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Quest Means Business
Dolly Parton, Queen Of Country Music, Dies At 80; United CEO: We've Recovered Most Of Elevated Fuel Costs; Canadian Finance Minister: We Are Strong And Free; Scott Bessent's Former Mentor Blasts U.S. Bond Buyback Plan; Engineers Eye Nuclear Solutions To Power Data Centers; Remembering Dolly Parton. Aired 4-5p ET
Aired August 25, 2026 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:13]
RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": Closing bell is now ringing on Wall Street and Big East ringing that number. The market
is interesting. It is up sharply. The Dow is up a third of a percent and all the markets are, in fact, the broader market is as well. Bring trading
to an end, Madam, please, if you would. And a one and a two and a one -- oh yes!
There we are. Strong gavel right at the end. Those are the markets. And these are the main events we are talking about.
Sad news: Dolly Parton, the country musician and philanthropist, has died aged 80.
Tonight, we will also tell you about Canada unveiling $20 billion in retaliatory tariffs and that has raised the stakes as the trade war hots up
with the United States.
Also, United Airlines chief executive, Scott Kirby on this program tonight, he tells me his airline is taking a $7 billion hit from higher fuel prices.
We are live in New York. It is Tuesday. It is August the 25th. I am Richard Quest and QUEST MEANS BUSINESS.
We start tonight with the sad news that Dolly Parton, one of America's most beloved and unifying stars, has died. Her family says Dolly Parton passed
away peacefully at her home in Nashville, Tennessee.
She was known not only as the Grammy Award winning Queen of Country Music, she was revered for her humanitarian work, contributing large sums to
disaster relief, medical research, childhood literacy and many other causes.
CNN's Elizabeth Wagmeister now looks back on the life and legacy of Dolly Parton.
(BEGIN VIDEOTAPE)
ELIZABETH WAGMEISTER, CNN ENTERTAINMENT REPORTER (voice over): A beloved country queen known for her vulnerable and poetic lyrics, like in her
classic hit "Jolene."
(DOLLY PARTON singing "Jolene.")
WAGMEISTER (voice over): Dolly Partons music was as popular as her bold style. Composing and performing booming anthems like "9 to 5" that
resonated with office workers everywhere.
(DOLLY PARTON singing "9 to 5.")
WAGMEISTER (voice over): She ranks among the most successful country recording artists of all time, with nearly 50 albums and more than 25
number one hits, a superstar who often sang about her humble small town Tennessee roots.
(DOLLY PARTON singing "That Good Ole Country Music.")
WAGMEISTER (voice over): The fourth of 12 children, she started singing hymns in church. Dolly moved to Nashville after high school graduation,
aiming for work as a songwriter.
DOLLY PARTON, COUNTRY SINGER: I was just trying to make a living trying to find what i wanted to do, to have my songs recorded.
WAGMEISTER (voice over): The petite singer modeled her signature style after a woman known for her promiscuity in her hometown.
PARTON: She was the prettiest thing I'd ever seen. I was very impressed by the big hair she had, the lipstick and the nails and the high-heeled shoes.
WAGMEISTER (voice over): Dolly got noticed quickly, scoring a recording deal and a regular gig on "The Porter Wagoner Show."
(Clip from "The Porter Wagoner Show")
WAGMEISTER (voice over): Their collaboration lasted seven years. She wrote a song about parting ways with Wagoner, and it became a smash first in
1974.
(DOLLY PARTON singing "I Will Always Love You.")
WAGMEISTER (voice over): And again, when Whitney Houston recorded it nearly two decades later.
(WHITNEY HOUSTON singing "I Will Always Love You.")
PARTON: Her version of that was spectacular. I always think of it as being our song.
WAGMEISTER (voice over): Dolly said music made her a crossover success.
PARTON: It was a song that got me everywhere I've ever been.
(Clip from "Nine to Five.")
WAGMEISTER (voice over): She wrote the theme to "Nine to Five" and landed a lead role in the movie.
DORALEE RHODES, FICTIONAL CHARACTER: And I shot a hole clean through my purse.
WAGMEISTER (voice over): Some of her other films include "The Best Little Whorehouse in Texas."
(Clip from "The Best Little Whorehouse in Texas.")
WAGMEISTER (voice over): And "Steel Magnolias."
TRUVY JONES, FICTIONAL CHARACTER: Young lady, you've just landed yourself a job.
ANELLE DUPOY DESOTO, FICTIONAL CHARACTER: Oh! Good!
WAGMEISTER (voice over): Her many job titles included author, theme park owner and philanthropist.
From setting up a literacy program for impoverished children to funding research for a covid vaccine.
PARTON: "Vaccine! Vaccine! I am begging of you, please don't hesitate."
WAGMEISTER (voice over): She stayed low key about her charity work, insisting she saw herself as a musician first.
PARTON: My music is everything to me, and I just -- that is what I grew from.
WAGMEISTER (voice over): Dolly said her career was shaped by her family, faith and ambition.
PARTON: God first, me second. And I've been able to maneuver and live my life based on that and use my talent to the best of my abilities.
[16:05:02]
WAGMEISTER (voice over): Indeed she did, writing an estimated 3,000 songs and earning countless awards and honors, including a Grammy Lifetime
Achievement Award and enshrinement in the Rock and Roll Hall of Fame.
An event Dolly dominated, even outranking the rock stars in 2022.
(Clip from Rock and Roll Hall of Fame)
WAGMEISTER (voice over): She released her first rock album at the age of 77, and often collaborated with younger singers. It all helped make Dolly
Parton one of America's most beloved artists, with fans and admirers that spanned generations.
POSTER: Sweet by and by, we shall meet on that beautiful shore!
(END VIDEOTAPE)
QUEST: With me, Elizabeth with me. What does one say about somebody who is so universally loved?
I see Donald Trump has announced that the flags will fly at half-staff for a week in the United States, and we do need to go through a little bit of
the details of what we know about what happened, because the question of her health had been under question because she had been looking after, of
course, her late husband.
WAGMEISTER: That's right, and we have known that Dolly Parton has suffered from some health issues over the past year or more. And she was always
incredibly, incredibly gracious to share those health updates with her global fans, Richard and she had to cancel many shows. She pulled out of
some public appearances.
So again, this is something that we did know, but Dolly always came on camera, right? This wasn't like an artist who was issuing a statement
through a publicist. She came on camera to speak to her fans, and she had that Dolly energy. She looked great, she sounded great and she said, I want
to share with you that I do have some health issues, and it has been a struggle, but I am still kicking and I am doing great.
And I remember one of her recent videos, she actually said, "I am not gone just yet." So I think because we knew she had health issues, but since we
heard it from Dolly herself, it just felt like she was going to be okay.
And 80 years old is nothing to sneeze at. That is an amazing, incredible, long life.
QUEST: That is true.
WAGMEISTER: But it felt like dolly was immortal, right, Richard?
QUEST: Correct. Now look, the thing that I find extraordinary, of course is she was one of the stars in the old fashioned way and I mean that by she
knew what she had to -- the audience came first. You know, people had paid good money to come and see her, and she was going to make sure, but she was
a megastar, and there are few and far between.
WAGMEISTER: That's absolutely right. I mean, it is hard to think of another star. Well, there was no one like Dolly, we will just say that. But it is
hard to think of other stars at her magnitude. And you're right, she was that old fashioned star. She really took her platform seriously.
She knew the impact that she had on her fans around the world, and to your point, she knew that they revered her and that they were paying good money
to see her. The fans came first. That's why I believe that her legacy, it will not be her music. Richard, she wrote 3,000 songs in the course of her
career, but her legacy is going to be her kindness and her humanitarian work and all that she did to be such a unifying force.
And I really think that in these divisive times, Richard, we can all learn a lot from Dolly on how to spread kindness and not tear others down.
QUEST: You know, I went to school in Nashville, Tennessee, where of course, where Dolly Parton -- I mean, besides being a legend, she was one of those
people everybody knew and it was just -- it is where I first sort of experienced country music. I had no idea what all that country music was
all about.
But it is fascinating that she lived in Tennessee. She had Dollywood in Tennessee. You had all these things in Tennessee. It was home to her right
to the end.
WAGMEISTER: Absolutely and she really stayed true to her roots. And she really was a country superstar, right? She didn't want to do the whole
Hollywood thing and she was one of the biggest stars. So absolutely, she stayed true to her roots. I mean, she came from humble beginnings. She was
one of many, many children and essentially grew up with nothing, grew up poor, and look at the life that she created.
And that is what spilled over into her humanitarian work that she wanted to teach kids to read. She always stood by maligned communities. Of course,
you look at the movie and the song "9 to 5" and what she did for female empowerment. She was an LGBTQ ally, always standing with her gay fans. She
was a gay icon.
And I also want to talk about the look of Dolly, right? She was bedazzled, and she had the big hair, and that was part of her aura, but it was really
her. Her look was also -- her bright, bubbly, sparkly personality and that is something that her family said today in their statement, when they were
announcing her death at 80 years old.
[16:10:10]
They said that she had a rhinestone life and that she shined bright to the world and that is so true.
QUEST: Well, one point on that. It was interesting the way they announced it, wasn't it? The person who announced it, there was no over saccharine,
sentimental. It was very clear this was who she was. This is what happened. This is how we mourn. It was -- but it was very, very well tastefully done
the way they announced it.
WAGMEISTER: Yes. So it was her nephew actually, who came out with a recorded video and said that he was speaking on behalf of the family and
something that is very interesting that he said is he said that "My aunt dolly told me that this was going to be my role, that when this day came
that she wanted me to do this video." And he said, "I didn't realize the weight that it would have when this day actually came."
But he said, of course, that they are sad, but he really wanted to talk about the brightness and the happiness that she brought to the world. And
this was her nephew, but also her former head of security. So someone who worked closely with her in a personal and professional manner.
And I do think, of course, millions of fans around the world are devastated and crying right now and so upset. But I do think that we can all have a
smile on our face when we think about Dolly Parton and all the brightness that she brought.
QUEST: I am grateful to you tonight. Thank you as always. Elizabeth Wagmeister in Los Angeles.
Now, Dolly's contribution to country music is simply immeasurable. Perhaps most famously in the 1980 film "Nine to Five," which theme song she wrote,
as you heard, earned two Grammys and an Oscar nomination.
(Clip from "Nine to Five.")
(DOLLY PARTON sing "Nine to five for service and devotion. You would think that I would deserve a fat promotion. Want to move ahead? But the boss
won't seem to let me. I swear, sometimes that man is out to get me.)
QUEST: Years later, she explained to "Vanity Fair" how she came up with the song.
(BEGIN VIDEO CLIP)
PARTON: Every day on the set, I'd just watch what was going on, and I have these acrylic nails and they sounded like a -- like a typewriter to me and
it was all about a secretary. So I kind of looked around. I'd just like, you know, like in the mornings I get up, I tumble out of bed and stumble to
the kitchen, and every day I'd pick up different -- different stories, different things I'd see the women doing and just kind of playing off of
all the girls.
And then when I got ready to record it, I brought all the women, not the men, just all the women, because it was about the women in the workplace
and everybody on the set, even the script girls, whoever they were, I brought them all down to the studio to sing on it with me, and I played my
nails on a separate track and it says "nails by Dolly," which I think is funny.
(END VIDEO CLIP)
QUEST: Joining me now from Nashville, Tennessee, the writer and editor from "The Country Music Hall of Fame and Museum," Erin Osman.
Erin, what can one say? I mean, this woman was a legend, both obviously in Tennessee and country music and was deeply involved in places like the Hall
of Fame and your memories?
ERIN OSMAN, EDITOR AND WRITER, "THE COUNTRY MUSIC HALL OF FAME AND MUSEUM": Yes, I mean, at the Hall of Fame today and in Nashville, we are feeling a
profound sense of loss and Dolly will be remembered as the musical prodigy that she was.
I mean, she sold a hundred million records worldwide, but she will also, I think, above all else, be remembered for her humanitarian spirit and as a
unifying symbol of this country.
QUEST: How was she in terms of Tennessee? It was her home. It was very much her home. And for country music and the Country Music Hall of Fame, she was
-- it was part of her.
OSMAN: Yes. Dolly contained multitudes. She was a larger than life figure, but she also was a really resonant symbol of this state and of her home in
the Smoky Mountains and she never wanted to abandon that.
She never wanted to become an L.A. girl. The foundational principles of her upbringing and of Tennessee were very important to her and like I said, she
will be remembered for being a truly kind, generous, giving person.
QUEST: That giving across -- I mean, she gave some fairly large sums of money over many years, but she didn't -- she didn't flaunt it, she didn't
beat her chest about it. She didn't -- she just did it and let other people talk about the work that she was doing.
OSMAN: Yes. Dolly didn't need the validation. I mean, she didn't have children of her own, but she was like America's mother. I mean, she did
more for children's literacy in this country than anyone else did.
QUEST: When she was on the warpath when she had a bee in her bonnet, when she was really going for a cause, she went for it.
[16:15:10]
OSMAN: Yes, she did. I mean, she was one of the primary contributors to medical research around COVID vaccines. She was a fierce ally of the LGBTQ
community, a gay icon. Dolly didn't want to exclude anyone and she really meant anyone.
QUEST: I am very grateful for you. Thank you for joining us tonight from Nashville.
Thank you.
OSMAN: Thank you.
QUEST: It is QUEST MEANS BUSINESS tonight.
We've all been talking about fuel prices and jet fuel, it has gone up more than 50 percent since the Iran War started. In a moment, the chief
executive of United Airlines, that's Scott Kirby there, he tells me his company was prepared for the shock.
Scott Kirby after the break.
QUEST MEANS BUSINESS.
(COMMERCIAL BREAK)
QUEST: The chief executive, the head of United Airlines, has told me strong travel demand has helped United recoup a spike in jet fuel price costs.
Jet fuel has more than doubled since the fighting began between the U.S. and Iran. United Airlines, CEO Scott Kirby, who is just coming up to ten
years at the airline, says United was ready for the supply shock and its staggering price tag.
(BEGIN VIDEOTAPE)
SCOTT KIRBY, CEO, UNITED AIRLINES: About $7 billion year-over-year, which is a huge number but to put it in context, the best we've ever done in
history, we've made a little less than $5 billion. So the good news for us is we've managed to recover much of that, not a hundred percent for the
full year, but we've managed to recover most of it.
QUEST: And are you resigned to fuel being at these levels for the foreseeable future?
KIRBY: Well, since the middle of march, we have believed that the that fuel is likely to be higher for longer. It seemed hard for me to think that the
Straits of Hormuz were going to be reliably and sustainably open, so far we've been right, but we've been planning all along for fuel to be higher
for longer.
QUEST: And how are you going to plan to go into a much more difficult season, which is autumn, fall and winter?
KIRBY: You know, the fourth quarter has actually become one of our best quarters now as we've expanded internationally, it has actually become one
of our better quarters of the year. So we feel pretty confident. Demand is really strong. Not really -- there is not a crack in demand there.
QUEST: So, let's talk about that.
KIRBY: Yes.
QUEST: And I am always aware that there is always a result season somewhere just around the corner.
KIRBY: Yes.
[16:20:10]
QUEST: But is demand holding up in all cabins?
KIRBY: Demand is strong across the board. You know the economy is far stronger than you would think if you just read the newspaper and the
financial press.
You know, I've been nervous about the economy, given all the stuff that you read. But were a really good real time indicator of demand.
QUEST: Ten destinations next year. I think the most interesting for me and there will be a lot of debate about it is Ljubljana, Slovenia, which of
course breaks into a new area, into Central and Eastern Europe. What is the strategy here?
KIRBY: You know, this is an exciting day for United. I've never known any airline to announce ten new international destinations in a single day. But
what has really happened is we've built a brand loyal airline that our customers love. And because we have that great customer base, it just
allows us, we've been for several years, opening up new destinations around the globe.
And this year were going to add ten more new destinations.
QUEST: But the thing is, I always say it is easy to open the destination. It is quite more difficult to keep it going and have the staying power.
Many of your competitors have opened and left.
In terms of your destinations, how many of them can keep going?
KIRBY: You know, all the -- we've added a number of new international destinations each year in the past several years, and I can only remember
one that didn't work and they all do -- they have all done really well. And we are really introducing Americans to new places around the globe, making
it easy to get to and what we find is that when we do that, there is a huge surge in demand and with one exception, they've all done really well.
I guess that, at least nine of these ten are going to do really well.
QUEST: Right. What about the inbound? The international traffic coming in.
KIRBY: Yes.
QUEST: Now, I understand majority is eastbound, but in terms of westbound inward to the U.S., how significant now is that?
KIRBY: You know, about 80 percent of our international travel is U.S. citizens; to Europe, it is probably 65 percent, so it is important. It is
an important part of the flight and some of the markets, you know, a place like Toulouse that we are adding is going to have a lot -- is probably
going to have actually more Europeans flying to the U.S. from Toulouse.
But a destination, you know, like Ibiza is going to have a lot more U.S. citizens going to Ibiza.
QUEST: Delta is making a run at the Pacific out of Seattle and elsewhere.
My guess is you sort of have got an amused look at this, because you are --
KIRBY: Can you tell?
QUEST: But you are much bigger across the Pacific. But everybody is now trying to beat into it.
KIRBY: Yes. You know, Delta is a really good airline. I have a lot of respect for Delta, but for international, United was born on third base
when it comes to international. San Francisco is by far the best Pacific gateway. Newark, by a wide margin, is the best Atlantic gateway.
Dulles, by the way, is probably close to the second best Atlantic gateway. And because of that, you know, were 5X any other U.S. airline across the
Pacific, we are larger by a lot.
We have more destinations, more flights than, you know, than our competitors combined to Europe.
QUEST: Okay, let's look at this plane.
KIRBY: Yes.
QUEST: So this is sort of the new hope in a sense.
KIRBY: Yes.
QUEST: But how many ways can you slice and dice the cabin?
KIRBY: You know, I think we are in pretty good shape on this airplane. And what I really think of the aircraft as I am much -- personally much more
focused on how do we create a great experience for customers nose to tail. And you think about this airplane, everyone on this airplane is going to
have great seatback entertainment, great interior, Starlink, high speed Wi- Fi all the way back in coach.
One of the cool things to me on this airplane is a snack bar for customers where you can get up in the middle of the flight. You want a snack. People
have had, you know, airlines have had those in premium for a long time, but now in coach where you can go back and get a snack if you want to on a long
flight.
QUEST: Two other areas I want to, first of all, do you wish that you know, the next Boeing plane, mid-range Europe, you know, basically one -- Boeing
lost out after the 757.
KIRBY: Yes.
QUEST: Would you like them to do one of these?
KIRBY: I've been telling them for 20 years they need to build a plane like this.
QUEST: Are they listening?
KIRBY: No.
QUEST: Are deliveries better?
KIRBY: Deliveries are better -- both Boeing and Airbus have their aircraft straightened out. The engines are still a problem.
QUEST: And that's not going to be solved --
KIRBY: That's not getting solved this decade. Sometime in the next decade - -
QUEST: Just get used to it.
KIRBY: Yes.
(END VIDEOTAPE)
QUEST: That's the chief executive of United.
Canada has now fired back at the United States with its list of tit-for-tat tariffs. The levies are set to hit more than $20 billion worth of U.S.
goods and that starts next month, ranging from 15 to 50 percent,
At the same time, Canada is offering $5.5 billion to support businesses and workers that are hurt -- that are hit and hurt by the tariffs.
The Canadian Finance Minister says he wants his people to feel more secure.
[16:25:06]
(BEGIN VIDEO CLIP)
FRANCOIS-PHILLIPE CHAMPAGNE, CANADIAN FINANCE MINISTER: Canada can act because we entered this period from a position of strength, and I want
Canadians to have confidence.
When the United States of America asks too much and offer too little, we made a choice. We chose Canada. So now let's continue to build Canada
strong because we are the true north, strong and free.
(END VIDEO CLIP)
QUEST: Elisabeth Buchwald is with me.
I looked at the list. It is very complicated. It is very detailed. It is designed to obviously hurt the U.S. more than it is to hurt Canada.
But we are now well and truly in the trenches of a full trade war.
ELISABETH BUCHWALD, CNN BUSINESS ECONOMICS REPORTER: I can't quite hear you.
QUEST: Can you hear me, Elisabeth?
BUCHWALD: I can hear you. But I am guessing you're asking me something about tariffs and I will just give you the rundown of what is going on
today and hopefully answer questions that you have. But what is going on is we saw a whole lot of new tariffs coming in today on Canada's part $20
billion worth and they are trying to match dollar for dollar what is going on.
But here is the interesting thing: There is a little bit of midterm stuff going on here. So Canada has had a unique opportunity where they could say
we want to target these industries that are specific to states that are vulnerable in the midterm elections. Have a listen to what Canada's
Minister of Industry said earlier.
(BEGIN VIDEO CLIP)
MELANIE JOLY, CANADIAN INDUSTRY MINISTER: We are also targeting products that will target states in the U.S. and so we are being wise and strategic
to put political pressure and that's why we think it is the right thing to do right now.
(END VIDEO CLIP)
QUEST: Can you still hear -- can you hear me?
BUCHWALD: I can hear you now. Fire away your questions, Richard.
QUEST: Well, we are clearly absolutely now in a trade war. And I really -- I guess now, it is up to the United States. Are they going to go back for a
second bash or in many cases, you sort of end up with a tit-for-tat and you let the dust settle while you try to rebuild. But it is hard to know
whether what the U.S. is -- forget the rhetoric, what the U.S. is actually going to do next.
BUCHWALD: It seems like Trump isn't going to shy away, and Canada isn't either. So you're putting oil and water together, and what you're going to
get is probably a vicious trade war. But there is always the opportunity for them to reconcile as well.
And it seemed like on Friday, before things completely fell apart, it seemed like they were getting closer on issues and there was actually a
chance for a longer lasting deal to move forward. But now, who knows?
QUEST: And of course, this all gets tied up with USMCA, which is another entire kettle of fish, as they might say.
Elisabeth, I am grateful and well done. You correctly anticipated what I had ask, and you gave us exactly what we needed. As always, Elisabeth
Buchwald, joining us.
Coming up, the legacy and life of Dolly Parton, who passed away today.
(COMMERCIAL BREAK)
[16:31:09]
QUEST: Hello, I'm Richard Quest.
Together we're going to have a lot more QUEST MEANS BUSINESS when I'll be telling you why Scott Bessent's former mentor is blasting the U.S. Treasury
secretary's approach to calming the bond market. We'll be talking all about that. And of course, and I'll be speaking to the chief executive of a
company repurposing old nuclear reactors.
We'll just get to that story but only after we've had the headlines because this is CNN and here, the news always comes first.
Canada says it will match the tariffs announced by President Donald Trump. The counter tariffs are set to take effect next month, and they'll target
around $20 billion worth of goods. Trade wars, accompanied by a spiraling war of words. President Trump says the U.S. could change the name of Lake
Ontario, one of the great lakes, to Lake America.
The U.S. Secret Service says it's aware of a video aired by Iranian state media threatening the life of Barron Trump, the president's youngest son.
Iran's hard liners have repeatedly featured content targeting the president and his family following the assassination of former Supreme Leader
Ayatollah Ali Khamenei by U.S. forces that took place at the beginning of the war.
Tributes are pouring in for the country music legend and humanitarian icon Dolly Parton. She died today at her Nashville home. Dolly Parton was 80
years old. No word yet on the cause of death. President Trump has ordered U.S. flags lowered to half-staff for a week in honor of Dolly Parton.
Now, President Trump has posted on social media this afternoon about Dolly Parton's death, saying he's ordering the U.S. flag to be lowered throughout
the country for a week. It starts in roughly 90 minutes from now.
Kristen Holmes is at the White House.
The late Dolly Parton seems to have done what few could ever do, which is bring all sides together in this most extraordinary outpouring of love and
grief.
KRISTEN HOLMES, CNN SENIOR WHITE HOUSE CORRESPONDENT: Richard, that's so true. She seems to have transcended politics in a way that is almost
impossible for anyone to do in this day and age, just given how polarizing politics has become. And you saw this post from President Trump. Not one to
celebrate celebrities in any way saying that there was never -- never has been anyone like her and there never will be anyone like her.
Then we saw a post from former President Bill Clinton saying another touching tribute, saying essentially that she was one of the greatest that
there ever was. You see this across the spectrum, and it appears as though this was somewhat of a conscious decision of Parton's. She was offered the
Presidential Medal of Honor or Medal of Freedom twice under the Trump administration. She declined both times. The first time saying her husband
was ill, the second time saying she didn't want to travel during COVID.
She was then offered it under the Biden administration, and she declined again, saying that she felt like if she accepted it, she would be doing
politics and she didn't want to look like she was choosing sides. And then she went on to say that she wasn't even sure if she deserved it, although I
will guarantee there are hundreds, if not thousands of people who would disagree with that sentiment. And she seems to be beloved by all.
And again, it's really a testament to who she was that everyone who is giving these kind of emotional tributes, they're focusing on her
personality, her kindness, her philanthropic means, the way that she really kind of took her career. And she not only excelled as a country music star,
but also gave back to the community that she grew up in.
[16:35:06]
And it's been very stunning to see because we don't see this this day and age almost ever, where you see this kind of coming together across the
aisle. No politics involved, just really tributes to this amazing woman.
QUEST: I'm grateful. Thank you, Kristen Holmes at the White House.
Dolly Parton was a champion of gay rights and an advocate, a strong advocate for marriage equality.
Hunter Kelly is a journalist and radio host. He joins me now from Nashville, Tennessee.
And I mean, you know, on one level, one would say, well, it's sort of the way in which she took the LGBTQ community and went with it, when it wasn't
popular, when it could have been controversial in a southern state, and she basically -- and, you know, said, well, that's the way it is and stuck two
fingers up.
HUNTER KELLY, RADIO HOST AND JOURNALIST: Well, for Dolly Parton, it was all about love. And, you know, she was a Christian woman and she really took
the tenets of Jesus Christ about accepting people and loving those downtrodden. And this wasn't something that she just did recently, going
back to 1989, her production company Sandollar, produced an Academy Award- winning documentary about the AIDS crisis, about the AIDS quilt called "Common Threads: Stories from the Quilt."
And back in 2005, she recorded an Oscar nominated song called " Travelin' Thru" for a movie about transgender people called "Transamerica." She
performed it on the Oscars, and I got to talk to her about that years later. 20 years later, she stood by that song, today even in the middle of
all the anti-LGBTQ legislation that was going on in Tennessee. It was really fascinating.
QUEST: Right.
KELLY: I interviewed her twice and oh -- hello?
QUEST: No, no, I just --
(CROSSTALK)
KELLY: So interviewed her twice about it. No. So -- and she stood by it. But you're right. She did walk a fine line about politics, you know? But we
always knew as we were fighting these anti-LGBTQ efforts in Tennessee that Dolly was with us.
QUEST: She was a very, very shrewd businesswoman in a way. I mean, everything from Dollywood, she knew how to, pardon the phrase, milk the
brand, but she was not a pushover. She knew how to milk the brand, but was not a pushover. And that's the interesting contradiction. She was able to
stand up for these seemingly at times, not now maybe, or maybe not even more controversial issues in America, but stand up for them, protect her
brand, make her point clear, and woe betide anybody got in the way.
KELLY: Yes, well, and she did it with such grace. And she had a way of making you feel like you were getting all of her when -- but she always
held something back. She always had a real private life about her. So, one -- a master class on how to be in the public. I don't know that we'll see
it again, but I know that most every celebrity out there looks to her for how to operate in the public eye.
QUEST: I'm grateful. Thank you, sir.
Scott Bessent's strategy for cooling the bond market is receiving some pushback. We'll turn our attention to that in a moment.
(COMMERCIAL BREAK)
[16:41:08]
QUEST: Scott Bessent's former mentor is now blasting the U.S. Treasury secretary's approach to calming the bond market. Stanley Druckenmiller says
the plan to increase buybacks is aimed at fixing prices rather than the reasons behind the elevated borrowing costs and that includes the rising
deficit and around $40 trillion in national debt.
New research from Brookings shows a shift in who's controlling U.S. bonds. During the great financial crisis, foreign ownership was dominated by
official investors, central banks, particularly Chinese and Japanese central banks. As of mid-late last year, private investors have overtaken
them. The former U.S. Treasury Secretary Janet Yellen told me why this was significant.
(BEGIN VIDEO CLIP)
JANET YELLEN, FORMER U.S. TREASURY SECRETARY: Other advanced countries also have expansionary fiscal policies, large deficits now competing with the
hyperscalers that are issuing a lot of long-term debt to fund A.I., a market that now has marginal buyers that are price sensitive and really
want to be compensated for these extra holdings of long term debt, and are worried about the fiscal trajectory.
(END VIDEO CLIP)
QUEST: Gian Maria Milesi-Ferretti is a senior fellow at the Hutchins Center on Fiscal and Monetary Policy at Brookings, and is with me now,
Sir, I'm grateful. And let's just -- the article by Druckenmiller really goes to the absolute heart of everything and the criticism of what we've
seen in the bond market this week, which is it is handling symptoms, not curing the problem, which of course is long term debt. And that's one of
the reasons that foreign investors are shifting their policy, too.
GIAN MARIA MILESI-FERRETTI, HUTCHINS CENTER ON FISCAL AND MONETARY POLICY, BROOKINGS: Well, thank you for having me. We've seen -- we haven't seen a
dramatic change in the behavior of foreign investors. I think we should not overstate their own reaction. But as Janet Yellen was saying, the mix of
foreign investors has changed very substantially. And now they are investors which are much more sensitive to market conditions. A lot of
hedge fund activity, these are very leveraged institutions. And when market conditions tighten, changes in behavior can be rapid and at times
disruptive.
QUEST: Why do you think that there has been this shift? Is it -- I guess you could look at it one of two ways. Is it central banks and institutions
buying less or is it private investors buying more? You see what I mean. It could be a bit of a combination of both, but is it one shunning and the
other buying or not?
MILESI-FERRETTI: Well, let me tell you, the foreign investors fundamentally are reserve holders. And what has happened over the past 15 years is that
U.S. treasuries, U.S. public debt has risen much faster than global reserves. And so even if foreign investors had kept a constant share of
dollars or treasuries in their reserves, their role in the treasury market would have declined just because of the speed of increase in the U.S.
treasuries.
QUEST: Right.
MILESI-FERRETTI: And there were other factors at play, too. The dollar went up, and that raised the value of dollar assets in their portfolio. And they
want to hold shares that are roughly balanced. And that also reduced their desire to purchase.
QUEST: But fundamentally, as I read what your views are, the fear is that these newer investors and, again, I'm not trying to overstate it, but a
more fickle.
[16:45:05]
They are more likely to head to the door in the moment of crisis.
MILESI-FERRETTI: Yes, I think that is precisely one of the issues that in the past we saw during the global financial crisis, private investors
actually came in as global volatility rose, as the -- in the VIX, the indicator of volatility went through the roof. That type of behavior we are
not seeing anymore. Liberation day was one case. But of course also March 2020 was another. So the risk is precisely that they will behave
differently from before when times get rough.
QUEST: Druckenmiller's fundamental point was, besides, you know, deal with the cause, don't just deal with the price or the liquidity, but his
fundamental point was that the bond market will give a warning shot, that the bond market is telling a message that needs to be heeded.
The real problem with the U.S. Treasury debt is there's always -- I mean, I remember when, you know, they downgraded the debt from AAA. There's always
a crisis but there's never a moment to put it right.
MILESI-FERRETTI: It is -- I think the process of deterioration is a gradual one. And again, we don't see a rush for the exit. But the burden of higher
interest payments is weighing on U.S. public finances. And with 40 percent of treasuries held outside U.S. borders, it is also weighing on U.S.
external accounts because you are paying interest, but you are paying interest to nonresidents.
QUEST: Right. I'm grateful for you, sir. Thank you very much.
MILESI-FERRETTI: Thank you.
QUEST: QUEST MEANS BUSINESS. In a moment engineers and nuclear power as a way to power data centers, in a moment.
(COMMERCIAL BREAK)
QUEST: The problem of how to power massive data centers efficiently and safely is top of mind for A.I. companies and engineers now working on
solutions which could be very lucrative. One of those teams, a pair of former SpaceX engineers who started Applied Atomics, they've revived an
abandoned small modular reactor project and are now testing it to see if it can -- technology can be used to power data centers and other industrial
facilities.
[16:50:06]
The co-founder and CEO, Ben Kellie, is with me.
Ben, good to see you. I'm so grateful. Thank you, sir. Why would a nuclear, I mean, pressed back into service, power is power is power is power in
terms of power generation? So what's the difficulty here in terms of using it for data centers?
BEN KELLIE, CO-FOUNDER AND CEO, APPLIED ATOMICS: Yes. Well, first of all, pleasure to be here, Richard. Thank you for having me. The challenge with
nuclear traditionally has been speed to power as well as cost. Applied Atomics is focused on taking technologies that we already know work and
putting them together to deploy them in new configurations for A.I. data centers or industrial parks, or really any advanced industry across the
United States.
QUEST: So in the case of these -- you know, if there is a nuclear power station that can be used, it arguably provides an extremely useful, some
would say, clean energy at one level way of increasing that without the fossil fuel effect.
KELLIE: Yes. So nuclear power is extremely dense power. It's really efficient for land usage and it's baseload power. So it can be used very
efficiently across a lot of different areas. But what Applied Atomics is doing is we're not necessarily restarting old nuclear projects. We have
access to about $400 million of intellectual property that we are packaging into our power plants. And so it's an existing project in the sense that
this development has been done, but we'll be helping finish that development, putting it in our power plants and bringing it to market for
the very first time.
QUEST: Right. And who will benefit?
KELLIE: Well, the biggest benefit will be to the communities that we come in and partner with. We're talking about bringing resilient long-term
baseload power, long term jobs and new industry to these to these communities. And so we really see ourselves as being able to come in and
partner with existing utilities or for places further out, even island the power so that we can benefit our end customers, which could be residential
customers, it could be large industrial parks doing advanced fuels.
It could be A.I. data centers. It could be actually a mix on some of these campuses of all three. And so everybody really benefits because if we're
adding this power, we can help stabilize or even reduce rates over the long term. And we can also make sure that these advanced industries that are so
hungry for power get access to the power they need.
QUEST: I'm grateful to you, sir. Thank you. We'll be short tonight because there is such many of the news to talk about. Thank you very much, sir, for
joining us.
Tonight we are remembering the life and legacy of Dolly Parton. And thanks to her musical success, she brought what became the Dollywood Theme Park
and Resort, and that's credited with bringing 23,000 jobs to eastern Tennessee. Dolly Parton also launched the Dollywood Foundation, which
pledged $500 to every student in her home county if they graduated from high school, and formed the Imagination Library, a premier early literacy
effort and book-giving program.
One of our guests called Dolly Parton America's mother. Tom Roland is the co-author of "Star of the Show: My Life on Stage," and the editor of
Billboard Country Update. Tom joins me from Nashville.
What was she like?
TOM ROLAND, CO-AUTHOR, "STAR OF THE SHOW: MY LIFE ON STAGE": She was in person everything that you would expect her to be from what you saw her on
stage. I mean, it was funny because she had an ability to if she was not happy with the direction something was going, she could communicate that
without being pissy or making you feel any less about it. It was great.
QUEST: And, I mean, did you have a temper if you didn't -- if something wasn't going the right way, you say she let you know about it and she was -
-
ROLAND: She did.
QUEST: We've already heard, she was no pushover.
ROLAND: Right. Right. Oh, yes. No, she'd be very direct about it without being insulting. And it was just -- and it was short. And it was like, you
know, by the point. By the time that I was working with her, it was like she was Dolly Parton. So, you know, she'd let you know and you moved in the
direction she wanted to go. She was in charge.
QUEST: But what was fascinating is in this new era of horrible insults, she -- it was all about courtesy. It was all about proprietary. It was all
about getting it right. You know, the music, the books, the films, the songs, getting it right.
ROLAND: Yes. Yes. But, you know, she's a very spiritual woman. Actually, in her office, in the center of her office she had a personal chapel and it
was beautiful and it was quiet. And I know that she spent probably time every day that she went there. One of the things that she told me was, you
know, and most artists have some kind of a ritual before they go out, you know, on stage at a concert, and her ritual at the last minute was take a
pee and have a prayer.
And she -- and her prayer would be to, you know, that somehow God would use that performance to make a difference in some way, shape or form. That's
what everything was about with her, which is, you know, in a perfect world, that's what we would all aspire to.
[16:55:08]
QUEST: Tom, did you have any inkling, any inkling of bad health or that the end might be close?
ROLAND: Well, I mean, I heard what everybody else heard. You know, it's not like I hung out with the family or anything like that. I know when I talked
to her, which was a year and a half ago, the last time that I saw her in person, and that was about six weeks before her husband died. She looked
great. She sounded great. She was, you know, in great spirits. And, you know, I would hear things back from people periodically that they'd say,
oh, well, you know, she, I saw her at an event and she was -- and she needed some help. But I didn't see this coming at all.
QUEST: Right.
ROLAND: I was shocked today actually. I've had my little tears already.
QUEST: Tom, what's the one message you want us to know tonight about Dolly Parton?
ROLAND: I would say, you know, look at who she is. Look at what she left us. Look at how she conducted herself. And we should all aspire to be like
Dolly Parton.
QUEST: I'm grateful to you, sir. Thank you for joining us tonight. Thank you very much indeed for bringing your memories.
We will take a break. On the other side of that, "Profitable Moment."
(COMMERCIAL BREAK)
QUEST: Tonight's "Profitable Moment," I first heard of Dolly Parton, I think probably in the early 1980s. But I first really heard of her when I
went to university in Nashville, Tennessee. The whole area there, everybody knew Dolly Parton. Dolly Parton was a name that just was on everybody's
lips because she was so big in country music and in Nashville and in Tennessee. And what we've heard tonight on the program is how that
transcended through all her business interests, her diplomatic works, her music, the way she conducted her life.
And I think perhaps the best story tonight came to us from Kristen Holmes at the White House, who told the story of how Dolly Parton, having refused
or said she couldn't accept, not refuse, how she couldn't accept the Presidential Medal of Honor from Donald Trump. When then offered it by Joe
Biden refused it because she did not want to seem partisan.
Now it takes real courage, diplomacy, skill, whatever you want to say, to be able to negotiate that. But it also takes a strength of character and a
strength of being. And that's what we've heard tonight that Dolly Parton gave to the world.
And that's our program tonight. I'm Richard Quest in New York. As always, whatever you're up to in the hours ahead --
END
