Legacy technology has IT and cybersecurity teams feeling overwhelmed. Research shows that 59% of security decision makers feel unprepared for the future with their current tools. What can they do to stand on firmer ground? Learn more later in the podcast.
What could you do if your data was working for you, and not against you? With Bloomberg delivering enterprise data directly to your systems, you get easy access to the details you want, optimized for higher-level analysis, and financial data experts committed to helping you maximize your every move. Our data is made for more, so you can show the world what you're made of. Visit Bloomberg.com slash Enterprise Data to learn more.
This is a special report from Bloomberg Radio. I'm Doug Krisner in New York. Jimmy Carter, the 39th president of the United States, has died at his home in Plains, Georgia at the age of 100. Carter was the longest living former US president ever. In early 2023, he opted to spend his remaining time at his home in Plains while receiving hospice care. Bloomberg's John Tucker takes a look at the life and legacy of Jimmy Carter.
Jimmy Carter served as a state senator and governor of Georgia before running for the nation's highest office in 1976. This man is Jimmy Carter, an uncommon man who is now running for the Democratic nomination for president. Carter grew up in Georgia, attended the United States Naval Academy, and then joined the Navy in 1946. He later became an activist against racial segregation and supporter of the civil rights movement. He was a dark horse candidate for the White House,
with little notoriety outside of Georgia, defeating Gerald Ford to become 39th President of the United States.
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. A key achievement of his presidency was mediating peace talks between Israel in Egypt in 1978. Today we've signed a peace treaty when both nations have won.
The peace between Egypt and Israel has lasted since the treaty went into effect with Egypt eventually becoming an important strategic partner of Israel. Leaders of both nations were awarded the Nobel Peace Prize for their efforts.
Good evening. The U.S. Embassy in Tehran has been invaded by Iranian students. Carter's final year in office was marred by the Iran hostage crisis, when 52 American diplomats and citizens were held in the U.S. Embassy in Tehran. Five months into the affair, Carter ordered an operation to free the hostages, which failed, leaving eight American servicemen dead. It was my decision to attempt the rescue operation.
It was my decision to cancel it. When problems developed, the responsibility is fully my own." The Iran hostage crisis eventually contributed to Carter's 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. Carter received numerous awards and accolades since exiting the White House, including a United Nations Human Rights Prize in 1998. In 2002, he was awarded the Nobel Peace Prize for his effort to find peaceful solutions to international conflicts. War may sometimes be a necessary evil, but no matter how necessary,
It is always evil, never a good. We will not learn how to live together in peace by killing each other's children.
The Nobel Committee also noted Carter's efforts to advance democracy and human rights and promote economic and social development. Jimmy Carter was the longest retired president and the first to live past the age of 95. He previously announced plans to be buried at his home in Plains, Georgia. John Tucker Bloomberg Radio.
Carter was at his home alongside Rosalyn, his wife of 77 years when she died in November 2023 at the age of 96. Carter lived long enough to fulfill a final wish to cast a ballot for Kamala Harris in the 2024 presidential election. Jimmy Carter, 39th president of the United States, has died at his home in Plains, Georgia at the age of 100.
For more on the former president's legacy, we go now to Bloomberg's Washington Bureau and balance of powerhouse Joe Matthew. Joining us now to share thoughts on the life and legacy of Jimmy Carter, our Bloomberg politics contributors Rick Davis, partner at Stone Court Capital, and Jeannie Shansano, political science professor at Iona University. Thanks to both of you for being here at this important moment. Jeannie, how will Democrats remember President Carter?
You know, I think they will remember him as a president who took over the reins of the White House at a very difficult time. Post Watergate, obviously, post the loss in the Vietnam War. He was an improbable victor of that office. You know, running essentially 0% in the polls in 74 when he started his campaign, lived in Iowa, made the Iowa caucus what it is today, and went on to win.
you know, shockingly against Ford in a close election. And of course, I think, you know, one of the things that I long say is that while his presidency, he doesn't have, you know, doesn't register high in the annals of what historians categorize presidents as, I do think a reexamination of it as we go forward, we're revealed that he was a much stronger president than he's given credit for, and potentially not as strong of a post-president as he has given credit for.
Rick, Republicans have a different view than Democrats, largely when it comes to the life of James Earl Carter, and usually not for the better, as I think Jeannie's referencing here, frequently comparing him recently to Joe Biden. How would you describe the mark that he left on American politics?
Yeah, I mean, there are, as Jeannie said, lots of questions related to the presidency at Jimmy Carter, you know, Peanut Farmer from Plains, Georgia, who rose to the presidency. But I think one of the things that's most intriguing to me is how much the Middle East played in his presidency, both as a positive and a horrible negative, probably as great as accomplishments in president of the Camp David Accords in 1978, you know, that
led to a treaty between Israel and Egypt, and really created the framework for the Middle East that we know today. And yet, it was the Iran takeover of the U.S. embassy and the hostages that were held that really, I think, signaled the end of his presidency. It was something that, as much as he tried, he couldn't overcome. And people saw that as a mandate against his ability to govern.
And so it's just intriguing that this man from Georgia, you know, was so defined by a place that was so far away and so complicated at the time in the minds of Americans. Isn't that right? Did he deserve to be defined in that way, Jeannie?
You know, I think some of it is what happens when we look at things in the moment. And as we look backwards as historians do, I think we will revisit some of that. You know, I agree with Rick in terms of his foreign policy accomplishments. You know, certainly the Camp David Accords were a shining moment. It's interesting that Carter himself pointed to something different as a shining moment, although he did take credit for that.
And that was normalization of relations with China. And as we think about it today, the global economy we have today would not be possible without that. And of course, you can add to that on a foreign policy perspective, the Panama Canal Treaty as well. So he did have some foreign policy victories really worth noting. Of course, the Iranian hostage crisis was a very, very difficult time in his presidency. And 20 minutes after Ronald Reagan has inaugurated, those hostages are sent home.
So it is his negotiations that get them back, but as is typical with Carter, he doesn't get political credit in the moment.
For many, the symbol of Jimmy Carter's political struggles came on the 15th of July, 1979, an address to the nation that became known as the Malay's speech, despite the fact that he never actually used the word Malay's. The president was originally set that day to deliver a speech about the energy crisis. He replaced it with one about a crisis of confidence, as he put it, in which he asked Americans to consume less and depend less on the accumulation of goods. It is a crisis.
of confidence. It is a crisis that strikes at the very heart and soul and spirit of our national world. We can see this crisis in the growing doubt about the meaning of our own lives and in the loss of a unity of purpose for our nation. The erosion of our confidence in the future is threatening to destroy the social and the political fabric of America.
It's hard to imagine a president today delivering that speech, Jeannie. Is that why so many associated with Jimmy Carter?
They do. And I'm so glad you said he never used the word malays in that speech. And it's the speech worth rereading. It's one of the most important of the 20th century. And, you know, he does something really, as you mentioned, unprecedented, where he admits his shortcomings. And then he talks about a spiritual crisis among people in the United States, too materialistic, too consumerist. And this moves him into his sort of energy strategy. And as we get out of that speech,
speech rather, he gets like an eight point boost in the polls. It's received well. But then he goes on to fire cabinet members, almost all of them. It's a sign of instability. His poll numbers drop and the speeches sort of, you know, gets this moniker of malaise and it's remembered that way ever since. But I do think again, it's part and parcel of his challenges he had with the politics of the White House, more so than the policy of the White House.
That's interesting. Rick Davis, you're known for, of course, managing the presidential campaign of a candidate who was known to tell it like it is. Was this a teachable moment for modern politicians about being too honest? It was for me. I was a young political operative on the Ronald Reagan presidential campaign when that speech was given.
And it really did actually define, for me, the parties at the time. Democrats were sort of arguably studying their navels when it came to the economy. They had no real plan, as Jeannie said, that were
economic and energy issues. People had long lines at gas stations. There was this thing called the misery index, you know, a combination of inflation and interest rates. I mean, people forget interest rates were sky high much triple quadruple what they are today.
And the Republicans, under Ronald Reagan's leadership as a candidate for president, really defined an economic renaissance for the country and used that against Jimmy Carter and the kinds of discussions he was trying to have with the country over these kind of spiritual issues, really, who we are and what we mean
And Ron Reagan said, well, we are the greatest country for good in the world, and what we need is an economy that people can prosper with.
I mentioned earlier, Jeannie, that he's so frequently compared to Joe Biden and vice versa by Republicans today. When you add the inflation piece, the sense of malaise that some people have and sort of the modern culture here in America. And we even go back to the fact that Jimmy Carter's first presidential endorsement from an elected official outside of Georgia came from a young Senator named Joe Biden. Why not the best was a campaign theme, which
Sounds a lot like build back better and shares the same spirit, Janie. How similar are these two political creatures?
You know, I do think there are similarities, and it's fascinating. That was his first endorsement from a young Joe Biden at the time. You know, one positive way in which I think they are very similar is that we long forget, but that Jimmy Carter had 40 major pieces of domestic legislation during his time. He creates the education department, FEMA. He reforms civil service, 15 pieces of environmental legislation on energy. And, you know, I think he was, you know, almost ahead of his time in some ways.
before he leaves the White House, he talks about global warming, says he's going to tackle it in the second term, which never comes about. And we can think now about what that would be like. He famously installed solar panels on the White House that people mock him for, you know, so he was somebody who was forward thinking did have a lot of major pieces of legislation. But in some senses related to Joe Biden, and again, it's hard to say this because Biden's still in the White House, is that he has difficulty
allowing or getting the public to see where he is headed and what benefits those will have in store for him. And, you know, I think there's a lot of elements of that. You know, I look at Rick was talking about inflation and interest rates. They were sky high. What does he do? He does something difficult. He gets Paul Vokler in there with the harsh, harsh, you know, real steps that Voker takes, which don't benefit Carter, but certainly benefit Reagan when he comes in.
And so he's forward thinking in that way, but it's not to his political benefit necessarily. There's something here about the image of the presidency, Rick, that changed with Jimmy Carter. And I don't know if you want to invoke Joe Biden in this somehow. But remember, there was no more hail to the chief.
He wore a regular suit when he was sworn in. No more yacht jeans worn in the White House. For some people, these were admirable developments that made him more relatable, that brought the White House closer to the people. For others, it was a lack of decorum. It was a turn culturally.
Well, it was one of the very first sort of insurgent presidencies of our modern presidency, right? I mean, his team was a bunch of guys from Georgia who were able to navigate his campaign to the presidency, and they were used to that kind of casual nature. They were used to having barbecues on weekends, which Carter made good use of.
in trying to control the Congress into supporting his legislation. And you're right. I mean, it was a shock to most of official Washington at the time because up until that point in time, Washington hadn't changed much over the course of the previous 25 or 40 years. And so you could argue that it was a breath of fresh air or a really destabilizing influence into the establishment of Washington.
Since then, there's been a lot more instability in Washington. And yet, I think you can look back to the Carter presidency as a way where so much of what we thought was standard operating procedure was turned on its head. And now, I think there's more of a sensitivity that with new presidents come new teams. And that was certainly, I think, more prevalent with Donald Trump, who brought in a whole new crew to Washington, much the way, I think,
Jimmy Carter did. Some prescient words in his farewell address, Jeannie. This is from the 14th of January, 1981, when Jimmy Carter spoke to the nation and delivered a warning on his way out of the White House. We were increasingly drawn to single issue groups and special interest organizations to ensure that whatever else happens, our own personal views and our own private interests are protected.
This is a disturbing factor in American political life. It tends to distort our purposes. This is before Fox News and MSNBC, Owen, and the rest, the blogs, the internet, and all of it, Jeannie. That was a warning that a lot of us should have been listening to. And when you look back at it now, it's pretty remarkable how spot on he was about the direction we were taking.
That's right. I mean, he was really prescient in that, you know, a long history of farewell addresses from Washington's famous warnings about factions to Carter's and beyond. And his was, you know, very forward looking to the extent that he said, we are before the advent of social media and everything else. We are increasingly being very divided. And he did see the United States as having something
of a religious, you know, a faith, a challenge. He was a very faithful person and he wanted the United States to stop being as materialistic as it was and start to address its spirituality and do so together and remember that we had things bigger than ourselves that we should think about. And of course that sounds a bit Pollyanna's as we look back today, but it's very much in keeping with who Carter was.
You know, I remember Hamilton Jordan defined him as, you know, almost a pacifist in some ways. And I think it's sort of indicative of the fact that he, you know, it's very tough to be president when you're seen as a pacifist. But this was Carter and he battled with those kinds of things and tried to move forward as a faithful person and a faithful president. And, you know, here was somebody who opposed abortion but had to govern under row. So a very challenging
placed for him to be, and he did it, you know, I think as, you know, as honestly as an individual can. Of course, a naval veteran who was a graduate of the Naval Academy, which a lot of people don't know. Rick, the post-presidency many would suggest was redefined by Jimmy Carter, won the Nobel Peace Prize in 2002, and developed the Habitat for Humanity, which really showed to the world that someone could be more than just a former president.
Yeah, his influence post-presidency is really a special thing. And frankly, redefined who he was in the American eye. Both with the work he did overseas, he would bring delegations to countries, budding democracies to oversee elections, to promote democratic freedoms that were not very popular at the time in the early 1980s and 90s in some parts of Latin America and Africa.
Then, as you point out, his passion and compassion for people who couldn't support themselves through things like Habitat for Humanity. I spent time building houses in Habitat humanity myself.
and the bringing together of communities to be able to give something like home ownership to individuals who'd never had it before, whose families benefited for generations after that, was really something special. So it was really, I think, he blossomed in his post presidency, and I think that's part of what people have in the top of their mind when thinking about Jimmy Carter today.
It's really something, Jeannie. We've been talking for some time here about the many challenges and struggles that Jimmy Carter had politically in his time at the White House. Yet for presidents now, he's become the model for what you do when you leave.
He has, and it's fascinating, when he spoke about that, he would often say he didn't have a plan because he thought he was gonna be president for another four years, and there he found himself. And so he establishes the Carter Center. He also, I think, and I've heard other people say this, and I agree with this. He will obviously be remembered very warmly by Americans, but by people around the world, Carter is an even bigger deal.
than many of our post presidents, because he did so much. I mean, if you just look at Guinea worm disease, he takes that from 3.5 million to 25 cases. And that had destroyed many African countries, river blindness, as Rick mentioned, habitat for humanities, his work on monitoring elections, seeking to end civil wars and crises, all of which he won the Nobel Peace Prize, as you talked about. And so, you know, for people around the world,
Carter is remembered as one of the most important post-presidents we've ever had, and he did, you know, sort of lead the way now for modern presidents as they leave the White House for what they can sort of hope to be. He stands as sort of his shining example in that realm.
He was the 76th governor of Georgia and the 39th president of the United States, remembering Jimmy Carter on Bloomberg with Bloomberg politics contributors, Rick Davis and Jeannie Sanzano. Many thanks to both of you for sharing insights on this important day. I'm Joe Matthew in Washington. This is Bloomberg. Want to know where stress is showing up in the $20 trillion commercial real estate market?
or how the clean energy transition is actually being financed. Or while childcare is so expensive and why so much of the global economy is going into reverse, then you're in the right place. I'm Tracy Alaway. And I'm Jill Wiesenthal. Together we host The All-Bots Podcast. Twice a week, we bring on the perfect guests to break down all these odd, interesting, complicated finance topics and more. You can look us up wherever you get your podcasts. The All-Bots Podcast from Bloomberg.
