1 00:00:00,800 --> 00:00:04,320 Speaker 1: You're listening to the Bloomberg Sound On podcast. Catch us 2 00:00:04,360 --> 00:00:07,560 Speaker 1: live weekdays at one Eastern on Bloomberg dot com, the 3 00:00:07,600 --> 00:00:10,719 Speaker 1: iHeartRadio app, and the Bloomberg Business App. We're listening on 4 00:00:10,760 --> 00:00:14,560 Speaker 1: demand wherever you get your podcast. The White House says 5 00:00:14,600 --> 00:00:18,200 Speaker 1: the surprise production cut announced by OPEC over the weekend 6 00:00:18,320 --> 00:00:22,160 Speaker 1: is not advisable given the market uncertainty. Then again, they 7 00:00:22,160 --> 00:00:25,040 Speaker 1: didn't like the last one either, recalling the surprise cut 8 00:00:25,079 --> 00:00:28,319 Speaker 1: in October that was seen to fly in the face 9 00:00:28,320 --> 00:00:31,120 Speaker 1: of President Biden's mission to Saudi Arabia over the summer, 10 00:00:31,200 --> 00:00:33,640 Speaker 1: the fifth Bump with MBS. This is what Secretary of 11 00:00:33,680 --> 00:00:35,880 Speaker 1: State Anthony Blincoln said then, it was the twentieth of 12 00:00:35,960 --> 00:00:39,120 Speaker 1: us over. The step that Saudi Arabia and the OPEC 13 00:00:39,159 --> 00:00:43,879 Speaker 1: plus organization took was one that was deeply unfortunate and 14 00:00:43,880 --> 00:00:49,240 Speaker 1: also deeply misguided, misguided, unfortunate. Fast forward to today and 15 00:00:49,320 --> 00:00:55,080 Speaker 1: the surprise production cut now of another million barrels shock cut, 16 00:00:55,120 --> 00:00:57,320 Speaker 1: as I read on the terminal, puts one hundred dollars 17 00:00:57,320 --> 00:01:00,560 Speaker 1: a barrel on the horizon. The response today from John 18 00:01:00,600 --> 00:01:03,040 Speaker 1: Kirby at the White House, speaking for the National Security Council. 19 00:01:03,040 --> 00:01:07,080 Speaker 1: A bit earlier, in a conversation with reporters, quote, as 20 00:01:07,080 --> 00:01:11,280 Speaker 1: I mentioned, not advisable goes on to say, this is interesting. 21 00:01:11,319 --> 00:01:13,600 Speaker 1: I'd say we're focused on moving ahead here on prices 22 00:01:13,680 --> 00:01:17,679 Speaker 1: for American consumers, not barrels. I think, as you know, 23 00:01:17,720 --> 00:01:19,200 Speaker 1: he goes on to say, prices at the pump have 24 00:01:19,240 --> 00:01:22,320 Speaker 1: come down significantly since last year. We're also just in 25 00:01:22,360 --> 00:01:27,280 Speaker 1: a different place. Remembering, of course barrels have prices and 26 00:01:27,360 --> 00:01:33,200 Speaker 1: they're up. One is selling for more than eighty dollars today, 27 00:01:33,240 --> 00:01:36,280 Speaker 1: and that is where we start our conversation with Patrick Dahn, 28 00:01:36,400 --> 00:01:38,399 Speaker 1: the first name we reached for when this happened over 29 00:01:38,400 --> 00:01:41,679 Speaker 1: the weekend, the head of petroleum analysis at gas Buddy. 30 00:01:42,360 --> 00:01:44,760 Speaker 1: Patrick put this in perspective for us here, when you 31 00:01:44,840 --> 00:01:48,640 Speaker 1: take another million off the table, does that ensure one 32 00:01:48,720 --> 00:01:51,880 Speaker 1: hundred dollars a barrel? Where are we going? Well, it 33 00:01:52,000 --> 00:01:55,040 Speaker 1: certainly increases the odds of us getting there, especially if 34 00:01:55,040 --> 00:01:58,400 Speaker 1: the economy does see some sort of growth here the 35 00:01:58,440 --> 00:02:02,120 Speaker 1: spring and summer, the Federal Reserve starts to taper off 36 00:02:02,120 --> 00:02:04,800 Speaker 1: and it's interest rate increases. This could be problematic for 37 00:02:04,840 --> 00:02:07,640 Speaker 1: the spring and summer. But as much as we're all 38 00:02:07,640 --> 00:02:10,120 Speaker 1: focused on the price of oil, with WTI up nearly 39 00:02:10,160 --> 00:02:13,320 Speaker 1: five dollars of barrel today. You'll notice that refined products 40 00:02:13,440 --> 00:02:17,240 Speaker 1: are not seeing the same type of response here, with 41 00:02:17,520 --> 00:02:21,520 Speaker 1: wholesale gasoline prices up just about half of what oil 42 00:02:21,600 --> 00:02:24,920 Speaker 1: is seeing up about three percent. So this won't necessarily 43 00:02:24,919 --> 00:02:28,919 Speaker 1: translate directly down to say the diesel pump, diesel dispenser 44 00:02:29,000 --> 00:02:32,040 Speaker 1: or gas pump, but certainly is going to be making 45 00:02:32,240 --> 00:02:36,000 Speaker 1: a bit more challenging here for gasoline and diesel prices. 46 00:02:36,040 --> 00:02:39,240 Speaker 1: So this certainly could be a little bit inflationary. But again, 47 00:02:39,280 --> 00:02:41,760 Speaker 1: we're in a kind of an economic predicament where the 48 00:02:41,800 --> 00:02:45,440 Speaker 1: economy is slowed down of course, the banking sector exacerbating 49 00:02:45,440 --> 00:02:47,639 Speaker 1: some of the fears that we have about the broader 50 00:02:47,680 --> 00:02:50,200 Speaker 1: strength of the economy, and with China not consuming as 51 00:02:50,280 --> 00:02:52,880 Speaker 1: much now as they reopen, this could be more of 52 00:02:52,919 --> 00:02:56,280 Speaker 1: a point of contention, that is opex production cuts. We'll 53 00:02:56,320 --> 00:03:01,480 Speaker 1: have to see if China's consumption continues to lag behind. 54 00:03:01,639 --> 00:03:03,880 Speaker 1: But you know, all on all shock is the move 55 00:03:04,280 --> 00:03:07,040 Speaker 1: was keep in mind it comes at a backdrop that 56 00:03:07,080 --> 00:03:11,119 Speaker 1: the economy is not necessarily on two feet here. Well, 57 00:03:11,160 --> 00:03:13,440 Speaker 1: I suspect the cut would not have happened if we 58 00:03:13,480 --> 00:03:16,880 Speaker 1: hadn't seen the significant declines following the bank failures a 59 00:03:16,919 --> 00:03:19,640 Speaker 1: couple of weeks ago. That's what drove this, I presume 60 00:03:19,880 --> 00:03:22,480 Speaker 1: when you hear John Kirby talking about it though, speaking 61 00:03:22,520 --> 00:03:25,080 Speaker 1: for the administration today, he says, prices around eighty dollars 62 00:03:25,080 --> 00:03:27,440 Speaker 1: a barrel right now, we're in a different place than 63 00:03:27,480 --> 00:03:29,200 Speaker 1: we were last year. At this time they were trading 64 00:03:29,240 --> 00:03:31,800 Speaker 1: around one hundred ten hundred twenty dollars a barrel, with 65 00:03:31,919 --> 00:03:37,120 Speaker 1: predictions of continued and significant increases. Is the slack demand 66 00:03:37,200 --> 00:03:39,760 Speaker 1: off setting this? Why is the White House not as 67 00:03:39,800 --> 00:03:42,840 Speaker 1: worried as it might have been back in October? I 68 00:03:43,360 --> 00:03:45,600 Speaker 1: think that that could be why it's certainly how I 69 00:03:45,640 --> 00:03:47,680 Speaker 1: feel about it is that, you know, you look at 70 00:03:47,720 --> 00:03:50,360 Speaker 1: some of the gasoline consumption numbers that we've seen here 71 00:03:50,360 --> 00:03:52,680 Speaker 1: at gas but it looks like a very soft spring 72 00:03:52,720 --> 00:03:55,920 Speaker 1: for consumption. So I think that's maybe why the administration 73 00:03:55,960 --> 00:03:58,240 Speaker 1: feels a little bit differently, is that it just doesn't 74 00:03:58,320 --> 00:04:01,320 Speaker 1: feel like as tight as the situation did a year ago, 75 00:04:01,400 --> 00:04:04,720 Speaker 1: when yeah, you know, everything was going wrong from oil 76 00:04:04,760 --> 00:04:10,760 Speaker 1: prices to refining capacity and turnarounds. This spring feels much 77 00:04:10,800 --> 00:04:13,880 Speaker 1: differently now. This spring also saw a lot of refinery maintenance. 78 00:04:13,920 --> 00:04:16,920 Speaker 1: Gasoline inventories are still the point where they're relatively tight, 79 00:04:16,960 --> 00:04:19,200 Speaker 1: so we're not out of the woods yet, but this 80 00:04:19,320 --> 00:04:22,240 Speaker 1: feels dramatically different than a year ago. I'm keep in 81 00:04:22,279 --> 00:04:24,560 Speaker 1: mind you US oil production is up five hundred thousand 82 00:04:24,600 --> 00:04:26,840 Speaker 1: barrels from the year ago as well, certainly not really 83 00:04:26,880 --> 00:04:29,600 Speaker 1: helped so much by the administration. But you know, there 84 00:04:29,600 --> 00:04:32,560 Speaker 1: could be more dumb there. Talk to us then about 85 00:04:32,600 --> 00:04:34,880 Speaker 1: the spr because that was the first question everybody asked, 86 00:04:34,880 --> 00:04:37,320 Speaker 1: Oh my god, did the administration just miss its chance? 87 00:04:37,320 --> 00:04:40,000 Speaker 1: It could have been buying oil in the upper sixty 88 00:04:40,080 --> 00:04:42,400 Speaker 1: seventy dollars. Maybe they wanted it closer to sixty, but 89 00:04:42,440 --> 00:04:44,080 Speaker 1: they would have made money on that if they could 90 00:04:44,120 --> 00:04:46,680 Speaker 1: put it together that quickly. Patrick and I realize it's 91 00:04:46,680 --> 00:04:49,000 Speaker 1: a lot more complex than you know, logging onto your 92 00:04:49,000 --> 00:04:51,039 Speaker 1: account and buying a bunch of oil. They have to 93 00:04:51,040 --> 00:04:52,960 Speaker 1: put it out to bid, They have to they have 94 00:04:53,000 --> 00:04:56,320 Speaker 1: to you know, cover themselves in other areas. But was 95 00:04:56,360 --> 00:05:00,599 Speaker 1: that a missed opportunity, Well, it certainly could. And you know, 96 00:05:00,640 --> 00:05:03,920 Speaker 1: the government just can't really act enough, act fast enough, 97 00:05:04,040 --> 00:05:07,919 Speaker 1: and these type of instances right where they have to 98 00:05:08,200 --> 00:05:12,040 Speaker 1: go through the process of bids and keep in mind 99 00:05:12,040 --> 00:05:14,080 Speaker 1: too that this was going to be a fixed auction, 100 00:05:14,160 --> 00:05:18,360 Speaker 1: which was unusual for the Department of Energy to have 101 00:05:18,600 --> 00:05:21,320 Speaker 1: a fixed price auction where the government's not exposed to 102 00:05:21,400 --> 00:05:24,479 Speaker 1: any price fluctuations. So they're kind of on a learning 103 00:05:24,480 --> 00:05:26,960 Speaker 1: curve with this, But it could be somewhat of a 104 00:05:27,000 --> 00:05:30,960 Speaker 1: missed opportunity, especially if China does see a more robust 105 00:05:31,000 --> 00:05:33,640 Speaker 1: turnaround and consumption goes up, then it's kind of like 106 00:05:33,680 --> 00:05:37,480 Speaker 1: the window has closed behind us, and you know, it 107 00:05:37,520 --> 00:05:40,159 Speaker 1: remains to be seen. I think there is a strong 108 00:05:40,240 --> 00:05:43,880 Speaker 1: case that they may have missed, at least for now, 109 00:05:43,920 --> 00:05:46,240 Speaker 1: the window unless you go out several years where the 110 00:05:46,720 --> 00:05:49,719 Speaker 1: broader economy slows back down. If you're looking short term, 111 00:05:50,240 --> 00:05:52,240 Speaker 1: well that it looks possible that the window has at 112 00:05:52,320 --> 00:05:56,520 Speaker 1: least closed temporarily. Wow, that's seeing a lot. What are 113 00:05:56,520 --> 00:05:58,919 Speaker 1: you looking at for gas prices when the driving season 114 00:05:59,000 --> 00:06:03,240 Speaker 1: kicks in? We're getting closed, Yeah, we certainly are. Our 115 00:06:03,279 --> 00:06:06,120 Speaker 1: forecast was for an average price kind of close to 116 00:06:06,160 --> 00:06:08,960 Speaker 1: where it is right now, the national average at three 117 00:06:09,120 --> 00:06:11,240 Speaker 1: fifty a gallon, a level that we haven't seen since 118 00:06:11,920 --> 00:06:14,839 Speaker 1: earlier this year, in late last year after cold weather. 119 00:06:14,920 --> 00:06:18,480 Speaker 1: But you know, I still think there is the possibility, 120 00:06:18,560 --> 00:06:22,920 Speaker 1: especially now with OPEX production cuts, that that could propel 121 00:06:23,000 --> 00:06:25,640 Speaker 1: the national average briefly to over four dollars a gallon 122 00:06:25,720 --> 00:06:28,520 Speaker 1: this summer. I still don't think we're going to be 123 00:06:29,160 --> 00:06:31,920 Speaker 1: in much of a risk of seeing last year's you know, 124 00:06:32,000 --> 00:06:35,240 Speaker 1: five dollars a gallon prices, but the OPEC cut certainly 125 00:06:35,279 --> 00:06:37,000 Speaker 1: is going to make it a little bit more difficult 126 00:06:37,120 --> 00:06:39,680 Speaker 1: on Americans that are planning to hit the road for 127 00:06:39,720 --> 00:06:41,640 Speaker 1: the spring and summer. But I'm hopeful that we won't 128 00:06:41,680 --> 00:06:45,719 Speaker 1: see four dollars consistently through the summer. But having said that, 129 00:06:45,760 --> 00:06:47,880 Speaker 1: obviously the risk is that there would be a further 130 00:06:48,000 --> 00:06:51,440 Speaker 1: upside if OPEC does continue to tighten the belt or 131 00:06:51,480 --> 00:06:54,760 Speaker 1: if something developed between now and summer. Sounds like you're 132 00:06:54,920 --> 00:07:00,320 Speaker 1: you're more focused on economic growth refining capacity than numbers 133 00:07:00,360 --> 00:07:04,120 Speaker 1: of barrels being produced today. Is that fair? Yeah, you know, 134 00:07:04,320 --> 00:07:06,920 Speaker 1: I'd say so, And I think at least down the refining, 135 00:07:07,279 --> 00:07:11,080 Speaker 1: especially in light of Axon Mobiles, Blade project or opening 136 00:07:11,080 --> 00:07:14,360 Speaker 1: in Bomont, there's a little bit more breathing room. So 137 00:07:14,720 --> 00:07:16,960 Speaker 1: this feels differently right now. We're a little bit more 138 00:07:17,000 --> 00:07:20,480 Speaker 1: concerned on hyper focused on the price of oil, but 139 00:07:20,560 --> 00:07:22,640 Speaker 1: at least we have a little bit more breathing room. Right. 140 00:07:22,720 --> 00:07:26,560 Speaker 1: Crack spreads actually down today, plummeting. The crack spread today 141 00:07:26,600 --> 00:07:29,360 Speaker 1: down two dollars of barrel, and that's indicative of refineries 142 00:07:29,400 --> 00:07:32,680 Speaker 1: that may have a little bit less incentive to produce 143 00:07:32,720 --> 00:07:36,840 Speaker 1: as much gasoline. But there's still gasoline stockpiles are very tight. 144 00:07:36,920 --> 00:07:38,960 Speaker 1: We're still in the time of ero when we're transitioning 145 00:07:38,960 --> 00:07:41,800 Speaker 1: to more expensive summer gasoline, which is lower RVP. So 146 00:07:42,280 --> 00:07:44,080 Speaker 1: there's still a lot that could go wrong. And this 147 00:07:44,200 --> 00:07:47,080 Speaker 1: certainly is a very bullish case with the price of oil. Yeah, 148 00:07:47,120 --> 00:07:50,520 Speaker 1: and the oil stocks themselves, which is always interesting to 149 00:07:50,560 --> 00:07:54,160 Speaker 1: see them move, but not necessarily of some of the 150 00:07:54,240 --> 00:07:57,280 Speaker 1: refined products. To your point, Patrick, what are those traders 151 00:07:57,320 --> 00:08:01,800 Speaker 1: looking at? Shouldn't they be trading in sync with crew oil? Well, 152 00:08:01,800 --> 00:08:04,240 Speaker 1: you know, a lot of the time the relationship is 153 00:08:04,240 --> 00:08:06,920 Speaker 1: strong between the price of oil and refined products like 154 00:08:07,520 --> 00:08:10,480 Speaker 1: diesel and gasoline, but not always, And right now you're 155 00:08:10,760 --> 00:08:14,320 Speaker 1: kind of seeing that that rift that oil stocks that 156 00:08:14,360 --> 00:08:16,960 Speaker 1: are not exposed to the downstream and just the upstream 157 00:08:17,000 --> 00:08:20,560 Speaker 1: are having a fantastic day, but the refined stocks that 158 00:08:20,600 --> 00:08:23,000 Speaker 1: are focused more on the downstream aren't so much having 159 00:08:23,080 --> 00:08:25,080 Speaker 1: a great day, and that's simply because some of the 160 00:08:25,120 --> 00:08:29,320 Speaker 1: economics aren't there yet. For gasoline consumption, you know, as 161 00:08:29,360 --> 00:08:33,360 Speaker 1: I mentioned, inventories are tight. Gasoline inventories, you should keep 162 00:08:33,360 --> 00:08:35,720 Speaker 1: an eye on those moving forward. But we're still probably 163 00:08:35,760 --> 00:08:40,600 Speaker 1: the seventh inning of refinery maintenance season, and gasoline consumption, 164 00:08:40,679 --> 00:08:43,080 Speaker 1: like I said, has been a little lackluster. The spring 165 00:08:43,200 --> 00:08:46,360 Speaker 1: off that turns round refining stocks could see a little 166 00:08:46,360 --> 00:08:48,640 Speaker 1: bit of a break and you could see crack spreads 167 00:08:48,679 --> 00:08:51,760 Speaker 1: strength and but for now, I think as we continue 168 00:08:51,760 --> 00:08:55,360 Speaker 1: to see refining capacity go up more so globally, crack 169 00:08:55,440 --> 00:08:57,800 Speaker 1: spreads are going to be under considerable pressure this year 170 00:08:57,840 --> 00:09:01,000 Speaker 1: as compared to last year. We spent a lot of 171 00:09:01,000 --> 00:09:03,760 Speaker 1: time recently talking about the Willow project that the Biden 172 00:09:03,800 --> 00:09:08,760 Speaker 1: administration green light, which will bring I believe it was 173 00:09:08,800 --> 00:09:12,600 Speaker 1: a six hundred million barrel project quite a bit more 174 00:09:12,600 --> 00:09:15,440 Speaker 1: capacity online. Is that far enough out that it's not 175 00:09:15,559 --> 00:09:17,959 Speaker 1: part of your forecast? Will that have a meaningful impact 176 00:09:17,960 --> 00:09:21,440 Speaker 1: once it actually starts working, you know it'll have a 177 00:09:21,440 --> 00:09:24,079 Speaker 1: meaningful impact. You know years from now when everything does 178 00:09:24,120 --> 00:09:26,240 Speaker 1: get online. It's not really so much a part of 179 00:09:26,280 --> 00:09:29,480 Speaker 1: our forecast. In the short term here, but you know, 180 00:09:29,520 --> 00:09:33,560 Speaker 1: it is important from the optics of the administration going 181 00:09:33,600 --> 00:09:36,160 Speaker 1: ahead and approving it. That is something that could have 182 00:09:36,240 --> 00:09:39,920 Speaker 1: more of an immediate effect. But again it's been tough 183 00:09:39,960 --> 00:09:43,559 Speaker 1: to difficult this administration and what they would green light 184 00:09:43,679 --> 00:09:46,040 Speaker 1: and what they would cancel or what they would shut down. 185 00:09:46,120 --> 00:09:47,839 Speaker 1: So I think it's hard to go off of that, 186 00:09:48,520 --> 00:09:51,720 Speaker 1: but certainly is positive for American energy in the years ahead, 187 00:09:52,240 --> 00:09:56,600 Speaker 1: you know, potentially to offset part of these decisions, these 188 00:09:56,679 --> 00:09:59,680 Speaker 1: arbitrary decisions from OPEC to cut production. So hopefully that 189 00:09:59,679 --> 00:10:02,839 Speaker 1: will up insulate the US down the road. Keeping in 190 00:10:02,960 --> 00:10:05,240 Speaker 1: mind a lot of the conversations about the transition over 191 00:10:05,280 --> 00:10:07,040 Speaker 1: to EVS makes it a little bit more of a 192 00:10:07,080 --> 00:10:11,320 Speaker 1: complex talking point. Yeah, Patrick, many thanks has always for 193 00:10:11,400 --> 00:10:12,839 Speaker 1: jumping in with as Patrick to Han, the head of 194 00:10:12,880 --> 00:10:16,840 Speaker 1: Petroleum Analysis, Say gas Buddy. You're listening to the Bloomberg 195 00:10:16,960 --> 00:10:20,640 Speaker 1: Sound on podcast. Catch the program live weekdays at one 196 00:10:20,679 --> 00:10:24,640 Speaker 1: Eastern on Bloomberg Radio, the tune in app, Bloomberg dot Com, 197 00:10:24,679 --> 00:10:27,560 Speaker 1: and the Bloomberg Business App. You can also listen live 198 00:10:27,720 --> 00:10:30,880 Speaker 1: on Amazon Alexa from our flagship New York station just 199 00:10:31,000 --> 00:10:35,680 Speaker 1: Say Alexa, playing Bloomberg eleven thirty. Well, the whole Donald 200 00:10:35,679 --> 00:10:39,040 Speaker 1: Trump story has evolved greatly since we last spoke. He's 201 00:10:39,080 --> 00:10:42,640 Speaker 1: actually in the air right now, wheels up on Trump 202 00:10:42,720 --> 00:10:45,200 Speaker 1: Force one. We saw him takeoff from Florida. He's on 203 00:10:45,240 --> 00:10:48,679 Speaker 1: his way to New York. Tonight. He will sleep at 204 00:10:48,720 --> 00:10:52,920 Speaker 1: Trump Tower, surrounded by many barricades and probably a lot 205 00:10:52,960 --> 00:10:56,040 Speaker 1: of supporters who were out there apparently first thing this 206 00:10:56,120 --> 00:10:59,840 Speaker 1: morning and then tomorrow the big arrangement two fifteen pm. 207 00:11:00,120 --> 00:11:02,240 Speaker 1: We know a little bit about how that's going to go. 208 00:11:02,360 --> 00:11:04,959 Speaker 1: What we still don't know, that's what he's going to 209 00:11:05,040 --> 00:11:08,240 Speaker 1: be charged with. It's reassembled the panel, Genie Chanzano. When 210 00:11:08,280 --> 00:11:11,920 Speaker 1: Rick Davis or here Bloomberg Politics contributors are signature panel 211 00:11:11,960 --> 00:11:14,120 Speaker 1: on a Monday, Genie, you must be excited. I don't 212 00:11:14,120 --> 00:11:16,600 Speaker 1: know if you've already been down there to Trump Tower, 213 00:11:16,640 --> 00:11:18,480 Speaker 1: but I understand it's quite the scene and it really 214 00:11:18,559 --> 00:11:22,720 Speaker 1: kicks into high gear when he lands. You know, you've 215 00:11:22,720 --> 00:11:24,920 Speaker 1: called him a master at this kind of thing before. 216 00:11:25,000 --> 00:11:29,400 Speaker 1: He's turned this into two days of coverage that will 217 00:11:29,440 --> 00:11:33,720 Speaker 1: culminate with a primetime speech tomorrow. Anything you would add 218 00:11:33,720 --> 00:11:37,160 Speaker 1: to his schedule here, you know, he has made the 219 00:11:37,280 --> 00:11:40,840 Speaker 1: most of this five million dollars in forty eight hours 220 00:11:40,960 --> 00:11:43,760 Speaker 1: is quite a haul. That too. There is that, there 221 00:11:43,840 --> 00:11:45,880 Speaker 1: is the rise in the polls. We don't know how 222 00:11:45,880 --> 00:11:49,640 Speaker 1: long that will last. There is a circus atmosphere in 223 00:11:49,800 --> 00:11:53,200 Speaker 1: southern New York, in southern Manhattan, I should say, and 224 00:11:53,360 --> 00:11:55,480 Speaker 1: you know, I just have to share with you out 225 00:11:55,480 --> 00:11:58,080 Speaker 1: of New York, where we are all waiting with bated breath, 226 00:11:58,200 --> 00:12:01,280 Speaker 1: that comes the New York Young Republican Club. They issued 227 00:12:01,320 --> 00:12:05,440 Speaker 1: a manifesto proclaiming their allegiance to President Trump, and the 228 00:12:05,559 --> 00:12:09,079 Speaker 1: language of it is utterly stunning. They're talking about things 229 00:12:09,120 --> 00:12:12,319 Speaker 1: like he embodies the American people are psyche from it 230 00:12:12,480 --> 00:12:15,440 Speaker 1: to super ego. I won't go on, but this is 231 00:12:15,480 --> 00:12:19,079 Speaker 1: how you know at least some faction of the party, 232 00:12:19,160 --> 00:12:22,120 Speaker 1: and these are Young Republicans in New York Field. We 233 00:12:22,160 --> 00:12:24,160 Speaker 1: don't suspect there's going to be a rally with thirty 234 00:12:24,200 --> 00:12:27,240 Speaker 1: six thousand police officers, but we know Marjorie Taylor Greene 235 00:12:27,240 --> 00:12:29,400 Speaker 1: says she's coming here as well. So it's going to 236 00:12:29,440 --> 00:12:31,920 Speaker 1: be quite the moment. If we can only add George Santos, 237 00:12:31,960 --> 00:12:35,480 Speaker 1: it will be a party. Well, look, I wouldn't put 238 00:12:35,480 --> 00:12:37,760 Speaker 1: it past him. I'd let an opportunity like this because 239 00:12:37,800 --> 00:12:40,480 Speaker 1: you know, we're not in session here, Rick. The speech 240 00:12:40,520 --> 00:12:42,559 Speaker 1: seems to be, you know, quite the touch, and he's 241 00:12:42,600 --> 00:12:46,160 Speaker 1: inviting actual not just supporters but lawmakers who support him 242 00:12:46,160 --> 00:12:48,560 Speaker 1: to marrow Lago for what he's going to do. I 243 00:12:48,559 --> 00:12:52,720 Speaker 1: guess like this administration and exile routine for the rest 244 00:12:52,720 --> 00:12:57,280 Speaker 1: of the campaign. Smart move, Yeah, I mean he's trying 245 00:12:57,280 --> 00:13:01,240 Speaker 1: to design his presidential campaign around almost like a reelection, 246 00:13:01,320 --> 00:13:03,760 Speaker 1: as if he is still president of United States, and 247 00:13:04,760 --> 00:13:08,320 Speaker 1: trying to surround himself with all the different accoutrements of power. 248 00:13:08,920 --> 00:13:12,439 Speaker 1: And even though he hasn't had that many big, high 249 00:13:12,520 --> 00:13:16,520 Speaker 1: profile endorsements, I think it's incumbent upon them to show 250 00:13:17,000 --> 00:13:19,480 Speaker 1: that they're keeping the ones that they still have. And 251 00:13:19,559 --> 00:13:23,439 Speaker 1: so there's some defensive move here to show that nobody 252 00:13:23,600 --> 00:13:27,800 Speaker 1: is leaving the family just because I've been indicted. Yeah, 253 00:13:28,240 --> 00:13:31,280 Speaker 1: but it's also consistent with the theme of his campaign, 254 00:13:31,320 --> 00:13:34,040 Speaker 1: which is I never really left power. I never actually 255 00:13:34,080 --> 00:13:36,800 Speaker 1: got beat. I never you know, like the narrative around 256 00:13:36,880 --> 00:13:40,880 Speaker 1: him is so much that I've always still president. It's 257 00:13:40,920 --> 00:13:43,720 Speaker 1: just I'm not occupying the White House yet. Yes, right, 258 00:13:44,360 --> 00:13:46,679 Speaker 1: it could be very effective. I suspect he'll get Monster 259 00:13:46,800 --> 00:13:49,400 Speaker 1: ratings tomorrow night as well. Gied this whole thing probably will. 260 00:13:49,440 --> 00:13:52,880 Speaker 1: But you know, the idea of adding the speech, whoever 261 00:13:52,960 --> 00:13:54,360 Speaker 1: came up with it, seems to be a good one 262 00:13:54,400 --> 00:13:57,360 Speaker 1: when you're also trying to look, I don't let's see presidential, 263 00:13:57,400 --> 00:13:59,839 Speaker 1: but like you're still viable, that's right. And you know, 264 00:14:00,040 --> 00:14:02,440 Speaker 1: to Rick's point, what's stunning to me is, you know, 265 00:14:02,480 --> 00:14:05,760 Speaker 1: when is the last time in American history a former 266 00:14:05,800 --> 00:14:09,200 Speaker 1: president got more media attention and media coverage than our 267 00:14:09,200 --> 00:14:12,280 Speaker 1: current president. You know, Joe Biden, who is he? He 268 00:14:12,320 --> 00:14:15,080 Speaker 1: seems to be off somewhere in Minneapolis talking about something, 269 00:14:15,120 --> 00:14:18,400 Speaker 1: but nobody is talking about what he's doing. And maybe 270 00:14:18,400 --> 00:14:21,040 Speaker 1: that's okay for the Biden administration now, but it really 271 00:14:21,080 --> 00:14:23,960 Speaker 1: does show Donald Trump is sort of like, you know, 272 00:14:24,320 --> 00:14:26,640 Speaker 1: I don't know, it's hard to compare him to Teddy Roosevelt, 273 00:14:26,640 --> 00:14:28,440 Speaker 1: but he's trying to make this case that you know, 274 00:14:28,600 --> 00:14:31,000 Speaker 1: he's still there, just reelect him and put him back. 275 00:14:31,040 --> 00:14:35,200 Speaker 1: And it's really surprising from that perspective. And so, you know, 276 00:14:35,240 --> 00:14:37,120 Speaker 1: I think one of the big questions, to your point, 277 00:14:37,200 --> 00:14:40,320 Speaker 1: is how many of these congress people actually go to 278 00:14:40,440 --> 00:14:43,000 Speaker 1: the speech. I think that's going to be telling you know, Okay, 279 00:14:43,040 --> 00:14:45,800 Speaker 1: maybe Marjorie Taylor Green, maybe some of these diehards, but 280 00:14:46,000 --> 00:14:49,720 Speaker 1: does anyone unexpected go That may show that he commands 281 00:14:49,720 --> 00:14:52,360 Speaker 1: a lot of support in the party. Otherwise, I think 282 00:14:52,360 --> 00:14:54,720 Speaker 1: he could be setting himself up for you know, looking 283 00:14:54,720 --> 00:14:56,440 Speaker 1: a bit, you know, a bit of a downer. If 284 00:14:56,440 --> 00:14:58,760 Speaker 1: it's not as big as they expect, it's going to be. Well, 285 00:14:58,800 --> 00:15:01,400 Speaker 1: we'll see what which Trump shows up as well, Right, 286 00:15:01,440 --> 00:15:03,440 Speaker 1: if this has a rally feel to it, or if 287 00:15:03,480 --> 00:15:06,360 Speaker 1: it's you know, if it's the retribution sort of funeral 288 00:15:07,160 --> 00:15:11,960 Speaker 1: scene that we've also been introduced to Rick, But my goodness, 289 00:15:11,720 --> 00:15:13,960 Speaker 1: he's he's got the recipe here for some big ratings. 290 00:15:13,960 --> 00:15:16,600 Speaker 1: He went into New York at day early. Wonder what 291 00:15:16,640 --> 00:15:18,760 Speaker 1: you make of that, other than he likes to get 292 00:15:18,760 --> 00:15:20,640 Speaker 1: a chance to visit Trump Tower from time to time. 293 00:15:20,680 --> 00:15:22,960 Speaker 1: He's going to do a whole golden escalator thing tonight, Right, 294 00:15:23,000 --> 00:15:26,120 Speaker 1: He's going to walk outside. There are many opportunities for 295 00:15:26,200 --> 00:15:31,120 Speaker 1: free media and optics today just in itself. Yeah, yeah, absolutely, 296 00:15:31,200 --> 00:15:33,680 Speaker 1: I mean this is his playground, right, I Mean, he 297 00:15:34,160 --> 00:15:37,000 Speaker 1: established himself as the king of New York for many years, 298 00:15:37,080 --> 00:15:40,400 Speaker 1: and this is kind of a homecoming. I don't think 299 00:15:40,440 --> 00:15:43,080 Speaker 1: it's exactly what he'd planned in the sense that you know, 300 00:15:43,120 --> 00:15:47,080 Speaker 1: it's sort of the Golden Handcuffs homecoming. But the reality 301 00:15:47,080 --> 00:15:49,920 Speaker 1: of it is is that this is the part he 302 00:15:49,960 --> 00:15:54,080 Speaker 1: actually knows, I mean, defending the Trump brand in the 303 00:15:54,080 --> 00:15:57,440 Speaker 1: greatest city in the world, and he'll do his star 304 00:15:57,520 --> 00:15:59,440 Speaker 1: turn here. But I agree with you. I think that 305 00:16:00,160 --> 00:16:01,640 Speaker 1: even though I think it's a good idea for him 306 00:16:01,680 --> 00:16:05,280 Speaker 1: to set the record straight tomorrow night and put out 307 00:16:05,320 --> 00:16:08,160 Speaker 1: his own message, he's got, he's in a dangerous new 308 00:16:08,200 --> 00:16:11,440 Speaker 1: place because the reality is everything he says now is 309 00:16:11,440 --> 00:16:15,040 Speaker 1: in the construct of being a criminal defendant and he 310 00:16:15,040 --> 00:16:18,120 Speaker 1: can't just go you know, crazy on the judge without 311 00:16:18,120 --> 00:16:21,560 Speaker 1: invoking a lot of rules around jurisprudence. So and that 312 00:16:21,600 --> 00:16:23,560 Speaker 1: brings us back to the gag order that we've talked 313 00:16:23,560 --> 00:16:26,520 Speaker 1: about last week. Genie, with some of the language we 314 00:16:26,600 --> 00:16:28,960 Speaker 1: heard over the weekend and now claiming that this judge 315 00:16:29,160 --> 00:16:32,800 Speaker 1: who will preside over the case hates me in all 316 00:16:32,880 --> 00:16:38,240 Speaker 1: capital letters. At what point is this is this going 317 00:16:38,280 --> 00:16:40,480 Speaker 1: to be stopped like on the first day of the 318 00:16:40,520 --> 00:16:43,000 Speaker 1: trial or how long can it go on for? Yeah? 319 00:16:43,040 --> 00:16:45,400 Speaker 1: I think one thing we're watching for tomorrow does the 320 00:16:45,520 --> 00:16:48,080 Speaker 1: judge issue a warning to Donald Trump that he is 321 00:16:48,120 --> 00:16:50,720 Speaker 1: going to have to tamp down on the rhetoric end 322 00:16:50,880 --> 00:16:53,400 Speaker 1: or does he issue a gag order in advance. I 323 00:16:53,440 --> 00:16:56,560 Speaker 1: can't imagine that, but it's possible. And then, to Rick's point, 324 00:16:56,680 --> 00:16:59,840 Speaker 1: anything Donald Trump says after that puts him in real 325 00:17:00,080 --> 00:17:03,120 Speaker 1: criminal danger, and that's a problem for Donald Trump. The 326 00:17:03,160 --> 00:17:05,840 Speaker 1: other thing I would say about this homecoming, I actually 327 00:17:05,880 --> 00:17:09,879 Speaker 1: rewatched this weekend when Barack Obama roasted Donald Trump in 328 00:17:10,000 --> 00:17:13,480 Speaker 1: April at the White House correspondence dinner. This is Donald 329 00:17:13,520 --> 00:17:16,679 Speaker 1: Trump's biggest nightmare. He's a queen's guy. He wanted to 330 00:17:16,680 --> 00:17:20,000 Speaker 1: be respected by the elites in Manhattan. He's coming back 331 00:17:20,040 --> 00:17:22,360 Speaker 1: at a moment when he is being looked down upon. 332 00:17:22,440 --> 00:17:26,520 Speaker 1: Now is a potentially criminal, criminally indicted. And this is something, 333 00:17:26,520 --> 00:17:29,720 Speaker 1: no matter how much bravado we see, that is devastating 334 00:17:29,720 --> 00:17:32,040 Speaker 1: for a man at the end of his potentially his 335 00:17:32,200 --> 00:17:34,880 Speaker 1: career and looking forward to the rest of his life 336 00:17:34,880 --> 00:17:37,280 Speaker 1: to be thinking he could be sitting behind bars in 337 00:17:37,320 --> 00:17:39,880 Speaker 1: the embarrassment of that. I don't care what he says, 338 00:17:40,000 --> 00:17:42,040 Speaker 1: this is not the way you want to go out. Well, 339 00:17:42,080 --> 00:17:44,880 Speaker 1: he'll do the whole Fortress Trump thing tonight they can't 340 00:17:44,880 --> 00:17:47,760 Speaker 1: get me here, but tomorrow could feel a little different. 341 00:17:47,960 --> 00:17:51,160 Speaker 1: We're going to talk to Mick mulvaney next hour, Rick, 342 00:17:51,240 --> 00:17:53,240 Speaker 1: because you know, the narrative was that not only was 343 00:17:53,280 --> 00:17:56,119 Speaker 1: Donald Trump surprised that actually happened, but that he was 344 00:17:56,160 --> 00:17:59,760 Speaker 1: actually scared that there were reports from inside Marra Lago. 345 00:18:00,119 --> 00:18:02,479 Speaker 1: Not to overplay this, but that you know, it's not 346 00:18:02,520 --> 00:18:04,480 Speaker 1: that he was looking forward so much to the perp walk. 347 00:18:04,480 --> 00:18:07,199 Speaker 1: He's actually kind of freaked out the idea of finally 348 00:18:07,240 --> 00:18:10,200 Speaker 1: being arrested. I mean, no one would enjoy that process 349 00:18:10,200 --> 00:18:13,000 Speaker 1: of assuming, including him, despite the Secret Service standing there 350 00:18:13,000 --> 00:18:16,400 Speaker 1: with you. That's right. I mean this is an element 351 00:18:16,440 --> 00:18:19,159 Speaker 1: of lack of control that he is not used to. 352 00:18:19,359 --> 00:18:23,000 Speaker 1: Short of being arrested, you can pretty much dictate terms 353 00:18:23,040 --> 00:18:25,320 Speaker 1: to the legal system if you're Donald Trump. But the 354 00:18:25,359 --> 00:18:29,160 Speaker 1: minute you're actually arrested, then it's the legal system that's 355 00:18:29,200 --> 00:18:32,840 Speaker 1: dictating terms to you. And that lack of control that 356 00:18:32,520 --> 00:18:34,679 Speaker 1: that that's going to be something I think that's going 357 00:18:34,720 --> 00:18:37,320 Speaker 1: to be quite scary to Donald Trump. You both assume 358 00:18:37,359 --> 00:18:39,280 Speaker 1: we see a mug shot, right, we were joking about 359 00:18:39,280 --> 00:18:41,159 Speaker 1: it last week, but that he is going to have 360 00:18:41,200 --> 00:18:44,040 Speaker 1: his photo taken Genie. Is it going to leak? Oh, 361 00:18:44,160 --> 00:18:47,280 Speaker 1: it's going to leak, Marge. Kelly Greene says he should smile, 362 00:18:47,440 --> 00:18:50,680 Speaker 1: and they're going to use it for posters. I think 363 00:18:50,760 --> 00:18:53,199 Speaker 1: they may send it out. But listen as he watches 364 00:18:53,240 --> 00:18:56,080 Speaker 1: Alan Weisselberg go through this not that many months ago 365 00:18:56,160 --> 00:18:59,439 Speaker 1: and go to jail. Reports are that that really really 366 00:18:59,560 --> 00:19:03,000 Speaker 1: did right in him, that somebody in Weisfelberg's position, his 367 00:19:03,080 --> 00:19:05,960 Speaker 1: former CFO, could be subject to that, And now here 368 00:19:05,960 --> 00:19:10,000 Speaker 1: he finds himself in the same, potentially same situation facing 369 00:19:10,000 --> 00:19:13,240 Speaker 1: you know, upwards as we understand to maybe thirty counts 370 00:19:13,280 --> 00:19:16,080 Speaker 1: against him. That is a lot for somebody to handle. 371 00:19:16,119 --> 00:19:18,600 Speaker 1: And maybe this the first of many shoes to drop 372 00:19:18,880 --> 00:19:21,840 Speaker 1: as we go through this indictment primary season. Well least 373 00:19:22,960 --> 00:19:24,960 Speaker 1: that's in all caps. We're going to brand that for 374 00:19:25,200 --> 00:19:30,840 Speaker 1: indication primary season. I should say, very good. Look. At 375 00:19:30,880 --> 00:19:33,280 Speaker 1: least we'll find out what the charges are at last. 376 00:19:33,520 --> 00:19:36,359 Speaker 1: Either of you think that this trial will be heard 377 00:19:36,720 --> 00:19:42,400 Speaker 1: or completed before the election in twenty four Rick, do you? Yeah? 378 00:19:42,440 --> 00:19:45,520 Speaker 1: I'd be skeptical, especially considering we don't know what the 379 00:19:45,600 --> 00:19:48,240 Speaker 1: charges are, and I wouldn't be surprised if this prosecutor's 380 00:19:48,280 --> 00:19:50,280 Speaker 1: got a few tricks up this sleeve. You know, he 381 00:19:50,359 --> 00:19:53,639 Speaker 1: faked everybody out with the indictment itself. Nobody saw that 382 00:19:53,720 --> 00:19:56,640 Speaker 1: coming in the way that he did it. And everyone's 383 00:19:56,640 --> 00:19:59,199 Speaker 1: trying to speculate what these thirty charges are, but nobody 384 00:19:59,240 --> 00:20:02,760 Speaker 1: really knows. And so I think this could last a while, 385 00:20:02,800 --> 00:20:05,720 Speaker 1: And certainly I think it's in Donald Trump's interest to 386 00:20:05,760 --> 00:20:08,399 Speaker 1: try and drag it out, because I don't think he 387 00:20:08,440 --> 00:20:10,760 Speaker 1: wants to leave this to a judge or jury to 388 00:20:10,800 --> 00:20:14,480 Speaker 1: decide anytime soon and actually affect his election campaign. Absolutely. 389 00:20:14,560 --> 00:20:16,119 Speaker 1: We know they're going to fight at Genie. Does this 390 00:20:16,200 --> 00:20:19,159 Speaker 1: happen before the election? Oh, I'd be surprised if it 391 00:20:19,160 --> 00:20:21,800 Speaker 1: happens before the election. And so this is where we 392 00:20:21,840 --> 00:20:23,800 Speaker 1: are at a time in which we are going to 393 00:20:23,800 --> 00:20:26,240 Speaker 1: be literally on the face of an election with a 394 00:20:26,320 --> 00:20:30,800 Speaker 1: president under criminal indictment in one or more jurisdictions. Unbelievable. 395 00:20:31,760 --> 00:20:35,280 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us 396 00:20:35,320 --> 00:20:38,480 Speaker 1: live weekdays at one Eastern on Bloomberg dot com, the 397 00:20:38,560 --> 00:20:41,560 Speaker 1: Irhart Radio app, and the Bloomberg Business App. We're listening 398 00:20:41,560 --> 00:20:45,520 Speaker 1: on demand wherever you get your podcast. Sound Here from 399 00:20:45,560 --> 00:20:50,560 Speaker 1: the airport Palm Beach, Florida, as Trump forced one just 400 00:20:50,760 --> 00:20:53,879 Speaker 1: about an hour ago, prepared to take off. He's on 401 00:20:53,920 --> 00:20:56,040 Speaker 1: his way now, and of course what we're going to 402 00:20:56,080 --> 00:20:59,439 Speaker 1: see over the next couple of days is what I 403 00:20:59,320 --> 00:21:03,239 Speaker 1: imagine will the world class theater. We know about the 404 00:21:03,359 --> 00:21:06,440 Speaker 1: arrangement we've told you about that scheduled for two fifteen tomorrow. 405 00:21:06,480 --> 00:21:10,720 Speaker 1: But this decision by Donald Trump, and I suspect his 406 00:21:10,720 --> 00:21:12,639 Speaker 1: inner circle here to come up a day early is 407 00:21:13,560 --> 00:21:17,439 Speaker 1: is somewhat fascinating. I'm just as I talked to you, 408 00:21:17,480 --> 00:21:21,440 Speaker 1: looking at the video here of the jet takeoff. He's 409 00:21:21,480 --> 00:21:23,440 Speaker 1: going to be in town and I's going to sleep 410 00:21:23,480 --> 00:21:27,800 Speaker 1: at Trump Tower, where the barricades are up, the protesters, 411 00:21:27,840 --> 00:21:32,320 Speaker 1: the news media, all outside, massive spectacle. I should say, 412 00:21:33,280 --> 00:21:36,040 Speaker 1: you know he's coming down the escalator later. I'm predicting 413 00:21:36,080 --> 00:21:37,639 Speaker 1: that just on my own. You know that he's going 414 00:21:37,680 --> 00:21:40,639 Speaker 1: to interact with some folks outside when the SUVs roll up. 415 00:21:40,640 --> 00:21:42,520 Speaker 1: I mean, this is going to be. This is, like 416 00:21:42,560 --> 00:21:47,200 Speaker 1: I said, big time theater opportunity. And then tomorrow, my goodness, 417 00:21:48,520 --> 00:21:51,920 Speaker 1: not only the arrival at the courthouse, maybe he speaks after, 418 00:21:51,960 --> 00:21:56,320 Speaker 1: but he's flying back to Florida tomorrow night and he's 419 00:21:56,320 --> 00:21:58,520 Speaker 1: going to be delivering a speech in prime time from 420 00:21:58,520 --> 00:22:01,320 Speaker 1: mar A Lago. Well, everyone can area. I'm assuming that's 421 00:22:01,320 --> 00:22:04,840 Speaker 1: a big yes. We're going to bring you to Trump 422 00:22:04,880 --> 00:22:09,280 Speaker 1: Tower first. Up here, Simone Foxman is doing God's work 423 00:22:09,320 --> 00:22:11,480 Speaker 1: by standing out there all day just to get a 424 00:22:11,480 --> 00:22:13,480 Speaker 1: glimpse of what's going on here and get a sense 425 00:22:13,560 --> 00:22:16,840 Speaker 1: of the energy and any news that might break out. 426 00:22:16,880 --> 00:22:18,920 Speaker 1: And Simone, it's great to have you what is happening 427 00:22:18,960 --> 00:22:22,400 Speaker 1: as we wait for his arrival at Trump Tower. But Joe, 428 00:22:22,480 --> 00:22:24,240 Speaker 1: it's it's not as hard work because it's gotten a 429 00:22:24,240 --> 00:22:28,160 Speaker 1: bit warmer over the course of the day. But right now, 430 00:22:28,160 --> 00:22:32,119 Speaker 1: the biggest contingent is still journalists. There are looks like 431 00:22:32,240 --> 00:22:36,880 Speaker 1: hundreds of journalists really packed out here doing live shots, 432 00:22:36,920 --> 00:22:41,040 Speaker 1: you know, standing out here for any sign of stuff happening. 433 00:22:41,160 --> 00:22:44,200 Speaker 1: We've been a few protesters a little bit on both 434 00:22:44,240 --> 00:22:48,200 Speaker 1: sides of the aisle with Trump for President twenty twenty 435 00:22:48,240 --> 00:22:51,159 Speaker 1: four sign some was a sign thing lock him up. 436 00:22:52,240 --> 00:22:54,280 Speaker 1: Right now, we can just kind of get the sense 437 00:22:54,280 --> 00:22:58,520 Speaker 1: that there's there's energy building here. It's gotten progressively more busy, 438 00:22:58,560 --> 00:23:01,720 Speaker 1: everyone sort of contained behind you barricades. We can't get 439 00:23:01,880 --> 00:23:04,159 Speaker 1: really that up front and close to Trump's tower at 440 00:23:04,160 --> 00:23:07,160 Speaker 1: the moment, But I do wonder if we'll get access, 441 00:23:07,359 --> 00:23:10,680 Speaker 1: got to see Trump's come down, that's Gold elevator, A 442 00:23:11,119 --> 00:23:14,080 Speaker 1: big question for me. We're waiting, of course for Trump 443 00:23:14,080 --> 00:23:16,640 Speaker 1: to land and then comes there to Trump Tower. Yeah, 444 00:23:16,720 --> 00:23:19,200 Speaker 1: of course. You know for those who did come to protest, 445 00:23:19,960 --> 00:23:22,960 Speaker 1: even Trump supporters, Simone, is there an area that's set 446 00:23:23,000 --> 00:23:24,720 Speaker 1: up for them that's been kind of cordoned off or 447 00:23:24,720 --> 00:23:27,879 Speaker 1: they just don't want anybody around there? Yeah, there is 448 00:23:27,920 --> 00:23:31,800 Speaker 1: an area they're standing. No one's been allowed in front 449 00:23:31,840 --> 00:23:33,800 Speaker 1: of Trump Tower at the moment, so they're standing on 450 00:23:33,880 --> 00:23:36,959 Speaker 1: the next block. And of course we're across the streets 451 00:23:37,000 --> 00:23:39,600 Speaker 1: from them, so we've seen them putting upside and see 452 00:23:39,680 --> 00:23:41,960 Speaker 1: more and more people kind of coming there with flags 453 00:23:41,960 --> 00:23:45,160 Speaker 1: and the light. Yeah, as to your point, the reporters 454 00:23:45,200 --> 00:23:47,520 Speaker 1: are outnumbering protesters, which is kind of all you need 455 00:23:47,560 --> 00:23:49,200 Speaker 1: to know for the stage of the game. Simone, Thank 456 00:23:49,240 --> 00:23:52,280 Speaker 1: you and stay safe where you are from Monexman, Simone Foxman, 457 00:23:52,359 --> 00:23:55,320 Speaker 1: easy for me to say, reporting for Bloomberg from outside 458 00:23:55,560 --> 00:23:59,080 Speaker 1: Trump Tower. Mc mulvaney joins the conversation, as he does 459 00:23:59,119 --> 00:24:01,680 Speaker 1: each week at this time, and boy has this worked 460 00:24:01,720 --> 00:24:04,800 Speaker 1: out into a recurring series of conversations. Mick, it's great 461 00:24:04,840 --> 00:24:06,879 Speaker 1: to have you with former acting White House Chief of Staff, 462 00:24:06,920 --> 00:24:10,639 Speaker 1: of course, former OMB director and former member of Congress. 463 00:24:11,280 --> 00:24:13,920 Speaker 1: I suspect you're watching this unfold like the rest of us. Mick, 464 00:24:13,960 --> 00:24:17,119 Speaker 1: what do you make of the sort of optics that 465 00:24:17,160 --> 00:24:21,000 Speaker 1: have been built around this. It's classic Trump, isn't it? Oh, Joe. 466 00:24:21,040 --> 00:24:22,439 Speaker 1: I just look forward to the times when we can 467 00:24:22,440 --> 00:24:24,760 Speaker 1: talk about things like the economy and inflation. Yeah, it'll 468 00:24:24,800 --> 00:24:29,040 Speaker 1: it'll happen. Look, a couple of things I was listening 469 00:24:29,040 --> 00:24:30,520 Speaker 1: to your interview there with Samone and a couple of 470 00:24:30,520 --> 00:24:34,320 Speaker 1: things to think about. This is Trump's decision, not in 471 00:24:34,359 --> 00:24:36,200 Speaker 1: that as in amost circle. This is what he does 472 00:24:36,240 --> 00:24:40,400 Speaker 1: best when he comes to putting on the show. He's 473 00:24:40,480 --> 00:24:43,560 Speaker 1: absolutely and unequivocally in charge. He's the one who decided 474 00:24:43,560 --> 00:24:46,000 Speaker 1: to go up early. If you want to give Samona 475 00:24:46,080 --> 00:24:48,360 Speaker 1: heads up, my guess. If there's one thing that might 476 00:24:48,600 --> 00:24:52,760 Speaker 1: come up that's unscripted, is that with this possible gag 477 00:24:52,880 --> 00:24:57,320 Speaker 1: order looming as of tomorrow afternoon, don't be surprised if 478 00:24:57,320 --> 00:25:00,919 Speaker 1: Trump decides to sort of beat that by making a 479 00:25:01,000 --> 00:25:03,919 Speaker 1: long statement today. Yeah, that's just a sort of a 480 00:25:03,960 --> 00:25:05,880 Speaker 1: gut feeling on my part. But if he's worried about 481 00:25:05,880 --> 00:25:08,160 Speaker 1: a gag order, obviously, if there's a gag order in place, 482 00:25:08,160 --> 00:25:10,080 Speaker 1: he could get in trouble if he says the wrong things. 483 00:25:10,320 --> 00:25:12,840 Speaker 1: That gag order doesn't exist today, So maybe today he 484 00:25:12,880 --> 00:25:18,080 Speaker 1: goes and speaks from Trump Tower in an impromptu presentation. Yeah, 485 00:25:18,080 --> 00:25:20,520 Speaker 1: you know, we were talking about that possibility earlier. Do 486 00:25:20,560 --> 00:25:24,119 Speaker 1: you think that gag orders guaranteed? I was guaranteed. I 487 00:25:24,119 --> 00:25:26,000 Speaker 1: don't know enough about criminal procedure to know. I know 488 00:25:26,080 --> 00:25:28,800 Speaker 1: that generally speaking, I've seen them put in place before 489 00:25:29,200 --> 00:25:31,600 Speaker 1: to try and prevent the tainting of a jury, or 490 00:25:31,600 --> 00:25:36,480 Speaker 1: at least to help guarantee the disinterested nature of a jury. 491 00:25:37,160 --> 00:25:40,760 Speaker 1: And certainly Trump would not be beyond making as broad 492 00:25:40,760 --> 00:25:43,320 Speaker 1: a public statement as he can. You know, you hear 493 00:25:43,400 --> 00:25:45,159 Speaker 1: talk about them trying to move the case to a 494 00:25:45,240 --> 00:25:47,040 Speaker 1: stat island, perhaps move it up state of the Ark. 495 00:25:47,640 --> 00:25:50,840 Speaker 1: But Trump's presence on the media especially is worldwide. So 496 00:25:51,560 --> 00:25:53,720 Speaker 1: if they don't put the gag order in place, what 497 00:25:53,760 --> 00:25:57,800 Speaker 1: are the chances of him influencing a jury? Probably very high, right, 498 00:25:58,240 --> 00:26:01,000 Speaker 1: So I was speculating he comes down the escalator he 499 00:26:01,040 --> 00:26:04,080 Speaker 1: interacts with some folks, maybe signs some autographs. That alone 500 00:26:04,240 --> 00:26:06,960 Speaker 1: is going to lead the newscast tonight. But to your point, 501 00:26:07,040 --> 00:26:08,720 Speaker 1: he adds even more to that, and of course you 502 00:26:08,720 --> 00:26:10,840 Speaker 1: know everyone's going to carry it. How about this primetime 503 00:26:10,840 --> 00:26:14,800 Speaker 1: address tomorrow? Also classic Trump, but an effort to look presidential. 504 00:26:14,840 --> 00:26:18,240 Speaker 1: I presume he's back in his own environment at Marlago 505 00:26:18,440 --> 00:26:22,120 Speaker 1: and at eight fifteen. Who can resist but to carry it? Yeah? 506 00:26:22,200 --> 00:26:24,560 Speaker 1: I think the interesting thing there. Obviously, in addition to 507 00:26:24,560 --> 00:26:26,520 Speaker 1: the gag orders in place or not it, you'll see 508 00:26:26,520 --> 00:26:29,800 Speaker 1: two entirely different speeches. In fact, there's a chance maybe 509 00:26:29,840 --> 00:26:31,960 Speaker 1: he doesn't give a speech tomorrow as a gag order, 510 00:26:31,960 --> 00:26:35,840 Speaker 1: because again, Trump likes to go off script. He's good 511 00:26:35,880 --> 00:26:38,240 Speaker 1: when he goes off script. But if you go off 512 00:26:38,280 --> 00:26:40,159 Speaker 1: script with a gag order, you run the risk of 513 00:26:40,160 --> 00:26:42,680 Speaker 1: a criminal contempt charge, which is a really, really bad thing. 514 00:26:43,520 --> 00:26:45,800 Speaker 1: So if there is a speech tomorrow, what I'll be 515 00:26:45,880 --> 00:26:48,040 Speaker 1: looking for is what parts are scripted it. You can 516 00:26:48,080 --> 00:26:50,920 Speaker 1: always tell what Donald Trump when he's reading a teleprompter 517 00:26:51,040 --> 00:26:54,440 Speaker 1: versus speaking from this gut. I'll be interested to see 518 00:26:54,440 --> 00:26:57,560 Speaker 1: the distribution between is what's read and what is set 519 00:26:57,600 --> 00:27:01,000 Speaker 1: out loud. What do you mean the response that we've 520 00:27:01,040 --> 00:27:05,440 Speaker 1: been hearing from Republicans pretty much in lockstep, calling this, 521 00:27:05,560 --> 00:27:08,640 Speaker 1: you know, the zombie case, the witch hunt, and so forth. 522 00:27:09,440 --> 00:27:13,800 Speaker 1: He is he getting the loyalties that he expects from 523 00:27:13,840 --> 00:27:18,200 Speaker 1: Republicans here in Washington and the way they're interacting with media. Yeah, 524 00:27:18,320 --> 00:27:19,760 Speaker 1: I don't think it has to do with loyalties. Look, 525 00:27:19,800 --> 00:27:22,200 Speaker 1: I don't consider myself bound to him in any way. 526 00:27:22,200 --> 00:27:23,679 Speaker 1: I'm a critic of the President when I think he 527 00:27:23,760 --> 00:27:26,199 Speaker 1: deserves it. But I've been defending him up to a 528 00:27:26,240 --> 00:27:29,440 Speaker 1: point because this certainly looks political. Right Again, no human 529 00:27:29,520 --> 00:27:31,679 Speaker 1: being has ever been convicted of this, as far as 530 00:27:31,720 --> 00:27:33,639 Speaker 1: I know, only one person's ever been charged with it. 531 00:27:33,640 --> 00:27:36,800 Speaker 1: You've got a da who ran on the plank that's 532 00:27:36,800 --> 00:27:39,119 Speaker 1: saying you have elect me, and I will indict Donald Trump. 533 00:27:39,240 --> 00:27:40,760 Speaker 1: I'm not sure how you do that and not have 534 00:27:40,800 --> 00:27:43,360 Speaker 1: it be accused of being political. So now the Republican 535 00:27:43,720 --> 00:27:46,639 Speaker 1: response isn't is not as interesting to me as the 536 00:27:46,680 --> 00:27:49,879 Speaker 1: Democrat response. They're awfully quiet, And I saw some reports 537 00:27:49,880 --> 00:27:52,600 Speaker 1: to say that Jen Sack he was actually encouraging folks 538 00:27:52,600 --> 00:27:54,640 Speaker 1: at her party to remain quiet. And I think there's 539 00:27:54,640 --> 00:27:57,359 Speaker 1: two reasons for that Joe number one, If it is 540 00:27:57,400 --> 00:27:59,880 Speaker 1: as weak a case as the reports make it out 541 00:28:00,040 --> 00:28:02,280 Speaker 1: to be, you know, how does it look to Democrats 542 00:28:02,280 --> 00:28:04,040 Speaker 1: who sort of, you know, locking him up, block him up, 543 00:28:04,040 --> 00:28:05,520 Speaker 1: block him up, and then have him walk on a 544 00:28:05,600 --> 00:28:08,760 Speaker 1: not guilty charge. But I also think under that and 545 00:28:08,800 --> 00:28:11,439 Speaker 1: this is more interesting to me. Talked to some Democrat 546 00:28:11,480 --> 00:28:14,400 Speaker 1: friends who are really concerned about this precedent that now 547 00:28:14,400 --> 00:28:16,520 Speaker 1: that we've down this, you know, there was always talk 548 00:28:16,560 --> 00:28:18,760 Speaker 1: about locking up Hillary Clinton, but they never sought to 549 00:28:18,800 --> 00:28:21,439 Speaker 1: do it. Now that we've crossed that rubicon, you know, 550 00:28:21,480 --> 00:28:24,640 Speaker 1: where is the where's the Republican state attorney general out 551 00:28:24,640 --> 00:28:26,399 Speaker 1: there going? You know what, I want to get elected. 552 00:28:26,440 --> 00:28:28,600 Speaker 1: I'm going to run under a campaign of elect me 553 00:28:28,680 --> 00:28:31,840 Speaker 1: and I will indict Nancy Pelosi. I think Democrats, smart 554 00:28:31,840 --> 00:28:34,240 Speaker 1: Democrats are worried about the president here, and that interests 555 00:28:34,240 --> 00:28:36,440 Speaker 1: me as much as the Republican response. Well, we've still 556 00:28:36,520 --> 00:28:39,560 Speaker 1: heard nothing from the White House either. Is that just 557 00:28:39,760 --> 00:28:42,680 Speaker 1: is that the same sort of causality there or is 558 00:28:42,720 --> 00:28:45,360 Speaker 1: there something else for Joe Biden to keep quiet about 559 00:28:45,400 --> 00:28:49,000 Speaker 1: not knowing what the charges are? Yeah, well you don't. First, 560 00:28:49,000 --> 00:28:50,680 Speaker 1: there's a bunch of things, right, you don't know the charge, 561 00:28:50,760 --> 00:28:52,480 Speaker 1: and that's a great point, and not enough people have 562 00:28:52,560 --> 00:28:54,680 Speaker 1: focused on that. We're all assuming that the leagues have 563 00:28:54,720 --> 00:28:57,000 Speaker 1: been right, and maybe they are, maybe they're not. So 564 00:28:57,040 --> 00:29:00,440 Speaker 1: it's probably smart to not make any sort of ammitment 565 00:29:00,920 --> 00:29:04,280 Speaker 1: or at least or definite statement. I also think the 566 00:29:04,320 --> 00:29:06,760 Speaker 1: Biden administration knows they've got some issues, you know, with 567 00:29:06,840 --> 00:29:10,120 Speaker 1: his own family on potential criminal charges. And then I think, 568 00:29:10,480 --> 00:29:14,160 Speaker 1: bottom line, it's just smart to be quiet sometimes. You know, 569 00:29:14,200 --> 00:29:16,840 Speaker 1: it was never Donald Trump's strength. Joe Biden is pretty 570 00:29:16,880 --> 00:29:19,120 Speaker 1: good at it. So if I'm in the White House, 571 00:29:19,320 --> 00:29:22,080 Speaker 1: if I'm Jeff Science, absolutely I'm looking into mister president. 572 00:29:22,160 --> 00:29:25,000 Speaker 1: There is no upside, zero viewed a wigh in on this. 573 00:29:25,160 --> 00:29:27,280 Speaker 1: Let the system work out, you roll off and around 574 00:29:27,320 --> 00:29:29,960 Speaker 1: the country, you look competent, Let the circus go on. 575 00:29:30,520 --> 00:29:33,000 Speaker 1: That would be advice I'd giving him, and maybe it's 576 00:29:33,000 --> 00:29:36,120 Speaker 1: the advice he's taken. Spending some time with Mick mulvaney 577 00:29:36,160 --> 00:29:39,920 Speaker 1: here on Bloomberg sound On, I spoke back in February 578 00:29:40,040 --> 00:29:44,160 Speaker 1: Mick with Asa Hutchinson, maybe a friend of yours who 579 00:29:44,280 --> 00:29:48,160 Speaker 1: is now officially a presidential candidate. He hasn't had an 580 00:29:48,160 --> 00:29:50,240 Speaker 1: event yet, but he told ABC News that he's going 581 00:29:50,280 --> 00:29:53,840 Speaker 1: for it. And I asked him about Donald Trump and 582 00:29:53,920 --> 00:29:58,120 Speaker 1: what this race might unfold or turn into if he did, 583 00:29:58,160 --> 00:30:00,440 Speaker 1: in fact jump in as he is now, And I 584 00:30:00,520 --> 00:30:02,760 Speaker 1: want you to hear his response and tell me what 585 00:30:02,800 --> 00:30:04,840 Speaker 1: you think. Well, I think he sort of beats himself. 586 00:30:05,920 --> 00:30:08,760 Speaker 1: You know. You look at what happened on January six 587 00:30:08,880 --> 00:30:14,040 Speaker 1: and how he's conducted himself even since he lost the election, 588 00:30:14,560 --> 00:30:17,280 Speaker 1: and it's not bringing out the best of America, not 589 00:30:17,360 --> 00:30:20,160 Speaker 1: bringing out the best of our democracy. It's appealing to 590 00:30:20,200 --> 00:30:24,880 Speaker 1: our worst instincts. And so I see his support and 591 00:30:24,920 --> 00:30:28,400 Speaker 1: diminishing over time. You might agree with all of that, Mick, 592 00:30:28,520 --> 00:30:31,200 Speaker 1: but how do you come into this cycle with this 593 00:30:31,320 --> 00:30:36,520 Speaker 1: Republican Party talking like that? You don't. I like Asa. 594 00:30:36,680 --> 00:30:38,880 Speaker 1: We're not friendly, We're not friends, but we are friendly. 595 00:30:38,880 --> 00:30:40,320 Speaker 1: I met him a half a dozen times, and I 596 00:30:40,360 --> 00:30:41,520 Speaker 1: was in the White House, and he seems like a 597 00:30:41,640 --> 00:30:47,200 Speaker 1: very competent and gentlemanly man. But you don't. You can't 598 00:30:47,240 --> 00:30:50,600 Speaker 1: beat Donald Trump right now in Republican primary unless something 599 00:30:50,680 --> 00:30:53,880 Speaker 1: dramatic changes. Keep in mind this makes it even more likely. 600 00:30:53,920 --> 00:30:56,080 Speaker 1: The events of the last week make it more likely 601 00:30:56,560 --> 00:31:01,160 Speaker 1: that Trump win Republican nomination. Why because we're having this conversation. 602 00:31:01,240 --> 00:31:03,880 Speaker 1: We're not talking about Mike Pompeo's ideas. We're not talking 603 00:31:03,880 --> 00:31:06,680 Speaker 1: about Nicky Haley's ideas now talking about ASA Hutchinson's ideas. 604 00:31:06,680 --> 00:31:09,640 Speaker 1: We're talking about Donald Trump. And keep in mind, this 605 00:31:09,720 --> 00:31:11,320 Speaker 1: is just the first of what could be as many 606 00:31:11,320 --> 00:31:14,120 Speaker 1: as four criminal charges in the next several months. So 607 00:31:14,320 --> 00:31:16,320 Speaker 1: Donald Trump is going to suck all of the air 608 00:31:16,480 --> 00:31:19,440 Speaker 1: out of the room. And as correct as ASA Hutchinson 609 00:31:19,600 --> 00:31:21,400 Speaker 1: is about, you know, people are tired of this, and 610 00:31:21,440 --> 00:31:23,560 Speaker 1: I think he's right, and I think certainly it won't 611 00:31:23,560 --> 00:31:26,480 Speaker 1: prevent Trump from winning a general election when it comes 612 00:31:26,480 --> 00:31:28,760 Speaker 1: to a primary. How are you going to get any 613 00:31:28,880 --> 00:31:31,280 Speaker 1: any any distance from Donald Trump when you have to 614 00:31:31,320 --> 00:31:34,680 Speaker 1: defend him again? Nicky Haley, Mike Pence, Mike Pompeo, Tim 615 00:31:34,720 --> 00:31:37,800 Speaker 1: Scott De Santis have been defending Trump. I've been defending 616 00:31:37,800 --> 00:31:40,080 Speaker 1: Trump because we see this as a political witch hunt. 617 00:31:40,160 --> 00:31:43,560 Speaker 1: So it's one of those strange circumstances where even though 618 00:31:43,600 --> 00:31:45,520 Speaker 1: it's it's you know, you've been charged with a crime, 619 00:31:45,520 --> 00:31:48,120 Speaker 1: it may make it more likely that you're the Republican nominee. 620 00:31:48,640 --> 00:31:51,840 Speaker 1: We were talking about some new polls with our political panel. 621 00:31:51,880 --> 00:31:55,600 Speaker 1: You've got Trafalgar today, Trump up thirty three over Run 622 00:31:55,680 --> 00:31:59,280 Speaker 1: De Santis. Yahoo News you gov from yesterday, he's up 623 00:31:59,320 --> 00:32:02,640 Speaker 1: thirty one over Ron De Santis. Does the governor of 624 00:32:02,680 --> 00:32:06,440 Speaker 1: Florida change his mind at this point or does he 625 00:32:06,480 --> 00:32:10,000 Speaker 1: need to have a media blitz coming off whatever happens 626 00:32:10,000 --> 00:32:12,520 Speaker 1: with this arrangement to stay in the game. Yeah, those 627 00:32:12,520 --> 00:32:15,320 Speaker 1: are two numbers I've not heard before. I take the 628 00:32:15,440 --> 00:32:17,800 Speaker 1: Yahoo you go and throw him in the trash. Trafalgar 629 00:32:17,880 --> 00:32:22,200 Speaker 1: is the real deal. Um, I know those folks, they 630 00:32:22,200 --> 00:32:25,640 Speaker 1: are they are and they are, but I would, I would, 631 00:32:25,800 --> 00:32:27,640 Speaker 1: you can stop with Trafalgar as far as I'm concern, 632 00:32:27,680 --> 00:32:29,400 Speaker 1: those are probably some of the best guys in the business. 633 00:32:29,800 --> 00:32:32,120 Speaker 1: And so how does it in fact Ron the Santis? 634 00:32:32,200 --> 00:32:35,760 Speaker 1: I think Ron is playing it exactly right, which is look, 635 00:32:35,800 --> 00:32:38,400 Speaker 1: he's not in yet, right, so what difference does it make. 636 00:32:38,440 --> 00:32:40,320 Speaker 1: He doesn't have to make a decision on this Joe 637 00:32:40,360 --> 00:32:43,400 Speaker 1: until I mean August maybe at the very latest. People 638 00:32:43,400 --> 00:32:45,560 Speaker 1: forget that. I think Vick Perry was the last person 639 00:32:45,640 --> 00:32:48,200 Speaker 1: in the twenty twelve race and he didn't get in 640 00:32:48,280 --> 00:32:51,280 Speaker 1: until August or September. So even though it's you know, 641 00:32:51,360 --> 00:32:53,959 Speaker 1: other folks have gone already. As long as you're out 642 00:32:54,000 --> 00:32:55,680 Speaker 1: there doing what you need to do. And the Santis 643 00:32:55,760 --> 00:32:57,479 Speaker 1: is on a book tour, he's raising money, he's doing 644 00:32:57,560 --> 00:32:59,239 Speaker 1: all the all the right things. You don't have to 645 00:32:59,240 --> 00:33:02,320 Speaker 1: really formally decide for several months. Yet I think a 646 00:33:02,440 --> 00:33:05,280 Speaker 1: weight and c attitude is probably the smartest thing to do. Well, 647 00:33:05,320 --> 00:33:07,320 Speaker 1: you know, talking about some folks who might not agree 648 00:33:07,360 --> 00:33:11,160 Speaker 1: with Donald Trump but are supporting him. In this case, 649 00:33:11,480 --> 00:33:13,520 Speaker 1: you can add rond to Santis. Here's what he said 650 00:33:13,520 --> 00:33:16,240 Speaker 1: over the weekend. He doesn't want to charge people with felonies. 651 00:33:16,520 --> 00:33:19,920 Speaker 1: So now he turns around purely for political and about 652 00:33:19,960 --> 00:33:24,160 Speaker 1: the DA here and indicts a former president on misdemeanor 653 00:33:24,240 --> 00:33:28,720 Speaker 1: offenses that they're straining to try to convert into FELONIESE. 654 00:33:29,640 --> 00:33:32,200 Speaker 1: That is when you know that the law has been 655 00:33:32,240 --> 00:33:35,840 Speaker 1: weaponized for political purposes. That is when you know that 656 00:33:35,880 --> 00:33:41,360 Speaker 1: the left is using that to target their political opponents 657 00:33:41,360 --> 00:33:43,560 Speaker 1: the ground of applause. On that, I can tell you this, 658 00:33:44,160 --> 00:33:48,280 Speaker 1: These sorrows back das. They are a menace to society. 659 00:33:48,560 --> 00:33:51,800 Speaker 1: They are a menace to the rule of law, stealing. 660 00:33:52,040 --> 00:33:55,000 Speaker 1: I think that's actually a Trump phrase, menace to society, 661 00:33:55,360 --> 00:33:57,479 Speaker 1: Mick as he's saying the right things for the stage, 662 00:33:58,160 --> 00:34:00,240 Speaker 1: you know. Just listening to that, I've got an idea, yea, 663 00:34:00,320 --> 00:34:02,800 Speaker 1: which is this is that okay? If that becomes the issue, 664 00:34:02,840 --> 00:34:04,800 Speaker 1: and it may well, and by the way, I think 665 00:34:04,800 --> 00:34:07,280 Speaker 1: it should be. I do worry about the weaponization of 666 00:34:07,680 --> 00:34:10,840 Speaker 1: government against political enemies on both sides of the aisle. 667 00:34:10,840 --> 00:34:13,040 Speaker 1: By the way, if that becomes the issue, then the 668 00:34:13,080 --> 00:34:15,879 Speaker 1: question becomes who on the rep If that's a big 669 00:34:15,920 --> 00:34:17,719 Speaker 1: issue for the Republicans, and it looks like it might be, 670 00:34:18,280 --> 00:34:20,959 Speaker 1: who if the candidates, is the best suited to deal 671 00:34:21,000 --> 00:34:23,040 Speaker 1: with that, And maybe that's where DeSantis needs to go 672 00:34:23,160 --> 00:34:25,000 Speaker 1: or the other candidates need to go, which is look, 673 00:34:25,600 --> 00:34:27,920 Speaker 1: Trump is an example, but I would be better at 674 00:34:27,960 --> 00:34:30,440 Speaker 1: fixing it than he would. Maybe that's the lane you're 675 00:34:30,440 --> 00:34:32,440 Speaker 1: trying to carve out for yourself at this point. I 676 00:34:32,440 --> 00:34:33,719 Speaker 1: don't know, but that's what I thought of when I 677 00:34:33,760 --> 00:34:35,680 Speaker 1: was listening to that audio. Just now, what do you 678 00:34:35,760 --> 00:34:39,560 Speaker 1: make of the constant Soros backed trope? Is that fair? 679 00:34:39,600 --> 00:34:44,720 Speaker 1: We're hearing it every reference there is to da Alvin Bragg. Yeah, 680 00:34:45,120 --> 00:34:47,120 Speaker 1: I don't know, if I mean, I don't know if 681 00:34:47,120 --> 00:34:49,480 Speaker 1: it's been you know, market tested or anything like that. 682 00:34:49,560 --> 00:34:51,560 Speaker 1: It seems to be what everybody's talking about. It's always 683 00:34:51,640 --> 00:34:54,120 Speaker 1: nice to have a punching bag. I don't know if 684 00:34:54,120 --> 00:34:56,480 Speaker 1: it moves a needle one way or another. Again, if 685 00:34:56,560 --> 00:35:00,120 Speaker 1: everybody's talking about the same thing, how do you do 686 00:35:00,200 --> 00:35:02,840 Speaker 1: you get separation from the rest of the pack. The 687 00:35:02,960 --> 00:35:05,200 Speaker 1: question becomes what makes you different? What makes you better? 688 00:35:05,680 --> 00:35:07,839 Speaker 1: Why should I vote for you instead of Donald Trump? 689 00:35:07,880 --> 00:35:09,560 Speaker 1: If I think the world is going in the wrong direction, 690 00:35:09,719 --> 00:35:11,320 Speaker 1: why are you more likely to move it back to 691 00:35:11,440 --> 00:35:13,960 Speaker 1: Donald Trump? That's what they have to answer. Mike mulvaney 692 00:35:14,040 --> 00:35:16,239 Speaker 1: with us on Bloomberg Sound On, of course, the former 693 00:35:16,280 --> 00:35:19,680 Speaker 1: acting White House. She's the staff with a prediction for 694 00:35:19,800 --> 00:35:22,839 Speaker 1: at Trump Tower. Hang out for the speech. Mick. Thank 695 00:35:22,880 --> 00:35:29,960 Speaker 1: you as always, this is Bloomberg. Thanks for listening to 696 00:35:29,960 --> 00:35:32,319 Speaker 1: the sound On podcast. Make sure to subscribe if you 697 00:35:32,360 --> 00:35:35,279 Speaker 1: haven't already, at Apple, Spotify, and anywhere else you get 698 00:35:35,280 --> 00:35:38,280 Speaker 1: your podcasts. And you can find us live every weekday 699 00:35:38,360 --> 00:35:41,719 Speaker 1: from Washington, DC at one pm Eastern Time at Bloomberg 700 00:35:41,800 --> 00:35:43,000 Speaker 1: dot com.