by inflation...

a recession, and an energy crisis. Our dependence on foreign oil will be stopped dead in its tracks right now. Carter encouraged energy conservation by all U.S. citizens and created the Department of Energy. His final year in office was marred by the Iran hostage crisis, which contributed to his loss to Ronald Reagan in 1980.

After politics, Carter committed much of his time to peacekeeping and humanitarian efforts like Habitat for Humanity. Join us with Habitat for Humanity as we rebuild homes and lives. Jimmy Carter was the longest retired president and the first to live past the age of 95.

John Tucker, Bloomberg Radio. All right, John, thank you. Well, after leaving office, Jimmy Carter founded the Carter Center and was awarded the Nobel Peace Prize in 2002 for his decades-long efforts to promote peace, democracy, and human rights. President Biden paid tribute. He worked to eradicate disease, not just at home, but around the world.

He forged peace, advanced civil rights, human rights, promoted free and fair elections around the world. He built housing for the homeless with his own hands.

And his compassion and moral clarity lifted people up and changed lives and saved lives all over the globe. President Biden also recalled his long friendship with Carter. I've been hanging out with Jimmy Carter for over 50 years at Don Dummy. And I had countless conversations over those years. What I find extraordinary about Jimmy Carter, though, is that millions of people all around the world

All over the world. You know, they lost a friend as well. President Biden says he'll order a state funeral for Carter in Washington and designate it January 9th as a national day of mourning. The U.S. stock market traditionally closes on the day of presidential funerals. No announcement has been made as of yet by exchange overseers.

President-elect Donald Trump also paid tribute to Carter on social media. While Trump often spoke negatively about Carter's presidency during the campaign, he wrote on Truth Social yesterday that Carter, quote, did everything in his power to improve the lives of all Americans. For that, we all owe him a gratitude.

Well, Amy, we'll have more on the passing of Jimmy Carter throughout the program, but we continue now with other headlines this morning. Elsewhere in politics, some Republican hardliners have not committed to re-electing GOP leader Mike Johnson as House Speaker after he backed a temporary spending deal that did not include President-elect Trump's

initial demand for lifting the U.S. debt ceiling, but others are pushing back. New York Republican Congressman Mike Lawler says the infighting is a waste of time. Matt Gaetz and several of my colleagues teamed up with 208 Democrats to remove Kevin McCarthy, which will go down as the single stupidest thing I've ever seen in politics. With that said, removing Mike Johnson would equally be as stupid.

Republican Congressman Mike Lawler told ABC's This Week the party is playing with fire if it removes Johnson as speaker in January. Johnson can only afford to lose one vote among his slim Republican majority when the House votes on its new leader. If removed, a battle to replace Johnson could delay other aspects of Congress, including certifying Trump's election win. The House speakership vote is scheduled for January 3rd.

And Karen, we also saw political infighting this weekend on social media over immigration. An online debate ensued over the H-1B visa program, which allows companies to hire foreign workers in specialty occupations. Trump's appointment of Sriram Krishnan as senior policy advisor sparked some pushback from far-right activist Laura Loomer and former Trump advisor Steve Bannon. Now, in the past, Krishnan has...

an extension of visas and green cards for skilled workers. Trump advisor Elon Musk weighed in, however, saying he supports the H-1B visa program for highly skilled workers and criticized those in Trump's base of support who don't back it. Trump seemed to take Musk's side, telling the New York Post, quote, it's a great program and has always been in favor of the visas.

Meanwhile, overseas, Amy, Elon Musk making waves as he weighs into international politics. The world's richest man doubled down on his support for the far-right Alternative for Germany party two months ahead of the country's elections. Musk wrote the AFD party was the last spark of hope for Germany in an opinion piece in a German newspaper. Three state chapters of the AFD are classified as extremist and are under surveillance by Germany's domestic intelligence service.

Staying overseas, we're also following the deadly plane crash in South Korea. 179 people were killed when a Boeing 737 crash landed at Gwanghwamun International Airport Sunday morning. Investigators in South Korea are probing the cause of the country's worst ever civil aviation accident. Bloomberg Asia Aviation reporter Danny Lee says the pilot issued a mayday minutes after the control tower warned of a bird strike. So

So the bird strike warning was given to pilots by the airport staff, the air traffic control in the minutes before the landing. This is a critical phase of flight for pilots to obviously navigate safely and land. And after this bird strike warning, there was a Mayday call from the pilots. They had suffered a bird strike and then subsequently minutes later, the crash happened.

Bloomberg's Danny Lee says investigators will focus on an unusual landing gear failure in the final moments of the flight. A second aircraft from the same airline suffered a similar fault this morning above Seoul before returning safely to the airport.

Well, Amy, as South Korea mourns that devastating plane crash, the country continues to experience political turmoil. An arrest warrant being sought for South Korea's President Yun Suk-yool. The impeached leader had repeatedly defied court summons to appear for questioning over his decision to declare martial law and vowed to keep defending himself.

And finally, a look at markets as Wall Street enters the holiday-shortened final trading week of 2024. Investors have seen a pullback recently in the Magnificent Seven tech stocks that have powered two years of gains. Despite uncertainty about the Fed and economic policies in a second Trump administration, Wall Street strategists are expressing cautious optimism on U.S. stocks heading into the new year. Thomas Martin, senior portfolio manager with Global T Investments, believes equities could continue to push higher.

the underlying fundamentals in the economy the expected earnings growth of companies and the expected growth rate of gdp and the potential for positive things that can happen really are forcing strategists and people to be positive on the next year so

You know, a 10 percent rate of return in the S&P 500 is sort of the long term average over the last three decades. And that's sort of the central tendency that I'm seeing in the strategists that I see surveyed. So it's quite possible we could have a year. Thomas Martin with Global Investments believes the outcome range for the S&P in 2025 is likely wider than investors are anticipating.

It is time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. And as we've been reporting, tributes continue to pour in after the death of former President Jimmy Carter, known as a champion of human rights. Former New York Governor David Patterson is remembering Carter. Most of all, he was able to mix history.

His commitment spiritually to his professionalism as an elected official and very few people that have ever held office in this country have done that. Former President Jimmy Carter, also the winner of the Nobel Peace Prize, died Sunday at the age of 100.

A strong storm system is threatening to whip up tornadoes in parts of the U.S. southeast. A day after severe weather claimed at least two lives and injured six others as twisters touched down in Texas and Mississippi. Strong storms moving eastward are expected to continue producing gusty, damaging winds, hail and tornadoes.

Terry Hackle is with a Texas-based rescue group called On Point Rescue who deployed volunteers to help with the cleanup effort in the Montgomery County community of Porter Heights. This is bad, but people will recover. This community is tight, so we're seeing that a lot. These are mostly people that are out. They're not getting paid to be here. This is volunteers. Our entire team is volunteers. Terry Hackle with On Point Rescue says many of those affected don't have home insurance.

Tony Award-winning stage actress Linda Lavin became a working-class icon as a waitress on the TV sitcom Alice Has Died. Lavin was already a success on Broadway when she was chosen to star in, at the time, a new CBS sitcom in 1976 based on the Oscar-winning film Alice Doesn't Live Here Anymore. Lavin's representative says she died Sunday of complications from lung cancer at age 87.

Final preparations underway in Times Square's New Year's celebration. The crossroad of the world is set to welcome millions as the ball drops from the top of the one Times Square tower to ring in 2025. Yesterday, workers at the site rehearsed the confetti toss. New Year's Eve executive producer Jeffrey Strauss says crews will be on rooftops around Times Square to toss confetti by hand.

As the ball descends and the numerals light up 2025, there's going to be a blizzard of colorful confetti. New Year's Eve executive producer Jeffrey Strauss says about 3,000 pounds of confetti will be released.

Global News, 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg, Karen. All right, Michael Barr, thank you. As criminal ransomware and state-sponsored attacks continue to escalate, a bolted-on approach to cybersecurity isn't cutting it. In fact, the more security tools an organization uses, the more security incidents it has.

According to new research from Google, companies that use 10 or more security tools average 14 incidents per year. That's more than double the amount for those that use fewer than 10 tools. To proactively manage cyber attacks, organizations should invest in productivity tools across email, documents, and video conferencing that are secure by design, hopping off the treadmill of software patching and lightening the load on their embattled IT and cybersecurity teams.

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Take your business further at T-Mobile.com slash now. Time now for the Bloomberg Sports Update brought to you by Tri-State Audi. Here's Dan Schwartzman. Dan, good morning. Good morning, Karen. The Giants snapped their franchise record 10 game losing streak. Second half kickoff is taken out by Smith-Marset. Still going. Amir Smith-Marset, New Jersey native, takes it. A Giants touchdown.

That's courtesy of Fox Sports with a 45-33 win over the Colts. The Giants avoid becoming the first team to go 0-9 at home in a season. Drew Locke throws for 309 yards and four touchdowns. With the win, though, the Giants lose their grip on the first overall pick of the upcoming NFL draft. They now hold the fourth selection. Jets get dominated in Buffalo 40-14 by the Bills. Aaron Rodgers getting benched.

after throwing two interceptions. Jets fall to 4-12. The Bills clinch a second seed in the AFC behind the Chiefs. Elsewhere, Eagles dominate the Cowboys 41-7. Saquon Barkley becoming just the ninth running back in history to surpass 2,000 yards rushing in a season. Barkley's going to need 101 yards next Sunday versus the Rams to break Eric Dickerson's 40-year-old rushing record of 2,105 yards in a season.

With the win, Eagles clinching the NFC East. Commanders improved 11-5 in overtime, 30-24 win over the Falcons to clinch a playoff berth. Meanwhile, the Vikings win their ninth game in a row. They knock off the Packers 27-25. If the Lions win tonight over the 49ers, Vikings and Lions will be playing next weekend in Detroit for both the NFC North crown as well as a top seed in the NFC playoffs.

Looking at the NBA, the Celtics lose for the third time in four games. They fall to the Pacers in Boston, 123-114, while the Magic slip past the Nets, 102-101. That's your Bloomberg Sports Update. I'm Dan Schwartzman. Coast to coast on Bloomberg Radio. Nationwide on Sirius XM. And around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak.

514 on Wall Street, and we're looking back this morning at the life and legacy of former President Jimmy Carter. We're joined now by Terry Haynes, the founder of Pangea Policy. Terry, good morning to you. Jimmy Carter was a one-term president, but it was his post-White House work that really seemed to define him.

Good morning, Amy. And, you know, just so, Carter and, ironically, Richard Nixon, whose own difficulties did so much to bring Carter into the White House, ultimately really defined the post-presidency in a lot of different ways. A lot of what's been said about Carter post-presidency accurately about peace and advice and all the kind of backlash

scenes uh... work uh... was also engaged in by nixon to some extent and uh... and they really did change the way that uh... that presidents uh... dealt with their post presidency so uh... all credit to him for that

Two quick points on Carter beyond that. One, for markets, because I always start there. Carter really broke the back of inflation in the late 1970s and early 1980s. Those with longer memories will always say, well, Paul Volcker did this, Paul Volcker did that. It was Carter that put Paul Volcker in there, and it was

Carter, uh, that told Volker, uh, that he would back Volker's own views about this to the hilt and, uh, deal with the political fallout. And ultimately Volker got the kudos and Carter got the short end of the stick, but, uh, Carter should be remembered for that. Finally, uh,

Carter is really the last Democratic president to challenge Democratic articles of faith that more government and more money are always the solution to problems. And he fell out with his own Congress over that, and that contributed to his one-term status.

Briefly, you also mentioned some of the ways he carried through how Nixon performed in his post-presidency. But Carter also continued efforts that started during the Nixon administration to normalize relations with China.

Oh, absolutely. And, you know, I don't mean to engage or suggest whataboutism here. I just think it's the parallel tracks are very, very interesting. Nixon, of course, started the China thaw policy, and Carter really moved into that and continued it with a vengeance. And from the perspective of almost 50 years, that was somewhat controversial to continue that way, but he did it.

and has created, I think unwittingly today, but I wouldn't fault him for this back then, created the Taiwan strategic ambiguity policy that is now so much front and center in China-Taiwanese-U.S. relations. Now, we only have about 30 seconds here. What is the main thing that stands out to you about former President Jimmy Carter?

Well, look, this is a very good and decent man, firstly, and not as an aside. He's a remarkable man in many reasons. This is a person who wanted to live a useful life and did. Beyond that, his very maverick status within the Democratic Party, I think, really helped him do a one-term status.

This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg

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Android Auto interfaces. And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it, in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow. And I'm Amy Morris. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.

From hobby farmers to weekend gardeners and everyone in between, Tractor Supply trusts 5G solutions from T-Mobile for Business to make shopping more personal. Together, we're connecting over 2,200 stores with 5G business internet and powering AI so team members can match shoppers with products faster. You're all set. This is enriching customer experience. This is Tractor Supply with T-Mobile for Business. Take your business further at T-Mobile.com slash now.

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