In this live episode, recorded at the Future Proof Festival in Huntington Beach, California, we speak with Rob Kaplan, the former president of the Dallas Federal Reserve Bank and the current vice chairman of Goldman Sachs. We discuss his views on the rate path, and why he does not see the Fed cutting by 50 bps at the next meeting. We also discuss the general macroeconomic environment, the US vs. China AI race, and why he sees globalization on the march — except it's happening without the US.

Odd Lots is coming to Chicago for a live episode! Get your tickets here

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In this live episode, recorded at the Future Proof Festival in Huntington Beach, California, we speak with Rob Kaplan, the former president of the Dallas Federal Reserve Bank and the current vice chairman of Goldman Sachs. We discuss his views on the rate path, and why he does not see the Fed cutting by 50 bps at the next meeting. We also discuss the general macroeconomic environment, the US vs. China AI race, and why he sees globalization on the march &mdash; except it's happening without the US. Odd Lots is coming to Chicago for a live episode! <a href="https://events.bloomberglive.com/event/oddlotslivechicago">Get your tickets here</a> Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox &mdash; now delivered every weekday &mdash; plus unlimited access to the site and app. Subscribe at <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-destination="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast">bloomberg.com/subscriptions/oddlots</a>

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

On Bloomberg&rsquo;s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

Rob Kaplan on the Fed, AI, and How Globalization Is Happening Without the US

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/4e4c0fee-9935-4837-a904-b355015fe14a/transcript

In 2014, the economists Owen Zidar and Eric Zwick were asked by the Treasury to conduct a study on the tax burden of private business owners. It was tricky to figure out how much these sorts of business owners — auto dealers, contractors, the like — actually owed in taxes: After Reagan's 1986 tax reforms, pass-through businesses and other accounting tricks became widespread enough to obscure this class of wealthy Americans hiding in plain sight. The research they conducted led to their new book The Everywhere Millionaire: Who Is Really Rich in America and How They Got There, and one of their central findings is that there are about three million private business owners who have an average wealth of around $25 million. They call this group “Main Street Millionaires” and their influence on the economy and politics in the US is considerable. We speak with Zidar and Zwick today about how they measured the actual number of rich people in America by sifting through reams of tax forms, why income inequality started to rise in tandem with the growing number of pass-through businesses, and how it's possible that the collective revenue of the nation's dentists far exceeds that of the NFL.

Read more:
Tech’s New Rich Are Suffering From ‘Sudden Wealth Syndrome’
Jobless Tech Workers Are Being Left Out of San Francisco’s AI Boom

Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Subscribe to the Odd Lots Newsletter
Join the conversation:discord.gg/oddlots

In 2014, the economists Owen Zidar and Eric Zwick were asked by the Treasury to conduct a study on the tax burden of private business owners. It was tricky to figure out how much these sorts of business owners &mdash; auto dealers, contractors, the like &mdash; actually owed in taxes: After Reagan's 1986 tax reforms, pass-through businesses and other accounting tricks became widespread enough to obscure this class of wealthy Americans hiding in plain sight. The research they conducted led to their new book The Everywhere Millionaire: Who Is Really Rich in America and How They Got There, and one of their central findings is that there are about three million private business owners who have an average wealth of around $25 million. They call this group &ldquo;Main Street Millionaires&rdquo; and their influence on the economy and politics in the US is considerable. We speak with Zidar and Zwick today about how they measured the actual number of rich people in America by sifting through reams of tax forms, why income inequality started to rise in tandem with the growing number of pass-through businesses, and how it's possible that the collective revenue of the nation's dentists far exceeds that of the NFL.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-09-11/tech-s-nouveau-riche-suffer-sudden-wealth-syndrome-as-ai-pay-explodes?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Tech&rsquo;s New Rich Are Suffering From &lsquo;Sudden Wealth Syndrome&rsquo;</a> <a href="https://www.bloomberg.com/news/features/2026-09-17/san-francisco-s-ai-wealth-boom-skirts-engineers-as-openai-anthropic-ipos-near?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Jobless Tech Workers Are Being Left Out of San Francisco&rsquo;s AI Boom</a>
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There's a Mind-Boggling Number of Rich People in America

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/3715cbfc-b4cf-4840-bf1b-b4c8010bc9bb/transcript

Francis Fukuyama's essay “The End of History?” was published in the summer of 1989, a few months before the fall of the Berlin Wall. The essay's argument — that liberal democracy would not only defeat communism, but that its partisans might, in victory, miss the “courage, imagination, and idealism” that defined the ideological battle — lives on as one of the most cited pieces of political theory in the last three decades. In his new memoir, In the Realm of the Last Man, he revisits “The End of History?” and for today's episode he talks to us about how his essay's argument has evolved in a world now defined by the intense technological change brought on by AI and by the many electoral defeats liberal democracy has suffered as of late. We also talk about how the Internet and social media are helping fuel the listlessness that “The End of History” brought about, how he uses AI, and what, if anything, will come after liberalism.

Read more:
Trump’s Midterm Plan Centers on Tax Cuts, MAHA and Himself
Iran Ready to Escalate War Trump Says Will End After US Election

Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Subscribe to the Odd Lots Newsletter
Join the conversation:discord.gg/oddlots

Francis Fukuyama's essay &ldquo;The End of History?&rdquo; was published in the summer of 1989, a few months before the fall of the Berlin Wall. The essay's argument &mdash; that liberal democracy would not only defeat communism, but that its partisans might, in victory, miss the &ldquo;courage, imagination, and idealism&rdquo; that defined the ideological battle &mdash; lives on as one of the most cited pieces of political theory in the last three decades. In his new memoir, In the Realm of the Last Man, he revisits &ldquo;The End of History?&rdquo; and for today's episode he talks to us about how his essay's argument has evolved in a world now defined by the intense technological change brought on by AI and by the many electoral defeats liberal democracy has suffered as of late. We also talk about how the Internet and social media are helping fuel the listlessness that &ldquo;The End of History&rdquo; brought about, how he uses AI, and what, if anything, will come after liberalism.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-09-09/trump-s-2026-midterm-strategy-puts-himself-at-center-of-gop-campaign?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Trump&rsquo;s Midterm Plan Centers on Tax Cuts, MAHA and Himself</a> <a href="https://www.bloomberg.com/news/articles/2026-09-09/iran-ready-for-more-intense-war-and-won-t-relent-official-says?srnd=phx-india?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Iran Ready to Escalate War Trump Says Will End After US Election</a>
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What Francis Fukuyama Is Seeing at 'The End of History'

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ae8e06da-4095-4c0f-8fdb-b4c0013c37f4/transcript

According to OpenAI President Greg Brockman, the models that escaped their sandbox and hacked into Hugging Face's servers had yet to go through alignment training. That they were able to break free of the testing environment was not a surprise to OpenAI, but what has happened since has forced them to rethink some things. Today, we talk to Brockman about what OpenAI has learned since the hacking incident and we discuss why he thinks the conversation around model development has to change. We also talk about how OpenAI collaborates and communicates with competitors like Anthropic, how he thinks models should be evaluating what counts as “good writing,” and, of course, we get his thoughts on how seriously we should be worried about the AI doomsday scenarios.

Read more:
OpenAI Is Open to Slowing Cutting-Edge AI, CEO Sam Altman Tells Staff
Tech’s New Rich Are Suffering From ‘Sudden Wealth Syndrome’

Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Subscribe to the Odd Lots Newsletter
Join the conversation:discord.gg/oddlots

According to OpenAI President Greg Brockman, the models that escaped their sandbox and hacked into Hugging Face's servers had yet to go through alignment training. That they were able to break free of the testing environment was not a surprise to OpenAI, but what has happened since has forced them to rethink some things. Today, we talk to Brockman about what OpenAI has learned since the hacking incident and we discuss why he thinks the conversation around model development has to change. We also talk about how OpenAI collaborates and communicates with competitors like Anthropic, how he thinks models should be evaluating what counts as &ldquo;good writing,&rdquo; and, of course, we get his thoughts on how seriously we should be worried about the AI doomsday scenarios.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-09-11/openai-is-open-to-slowing-cutting-edge-ai-ceo-sam-altman-tells-staff?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">OpenAI Is Open to Slowing Cutting-Edge AI, CEO Sam Altman Tells Staff</a> <a href="https://www.bloomberg.com/news/articles/2026-09-11/tech-s-nouveau-riche-suffer-sudden-wealth-syndrome-as-ai-pay-explodes?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Tech&rsquo;s New Rich Are Suffering From &lsquo;Sudden Wealth Syndrome&rsquo;</a>
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OpenAI President Greg Brockman on Doing Business in the Wake of Hugging Face

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/1664f593-6ca2-4a3e-bbe6-b4c201317baa/transcript

Rob Kaplan on the Fed, AI, and How Globalization Is Happening Without the US

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