1 00:00:02,520 --> 00:00:10,119 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the 2 00:00:10,119 --> 00:00:13,880 Speaker 1: Bloomberg Balance of Power podcast. Catch us live weekdays at 3 00:00:13,920 --> 00:00:17,440 Speaker 1: noon and five pm Eastern on Applecarcklay and Android Auto 4 00:00:17,520 --> 00:00:20,680 Speaker 1: with the Bloomberg Business App. Listen on demand wherever you 5 00:00:20,720 --> 00:00:24,120 Speaker 1: get your podcasts, or watch us live on YouTube. 6 00:00:25,280 --> 00:00:27,000 Speaker 2: Yeah, you're halfway through the week and not a lot 7 00:00:27,000 --> 00:00:29,440 Speaker 2: has changed. The government's still closed, the Fed still expected 8 00:00:29,480 --> 00:00:32,120 Speaker 2: to cut. All that will unfold today in real time, 9 00:00:32,159 --> 00:00:34,120 Speaker 2: and we'll do this together. Of course, two o'clock is 10 00:00:34,159 --> 00:00:36,440 Speaker 2: the magic hour here. Our special coverage starts at one 11 00:00:36,520 --> 00:00:39,600 Speaker 2: thirty pm Eastern time. We're going to talk momentarily with 12 00:00:39,640 --> 00:00:41,879 Speaker 2: Michael McKee, who's got his bag ready. He's headed over 13 00:00:41,920 --> 00:00:44,240 Speaker 2: the Fed, and yes, we'll try to get a sense 14 00:00:44,240 --> 00:00:46,120 Speaker 2: of what he's asking today and whether Jay Pal can 15 00:00:46,159 --> 00:00:48,720 Speaker 2: answer anything, because we're in this data drought that's been 16 00:00:48,760 --> 00:00:52,320 Speaker 2: making things pretty interesting around here. Twenty ninth of October. 17 00:00:52,400 --> 00:00:53,960 Speaker 2: By god, it's almost November. 18 00:00:54,000 --> 00:00:54,160 Speaker 3: You know. 19 00:00:54,200 --> 00:00:56,880 Speaker 2: We have to turn the clocks back this week and 20 00:00:56,920 --> 00:00:59,080 Speaker 2: the government will still be shut down. We'll talk later 21 00:00:59,160 --> 00:01:01,920 Speaker 2: on this hour with Chuck Fleischman, the Republican from Tennessee 22 00:01:01,960 --> 00:01:02,240 Speaker 2: is here. 23 00:01:02,320 --> 00:01:03,639 Speaker 4: Will play it to our panel as well. 24 00:01:03,720 --> 00:01:06,680 Speaker 2: Genie Shanzano is with us Ashley Davis as we get 25 00:01:06,720 --> 00:01:09,560 Speaker 2: our arms around everything that's happening today in the nation's. 26 00:01:09,160 --> 00:01:11,880 Speaker 4: Capital and of course in South Korea. 27 00:01:11,480 --> 00:01:14,160 Speaker 2: If you want to sound smart at the cocktail parties later. 28 00:01:14,520 --> 00:01:19,080 Speaker 2: Busan is the coastal town in the south of South 29 00:01:19,160 --> 00:01:21,360 Speaker 2: Korea where they're going to be meeting tomorrow Trump and 30 00:01:21,400 --> 00:01:24,240 Speaker 2: She after. Of course, the President spent a couple of 31 00:01:24,280 --> 00:01:27,040 Speaker 2: days there already at the APEX summit talking about the 32 00:01:27,080 --> 00:01:29,080 Speaker 2: progress that he's been making with trade. 33 00:01:29,160 --> 00:01:31,360 Speaker 4: Listen to President Trump from earlier, Shanxu. 34 00:01:32,720 --> 00:01:37,600 Speaker 5: On this trip alone, I've signed groundbreaking agreements with Malaysia, Cambodia, Japan, 35 00:01:37,840 --> 00:01:41,360 Speaker 5: and our deal with the Republic of Korea will be 36 00:01:41,440 --> 00:01:46,000 Speaker 5: finalized very soon, like moments or very shortly thereafter. These 37 00:01:46,560 --> 00:01:49,320 Speaker 5: agreements will be incredible victories for all of us, because 38 00:01:49,360 --> 00:01:52,760 Speaker 5: everyone who is better off when we have stable partnerships, 39 00:01:52,800 --> 00:01:56,440 Speaker 5: not plagued by chronic problems and imbalances. You know, probably 40 00:01:56,480 --> 00:01:59,840 Speaker 5: you know that President Chief of China's coming tomorrow here 41 00:02:00,280 --> 00:02:02,600 Speaker 5: and we're going to be I hope making a deal. 42 00:02:02,640 --> 00:02:03,800 Speaker 5: I think we're going to have a deal. I think 43 00:02:03,800 --> 00:02:04,200 Speaker 5: it'll be a. 44 00:02:04,160 --> 00:02:08,320 Speaker 2: Good deal for both and maybe that's why the market 45 00:02:08,360 --> 00:02:10,560 Speaker 2: is in such a good mood this week. We just 46 00:02:10,680 --> 00:02:13,600 Speaker 2: keep pushing higher on the idea that not only will 47 00:02:13,639 --> 00:02:16,600 Speaker 2: we normalize relations or have some kind of a framework 48 00:02:16,639 --> 00:02:19,639 Speaker 2: agreement with China, but they're talking Blackwells. 49 00:02:19,680 --> 00:02:22,600 Speaker 4: Now, you saw this headline. Look at Nvidia today. 50 00:02:23,040 --> 00:02:25,000 Speaker 2: Top in two hundred and five was above two hundred 51 00:02:25,000 --> 00:02:26,680 Speaker 2: and eight dollars a little while ago, after notching this 52 00:02:26,720 --> 00:02:27,840 Speaker 2: all time high yesterday. 53 00:02:27,840 --> 00:02:28,880 Speaker 4: Black Wells in China. 54 00:02:29,320 --> 00:02:32,000 Speaker 2: We'll find out about this, presumably in the next couple 55 00:02:32,040 --> 00:02:33,839 Speaker 2: of days, but let's find out what we know right now. 56 00:02:33,880 --> 00:02:35,839 Speaker 2: Tyler Kendall is on the other side of the world 57 00:02:35,919 --> 00:02:38,560 Speaker 2: and joins us. She is traveling with the president right now, 58 00:02:38,680 --> 00:02:41,680 Speaker 2: joins us from chong Ju, South Korea, where the APEX 59 00:02:41,680 --> 00:02:44,960 Speaker 2: Summit is underway. Tyler, what's going to come from this 60 00:02:45,080 --> 00:02:48,320 Speaker 2: meeting with President? She and what is Donald Trump accomplished already? 61 00:02:51,360 --> 00:02:51,560 Speaker 5: Yeah? 62 00:02:51,639 --> 00:02:53,799 Speaker 6: Hey, Joe and Charlie said welcome back, so I say 63 00:02:53,840 --> 00:02:56,520 Speaker 6: welcome back as well. There's a lot on the agenda 64 00:02:56,560 --> 00:02:58,919 Speaker 6: ahead of tomorrow. Now, of course we know that the 65 00:02:58,960 --> 00:03:01,560 Speaker 6: top line that we're why expecting is that there's going 66 00:03:01,600 --> 00:03:04,399 Speaker 6: to be an extension to the trade truce that's currently 67 00:03:04,520 --> 00:03:06,600 Speaker 6: in place, and we're going to see a pull back 68 00:03:06,639 --> 00:03:09,519 Speaker 6: from some of the escalating tensions of the past few weeks. 69 00:03:09,560 --> 00:03:12,280 Speaker 6: That includes China, which, according to sources telling us here 70 00:03:12,280 --> 00:03:15,680 Speaker 6: at Bloomberg Importing, they're for shipments of US soybean so 71 00:03:15,760 --> 00:03:18,560 Speaker 6: far this harvest season, though relatively it appears to be 72 00:03:18,639 --> 00:03:20,639 Speaker 6: a small amount. We'll see if we get any other 73 00:03:21,080 --> 00:03:25,040 Speaker 6: information on just how much of these US soybean supplies 74 00:03:25,080 --> 00:03:27,800 Speaker 6: they are going to end up taking in. Also, we 75 00:03:27,880 --> 00:03:30,440 Speaker 6: heard from the Treasury Secretary earlier this week that China 76 00:03:30,520 --> 00:03:33,919 Speaker 6: is now backing off and delaying its intended export curves 77 00:03:33,919 --> 00:03:36,280 Speaker 6: when it comes to critical and rare earth minerals. These 78 00:03:36,320 --> 00:03:39,680 Speaker 6: sorts of headlines have really been dominating the conversation for 79 00:03:39,760 --> 00:03:43,160 Speaker 6: the weeks leading up to this meeting, the US itself 80 00:03:43,160 --> 00:03:45,800 Speaker 6: taking off the table some of its own proposed restrictions 81 00:03:45,800 --> 00:03:49,160 Speaker 6: but not yet implemented. But then, Joe, we've sort of 82 00:03:49,160 --> 00:03:51,880 Speaker 6: gotten this development in really the last few days that 83 00:03:51,960 --> 00:03:54,240 Speaker 6: it does seem like we could potentially get some other 84 00:03:54,400 --> 00:03:56,480 Speaker 6: tangible deliverables out of this. We're going to have to 85 00:03:56,520 --> 00:03:59,960 Speaker 6: see how it shakes out. You of course mentioned this news. 86 00:04:00,120 --> 00:04:03,240 Speaker 6: President Trump apparently going to bring up in videos Blackwell 87 00:04:03,320 --> 00:04:06,720 Speaker 6: Chips with the Chinese president Xijingpang. Of course, this would 88 00:04:06,720 --> 00:04:08,520 Speaker 6: be very good for the company, which has been trying 89 00:04:08,560 --> 00:04:13,120 Speaker 6: to regain Chinese market access since twenty twenty twenty two. 90 00:04:13,480 --> 00:04:16,560 Speaker 6: I pulled one of the statistics in video says that 91 00:04:16,600 --> 00:04:19,000 Speaker 6: their market share in China went from a ninety five 92 00:04:19,040 --> 00:04:22,280 Speaker 6: percent peak to zero, so of course they're trying to 93 00:04:22,320 --> 00:04:26,039 Speaker 6: get back into that market. And then also we've learned 94 00:04:26,080 --> 00:04:27,880 Speaker 6: that there could be some movement when it comes to 95 00:04:27,960 --> 00:04:31,240 Speaker 6: fentanyl tariffs. That would be pretty significant because maybe Joe 96 00:04:31,240 --> 00:04:34,839 Speaker 6: it gives actually China a lower tariff on the table, 97 00:04:34,880 --> 00:04:37,920 Speaker 6: not just an extension to the current truce. We'll have 98 00:04:37,960 --> 00:04:40,400 Speaker 6: to see what that would end up looking like. Currently, 99 00:04:40,400 --> 00:04:42,800 Speaker 6: twenty percent of the tariff that is in place on 100 00:04:42,920 --> 00:04:45,960 Speaker 6: China is tied to fentanyl, so maybe there could be 101 00:04:46,000 --> 00:04:47,159 Speaker 6: some movement even there too. 102 00:04:48,320 --> 00:04:50,880 Speaker 2: Wow, Tyler, thank you. Tyler Kennell. The only person awake 103 00:04:50,920 --> 00:04:53,520 Speaker 2: in South Korea right now. It's one o'clock in the morning. 104 00:04:53,600 --> 00:04:56,960 Speaker 2: I just yeah, it's one fifteen am. Tyler's got to 105 00:04:57,000 --> 00:05:00,640 Speaker 2: get some rest. By the way, ten pm East time, 106 00:05:00,760 --> 00:05:04,279 Speaker 2: So tonight is when President Trump will be sitting down 107 00:05:04,320 --> 00:05:07,080 Speaker 2: with President She in what will be, of course, daylight 108 00:05:07,080 --> 00:05:10,040 Speaker 2: hours tomorrow in South Korea. That'll be when you're going 109 00:05:10,040 --> 00:05:12,680 Speaker 2: to bed this evening, and we're going to wake up, 110 00:05:12,720 --> 00:05:15,360 Speaker 2: presumably to a bunch of headlines tomorrow. We're gonna have 111 00:05:15,400 --> 00:05:17,680 Speaker 2: headlines long before then, when the FED wraps its two 112 00:05:17,720 --> 00:05:19,920 Speaker 2: day meeting in Washington and Michael McKee is with us 113 00:05:20,480 --> 00:05:22,720 Speaker 2: to get our arms around our other top story today, 114 00:05:23,560 --> 00:05:26,360 Speaker 2: FED day, Great to see you. It's like Christmas morning. 115 00:05:26,440 --> 00:05:29,120 Speaker 2: God knows what we'll get, except we know exactly what 116 00:05:29,120 --> 00:05:30,960 Speaker 2: we're going to get. Life is like a box of chocolates. 117 00:05:30,960 --> 00:05:32,920 Speaker 7: Well, farman from me to be the only person who 118 00:05:33,000 --> 00:05:36,279 Speaker 7: doesn't welcome you back. So welcome back. She seems to 119 00:05:36,279 --> 00:05:39,040 Speaker 7: be the theme more theme of the day. Now we're 120 00:05:39,080 --> 00:05:40,800 Speaker 7: going to get a twenty five basis point cut from 121 00:05:40,800 --> 00:05:43,159 Speaker 7: the Fed. Jay Powell and the rest of the Open 122 00:05:43,160 --> 00:05:46,839 Speaker 7: Market Committee essentially blessed that view YEP in the markets, 123 00:05:46,839 --> 00:05:49,080 Speaker 7: and so we go ahead with that. And then the 124 00:05:49,160 --> 00:05:51,760 Speaker 7: question that has come up really rapidly in the last 125 00:05:51,760 --> 00:05:52,480 Speaker 7: two weeks. 126 00:05:52,240 --> 00:05:53,839 Speaker 3: Is whether they do the end of QT. 127 00:05:54,400 --> 00:05:57,320 Speaker 7: We've seen a lot more borrowing from the standing REPO 128 00:05:57,440 --> 00:06:01,400 Speaker 7: facility from the FED ten billion today, and that suggests 129 00:06:01,440 --> 00:06:04,919 Speaker 7: that they have hit the inflection point where they're getting 130 00:06:04,920 --> 00:06:06,760 Speaker 7: to the point where there's not enough reserves in the 131 00:06:06,800 --> 00:06:10,160 Speaker 7: system to meet demand, and so therefore they're probably going 132 00:06:10,200 --> 00:06:12,600 Speaker 7: to have to announce that they're going to make some 133 00:06:12,600 --> 00:06:14,799 Speaker 7: sort of change. Only a question whether they ended immediately 134 00:06:15,160 --> 00:06:17,839 Speaker 7: give us another month or something like that, that we 135 00:06:17,839 --> 00:06:20,080 Speaker 7: have the news comforts, and of course what does Ja 136 00:06:20,160 --> 00:06:22,600 Speaker 7: Poal say. He is not going to say we're definitely 137 00:06:22,600 --> 00:06:25,080 Speaker 7: cutting in December. I can guarantee you that sure. 138 00:06:25,240 --> 00:06:28,159 Speaker 4: I mean, could he just cancel the news conference? What's 139 00:06:28,160 --> 00:06:29,560 Speaker 4: he supposed to say when there's no data? 140 00:06:29,600 --> 00:06:32,200 Speaker 2: Michael McKee's going to show up to ask a question 141 00:06:32,240 --> 00:06:34,359 Speaker 2: that would be difficult to answer when we're swimming in 142 00:06:34,440 --> 00:06:37,040 Speaker 2: data and Jay Powell doesn't have anything the base and 143 00:06:37,120 --> 00:06:37,520 Speaker 2: answer on. 144 00:06:37,960 --> 00:06:41,000 Speaker 7: Well, basically, he's going to say, we're here to fight 145 00:06:41,040 --> 00:06:46,120 Speaker 7: inflation and prop up the economy to provide maximum employment. 146 00:06:46,160 --> 00:06:48,719 Speaker 7: That's our two mandates. And so we'll do that and 147 00:06:48,720 --> 00:06:51,000 Speaker 7: they'll talk around it. He'll be asked many different ways. 148 00:06:51,040 --> 00:06:54,600 Speaker 7: I'm sure, how are you measuring the economy? What are 149 00:06:54,640 --> 00:06:57,400 Speaker 7: you looking at these days? And I think The bottom 150 00:06:57,440 --> 00:06:59,560 Speaker 7: line answer is that they're looking at all kinds of 151 00:06:59,640 --> 00:07:02,479 Speaker 7: alternate data, but they're really talking to corporate leaders to 152 00:07:02,520 --> 00:07:05,719 Speaker 7: figure out what they're going to do going forward. The 153 00:07:05,760 --> 00:07:08,520 Speaker 7: problem they have is corporate leaders don't know because nobody 154 00:07:08,520 --> 00:07:11,440 Speaker 7: knows what Donald Trump is going to do. And now 155 00:07:11,480 --> 00:07:13,640 Speaker 7: we have this meeting, as you say, within just a 156 00:07:13,680 --> 00:07:16,560 Speaker 7: couple of hours with Hijinping, and what are they going 157 00:07:16,600 --> 00:07:18,560 Speaker 7: to come up with, and how does that affect tariffs 158 00:07:18,600 --> 00:07:20,280 Speaker 7: and how does that affect the overall economy? 159 00:07:20,320 --> 00:07:22,360 Speaker 4: So what's the conversation inside the FED. 160 00:07:22,360 --> 00:07:24,120 Speaker 2: Then they're going to be looking at these headlines just 161 00:07:24,160 --> 00:07:25,800 Speaker 2: like you and I are, to try to figure out 162 00:07:26,120 --> 00:07:28,400 Speaker 2: how this impacts policy. What takes place in the next 163 00:07:28,440 --> 00:07:31,360 Speaker 2: twenty four hours could mean what for the FED? 164 00:07:31,720 --> 00:07:35,760 Speaker 7: Well, that could depend because we may not have any 165 00:07:35,840 --> 00:07:39,400 Speaker 7: data to know the results of what happens. I don't 166 00:07:39,400 --> 00:07:41,760 Speaker 7: want to say that by December tenth the government won't 167 00:07:41,760 --> 00:07:44,760 Speaker 7: be open. We hope so, but it's always possible. Now 168 00:07:44,800 --> 00:07:49,480 Speaker 7: they'll look to see. Basically, their first question is what's 169 00:07:49,480 --> 00:07:52,320 Speaker 7: it going to mean for the labor market. 170 00:07:52,320 --> 00:07:53,920 Speaker 4: That's what they're focused on at the moment. 171 00:07:53,960 --> 00:07:56,080 Speaker 7: They're worried that unemployment is going to. 172 00:07:56,000 --> 00:07:57,040 Speaker 3: Go shooting up. 173 00:07:57,080 --> 00:07:59,240 Speaker 7: And we've had a lot of announcements from companies over 174 00:07:59,280 --> 00:08:01,960 Speaker 7: the past couple of days as they report earnings that 175 00:08:02,000 --> 00:08:04,600 Speaker 7: they're going to either hold down headcount or they're going 176 00:08:04,640 --> 00:08:08,200 Speaker 7: to be reducing headcount. We haven't seen that in big 177 00:08:08,280 --> 00:08:10,960 Speaker 7: numbers yet. The jobless claims numbers that we do get 178 00:08:11,360 --> 00:08:15,120 Speaker 7: have kind of shown status quo. If we start to 179 00:08:15,120 --> 00:08:17,240 Speaker 7: see things go up, then that means the FED is 180 00:08:17,560 --> 00:08:20,800 Speaker 7: probably going to lean towards cutting rates again. But we 181 00:08:20,840 --> 00:08:24,320 Speaker 7: also don't have the inflation data. And if all these 182 00:08:24,360 --> 00:08:27,840 Speaker 7: companies who are reporting today four o'clock, J. Powell is 183 00:08:27,880 --> 00:08:30,760 Speaker 7: fish rapped because we have all these tech companies reporting. 184 00:08:31,400 --> 00:08:38,240 Speaker 7: If they're saying that AI is going to be enormously 185 00:08:38,280 --> 00:08:40,480 Speaker 7: beneficial to the economy and we're going to see a 186 00:08:40,480 --> 00:08:42,600 Speaker 7: lot more profits being made, and the FED is then 187 00:08:42,640 --> 00:08:43,880 Speaker 7: cutting rates into that. 188 00:08:43,679 --> 00:08:45,160 Speaker 3: That's problem as well. Wow. 189 00:08:45,200 --> 00:08:47,600 Speaker 7: So it's a real dilemma for them. And as Powell 190 00:08:47,640 --> 00:08:49,959 Speaker 7: said last time, and I'm sure he'll say again, there 191 00:08:50,040 --> 00:08:51,319 Speaker 7: is no risk. 192 00:08:51,240 --> 00:08:55,079 Speaker 2: Free option in our remaining moment. We talked last time 193 00:08:55,200 --> 00:08:59,320 Speaker 2: you were with us that data CPI data hit. The 194 00:08:59,360 --> 00:09:02,560 Speaker 2: BLS has the most recent jobs report, well, I guess 195 00:09:02,559 --> 00:09:04,280 Speaker 2: it would be two jobs reports ago at this point 196 00:09:04,320 --> 00:09:05,160 Speaker 2: this is for September. 197 00:09:05,160 --> 00:09:07,480 Speaker 4: I think I'm losing track. They compiled the data. 198 00:09:07,520 --> 00:09:09,880 Speaker 2: You said that report's sitting somewhere in a computer and 199 00:09:09,960 --> 00:09:13,520 Speaker 2: could in fact be released. Did the FED see those numbers, 200 00:09:13,559 --> 00:09:15,320 Speaker 2: as the FED privy to what's inside. 201 00:09:14,960 --> 00:09:18,960 Speaker 4: That No, the FED would get the numbers. 202 00:09:19,600 --> 00:09:21,760 Speaker 7: Jay Powell would be able to see the numbers night before, 203 00:09:21,800 --> 00:09:25,400 Speaker 7: but they don't get them before that. So since it 204 00:09:25,440 --> 00:09:27,959 Speaker 7: didn't even go to the White House, in theory, it 205 00:09:27,960 --> 00:09:28,760 Speaker 7: wouldn't have gone. 206 00:09:28,640 --> 00:09:28,960 Speaker 3: To the FED. 207 00:09:29,120 --> 00:09:31,200 Speaker 2: The guessinglike we are on this, Yeah, they'll get two 208 00:09:31,360 --> 00:09:32,640 Speaker 2: jobs reports on the same day or. 209 00:09:32,640 --> 00:09:34,640 Speaker 3: Something like that. We'll have to figure all that out. 210 00:09:34,960 --> 00:09:36,520 Speaker 2: You're on your way over there now, right all right 211 00:09:36,559 --> 00:09:38,520 Speaker 2: on his way to the FED, the great Michael McKee, 212 00:09:38,520 --> 00:09:40,679 Speaker 2: who you're going to be seeing and hearing from quite 213 00:09:40,720 --> 00:09:42,600 Speaker 2: a bit later on, including in that news conference. We'll 214 00:09:42,600 --> 00:09:45,480 Speaker 2: have that live for you when Michael squares off with 215 00:09:45,600 --> 00:09:48,080 Speaker 2: Jay Powell in the friendliest way. Stay with us on 216 00:09:48,160 --> 00:09:50,720 Speaker 2: Balance of Power. We'll have much more coming up after this. 217 00:09:55,040 --> 00:09:58,520 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 218 00:09:58,600 --> 00:10:01,679 Speaker 1: us live weekdays at New and five PM Eastern on 219 00:10:01,760 --> 00:10:05,040 Speaker 1: Apple Cockway and Android Auto with the Bloomberg Business app. 220 00:10:05,080 --> 00:10:08,079 Speaker 1: You can also listen live on Amazon Alexa from our 221 00:10:08,120 --> 00:10:12,880 Speaker 1: flagship New York station, Just Say Alexa played Bloomberg eleven thirty. 222 00:10:14,040 --> 00:10:16,400 Speaker 2: With a federal Reserve that is dealing with a major 223 00:10:16,480 --> 00:10:19,160 Speaker 2: lack of data right now because of a government shutdown 224 00:10:19,920 --> 00:10:23,520 Speaker 2: that is now twenty nine days old. This is what 225 00:10:23,559 --> 00:10:25,360 Speaker 2: we're going to be talking about with the Senator from 226 00:10:25,360 --> 00:10:28,640 Speaker 2: West Virginia in just a moment, Shelley Moore Capito is 227 00:10:28,679 --> 00:10:31,600 Speaker 2: with us, knowing that the House is out of session, 228 00:10:31,679 --> 00:10:34,640 Speaker 2: the presidents out of the country, and the latest voting 229 00:10:34,679 --> 00:10:38,800 Speaker 2: in the Senate yesterday number thirteen Lucky thirteen, the same 230 00:10:39,160 --> 00:10:42,760 Speaker 2: as the first twelve. The clean continuing resolution that Republicans 231 00:10:42,760 --> 00:10:43,840 Speaker 2: passed in the House failed. 232 00:10:43,920 --> 00:10:44,240 Speaker 4: Again. 233 00:10:45,440 --> 00:10:48,640 Speaker 2: There is talk about rank and file talks getting under 234 00:10:48,679 --> 00:10:51,880 Speaker 2: backroom conversations, but we've been hearing that for weeks, and 235 00:10:51,920 --> 00:10:53,600 Speaker 2: the fact of the matter is there is no off 236 00:10:53,720 --> 00:10:57,319 Speaker 2: ramp still today, so it won't take that much more 237 00:10:57,360 --> 00:10:59,560 Speaker 2: to set a new record. The record is thirty five 238 00:10:59,640 --> 00:11:02,160 Speaker 2: days in the first Trump administration. Then again, that was 239 00:11:02,200 --> 00:11:06,040 Speaker 2: a partial shutdown. This is already a record full shutdown, 240 00:11:07,280 --> 00:11:09,360 Speaker 2: and there's going to be an attempt to vote on 241 00:11:09,920 --> 00:11:14,080 Speaker 2: some legislation. There's a Democratic version, actually a couple of 242 00:11:14,120 --> 00:11:17,440 Speaker 2: Democratic versions, and then there's the Josh Holly version to 243 00:11:17,559 --> 00:11:20,199 Speaker 2: fulfill SNAP benefits for the month of October. 244 00:11:20,720 --> 00:11:23,680 Speaker 4: On the first this is food stamps. We talk about SNAP. 245 00:11:23,760 --> 00:11:26,880 Speaker 2: Food stamps will not be funded any longer, and many 246 00:11:26,880 --> 00:11:29,200 Speaker 2: thought this would be an inflection point to potentially break 247 00:11:29,240 --> 00:11:32,480 Speaker 2: the logjam. Doesn't sound like it, as Chuck Schumer, the 248 00:11:32,520 --> 00:11:35,679 Speaker 2: Democratic leader in the Senate, was discussing earlier on the floor, Listen. 249 00:11:36,240 --> 00:11:41,120 Speaker 8: The bill is simple, it's moral, it's urgent, And ask 250 00:11:41,280 --> 00:11:43,480 Speaker 8: John Thun why he won't put it on the floor. 251 00:11:44,080 --> 00:11:47,040 Speaker 8: He decries the fact that SNAP benefits are cut off. 252 00:11:47,679 --> 00:11:51,040 Speaker 8: He knows the money is available, he knows there's broad 253 00:11:51,120 --> 00:11:53,920 Speaker 8: Republican support for it, and he doesn't put it on 254 00:11:53,960 --> 00:11:54,440 Speaker 8: the floor. 255 00:11:54,800 --> 00:11:56,040 Speaker 4: He's afraid of Trump. 256 00:11:58,040 --> 00:12:00,640 Speaker 2: So this doesn't sound like it's getting any better. And 257 00:12:00,640 --> 00:12:03,080 Speaker 2: it's where we start our conversation. As I mentioned with 258 00:12:03,200 --> 00:12:06,360 Speaker 2: Republican Senator Shelley Moore, Capital of West Virginia, she's live 259 00:12:06,440 --> 00:12:08,400 Speaker 2: on Capitol Hill and Senator, it's great to see you 260 00:12:08,800 --> 00:12:10,480 Speaker 2: on Bloomberg TV and radio. 261 00:12:10,600 --> 00:12:12,839 Speaker 4: Our listeners should know, and we discussed this. JD. 262 00:12:12,960 --> 00:12:16,160 Speaker 2: Vance made a visit to Capitol Hill, and it was 263 00:12:16,320 --> 00:12:20,720 Speaker 2: upon your invitation as chair of the Republican Policy Committee. 264 00:12:21,080 --> 00:12:24,320 Speaker 2: What was the idea of having the Vice president join 265 00:12:24,400 --> 00:12:27,880 Speaker 2: the conversation and was it productive? Did he bring new 266 00:12:27,920 --> 00:12:30,840 Speaker 2: ideas or hear ideas from you and your colleagues. 267 00:12:31,559 --> 00:12:34,199 Speaker 9: Well, it's always productive to have the vice president. He's 268 00:12:34,200 --> 00:12:38,280 Speaker 9: such a great leader, and he obviously knows everybody, all 269 00:12:38,320 --> 00:12:40,920 Speaker 9: the Republican senators, because he was one just a short 270 00:12:40,960 --> 00:12:44,400 Speaker 9: time ago, and so we have a great personal relationship 271 00:12:44,440 --> 00:12:46,640 Speaker 9: with him. He came on the heels of his visit 272 00:12:46,720 --> 00:12:50,240 Speaker 9: obviously to Israel, but he wanted to re emphasize that 273 00:12:50,360 --> 00:12:54,920 Speaker 9: opening the government is the most sensible, easiest, sanest way 274 00:12:55,000 --> 00:12:57,640 Speaker 9: to begin these negotiations. 275 00:12:58,360 --> 00:13:01,360 Speaker 10: After we open the government. He's very supportive of the. 276 00:13:01,320 --> 00:13:04,120 Speaker 9: Position that many of us have taken, and I think 277 00:13:04,160 --> 00:13:07,000 Speaker 9: he feels as strongly about it as we do. 278 00:13:07,080 --> 00:13:08,760 Speaker 10: He also talked about tariffs. 279 00:13:09,760 --> 00:13:12,400 Speaker 9: He reassured us that the President is moving forward in 280 00:13:12,440 --> 00:13:14,720 Speaker 9: a very measured way to make sure the American worker 281 00:13:15,040 --> 00:13:18,000 Speaker 9: is getting the advantages from tariffs and the deals that 282 00:13:18,040 --> 00:13:22,360 Speaker 9: he's been solidifying on his Asian trip with Malaysia and 283 00:13:22,360 --> 00:13:26,960 Speaker 9: Cambodia and others are going to really enhance American manufacturing. 284 00:13:27,000 --> 00:13:29,640 Speaker 9: And then he talked a lot about chips and the 285 00:13:29,679 --> 00:13:34,760 Speaker 9: situation with China and special special medals and all of 286 00:13:34,800 --> 00:13:37,880 Speaker 9: these things. So it was a comprehensive visit. But I 287 00:13:37,920 --> 00:13:41,320 Speaker 9: think it really I think reinforced to me anyway, that 288 00:13:41,720 --> 00:13:44,040 Speaker 9: we have ourselves set on a path, this country, on 289 00:13:44,080 --> 00:13:47,600 Speaker 9: a path to really bring more prosperity to the American worker, 290 00:13:47,600 --> 00:13:50,280 Speaker 9: and that's a very uniting principle for us. 291 00:13:51,480 --> 00:13:53,280 Speaker 2: I don't know if you got into the idea of 292 00:13:53,320 --> 00:13:57,000 Speaker 2: SNAP benefits expiring, Senator, but you might have heard me 293 00:13:57,040 --> 00:14:00,840 Speaker 2: refer to some of the legislation that has been put 294 00:14:00,880 --> 00:14:03,880 Speaker 2: forth with three days here until assistance programs run out 295 00:14:03,920 --> 00:14:06,520 Speaker 2: of money. What do you think of Senator Josh Holly's 296 00:14:06,600 --> 00:14:08,840 Speaker 2: idea here to fund SNAP. I know there's a separate 297 00:14:08,920 --> 00:14:11,880 Speaker 2: version in the House that Representative Residihan is working on 298 00:14:11,960 --> 00:14:15,000 Speaker 2: to fund the WIG program. Should we be entertaining these 299 00:14:15,040 --> 00:14:18,439 Speaker 2: ideas or does that create a scenario in which your 300 00:14:18,480 --> 00:14:21,280 Speaker 2: picking favorites. Some people are getting paid, others are not. 301 00:14:21,440 --> 00:14:23,800 Speaker 2: Some programs are being funded, others are not. When we 302 00:14:23,800 --> 00:14:25,960 Speaker 2: should simply be focused on reopening the government. 303 00:14:26,440 --> 00:14:29,120 Speaker 9: Well, I mean, the simple answer here is if you 304 00:14:29,200 --> 00:14:32,520 Speaker 9: reopen the government, all of these issues go away. Snap benefits, 305 00:14:32,560 --> 00:14:38,880 Speaker 9: air traffic controllers, military government services, etc. And So now 306 00:14:38,880 --> 00:14:41,680 Speaker 9: that we're into twenty nine days, it is be really 307 00:14:41,720 --> 00:14:43,880 Speaker 9: beginning to wear on the American people. So you take 308 00:14:43,920 --> 00:14:47,360 Speaker 9: my state of West Virginia, eighteen percent of our households 309 00:14:47,640 --> 00:14:50,880 Speaker 9: have a SNAP benefit. I think about the young mother 310 00:14:50,920 --> 00:14:54,160 Speaker 9: who has a single mother with children. That's a frightening 311 00:14:54,200 --> 00:14:57,360 Speaker 9: prospect to think that she wouldn't have the money to 312 00:14:57,360 --> 00:15:01,280 Speaker 9: feed her children, or are disabled or olderly couple. And 313 00:15:01,320 --> 00:15:06,160 Speaker 9: so these are real human problems that honestly, Chuck Schumer 314 00:15:06,200 --> 00:15:10,400 Speaker 9: can pontificate on the floor about how it's John Thune's fault. 315 00:15:10,440 --> 00:15:12,560 Speaker 10: I don't think the American people care whose fault it is. 316 00:15:12,680 --> 00:15:17,120 Speaker 9: Reopening the government is the simplest, easiest way to proceed. 317 00:15:17,520 --> 00:15:20,200 Speaker 9: We do have an agriculture bill out there that does 318 00:15:20,280 --> 00:15:24,520 Speaker 9: have SNAP benefits, and the Appropriations bill, we could look 319 00:15:24,560 --> 00:15:27,360 Speaker 9: at that as a possible vehicle. I am on Josh 320 00:15:27,360 --> 00:15:30,400 Speaker 9: Holly's bill because of the heavy impacts. Almost like I said, 321 00:15:30,400 --> 00:15:33,040 Speaker 9: almost twenty percent of my state. It's a heavy impact 322 00:15:33,040 --> 00:15:35,880 Speaker 9: in my state, and if his bill were to come 323 00:15:35,880 --> 00:15:38,440 Speaker 9: to the floor, I would be I'm a co sponsor 324 00:15:38,480 --> 00:15:40,400 Speaker 9: now and I would also be in favor of voting 325 00:15:40,400 --> 00:15:40,760 Speaker 9: for it. 326 00:15:42,240 --> 00:15:44,880 Speaker 2: That's great to know. Do you know if it would pass? 327 00:15:44,920 --> 00:15:47,400 Speaker 2: Do you have the votes if it gets to the floor. 328 00:15:47,680 --> 00:15:50,200 Speaker 9: You know, I would suspect with I believe there's probably 329 00:15:50,200 --> 00:15:53,080 Speaker 9: at least ten and probably more co sponsors to that bill, 330 00:15:53,280 --> 00:15:55,800 Speaker 9: which would give you the sixty vote margin to move forward. 331 00:15:56,000 --> 00:15:59,760 Speaker 9: But we have to keep going back to the political 332 00:15:59,840 --> 00:16:03,480 Speaker 9: newture of this shutdown, and also the easiest, simplest way 333 00:16:03,560 --> 00:16:06,000 Speaker 9: is to do what we've done, what I did thirteen 334 00:16:06,080 --> 00:16:08,960 Speaker 9: times when President Biden was the president. His vote to 335 00:16:09,000 --> 00:16:13,480 Speaker 9: reopen the government to a continuing resolution while we debate 336 00:16:13,520 --> 00:16:16,200 Speaker 9: the issues of healthcare premiums and other issues that want 337 00:16:16,200 --> 00:16:16,800 Speaker 9: to be debated. 338 00:16:17,880 --> 00:16:19,160 Speaker 4: Well, you know you've been hearing this. 339 00:16:19,280 --> 00:16:21,760 Speaker 2: I'm sure if I'm hearing it, you're hearing it, Senator, 340 00:16:21,800 --> 00:16:25,600 Speaker 2: the idea of a full year continuing resolution. The Head 341 00:16:25,640 --> 00:16:28,640 Speaker 2: of Ways and Means in the House, Jason Smith told 342 00:16:28,720 --> 00:16:29,880 Speaker 2: us he was behind that idea. 343 00:16:29,920 --> 00:16:31,680 Speaker 4: We know the White House has floated it. 344 00:16:31,800 --> 00:16:33,800 Speaker 2: John Thune at one point said, hey, this might be 345 00:16:33,880 --> 00:16:36,480 Speaker 2: the way out of shutdowns for the next year. But 346 00:16:36,520 --> 00:16:38,680 Speaker 2: I know there are a lot of concerns among appropriators, 347 00:16:39,320 --> 00:16:43,040 Speaker 2: and maybe you share their concerns that this is still 348 00:16:43,040 --> 00:16:45,880 Speaker 2: a Joe Biden budget, right, would you vote for a 349 00:16:45,920 --> 00:16:48,640 Speaker 2: year long CR. 350 00:16:48,400 --> 00:16:50,000 Speaker 9: You know, I'm going to leave that to see if 351 00:16:50,000 --> 00:16:50,600 Speaker 9: that's an option. 352 00:16:50,720 --> 00:16:51,760 Speaker 10: I don't know where we. 353 00:16:51,760 --> 00:16:53,960 Speaker 9: Would be to have to make that vote. But I'm 354 00:16:54,000 --> 00:16:56,920 Speaker 9: an appropriator myself. I'm the chairman of the Health, Education, 355 00:16:57,000 --> 00:16:59,120 Speaker 9: and Labor Subcommittee, enormous. 356 00:17:00,320 --> 00:17:01,520 Speaker 10: Appropriating for the year. 357 00:17:01,640 --> 00:17:06,480 Speaker 9: I want to have President Trump's priorities in the appropriations process. 358 00:17:06,760 --> 00:17:09,639 Speaker 10: I want to have my priorities in the appropriations process. 359 00:17:09,680 --> 00:17:12,400 Speaker 9: I don't want to seed that to just simply what 360 00:17:12,440 --> 00:17:15,359 Speaker 9: I think is sort of mindless spending in a continuing 361 00:17:15,440 --> 00:17:19,000 Speaker 9: resolution here for you forever, for you know, a thirteen 362 00:17:19,040 --> 00:17:21,760 Speaker 9: month period of time. So I would rather see us 363 00:17:21,800 --> 00:17:24,960 Speaker 9: go to the appropriations process on the floor like Senator 364 00:17:25,000 --> 00:17:27,360 Speaker 9: Thune has brought to the floor, which by the way, 365 00:17:27,400 --> 00:17:30,919 Speaker 9: Senator Schumer never did the year before. And so we 366 00:17:30,960 --> 00:17:33,919 Speaker 9: can we can actually do the bipartisan work that we 367 00:17:33,960 --> 00:17:37,560 Speaker 9: do so well on appropriations. That's the preferred route. If 368 00:17:37,560 --> 00:17:40,000 Speaker 9: we can get seven or eight of these bills over 369 00:17:40,040 --> 00:17:42,520 Speaker 9: the threshold, and you may be rolling your eyes, thinking, 370 00:17:42,560 --> 00:17:44,640 Speaker 9: how could they possibly do that when they can't keep 371 00:17:44,680 --> 00:17:47,920 Speaker 9: the government open. I'm an optimist. I think we can. 372 00:17:48,040 --> 00:17:51,560 Speaker 9: We've worked on these bills before, and they're exceedingly important 373 00:17:51,560 --> 00:17:54,879 Speaker 9: to make sure that President Trump gets the priorities that 374 00:17:54,960 --> 00:17:57,639 Speaker 9: he has and that we share with him into the 375 00:17:57,640 --> 00:17:58,719 Speaker 9: appropriating cycle. 376 00:18:00,160 --> 00:18:02,359 Speaker 2: You're on half the committees of the Senate, of course, 377 00:18:02,400 --> 00:18:05,200 Speaker 2: that includes Commerce, and I'm wondering your thoughts about what's 378 00:18:05,240 --> 00:18:08,399 Speaker 2: going to happen with the FAA here, Senator. The TSA, 379 00:18:08,520 --> 00:18:11,920 Speaker 2: I realize is a slightly different matter here, but everybody 380 00:18:11,960 --> 00:18:14,960 Speaker 2: is working in from the air traffic control tower down 381 00:18:15,080 --> 00:18:18,040 Speaker 2: to the security checkpoint in the airport. They're all working 382 00:18:18,080 --> 00:18:20,480 Speaker 2: without pay right now. And at some point, based on 383 00:18:20,520 --> 00:18:23,240 Speaker 2: what we're hearing from workers who are at sixty hours 384 00:18:23,280 --> 00:18:25,440 Speaker 2: a week, they might have to look for other work. 385 00:18:25,560 --> 00:18:28,800 Speaker 2: The unions might decide to start doing stickouts or walkouts 386 00:18:29,160 --> 00:18:31,960 Speaker 2: if we start seeing massive cancelations and delays. And I 387 00:18:32,040 --> 00:18:33,600 Speaker 2: know we're already getting a taste with some of the 388 00:18:33,600 --> 00:18:36,639 Speaker 2: groundstops that have been happening around the country. Is that 389 00:18:36,680 --> 00:18:39,639 Speaker 2: what shakes loose a couple of Democrats to sign on 390 00:18:39,680 --> 00:18:42,280 Speaker 2: to this CR or do you see it differently? 391 00:18:43,240 --> 00:18:45,120 Speaker 9: No, I don't see it differently. I do think that 392 00:18:45,119 --> 00:18:47,280 Speaker 9: that is definitely a pressure point when you see the 393 00:18:47,359 --> 00:18:51,360 Speaker 9: thousands of delays, and you also realize at what point 394 00:18:51,800 --> 00:18:53,399 Speaker 9: is safety imperiled here? 395 00:18:53,440 --> 00:18:54,879 Speaker 10: And that is the greater question. 396 00:18:55,280 --> 00:18:58,719 Speaker 9: But you know, we're asking people, or you know, a 397 00:18:58,720 --> 00:19:02,439 Speaker 9: shutdown asks people to skip not just one paycheck, now 398 00:19:02,440 --> 00:19:05,520 Speaker 9: we're into two paychecks. These are families, These are people 399 00:19:05,520 --> 00:19:10,520 Speaker 9: that have obligations that it is such a disservice to 400 00:19:10,640 --> 00:19:13,159 Speaker 9: not just the air traffic controllers, but to every single 401 00:19:13,600 --> 00:19:16,520 Speaker 9: federal employee, which in my state are quite a few, 402 00:19:17,280 --> 00:19:22,000 Speaker 9: and not to mention the troops, the Coastguard, the TSA agents, 403 00:19:22,080 --> 00:19:25,400 Speaker 9: all of these folks, and so simply open the government, 404 00:19:25,600 --> 00:19:28,399 Speaker 9: get the money flowing to those that are working and 405 00:19:29,400 --> 00:19:32,879 Speaker 9: have worked, and provide the services, and let's get onto negotiation. 406 00:19:33,000 --> 00:19:36,679 Speaker 9: Let's drop the politics of a shutdown. I don't think 407 00:19:36,720 --> 00:19:39,920 Speaker 9: it's working for Senator Schumer. And I think I could 408 00:19:39,960 --> 00:19:42,159 Speaker 9: hear a little desperation in his voice there when you 409 00:19:42,200 --> 00:19:43,439 Speaker 9: played his clip. 410 00:19:43,840 --> 00:19:45,440 Speaker 10: I think he's looking, he's looking. 411 00:19:45,240 --> 00:19:48,120 Speaker 9: For a way out, and we have an easy way 412 00:19:48,160 --> 00:19:51,480 Speaker 9: to do it with the bipartisan talks that we've had 413 00:19:51,640 --> 00:19:55,040 Speaker 9: over premiums and other issues that we all share concerns about. 414 00:19:56,119 --> 00:19:57,480 Speaker 4: Definitely out a frog in his throat. 415 00:19:57,560 --> 00:19:59,320 Speaker 2: Senator, I want to ask you before you leave us 416 00:19:59,359 --> 00:20:03,280 Speaker 2: about tariff, because there was an important vote yesterday that 417 00:20:03,359 --> 00:20:06,080 Speaker 2: really raised a lot of eyebrows, so votes to eliminate 418 00:20:06,119 --> 00:20:09,600 Speaker 2: the fifty percent tariff on Brazil, and it was a 419 00:20:09,640 --> 00:20:12,040 Speaker 2: fifty two to forty eight vote. It came with the 420 00:20:12,080 --> 00:20:14,880 Speaker 2: support of a group I was referring to earlier as 421 00:20:14,920 --> 00:20:19,280 Speaker 2: the feisty five, Your Republican colleague, Susan Collins, Mitch McConnell, 422 00:20:19,280 --> 00:20:23,200 Speaker 2: Lisa Murkowski, Ran Paul and Tom Tillis. Should we assume 423 00:20:23,240 --> 00:20:26,040 Speaker 2: that because it is those five, that this is not 424 00:20:26,160 --> 00:20:28,840 Speaker 2: some sort of ground swell to check the president in 425 00:20:28,920 --> 00:20:30,879 Speaker 2: the Senate? Or is this, in fact the line that 426 00:20:30,880 --> 00:20:33,480 Speaker 2: has been drawn by Republicans when it comes to trade. 427 00:20:33,840 --> 00:20:36,919 Speaker 9: Well, I think you see a variety of opinions. We 428 00:20:37,000 --> 00:20:39,639 Speaker 9: have a lot of free traders within the Republican conference. 429 00:20:40,280 --> 00:20:44,320 Speaker 9: We have a lot of folks whose industries, over years, 430 00:20:44,320 --> 00:20:46,560 Speaker 9: and I would put myself in this position, have been 431 00:20:46,720 --> 00:20:52,560 Speaker 9: exceedingly disadvantaged by the unfair trade practices with some with Canada, 432 00:20:52,560 --> 00:20:56,120 Speaker 9: but also you know China and other places where are manufacturing. 433 00:20:56,200 --> 00:21:00,119 Speaker 9: We've lost jobs and in some cases our products are 434 00:21:00,720 --> 00:21:04,600 Speaker 9: very much at a disadvantage. And I'm glad that President 435 00:21:04,640 --> 00:21:07,920 Speaker 9: Trump's going to work for the American worker through tariffs. 436 00:21:08,560 --> 00:21:11,040 Speaker 9: But here's what I would say to him if he was. 437 00:21:10,960 --> 00:21:12,119 Speaker 10: Sitting right here in front of me. 438 00:21:12,359 --> 00:21:14,119 Speaker 9: This needs to be settled, and it needs to be 439 00:21:14,119 --> 00:21:17,520 Speaker 9: settled now. We can't the ebbs and flows. An uncertainty 440 00:21:17,760 --> 00:21:21,400 Speaker 9: that we have in some cases, I think does provide 441 00:21:22,160 --> 00:21:26,000 Speaker 9: a lot of capital staying on the on the sidelines 442 00:21:26,040 --> 00:21:29,159 Speaker 9: and lack of investment, and people are not able to 443 00:21:29,200 --> 00:21:32,720 Speaker 9: move forward. So I think certainty and that means set 444 00:21:32,760 --> 00:21:36,399 Speaker 9: the set the policies, set the reciprocal trade policies that 445 00:21:36,480 --> 00:21:39,080 Speaker 9: are fair and that help our American worker, and let's 446 00:21:39,160 --> 00:21:42,400 Speaker 9: move from there. And I think, well, we will satisfy 447 00:21:42,440 --> 00:21:45,200 Speaker 9: both goals, both the worker goal but also the goal 448 00:21:45,280 --> 00:21:48,000 Speaker 9: of the president for us to not be in a disadvantage, 449 00:21:48,000 --> 00:21:49,480 Speaker 9: a disadvantaged situation. 450 00:21:50,720 --> 00:21:53,240 Speaker 2: Really interesting and great to talk to you, Senator Shelleybore, 451 00:21:53,240 --> 00:21:55,679 Speaker 2: Capital of West Virginia. We appreciate the conversation with us 452 00:21:55,720 --> 00:21:58,359 Speaker 2: Live from Capitol Hill. Stay with us on Balance of Power. 453 00:21:58,359 --> 00:22:00,159 Speaker 2: We'll have much more coming up after this. 454 00:22:05,560 --> 00:22:09,040 Speaker 1: You're listening to the Bloomberg Balance of Power podcast. Catch 455 00:22:09,119 --> 00:22:12,560 Speaker 1: us live weekdays at noon and five pm Eastern on Apple, 456 00:22:12,600 --> 00:22:15,960 Speaker 1: Cocklay and Android Auto with the Bloomberg Business App. Listen 457 00:22:16,040 --> 00:22:19,160 Speaker 1: on demand wherever you get your podcasts, or watch us 458 00:22:19,200 --> 00:22:20,160 Speaker 1: live on YouTube. 459 00:22:21,720 --> 00:22:24,560 Speaker 2: We watched this AI trade explode here over the past 460 00:22:24,640 --> 00:22:26,919 Speaker 2: couple of days, and of course Washington is in the 461 00:22:26,960 --> 00:22:29,359 Speaker 2: final day here of Nvidia GtC, so we're going to 462 00:22:29,359 --> 00:22:31,600 Speaker 2: be talking about that a bit more here. With Nvidia 463 00:22:31,680 --> 00:22:34,440 Speaker 2: shares hitting a new all time high, the five trillion 464 00:22:34,480 --> 00:22:39,200 Speaker 2: dollar man Jensen Wong with a remarkable keynote address yesterday 465 00:22:39,200 --> 00:22:42,280 Speaker 2: that I think had a lot of people thinking when 466 00:22:42,320 --> 00:22:46,480 Speaker 2: it comes to the conversation about a bubble or circular investing. 467 00:22:46,600 --> 00:22:48,520 Speaker 2: Of course, we also know what some of the big 468 00:22:48,600 --> 00:22:51,600 Speaker 2: challenges are, including energy, and we're going to be talking 469 00:22:51,600 --> 00:22:54,679 Speaker 2: to Congressman Chuck Fleischman about that, among other things in 470 00:22:54,800 --> 00:22:57,719 Speaker 2: just a moment. Caterpillar is something today hut twelve percent 471 00:22:57,920 --> 00:23:01,080 Speaker 2: sixty three dollars to the moon caterpillar, and a lot 472 00:23:01,080 --> 00:23:05,000 Speaker 2: of it has to do with Yeah, AI, you drive 473 00:23:05,080 --> 00:23:07,359 Speaker 2: by these data centers that they're breaking ground on. 474 00:23:07,400 --> 00:23:08,480 Speaker 4: And what do you see out there? 475 00:23:08,480 --> 00:23:13,080 Speaker 2: These massive pieces of equipment made by cat moving earth 476 00:23:13,800 --> 00:23:16,840 Speaker 2: generating power and it's paying off in a big way. 477 00:23:16,880 --> 00:23:20,840 Speaker 2: Here this old line earth moving company is now apparently 478 00:23:20,840 --> 00:23:24,280 Speaker 2: on the bleeding edge of AI. It just has tentacles 479 00:23:24,320 --> 00:23:28,119 Speaker 2: that go through the economy in a fascinating way. So 480 00:23:28,280 --> 00:23:30,840 Speaker 2: welcome to day twenty nine. That's where we are in 481 00:23:30,960 --> 00:23:33,040 Speaker 2: the shutdown. It feels a lot like twenty eight, and 482 00:23:33,040 --> 00:23:35,560 Speaker 2: I suspect it'll feel a lot like thirty because we're 483 00:23:35,560 --> 00:23:37,760 Speaker 2: going to do that tomorrow as well. Remembering the President 484 00:23:37,800 --> 00:23:40,560 Speaker 2: is in South Korea, the House is out of session, 485 00:23:41,320 --> 00:23:44,480 Speaker 2: the Senate is doing its thing. Nobody is really talking, 486 00:23:44,480 --> 00:23:48,280 Speaker 2: although John Thune did say that rank and file conversations 487 00:23:49,119 --> 00:23:52,119 Speaker 2: were happening, and I don't know if Chuck Schumer would agree. 488 00:23:51,840 --> 00:23:52,359 Speaker 4: With him on that. 489 00:23:52,480 --> 00:23:54,920 Speaker 2: We heard earlier from the Democratic leader on the floor 490 00:23:54,920 --> 00:23:55,320 Speaker 2: of the Senate. 491 00:23:55,400 --> 00:23:55,879 Speaker 3: Let's listen. 492 00:23:57,000 --> 00:24:01,880 Speaker 8: The bill is simple, it's moral, it's earth And ask 493 00:24:02,040 --> 00:24:04,240 Speaker 8: John Thum why he won't put it on the floor. 494 00:24:04,840 --> 00:24:07,800 Speaker 8: He decries the fact that snap benefits are cut off. 495 00:24:08,440 --> 00:24:11,800 Speaker 8: He knows the money is available, he knows there's broad 496 00:24:11,880 --> 00:24:14,679 Speaker 8: Republican support for it, and he doesn't put it on 497 00:24:14,720 --> 00:24:15,199 Speaker 8: the floor. 498 00:24:15,560 --> 00:24:20,359 Speaker 2: He's afraid of Trump, all right, So is everybody's still upset. 499 00:24:20,400 --> 00:24:23,040 Speaker 2: And what he's referring to is this bill to fund 500 00:24:23,119 --> 00:24:27,760 Speaker 2: November Snap benefits. There's a Democratic version here that would 501 00:24:27,800 --> 00:24:29,880 Speaker 2: go up against the Holly version that we talked about. 502 00:24:29,960 --> 00:24:33,560 Speaker 2: Josh Holly, of course, with his own bill funding SNAP. 503 00:24:33,640 --> 00:24:36,000 Speaker 2: There's a separate one that's going to be in the 504 00:24:36,040 --> 00:24:38,399 Speaker 2: House as well that would fund the Wick program. 505 00:24:38,880 --> 00:24:40,720 Speaker 4: So they're continuing to vote. 506 00:24:40,760 --> 00:24:42,720 Speaker 2: By the way, yesterday there was a vote in the Senate, 507 00:24:42,720 --> 00:24:46,080 Speaker 2: I believe it was Lucky thirteen on the clean cr 508 00:24:46,359 --> 00:24:51,240 Speaker 2: It failed, and we rinse repeat with the gentleman from Tennessee. 509 00:24:51,520 --> 00:24:54,919 Speaker 2: As I mentioned, Republican Congressman Chuck Fleischman was coming in 510 00:24:54,960 --> 00:24:57,960 Speaker 2: to see us, and he's here now in our Washington studios. 511 00:24:58,240 --> 00:25:00,560 Speaker 2: The House is out of session, but you're in town 512 00:25:00,640 --> 00:25:01,600 Speaker 2: and it's nice to see you. 513 00:25:01,640 --> 00:25:02,479 Speaker 4: Thank you for coming in. 514 00:25:02,520 --> 00:25:04,439 Speaker 3: It's always great to be with you. And yes, I 515 00:25:04,480 --> 00:25:06,160 Speaker 3: am in session. I am here. 516 00:25:06,359 --> 00:25:07,119 Speaker 4: You're in session. 517 00:25:07,240 --> 00:25:11,280 Speaker 3: Indeed, I think I'm in session twenty four to seven. 518 00:25:11,359 --> 00:25:13,760 Speaker 2: Yeah, well we are too. You're a Bloomberg I love that. Well, 519 00:25:13,800 --> 00:25:15,360 Speaker 2: let me ask you about that, and it's not where 520 00:25:15,359 --> 00:25:19,560 Speaker 2: I was planning to start. How do you conduct constituent services? Well, 521 00:25:19,600 --> 00:25:23,000 Speaker 2: the staff that's not getting paid and a government that's closed. 522 00:25:23,520 --> 00:25:26,640 Speaker 3: A credit to my Washington d C and District staff. 523 00:25:26,680 --> 00:25:30,040 Speaker 3: They show up every day as do I without compensation, 524 00:25:30,720 --> 00:25:33,880 Speaker 3: take calls, do the best they can with what they've got. 525 00:25:34,280 --> 00:25:37,280 Speaker 3: But you're right, most of the government agencies with whom 526 00:25:37,280 --> 00:25:41,840 Speaker 3: we communicate on a daily basis are closed. However, there 527 00:25:41,880 --> 00:25:44,879 Speaker 3: are several folks in the federal government working. I spoke 528 00:25:44,920 --> 00:25:47,920 Speaker 3: with some folks this week at GSA and others. They're 529 00:25:47,960 --> 00:25:50,800 Speaker 3: taking phone calls. They're doing the best they can, working 530 00:25:50,880 --> 00:25:54,120 Speaker 3: under very arduous circumstances that they did not create. So 531 00:25:54,560 --> 00:25:56,760 Speaker 3: we are working, We're doing the best we can. We're 532 00:25:56,760 --> 00:26:00,840 Speaker 3: taking phone calls. But this whole shutdowns outrageous. How was 533 00:26:00,840 --> 00:26:01,359 Speaker 3: it flying in? 534 00:26:01,440 --> 00:26:03,840 Speaker 4: You get delayed? I did last night. 535 00:26:03,880 --> 00:26:05,840 Speaker 3: Actually I was trying to come in from Chattanooga last 536 00:26:05,920 --> 00:26:08,680 Speaker 3: night through Atlanta, But this morning I got to direct 537 00:26:08,840 --> 00:26:10,800 Speaker 3: and OK it and just glad to be here. 538 00:26:10,840 --> 00:26:13,040 Speaker 2: I just wonder to what extent we start to see 539 00:26:13,040 --> 00:26:15,520 Speaker 2: a breakdown in air traffic control because all those guys 540 00:26:15,520 --> 00:26:17,640 Speaker 2: working sixty hours and gals up in the tower are 541 00:26:17,640 --> 00:26:19,919 Speaker 2: not getting paid either. Are we going to set a 542 00:26:19,920 --> 00:26:22,160 Speaker 2: new record that's foregone now right it we're only nine 543 00:26:22,240 --> 00:26:24,160 Speaker 2: days away from less than that from setting a new 544 00:26:24,160 --> 00:26:25,280 Speaker 2: record shutdowns. 545 00:26:25,359 --> 00:26:27,800 Speaker 3: I hope not, but I'm afraid we're headed that way. 546 00:26:27,840 --> 00:26:30,320 Speaker 3: And to all of the federal workers, whether it's our 547 00:26:30,359 --> 00:26:34,880 Speaker 3: air traffic controllers, our troops, are other federal workers, people 548 00:26:34,920 --> 00:26:37,640 Speaker 3: who rely on the federal government, my heart goes out 549 00:26:37,680 --> 00:26:40,200 Speaker 3: to you, My thanks go out to you. You're doing 550 00:26:40,240 --> 00:26:43,960 Speaker 3: the right thing by showing up TSA. I saw wonderful 551 00:26:43,960 --> 00:26:48,720 Speaker 3: people in Chattanooga at TSA today under difficult circumstances. They 552 00:26:48,720 --> 00:26:51,159 Speaker 3: were so nice and so cordial. They thanked me for 553 00:26:51,280 --> 00:26:54,960 Speaker 3: working tirelessly to keep the government open. I voted that way, 554 00:26:55,960 --> 00:26:58,960 Speaker 3: and if were going pay, yes you are. I signed. 555 00:26:58,960 --> 00:27:01,879 Speaker 2: However, of the Republican Conference, it seems like I don't 556 00:27:01,920 --> 00:27:04,200 Speaker 2: know remember period might be I don't Under. 557 00:27:04,000 --> 00:27:08,240 Speaker 3: The constitution, we actually have to take affirmative action, which 558 00:27:08,280 --> 00:27:12,399 Speaker 3: I did. I signed before this started a letter saying 559 00:27:12,440 --> 00:27:14,440 Speaker 3: suspend my pay. I was never going to be in 560 00:27:14,480 --> 00:27:18,679 Speaker 3: a position where I would ever take compensation while others 561 00:27:18,680 --> 00:27:21,440 Speaker 3: did not. But the member of Congress or the Senate 562 00:27:21,520 --> 00:27:24,000 Speaker 3: under the Constitution actually has to tell the clerk to 563 00:27:24,000 --> 00:27:25,280 Speaker 3: withhold the pay and I did do that. 564 00:27:25,400 --> 00:27:29,360 Speaker 2: Really interesting, So you've been in Washington for a minute, Congressman, 565 00:27:29,440 --> 00:27:30,720 Speaker 2: How is this going to unfold? 566 00:27:30,720 --> 00:27:32,280 Speaker 4: How is this going to end? Or is it actually 567 00:27:32,280 --> 00:27:34,360 Speaker 4: different this time like some seem to think. 568 00:27:34,400 --> 00:27:37,720 Speaker 3: In fifteen years and now I've been able to accede 569 00:27:37,720 --> 00:27:40,960 Speaker 3: to a position where we affectionately call myself a cardinal 570 00:27:41,160 --> 00:27:43,919 Speaker 3: one of the twelve month appropriations. This is relevant to 571 00:27:44,000 --> 00:27:49,200 Speaker 3: what I do. I have never been more disappointed, disgusted, disheartened, 572 00:27:49,520 --> 00:27:53,040 Speaker 3: and candidly this is a farce. There are times in 573 00:27:53,080 --> 00:27:56,800 Speaker 3: this town when reasonable minds can differ. Sometimes unreasonable minds 574 00:27:56,840 --> 00:28:01,080 Speaker 3: can differ. This was a Schumer shut down for political purposes. 575 00:28:01,480 --> 00:28:03,840 Speaker 3: It's wrong. It's plain and simple. He can say whatever 576 00:28:03,880 --> 00:28:07,600 Speaker 3: he wants. You never shut the federal government down. It's 577 00:28:07,720 --> 00:28:10,159 Speaker 3: never a good thing to do. The House voted to 578 00:28:10,200 --> 00:28:12,840 Speaker 3: keep it open. And if you look at where we are, 579 00:28:12,960 --> 00:28:15,639 Speaker 3: we've hurt the American people, We've hurt the American economy, 580 00:28:16,240 --> 00:28:20,119 Speaker 3: we've hurt the American Republic, and we've hurt the credibility 581 00:28:20,320 --> 00:28:23,639 Speaker 3: of the House and Senate, the legislative branch with the 582 00:28:23,680 --> 00:28:26,080 Speaker 3: American people at a time when it's at an all 583 00:28:26,119 --> 00:28:30,440 Speaker 3: time low. This should have never ever happened, and Chuck 584 00:28:30,480 --> 00:28:33,320 Speaker 3: Schumer needs to open the government up. It's a farce. 585 00:28:33,960 --> 00:28:35,760 Speaker 3: If you look at where we are and where we're 586 00:28:35,760 --> 00:28:38,880 Speaker 3: going to go when we reopen the government, and eventually 587 00:28:38,920 --> 00:28:41,240 Speaker 3: we will, it's still going to take sixty votes in 588 00:28:41,240 --> 00:28:43,840 Speaker 3: the United States Senate to pass a budget, and it's 589 00:28:43,840 --> 00:28:47,080 Speaker 3: still going to take Republican and Democratic votes in the 590 00:28:47,160 --> 00:28:50,360 Speaker 3: House to pass a budget. Why because many of my brethren, 591 00:28:50,440 --> 00:28:53,240 Speaker 3: and I respect them very much, will never vote for 592 00:28:53,240 --> 00:28:56,280 Speaker 3: appropriation bills. I always vote for appropriation bills. But I'm 593 00:28:56,280 --> 00:28:58,800 Speaker 3: an appropriator. It's like an offensive coordinator. I'm going to 594 00:28:58,880 --> 00:29:02,720 Speaker 3: vote for touchdown. It's okay. So I'm sure as an appropriator, 595 00:29:02,800 --> 00:29:05,000 Speaker 3: your head's exploding. At this moment in time. 596 00:29:05,160 --> 00:29:08,640 Speaker 2: We've never felt much further away from regular order. As 597 00:29:08,840 --> 00:29:12,360 Speaker 2: the idea of a full year cr is being floated now. 598 00:29:12,480 --> 00:29:14,880 Speaker 2: Jason Smith just last week said he's behind it if 599 00:29:14,880 --> 00:29:17,200 Speaker 2: it gets the government open or keeps it open through 600 00:29:17,240 --> 00:29:18,440 Speaker 2: December twenty sixth. 601 00:29:18,880 --> 00:29:21,160 Speaker 4: What gets it back open, though, We're going to mean 602 00:29:21,840 --> 00:29:22,600 Speaker 4: is this perpetual. 603 00:29:22,640 --> 00:29:24,000 Speaker 2: Do we go on for the rest of the year 604 00:29:24,040 --> 00:29:27,800 Speaker 2: if everyone's still talking the same as they were twenty 605 00:29:27,880 --> 00:29:29,680 Speaker 2: nine days ago to the off. 606 00:29:29,880 --> 00:29:33,760 Speaker 3: The truth, which from the inception, the truth on this 607 00:29:33,800 --> 00:29:36,720 Speaker 3: one is this is a Chuck Schumer show. 608 00:29:36,800 --> 00:29:39,400 Speaker 4: I know you made that point, and if he never 609 00:29:39,440 --> 00:29:40,400 Speaker 4: comes around, what do you do. 610 00:29:40,600 --> 00:29:43,800 Speaker 3: The second thing is the pressure from groups that traditionally 611 00:29:43,800 --> 00:29:46,800 Speaker 3: support Democrats. You s are a large federal labor union 612 00:29:46,880 --> 00:29:49,560 Speaker 3: the other day, call for what and clean and open 613 00:29:49,680 --> 00:29:52,600 Speaker 3: cr You're going to start seeing more and more people 614 00:29:52,760 --> 00:29:55,840 Speaker 3: call your show does a tremendous objective job, and I 615 00:29:55,920 --> 00:29:57,880 Speaker 3: thank you for that. But what we need is more 616 00:29:57,960 --> 00:30:01,480 Speaker 3: media to start calling balls and stripe. And I watch 617 00:30:01,560 --> 00:30:04,400 Speaker 3: all the media right, left, center and the life because 618 00:30:04,400 --> 00:30:06,200 Speaker 3: I want to get that flavor in that perspective and 619 00:30:06,240 --> 00:30:08,840 Speaker 3: it helps me do my job in a more beneficial way. 620 00:30:09,120 --> 00:30:12,040 Speaker 3: But the reality is we need to call out the 621 00:30:12,080 --> 00:30:15,680 Speaker 3: people who have caused this. This is a democratic cause shutdown, 622 00:30:15,960 --> 00:30:18,760 Speaker 3: and the reality is it's got to stop. It's hurting 623 00:30:18,800 --> 00:30:22,280 Speaker 3: the American people. It's actually hurting the American Republic right now. 624 00:30:23,080 --> 00:30:26,240 Speaker 3: And I will say this, as you know, being candid, 625 00:30:26,240 --> 00:30:30,000 Speaker 3: being straightforward, I am a big big fan of President Trump's. 626 00:30:30,160 --> 00:30:33,680 Speaker 3: But anytime you dump the burden of a government shutdown 627 00:30:33,800 --> 00:30:37,600 Speaker 3: on any executive branch, Republican or Democratic, it's unfair to 628 00:30:37,640 --> 00:30:40,800 Speaker 3: the executive branch because they have to make the tough choices. 629 00:30:41,000 --> 00:30:43,680 Speaker 3: He's done a very good job, given a very bad 630 00:30:43,760 --> 00:30:47,040 Speaker 3: hand by the Congress. It's our job in the House 631 00:30:47,120 --> 00:30:49,920 Speaker 3: and Senate to keep the government open, to pass budgets 632 00:30:50,200 --> 00:30:53,959 Speaker 3: and hit on something that's so so important. We failed 633 00:30:54,000 --> 00:30:57,320 Speaker 3: last year. We got a continuing resolution. In fiscal twenty four, 634 00:30:57,440 --> 00:30:59,800 Speaker 3: we had a great budget deal. I wrote an energy 635 00:30:59,840 --> 00:31:01,840 Speaker 3: and water bill, probably the best one in decades for 636 00:31:01,880 --> 00:31:05,720 Speaker 3: the House. This time, if we don't do this, we've 637 00:31:05,760 --> 00:31:09,760 Speaker 3: imperiled the entire federal budgetary process for an entire year. 638 00:31:09,880 --> 00:31:11,920 Speaker 3: That's right. I don't want to devolve into a year 639 00:31:11,960 --> 00:31:13,640 Speaker 3: long cr We should never. 640 00:31:13,520 --> 00:31:15,960 Speaker 2: Get a nightmare, right, That is our appropriator, that's the 641 00:31:16,280 --> 00:31:20,800 Speaker 2: is our nightmare. Hey, so the government's closed and will 642 00:31:20,840 --> 00:31:23,320 Speaker 2: continue to stay closed for some period of time, but 643 00:31:23,400 --> 00:31:24,600 Speaker 2: business is still going on. 644 00:31:25,480 --> 00:31:27,200 Speaker 4: The Nvidia GtC conference that. 645 00:31:27,160 --> 00:31:29,560 Speaker 2: I mentioned, and it's last day today here in Washington, 646 00:31:29,640 --> 00:31:31,040 Speaker 2: was a huge reminder of that. 647 00:31:31,120 --> 00:31:31,560 Speaker 3: Yesterday. 648 00:31:31,560 --> 00:31:34,960 Speaker 2: When we consider the opportunities at hand. This market doesn't 649 00:31:34,960 --> 00:31:38,280 Speaker 2: seem bothered by the shutdown. We're literally setting records every 650 00:31:38,360 --> 00:31:42,360 Speaker 2: day from in great part advances in the AI sphere, 651 00:31:42,400 --> 00:31:43,720 Speaker 2: and you and I have talked a lot about the 652 00:31:43,760 --> 00:31:45,720 Speaker 2: need for energy. That was a huge part of the 653 00:31:45,760 --> 00:31:50,160 Speaker 2: conversation at the Nvidia confab. I was talking to folks 654 00:31:50,200 --> 00:31:54,480 Speaker 2: last evening from Nvidia, from Open Ai, from Crusoe, and 655 00:31:54,640 --> 00:31:58,000 Speaker 2: nuclear was a huge part of the conversation. I kept thinking, well, 656 00:31:58,000 --> 00:32:00,680 Speaker 2: Congressman Fleischman's coming in tomorrow. I'm gonna ask them about this. 657 00:32:01,480 --> 00:32:07,120 Speaker 2: Small modular reactors SMRs. Are those the answer to getting 658 00:32:07,160 --> 00:32:10,280 Speaker 2: that clean, uninterruptible power to these data centers? Or are 659 00:32:10,320 --> 00:32:12,800 Speaker 2: we going to sit here for a decade while we 660 00:32:12,880 --> 00:32:17,120 Speaker 2: relighte these vampire nuclear sites or build new ones? 661 00:32:17,280 --> 00:32:21,480 Speaker 3: Another excellent question. I chair the American Dominance and Energy 662 00:32:21,520 --> 00:32:25,040 Speaker 3: Caucus in Congress. I chair eight energy related caucuses. These 663 00:32:25,040 --> 00:32:29,200 Speaker 3: are bipartisan caucuses that work to make America dominant and energy. 664 00:32:29,520 --> 00:32:31,720 Speaker 3: A big part of that for me is nuclear. I 665 00:32:31,760 --> 00:32:35,720 Speaker 3: represent oak Ridge does a great job SMR small modular 666 00:32:35,760 --> 00:32:40,040 Speaker 3: reactors are part of the solution. Advanced reactors are also 667 00:32:40,120 --> 00:32:43,160 Speaker 3: part of the solution. There's Generation three, Generation four, I 668 00:32:43,200 --> 00:32:46,760 Speaker 3: don't want to get two technical. Also microreactors. We've seen 669 00:32:46,800 --> 00:32:50,680 Speaker 3: new microreactors come forward. We just had one company coming 670 00:32:50,680 --> 00:32:54,480 Speaker 3: to Tennessee, which is great. We also still need big 671 00:32:54,560 --> 00:32:58,800 Speaker 3: nuclear I don't want to ever downplay a company. Hole 672 00:32:58,880 --> 00:33:02,440 Speaker 3: Tech has gone out there actually restarting a nuclear power 673 00:33:02,480 --> 00:33:05,600 Speaker 3: plant that was shuttered in Michigan. That's great. Even New 674 00:33:05,680 --> 00:33:08,440 Speaker 3: York State, which is certainly not a bastion of conservatism, 675 00:33:08,600 --> 00:33:11,040 Speaker 3: just looking at bringing back nuclear next to Era in 676 00:33:11,080 --> 00:33:15,080 Speaker 3: Iowa now and Three Mile Island, the not damaged reactor 677 00:33:15,120 --> 00:33:17,240 Speaker 3: that's been laying vacant for years is going to be 678 00:33:17,320 --> 00:33:21,600 Speaker 3: coming back. So the nuclear sector is booming. It's going 679 00:33:21,640 --> 00:33:24,480 Speaker 3: to continue to boom. What we need is reliable fuel, 680 00:33:24,840 --> 00:33:27,840 Speaker 3: whether that's LU or halu, and we're going to start 681 00:33:27,880 --> 00:33:32,520 Speaker 3: producing halu highly enriched low highly enriched uranium. It's up 682 00:33:32,520 --> 00:33:36,120 Speaker 3: to nineteen point five percent in the United States. Again, 683 00:33:36,360 --> 00:33:39,000 Speaker 3: we let that go away. We've been dependent on Russia. 684 00:33:39,040 --> 00:33:41,240 Speaker 3: So the whole cycle. Then we got to look at 685 00:33:41,240 --> 00:33:42,640 Speaker 3: the back end of the cycle. What are we going 686 00:33:42,720 --> 00:33:44,920 Speaker 3: to do with spent nuclear fuel. I think the key 687 00:33:45,040 --> 00:33:48,240 Speaker 3: is reprocessing. Let's keep talking about this, it's not going away. 688 00:33:48,320 --> 00:33:51,600 Speaker 3: Congressman Chuck Fleischman, Republican from Tennessee. Many thanks, as always 689 00:33:51,720 --> 00:33:54,240 Speaker 3: for joining us right here on Bloomberg. Thanks for listening 690 00:33:54,320 --> 00:33:56,000 Speaker 3: to the Balance of Power podcast. 691 00:33:56,600 --> 00:33:59,720 Speaker 2: Make sure to subscribe if you haven't already, Apple, Spotify, 692 00:33:59,800 --> 00:34:02,400 Speaker 2: or wherever you get your podcasts, and you can find 693 00:34:02,480 --> 00:34:05,719 Speaker 2: us live every weekday from Washington, DC at noontime Eastern 694 00:34:06,000 --> 00:34:07,880 Speaker 2: at Bloomberg dot com.