Bloomberg Money: Bond Moves, Social Security and the US Open

**Rebecca Patterson** (0:02)
Bloomberg Audio Studios.

**Sarah Friar** (0:04)
Podcasts, radio, news.

**David Gura** (0:07)
Bloomberg Money.

**Tom Keene** (0:12)
This is the Bloomberg Money Podcast. I'm Tom Keene with Scarlet Fu. Join us each week for a smart look at the forces shaping your financial life on personal finance, on retirement, and wealth management. We will explore how people are earning, investing, and building wealth. We are live Fridays at noon Eastern on Bloomberg Television. Subscribe to the podcast wherever you listen, and as always on the Bloomberg Terminal and the Bloomberg Business App.
Nikki Waller joins us driving all of our personal finance coverage. It seems like every day there's a germane story out there.
Really to lean into. David Gura, Bloomberg This Weekend, Program Note. Tom Keene will appear with David Gura on Sunday.

**Sarah Friar** (0:56)
I'm coming in on Sunday.

**Tom Keene** (0:58)
Jackson Hole Preview, it's too much.

**Scarlet Fu** (1:00)
Oh my gosh.

**Tom Keene** (1:00)
My people located about an hour ago.

**Scarlet Fu** (1:02)
Okay.

**Tom Keene** (1:02)
And joining us, we're thrilled to bring you Sarah Friar, driving so much of our technology coverage. She changed the dialogue on social media a few years ago. She figured out Instagram before anybody else. Her book just hugely, hugely successful. If you wrote your book today, how would it be different?

**Sarah Friar** (1:21)
Well, so much is changing about the way we consume information. I feel like the biggest change for all of us is that it's become a more passive experience. That when we look at our devices and we go on, we may not have an idea of what we want to find. Right. We're being told what we should find. The critical thinking is out of the question.

**Tom Keene** (1:41)
I feel that way every day, but on no filter, AI is our new filter, right?

**Sarah Friar** (1:47)
It is. It's making decisions for us on what we should care about, how we should think about it, and that takes away the decision-making on our parts, about what we want to know, why we walked into using our phones in the first place. I think that that's the moment we're in, where we need to really think about what we're trying to accomplish when we use our technology, and probably if I were to be visited, I'd look into that.

**Tom Keene** (2:12)
In France, they tried to ban social media in France.

**Sarah Friar** (2:16)
Can you do that though?

**Scarlet Fu** (2:17)
Does that actually work?

**Tom Keene** (2:17)
The judges, the courts shut down.

**Sarah Friar** (2:19)
What are kids going to do? Social media is banned, they're going to talk to their chat bots.

**Scarlet Fu** (2:24)
Or they could hang out. They could hang out.

**Tom Keene** (2:26)
I would love it if they hang out. Make a note, can I pencil you in for a conversation Wednesday?

**Scarlet Fu** (2:31)
Exactly. That's the way it is. Well, let's stick with this tech theme a little bit here, David Gura, because technology is coming up as a issue in the midterm elections. Data centers comes up a lot, and it seems like voters hate data centers, whether you're on the left or the right, and the politicians, the elected officials are picking up on that as we head towards the midterm.

**David Gura** (2:48)
Fascinating note by Michael Hartnett last week from Bank of America, he of course coined the Magnificent Seven moniker, but he wrote about the prospects for there being a longer lasting bubble, depending on how the election results in Texas turn out. Greg Abbott, of course, very pro data centers. We've seen a lot of them crop up more in the works in Texas.
Michael Hartnett and his team saying, were he to be elected, that would extend the life of the cycle that we're in right now, you're absolutely right. This is something that I think is galvanizing a lot of people. The prospects of these things being in their backyard is something that's really agitating.

**Scarlet Fu** (3:18)
Right, because these data centers supposedly bring about higher utility bills, water bills, electricity bills. They're noisy, maybe they cause cancer.

**David Gura** (3:25)
And not a lot of jobs after the initial construction of them.

**Tom Keene** (3:27)
Are we really saying they cause cancer?

**Scarlet Fu** (3:29)
No, no, but there's a lot of talk on social media. And I mean, I don't know if it's true or not, but this is kind of the conversation. David, just stay with the midterms for a minute because there's been some primaries. And I wonder what the takeaway is, because you have Donald Trump's Republicans versus what feels like increasingly unmoored Democrats.