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00:00What can we sensibly say about the selection process. I'll offer a couple of things about it. One is it goes for too long . You know if you take most countries around the world elections occur in a very short timeframe. So that's clearly why we've had to live with this thing. It's been like you go to bed every night listening to these voices telling you about the US elections get over with. And then as though we hadn't had enough of this great role of the first Tuesday in November got violated because it's the first so we get an extra week. I'm looking forward to a time when we can get past the rhetoric and we can talk about real substance and how real things get changed and real things generally get changed by coalescing of views of a lot of reasonable people coming together and trying to figure out what the answer is rather than pointing out the most opinionated view on either side and expecting somehow that's going to cause everybody to gravitate towards you this time you have one candidate implicitly saying he won't may not accept the verdict. Isn't that something new. I don't. To be honest I don't believe that anything that has been said through this election process is a deeply held belief that would be held in all circumstances and I I just think there have been so many things said that are so absurd that the the good part of me wants to believe that they're just not truly held beliefs. And ultimately this country is about checks and balances. It's about compromise . It's the world's leading democracy and all of us want to see it continue to be that way and part of that leading democracy is you respect the vote of the people. But you know just stepping back behind the election and the rhetoric and finally when we get a result. The fundamental truth which has come out to my mind is the country has done much better than the population meaning the aggregate performance is better than the individual performance. And that has resulted with an enormous number of very unhappy people who are searching for a way out of a box . Some have searched the way left some of search that way right . Some have gone in a completely different direction but they searching for an answer of how is it possible that a 17 trillion dollar economy the largest economy in the world by 70 per cent the next highest is China at 10 Shery Ahn and the next house is Japan at 4. How is it possible this economy of all of this innovation all this tech technological advances all of the education advantages we have in the natural beauty that the vast majority of people feel that they got left behind not just for five years or 10 years for three decades and in fact wages would suggest that they're right and we're living with that consequence that is the fundamental truth which has come out of this .

Gorman: U.S. Election Process Goes for Too Long

Michael R. Bloomberg, the founder and CEO of Bloomberg, sits down with Morgan Stanley CEO James Gorman and Bloomberg Editor-in-Chief John Micklethwait for a wide-ranging discussion on the future of American finance at Bloomberg's The Year Ahead summit in New York. (Source: Bloomberg)