1 00:00:02,520 --> 00:00:03,040 Speaker 1: Good morning. 2 00:00:03,080 --> 00:00:05,920 Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the 3 00:00:05,960 --> 00:00:07,440 Speaker 2: stories we're following today. 4 00:00:08,080 --> 00:00:12,559 Speaker 1: Let's begin with earnings disappointments from two big tech companies. First, 5 00:00:12,560 --> 00:00:15,160 Speaker 1: there's Tesla. The shares are down more than two percent. 6 00:00:15,200 --> 00:00:18,320 Speaker 1: In early training, the electric car makers stock had surged 7 00:00:18,320 --> 00:00:21,320 Speaker 1: one hundred and thirty six percent this year, but now 8 00:00:21,440 --> 00:00:23,760 Speaker 1: the ev maker is warning of more hits to its 9 00:00:23,800 --> 00:00:27,600 Speaker 1: already shrinking profit margins. CEO Elon Musk says Tesla will 10 00:00:27,600 --> 00:00:30,400 Speaker 1: probably keep lowering prices of its models if interest rates 11 00:00:30,440 --> 00:00:31,280 Speaker 1: continue to rise. 12 00:00:31,640 --> 00:00:34,360 Speaker 3: It does make sense to sacrifice margins in favor of 13 00:00:34,400 --> 00:00:38,360 Speaker 3: making more vehicles because we think in the notes in 14 00:00:38,360 --> 00:00:42,200 Speaker 3: the future they will have a dramatic valuation increase. 15 00:00:42,240 --> 00:00:45,199 Speaker 4: I think the test the fleet value increase at the 16 00:00:45,200 --> 00:00:47,920 Speaker 4: point which we can upload full self full self driving 17 00:00:47,920 --> 00:00:52,440 Speaker 4: and it's approved by regulators will be the single biggest 18 00:00:53,200 --> 00:00:56,080 Speaker 4: step change in asset value, maybe in history. 19 00:00:56,480 --> 00:01:00,000 Speaker 1: Elon Musk's company did report profit and revenue above analysts, 20 00:01:00,000 --> 00:01:02,600 Speaker 1: and it's in fact revenue rows forty seven percent to 21 00:01:02,640 --> 00:01:04,320 Speaker 1: almost twenty five billion dollars. 22 00:01:04,720 --> 00:01:04,880 Speaker 5: Well. 23 00:01:04,920 --> 00:01:08,680 Speaker 2: Getting hit harder this morning is Netflix. Nathan, the streaming 24 00:01:08,760 --> 00:01:11,679 Speaker 2: giant down about six and a half percent after projecting 25 00:01:11,760 --> 00:01:14,840 Speaker 2: third quarter revenue that fell short of all street estimates. 26 00:01:15,080 --> 00:01:18,560 Speaker 2: Analysts say that suggests a crackdown on password sharing and 27 00:01:18,600 --> 00:01:21,720 Speaker 2: a new advertising tier are not yet delivering the sales 28 00:01:21,760 --> 00:01:26,759 Speaker 2: growth analysts anticipated. Spencer Newman is Netflix's chief financial officer. 29 00:01:27,160 --> 00:01:30,119 Speaker 1: We're really early in terms of paid sharing impacts, including 30 00:01:30,160 --> 00:01:33,240 Speaker 1: extra member and that's going to build up over multiple quarters. 31 00:01:33,520 --> 00:01:37,160 Speaker 2: Chief financial officer Spencer Newman says Netflix grew as subscriber 32 00:01:37,240 --> 00:01:40,560 Speaker 2: base by eight percent, sales rows two points seven percent, 33 00:01:40,880 --> 00:01:42,560 Speaker 2: that was below analyst estimates. 34 00:01:42,880 --> 00:01:44,880 Speaker 1: We do have one other after the Bell earnings report 35 00:01:44,920 --> 00:01:48,040 Speaker 1: of note Karen Ibm. It's maintaining its full year forecast 36 00:01:48,080 --> 00:01:50,520 Speaker 1: of three to five percent sales growth. That's helping ease 37 00:01:50,560 --> 00:01:55,000 Speaker 1: investor anxiety about weakening demand for internet technology. Company also 38 00:01:55,000 --> 00:01:57,560 Speaker 1: affirmed its previous guidance for free cash flow of ten 39 00:01:57,600 --> 00:01:59,200 Speaker 1: and a half billion dollars this year. 40 00:02:00,040 --> 00:02:03,440 Speaker 2: Finn chipmakers may be under pressure today. Taiwan Semiconductor is 41 00:02:03,480 --> 00:02:06,400 Speaker 2: trimming its outlook for revenue this year. The main ship 42 00:02:06,440 --> 00:02:10,440 Speaker 2: maker for Apple and Nvidia is projecting a ten percent 43 00:02:10,480 --> 00:02:14,040 Speaker 2: decline in sales that comparis to previous guidance. For a 44 00:02:14,120 --> 00:02:17,280 Speaker 2: single digit decline. The outlook could send a warning to 45 00:02:17,360 --> 00:02:20,480 Speaker 2: investors that the global electronic slum may persist for some 46 00:02:20,680 --> 00:02:22,720 Speaker 2: time despite a boom in AI development. 47 00:02:22,880 --> 00:02:26,360 Speaker 1: Well, let's turn from tech to banking. Karen Goldman Sachs 48 00:02:26,400 --> 00:02:30,000 Speaker 1: wrapped up a busy week of financial earnings yesterday. Profit 49 00:02:30,120 --> 00:02:32,720 Speaker 1: plunged as the Wall Street giant notched one of its 50 00:02:32,760 --> 00:02:37,120 Speaker 1: weakest quarters under chief executive officer David Solomon. Still, Solomon 51 00:02:37,160 --> 00:02:39,400 Speaker 1: says he is positioning the firm for the future. 52 00:02:39,800 --> 00:02:43,040 Speaker 4: You're making tough decisions that are driving a strategic evolution 53 00:02:43,120 --> 00:02:43,560 Speaker 4: of the firm. 54 00:02:43,880 --> 00:02:44,800 Speaker 5: Given both these. 55 00:02:44,600 --> 00:02:47,119 Speaker 6: Factors, that should come as no surprise that we're going 56 00:02:47,120 --> 00:02:48,440 Speaker 6: to a period of lower results. 57 00:02:48,720 --> 00:02:49,800 Speaker 5: I remain fully. 58 00:02:49,560 --> 00:02:51,560 Speaker 7: Confident that we will deliver on our through the cycle 59 00:02:51,639 --> 00:02:55,040 Speaker 7: targets of mid teen's returns and create significant value. 60 00:02:54,720 --> 00:02:58,160 Speaker 1: For Sheerylds Goldman Sachs CEO David Solomon says second quarter 61 00:02:58,200 --> 00:03:01,320 Speaker 1: earnings fell fifty eight percent. Turn on equity, a key 62 00:03:01,360 --> 00:03:04,560 Speaker 1: measure of profitability, slid to four percent. That's the worst 63 00:03:04,600 --> 00:03:06,119 Speaker 1: among the top US banks. 64 00:03:06,400 --> 00:03:08,560 Speaker 2: All turning to the economy, now, Nathan, will it be 65 00:03:08,639 --> 00:03:11,760 Speaker 2: one more and done? That's what we're hearing at a 66 00:03:11,800 --> 00:03:14,200 Speaker 2: new Bloomberg survey. When it comes to the future of 67 00:03:14,280 --> 00:03:17,000 Speaker 2: interest rate hikes, we get the details of Bloomberg's John 68 00:03:17,040 --> 00:03:18,000 Speaker 2: Tucker John. 69 00:03:18,000 --> 00:03:21,280 Speaker 8: Karen Our survey of forty five economists expect the Fed 70 00:03:21,360 --> 00:03:24,160 Speaker 8: to lift interust rates one more time next week, and 71 00:03:24,200 --> 00:03:27,600 Speaker 8: that's it. Almost all economists expect no change to rates 72 00:03:27,880 --> 00:03:31,240 Speaker 8: at the FED September meeting, and just one fifth of 73 00:03:31,280 --> 00:03:34,640 Speaker 8: the group predicts another hike by the November meeting. The 74 00:03:34,720 --> 00:03:38,760 Speaker 8: fomcees median projection in its quarterly summary of Economic projections 75 00:03:38,760 --> 00:03:42,080 Speaker 8: in June showed two more hikes are expected this year. 76 00:03:42,480 --> 00:03:45,160 Speaker 8: As for ray cuts, the economists are split on whether 77 00:03:45,200 --> 00:03:47,720 Speaker 8: the first cut is going to come at January next year, 78 00:03:48,120 --> 00:03:50,920 Speaker 8: with more than one quarter seeing a reduction. Then the 79 00:03:51,080 --> 00:03:53,680 Speaker 8: median of the group sees the first cut in March. 80 00:03:54,000 --> 00:03:56,160 Speaker 8: In New York Time, John Tucker, Bloomberg Daybreak. 81 00:03:56,160 --> 00:03:56,640 Speaker 5: Thanks John. 82 00:03:56,680 --> 00:03:58,680 Speaker 1: Let's turn to politics now. The latest in the twenty 83 00:03:58,720 --> 00:04:01,680 Speaker 1: twenty four presidential Chris Christie is weighing in on the 84 00:04:01,720 --> 00:04:04,760 Speaker 1: mounting legal troubles for the Republican front runner Donald Trump. 85 00:04:04,920 --> 00:04:07,240 Speaker 1: In an interview with Bloomberg Radio and Television, the former 86 00:04:07,280 --> 00:04:10,280 Speaker 1: New Jersey governor called the classified documents case the worst 87 00:04:10,360 --> 00:04:10,800 Speaker 1: so far. 88 00:04:11,520 --> 00:04:15,520 Speaker 9: He had our nation's secrets hanging out at Marbaco and 89 00:04:15,560 --> 00:04:18,640 Speaker 9: at his Bedminster golf club. Think about the risk that 90 00:04:18,640 --> 00:04:21,400 Speaker 9: that puts our men and women in uniform and our 91 00:04:21,440 --> 00:04:23,040 Speaker 9: intelligence officers at. 92 00:04:23,080 --> 00:04:26,080 Speaker 1: Chris Christie also had a warning for Republicans, including House 93 00:04:26,080 --> 00:04:29,160 Speaker 1: Speaker Kevin McCarthy or defending Trump over the other special 94 00:04:29,200 --> 00:04:32,000 Speaker 1: investigation into January sixth, I. 95 00:04:31,960 --> 00:04:34,719 Speaker 9: Would counsel Kevin that he should wait to see the 96 00:04:34,760 --> 00:04:38,000 Speaker 9: indictment first before he jumps to any judgments. Now, it 97 00:04:38,040 --> 00:04:40,400 Speaker 9: could be that Kevin turns out to be right. Maybe 98 00:04:40,440 --> 00:04:44,039 Speaker 9: these charges are completely bogus and political, like the ones. 99 00:04:43,880 --> 00:04:44,680 Speaker 5: That Manhattan were. 100 00:04:44,839 --> 00:04:46,800 Speaker 1: And we will have much more of our conversation with 101 00:04:46,880 --> 00:04:49,200 Speaker 1: former New Jersey Governor Chris Christy in just a few 102 00:04:49,200 --> 00:04:50,680 Speaker 1: minutes here on Bloomberg. 103 00:04:50,320 --> 00:04:53,400 Speaker 2: Daybreak and Nathan. While the major party candidates battle it out, 104 00:04:53,400 --> 00:04:55,680 Speaker 2: a new poll shows almost half of US voters are 105 00:04:55,720 --> 00:04:58,560 Speaker 2: open to a third party alternative. Again, more from Bloomberg's 106 00:04:58,640 --> 00:04:59,400 Speaker 2: Ed Baxter. 107 00:05:00,279 --> 00:05:03,720 Speaker 10: University Paul shows forty seven percent say they would consider 108 00:05:03,800 --> 00:05:06,680 Speaker 10: voting for a third party candidate for president next year. 109 00:05:07,240 --> 00:05:10,599 Speaker 10: This a clear signal of dissatisfaction with a potential Biden 110 00:05:10,640 --> 00:05:14,120 Speaker 10: Trump rematch and could be very worrisome sign for Biden. 111 00:05:14,560 --> 00:05:18,560 Speaker 10: The advocacy group No Labels has been actively floating the prospect, 112 00:05:18,600 --> 00:05:21,560 Speaker 10: and even Senator Joe Manchin appeared at a No Labels 113 00:05:21,560 --> 00:05:24,080 Speaker 10: event in New Hampshire this week. So with a margin 114 00:05:24,200 --> 00:05:28,080 Speaker 10: so slim in twenty twenty, and this research showing voters 115 00:05:28,120 --> 00:05:33,080 Speaker 10: who dislike both potential candidates tend to be Democrat leaning. 116 00:05:33,720 --> 00:05:36,360 Speaker 10: In San Francisco, I'm at Baxter Bloomberg Daybreak. 117 00:05:40,160 --> 00:05:42,200 Speaker 1: Let's bring in Bloomberg's Michael Barnow for a look at 118 00:05:42,240 --> 00:05:44,400 Speaker 1: what else is happening in New York and around the world. 119 00:05:44,440 --> 00:05:47,159 Speaker 11: Good morning, Michael, Good morning Nathan. Officials in New Zealand 120 00:05:47,279 --> 00:05:50,520 Speaker 11: say the Women's World Cup will move forward following a 121 00:05:50,560 --> 00:05:54,160 Speaker 11: shooting in the country today. Authorities say a twenty four 122 00:05:54,279 --> 00:05:57,640 Speaker 11: year old gunman opened fire at a construction site in Auckland, 123 00:05:58,000 --> 00:06:01,159 Speaker 11: killing two people and injuring others in shooting a police officer. 124 00:06:01,560 --> 00:06:05,599 Speaker 11: New Zealand Police Commissioner Andrew Coster says the suspect was 125 00:06:05,640 --> 00:06:06,840 Speaker 11: also killed in the shooting. 126 00:06:07,320 --> 00:06:09,919 Speaker 4: The offender fied at police enduring an officer. 127 00:06:10,440 --> 00:06:14,000 Speaker 12: Shots were exchanged and the offender was later found de ceased. 128 00:06:14,480 --> 00:06:17,719 Speaker 11: Police Commissioner Costers says the offender was armed with a 129 00:06:17,720 --> 00:06:22,400 Speaker 11: pump action shotgun. New York's MTA voted to lift prices 130 00:06:22,400 --> 00:06:25,520 Speaker 11: on its subways, buses, and commuter rails for the first 131 00:06:25,600 --> 00:06:29,800 Speaker 11: time since twenty nineteen, as the nation's biggest public transit 132 00:06:29,839 --> 00:06:33,520 Speaker 11: system moves to close budget deficits. They are set to 133 00:06:33,520 --> 00:06:37,159 Speaker 11: take effect next month. The MTA, at its monthly board meeting, 134 00:06:37,200 --> 00:06:41,240 Speaker 11: boosted the cost of monthly and weekly transit passes in 135 00:06:41,279 --> 00:06:44,120 Speaker 11: twenty nineteen, but it hasn't raised the base fare for 136 00:06:44,240 --> 00:06:48,200 Speaker 11: the subway since twenty fifteen. Subway and bus fares will 137 00:06:48,200 --> 00:06:52,200 Speaker 11: increase fifteen cents to two ninety The transit agency also 138 00:06:52,240 --> 00:06:56,120 Speaker 11: agreed to raise easy pass bridge and tunnel tolls by 139 00:06:56,200 --> 00:06:59,120 Speaker 11: six percent. New York City is planning to remove some 140 00:06:59,200 --> 00:07:02,719 Speaker 11: asylum seekers from its shelter system after sixty days. The 141 00:07:02,760 --> 00:07:07,200 Speaker 11: administration also plans to distribute flyers at the US southern 142 00:07:07,200 --> 00:07:10,560 Speaker 11: border and a marketing bush to remind migrants that New 143 00:07:10,680 --> 00:07:14,440 Speaker 11: York is an expensive city that cannot guarantee help for 144 00:07:14,520 --> 00:07:18,400 Speaker 11: new arrivals. Mayor Eric Adams said the move is necessary 145 00:07:18,440 --> 00:07:22,280 Speaker 11: to free up more space to accommodate migrant families with children. 146 00:07:22,680 --> 00:07:27,200 Speaker 13: We have no more room in the city, and we 147 00:07:27,280 --> 00:07:30,160 Speaker 13: need help for the federal government. We've been very clear 148 00:07:30,920 --> 00:07:36,120 Speaker 13: that we need to allow asylum seekerts to work. We 149 00:07:36,200 --> 00:07:41,440 Speaker 13: need the economic support on the federal government, and we 150 00:07:41,600 --> 00:07:46,720 Speaker 13: need to ensure that there's a real decompression strategy throughout 151 00:07:46,760 --> 00:07:48,320 Speaker 13: the entire country. 152 00:07:48,560 --> 00:07:51,040 Speaker 11: More than ninety thousand people have come through New York 153 00:07:51,080 --> 00:07:55,080 Speaker 11: City's intake system since last spring, mainly from the southern 154 00:07:55,120 --> 00:07:58,600 Speaker 11: border of the US. Ukrainian officials say a third night 155 00:07:58,640 --> 00:08:02,200 Speaker 11: of Russian air strike attacks have hit southern Ukraine, injuring 156 00:08:02,240 --> 00:08:05,239 Speaker 11: at least twenty one people in two major cities. Global 157 00:08:05,240 --> 00:08:07,880 Speaker 11: News twenty four hours a day, powered by more than 158 00:08:08,000 --> 00:08:11,160 Speaker 11: twenty seven hundred journalist and analysts in over one hundred 159 00:08:11,160 --> 00:08:11,960 Speaker 11: and twenty countries. 160 00:08:12,000 --> 00:08:14,040 Speaker 5: I'm Michael Barr. This is Bloomberg Natan. 161 00:08:14,160 --> 00:08:21,400 Speaker 1: Thanks Michael. Time now for the Bloomberg Sports update. Here's 162 00:08:21,440 --> 00:08:22,800 Speaker 1: John Stenshawer, Max Dathan. 163 00:08:22,840 --> 00:08:25,160 Speaker 7: Mets and the Yankees both signed free agent pitchers in 164 00:08:25,200 --> 00:08:27,440 Speaker 7: the off season. Both began the season on the injured list. 165 00:08:27,520 --> 00:08:29,720 Speaker 7: Both were on the mound last night at Cityfield. Justin 166 00:08:29,800 --> 00:08:32,719 Speaker 7: Verlander looked very much like the future first ballot Hall 167 00:08:32,720 --> 00:08:35,000 Speaker 7: of Famer that he has won eight innings, allowed only 168 00:08:35,040 --> 00:08:37,760 Speaker 7: one run, three hits. Mets beat the White Sox five 169 00:08:37,840 --> 00:08:40,079 Speaker 7: to one. They'll go for a series sweep. The Saturnoon 170 00:08:40,120 --> 00:08:43,080 Speaker 7: with Jose Quintana on the hill. They also signed him 171 00:08:43,080 --> 00:08:45,880 Speaker 7: in the offseason. He's been hurting. Today he makes his 172 00:08:46,000 --> 00:08:48,800 Speaker 7: Mets debut. As for the Yankees, Carlos Redon, He's now 173 00:08:48,840 --> 00:08:51,640 Speaker 7: made three starts. He's zero and three with a seventy 174 00:08:51,840 --> 00:08:54,680 Speaker 7: RA and Anaheim. Redon issued five walks, gave up two 175 00:08:54,679 --> 00:08:57,240 Speaker 7: to two on homers. The Angels won seven to three 176 00:08:57,559 --> 00:09:00,160 Speaker 7: to sweep a series that began with the Angels they 177 00:09:00,240 --> 00:09:01,800 Speaker 7: lost twelve of their last fourteen. 178 00:09:01,880 --> 00:09:02,760 Speaker 5: The Yanks have now. 179 00:09:02,720 --> 00:09:05,680 Speaker 7: Lost nine of their last eleven. They're underway this morning 180 00:09:05,720 --> 00:09:08,480 Speaker 7: at Royal Liverpool, opening round of the one hundred and 181 00:09:08,480 --> 00:09:12,280 Speaker 7: fifty first Open Championship. Golf and amateur Christo Lambreckt has 182 00:09:12,320 --> 00:09:15,720 Speaker 7: the very early two shot lead. When it became official 183 00:09:15,800 --> 00:09:18,120 Speaker 7: that Saquon Barkley was not getting the long term deal 184 00:09:18,120 --> 00:09:21,240 Speaker 7: from the Giants, he tweeted five words, it is what 185 00:09:21,440 --> 00:09:25,040 Speaker 7: it is. Saquon had much more to say on a podcast. Ironically, 186 00:09:25,120 --> 00:09:28,320 Speaker 7: called money matters. He was asked about the possibility of 187 00:09:28,320 --> 00:09:29,440 Speaker 7: holding out this season. 188 00:09:29,760 --> 00:09:33,480 Speaker 6: Anybody knows me knows that's not something I want to do, 189 00:09:33,840 --> 00:09:36,240 Speaker 6: but like something that has it, something that crossed my mind. 190 00:09:36,480 --> 00:09:38,880 Speaker 6: It say, I never thought I would ever do that, 191 00:09:38,920 --> 00:09:42,040 Speaker 6: but like now I'm at a point where it's like Jesus, 192 00:09:42,120 --> 00:09:45,440 Speaker 6: like I might have to take it to this level. 193 00:09:45,679 --> 00:09:48,760 Speaker 7: Season long hold out would cost Barkley over ten million dollars, 194 00:09:48,800 --> 00:09:50,920 Speaker 7: about six hundred thousand per game. It would leave the 195 00:09:51,000 --> 00:09:54,920 Speaker 7: Giants with Matt Brida as they're starting running back. The 196 00:09:55,000 --> 00:09:59,160 Speaker 7: Jets made a trade, sending the wide receiver Denzel Mills. 197 00:10:00,559 --> 00:10:02,760 Speaker 5: To Detroit for a draft pick. 198 00:10:02,840 --> 00:10:04,319 Speaker 1: John Statuewy Bloomberg. 199 00:10:04,000 --> 00:10:09,600 Speaker 14: Sport from coast to coast, from New York to San Francisco, 200 00:10:09,920 --> 00:10:14,559 Speaker 14: Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg 201 00:10:14,600 --> 00:10:16,760 Speaker 14: Business app, and Bloomberg dot Com. 202 00:10:16,800 --> 00:10:18,760 Speaker 5: This is Bloomberg Daybreak. 203 00:10:19,920 --> 00:10:20,439 Speaker 1: Good morning. 204 00:10:20,440 --> 00:10:21,280 Speaker 5: I'm Nathan Hager. 205 00:10:21,600 --> 00:10:24,520 Speaker 1: Former New Jersey Governor Chris CHRISTI now has his eyes 206 00:10:24,640 --> 00:10:27,920 Speaker 1: back on the White House. But can he unseat former 207 00:10:28,000 --> 00:10:31,120 Speaker 1: President Donald Trump from the top of the Republican polls. 208 00:10:31,600 --> 00:10:34,040 Speaker 1: Christy thinks he is the candidate. To do it, he 209 00:10:34,160 --> 00:10:36,400 Speaker 1: sat down with Our Joe Matthew and Ann Marie Hordern 210 00:10:36,440 --> 00:10:40,120 Speaker 1: on Bloomberg's Balance of Power for a wide ranging conversation. 211 00:10:40,280 --> 00:10:44,480 Speaker 1: They discussed everything from Donald Trump's criminal cases to Federal 212 00:10:44,480 --> 00:10:47,920 Speaker 1: Reserve Chairman Jerome Powell, even geopolitics. Let's go to that 213 00:10:48,000 --> 00:10:49,640 Speaker 1: interview right now. How about you? 214 00:10:49,679 --> 00:10:53,120 Speaker 12: How do you solidify your brand as something more than 215 00:10:53,240 --> 00:10:54,200 Speaker 12: just anti Trump? 216 00:10:54,440 --> 00:10:57,480 Speaker 9: Well, it isn't. It's about two things. It's first about 217 00:10:57,840 --> 00:11:03,160 Speaker 9: the truth. The truth and Republican primary voters deserve the truth. 218 00:11:03,559 --> 00:11:05,640 Speaker 9: They haven't gotten it from Joe Biden as president, and 219 00:11:05,640 --> 00:11:08,280 Speaker 9: they haven't gotten it from Donald Trump either, and so 220 00:11:08,400 --> 00:11:10,080 Speaker 9: part of it is just about telling the truth. 221 00:11:10,120 --> 00:11:11,679 Speaker 5: So you'll see today. 222 00:11:11,520 --> 00:11:13,640 Speaker 9: Whatever's issues you asked me about, I'm going to just 223 00:11:13,720 --> 00:11:15,040 Speaker 9: hit it right between the eyes. 224 00:11:14,800 --> 00:11:15,800 Speaker 5: And let you know what I think. 225 00:11:16,559 --> 00:11:20,400 Speaker 9: Secondly, it's about delivering on issues that our voters care about. 226 00:11:21,280 --> 00:11:24,080 Speaker 9: So the fact is that they cared deeply about Obamacare, 227 00:11:24,640 --> 00:11:27,000 Speaker 9: and Donald Trump promised him he'd repeal and replace it. 228 00:11:27,000 --> 00:11:29,319 Speaker 9: He had a Republican Congress, he didn't do it. They 229 00:11:29,360 --> 00:11:32,080 Speaker 9: cared deeply about immigration. He said that he was going 230 00:11:32,120 --> 00:11:34,480 Speaker 9: to build a big, beautiful wall. You remember on the 231 00:11:34,559 --> 00:11:38,839 Speaker 9: whole border in Mexico. Well, he built forty seven. 232 00:11:38,600 --> 00:11:40,560 Speaker 5: Miles of wall in four years. 233 00:11:40,600 --> 00:11:43,160 Speaker 9: Forty seven miles at that rate, guys, he would need 234 00:11:43,200 --> 00:11:45,439 Speaker 9: one hundred and ten years as president to be able 235 00:11:45,440 --> 00:11:46,400 Speaker 9: to finish the wall. 236 00:11:46,640 --> 00:11:48,200 Speaker 5: He didn't get it done. He said he's going to 237 00:11:48,200 --> 00:11:48,920 Speaker 5: balance the budget. 238 00:11:48,960 --> 00:11:51,520 Speaker 9: As you all know here at Bloomberg, he had six 239 00:11:51,600 --> 00:11:54,640 Speaker 9: trillion dollars to the national debt in four years. So 240 00:11:54,840 --> 00:11:56,600 Speaker 9: what we want to be is the person who delivers 241 00:11:56,640 --> 00:11:58,040 Speaker 9: on that. And I will tell you this, the last 242 00:11:58,040 --> 00:12:00,240 Speaker 9: time we were in a situation like this in our 243 00:12:00,280 --> 00:12:04,720 Speaker 9: country was in the late seventies, high inflation, energy crisis, 244 00:12:05,360 --> 00:12:08,720 Speaker 9: disrespect around the world. Jimmy Carter was the president as 245 00:12:08,720 --> 00:12:12,320 Speaker 9: opposed to Joe Biden. Biden said, Carters's favorite president. And 246 00:12:12,360 --> 00:12:15,079 Speaker 9: what did we do as Republicans. We nominated and then 247 00:12:15,080 --> 00:12:19,199 Speaker 9: elected a conservative governor from a blue state who knew 248 00:12:19,200 --> 00:12:19,920 Speaker 9: how to get things done. 249 00:12:19,960 --> 00:12:20,840 Speaker 5: That was Ronald Reagan. 250 00:12:21,360 --> 00:12:23,920 Speaker 9: I'm the conservative governor from the blue state now who 251 00:12:23,960 --> 00:12:25,320 Speaker 9: knows how to get things done. 252 00:12:25,600 --> 00:12:26,440 Speaker 5: That's the brand. 253 00:12:26,760 --> 00:12:28,840 Speaker 9: That's what we're going to be talking about in this campaign, 254 00:12:29,240 --> 00:12:32,040 Speaker 9: about getting results for the American people and tell them 255 00:12:32,040 --> 00:12:32,480 Speaker 9: the truth. 256 00:12:32,640 --> 00:12:34,120 Speaker 15: The issue, of course at the moment, is that the 257 00:12:34,120 --> 00:12:37,040 Speaker 15: former president is leading in all these polls, but he 258 00:12:37,160 --> 00:12:40,280 Speaker 15: has all of these indictments surrounding him. You've been on 259 00:12:40,360 --> 00:12:44,280 Speaker 15: both sides of a federal investigation. You of course were prosecutor, 260 00:12:44,440 --> 00:12:48,200 Speaker 15: you went after corruption. You were also not charged, but 261 00:12:48,240 --> 00:12:51,120 Speaker 15: you were under the investigation for Bridgegate. Out of all 262 00:12:51,200 --> 00:12:55,160 Speaker 15: of these criminal defamation, what do you think is the 263 00:12:55,200 --> 00:12:56,520 Speaker 15: most damaging to Trump? 264 00:12:56,720 --> 00:12:59,959 Speaker 9: Well, so certainly, so far, the worst is the Cutsfy 265 00:13:00,120 --> 00:13:03,800 Speaker 9: document situation. Not only because he had our nation's secrets 266 00:13:04,840 --> 00:13:08,080 Speaker 9: hanging out at Marlago and at his Bedminster golf club. 267 00:13:08,360 --> 00:13:10,720 Speaker 9: Think about the risk that puts our men and women 268 00:13:10,760 --> 00:13:14,720 Speaker 9: in uniform and our intelligence officers at as they try 269 00:13:14,760 --> 00:13:17,640 Speaker 9: to do these things, difficult things around the world, defending 270 00:13:17,640 --> 00:13:20,360 Speaker 9: and advocating for America. And he just has these secrets 271 00:13:20,400 --> 00:13:22,800 Speaker 9: laying out there for anybody to see. And then he 272 00:13:22,880 --> 00:13:26,440 Speaker 9: lied about it and obstructed the investigation, and instructed his 273 00:13:26,520 --> 00:13:29,719 Speaker 9: lawyers to lie and lied to his own lawyers. Those 274 00:13:29,760 --> 00:13:32,560 Speaker 9: are some pretty bad facts that put a lot of loyal, 275 00:13:32,679 --> 00:13:36,080 Speaker 9: patriotic Americans at risk. That we'll see what's gonna happen 276 00:13:36,080 --> 00:13:39,200 Speaker 9: with the January sixth charges that may come based upon 277 00:13:39,280 --> 00:13:42,840 Speaker 9: the target letter that he received yesterday and what happens 278 00:13:42,840 --> 00:13:45,959 Speaker 9: in Atlanta and whether he gets charged there as well. 279 00:13:46,360 --> 00:13:49,160 Speaker 9: So I don't mind that the poll numbers are where 280 00:13:49,200 --> 00:13:50,760 Speaker 9: they are right now. You always would rather be in 281 00:13:50,800 --> 00:13:54,400 Speaker 9: front than behind. But remember at this time eight years ago, 282 00:13:54,880 --> 00:13:58,680 Speaker 9: Jeb Bush was ahead of Donald Trump by double digits. 283 00:13:58,920 --> 00:14:00,000 Speaker 5: So we how that ended up. 284 00:14:00,080 --> 00:14:02,280 Speaker 12: I want to ask you about the Republican rhetoric here 285 00:14:02,280 --> 00:14:04,920 Speaker 12: in Washington about what could be another indictment and certainly 286 00:14:05,000 --> 00:14:08,080 Speaker 12: those that have already been dropped on Donald Trump. 287 00:14:08,200 --> 00:14:09,280 Speaker 5: Speaker McCarthy, the. 288 00:14:09,200 --> 00:14:11,800 Speaker 12: Speaker of the House himself, yesterday said this is a 289 00:14:11,840 --> 00:14:15,800 Speaker 12: reaction by the Biden administration to Donald Trump's pulling surge 290 00:14:16,679 --> 00:14:19,720 Speaker 12: in their effort to weaponize the dog against him as 291 00:14:19,760 --> 00:14:20,680 Speaker 12: a political rival. 292 00:14:20,680 --> 00:14:21,440 Speaker 5: Do you agree with that? 293 00:14:21,520 --> 00:14:24,800 Speaker 9: I don't look, first off, because I don't even know 294 00:14:24,800 --> 00:14:27,480 Speaker 9: what the charges are yet, and neither does Kevin, and 295 00:14:27,560 --> 00:14:30,640 Speaker 9: so I would counsel Kevin that he should wait to 296 00:14:30,640 --> 00:14:34,080 Speaker 9: see the indictment first before he jumps to any judgments. Now, 297 00:14:34,120 --> 00:14:35,840 Speaker 9: it could be that Kevin turns out to be right. 298 00:14:36,320 --> 00:14:39,800 Speaker 9: Maybe these charges are completely bogus and political, like the 299 00:14:39,840 --> 00:14:43,120 Speaker 9: ones that Manhattan were in my opinion, that were brought 300 00:14:43,120 --> 00:14:45,400 Speaker 9: by Alvin Bragg. I think that was a political indictment. 301 00:14:45,440 --> 00:14:47,360 Speaker 9: And I don't think you know when you're the Manhattan 302 00:14:47,440 --> 00:14:49,720 Speaker 9: DA and I spent a good amount of time in Manhattan. 303 00:14:50,440 --> 00:14:52,560 Speaker 9: I don't think charging somebody at a seven year old 304 00:14:52,800 --> 00:14:55,440 Speaker 9: payment to a porn star is making Manhattan any safer, 305 00:14:55,560 --> 00:14:57,440 Speaker 9: and believe in Manhattan needs to be made safer. 306 00:14:57,720 --> 00:15:00,440 Speaker 15: Republicans also say that Mary Garland should be Do you 307 00:15:00,480 --> 00:15:01,280 Speaker 15: agree with them on that? 308 00:15:01,920 --> 00:15:04,400 Speaker 9: Well, I certainly don't know at this point whether he's 309 00:15:04,400 --> 00:15:07,080 Speaker 9: told the truth or not regarding the Hunter Biden case, 310 00:15:07,120 --> 00:15:10,200 Speaker 9: and I think that's where he's there's some problems there 311 00:15:10,200 --> 00:15:13,960 Speaker 9: with the US Attorney Weiss and Delaware and Attorney General Garland. 312 00:15:14,280 --> 00:15:17,920 Speaker 5: Let's see who's telling the truth. If he did not tell. 313 00:15:17,800 --> 00:15:20,640 Speaker 9: The truth to the Congress, the Attorney General or the 314 00:15:20,720 --> 00:15:23,040 Speaker 9: US Attorney, then either one of them, if they had 315 00:15:23,080 --> 00:15:24,480 Speaker 9: not told the truth, should be removed. 316 00:15:25,160 --> 00:15:27,120 Speaker 12: All right, So we're going to embark on something new here. 317 00:15:27,160 --> 00:15:29,040 Speaker 12: We're going to talk issues with you. We'd like to 318 00:15:29,040 --> 00:15:29,880 Speaker 12: get into some policy. 319 00:15:30,000 --> 00:15:31,760 Speaker 5: I may need a time out before we well, if you. 320 00:15:31,680 --> 00:15:33,560 Speaker 12: Need a minute, we can always talk about let's start 321 00:15:33,560 --> 00:15:35,560 Speaker 12: with the economy that's important to our audience here, and 322 00:15:35,600 --> 00:15:37,560 Speaker 12: we'd like to get to a couple of areas with 323 00:15:37,600 --> 00:15:40,800 Speaker 12: you here, specific to inflation. Do you think the Fed 324 00:15:40,840 --> 00:15:43,720 Speaker 12: should stop hiking rates now, should wait for the lag 325 00:15:43,760 --> 00:15:48,120 Speaker 12: effect to see what this unprecedented set of rate hikes 326 00:15:48,200 --> 00:15:50,240 Speaker 12: is doing to our economy, or do you just keep 327 00:15:50,280 --> 00:15:52,160 Speaker 12: bashing this thing until it's down to two percent? 328 00:15:52,520 --> 00:15:54,760 Speaker 9: Well, look, I think that they probably should take a 329 00:15:54,760 --> 00:15:57,040 Speaker 9: bit of a breather up to see what the lag 330 00:15:57,040 --> 00:16:01,360 Speaker 9: effect is, as you said, because what we're not seeing 331 00:16:01,520 --> 00:16:05,160 Speaker 9: is we're not seeing inflation staying. We're seeing it drop. 332 00:16:06,000 --> 00:16:07,840 Speaker 9: And so I think that the Fed may have done 333 00:16:07,880 --> 00:16:08,800 Speaker 9: its work already. 334 00:16:09,240 --> 00:16:10,880 Speaker 5: And believe me, as. 335 00:16:10,760 --> 00:16:14,720 Speaker 9: You know, they can ratchet it back up pretty quickly. 336 00:16:15,240 --> 00:16:16,960 Speaker 9: They have monthly meetings and they can do that, and 337 00:16:16,960 --> 00:16:19,360 Speaker 9: they call special meeting if they think there's some emergent 338 00:16:19,440 --> 00:16:21,560 Speaker 9: situation they need to deal with. So I think with 339 00:16:21,640 --> 00:16:23,480 Speaker 9: the Fed, it might be a good time to take 340 00:16:23,520 --> 00:16:25,600 Speaker 9: a breath, because what we don't want to do they 341 00:16:25,680 --> 00:16:27,960 Speaker 9: want to have a soft landing. I think everybody in 342 00:16:28,000 --> 00:16:29,720 Speaker 9: America would have liked to have a soft landing on 343 00:16:29,760 --> 00:16:32,240 Speaker 9: this and not have a recession if we can avoid it. 344 00:16:32,560 --> 00:16:35,880 Speaker 9: I was governor during the eight nine to ten recession, 345 00:16:36,160 --> 00:16:39,120 Speaker 9: and I remember how brutal that was for our everyday citizens. 346 00:16:39,320 --> 00:16:40,640 Speaker 9: We don't want to go through that again if we 347 00:16:40,640 --> 00:16:41,200 Speaker 9: can avoid it. 348 00:16:41,320 --> 00:16:41,880 Speaker 5: FED Chair J. 349 00:16:42,000 --> 00:16:44,960 Speaker 15: Powell was appointed by Trump and then reappointed by Biden. 350 00:16:45,080 --> 00:16:46,640 Speaker 15: Would you consider keeping him on? 351 00:16:47,560 --> 00:16:50,120 Speaker 9: I certainly would consider it. I don't have anything that 352 00:16:50,200 --> 00:16:51,080 Speaker 9: I think Jay has. 353 00:16:51,000 --> 00:16:52,440 Speaker 5: Done horribly wrong. 354 00:16:52,560 --> 00:16:55,520 Speaker 9: I think that he probably should have started tightening sooner 355 00:16:55,520 --> 00:16:58,280 Speaker 9: than he did. I think he waited too long on that. 356 00:16:58,680 --> 00:17:03,840 Speaker 9: But look, the FED, it's an independent agency. I'd like 357 00:17:03,880 --> 00:17:06,679 Speaker 9: to keep them independent. I don't think I'm certainly not 358 00:17:06,720 --> 00:17:09,080 Speaker 9: an economist, and I don't think I should be making 359 00:17:09,119 --> 00:17:12,520 Speaker 9: every one of those He's a lawyer, but he has 360 00:17:12,520 --> 00:17:14,640 Speaker 9: a lot of experience in this area, a lot more 361 00:17:14,640 --> 00:17:18,120 Speaker 9: than I do. And I so look, I would consider 362 00:17:18,359 --> 00:17:21,520 Speaker 9: everybody who's on board at the moment, you know, and 363 00:17:21,560 --> 00:17:23,560 Speaker 9: you have to evaluate them, each one of them, one. 364 00:17:23,520 --> 00:17:25,359 Speaker 5: At a time. And he's in the midst of a. 365 00:17:27,119 --> 00:17:29,919 Speaker 9: Term also, so you know, I'd want to be careful 366 00:17:29,920 --> 00:17:30,280 Speaker 9: about that. 367 00:17:30,359 --> 00:17:31,000 Speaker 5: But I think in the. 368 00:17:31,080 --> 00:17:34,080 Speaker 9: End, everyone's going to be judged in my administration based 369 00:17:34,080 --> 00:17:37,280 Speaker 9: on their performance. They perform well, they do good things 370 00:17:37,280 --> 00:17:39,800 Speaker 9: for our economy. I quite frankly don't care where they 371 00:17:39,840 --> 00:17:42,720 Speaker 9: came from. I just want to have good, competent people 372 00:17:42,880 --> 00:17:45,320 Speaker 9: who actually get something done, as supposed to what we've 373 00:17:45,320 --> 00:17:47,360 Speaker 9: seen in the last number of years when government can't 374 00:17:47,359 --> 00:17:48,240 Speaker 9: get out of its own way. 375 00:17:48,480 --> 00:17:51,160 Speaker 12: How about the Inflation Reduction Act If you become the nominee, 376 00:17:51,160 --> 00:17:52,240 Speaker 12: this is going to be one of the things that 377 00:17:52,280 --> 00:17:55,720 Speaker 12: Joe Biden is trumping. Is a major accomplishment, knowing that 378 00:17:55,760 --> 00:17:59,040 Speaker 12: it'll result in the Hudson Tunnels in your state. We've 379 00:17:59,080 --> 00:18:01,760 Speaker 12: been hearing replicans and it's comical. The President likes to 380 00:18:01,760 --> 00:18:04,800 Speaker 12: point this out, who voted against the IRA or in 381 00:18:04,840 --> 00:18:08,360 Speaker 12: some cases, the Infrastructure Law and champion the money when 382 00:18:08,359 --> 00:18:08,920 Speaker 12: it comes home. 383 00:18:09,000 --> 00:18:10,200 Speaker 5: Well, I would divide the two. 384 00:18:10,359 --> 00:18:12,119 Speaker 9: Look, I think the tunnel money is coming from the 385 00:18:12,119 --> 00:18:13,880 Speaker 9: Infrastructure Law, and I. 386 00:18:13,800 --> 00:18:15,200 Speaker 5: Would have been supportive of that, and. 387 00:18:15,119 --> 00:18:15,520 Speaker 15: We did it. 388 00:18:17,119 --> 00:18:19,680 Speaker 9: From Inflation Reduction Act, And that just means that they's 389 00:18:19,760 --> 00:18:22,400 Speaker 9: where they wanted to come from to justify the Inflation 390 00:18:22,440 --> 00:18:23,000 Speaker 9: Reduction Act. 391 00:18:23,000 --> 00:18:24,040 Speaker 5: Because there's plenty of money. 392 00:18:24,119 --> 00:18:27,040 Speaker 9: It's a trillion dollar program and I think they're giving 393 00:18:27,200 --> 00:18:30,639 Speaker 9: six or seven billion for the tunnels and which they 394 00:18:30,640 --> 00:18:32,920 Speaker 9: should do because it's not just important for New York 395 00:18:32,920 --> 00:18:35,720 Speaker 9: and New Jersey, it's from Boston to Washington. But the 396 00:18:35,720 --> 00:18:38,439 Speaker 9: Inflation Reduction Act was a mistake, and don't take my 397 00:18:38,520 --> 00:18:41,120 Speaker 9: word for it. Listen to Larry Summers, who was Treasury 398 00:18:41,160 --> 00:18:45,119 Speaker 9: Secretary back under Bill Clinton, and he is not a 399 00:18:45,160 --> 00:18:48,159 Speaker 9: conservative by any stretch. But we had already spent too 400 00:18:48,240 --> 00:18:50,960 Speaker 9: much money during COVID, money that we had to spend 401 00:18:51,000 --> 00:18:54,199 Speaker 9: to keep the economy going. But he said in his 402 00:18:54,640 --> 00:18:56,480 Speaker 9: up in the New York Times, if you do the 403 00:18:56,480 --> 00:18:59,640 Speaker 9: Inflation Reduction Act, we will have runaway inflation. And it's 404 00:18:59,680 --> 00:19:02,080 Speaker 9: exactly what we had and people are still suffering from that. 405 00:19:02,160 --> 00:19:02,680 Speaker 6: So you don't like. 406 00:19:02,640 --> 00:19:04,919 Speaker 15: Inflation Reduction Act, but you like the six billion for 407 00:19:04,960 --> 00:19:05,600 Speaker 15: the Hudson time. 408 00:19:05,840 --> 00:19:08,080 Speaker 9: The six billion from the Hudson Tunnel should come from 409 00:19:08,080 --> 00:19:11,240 Speaker 9: the Infrastructure Act. That is purely a political choice, Amory, 410 00:19:11,320 --> 00:19:13,679 Speaker 9: That's all it is. Because you have a trillion dollars 411 00:19:13,680 --> 00:19:14,439 Speaker 9: for infrastructure, you. 412 00:19:14,440 --> 00:19:16,359 Speaker 15: Couldn't get plenty of form governor. You thought it was 413 00:19:16,480 --> 00:19:17,359 Speaker 15: cost too much money. 414 00:19:17,680 --> 00:19:19,640 Speaker 9: Well, what we did when I was governor was got 415 00:19:19,680 --> 00:19:22,480 Speaker 9: rid of the old plan, which was called the Arc Tunnel. 416 00:19:22,680 --> 00:19:24,760 Speaker 9: The Arc Tunnel was not going to Penn Station. 417 00:19:24,560 --> 00:19:25,040 Speaker 5: In New York. 418 00:19:25,200 --> 00:19:27,320 Speaker 9: They were going to build a new billion dollar terminal 419 00:19:27,400 --> 00:19:30,120 Speaker 9: underneath Macy's. The people, if you've ever been in Manhattan, 420 00:19:30,280 --> 00:19:33,000 Speaker 9: done this walk. The walk from Macy's to to the 421 00:19:33,000 --> 00:19:35,719 Speaker 9: Pen Station is no fun in winter and in the 422 00:19:35,720 --> 00:19:39,159 Speaker 9: heat of summer. And by the way, New Jersey was 423 00:19:39,160 --> 00:19:41,639 Speaker 9: going to have to pay for any cost overruns. New 424 00:19:41,720 --> 00:19:43,760 Speaker 9: York didn't have to pay anything, and the Feds didn't 425 00:19:43,800 --> 00:19:44,479 Speaker 9: have to pay anything. 426 00:19:44,840 --> 00:19:45,760 Speaker 5: I had to tell you the truth. 427 00:19:45,880 --> 00:19:47,920 Speaker 15: I remember you campaigned on that for president as well. 428 00:19:47,920 --> 00:19:48,880 Speaker 15: You wanted to be equitable. 429 00:19:48,960 --> 00:19:51,440 Speaker 9: Absolutely, it's got to be everyone's got to And what's 430 00:19:51,480 --> 00:19:54,399 Speaker 9: happening now with the tunnel fifty percent coming from the Feds, 431 00:19:54,680 --> 00:19:56,919 Speaker 9: twenty five percent from New Jersey, twenty five percent from 432 00:19:56,960 --> 00:19:58,640 Speaker 9: New York. That's the way it should be. The people 433 00:19:58,640 --> 00:20:00,639 Speaker 9: who benefit from it should a have a stake in 434 00:20:00,680 --> 00:20:02,840 Speaker 9: paying for it. That's why I canceled the tunnel. And 435 00:20:02,880 --> 00:20:05,879 Speaker 9: by the way, we did get gateway done, planned and 436 00:20:05,960 --> 00:20:07,879 Speaker 9: ready to go. All I needed to do is be 437 00:20:07,920 --> 00:20:10,400 Speaker 9: funded on the federal side. It was already funded by 438 00:20:10,400 --> 00:20:13,200 Speaker 9: New Jersey and New York. And that got done. And 439 00:20:13,240 --> 00:20:16,320 Speaker 9: I give President Biden credit for that. It's a good move, 440 00:20:16,359 --> 00:20:19,280 Speaker 9: and Senator Schumer deserves credit as well. But we deserve 441 00:20:19,320 --> 00:20:21,080 Speaker 9: credit for having come up with a new plan. They 442 00:20:21,119 --> 00:20:23,280 Speaker 9: told us you couldn't go to Penn Station. We came 443 00:20:23,320 --> 00:20:24,120 Speaker 9: up with a plan that did. 444 00:20:24,119 --> 00:20:24,199 Speaker 5: So. 445 00:20:24,240 --> 00:20:26,760 Speaker 9: Now people get a one seat ride from New Jersey 446 00:20:26,840 --> 00:20:27,520 Speaker 9: right into New York. 447 00:20:27,520 --> 00:20:28,120 Speaker 5: That's what they need. 448 00:20:28,160 --> 00:20:29,600 Speaker 12: Well, so it sounds like then you would have voted 449 00:20:29,720 --> 00:20:30,600 Speaker 12: for the. 450 00:20:30,720 --> 00:20:32,600 Speaker 5: Infrastructure I would have bill. 451 00:20:32,440 --> 00:20:36,040 Speaker 12: What then would you say to lawmakers here in Washington 452 00:20:36,080 --> 00:20:38,639 Speaker 12: Republicans who voted against the bill but are actually running 453 00:20:38,640 --> 00:20:40,600 Speaker 12: ads and raising money on the fact that they're quote 454 00:20:40,640 --> 00:20:41,720 Speaker 12: unquote bringing the bacon home. 455 00:20:41,880 --> 00:20:44,520 Speaker 9: Oh, welcome to politics in Washington, d C. Yeah sure, 456 00:20:44,600 --> 00:20:46,760 Speaker 9: I mean, look, that's why I'm saying. I'll tell the 457 00:20:46,800 --> 00:20:48,560 Speaker 9: truth about these days. I would have voted for the 458 00:20:48,560 --> 00:20:52,919 Speaker 9: Infrastructure bill because this country needed an infrastructure bill to 459 00:20:53,000 --> 00:20:56,560 Speaker 9: upgrade our infrastructure across the entire country. Our roads and bridges, 460 00:20:56,560 --> 00:21:02,000 Speaker 9: our tunnels, are airports, are our infrastructure for Wi Fi 461 00:21:02,119 --> 00:21:03,800 Speaker 9: and all of the things that you need to have 462 00:21:03,880 --> 00:21:06,960 Speaker 9: internet access all throughout this country. We needed to do that, 463 00:21:07,040 --> 00:21:08,760 Speaker 9: and there are times when government. 464 00:21:08,440 --> 00:21:09,280 Speaker 5: Has to do those things. 465 00:21:09,440 --> 00:21:12,199 Speaker 9: I think the Infrastructure Plan was, Look, there are things 466 00:21:12,240 --> 00:21:14,280 Speaker 9: I would have done a little differently, but presented with 467 00:21:14,320 --> 00:21:15,520 Speaker 9: that bill, I would have voted for it. And I 468 00:21:15,520 --> 00:21:16,280 Speaker 9: said so at the time. 469 00:21:16,400 --> 00:21:18,680 Speaker 15: What about the Trump error tax cuts? Many of them 470 00:21:18,760 --> 00:21:21,520 Speaker 15: still are living through the Biden administration. But one thing 471 00:21:21,560 --> 00:21:25,639 Speaker 15: Trump did do that is hurting some local New Jersey 472 00:21:25,680 --> 00:21:28,320 Speaker 15: folks is a cap on salt. Do you think that 473 00:21:28,359 --> 00:21:29,200 Speaker 15: cap is appropriate? 474 00:21:29,280 --> 00:21:32,200 Speaker 9: I do, And I said that as governor, I don't 475 00:21:32,280 --> 00:21:34,200 Speaker 9: think that the rest of the country should be paying 476 00:21:34,680 --> 00:21:37,080 Speaker 9: for the excessive taxes that we had in New Jersey 477 00:21:37,560 --> 00:21:41,920 Speaker 9: and New York and Illinois and California. And because it 478 00:21:41,960 --> 00:21:44,719 Speaker 9: could be deducted, you didn't feel the pain directly, and 479 00:21:44,760 --> 00:21:46,840 Speaker 9: so you know, I think putting it at the cap 480 00:21:46,840 --> 00:21:48,480 Speaker 9: where it is, I might have made the cap a 481 00:21:48,520 --> 00:21:49,520 Speaker 9: little bit more generous. 482 00:21:49,560 --> 00:21:50,800 Speaker 5: But no. 483 00:21:51,000 --> 00:21:54,720 Speaker 9: I campaign for presidents saying that that we should get 484 00:21:54,760 --> 00:21:57,920 Speaker 9: rid of that deduction because what it does is it 485 00:21:58,000 --> 00:22:01,879 Speaker 9: encourages people to increase these property taxes, increase local and 486 00:22:01,920 --> 00:22:04,240 Speaker 9: state taxes, and have much less of an impact on 487 00:22:04,320 --> 00:22:06,440 Speaker 9: their people. But everybody else in the country is paying 488 00:22:06,440 --> 00:22:06,719 Speaker 9: for it. 489 00:22:06,880 --> 00:22:08,200 Speaker 12: We're going to be hearing from a lot of terminal 490 00:22:08,320 --> 00:22:09,120 Speaker 12: users on that answer. 491 00:22:09,160 --> 00:22:10,199 Speaker 5: I can don't see you right now. 492 00:22:10,240 --> 00:22:12,520 Speaker 12: How about did you weigh in on the tax cuts? 493 00:22:12,600 --> 00:22:15,800 Speaker 12: Would you allow the Trump era tax cuts twenty seventeen 494 00:22:16,119 --> 00:22:16,919 Speaker 12: to stay in place? 495 00:22:17,000 --> 00:22:18,200 Speaker 5: Yes, you would would. 496 00:22:18,240 --> 00:22:21,320 Speaker 12: With that said, would you keep the Trump era tariffs 497 00:22:21,320 --> 00:22:24,440 Speaker 12: on China in place? Because this administration seems to think 498 00:22:24,480 --> 00:22:25,240 Speaker 12: it's good business. 499 00:22:25,359 --> 00:22:27,760 Speaker 9: We need to have a totally new approach to what 500 00:22:27,800 --> 00:22:31,200 Speaker 9: we do with China, and I think the tariffs might 501 00:22:31,240 --> 00:22:31,960 Speaker 9: be a part of it. 502 00:22:32,320 --> 00:22:34,080 Speaker 5: But the fact is that what we have to do is. 503 00:22:34,080 --> 00:22:37,359 Speaker 9: Get a lot tougher on China in general, and we 504 00:22:37,440 --> 00:22:40,320 Speaker 9: haven't done so from a military perspective, in terms of 505 00:22:40,320 --> 00:22:42,879 Speaker 9: our own preparedness, we haven't done so. In the support 506 00:22:42,920 --> 00:22:45,720 Speaker 9: of our allies. We need to be even more strong 507 00:22:45,720 --> 00:22:49,560 Speaker 9: at supporting Ukraine. That's a proxy war with China. China 508 00:22:49,720 --> 00:22:52,280 Speaker 9: is funding the Russian Army. They are coordinating with the 509 00:22:52,280 --> 00:22:55,560 Speaker 9: Iranians to provide sophisticated weapons to the Russians they otherwise 510 00:22:55,560 --> 00:22:59,280 Speaker 9: wouldn't have. China is watching us visa e Taiwan. They 511 00:22:59,280 --> 00:23:01,000 Speaker 9: want to see can we hang in there and stick 512 00:23:01,040 --> 00:23:03,080 Speaker 9: with it and stick by an ally or will we 513 00:23:03,119 --> 00:23:03,680 Speaker 9: cut and run. 514 00:23:04,000 --> 00:23:06,480 Speaker 15: We need to be much tougher on that, so yes, 515 00:23:06,560 --> 00:23:08,919 Speaker 15: you would keep the tariffs or no, because besides me 516 00:23:09,280 --> 00:23:12,360 Speaker 15: on the table, administration is also doing export controls. There's 517 00:23:12,359 --> 00:23:14,399 Speaker 15: going to be an executive order, an outbound investment. The 518 00:23:14,400 --> 00:23:17,360 Speaker 15: business community, some of them have been a little bit 519 00:23:17,359 --> 00:23:18,960 Speaker 15: irked by a lot of this, but at the same 520 00:23:18,960 --> 00:23:20,160 Speaker 15: time they really double down. 521 00:23:20,320 --> 00:23:22,960 Speaker 9: I'd say the tariffs are on the table depending on 522 00:23:23,000 --> 00:23:25,080 Speaker 9: what the Chinese are willing to do for us. I 523 00:23:25,080 --> 00:23:27,359 Speaker 9: think we need to start a new era of conversation 524 00:23:27,440 --> 00:23:30,960 Speaker 9: with them, negotiating from a police to strength. So I 525 00:23:31,000 --> 00:23:32,800 Speaker 9: wouldn't commit one way or the other at this point 526 00:23:32,840 --> 00:23:34,639 Speaker 9: on the tariffs, because then I'm giving away one of 527 00:23:34,640 --> 00:23:36,879 Speaker 9: the cards I can play with President g when I'm 528 00:23:36,920 --> 00:23:39,080 Speaker 9: sitting across from him the first time we meet. 529 00:23:39,160 --> 00:23:40,119 Speaker 5: So you like that leverage. 530 00:23:40,119 --> 00:23:42,240 Speaker 12: We're just trying to find sunlight between you and the 531 00:23:42,280 --> 00:23:45,280 Speaker 12: Biden administration's policy on China. You say you'd be tougher. 532 00:23:45,560 --> 00:23:47,600 Speaker 12: Where does that place you on the matter if Taiwan 533 00:23:47,640 --> 00:23:50,680 Speaker 12: you mentioned that, would we go to Taiwan's defense militarily 534 00:23:50,720 --> 00:23:52,040 Speaker 12: if invaded by mainland China. 535 00:23:52,080 --> 00:23:54,200 Speaker 5: I think we have to. I think we do. 536 00:23:54,960 --> 00:23:58,840 Speaker 9: I think Taiwan is in Americans, America's vital interests and 537 00:23:59,200 --> 00:24:01,040 Speaker 9: the fact is that you do everything you can to 538 00:24:01,080 --> 00:24:04,719 Speaker 9: avoid that situation as very best you can. But in 539 00:24:04,760 --> 00:24:07,399 Speaker 9: the end, when you look at certain things and you 540 00:24:07,520 --> 00:24:11,560 Speaker 9: talk about business, you look at the percentage of semiconductors 541 00:24:12,160 --> 00:24:15,840 Speaker 9: that are produced in Taiwan, America could not do the 542 00:24:15,840 --> 00:24:19,840 Speaker 9: business we do without Taiwan as a partner. Now you know, 543 00:24:20,119 --> 00:24:22,359 Speaker 9: you do everything you can as president to avoid that. 544 00:24:22,400 --> 00:24:23,800 Speaker 9: And the way to avoid it is what I talked 545 00:24:23,800 --> 00:24:28,000 Speaker 9: about before, is standing up and being strong, showing the 546 00:24:28,080 --> 00:24:31,199 Speaker 9: Chinese that the juice isn't worth the squeeze to go 547 00:24:31,240 --> 00:24:33,600 Speaker 9: and invade Taiwan, and that the status quo as it 548 00:24:33,680 --> 00:24:36,679 Speaker 9: exists now is good for us and it's good and 549 00:24:36,680 --> 00:24:38,440 Speaker 9: it's good for them visa to the Taiwan. 550 00:24:38,960 --> 00:24:40,919 Speaker 15: So it sounds like though you you would if you 551 00:24:40,920 --> 00:24:42,760 Speaker 15: say you're going to go defend, you would move away 552 00:24:42,800 --> 00:24:44,160 Speaker 15: from strategic ambiguity. 553 00:24:44,359 --> 00:24:45,200 Speaker 5: No, no, no, no. 554 00:24:45,280 --> 00:24:48,359 Speaker 9: That that now that's different. That's a different question. The 555 00:24:48,440 --> 00:24:50,720 Speaker 9: question of whether you know you have a one China 556 00:24:50,760 --> 00:24:55,160 Speaker 9: policy or not is very different from if China decides 557 00:24:55,200 --> 00:24:57,880 Speaker 9: to aggressively go in and invade and try to take 558 00:24:57,920 --> 00:25:02,399 Speaker 9: over Taiwan, that becomes different. They're of anything strategic ambiguity, 559 00:25:02,440 --> 00:25:03,360 Speaker 9: not us a marie. 560 00:25:03,400 --> 00:25:05,720 Speaker 15: If we could just end on one more. There's been 561 00:25:05,800 --> 00:25:08,320 Speaker 15: a lot of difference of opinions amongst you and other 562 00:25:08,400 --> 00:25:12,760 Speaker 15: candidates regarding Ukraine from a territorial dispute to Putin full 563 00:25:12,760 --> 00:25:15,679 Speaker 15: on invasion. Mike Penn seems to be the most hawkish. 564 00:25:15,720 --> 00:25:17,880 Speaker 15: He actually went to Kiev. Is it something you would 565 00:25:17,880 --> 00:25:18,600 Speaker 15: consider doing? 566 00:25:18,920 --> 00:25:22,480 Speaker 9: Look, I think it's very important that whoever the Republican 567 00:25:22,480 --> 00:25:25,000 Speaker 9: nominee is, shows that we are going to stand with 568 00:25:25,040 --> 00:25:29,119 Speaker 9: our allies around the world. The thing that's made America different, stronger, 569 00:25:29,320 --> 00:25:32,240 Speaker 9: better than any other power that we've seen in the 570 00:25:32,359 --> 00:25:35,840 Speaker 9: last five hundred years is that we create these relationships 571 00:25:35,920 --> 00:25:38,720 Speaker 9: around the world that we stand with our allies. The 572 00:25:38,800 --> 00:25:44,440 Speaker 9: Ukrainians are freedom loving folks who got invaded violently and 573 00:25:45,040 --> 00:25:48,280 Speaker 9: without any provocation, and we can't allow that stuff to 574 00:25:48,280 --> 00:25:49,720 Speaker 9: happen around the world. And by the way, they're not 575 00:25:49,760 --> 00:25:52,840 Speaker 9: asking for American troops, They're just asking for the ability 576 00:25:52,880 --> 00:25:55,879 Speaker 9: to defend themselves. Those are the kind of allies we want, 577 00:25:56,280 --> 00:25:57,760 Speaker 9: and we should be able to provide them with the 578 00:25:57,800 --> 00:26:00,800 Speaker 9: military hardware they need to be able to fight off 579 00:26:01,280 --> 00:26:05,359 Speaker 9: an awful Russian invasion. Putin is an authoritarian dictator, and 580 00:26:05,400 --> 00:26:07,240 Speaker 9: he's coming in there and he's going to take as 581 00:26:07,320 --> 00:26:09,239 Speaker 9: much as we'll let him take. He needs to know 582 00:26:09,280 --> 00:26:12,919 Speaker 9: that ourselves and our NATO allies will stand up behind Ukraine, 583 00:26:13,000 --> 00:26:14,399 Speaker 9: even though they're not a member of NATO. 584 00:26:14,680 --> 00:26:16,800 Speaker 5: We'll stand with them and supply them with what they need. 585 00:26:16,840 --> 00:26:20,360 Speaker 12: Would you be prepared to refill our own munitions stockpiles 586 00:26:20,400 --> 00:26:22,240 Speaker 12: that have been drawn down to support Ukraine? 587 00:26:22,280 --> 00:26:24,240 Speaker 5: You have to. You have to go, and having that 588 00:26:24,280 --> 00:26:25,480 Speaker 5: converse so you can't leave. 589 00:26:25,760 --> 00:26:30,480 Speaker 9: You can't leave the United States vulnerable to attack because 590 00:26:30,600 --> 00:26:33,320 Speaker 9: of what we're doing. This is the investment we're making 591 00:26:33,840 --> 00:26:36,879 Speaker 9: in making sure that we don't send American troops to 592 00:26:36,960 --> 00:26:41,040 Speaker 9: fight another war anytime, anywhere. It's about being prepared to 593 00:26:41,160 --> 00:26:42,080 Speaker 9: fight so you. 594 00:26:42,040 --> 00:26:42,639 Speaker 5: Don't have to do. 595 00:26:44,800 --> 00:26:47,720 Speaker 1: This is Bloomberg day Break Today, your morning brief on 596 00:26:47,800 --> 00:26:51,440 Speaker 1: the story's making news from Wall Street to Washington and beyond. 597 00:26:51,600 --> 00:26:54,359 Speaker 2: Look for us on your podcast feed at six am 598 00:26:54,440 --> 00:26:58,119 Speaker 2: Eastern each morning on Apple, Spotify, and anywhere else you 599 00:26:58,160 --> 00:26:59,240 Speaker 2: get your podcasts. 600 00:26:59,440 --> 00:27:02,160 Speaker 1: You can also listen live each morning starting at five 601 00:27:02,200 --> 00:27:04,840 Speaker 1: am Wall Street time on Bloomberg eleven three to zero 602 00:27:04,840 --> 00:27:08,320 Speaker 1: in New York. Bloomberg ninety nine one in Washington, Bloomberg 603 00:27:08,320 --> 00:27:11,320 Speaker 1: one oh sixty one in Boston, and Bloomberg ninety sixty 604 00:27:11,480 --> 00:27:12,439 Speaker 1: in San Francisco. 605 00:27:12,800 --> 00:27:15,960 Speaker 2: Our flagship New York station is also available on your 606 00:27:16,000 --> 00:27:21,439 Speaker 2: Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. 607 00:27:21,480 --> 00:27:24,439 Speaker 1: Listen coast to coast on the Bloomberg Business app, serious 608 00:27:24,640 --> 00:27:28,560 Speaker 1: XM Channel one nineteen, the iHeartRadio app, and on Bloomberg 609 00:27:28,680 --> 00:27:30,560 Speaker 1: dot com. I'm Nathan Hager and. 610 00:27:30,480 --> 00:27:33,800 Speaker 2: I'm Karen Moscow. Join us again tomorrow morning for all 611 00:27:33,840 --> 00:27:36,360 Speaker 2: the news you need to start your day right here 612 00:27:36,480 --> 00:27:37,800 Speaker 2: on Bloomberg Daybreak