Speaker 1: Now from our nation's capital. This is Bloomberg Sound On
Speaker 1: the President has released the Strategic Petroleum Reserve. Million a
Speaker 1: day crisis have fallen by a dollar and fifteen cents
Speaker 1: from their piece, It's time at the United States restore
Speaker 1: its dominance and energy production. Bloomberg Sound On, Politics, Policy
Speaker 1: and perspective from DC's tough name. When the barbarians were
Speaker 1: at the gate, you were happy to let them in.
Speaker 1: How dare you, sir? You were calling Trump America's hitler.
Speaker 1: Then he kissed his ass up and then he endorsed.
Speaker 1: This guy goes on National TV and says, I love
Speaker 1: Nancy Pelow. Bloomberg Sound On with Joe Matthew on Bloomberg Radio.
Speaker 1: The White House set to tap the Strategic oil Reserve
Speaker 1: with three weeks to the election. Welcome to the fastest
Speaker 1: hour in politics, as Bloomberg News leads the way. On
Speaker 1: the top story in Washington today, up to fifteen million
Speaker 1: more barrels of crude from our emerging see stockpile to
Speaker 1: keep gas prices from rising. But will it work? We'll
Speaker 1: talk with Bob McNally of Rapid Dan Energy, author of
Speaker 1: the book Crude Volatility. Later, it was Fight Night for
Speaker 1: Senate candidates in Ohio and Utah. We'll talk to bates
Speaker 1: and races with Bloomberg Government's Jack Fitzpatrick, who's on the
Speaker 1: ground for round two in Youngstown. Analysis from our signature
Speaker 1: panel Bloomberg Politics contributors Rick Davis and Jeannie Chanzano. There
Speaker 1: were us. The President not expected to say it out
Speaker 1: loud until tomorrow, but Bloomberg broke the news early today.
Speaker 1: The administration is set to release more oil, at least
Speaker 1: another ten to fifteen million barrels of crude from the
Speaker 1: spr White House Press Secretary Koreine John Pierre was asked
Speaker 1: about it early in the briefing today and well, she
Speaker 1: wasn't about to step in front of the president. He
Speaker 1: said last week he would have more to share on
Speaker 1: what he is doing to bring gas prices or what
Speaker 1: he will continue to do to bring gas prices down.
Speaker 1: But I do want to add a couple of things here.
Speaker 1: Gas prices have fallen by a dollar and fifteen cents
Speaker 1: from their peak, which was not too long ago. The
Speaker 1: ninety eight consecutive day declined this summer was the fastest
Speaker 1: in over a decade. There you are, in case you're
Speaker 1: playing along on your home game a hundred to make
Speaker 1: that a dollar fifteen. But of course we were looking
Speaker 1: at hundred dollar a barrel oil not that long ago,
Speaker 1: and we have seen a bit of a creep higher
Speaker 1: where we are today. It was just heard from Charlie
Speaker 1: Pale sixty two for w t I. Gasoline is another issue, though,
Speaker 1: another matter, and this would complete the original plan rolled
Speaker 1: out in the spring to be clear to release a
Speaker 1: total of a hundred eighty million barrels. This would bring
Speaker 1: us to that point. The White House now also needs
Speaker 1: to talk about replenishing, refilling the SPR. We talked about
Speaker 1: it all with Bob McNally, founder and president of energy
Speaker 1: consulting firm Rapid and Energy, author of the book Crude Volatility,
Speaker 1: The History and Future of Boom Bust Oil Prices, and
Speaker 1: I'm thinking you could probably write another volume now, Bob,
Speaker 1: welcome back. Well this actually make a difference to prices
Speaker 1: between now and November eight. Well, you know, we're thanks, Joe,
Speaker 1: we're pricing it in already. We're down today on the
Speaker 1: news that Bloomberg broke, and others are now start to
Speaker 1: pick up that the President is likely to include an
Speaker 1: SPR draw And you know, I would say fifteen million
Speaker 1: barrels is probably the minimum. I mean, he has the
Speaker 1: option of speeding up some congressionally mandated sales and going higher. So,
Speaker 1: you know, I think that's that's being priced in right now. Um,
Speaker 1: you know, no, I think the main reason oil prices
Speaker 1: have tumbled since the summer is that recession risks have
Speaker 1: in China, and China slowdown has sort of overtaken the
Speaker 1: narrative from Russia disruption, which sort of dominated in the
Speaker 1: second quarter. Right, we went from eighty to almost one
Speaker 1: forty on Russia. We thought we're gonna lose three million
Speaker 1: barrels a day. In April, the wolf didn't come in
Speaker 1: the village. Recession took over, and notwithstanding the OPEC plus cut,
Speaker 1: which did give us a little bit of a rally,
Speaker 1: you know, we're back into recession fears and headed down,
Speaker 1: I think. And the Saudi Arabia showed up in the
Speaker 1: village though, right, and that you know that just the
Speaker 1: whiff of cutting production got prices moving higher again, that's right.
Speaker 1: I mean, I think the market was surprised by the
Speaker 1: size of the quota cut. Two million barrels a day,
Speaker 1: which is going to mean about one million barrels a day,
Speaker 1: a real cuts. But you know that's after they were
Speaker 1: actually increasing production a little bit in September, So it
Speaker 1: was quite a turn about surprise the market. But look
Speaker 1: right after that we just started heading down again. Well,
Speaker 1: White House economic advisor Brandes was talking about this, this
Speaker 1: is just two weeks ago, speaking to the benefit of
Speaker 1: releasing this oil from the spr I want you to
Speaker 1: listen to the way he put it, Bob, and will
Speaker 1: will have you replied, you don't have to take my
Speaker 1: work for if you look at most serious oil market analysts,
Speaker 1: they would say, you know, one of the most significant
Speaker 1: drivers of blunting oil price increases over the last set
Speaker 1: of three or four months was the president's decision to
Speaker 1: release a million barrels a day from the Strateina controllings.
Speaker 1: So one of the most significant, I guess you can
Speaker 1: couch that a little bit, Bob, But your point is
Speaker 1: that many other factors were involved here, and if that's
Speaker 1: the case, why release more? Well no, yeah, I would
Speaker 1: call it one of the factors, not the most significant.
Speaker 1: I think the mostificate was the failure of Russians supply
Speaker 1: to collapse this summer. Just hard to overstate how important
Speaker 1: that was for the rally earlier this year. Secondly it
Speaker 1: was China, uh, and it's slowed down and in the
Speaker 1: SI shimping sort of quote unquote reelection reappointment and what
Speaker 1: that means for shutdowns and so forth. So it's a factor.
Speaker 1: You know, it kept commercial inventories from drawing more than
Speaker 1: they would have, but I wouldn't call it one of
Speaker 1: the most significant factors. Look, you can only play this
Speaker 1: game for so long, right, we have about four hundred
Speaker 1: million barrels left. They can keep on draining it. But
Speaker 1: you know, at some point you mentioned refilling. They're gonna
Speaker 1: have to refill if they want to have a strategic asset.
Speaker 1: And so I've always said, you know, this isn't like
Speaker 1: going going against OPEC plus with the sprs, like going
Speaker 1: into a fight with you know, the guys that they
Speaker 1: came forty seven with a square guns. Right, It's a
Speaker 1: finite resource. You get to use it once. And I
Speaker 1: think this is going to make the coming boom cycle
Speaker 1: in oil prices even boom. Here if we just depleted
Speaker 1: this emergency stockpile. So you can only use this thing once.
Speaker 1: We heard from the White House Jared Bernstein, another economic advisor,
Speaker 1: that that that the strategic reserves about half full right now.
Speaker 1: I don't know if that is drives with the numbers
Speaker 1: of barrels you're talking about, But at what point do
Speaker 1: you start buying? I mean, this is lowering prices. Do
Speaker 1: you kick out a whole bunch of oil kind of
Speaker 1: push prices down? I realize you're manipulating the market, and
Speaker 1: then start buying it back to stockpilot in the SPR. Yeah,
Speaker 1: and it is. There's about five million barrels left. The
Speaker 1: capacities seven and seventeen million barrels, so it's little over half.
Speaker 1: Uh and uh, look, if you believe in the SPR
Speaker 1: and uh and I think most people do. And I
Speaker 1: think the Biden administration, to its credit, does You've got
Speaker 1: to refill this thing now? Look, President Trump wanted to
Speaker 1: refill it when oil prices were collapsing in the second
Speaker 1: quarter of twenty and I think if we get a
Speaker 1: big decline in oil prices, it would make sense. And
Speaker 1: I would hope the administration would start to refill it.
Speaker 1: I e. Buy low and uh, you know, don't sell
Speaker 1: until you really need it kind of a thing. I
Speaker 1: think they will. I think I think they you know,
Speaker 1: there's been press reports they've been kicking around ideas for
Speaker 1: how to refill it. They have a rule that would
Speaker 1: make it easier for d OE to do so, and
Speaker 1: so hopefully we'll hear something about refilling as well as drawing.
Speaker 1: There's also an argument inside the White House right now,
Speaker 1: Bob McNally about potentially banning or putting controls on oil exports,
Speaker 1: and there's an argument about what that would actually do
Speaker 1: to prices. It's not as simple as saying, hey, well
Speaker 1: we've got more supply here. There could actually be uh
Speaker 1: an increase in prices in some areas because of the patchwork,
Speaker 1: the way the different ways the different regions of the
Speaker 1: country work. The Northeast, for instance, imports a lot of
Speaker 1: heating oil in the wintertime. Do you see that as
Speaker 1: something that should happen and what effects would it have? Well,
Speaker 1: here again, I would invoke Brian Deese and have have
Speaker 1: your consult most energy experts, including me, and I think
Speaker 1: we would say spanning exports of certainly of crude oil
Speaker 1: would make gasoline prices and diesel prices go up. Okay,
Speaker 1: would not help the consumer. Now, what's being discussed is
Speaker 1: banning the export of refined products gasoline and distolate and
Speaker 1: so forth. Look, if you didn't waive the Jones Act
Speaker 1: and you couldn't use boats, prices would just go up
Speaker 1: on the coasts right coast with don't have to import
Speaker 1: higher hire barrels. Refiners would drop runs, We'd have less supply.
Speaker 1: It would be an own goal, Joe, one of the
Speaker 1: biggest owned goals and energy policy counterproductive. Now, look, if
Speaker 1: you waive the Jones Act, which would upset the Maritime Union.
Speaker 1: If you did that, you might get a few weeks
Speaker 1: of lower oil prices, gasoline prices, but then they will
Speaker 1: be higher later on. So I would defy you to
Speaker 1: find a single energy expert who thinks that banning exports
Speaker 1: is a good idea, even if you want to reduce
Speaker 1: prices for consumers. Fascinating conversation. This is why you have
Speaker 1: to bring in an expert on this stuff, because my god,
Speaker 1: I can't imagine, Bob, what you think. People talk like
Speaker 1: they know what they're talking about in the energy market,
Speaker 1: and they're usually wrong. And so we reach out to
Speaker 1: Bob mcdalan and I thank you Bob, founder and president
Speaker 1: Rapid and Energy, his book Crude Volatility. I'm Joe Matthew
Speaker 1: and Washington. This is the fastest hour in politics, which
Speaker 1: is why we need to hear from the panel on this.
Speaker 1: I know we've had this conversation a few what tens
Speaker 1: of millions of barrels ago, But Jennie, Shannon Zano and
Speaker 1: Rick Davis are with us our signature panel Bloomberg Politics contributors. Genie,
Speaker 1: are we really doing this all over again here? Three
Speaker 1: weeks before the election? My gosh. They they accused Joe
Speaker 1: Biden of buying votes with debt, student loan debt forgiveness. Uh,
Speaker 1: this would be even more direct, would it not? It
Speaker 1: would And one of the questions if it worked in
Speaker 1: One of the questions asked today is you know better
Speaker 1: than I do? Was was of the Press secretary. Is
Speaker 1: this employ ahead of the mid terms? And she did
Speaker 1: not directly answer that question as far as I could tell.
Speaker 1: But that's, you know, part of the challenge here for
Speaker 1: the administration and Democrats. And I was struck again by
Speaker 1: the fact she's still using Putin priceyche is they've wanted
Speaker 1: to explain the higher prices as a result of the
Speaker 1: Russian War in Putin and put that on his back.
Speaker 1: And yet for voters that's not how they see it.
Speaker 1: They see the prices as a result of the administration
Speaker 1: and policy mistakes, and that's the difficulty the administration is facing.
Speaker 1: And three weeks ago, I looks like they're going to
Speaker 1: do this tomorrow. It does look get rick, Is it
Speaker 1: a good idea? Well, I think that they're trying to
Speaker 1: do everything they can to try and buy votes. And
Speaker 1: like what you said that no question of student loan
Speaker 1: program was just a vote buying mechanism. And this is
Speaker 1: the same thing. I mean, oil price, gas prices already
Speaker 1: going down every town almost ten cents in the last week.
Speaker 1: I mean, what are they trying to accomplish? It isn't
Speaker 1: already happening. And as Bob McNally said, you know, if
Speaker 1: recession fears continue, that will help drive the price of
Speaker 1: gas down. So you know they're gonna opec is cutting
Speaker 1: right right exactly. So I don't really get what they're
Speaker 1: hoping to achieve here other than a pr stunt. Fascinating
Speaker 1: listening to Karine John Pierre kind of danced around these
Speaker 1: questions knowing she couldn't make the announcement for Joe Biden.
Speaker 1: He's going to do that tomorrow, But talk about the
Speaker 1: work that's been done, and she decided to break it
Speaker 1: down state by state. Fascinating because the choice of states
Speaker 1: here there, they're basically all battleground states. They're basically all
Speaker 1: states where we have major contests of the balance of
Speaker 1: power here in Washington on the Let's listen, just to
Speaker 1: give you a few states, California is down almost thirty
Speaker 1: cents this week. Wisconsin is down over twenty cents this week.
Speaker 1: Oregon is down over twenty cents this week. Michigan is
Speaker 1: down about seventeen sixteen cents this week. Ohio and Indiana
Speaker 1: are down thirteen cents this week. And so those are
Speaker 1: the few states that we're seeing the sharp declines that
Speaker 1: are not they're not coming down. Is that a coincidence, Genie,
Speaker 1: that all those states were chosen? No coincidence. And you
Speaker 1: know again, I kept thinking, if they're declining and she's
Speaker 1: going through them so methodically, the decline, why are they
Speaker 1: going to release now or tomorrow? And you know, she
Speaker 1: didn't really have an answer for that that I thought
Speaker 1: was you know, resounding or convincing. Rick and Genie stay
Speaker 1: with us for the hour our signature panel. As we
Speaker 1: turned next to as well funding for the war in Ukraine.
Speaker 1: There's a big overlap in these two stories here. And
Speaker 1: the man who wants to hold the gavel in the
Speaker 1: House says there could be some controls on money headed
Speaker 1: from the US to Ukraine. More ahead, This is Bloomberg.
Speaker 1: You're listening to Bloomberg Sound On with Joe Matthew on
Speaker 1: Bloomberg Radio. A big part of the conversation today inside
Speaker 1: the White House went from oil prices, energy prices and
Speaker 1: the putin price hike, as Genie reminded us, and the
Speaker 1: administration likes to call it to funding for the war
Speaker 1: in Ukraine. This of course, after Kevin McCarthy got the
Speaker 1: conversation started, he spoke with puncha bowl and of course
Speaker 1: he's pretty sure he's going to be the Speaker of
Speaker 1: the House in a few weeks. Quote. I think people
Speaker 1: are gonna be sitting in a recession and they're not
Speaker 1: going to write a blank check to Ukraine. He said,
Speaker 1: they just won't do it. It's not a free blank check.
Speaker 1: Then he went on to talk about the things of
Speaker 1: Biden administration is not doing that will cost money, like
Speaker 1: the border Ukraine is import and he says again quoting,
Speaker 1: but at the same time. It cannot be the only
Speaker 1: thing they do, and it cannot be a blank check.
Speaker 1: Mark Warner, Senator from Virginia, speaking with Bloomberg today, spoke
Speaker 1: to David West and on balance of power about this issue.
Speaker 1: It's not the first time we've heard this from some
Speaker 1: elements of the right, but never from a mainstream politician
Speaker 1: like Kevin McCarthy. I do fear that there is this
Speaker 1: Trump led America alone contingent that could have greatly increased
Speaker 1: power in the House, and a Republican House next year
Speaker 1: could undermine that support America alone. Remembering, of course Warner
Speaker 1: is on the Intelligence Committee, He's deep inside this conversation
Speaker 1: when it comes to funding. Karine John Pierre, the Press
Speaker 1: secretary at the White House, we thank leaders across the
Speaker 1: House and Senate, Republicans and Democrats. As I've just just said,
Speaker 1: it was a bipartisan effort who are working with us
Speaker 1: to hold putin accountable and support Ukraine to defend itself
Speaker 1: from Russia's war crimes and atrocities. So this is again
Speaker 1: we're gonna closely engage, We're going to closely monitor these,
Speaker 1: uh these discussions. Don't want to get ahead of what
Speaker 1: what what Congress might look like, uh, next year. I
Speaker 1: don't want to go into hypotheticals, but again, we're going
Speaker 1: to continue to engage with Congress. Very careful, very careful
Speaker 1: answer there. We want to us upset anybody before Congress
Speaker 1: comes back to town and we have to talk this out.
Speaker 1: Let's assemble the panel to get around on this, because
Speaker 1: it is interesting we start talking about holding putin accountable.
Speaker 1: That would be another way of looking at the spr
Speaker 1: release if it did in fact lower prices. Rick Davis
Speaker 1: and Jeannie Chanzano are with us. Rick, is this about
Speaker 1: to happen? This is going to be a conversation. And
Speaker 1: we've gone down this road before on this program, but
Speaker 1: a new Republican majority in the House could mean it
Speaker 1: more difficult conversation about funding Ukraine. Yeah, it's definitely a
Speaker 1: bigger conversation in the House, and it would be in
Speaker 1: the Senate. Although there were eleven senators GOP senators who
Speaker 1: voted against the forty in dollar supplement in May. So, um,
Speaker 1: you know, and and and as you point out, this
Speaker 1: starts with the leadership. This is not like a renegade
Speaker 1: group of Republicans who want to cause trouble, you know,
Speaker 1: this is it includes Steven Scalise and you know at
Speaker 1: least Stephonic and you know the Whip and the number three.
Speaker 1: So like this is the entire leadership of the Republican
Speaker 1: House of Representatives talking about going soft on Ukraine. And
Speaker 1: it's uh, it's a big departure for Republicans. Giving away
Speaker 1: a national security issue like this to Democrats would be
Speaker 1: a massive disappointment to most of the what I would
Speaker 1: call old school Republican orthodoxy on you know, sort of
Speaker 1: the hawks in foreign policy. Would it leave Genie of
Speaker 1: the bid deministration uh, to its own devices? I mean
Speaker 1: they can can they can continue to send things to
Speaker 1: Ukraine and draw down our own AMMO in the process.
Speaker 1: They can, but of course they also want to push
Speaker 1: a big package through of aid that is needed. I mean,
Speaker 1: let's not forget what's happened in Ukraine with the Russian
Speaker 1: missile strikes just in the last twenty four hours. The
Speaker 1: attacks on the energy sector have been dramatic and they've
Speaker 1: been debilitating. Reports are thirty percent of their electrical generating
Speaker 1: capacity is now down. If this keeps up, whereas Russia
Speaker 1: has been losing on the front lines, they can pressure
Speaker 1: the Ukrainian government, the people, they will need more support
Speaker 1: from the United States. And who is leading this charge.
Speaker 1: We hear it from people like Tucker Carlson, We hear
Speaker 1: it from people like Seapack, and then you have J. D. Vance,
Speaker 1: Blake Masters, and others running for the Senate. So this
Speaker 1: is going to be a growing chorus of Republicans. And
Speaker 1: to Rick's point, this is a far cry from where
Speaker 1: the traditional Republican Party was. And if they go in
Speaker 1: this America's first direction, it is going to be seeding
Speaker 1: to the Democrats the upper hand on foreign policy, and
Speaker 1: more importantly, it is going to leave the entire Ukrainian
Speaker 1: population vulnerable to Russia. Was that America First or America alone?
Speaker 1: As Senator Warner said Rick, Yeah, I think it becomes
Speaker 1: America alone because our European allies are totally committed to this,
Speaker 1: and they're gonna feel the pinch by their own decisions. Right,
Speaker 1: They're gonna have a very cold winder based on their
Speaker 1: willingness to support Ukraine, and they're gonna if we leave
Speaker 1: them out to dry come November. Um, you know we're
Speaker 1: gonna We're not just upsetting Ukraine, We're upsetting the the
Speaker 1: Western alliance and it could mean a lot more in
Speaker 1: the future than just Ukraine. Well, the timing is something
Speaker 1: here as this. You know, this group United which is
Speaker 1: raising money on behalf of the Ukrainian government, UH is
Speaker 1: making a great case for anybody, not governments, but civilians
Speaker 1: to contribute to the cause. Here President Zelenski went to
Speaker 1: talk to Wall Street if you remember, not that long ago,
Speaker 1: virtually of course, to ask for help in in providing
Speaker 1: money not just for the war effort, but rebuilding Ukraine.
Speaker 1: My god, Jeanie. Luke Skywalker is even on board this thing.
Speaker 1: Mark Hamill is now the ambassador, one of several celebrity ambassadors,
Speaker 1: I believe he was the ambassador of drones or some things,
Speaker 1: signing on to United to make the case could this
Speaker 1: become a private fundraising enterprise? It could? And who can
Speaker 1: say no to Luke Skywalker? Marx all love him. Um,
Speaker 1: you know it could. But you know, certainly you do
Speaker 1: need the support of the NATO, you need the support
Speaker 1: of our allies, You need the support of the United
Speaker 1: States government as much as the private sector can do,
Speaker 1: and that is very important. The public sector has got
Speaker 1: a step in. And here's where I think the Biden
Speaker 1: administration has to explain where the sixty billion went and
Speaker 1: why it's important. You can't just send it and not
Speaker 1: talk about it. All comes down to the receipts. Rick
Speaker 1: and Janie are with us for the hour. I'm Joe
Speaker 1: Matthew in Washington as we turn to fight night in Ohio.
Speaker 1: Jack Fitzpatrick will join us from Halima. Following last night's
Speaker 1: Senate debate, It's next. I'm Joe Matthew. This is Bloomberg.
Speaker 1: The second round between Democratic Congressman Tim Ryan and j
Speaker 1: D Vance covered a lot of ground last night in Ohio.
Speaker 1: Youngstown was the scene. They talked inflation, they talked abortion,
Speaker 1: they talked crime and the border. But the debate also
Speaker 1: at times devolved into a brawl. You were calling Trump
Speaker 1: America's hitler. Then he kissed his ass, it is true.
Speaker 1: And then you kissed his ass, and then he endorsed you,
Speaker 1: and you said he's the greatest president of all time.
Speaker 1: Mitch McConnell gave you forty million dollars to prop up
Speaker 1: your campaign. Peter Tell gave you fifteen million dollars. That's
Speaker 1: fifty five million dollars. J D. What do you think
Speaker 1: they want for that they want your loyalty and you
Speaker 1: proved that you'll kiss their ass too. We've heard that
Speaker 1: line before. He brought it around again. J d Vance,
Speaker 1: of course, reminding us that Tim Ryan said these things
Speaker 1: about the speaker, Nancy Pelos. I I know the President
Speaker 1: very well, and absolutely he was joking about a New
Speaker 1: York Times story. That's all he was doing. I didn't
Speaker 1: take offense to it. I talked to the President before it.
Speaker 1: I talked to the President a to words. Everybody there
Speaker 1: took it as a joke. This guy goes on National
Speaker 1: TV and says, I love Nancy Pelosi, has the audacity
Speaker 1: of accusing me of kissing anyone's rear end. It's pretty
Speaker 1: rich that that was the nice part. Once things got
Speaker 1: to replacement theory and some of the more extreme issues
Speaker 1: out there, if I can call them, that, the moderators
Speaker 1: had their work cut out for him, much like Bloomberg
Speaker 1: Government Congress reporter Jack Fitzpatrick, our friend here at Bloomberg
Speaker 1: sound On, who is in Ohio and actually talked to
Speaker 1: Tim Ryan a little while ago. Today he's in Lima,
Speaker 1: and Jack, I assume that's because both candidates hit the
Speaker 1: trail after their debate what are they up to today. Yeah,
Speaker 1: they've they've been on the trail. Tim Ryan came to
Speaker 1: Lima to talk to local Democrats at the local chapter
Speaker 1: of the vf w UH, talked about the debate, kind
Speaker 1: of did that spin room, you know, rehashed some of
Speaker 1: his greatest hits from it. J. D. Vance is on
Speaker 1: the trail. I've got some events for him tomorrow, so
Speaker 1: we'll follow with him on some of the key issues.
Speaker 1: But I can certainly tell you right now the big
Speaker 1: message from Ryan is especially speaking to Democrats, tying J. D.
Speaker 1: Vance to National Republicans. Ted Cruz is coming to town
Speaker 1: UH sometime in the next week for an event with
Speaker 1: him going over those Trump lines, basically saying that that
Speaker 1: he Ryan is the real Ohio and and Vance, you know,
Speaker 1: left and went to San Francisco and came back. That's
Speaker 1: a pretty cree message that he's pushing when he's talking
Speaker 1: to Democrats, especially, Yeah, tying him to extremists. He spent
Speaker 1: quite a bit of time, Tim Ryan spent quite a
Speaker 1: bit of time doing this last night with J. D.
Speaker 1: Vance and not just Donald Trump. Marjorie Tayler Green's your point,
Speaker 1: Ted Cruz, here's a taste I think it is grounded
Speaker 1: in some of the most racial divisive, racially divisive writings
Speaker 1: in the history of the worship. Not here by the
Speaker 1: way that Tim Ryan, I want to be fair, was
Speaker 1: asked about replacement theory because this has been coming up
Speaker 1: on the campaign trail with with some Republican candidates. That's
Speaker 1: been around frankly going back to uh the Trump administration.
Speaker 1: Here's Tim Ryan answering that I think it is grounded
Speaker 1: in some of the most racial divisive, racially divisive writings
Speaker 1: in the history of the world. And this is who
Speaker 1: he's running around with talking about replacement theory. There's no big,
Speaker 1: grand conspiracy. This is the country has been enriched by
Speaker 1: immigrants from all quarters of the world, and there's no
Speaker 1: in the problem. Shameful for danger that family dange. Shameful
Speaker 1: for you to accuse my turn, power, my turn, Oh buddy,
Speaker 1: my turn. What you said, I'm here, I'm your guy. Okay, Well,
Speaker 1: here's the thing. J. D. Vance had quite a reply
Speaker 1: ready for that. Jack. Here's what he said. That's exactly
Speaker 1: what happens when the media and people like Tim Ryan
Speaker 1: accused me of engaging the great great replacement theory. Also
Speaker 1: battling it. I'll exactly what happens to Tim. What happens
Speaker 1: is that my own children, my biracial children, get attacked
Speaker 1: by scumbags online and in person because you are so
Speaker 1: desperate for political power that you'll accuse me, the father
Speaker 1: of three beautiful biracial babies, of engaging in racism. We
Speaker 1: are sick of it. You can believe in a border
Speaker 1: without being a racist, you can believe in the country
Speaker 1: without being a racist. Well, it's a lot there, Jack.
Speaker 1: Did j d Vance shut down that line of attack
Speaker 1: from Tim Ryan or did it continue today? Uh? You know,
Speaker 1: the part about the great replacement theory did not continue
Speaker 1: in today's event with Tim Ryan. I would say, though
Speaker 1: it would be hard to say he absolutely shut it down.
Speaker 1: There was a scrum with reporters at each candidate did
Speaker 1: after the debate yesterday on Some local reporters were pressing
Speaker 1: Vans on that. Uh. It is an issue and sort
Speaker 1: of the tangentially related issue that Ryan tried to tie
Speaker 1: Vance to Alex Jones. Vans has spoken supportively of him, uh,
Speaker 1: including on his legal issues. Uh. And and so you know,
Speaker 1: there's kind of a near of issues uh, surrounding that
Speaker 1: racially charged exchange that you heard that covered a variety
Speaker 1: of issues. I would not say it's something Vance has
Speaker 1: just put down. Uh, it's not something Ryan just brought
Speaker 1: up with a number of Democrats. But it does seem
Speaker 1: to be a significant attack from Ryan on Vance. Something
Speaker 1: you would only know there, of course, if you were
Speaker 1: on the ground. I'm looking at the poll of polls,
Speaker 1: you're the average from Real Clear Politics. Jack, they got
Speaker 1: Vance up by two points. This race is too close
Speaker 1: to call, right, that's how you describe it. Yeah, it's
Speaker 1: a very very close race. Um, you know, this state
Speaker 1: is a state with a lot of Republicans. It seems
Speaker 1: to be an emerging Republican advantage. If you anticipate that
Speaker 1: people break at the end towards their party, you could
Speaker 1: probably see an advantage for Vance. But you look at
Speaker 1: the polling, you talked to voters around here. It's a
Speaker 1: very very competitive race, and there's maybe some head scratching
Speaker 1: as to why national Democrats haven't gone in to help. Uh, Tim,
Speaker 1: Ryan Moore, isn't that right? Although Joe Biden would not
Speaker 1: be I'm assuming considered a big help in Ohio this
Speaker 1: time around. Jack, No, probably not, but money might be
Speaker 1: money from National Democratic groups to get on TV would
Speaker 1: probably be the big help, although I will say we
Speaker 1: we asked him Ryan about that too, and he is
Speaker 1: perfectly happy to say, I don't need Chuck Schumer's help.
Speaker 1: I don't need the National Democrats money. He's he's trying
Speaker 1: to make the case that he is independent of them.
Speaker 1: So while their money would have been helpful, Uh, he's
Speaker 1: not complaining openly about the lack of support. Well, we
Speaker 1: sent the right guy to Ohio. Great to have you, Jack,
Speaker 1: and thank you. Jack Fitzpatrick reporting for Bloomberg Government. Of
Speaker 1: course he covers Congress and this is right in his wheelhouse.
Speaker 1: I'll bring it back to the ninth of October. Marjorie
Speaker 1: Taylor Green speaking at a Trump rally in Arizona. The
Speaker 1: stuff does not come out of thin air. Joe Biden's
Speaker 1: five million illegal aliens are on the verge of replacing you,
Speaker 1: replacing your jobs, and replacing your kids in school, and
Speaker 1: coming from all over the world. They're also replacing your culture,
Speaker 1: and that's not great for America. Will reassemble the panel
Speaker 1: next their take on the debate. Last night, j d
Speaker 1: versus Tim Ryan, Rick Davis and Jeanie Chanzano are up
Speaker 1: next our signature panel and we'll check traffic and markets
Speaker 1: for you on the way. Thanks for being with us.
Speaker 1: This is Bloomberg. You're listening to Bloomberg Sound On with
Speaker 1: Joe Matthew on Bloomberg Radio. As we follow the money
Speaker 1: all the way to Ohio or not as the case,
Speaker 1: maybe Jack points out something important. While the Democratic Senatorial
Speaker 1: Campaign Committee has reserved about one and a half billion
Speaker 1: dollars in ads for the general election on behalf of
Speaker 1: Jim Ryan, the Democrat the Senate Leadership Fund, this is
Speaker 1: the one you've heard Rick Davis talk about a line
Speaker 1: with Mitch McConnell has reserved thirty million to boost j
Speaker 1: d vans make America Great against superpack run by allies
Speaker 1: of Donald Trump, reserving another one point four million, and
Speaker 1: you've got Peter Cheel on top of it. Maybe that's
Speaker 1: why everybody is so upset stressed out in this race.
Speaker 1: The GOP was favored to hold this seat in Ohio,
Speaker 1: the seat of retiring Republican Senator Rob Portman. But it's
Speaker 1: too close to call right now, and boy, they were
Speaker 1: feeling it as you heard last night. Danger shameful for
Speaker 1: you to accuse my turn, pal, turn turn? What you said?
Speaker 1: I'm here, I'm your guy. I'm your guy. Right, Come on, buddy,
Speaker 1: how about you? Pal? Rick Davis has been through that
Speaker 1: ringer before. G. D. Chanzano. I like to think you've
Speaker 1: not been subjected to such brawling, but they do make
Speaker 1: up our signature panel Bloomberg Politics contributors. That was a
Speaker 1: real debate, Rick, did it move the needle? You know,
Speaker 1: I think it got everybody's attention, but I'm not sure
Speaker 1: there was any kind of really um decisive blows landed. Uh.
Speaker 1: You know, it was really incumbent upon uh, Tim Ryan
Speaker 1: to sort of, you know, show that he could try
Speaker 1: to land a hard punch on Ja d Vance. And
Speaker 1: it was a rough debate, no doubt about it. It's
Speaker 1: right up there with the you know, blood and guts
Speaker 1: debates I've seen. But the reality is that there was
Speaker 1: no hard punch landed. And uh, he needs to change
Speaker 1: this dynamic because it's settling into a you know, sort
Speaker 1: of comfortably small lead by J. D Vance And and
Speaker 1: that's not good for Advance. Shutdown that replacement theory attack
Speaker 1: line because we've been hearing that quite a bit. Last
Speaker 1: couple of weeks. Could that survive into the the final
Speaker 1: weeks of the campaign? Rick, Yeah, I think invoking his
Speaker 1: daughters was a great way to parry out of that. Obviously,
Speaker 1: it doesn't even want to talk about it. And and
Speaker 1: most people, I mean, look, we we don't see that
Speaker 1: really banging around the top of the pole charts, right,
Speaker 1: I mean, like you know, and and and and and
Speaker 1: voters don't like it when you start saying somebody's a racist, right,
Speaker 1: I mean they're like, yeah, let's talk about inflation or
Speaker 1: you know, gas prices or even abortion. But like you know,
Speaker 1: the the voters that I have pulled in the past,
Speaker 1: you know, thirty years, you start throwing around terms like
Speaker 1: racists and and you're they're turning the dial. His wife
Speaker 1: is a daughter of Indian immigrants at Jennie, and of
Speaker 1: course he's already referred to his as he refers to
Speaker 1: them three beautiful by racial babies. Was that Was that
Speaker 1: a tough moment for Tim Ryan to go there? You know,
Speaker 1: it was tough. I don't think it was dumb, No,
Speaker 1: I mean, I think it's part of what Tim Ryan
Speaker 1: has tried to show the people of Ohio, which is
Speaker 1: that he believes and for good reason in many cases
Speaker 1: that JD. Vance is somebody who has been playing with fire.
Speaker 1: He has been on Tucker Carlson Show many times. He
Speaker 1: has in you know, in Tim Ryan's view, stoked racial
Speaker 1: violence is what he said, and this is something that
Speaker 1: voters need to know. And you know, the race here
Speaker 1: is what real clear politics has it at plus two
Speaker 1: for Vance. That's well within the margin, much better than
Speaker 1: Democrats could ever have hoped to do. Tim Ryan has
Speaker 1: been I think one of the most impressive Democrats on
Speaker 1: the trail this you know, this cycle, and he is
Speaker 1: keeping the fire going out there despite the fact he
Speaker 1: is well underfunded because Democrats have not been willing to
Speaker 1: support him out there. So he says this is a
Speaker 1: David versus Goliath fight, and it truly is. He's got
Speaker 1: a real shot there and if he pulls it out,
Speaker 1: it would be stunning, but it's still an uphill battle.
Speaker 1: If I asked you Rick, you know, six months ago, whatever,
Speaker 1: the beginning of the year, if if you thought that
Speaker 1: Dems could flip Rob Portman's seat, what would you have said?
Speaker 1: I would have said unlikely, considering the trends that Ohio
Speaker 1: has been on and how popular Rob Portman was, and frankly,
Speaker 1: how popular Mike Dwine. If Mike Dwine is going to
Speaker 1: cruise into a fifty four victory. And so when you
Speaker 1: have someone like that at the top of the ticket
Speaker 1: and you're trying to overturn the second slot, it's awful tough.
Speaker 1: And and I would say that, you know, J d
Speaker 1: Vance was probably one of the weaker candidates we could
Speaker 1: have put up for this job. So the reality is,
Speaker 1: as Mitch McConnell said, if we put up strong candidates,
Speaker 1: we wouldn't even be talking about Ohio. Well, I want
Speaker 1: to bring it to Utah, which was the other more
Speaker 1: one of the more rambunctious debates of the night. Uh
Speaker 1: Evan McMullin. We talked about him yesterday, the Independence, who
Speaker 1: of course ran for president against Donald Trump. In his
Speaker 1: his friend Mike Lee voted for him for president. Now
Speaker 1: Senator Mike Lee is trying to defend this seat against
Speaker 1: Evan McMullin, and boy, they both showed up for it
Speaker 1: last night. Here's McMullin the Independent. I think both you
Speaker 1: and I have have had times of frustration over the
Speaker 1: last several years in the options being provided to us
Speaker 1: at the presidential level by both parties. As you recall,
Speaker 1: you voted for me out of that frustration when you
Speaker 1: stood on principle as you showed have it's not a
Speaker 1: bad line, Genie. It wasn't a bad line. And it
Speaker 1: was a fascinating debate, in part because it was one
Speaker 1: of the few where this issue of January six really
Speaker 1: took you know, an enormous amount of attention and time
Speaker 1: and was d plea personal and they both talked about it.
Speaker 1: And boy, McMullen has the benefit of being an independent
Speaker 1: because as much as Lee would hope to have a
Speaker 1: Democrat that he could, you know, pretend he's running against
Speaker 1: Joe Biden, he was able to do that a little,
Speaker 1: but he wasn't able to do it as much as
Speaker 1: he could with a Democrat. And that's the benefit McMullan
Speaker 1: has of being a true independent. Well, let's go there,
Speaker 1: Evan McMullen going after Senator Mike Lee on the idea
Speaker 1: of providing or at least supporting this idea of fake
Speaker 1: slates of electors, not to mention referring Sydney Powell and
Speaker 1: John Eastman to the White House. You sought to urge
Speaker 1: the White House that had lost an election to find
Speaker 1: fake electors to overturn the will of the people. Senator Lee,
Speaker 1: that was the most egregious betrayal of our nation's constitution
Speaker 1: in its history by a u s Senator, I believe,
Speaker 1: and it will be your legacy. Pretty tough stuff here, now.
Speaker 1: Remember there was an issue of props at debates in
Speaker 1: the last week. No badges were flashed last night, but
Speaker 1: you better believe. Senator Mike Lee had his pocket Constitution.
Speaker 1: I followed it, I studied it, and I defended it
Speaker 1: to seconds here, and I'm leaving it in the area
Speaker 1: for you to suggest otherwise. Looks right in the face
Speaker 1: of truth and in the face of the Constitution. And
Speaker 1: how dare you, sir, Mr McMullan, you have thirty seconds
Speaker 1: for book. Senator Lee has been doing this thing with
Speaker 1: his pocket Constitution for the last several years. Senator Lee,
Speaker 1: it is not a prop. It is not a prop
Speaker 1: that some applause for that one. Uh Rick is senatorly
Speaker 1: in trouble here, And and what did you make of
Speaker 1: the body language he was coming out from behind the
Speaker 1: podium sort of almost trying to to physically impose himself
Speaker 1: a bit on McMullan did it work? Yeah, I don't
Speaker 1: think so. I think that the physicality thing, you know,
Speaker 1: maybe barred it from Trump, who loved to stock the stage. Um,
Speaker 1: I don't think really played it well. And he was
Speaker 1: kind of hunched over and frankly looked a little uncomfortable
Speaker 1: when he was doing it. Uh. I really was impressed
Speaker 1: with Evan McMullen's debate style, right, I mean, this is
Speaker 1: a guy he's been around politics while, but this is
Speaker 1: a big state for him to be on and and
Speaker 1: he really played out his messaging and his genie said,
Speaker 1: it's one of the very few campaigns in America today
Speaker 1: where one of the key closing issues is the conduct
Speaker 1: of Mike Lee during January six and uh insurrection. So uh,
Speaker 1: he made that stick a bit. And I think Mike
Speaker 1: Lee sort of leaned right into it by whipping out
Speaker 1: the Constitution and giving him another opportunity to talk about it.
Speaker 1: So I'm still scratching my head. I mean, you know,
Speaker 1: this is you're running against the guy who's really not
Speaker 1: a Democrat, Evan McMullen. Uh, He's he's running as an independent,
Speaker 1: which makes sense. There's no democrat, no race. Can that
Speaker 1: beat a sitting Republican senator. This should be a dropkick
Speaker 1: for Mike Lee to be re elected. I mean, you know,
Speaker 1: there's really uh no noticeable opposition from a party point
Speaker 1: of view, and can an independent win in a state
Speaker 1: like this, I don't know. I mean the polls are tightening.
Speaker 1: They they're definitely within you know, marginal air a little
Speaker 1: bit more maybe, But wouldn't that be the story of
Speaker 1: the night though if this happened. I think that certainly
Speaker 1: it really complicates the math for Mitch McConnell and getting
Speaker 1: a majority if one of his incumbents loses like this, right,
Speaker 1: And so certainly it's a big story of the night.
Speaker 1: And I think that maybe it's a message to the
Speaker 1: Republican Party that they've got more vulnerability on this issue
Speaker 1: at January six and the otherwise might of thought Genie
Speaker 1: I I all I could think of was Rick Lazio.
Speaker 1: I know this was a long time ago, but remember
Speaker 1: when he went he why left his podium and went
Speaker 1: over to Hillary Clinton in that two thousand Senate race
Speaker 1: asking her to sign this campaign finance pledge. It backfired
Speaker 1: big time. Don't leave your podium, right, That's right, you know,
Speaker 1: and I remember it well I've talked to Rick Lazio
Speaker 1: about that. He explains it a lot differently than it
Speaker 1: came than it looked on TV as I was watching it.
Speaker 1: Um and and yeah, you know, in part heard of
Speaker 1: that UM was the issue of gender, of course, which
Speaker 1: was played played big in that in that case. But
Speaker 1: to your point, you've got to be very careful about
Speaker 1: body language, don't leave your podium, don't look at your watch.
Speaker 1: You know, there's some rules that we know now. And
Speaker 1: of course you know, getting candidates to follow that, as
Speaker 1: Rick can tell is better than anybody else, is easier
Speaker 1: said than done. And I think the interesting thing here
Speaker 1: to Rick's point, is that McMullen being a sort of
Speaker 1: first time not first time candidate, but really on a
Speaker 1: big stage here versus Mike Lee. It was an impressive
Speaker 1: showing he remained still behind. But if he could catch this,
Speaker 1: to your point, wow, that would be big news on
Speaker 1: election night. Sure would. And of course we'll be doing
Speaker 1: that together live, all of us here for you on
Speaker 1: Bloomberg Radio. I'll tell you guys got off easy again tonight.
Speaker 1: You know why I haven't had a chance to ask
Speaker 1: you about Kanye and Parlor. You know where I'm not
Speaker 1: gonna let you get away with it all week though,
Speaker 1: as Elon must today tweets an image of him, Donald
Speaker 1: Trump and yes yea, apparently the trinity of social media.
Speaker 1: Rick and Jennie, Thanks as always. We'll get back here
Speaker 1: and do it again tomorrow, and we will get into
Speaker 1: this YEA story on the fastest hour in politics. I'm
Speaker 1: Joe Matthew. This is Bloomberg