1 00:00:01,639 --> 00:00:06,160 Speaker 1: Now from our nation's capital. This is Floomberg Sound On. 2 00:00:07,280 --> 00:00:09,639 Speaker 1: For too long, we've talked about having the best economy 3 00:00:09,680 --> 00:00:12,039 Speaker 1: in the world. We've talked about as certain American leadership 4 00:00:12,080 --> 00:00:15,280 Speaker 1: around the world. Now we're finally getting it done. When 5 00:00:15,320 --> 00:00:18,319 Speaker 1: you pass good legislation, you get good results. We have 6 00:00:18,440 --> 00:00:22,200 Speaker 1: a bill miss name the Inflation Reduction at Bloomberg Sound 7 00:00:22,239 --> 00:00:26,639 Speaker 1: On Politics, Policy and Perspective from DC's top name. I 8 00:00:26,640 --> 00:00:29,560 Speaker 1: can imagine how much it brings shutters to Joe Biden's 9 00:00:29,640 --> 00:00:33,360 Speaker 1: mind to imagine something like this going on. What union 10 00:00:33,520 --> 00:00:35,960 Speaker 1: is going to say no to him? I mean, Joe Biden, 11 00:00:36,159 --> 00:00:40,400 Speaker 1: is Mr You Schloomberg Sound On with Joe Matthew on 12 00:00:40,560 --> 00:00:47,000 Speaker 1: Bloomberg Radio. President Biden celebrates democrats inflation legislation even as 13 00:00:47,080 --> 00:00:50,720 Speaker 1: inflation heats up and the markets fall down. Welcome to 14 00:00:50,760 --> 00:00:53,040 Speaker 1: the fastest hour in politics. With a sunny day on 15 00:00:53,080 --> 00:00:55,120 Speaker 1: the South Lawn today and a down day as you've 16 00:00:55,120 --> 00:00:57,959 Speaker 1: been hearing on Wall Street. We'll talk about the optics 17 00:00:58,000 --> 00:01:00,240 Speaker 1: today at the White House and how prices will in 18 00:01:00,240 --> 00:01:04,120 Speaker 1: the mid terms with Greg Valier, chief policy strategist at 19 00:01:04,160 --> 00:01:07,360 Speaker 1: a g F Investments. Joe Manchin's deal to speed up 20 00:01:07,440 --> 00:01:10,800 Speaker 1: fossil fuel permitting is outraging many Democrats, But how does 21 00:01:10,840 --> 00:01:13,880 Speaker 1: it actually work and what could it mean for prices 22 00:01:14,000 --> 00:01:17,440 Speaker 1: this winter. We'll discuss with Frank Maisano at Bracewell our 23 00:01:17,480 --> 00:01:21,280 Speaker 1: signature panel in place. Bloomberg Politics contributors Jeannie Chantano and 24 00:01:21,360 --> 00:01:23,600 Speaker 1: Rick Davis are with us for the hour, and we 25 00:01:23,640 --> 00:01:25,640 Speaker 1: start with the lead on Wall Street, worst day since 26 00:01:25,760 --> 00:01:29,520 Speaker 1: June of thanks to that same inflation data. Here to 27 00:01:29,560 --> 00:01:32,400 Speaker 1: walk us through the carnage is Charlie, Thank very much, 28 00:01:32,480 --> 00:01:36,319 Speaker 1: Joe Matthew CPI Tuesday steep losses across the board. In fact, 29 00:01:36,640 --> 00:01:40,160 Speaker 1: every single stock in the Nanostack one index down today. 30 00:01:40,160 --> 00:01:43,520 Speaker 1: That index plunged five and a half percent. By the 31 00:01:43,560 --> 00:01:45,720 Speaker 1: time it was all over. At the close, we were 32 00:01:45,760 --> 00:01:48,920 Speaker 1: at or near the lows of the day. SMP down 33 00:01:48,960 --> 00:01:51,640 Speaker 1: one hundred seventy seven to decline there of four point 34 00:01:51,680 --> 00:01:55,320 Speaker 1: three percent. The Dow was down one thousand, two hundred 35 00:01:55,400 --> 00:01:58,480 Speaker 1: seventy six points a drop There are three point nine percent, 36 00:01:58,720 --> 00:02:02,520 Speaker 1: the Nanostack Compositive Index down sixty two, a drop of 37 00:02:02,640 --> 00:02:05,920 Speaker 1: five point two percent. The two year yield now at 38 00:02:05,960 --> 00:02:09,919 Speaker 1: three point seven five percent, ten years at three point 39 00:02:09,919 --> 00:02:13,640 Speaker 1: four percent. Spot Gold up twenty three cents. The ounce 40 00:02:13,720 --> 00:02:16,680 Speaker 1: to two right now West Texas enemy to AC crew 41 00:02:16,800 --> 00:02:20,400 Speaker 1: tumbled five tenths of one percent one a barrel. So 42 00:02:20,440 --> 00:02:22,959 Speaker 1: it was a broad based sell off again, as Joe mentioned, 43 00:02:23,000 --> 00:02:25,560 Speaker 1: worst day in more than two years, after hotter than 44 00:02:25,600 --> 00:02:29,040 Speaker 1: expected inflation data fueled bets on a jumbo hike by 45 00:02:29,080 --> 00:02:32,280 Speaker 1: the Federal Reserve next week. I'm Charlie Pelletteatjo Matthew was 46 00:02:32,320 --> 00:02:35,720 Speaker 1: a Bloomberg business flash. Charlie, thank you. So that's the 47 00:02:35,720 --> 00:02:39,720 Speaker 1: backdrop to the celebration today on the South Lawn. Talk 48 00:02:39,800 --> 00:02:42,840 Speaker 1: about timing. This is just hours after the CPI came out. 49 00:02:42,880 --> 00:02:44,360 Speaker 1: Of course, they didn't know what this number was going 50 00:02:44,400 --> 00:02:46,760 Speaker 1: to be when they planned this. Thousands of people were 51 00:02:46,800 --> 00:02:50,800 Speaker 1: there at the White House to celebrate passage of Remember 52 00:02:50,840 --> 00:02:54,440 Speaker 1: the Inflation Reduction Act the i R. A President spoke 53 00:02:55,120 --> 00:02:57,959 Speaker 1: on a stage today with a wireless mike, wearing shirt 54 00:02:58,000 --> 00:03:02,040 Speaker 1: sleeves at the aviators on and he called out Republicans 55 00:03:02,040 --> 00:03:04,760 Speaker 1: for not supporting the bill. Here he is Republicans that 56 00:03:04,840 --> 00:03:06,760 Speaker 1: could have and should have joined us on this bill 57 00:03:06,800 --> 00:03:11,240 Speaker 1: as well. After all, this bill cut costs for families, 58 00:03:11,720 --> 00:03:14,960 Speaker 1: help reduce inflation. At the kitchen table because that's where 59 00:03:15,000 --> 00:03:17,840 Speaker 1: they look at how much of the monthly bills and 60 00:03:17,840 --> 00:03:20,200 Speaker 1: how much do they have to pay out for the necessities, 61 00:03:20,560 --> 00:03:22,600 Speaker 1: And it gave them this a little more breathing room 62 00:03:22,600 --> 00:03:25,280 Speaker 1: with My dad would say, of course, they are looking 63 00:03:25,320 --> 00:03:27,799 Speaker 1: at those bills and inflation, as we learned this morning, 64 00:03:27,919 --> 00:03:30,520 Speaker 1: is running hotter than expected right now, despite the efforts 65 00:03:30,520 --> 00:03:33,520 Speaker 1: of the Fed. Joining us with his thoughts as we 66 00:03:33,639 --> 00:03:35,840 Speaker 1: barrel down the shoot towards the mid terms. Here is 67 00:03:35,880 --> 00:03:39,480 Speaker 1: Greg Valier back with US, a g F Investments chief 68 00:03:39,600 --> 00:03:43,400 Speaker 1: US policy strategist. Greg, what what timing here? I'm assuming 69 00:03:43,400 --> 00:03:45,800 Speaker 1: they didn't plan to coincide this unless they were rolling 70 00:03:45,800 --> 00:03:49,000 Speaker 1: the dice on celebrating, you know, the first CPI to 71 00:03:49,080 --> 00:03:52,760 Speaker 1: show to show a real drop here. How does that 72 00:03:52,840 --> 00:03:57,000 Speaker 1: resonate across the country. It's such a terrible, terrible buzz kill. 73 00:03:57,120 --> 00:04:00,400 Speaker 1: What can you say, almost at a loss for words 74 00:04:00,640 --> 00:04:04,080 Speaker 1: over an event like this. Uh, the Fed obviously has 75 00:04:04,160 --> 00:04:09,120 Speaker 1: to get really aggressive now. Uh basis points later this 76 00:04:09,160 --> 00:04:11,920 Speaker 1: month is a guarantee. There's a minority view that it 77 00:04:11,920 --> 00:04:14,800 Speaker 1: could be a hundred basis points, which I doubt, and 78 00:04:14,840 --> 00:04:17,400 Speaker 1: then another couple of fifties before the end of the year. 79 00:04:17,520 --> 00:04:21,600 Speaker 1: So we've got a lot of upside on yields. Officially 80 00:04:21,640 --> 00:04:26,320 Speaker 1: a buzz kill called by Greg Valier the headline at 81 00:04:26,320 --> 00:04:29,040 Speaker 1: the terminal, Greg, this is when investors are reading Biden's 82 00:04:29,040 --> 00:04:32,880 Speaker 1: plan to celebrate economy fizzles with inflation roaring. This was 83 00:04:32,920 --> 00:04:35,159 Speaker 1: supposed to be kind of a pivot and messaging here 84 00:04:35,640 --> 00:04:37,960 Speaker 1: to move away from the ultra magas stuff, which got 85 00:04:38,000 --> 00:04:39,960 Speaker 1: a lot of people upset. Whether it ends up having 86 00:04:39,960 --> 00:04:43,360 Speaker 1: a positive impact in the long term. It was time 87 00:04:43,400 --> 00:04:47,080 Speaker 1: to start celebrating the accomplishments, and I assume the White 88 00:04:47,080 --> 00:04:49,279 Speaker 1: House was hoping there would be data to go along 89 00:04:49,320 --> 00:04:50,920 Speaker 1: with it. What do you make of this, this whole 90 00:04:50,920 --> 00:04:53,800 Speaker 1: celebration today. Yeah, well they couldn't call it off, but 91 00:04:53,880 --> 00:04:56,000 Speaker 1: that probably would have looked bad. And you know, ironically, 92 00:04:56,040 --> 00:04:58,000 Speaker 1: there is some good stuff out there. I think what's 93 00:04:58,000 --> 00:05:00,719 Speaker 1: happened in Ukraine is just remark of what a great, 94 00:05:00,839 --> 00:05:04,360 Speaker 1: great story that is. And the labor market is really strong. 95 00:05:04,440 --> 00:05:08,400 Speaker 1: We don't have enough workers. But this inflation story does 96 00:05:08,440 --> 00:05:11,200 Speaker 1: not play into the Biden narrative. It plays under the 97 00:05:11,240 --> 00:05:15,120 Speaker 1: Republican narrative that we spent too much damn money. So 98 00:05:15,160 --> 00:05:16,920 Speaker 1: how do you take this on the road? I mean, 99 00:05:16,920 --> 00:05:19,839 Speaker 1: this was the sort of the launch of this, uh 100 00:05:19,920 --> 00:05:23,800 Speaker 1: this this line of campaigning, right and the optics that 101 00:05:23,880 --> 00:05:25,760 Speaker 1: came with it. Joe Biden wants to go out there 102 00:05:25,800 --> 00:05:28,000 Speaker 1: and say I'm actually I told you I would do it, 103 00:05:28,000 --> 00:05:31,719 Speaker 1: and I'm fixing inflation. It's it's just not gonna what's 104 00:05:31,720 --> 00:05:34,520 Speaker 1: the al saying that that that dog won't hunt? I mean, 105 00:05:34,520 --> 00:05:38,880 Speaker 1: there's no rationale for saying something like that. I mean, 106 00:05:39,160 --> 00:05:42,039 Speaker 1: gasoline prices clearly are down. That's what I was going 107 00:05:42,080 --> 00:05:44,560 Speaker 1: to point to, ninety days of lower gas prices. That's 108 00:05:44,600 --> 00:05:46,839 Speaker 1: worth something, right, and he will he'll point to that. 109 00:05:47,200 --> 00:05:50,120 Speaker 1: But food is not budged. Food is still a real problem, 110 00:05:50,200 --> 00:05:52,839 Speaker 1: and other things are inflationary as well. And now we 111 00:05:52,920 --> 00:05:55,839 Speaker 1: might have a railroad strike, so there are still things 112 00:05:55,880 --> 00:05:58,880 Speaker 1: that I think would argue that inflation will stay high. 113 00:05:59,160 --> 00:06:02,240 Speaker 1: That The main problem I would argue is that workers 114 00:06:02,480 --> 00:06:04,920 Speaker 1: who see an inflation rate of eight or nine percent 115 00:06:05,960 --> 00:06:08,440 Speaker 1: in the UK, they want some of that. They want 116 00:06:08,480 --> 00:06:11,560 Speaker 1: increases at that level, and that's going to be really contentious. 117 00:06:11,839 --> 00:06:14,280 Speaker 1: You mentioned a possible rail strike. This is a really 118 00:06:14,360 --> 00:06:16,760 Speaker 1: big deal and it's snuck up on a lot of 119 00:06:16,760 --> 00:06:18,960 Speaker 1: people here with the deadline on Friday. Now there are 120 00:06:19,000 --> 00:06:21,880 Speaker 1: two out of a dozen unions that have yet to 121 00:06:21,920 --> 00:06:25,080 Speaker 1: come to terms. Here. Karine John Pierre, the Press secretary 122 00:06:25,120 --> 00:06:26,680 Speaker 1: at the White House, was asked about it because we 123 00:06:26,720 --> 00:06:30,240 Speaker 1: know now that members of the administration are are personally involved, 124 00:06:30,240 --> 00:06:33,360 Speaker 1: including of course our Labor Secretary Marty Walsh. People to 125 00:06:33,440 --> 00:06:36,919 Speaker 1: judge the Transportation Secretary. Here's what Karine John Pierre was 126 00:06:37,040 --> 00:06:41,560 Speaker 1: messaging today. We have made crystal clear to the interested 127 00:06:41,640 --> 00:06:45,880 Speaker 1: parties the harm that American families, businesses, and farmers and 128 00:06:45,880 --> 00:06:50,000 Speaker 1: communities would experience if they were not to reach a resolution. 129 00:06:51,560 --> 00:06:55,040 Speaker 1: What's the line that the administration is going to use here? 130 00:06:55,040 --> 00:06:59,080 Speaker 1: Should it be Congress write some legislation to deal with us, 131 00:06:59,120 --> 00:07:02,719 Speaker 1: don't look at us. Well, the President has already used 132 00:07:02,760 --> 00:07:05,120 Speaker 1: a sixty day cooling off period. He doesn't have the 133 00:07:05,160 --> 00:07:07,560 Speaker 1: ability to do another one, So it would have to 134 00:07:07,560 --> 00:07:12,040 Speaker 1: be Congress. I don't see that happening. Maybe down the road, 135 00:07:12,120 --> 00:07:14,720 Speaker 1: but I don't see an imminent move by Congress to 136 00:07:14,760 --> 00:07:17,360 Speaker 1: do anything. So unless Marty Walsh can pull a rabbit 137 00:07:17,360 --> 00:07:20,160 Speaker 1: out of his hat, and we can only assume that 138 00:07:20,360 --> 00:07:23,720 Speaker 1: is still a possibility before Friday, give us a sense 139 00:07:23,720 --> 00:07:25,640 Speaker 1: of what that means. For the economy here, this is 140 00:07:26,080 --> 00:07:30,400 Speaker 1: a massive interruption. Yeah, there's two big stories here. One 141 00:07:30,520 --> 00:07:33,720 Speaker 1: is commuters and a lot of big Northeastern cities may 142 00:07:33,760 --> 00:07:36,920 Speaker 1: have problems getting to work, and a lot of goods 143 00:07:37,280 --> 00:07:41,239 Speaker 1: will be delayed, especially coal. So as we start the winter, 144 00:07:41,400 --> 00:07:46,000 Speaker 1: having a gridlock in the Cole area is not a 145 00:07:46,040 --> 00:07:50,560 Speaker 1: real good story. Maybe another month of data. Is the 146 00:07:50,600 --> 00:07:54,320 Speaker 1: White House data dependent? Greg? Yeah, I think so. Maybe 147 00:07:54,360 --> 00:07:57,440 Speaker 1: we got a good number. Maybe the economy will show 148 00:07:57,480 --> 00:08:00,160 Speaker 1: some signs of growth. But again, this this is a 149 00:08:00,240 --> 00:08:03,840 Speaker 1: clear tobacco. It's a really bad day. And you know, 150 00:08:04,040 --> 00:08:06,000 Speaker 1: of all the people who have been damaged, I put 151 00:08:06,000 --> 00:08:08,480 Speaker 1: Buddha Judge high on the list. He had a horrible 152 00:08:08,520 --> 00:08:12,040 Speaker 1: summer with flight delays, flight cancelation. Now he's got his 153 00:08:12,120 --> 00:08:15,520 Speaker 1: fingerprints on the railroad story about that, Greg Valiere, a 154 00:08:15,560 --> 00:08:18,320 Speaker 1: great conversation, and thank you for getting us set up 155 00:08:18,320 --> 00:08:20,360 Speaker 1: here on the fastest hour in politics. We need to 156 00:08:20,400 --> 00:08:22,800 Speaker 1: assemble the panel early because we want to get right 157 00:08:22,840 --> 00:08:26,000 Speaker 1: to it with Rick and Genie Gregg. Thank you our 158 00:08:26,040 --> 00:08:29,840 Speaker 1: Bloomberg Politics contributors, Jeanie Schanzano and Rick Davis. Give me 159 00:08:29,880 --> 00:08:31,880 Speaker 1: a sense, Genie of of how that played for you. 160 00:08:31,920 --> 00:08:35,400 Speaker 1: Today watching the President out there on the lawn, and 161 00:08:35,440 --> 00:08:37,440 Speaker 1: I want to just pull everybody in here, because it 162 00:08:37,480 --> 00:08:40,320 Speaker 1: was late afternoon at the White House, just as the 163 00:08:40,360 --> 00:08:44,280 Speaker 1: Dow Industrial Average was extending losses, you know, beyond a 164 00:08:44,360 --> 00:08:47,000 Speaker 1: thousand points. Right around that time of day, the markets 165 00:08:47,000 --> 00:08:49,280 Speaker 1: in a panic over the very same topic that the 166 00:08:49,280 --> 00:08:52,480 Speaker 1: President was set to discuss, and that of course is inflation. 167 00:08:52,520 --> 00:08:56,080 Speaker 1: But the distance, the distance from Wall Street to Washington 168 00:08:56,240 --> 00:08:59,000 Speaker 1: was on full display here as we heard these sounds 169 00:08:59,040 --> 00:09:07,120 Speaker 1: across the alf long. Let's listen. Just yes, name James Taylor. 170 00:09:07,679 --> 00:09:12,920 Speaker 1: You yeah, the trademark hat on the brimmed hat, brand 171 00:09:12,920 --> 00:09:15,000 Speaker 1: new pair of boots for the occasion. He kicked things 172 00:09:15,040 --> 00:09:17,080 Speaker 1: off with a little fire and rain. The White House 173 00:09:17,120 --> 00:09:20,200 Speaker 1: program for the event refers to him as a Presidential 174 00:09:20,240 --> 00:09:23,520 Speaker 1: Medal of Freedom recipient and a member of the Rock 175 00:09:23,559 --> 00:09:26,520 Speaker 1: and Roll Hall of Fame. That's like a step away 176 00:09:26,520 --> 00:09:29,520 Speaker 1: from the Ways and Means Committee. So why not? And 177 00:09:29,559 --> 00:09:32,960 Speaker 1: I'm actually well, I'm still not sure exactly, Jeanie Chanzano, 178 00:09:33,160 --> 00:09:35,840 Speaker 1: is that the definition of tone deaf to have a 179 00:09:35,960 --> 00:09:39,240 Speaker 1: party on this on the lawn with a high priced 180 00:09:39,320 --> 00:09:43,120 Speaker 1: talent to come and sing to you following a CP 181 00:09:43,200 --> 00:09:45,560 Speaker 1: I like we saw this morning. You know, I can 182 00:09:45,600 --> 00:09:48,040 Speaker 1: never say it's tone deaf listening to James Taylor, a 183 00:09:49,080 --> 00:09:53,240 Speaker 1: huge fan. Um. You know, there's a couple of unfortunate things. 184 00:09:53,320 --> 00:09:56,040 Speaker 1: Number one, UM, the fact that the bill was named 185 00:09:56,280 --> 00:10:00,480 Speaker 1: an inflation Reduction Act. Um. It's I keep in an 186 00:10:00,520 --> 00:10:03,520 Speaker 1: infrastructure bill myself because it fits their definition of a 187 00:10:03,559 --> 00:10:07,839 Speaker 1: soft infrastructure bill. And there's wonderful things in this bill 188 00:10:07,920 --> 00:10:12,280 Speaker 1: that should be highlighted. The reduction of greenhouse gas emissions. Um. 189 00:10:12,320 --> 00:10:14,679 Speaker 1: If you look at the lowering of prescription drug costs, 190 00:10:14,679 --> 00:10:17,800 Speaker 1: a lowing health insurance costs, energy costs. So there are 191 00:10:17,880 --> 00:10:21,080 Speaker 1: wonderful things to celebrate. It was a huge achievement. But 192 00:10:21,160 --> 00:10:23,520 Speaker 1: I think for me, when we look at what the 193 00:10:23,559 --> 00:10:26,200 Speaker 1: Press Secretary had to say today, they've got to be 194 00:10:26,280 --> 00:10:30,120 Speaker 1: able to message this properly. The reality is Americans won't 195 00:10:30,280 --> 00:10:33,320 Speaker 1: feel the benefits of this, except in the case of 196 00:10:33,320 --> 00:10:36,320 Speaker 1: prescription drugs, maybe in lower health insurance for a while. 197 00:10:36,440 --> 00:10:40,080 Speaker 1: And they have to be honest about that. And so, yes, 198 00:10:40,240 --> 00:10:43,120 Speaker 1: James Taylor is fine, they deserve a victory lap, but 199 00:10:43,160 --> 00:10:45,440 Speaker 1: they've got to be honest about the real pain people 200 00:10:45,480 --> 00:10:48,080 Speaker 1: are feeling now and the fact that they are willing 201 00:10:48,120 --> 00:10:52,080 Speaker 1: to put aside their short term political gains for long 202 00:10:52,200 --> 00:10:55,600 Speaker 1: term political help to the American public, regardless of what 203 00:10:55,679 --> 00:10:58,240 Speaker 1: happens in the midterms. That should be the message. I'm 204 00:10:58,480 --> 00:11:02,120 Speaker 1: I'm very curious here from Rick on this one. I mean, 205 00:11:02,160 --> 00:11:04,480 Speaker 1: I don't know, you have James Taylor play inside for 206 00:11:04,520 --> 00:11:06,520 Speaker 1: the v I P. S Later as something, Rick, I mean, 207 00:11:06,559 --> 00:11:08,840 Speaker 1: it just it had this. It had the smacking of, 208 00:11:09,280 --> 00:11:11,480 Speaker 1: you know, a sort of rich guy's barbecue with the 209 00:11:11,559 --> 00:11:14,600 Speaker 1: high price talent talking about inflation when this is a 210 00:11:14,640 --> 00:11:17,720 Speaker 1: bill that's planting seeds. Maybe you do have a celebration 211 00:11:17,720 --> 00:11:20,320 Speaker 1: with James Taylor in a year when you have you know, 212 00:11:20,440 --> 00:11:22,800 Speaker 1: nine months of lower prices or something like that. How 213 00:11:22,800 --> 00:11:25,880 Speaker 1: does this play for you? You know, this is the 214 00:11:25,880 --> 00:11:29,280 Speaker 1: biggest blind spot that this administration has is their ability 215 00:11:29,280 --> 00:11:32,520 Speaker 1: to execute. One year ago, they were withdrawing from Afghanistan, 216 00:11:32,559 --> 00:11:34,840 Speaker 1: and it was a disaster. I don't think anyone would 217 00:11:34,840 --> 00:11:37,599 Speaker 1: doubt that they wanted to reduce the troops in Afghanistan, 218 00:11:38,040 --> 00:11:41,240 Speaker 1: and many people were even for the withdrawal, but nobody 219 00:11:41,240 --> 00:11:43,520 Speaker 1: wanted to do it in the haphazard fashion that this 220 00:11:43,559 --> 00:11:46,880 Speaker 1: administration executed. And here we are on the morning of 221 00:11:46,880 --> 00:11:50,600 Speaker 1: a CPI announcement and you're having an Inflation Reduction Act 222 00:11:50,720 --> 00:11:52,959 Speaker 1: signing and you don't know what that is gonna be. 223 00:11:54,280 --> 00:11:56,600 Speaker 1: They could have scheduled this thing on any day, even 224 00:11:56,800 --> 00:11:59,800 Speaker 1: before or after, so somebody would have gotten in trouble 225 00:11:59,840 --> 00:12:03,800 Speaker 1: and Rick Davis's office for this bit of scheduling, fire 226 00:12:03,840 --> 00:12:07,320 Speaker 1: the schedulers, and you know, and and and start thinking 227 00:12:07,360 --> 00:12:09,800 Speaker 1: about what's going on around you. I mean, and the 228 00:12:09,840 --> 00:12:11,840 Speaker 1: fact that they got burned by the number, well, you know, 229 00:12:11,880 --> 00:12:15,320 Speaker 1: everybody was a little disappointed. You can't really honestly argue 230 00:12:15,320 --> 00:12:18,440 Speaker 1: with that. But let tone deafness. Yes, you have to 231 00:12:18,480 --> 00:12:21,360 Speaker 1: tell them to cancel the band and take the you know, 232 00:12:21,679 --> 00:12:24,240 Speaker 1: plan indoors and do it quietly at the Rose, at 233 00:12:24,280 --> 00:12:27,640 Speaker 1: the Presidential Office, the Oval office. So I mean, like 234 00:12:28,120 --> 00:12:30,400 Speaker 1: it's just they cannot get out of their own way. 235 00:12:30,440 --> 00:12:34,319 Speaker 1: This is a ad ready to be made. Every Republican 236 00:12:34,360 --> 00:12:36,000 Speaker 1: is gonna have this in near quiver. And frankly, they 237 00:12:36,000 --> 00:12:39,440 Speaker 1: give back Republicans a message that was starting to dwindle, 238 00:12:39,480 --> 00:12:42,600 Speaker 1: which is, oh my god, we gotta quit talking about inflation. 239 00:12:42,679 --> 00:12:46,720 Speaker 1: Well not now, not now, Genie. Although this was supposed 240 00:12:46,760 --> 00:12:48,760 Speaker 1: to be a messaging pivot, do they put that right 241 00:12:48,800 --> 00:12:50,480 Speaker 1: back in their pocket? Or is this actually what we're 242 00:12:50,480 --> 00:12:53,240 Speaker 1: gonna hear between now and November. Yeah, I mean they 243 00:12:53,240 --> 00:12:55,200 Speaker 1: didn't put it back in their pocket. It's back in 244 00:12:55,240 --> 00:12:57,840 Speaker 1: their pocket. That's the reality. We will hear it. They 245 00:12:57,880 --> 00:12:59,760 Speaker 1: have a response to it, but they got a message 246 00:12:59,760 --> 00:13:04,520 Speaker 1: appropriately JT. They call him on Cape cod and Martha's Vineyard, 247 00:13:05,400 --> 00:13:09,439 Speaker 1: where gas prices I believe are still just right underneath 248 00:13:09,480 --> 00:13:11,960 Speaker 1: the five dollar mark, at least on the island. The 249 00:13:11,960 --> 00:13:16,240 Speaker 1: panel stays with us. Next, as Lindsey Graham drops legislation 250 00:13:16,400 --> 00:13:22,440 Speaker 1: on abortion. This is Bloomberg. You're listening to Bloomberg Sound 251 00:13:22,480 --> 00:13:28,520 Speaker 1: On with Joe Matthew on Bloomberg Radio. So maybe it's 252 00:13:28,520 --> 00:13:31,600 Speaker 1: happening again on both sides of the aisle. Right. Joe 253 00:13:31,640 --> 00:13:35,319 Speaker 1: Biden celebrates an inflation bill on the same day Inflation 254 00:13:35,440 --> 00:13:40,480 Speaker 1: one's hotter than feared. Markets tank, and while Republicans could 255 00:13:40,480 --> 00:13:45,600 Speaker 1: be reinforcing their message on inflation, Senator Lindsey Graham grabs 256 00:13:45,640 --> 00:13:48,520 Speaker 1: the wheel with a new proposal he rolls out today 257 00:13:48,600 --> 00:13:52,520 Speaker 1: for a national abortion band a ban after fifteen weeks. 258 00:13:52,520 --> 00:13:56,839 Speaker 1: The senator explained why fifteen weeks I feel comfortable at 259 00:13:56,880 --> 00:14:01,200 Speaker 1: fifteen weeks. The science tells us that the nerve endings 260 00:14:01,200 --> 00:14:04,920 Speaker 1: are developed to the point that the unborn child feels pain. 261 00:14:05,480 --> 00:14:08,479 Speaker 1: And this is what people are covering for the Republican 262 00:14:08,520 --> 00:14:13,199 Speaker 1: messaging today. Let's reassemble our panel Bloomberg Politics contributors Jeanie 263 00:14:13,240 --> 00:14:17,520 Speaker 1: Chanzino and Rick Davis Genie, is this as much of 264 00:14:17,520 --> 00:14:21,440 Speaker 1: a gift to Democrats as what Joe Biden gave Republicans 265 00:14:21,480 --> 00:14:24,240 Speaker 1: today on the South Lawn? Boy? Is it ever? The 266 00:14:24,280 --> 00:14:27,760 Speaker 1: political gods they give and they take away? And here 267 00:14:28,200 --> 00:14:33,440 Speaker 1: the universe there is, you know, inflations rising. It's all 268 00:14:33,520 --> 00:14:35,920 Speaker 1: Republicans want to talk about. It's all they should be 269 00:14:35,960 --> 00:14:39,280 Speaker 1: talking about. And he swoops in to say something that 270 00:14:39,480 --> 00:14:44,320 Speaker 1: almost every Republicans just you know, decided to walk away from. 271 00:14:44,600 --> 00:14:46,760 Speaker 1: And Tom Tillis had it right. I want to be 272 00:14:46,760 --> 00:14:49,200 Speaker 1: talking about inflation, he said, And now I've got to 273 00:14:49,240 --> 00:14:52,520 Speaker 1: talk about this. And so, you know, you scratch your 274 00:14:52,520 --> 00:14:55,640 Speaker 1: head to imagine what Lindsay Graham is thinking. You know, 275 00:14:55,960 --> 00:14:58,840 Speaker 1: he seems to be in a sort of a past 276 00:14:58,880 --> 00:15:01,520 Speaker 1: state with this idea, uh, that this is about pro 277 00:15:01,640 --> 00:15:05,080 Speaker 1: life versus pro choice, and it's not. Most voters are 278 00:15:05,160 --> 00:15:08,080 Speaker 1: somewhere in the middle. And what they want Republicans to 279 00:15:08,120 --> 00:15:10,040 Speaker 1: talk about now when we saw this in New York 280 00:15:10,120 --> 00:15:13,920 Speaker 1: nineteen with a good candidate on the Republican side, is 281 00:15:13,960 --> 00:15:17,600 Speaker 1: that they want them to say, like Mark Mulinaro up there, 282 00:15:17,640 --> 00:15:19,880 Speaker 1: what are the limits? Where do you draw the line? 283 00:15:20,000 --> 00:15:22,120 Speaker 1: Is it rape? Is it incest? What is it? Or 284 00:15:22,160 --> 00:15:24,400 Speaker 1: are you just going to let these legislatures run them up? 285 00:15:24,760 --> 00:15:27,240 Speaker 1: And that's what they should be talking about, and instead 286 00:15:27,400 --> 00:15:29,480 Speaker 1: or not talking about it at all, he's trying to 287 00:15:29,520 --> 00:15:31,800 Speaker 1: talk about a band. Well, let's be clear that this 288 00:15:31,920 --> 00:15:36,040 Speaker 1: legislation includes exceptions for rape or incest. Uh, fifteen weeks, 289 00:15:36,080 --> 00:15:39,840 Speaker 1: more stringent than bills that he has introduced in previous years. 290 00:15:39,880 --> 00:15:42,280 Speaker 1: This is not the first turn for Lindsey Graham that 291 00:15:42,560 --> 00:15:45,560 Speaker 1: would have made abortion illegal after twenty weeks. So this 292 00:15:45,760 --> 00:15:48,240 Speaker 1: cranks it down to fifteen And we need to be 293 00:15:48,280 --> 00:15:51,680 Speaker 1: honest with everyone here, as I think Lindsay Graham was 294 00:15:51,720 --> 00:15:54,440 Speaker 1: today in his news conference, there's really no path for this. 295 00:15:54,520 --> 00:15:57,440 Speaker 1: The bill is not likely to get very far, unless, 296 00:15:57,480 --> 00:16:00,640 Speaker 1: of course, Republicans managed to get both the Senate and 297 00:16:00,720 --> 00:16:03,880 Speaker 1: the House. So what's the point then, Rick, If this 298 00:16:03,920 --> 00:16:07,040 Speaker 1: doesn't have a path, why mighty the waters with this 299 00:16:07,120 --> 00:16:10,320 Speaker 1: messaging or is is this actually what Republican voters want 300 00:16:10,320 --> 00:16:15,479 Speaker 1: to hear? You know, Republican voters like hearing this, especially 301 00:16:15,920 --> 00:16:20,240 Speaker 1: pro life Republican voters. He was surrounded by women activists 302 00:16:20,280 --> 00:16:23,320 Speaker 1: in this area, all of whom he's been working with 303 00:16:23,440 --> 00:16:27,280 Speaker 1: for you know, three decades on this issue. You mentioned it. 304 00:16:27,400 --> 00:16:30,920 Speaker 1: He's done this bill repeatedly every other year for the 305 00:16:31,000 --> 00:16:33,880 Speaker 1: last twenty years since he's been the United States Center. 306 00:16:33,920 --> 00:16:37,240 Speaker 1: I mean, this is not an unusual Lindsay Graham play. 307 00:16:37,280 --> 00:16:41,280 Speaker 1: I mean, if anything, the only thing different this year 308 00:16:41,640 --> 00:16:44,560 Speaker 1: is that he's gone exactly what you described from a 309 00:16:44,680 --> 00:16:47,480 Speaker 1: twenty week band to a fifteen week band based on 310 00:16:47,560 --> 00:16:50,480 Speaker 1: what he's alluding to, which is a new new level 311 00:16:50,520 --> 00:16:54,040 Speaker 1: of knowledge on science. But look, this is you know, 312 00:16:54,080 --> 00:16:56,680 Speaker 1: this is standard operating procedure for the vast majority of 313 00:16:56,680 --> 00:16:58,640 Speaker 1: the Republican Party. So if you're Lindsay Graham and you 314 00:16:58,680 --> 00:17:04,000 Speaker 1: want to continue to be seen as a major national player, uh, 315 00:17:04,160 --> 00:17:07,720 Speaker 1: you're gonna actually talk about nationalizing an abortion ban? And 316 00:17:07,840 --> 00:17:10,720 Speaker 1: uh been a question probably Rick would have been, what 317 00:17:11,040 --> 00:17:13,520 Speaker 1: is this? How does this play with with the Republican 318 00:17:13,560 --> 00:17:16,680 Speaker 1: strategist in you? Is that the speech that you wanted 319 00:17:16,720 --> 00:17:18,359 Speaker 1: to give today when you could have been harpened on 320 00:17:18,400 --> 00:17:21,159 Speaker 1: the CPI all morning. Yeah. No, he had to be 321 00:17:21,200 --> 00:17:23,719 Speaker 1: given this speech next year after the mid terms, right, 322 00:17:23,760 --> 00:17:25,840 Speaker 1: I mean, he's not running for re election. This isn't 323 00:17:25,880 --> 00:17:30,000 Speaker 1: a naked political uh grab on his part to win 324 00:17:30,080 --> 00:17:32,639 Speaker 1: a re election. This is just him trying to position 325 00:17:32,720 --> 00:17:36,200 Speaker 1: himself as a player nationally. And the reality is whatever 326 00:17:36,320 --> 00:17:39,040 Speaker 1: level of insecurity he's got, you know that he doesn't 327 00:17:39,040 --> 00:17:40,880 Speaker 1: have to worry about that. He's a national player, whether 328 00:17:40,920 --> 00:17:42,680 Speaker 1: he likes it or not. And there are days when 329 00:17:42,680 --> 00:17:45,320 Speaker 1: he probably wishes he weren't. So yeah, this this is 330 00:17:45,400 --> 00:17:48,359 Speaker 1: off message. And if you're Mitch McConnell, you're scratching your 331 00:17:48,359 --> 00:17:50,600 Speaker 1: head going you know, look, Lindsay, I don't disagree what's 332 00:17:50,600 --> 00:17:52,040 Speaker 1: what you're trying to accomplish, but did you have to 333 00:17:52,080 --> 00:17:54,680 Speaker 1: try to do it today? Um, just like we were 334 00:17:54,680 --> 00:17:56,800 Speaker 1: talking about the Biden administration being a bit tone deaf 335 00:17:56,880 --> 00:18:00,399 Speaker 1: on message today. So lindsay, yeah, we we've we have 336 00:18:00,480 --> 00:18:03,480 Speaker 1: found the nexus yere. White House Press Secretary Koarine Jean 337 00:18:03,520 --> 00:18:06,360 Speaker 1: Pierre Genie says, in a statement that was put out 338 00:18:06,359 --> 00:18:09,000 Speaker 1: on this Graham's bill is quote wildly out of step 339 00:18:09,040 --> 00:18:13,600 Speaker 1: with what Americans believe unquote, um, it's it's sure difficult 340 00:18:13,640 --> 00:18:16,280 Speaker 1: to quantify that. I know that Democrats think that this 341 00:18:16,800 --> 00:18:19,679 Speaker 1: really is a winning issue going into November, but a 342 00:18:19,720 --> 00:18:22,119 Speaker 1: lot of this is conjecture based on very few races 343 00:18:22,119 --> 00:18:25,280 Speaker 1: since the Row ruling, right it is, I mean there, 344 00:18:25,320 --> 00:18:27,720 Speaker 1: you know, we don't know what the impact is going 345 00:18:27,760 --> 00:18:29,720 Speaker 1: to be. But what we do know is there's a 346 00:18:29,760 --> 00:18:34,239 Speaker 1: big difference sitting here today in September then there was 347 00:18:34,440 --> 00:18:37,520 Speaker 1: six months ago. And that difference is the jobs decision 348 00:18:38,040 --> 00:18:41,840 Speaker 1: that has resonated. Whether it impacts voting in the mid term, 349 00:18:41,960 --> 00:18:44,959 Speaker 1: we don't know. We know what happened in Kansas, we 350 00:18:45,040 --> 00:18:48,120 Speaker 1: know what happened in New York nineteen. We know by 351 00:18:48,200 --> 00:18:52,000 Speaker 1: reports there has been an increase in voter registration among women. 352 00:18:52,359 --> 00:18:55,240 Speaker 1: So the potential is there for this to be an issue. 353 00:18:55,560 --> 00:18:58,080 Speaker 1: And we know if we go and we talk to women, 354 00:18:58,560 --> 00:19:02,720 Speaker 1: they are concerned about what this means for their ability 355 00:19:02,800 --> 00:19:06,560 Speaker 1: to make decisions about their own healthcare. And that's the 356 00:19:06,680 --> 00:19:10,840 Speaker 1: danger here. You know, Lindsay Graham maybe living in two, 357 00:19:10,960 --> 00:19:14,880 Speaker 1: but this is two and you know, the environment has 358 00:19:15,000 --> 00:19:17,639 Speaker 1: changed on this issue, and he doesn't seem to have 359 00:19:17,760 --> 00:19:20,640 Speaker 1: caught up and that's by Republicans are keeping an arms 360 00:19:20,720 --> 00:19:23,040 Speaker 1: distance from this today. You come at this from the 361 00:19:23,040 --> 00:19:25,720 Speaker 1: other side. Senator John thun Rick says, there are a 362 00:19:25,760 --> 00:19:28,719 Speaker 1: lot of Americans out there in favor of reasonable restrictions. 363 00:19:28,720 --> 00:19:32,480 Speaker 1: This bill would counter Democrats messaging that Republicans want to 364 00:19:32,520 --> 00:19:35,600 Speaker 1: ban all abortions. Is there some truth to that? Sure 365 00:19:35,640 --> 00:19:37,879 Speaker 1: there is. I mean, you know, Lindsay has created the 366 00:19:37,960 --> 00:19:40,280 Speaker 1: safe harbor for people for a long time. He's gonna 367 00:19:40,400 --> 00:19:43,359 Speaker 1: put out, you know, what is deemed at least and 368 00:19:43,440 --> 00:19:47,919 Speaker 1: instibate a reasonable position for a pro life member of Congress. 369 00:19:48,080 --> 00:19:50,439 Speaker 1: And uh and people can retreat to that right they 370 00:19:50,520 --> 00:19:52,600 Speaker 1: sail well, I I'm for the Graham bill and not 371 00:19:52,680 --> 00:19:55,280 Speaker 1: getting too much trouble. Rick and Genie, they'll be back 372 00:19:55,480 --> 00:20:00,440 Speaker 1: on sound on. I'm Joe Matthew. This is Bloomberg. It's 373 00:20:00,440 --> 00:20:03,879 Speaker 1: a refrain that we've heard many times from President Biden 374 00:20:03,920 --> 00:20:06,440 Speaker 1: over the last couple of years, even but really over 375 00:20:06,480 --> 00:20:08,760 Speaker 1: the past year in which we've seen high oil and 376 00:20:08,920 --> 00:20:12,800 Speaker 1: gas prices about the number of leases that big oil 377 00:20:12,840 --> 00:20:15,560 Speaker 1: company's hole to explore on federal land. Here he is 378 00:20:15,600 --> 00:20:19,040 Speaker 1: back in June, this idea that they don't have oil 379 00:20:19,119 --> 00:20:23,280 Speaker 1: to drill and to bring up simply not true. This 380 00:20:23,400 --> 00:20:28,000 Speaker 1: piece of the Republic is talking about Biden shutdown fields wrong, 381 00:20:29,840 --> 00:20:34,840 Speaker 1: nine thousand leases, he says, outstanding. And so they've talked 382 00:20:34,880 --> 00:20:37,000 Speaker 1: about to use it or or lose it rule and 383 00:20:37,040 --> 00:20:39,159 Speaker 1: so forth. And we've explored this topic to learn that 384 00:20:39,200 --> 00:20:40,879 Speaker 1: there's actually a lot more to getting a permit to 385 00:20:40,960 --> 00:20:43,760 Speaker 1: drill for oil and gas, even if you've got the 386 00:20:44,119 --> 00:20:47,680 Speaker 1: lease on the land. That's why Senator Joe Manchin has 387 00:20:47,720 --> 00:20:51,119 Speaker 1: pushed for reform in this permitting process to speed things up, 388 00:20:51,119 --> 00:20:53,159 Speaker 1: and that's outraged a lot of progressives and did not 389 00:20:53,200 --> 00:20:56,720 Speaker 1: know about this deal, which came from Mansion's negotiation with 390 00:20:56,840 --> 00:21:00,320 Speaker 1: Chuck Schumer on the Inflation Reduction Act, the one solebrated 391 00:21:00,359 --> 00:21:02,520 Speaker 1: today at the White House. See how it all comes around. 392 00:21:03,359 --> 00:21:05,600 Speaker 1: The question though, is why, in part why are some 393 00:21:05,720 --> 00:21:09,480 Speaker 1: Democrats against this reform as the bill is also balanced 394 00:21:09,480 --> 00:21:13,560 Speaker 1: by climate spending and incentives for more renewable energy. And 395 00:21:13,560 --> 00:21:16,760 Speaker 1: that's where we start with Frank Maisano, senior principle at 396 00:21:16,800 --> 00:21:19,760 Speaker 1: Brace Well back with us on Bloomberg Radio. It's great 397 00:21:19,800 --> 00:21:21,920 Speaker 1: to have you here. Frank, I realized we don't have 398 00:21:22,240 --> 00:21:25,680 Speaker 1: actual language in legislation, but that says a lot about 399 00:21:25,720 --> 00:21:28,199 Speaker 1: where we are in this process. Right, there's no consensus 400 00:21:28,240 --> 00:21:31,720 Speaker 1: on this. Yeah, absolutely, Joe, You're well, thanks for having 401 00:21:31,760 --> 00:21:33,760 Speaker 1: me back, and I'm glad to talk about this because 402 00:21:34,160 --> 00:21:37,040 Speaker 1: we're at a stage where we really don't know what 403 00:21:37,720 --> 00:21:41,120 Speaker 1: the details will be in this. And I just set 404 00:21:41,160 --> 00:21:44,920 Speaker 1: that in the context of having twelve legislative days here 405 00:21:45,000 --> 00:21:48,920 Speaker 1: remaining in September, and probably less than that because they want, 406 00:21:48,960 --> 00:21:51,359 Speaker 1: because these guys want to get out of their past 407 00:21:51,440 --> 00:21:56,320 Speaker 1: the cr and bumped this to December, late November December 408 00:21:56,400 --> 00:21:59,160 Speaker 1: and get back in campaign uh in many of their 409 00:21:59,200 --> 00:22:01,640 Speaker 1: states and Congress to districts and things like that. So 410 00:22:02,040 --> 00:22:04,359 Speaker 1: you know, it's a really tight schedule. It's hard to 411 00:22:04,400 --> 00:22:07,280 Speaker 1: believe that they be able to come to such detailed 412 00:22:08,280 --> 00:22:12,040 Speaker 1: legislation uh in in such a short time frame, especially 413 00:22:12,080 --> 00:22:15,320 Speaker 1: with the kind of opposition you're seeing from progressives, which 414 00:22:15,359 --> 00:22:17,520 Speaker 1: I'll get to in a minute. You know, the Republicans 415 00:22:17,560 --> 00:22:21,360 Speaker 1: still aren't happy either, because you know that they've kind 416 00:22:21,359 --> 00:22:24,560 Speaker 1: of been dragged along into this last minute budget deal 417 00:22:24,600 --> 00:22:26,480 Speaker 1: all of a sudden, which was kind of a surprise 418 00:22:26,520 --> 00:22:28,480 Speaker 1: to them. Well it's interesting you say that too, though, 419 00:22:28,480 --> 00:22:31,440 Speaker 1: because the is the the other Senator from West Virginia, 420 00:22:31,520 --> 00:22:35,280 Speaker 1: Shelley Moore Capital has her own bill. Joe Manson must 421 00:22:35,280 --> 00:22:39,280 Speaker 1: be loving this right. It was introduced yesterday. Shelley Moore 422 00:22:39,359 --> 00:22:43,480 Speaker 1: Capital backed by thirty eight of her Republican colleagues. Joe Mansion, 423 00:22:44,520 --> 00:22:47,360 Speaker 1: Frank doesn't even know if he can get ten. Are 424 00:22:47,400 --> 00:22:50,520 Speaker 1: they going to cancel each other out in West Virginia? Yeah? 425 00:22:50,560 --> 00:22:52,400 Speaker 1: I don't think so. But you know, look, I think 426 00:22:52,440 --> 00:22:55,640 Speaker 1: what you're starting to see is people recognizing that they 427 00:22:55,680 --> 00:22:58,360 Speaker 1: don't have the time to do this in September, so 428 00:22:58,400 --> 00:23:01,280 Speaker 1: they're starting to lay out there in aociating positions right 429 00:23:01,680 --> 00:23:04,600 Speaker 1: as this. Look, this is a serious effort. It is 430 00:23:04,640 --> 00:23:06,960 Speaker 1: something that is not going to go away if it 431 00:23:07,160 --> 00:23:11,240 Speaker 1: passes here um, and if it misses the cr here 432 00:23:11,280 --> 00:23:14,040 Speaker 1: in September, it certainly is going to be a major 433 00:23:14,080 --> 00:23:17,439 Speaker 1: discussion point in any kind of lame duck budget session 434 00:23:17,480 --> 00:23:19,359 Speaker 1: that would would occur that we're going to have to 435 00:23:19,400 --> 00:23:22,480 Speaker 1: get to because they're gonna have to kick this into December. 436 00:23:22,720 --> 00:23:25,720 Speaker 1: So it's not going away. It's something that Joe Mansion 437 00:23:25,920 --> 00:23:28,880 Speaker 1: will continue to hold out. So I think what you're 438 00:23:28,880 --> 00:23:32,879 Speaker 1: seeing is Shelley Moore Capital and the Republican side thinking, hey, 439 00:23:32,920 --> 00:23:35,760 Speaker 1: here's what we would take, and you have on the 440 00:23:35,760 --> 00:23:38,440 Speaker 1: other side progressives in their letters saying we don't want 441 00:23:38,520 --> 00:23:41,160 Speaker 1: us at all, right, And I think that's a short 442 00:23:41,240 --> 00:23:45,320 Speaker 1: sighted view in a sense, because the energy transition Joe 443 00:23:45,440 --> 00:23:48,960 Speaker 1: doesn't happen unless we get some kind of permitting reforms. 444 00:23:49,160 --> 00:23:51,760 Speaker 1: So speak to that. If this permitting reform happens, does 445 00:23:51,800 --> 00:23:54,159 Speaker 1: that actually speed the process to the point where we 446 00:23:54,200 --> 00:23:57,560 Speaker 1: get increased domestic production and prices move? Can can we 447 00:23:57,960 --> 00:24:01,639 Speaker 1: connect those dots? I'll tell what it does. It increases 448 00:24:01,720 --> 00:24:05,840 Speaker 1: the opportunity for us to build renewable projects and transmission 449 00:24:05,880 --> 00:24:09,520 Speaker 1: lines that can carry that renewable energy. Right. I mean, look, 450 00:24:09,640 --> 00:24:14,440 Speaker 1: the reality is the utility industry, the oil and gas 451 00:24:14,440 --> 00:24:17,600 Speaker 1: industry in many cases have already moved towards cleaner and 452 00:24:17,680 --> 00:24:20,760 Speaker 1: better fuel. The utility industry is a good example. They're 453 00:24:20,800 --> 00:24:24,800 Speaker 1: expanding wind, they're expanding solar. We need transmission lines to 454 00:24:24,840 --> 00:24:27,399 Speaker 1: move it. But the bottom line is all of these 455 00:24:27,400 --> 00:24:31,840 Speaker 1: things face opposition from local communities, from activist groups, and 456 00:24:31,880 --> 00:24:33,879 Speaker 1: from things like that. And so if you're going to 457 00:24:34,000 --> 00:24:37,400 Speaker 1: have an energy transition as fast as progressive an environmental 458 00:24:37,440 --> 00:24:40,439 Speaker 1: activists wanted to occur, you're gonna have to have some 459 00:24:40,520 --> 00:24:44,359 Speaker 1: help in the permitting arena, because that's the key. Is 460 00:24:44,400 --> 00:24:47,479 Speaker 1: this an issue or is this an environmental issue? In 461 00:24:47,560 --> 00:24:51,560 Speaker 1: terms of the infrastructure that you're talking about. In many cases, 462 00:24:51,600 --> 00:24:53,359 Speaker 1: that is a nimby issue. We don't want it in 463 00:24:53,359 --> 00:24:55,359 Speaker 1: our back yard. I mean, look like there's a giant 464 00:24:55,440 --> 00:24:59,120 Speaker 1: solar project in uh in Solln, California called Ivan Paw, 465 00:24:59,200 --> 00:25:02,199 Speaker 1: which which I worked on individually, and you know, we 466 00:25:02,280 --> 00:25:04,840 Speaker 1: had people fighting us for five or seven years on 467 00:25:04,840 --> 00:25:08,080 Speaker 1: that project. Right now, we finally got over it. Right 468 00:25:08,080 --> 00:25:11,359 Speaker 1: now it's operating uh and and actually doing great and 469 00:25:11,720 --> 00:25:15,280 Speaker 1: helping balance the grid in California. Right with the challenges 470 00:25:15,320 --> 00:25:18,440 Speaker 1: that they faced, and we we would have gotten over 471 00:25:18,440 --> 00:25:19,960 Speaker 1: it faster if there would have been some sort of 472 00:25:20,000 --> 00:25:22,200 Speaker 1: permiting reform that could have helped us speed that along. 473 00:25:22,400 --> 00:25:24,679 Speaker 1: You would think just would have more bipartisan support. With 474 00:25:24,720 --> 00:25:27,720 Speaker 1: what we've seen in Texas and in California. To your point, 475 00:25:27,760 --> 00:25:30,520 Speaker 1: you couldn't have two states you know, further apart politically here. 476 00:25:30,520 --> 00:25:33,439 Speaker 1: But what would it mean, Frank for this multi billion 477 00:25:33,440 --> 00:25:38,080 Speaker 1: dollar Mountain Valley natural gas pipeline in West Virginia. Well, 478 00:25:38,119 --> 00:25:41,160 Speaker 1: I mean, look, I think the Mountain Valley pipeline is 479 00:25:41,720 --> 00:25:45,680 Speaker 1: Joe Mansion's price of admission. That's what they say process 480 00:25:45,760 --> 00:25:49,200 Speaker 1: right and and look for every one Mountain Valley pipeline 481 00:25:49,240 --> 00:25:53,520 Speaker 1: you have, you have hundreds of renewable projects that are 482 00:25:53,640 --> 00:25:55,960 Speaker 1: need that need this type of does that to prove 483 00:25:56,320 --> 00:25:59,840 Speaker 1: is the pipeline is sure thing if he gets the bill, Well, well, 484 00:26:00,119 --> 00:26:01,800 Speaker 1: I mean that you know, that's what he's shooting for. 485 00:26:01,960 --> 00:26:04,399 Speaker 1: Who knows what the details will be on it, but 486 00:26:04,720 --> 00:26:07,840 Speaker 1: um you know again and Frankly, we will need natural 487 00:26:07,880 --> 00:26:12,080 Speaker 1: gas transmission lines because natural gas is a supporter of 488 00:26:12,280 --> 00:26:16,520 Speaker 1: reliability and the grid when it comes to expanding renewables, right, 489 00:26:16,720 --> 00:26:18,760 Speaker 1: that's one of the reasons why we've been able to 490 00:26:18,800 --> 00:26:22,000 Speaker 1: expand renewables. So natural gas is going to be a 491 00:26:22,040 --> 00:26:24,600 Speaker 1: player U. It will continue to be a player as 492 00:26:24,640 --> 00:26:27,440 Speaker 1: we clean it through renewable natural gas in through through 493 00:26:27,520 --> 00:26:30,720 Speaker 1: hydrogen use in the future. So you know, we need 494 00:26:30,760 --> 00:26:34,720 Speaker 1: this type of infrastructure, both from from the natural gas 495 00:26:34,720 --> 00:26:39,520 Speaker 1: and clean natural gas side, to the to the electricity 496 00:26:39,600 --> 00:26:43,720 Speaker 1: grid to developing the projects themselves. Come back and talk 497 00:26:43,760 --> 00:26:46,240 Speaker 1: to us when we get some print. I enjoy the conversation. 498 00:26:46,320 --> 00:26:49,800 Speaker 1: Frank Maisano with us from brace well on sound On. 499 00:26:50,440 --> 00:26:52,840 Speaker 1: We'll reassemble the panel next to get their thoughts on 500 00:26:52,880 --> 00:26:55,680 Speaker 1: this for a moment, and turn our attention as well 501 00:26:55,720 --> 00:27:00,480 Speaker 1: to the Twitter whistleblower that made a lot of news 502 00:27:00,520 --> 00:27:04,879 Speaker 1: today inside the Beltway. Another tough day for social media, 503 00:27:04,960 --> 00:27:08,280 Speaker 1: big tech on Capitol Hill. That's ahead. I'm Joe Matthew. 504 00:27:08,320 --> 00:27:14,160 Speaker 1: This is Bloomberg. You're listening to Bloomberg you sound on 505 00:27:14,600 --> 00:27:19,800 Speaker 1: with Joe Matthew on Bloomberg Radio. It's not the only 506 00:27:19,840 --> 00:27:23,520 Speaker 1: news on Twitter today, in fact, not Elon Musk this time, 507 00:27:23,520 --> 00:27:26,880 Speaker 1: but a whistle blower here in Washington. We're gonna talk 508 00:27:26,880 --> 00:27:30,520 Speaker 1: about that in just a moment. Yet another call for 509 00:27:30,600 --> 00:27:35,640 Speaker 1: regulation on big tech and specifically on social media. Joe 510 00:27:35,640 --> 00:27:38,879 Speaker 1: Matthew in Washington. Thanks for joining us on Bloomberg sound On, 511 00:27:38,960 --> 00:27:41,920 Speaker 1: the fastest hour in politics as we try to keep 512 00:27:41,960 --> 00:27:44,119 Speaker 1: you up to date with what's always happening at the 513 00:27:44,160 --> 00:27:47,400 Speaker 1: White House. And an interesting update, a curious update here 514 00:27:47,520 --> 00:27:49,879 Speaker 1: in the President's schedule late in the day as well. 515 00:27:50,520 --> 00:27:54,480 Speaker 1: He's on his way to Wilmington, Delaware tonight. Strangely, you know, 516 00:27:54,560 --> 00:27:57,760 Speaker 1: you don't see a lot of unannounced moves like that. Strangely, 517 00:27:57,800 --> 00:28:02,240 Speaker 1: he's coming back tonight as well. Somebody asked if he 518 00:28:02,359 --> 00:28:06,439 Speaker 1: kept the fawcet running a quick run to the house 519 00:28:06,600 --> 00:28:10,199 Speaker 1: in Wilmington, Delaware. We don't know why yet, will let 520 00:28:10,240 --> 00:28:17,040 Speaker 1: you know as we reassemble the panel. Here for an 521 00:28:17,040 --> 00:28:20,800 Speaker 1: interesting turn in the news about Joe mansion. Rick Davis 522 00:28:20,840 --> 00:28:23,320 Speaker 1: is with us and Jennie Chanzano. You always do wonder, Rick, 523 00:28:23,440 --> 00:28:25,359 Speaker 1: you know when you get a piece of news like that, 524 00:28:25,400 --> 00:28:28,359 Speaker 1: what's behind it? Donald Trump was seen stepping out of 525 00:28:28,400 --> 00:28:30,840 Speaker 1: a private jet wearing golf shoes at Dallas Airport a 526 00:28:30,840 --> 00:28:34,000 Speaker 1: couple of days ago as well. Yeah, I mean, what's 527 00:28:34,000 --> 00:28:36,399 Speaker 1: with these two guys both having mystery trips in the 528 00:28:36,440 --> 00:28:39,280 Speaker 1: same week? Is it the do o j? Is it 529 00:28:39,440 --> 00:28:42,200 Speaker 1: just their own socialist calendar? I mean, what's going on 530 00:28:42,280 --> 00:28:47,600 Speaker 1: in Washington? Uh? Genie, this is interesting with Joe Manchon here. 531 00:28:47,680 --> 00:28:49,640 Speaker 1: Could he be the one in this case who actually, 532 00:28:49,680 --> 00:28:51,240 Speaker 1: you know, he had the deal, but he's the one 533 00:28:51,720 --> 00:28:53,800 Speaker 1: who ends up empty handed. And I say that knowing 534 00:28:53,800 --> 00:28:56,760 Speaker 1: he got a lot in the Inflation Reduction Act. But 535 00:28:56,880 --> 00:29:02,400 Speaker 1: this Permitting reform bill is being challenged by both sides. Yeah, 536 00:29:02,760 --> 00:29:06,880 Speaker 1: and you know it's so fascinating because when the deal 537 00:29:07,080 --> 00:29:10,560 Speaker 1: was struck who didn't think ahead that this was going 538 00:29:10,560 --> 00:29:13,360 Speaker 1: to be coming down the pike. And you know, was 539 00:29:13,360 --> 00:29:16,560 Speaker 1: it Joe Manchin? Was it? You know, Chuck Schumer? Was 540 00:29:16,600 --> 00:29:19,640 Speaker 1: it Joe Biden? So if he is left empty handed, 541 00:29:19,680 --> 00:29:22,280 Speaker 1: you've got to wonder whose fault that is. And I 542 00:29:22,320 --> 00:29:25,560 Speaker 1: think Frank made a really important point to in fact, 543 00:29:25,960 --> 00:29:28,360 Speaker 1: number one, there's very little time left to get this 544 00:29:28,440 --> 00:29:32,200 Speaker 1: cr put together with this amount of pushback on it. 545 00:29:32,600 --> 00:29:36,840 Speaker 1: And number two, the idea that permitting reform is important 546 00:29:36,880 --> 00:29:40,440 Speaker 1: to get to renewable. That's a message that if that's 547 00:29:40,440 --> 00:29:43,600 Speaker 1: what Chuck Schumer and Joe Biden and others believe, they 548 00:29:43,600 --> 00:29:45,760 Speaker 1: should be putting putting out there, and they should have 549 00:29:45,840 --> 00:29:49,360 Speaker 1: gotten Bernie Sanders and other Democrats and people who care 550 00:29:49,360 --> 00:29:52,400 Speaker 1: about the environment rightly so on their side to say 551 00:29:52,440 --> 00:29:54,760 Speaker 1: this is a step in the right direction. None of 552 00:29:54,800 --> 00:29:57,360 Speaker 1: that seems to have happened. And so here we are 553 00:29:57,400 --> 00:30:00,440 Speaker 1: again a government potentially could get shut down without a 554 00:30:00,520 --> 00:30:04,480 Speaker 1: budget past and you know it's gonna be egg really 555 00:30:04,520 --> 00:30:06,920 Speaker 1: in Chuck Schumer's face if this happens, Well, is it 556 00:30:06,960 --> 00:30:09,920 Speaker 1: on Chuck Schumer to get this moving? Here? Rick, You've 557 00:30:09,920 --> 00:30:12,440 Speaker 1: been around enough Senate deals to kind of get a 558 00:30:12,480 --> 00:30:15,200 Speaker 1: sense of this. Maybe there's a noisy period like this, 559 00:30:15,280 --> 00:30:19,240 Speaker 1: Maybe this bill goes once it's done in written, goes 560 00:30:19,280 --> 00:30:22,840 Speaker 1: together with the Capitol Bill to create like Frank was saying, 561 00:30:22,880 --> 00:30:26,360 Speaker 1: something more palatable to both sides. Yeah, you know, look, 562 00:30:26,400 --> 00:30:28,520 Speaker 1: I mean you see this all the time when you're 563 00:30:28,560 --> 00:30:30,600 Speaker 1: coming to the end of a cycle like this, you know, 564 00:30:30,720 --> 00:30:33,680 Speaker 1: and it's September and its election year, and you have 565 00:30:33,720 --> 00:30:35,600 Speaker 1: all these people running around saying, oh, this is the 566 00:30:35,640 --> 00:30:38,800 Speaker 1: stuff I want to pack into the cr. Uh. You know, 567 00:30:38,840 --> 00:30:42,160 Speaker 1: the President wants his stuff, you know, Joe Manson wants 568 00:30:42,200 --> 00:30:45,600 Speaker 1: his quote deal payoff. But the reality is you've got 569 00:30:45,600 --> 00:30:47,440 Speaker 1: to talk to the appropriators because they're the only ones 570 00:30:47,440 --> 00:30:50,040 Speaker 1: that really matter in this. And everything I'm hearing is, 571 00:30:50,480 --> 00:30:53,040 Speaker 1: at least from the Republican side, Richard Shelby is going 572 00:30:53,080 --> 00:30:55,600 Speaker 1: to have a clean cr. He's not gonna give Biden anything, 573 00:30:55,640 --> 00:30:58,360 Speaker 1: and he's not gonna give Mansion anything, and he's not 574 00:30:58,400 --> 00:31:01,000 Speaker 1: gonna give any Republicans anything. He's gonna put a clean 575 00:31:01,040 --> 00:31:03,479 Speaker 1: cr on the table and say vote for this. And 576 00:31:03,520 --> 00:31:06,800 Speaker 1: the likelihood is if that's what he does, then that's 577 00:31:06,840 --> 00:31:11,280 Speaker 1: what's going to happen. About it Uh, interesting language today, 578 00:31:11,600 --> 00:31:14,560 Speaker 1: which brings us to one of the most bipartisan issues 579 00:31:14,560 --> 00:31:18,040 Speaker 1: on Capitol Hill, and that is, of course, cracking down 580 00:31:18,040 --> 00:31:22,120 Speaker 1: on big tech. A whistle blower hearing today of Twitter 581 00:31:22,240 --> 00:31:26,480 Speaker 1: whistleblower before the Senate Judiciary Committee. This is a former 582 00:31:26,520 --> 00:31:31,760 Speaker 1: executive in a self described hacker, saying that the company's 583 00:31:31,840 --> 00:31:35,040 Speaker 1: years behind when handling and protecting user data that's yours. 584 00:31:35,080 --> 00:31:39,640 Speaker 1: In fact, he had some pretty pretty wildlines about this. Uh. 585 00:31:39,800 --> 00:31:44,320 Speaker 1: Peter Zako goes by his online profile name Mudge, and 586 00:31:44,360 --> 00:31:47,400 Speaker 1: he told the committee today that the mishandling of data 587 00:31:47,680 --> 00:31:50,320 Speaker 1: at Twitter could easily fall into the wrong hands, and 588 00:31:50,360 --> 00:31:52,960 Speaker 1: that goes for anyone who is using the platform. Here 589 00:31:52,960 --> 00:31:57,320 Speaker 1: he is, I'm here today because Twitter leadership is misleading 590 00:31:57,360 --> 00:32:02,560 Speaker 1: the public, lawmakers, regg Laters, and even its own board 591 00:32:02,600 --> 00:32:05,880 Speaker 1: of directors. They don't know what data they have, where 592 00:32:05,920 --> 00:32:10,520 Speaker 1: it lives, or where it came from, and so unsurprisingly 593 00:32:10,560 --> 00:32:13,080 Speaker 1: they can't protect it. This kind of vulnerability is not 594 00:32:13,200 --> 00:32:16,760 Speaker 1: in the abstract. It's not far fetched to say that 595 00:32:16,880 --> 00:32:20,120 Speaker 1: employee inside the company could take over the accounts of 596 00:32:20,160 --> 00:32:24,920 Speaker 1: all of the senators in this room. How about that 597 00:32:24,960 --> 00:32:26,720 Speaker 1: for a line, Rick Davis, I don't know if that 598 00:32:26,760 --> 00:32:29,320 Speaker 1: brings it home for people. But a lot of senators 599 00:32:29,320 --> 00:32:32,120 Speaker 1: have been licking their chops over an opportunity to crack 600 00:32:32,200 --> 00:32:37,120 Speaker 1: down to regulate these websites. That they get any closer today, well, 601 00:32:37,160 --> 00:32:39,920 Speaker 1: you know, I think it shows just how wild west 602 00:32:40,000 --> 00:32:44,720 Speaker 1: some of this um uh internet technology is, right. I mean, 603 00:32:44,800 --> 00:32:47,000 Speaker 1: like we always think of this stuff is like you know, 604 00:32:47,800 --> 00:32:51,360 Speaker 1: mathematical formulas, right, all this stuff is absolutely straightforward, but 605 00:32:51,400 --> 00:32:54,000 Speaker 1: it's not and and and I think the look into 606 00:32:54,040 --> 00:32:58,880 Speaker 1: this is is illuminating. But at the end of the day, 607 00:32:58,920 --> 00:33:01,560 Speaker 1: I mean, it's Twitter, right, It's not your bank account, 608 00:33:01,640 --> 00:33:05,200 Speaker 1: it's not your so security number. Uh, you know, it's Twitter, 609 00:33:05,400 --> 00:33:09,040 Speaker 1: and it was the Digital Public Square come on, right, Yeah, 610 00:33:09,080 --> 00:33:12,080 Speaker 1: Well you know ask Elon musk uh no telling how 611 00:33:12,160 --> 00:33:14,600 Speaker 1: he's going to change it. And so if the worst 612 00:33:14,640 --> 00:33:17,160 Speaker 1: thing that happened is that we just find out that 613 00:33:17,200 --> 00:33:20,040 Speaker 1: these guys are just lousy managers, it's going to add 614 00:33:20,040 --> 00:33:22,680 Speaker 1: fuel to the reform movement on Capitol Health for sure. 615 00:33:23,160 --> 00:33:26,280 Speaker 1: But like of all the things we've heard about being penetrated, 616 00:33:26,680 --> 00:33:30,840 Speaker 1: your Twitter account should worry anybody. Well, I'll tell you what. 617 00:33:31,360 --> 00:33:36,160 Speaker 1: Listen to John Kennedy, the Republican Senator from Louisiana because 618 00:33:36,320 --> 00:33:39,800 Speaker 1: he's well, I mean he he spins the tail as 619 00:33:39,800 --> 00:33:42,600 Speaker 1: well as anybody listen. This makes me want to stick 620 00:33:42,680 --> 00:33:45,840 Speaker 1: my head and non of then this is disgusting. And 621 00:33:45,960 --> 00:33:53,280 Speaker 1: we're not talking about um people that that don't understand technology. 622 00:33:53,320 --> 00:33:56,600 Speaker 1: I'm talking about the board of directors, all the engineers 623 00:33:56,720 --> 00:34:02,760 Speaker 1: at at Twitter, the CEO. They all knew all of this. 624 00:34:02,760 --> 00:34:06,360 Speaker 1: This is very basic stuff. It's very easy to fix, 625 00:34:07,560 --> 00:34:12,440 Speaker 1: except for one little problem. It costs money. Genie, We've 626 00:34:12,480 --> 00:34:13,920 Speaker 1: all wanted to put our head in enough. And I 627 00:34:13,960 --> 00:34:16,799 Speaker 1: think at some point, because of Twitter, he just has 628 00:34:16,840 --> 00:34:18,680 Speaker 1: a special way of saying it. I just are we 629 00:34:18,800 --> 00:34:22,280 Speaker 1: on the way to like a big tobacco style hearing 630 00:34:22,280 --> 00:34:24,360 Speaker 1: where you've got the heads of all the social media 631 00:34:24,480 --> 00:34:31,000 Speaker 1: sites all being asked, you know, difficult questions specifically about security, 632 00:34:31,040 --> 00:34:34,920 Speaker 1: about national security, people's privacy and so forth. Or have 633 00:34:35,000 --> 00:34:38,959 Speaker 1: they already played that tune? Is this just another hearing today? 634 00:34:39,320 --> 00:34:41,600 Speaker 1: I thought this hearing was fascinating, and to me, it 635 00:34:41,719 --> 00:34:44,920 Speaker 1: was much broader than Twitter. I thought that the attack 636 00:34:45,200 --> 00:34:47,799 Speaker 1: was not so much on Twitter, and they do have 637 00:34:47,880 --> 00:34:51,000 Speaker 1: sensitive information by the way, they have our geolocations, they 638 00:34:51,040 --> 00:34:53,960 Speaker 1: have our emails associated with our accounts. A lot of 639 00:34:54,000 --> 00:34:58,279 Speaker 1: personal information is housed at Twitter, and according to this whistleblower, 640 00:34:58,560 --> 00:35:01,320 Speaker 1: employees have access to all of that and they haven't 641 00:35:01,360 --> 00:35:04,880 Speaker 1: been able to ferret out or identify foreign you know, 642 00:35:05,360 --> 00:35:07,799 Speaker 1: people who are working from the Chinese government according to 643 00:35:07,800 --> 00:35:10,920 Speaker 1: the FBI and others. So that is a scary proposition. 644 00:35:10,960 --> 00:35:13,520 Speaker 1: But I think even scarier is the fact when he 645 00:35:13,640 --> 00:35:17,319 Speaker 1: said that our US regulators are not up to par 646 00:35:17,640 --> 00:35:21,439 Speaker 1: and that Twitter, like most social media sites, is more 647 00:35:21,560 --> 00:35:25,759 Speaker 1: scared of the French equivalent of the FTC than our own. 648 00:35:25,880 --> 00:35:28,279 Speaker 1: And so this is a failure in my mind, of 649 00:35:28,360 --> 00:35:31,960 Speaker 1: not just Twitter, or any single corporation or any single 650 00:35:32,040 --> 00:35:37,080 Speaker 1: social media site, but regulation overall. Yes, there's a bipartisan consensus, 651 00:35:37,080 --> 00:35:39,960 Speaker 1: and these senators can say whatever they want. Reality is, 652 00:35:40,000 --> 00:35:42,480 Speaker 1: we've seen very little action on any of this, and 653 00:35:42,520 --> 00:35:45,600 Speaker 1: we've all left been left vulnerable because we all have 654 00:35:45,680 --> 00:35:47,640 Speaker 1: to use it to live in this world. And so 655 00:35:47,719 --> 00:35:50,440 Speaker 1: that is a scary proposition. You can count the bills. 656 00:35:50,480 --> 00:35:53,960 Speaker 1: There are just a number of pieces of legislation waiting 657 00:35:54,080 --> 00:35:57,799 Speaker 1: in committee that that could affect some of what we're 658 00:35:57,840 --> 00:36:00,279 Speaker 1: talking about here, Rick, But we can't even get a 659 00:36:00,280 --> 00:36:02,720 Speaker 1: budget done right now with the mid terms and so forth. 660 00:36:02,760 --> 00:36:05,960 Speaker 1: This isn't the conversation for today, is it. You know, 661 00:36:06,000 --> 00:36:09,399 Speaker 1: it's an ongoing conversation. I mean, genies write there are 662 00:36:09,400 --> 00:36:13,239 Speaker 1: lots of issues related to, but unrelated to, uh, this 663 00:36:13,400 --> 00:36:17,080 Speaker 1: current you know, uh situation with Twitter. But I would 664 00:36:17,120 --> 00:36:19,239 Speaker 1: say too, I mean, you know, the reason that there's 665 00:36:19,320 --> 00:36:22,640 Speaker 1: a scarier French regulators because they pass laws that are 666 00:36:22,719 --> 00:36:26,879 Speaker 1: very counter to free enterprise and entrepreneurship, right, I mean, 667 00:36:26,920 --> 00:36:29,320 Speaker 1: like there's a reason there's no there's not a Twitter 668 00:36:29,560 --> 00:36:33,680 Speaker 1: version in France of the kind of uh kind of 669 00:36:33,800 --> 00:36:36,520 Speaker 1: unique characteristics that we're able to do. There's a reason 670 00:36:36,960 --> 00:36:41,200 Speaker 1: the largest uh internet companies in the world are either 671 00:36:41,320 --> 00:36:45,239 Speaker 1: here or in China. So um, it's you get what 672 00:36:45,320 --> 00:36:48,080 Speaker 1: you pay for. I do think that the idea that 673 00:36:48,120 --> 00:36:51,920 Speaker 1: the FTC just allows that the internet companies regulate themselves 674 00:36:52,080 --> 00:36:54,440 Speaker 1: is in for a change. But the worst thing you 675 00:36:54,480 --> 00:36:56,759 Speaker 1: can do is take an engine of growth like these 676 00:36:56,760 --> 00:36:59,640 Speaker 1: have been for our country and the technology advances we've 677 00:36:59,680 --> 00:37:04,200 Speaker 1: made them all not necessarily just Twitter, um and and 678 00:37:04,239 --> 00:37:06,839 Speaker 1: put a cap on that. So I think I think 679 00:37:06,880 --> 00:37:09,880 Speaker 1: that's one of the issues that Capitol Hills wrestling with, 680 00:37:10,600 --> 00:37:12,759 Speaker 1: is they don't want to stifle the growth of our industry, 681 00:37:12,880 --> 00:37:14,680 Speaker 1: but they also don't want to get them let them 682 00:37:14,719 --> 00:37:18,880 Speaker 1: get away with unfettered uh deregulation. It is pretty amazing 683 00:37:18,920 --> 00:37:21,320 Speaker 1: that this hearing takes place the same day that Elon 684 00:37:21,400 --> 00:37:24,480 Speaker 1: Musk headline drops here, Genie, is this going to be 685 00:37:24,560 --> 00:37:26,880 Speaker 1: an issue in twenty four It's obviously too late to 686 00:37:26,880 --> 00:37:29,120 Speaker 1: be a major decider here in the midterm elections, but 687 00:37:29,160 --> 00:37:32,160 Speaker 1: twenty four, especially if you've got Donald Trump or a 688 00:37:32,160 --> 00:37:35,840 Speaker 1: Trump endorsed candidate running for president, it's it's gonna be 689 00:37:35,920 --> 00:37:39,120 Speaker 1: a big talker. It is, and I think it's something 690 00:37:39,160 --> 00:37:42,920 Speaker 1: that everybody can understand because we are all vulnerable to it. 691 00:37:43,239 --> 00:37:45,560 Speaker 1: And you know, the reality is we have to both 692 00:37:45,560 --> 00:37:49,000 Speaker 1: be able to create fabulous new technology and protect our 693 00:37:49,080 --> 00:37:52,400 Speaker 1: national security and our privacy at the same time. It's doable, 694 00:37:52,680 --> 00:37:54,520 Speaker 1: but there's got to be a will in the federal 695 00:37:54,560 --> 00:37:57,279 Speaker 1: system to do that. Jennie Chanzano, when Rick Davis make 696 00:37:57,360 --> 00:37:59,640 Speaker 1: up our signature panel here on sound on a great 697 00:37:59,640 --> 00:38:02,319 Speaker 1: talk tonight, we covered a lot of ground here and 698 00:38:02,440 --> 00:38:05,239 Speaker 1: by the way, happy primary day. This is it for 699 00:38:05,320 --> 00:38:09,640 Speaker 1: primary season. Tomorrow night we'll review the results from New 700 00:38:09,640 --> 00:38:15,120 Speaker 1: Hampshire Delaware and beyond on the fastest hour in politics. 701 00:38:15,160 --> 00:38:16,800 Speaker 1: I'm Joe Matthew. This is Bloomberg.