1 00:00:02,160 --> 00:00:06,440 Speaker 1: Live from our nation's capital. This is Bloomberg Sound on. 2 00:00:07,000 --> 00:00:09,400 Speaker 1: The parties are divided in terms of the effect that 3 00:00:09,440 --> 00:00:12,319 Speaker 1: the stimulus is going to have. This inflation debate has 4 00:00:12,400 --> 00:00:15,240 Speaker 1: really been heating up the effect of what the Biden 5 00:00:15,240 --> 00:00:20,720 Speaker 1: administration is spending on political capital. Bloomberg Sound on. The insiders, 6 00:00:20,840 --> 00:00:24,439 Speaker 1: the influencers, the insights, a group of centrists are the 7 00:00:24,560 --> 00:00:28,040 Speaker 1: key senators to watch. Jill Biden gives number one focus 8 00:00:28,080 --> 00:00:31,520 Speaker 1: in addition to the COVID health crisis, is jobs. I 9 00:00:31,520 --> 00:00:34,120 Speaker 1: don't think we have red roads and blue roads, and 10 00:00:34,159 --> 00:00:36,920 Speaker 1: that's the way we're looking at this. Schoomberg Sound On 11 00:00:37,280 --> 00:00:43,800 Speaker 1: with devinsurally on Bloomberg Radio. Treasury Secretary Janet Yellen says 12 00:00:43,840 --> 00:00:46,760 Speaker 1: she wants to work with Congress on ways to ease 13 00:00:47,520 --> 00:00:51,080 Speaker 1: satan local tax deductions caps. We're going to talk all 14 00:00:51,120 --> 00:00:55,400 Speaker 1: about her testimony in which she testified before Congress earlier today, 15 00:00:55,400 --> 00:00:59,080 Speaker 1: plus gun control debate back in the spotlight following the 16 00:00:59,200 --> 00:01:02,160 Speaker 1: horrific shooting in Colorado. We'll bring you the latest on 17 00:01:02,200 --> 00:01:06,279 Speaker 1: that front as well. And Congressman French Hill, Republican from Arkansas, 18 00:01:06,360 --> 00:01:08,880 Speaker 1: joins us to break down all news of the day 19 00:01:08,920 --> 00:01:12,720 Speaker 1: and the star of my favorite Netflix documentary right now, 20 00:01:12,760 --> 00:01:17,800 Speaker 1: the Last Blockbuster. We're heading out to Bend, Oregon, where 21 00:01:17,840 --> 00:01:21,920 Speaker 1: the last Blockbuster in the world is located. My name 22 00:01:21,959 --> 00:01:25,319 Speaker 1: is Kevin Sirleian. I'm the chief Washington correspondent for Bloomberg 23 00:01:25,319 --> 00:01:29,840 Speaker 1: Television and for Bloomberg Radio. Uh, breaking news headline crossing 24 00:01:29,840 --> 00:01:33,440 Speaker 1: the Bloomberg Terminal, Intel new business direct competition for t 25 00:01:33,640 --> 00:01:36,400 Speaker 1: SMC as well as Samsung. Fresh off of that news 26 00:01:36,440 --> 00:01:40,640 Speaker 1: that they are developing plants in Arizona. Again that headline 27 00:01:41,000 --> 00:01:45,480 Speaker 1: just crossing the Bloomberg terminal as uh, they're driving some 28 00:01:45,520 --> 00:01:47,760 Speaker 1: new plant plants that they're going to create in the 29 00:01:47,800 --> 00:01:52,120 Speaker 1: state of Arizona. We begin tonight with another developing story, 30 00:01:52,200 --> 00:01:55,640 Speaker 1: and that was the testimony from FED Chairman J Powell 31 00:01:55,880 --> 00:01:59,560 Speaker 1: on Capitol Hill as well as Treasury Secretary Janet Yellen. 32 00:01:59,680 --> 00:02:02,600 Speaker 1: Let's start there with sound on the economy and the 33 00:02:02,680 --> 00:02:07,240 Speaker 1: status of the recovery from Secretary Yelling. Here's the sound 34 00:02:07,240 --> 00:02:10,680 Speaker 1: of the recovery from the Treasury Secretary. Well, we're seeing 35 00:02:10,800 --> 00:02:14,320 Speaker 1: signs of recovery. We should be clear eyed about the 36 00:02:14,320 --> 00:02:17,760 Speaker 1: whole we're digging out of the country is still down 37 00:02:17,840 --> 00:02:22,560 Speaker 1: nearly kinderly and jobs from its pre pandemic peak. We're 38 00:02:22,560 --> 00:02:26,560 Speaker 1: gonna be monitoring that story in the upcoming segment with 39 00:02:26,600 --> 00:02:29,600 Speaker 1: Congressman French Hill, who is a member of the Financial 40 00:02:29,639 --> 00:02:36,680 Speaker 1: Services Committee. He is a Republican from Arkansas. Washington now 41 00:02:36,800 --> 00:02:41,399 Speaker 1: finds itself in the midst of another debate around gun control. 42 00:02:42,080 --> 00:02:44,760 Speaker 1: So we've got the All Star Policy Panel with US 43 00:02:44,840 --> 00:02:49,840 Speaker 1: Jennie Shanzano and Rick Davis Bloomberg Politics contributors. President Biden 44 00:02:50,040 --> 00:02:54,760 Speaker 1: urged lawmakers to pass gun control measures, including background checks 45 00:02:54,800 --> 00:02:58,560 Speaker 1: and a ban on assault weapons and high capacity magazines, 46 00:02:58,880 --> 00:03:03,360 Speaker 1: a day after a shooting at Colorado's supermarket killed ten people. 47 00:03:03,800 --> 00:03:07,480 Speaker 1: Here's the sound on the shooting from President Joe Biden. 48 00:03:08,040 --> 00:03:10,359 Speaker 1: This is not it should not be a partisan issue. 49 00:03:10,639 --> 00:03:14,760 Speaker 1: This is an American issue. It will save lives, American lives, 50 00:03:15,040 --> 00:03:17,840 Speaker 1: and we have to act. The Senate should immediately pass. 51 00:03:17,960 --> 00:03:21,320 Speaker 1: Let me say it again, the United States Senate, I 52 00:03:21,360 --> 00:03:24,800 Speaker 1: hope some are listening, should immediately pass the two House 53 00:03:24,840 --> 00:03:28,919 Speaker 1: passed builds a closed loopholes in the background checks system. Meanwhile, 54 00:03:29,120 --> 00:03:32,560 Speaker 1: Senator Mitch McConnell, the top Republican in the Senate, said 55 00:03:32,600 --> 00:03:36,640 Speaker 1: that passing gun control legislation and sending it to him 56 00:03:37,120 --> 00:03:40,520 Speaker 1: for a signature. But while the Democratic majority in the 57 00:03:40,560 --> 00:03:43,600 Speaker 1: House has moved forward, the Senate faces a real challenge 58 00:03:43,600 --> 00:03:47,240 Speaker 1: with the narrowest of majorities, and Leader McConnell told the 59 00:03:47,240 --> 00:03:50,160 Speaker 1: press earlier today that he's open to talks, but he 60 00:03:50,280 --> 00:03:53,640 Speaker 1: is not in favor of what the House passed. Take 61 00:03:53,680 --> 00:03:55,520 Speaker 1: a listen to the sound on this from Leader McConnell. 62 00:03:56,560 --> 00:04:00,800 Speaker 1: What I'm not attracted to is something that does work, 63 00:04:01,440 --> 00:04:06,720 Speaker 1: and there have been deep seated philosophical differences between Republicans 64 00:04:06,760 --> 00:04:12,120 Speaker 1: and Democrats about how to deal with gun violence. Let's 65 00:04:12,240 --> 00:04:15,360 Speaker 1: first start with Rick Davis in terms of the policy 66 00:04:15,440 --> 00:04:19,960 Speaker 1: angle on this. Clearly a heated topic, clearly a heated debate, 67 00:04:20,480 --> 00:04:24,800 Speaker 1: but in terms of practicality, it's very unlikely that the 68 00:04:24,839 --> 00:04:28,640 Speaker 1: Senate would be able to pass with the House has done. Yeah, 69 00:04:28,960 --> 00:04:31,560 Speaker 1: I think you're right, um Kevin. But I would say 70 00:04:31,640 --> 00:04:35,680 Speaker 1: that the one area where there's been some Republicans willing 71 00:04:35,720 --> 00:04:39,760 Speaker 1: to support Democratic bills have been around these background checks. 72 00:04:39,880 --> 00:04:43,200 Speaker 1: UM my history John McCain. We we almost passed one 73 00:04:43,200 --> 00:04:46,520 Speaker 1: in the Senate. UH in two thousand and four John 74 00:04:46,600 --> 00:04:51,520 Speaker 1: McCain inspired bill Gunshow loophole. UH that the Charleston loophole, 75 00:04:51,560 --> 00:04:54,359 Speaker 1: which has become sort of the new phrase is in 76 00:04:54,839 --> 00:04:56,679 Speaker 1: closing that is in one of the bills in the House, 77 00:04:56,839 --> 00:04:59,560 Speaker 1: and and it got Republicans support in the House. And 78 00:04:59,560 --> 00:05:02,440 Speaker 1: and so I think you're not looking for, you know, 79 00:05:02,600 --> 00:05:06,080 Speaker 1: twenty votes with Republicans in the Senate to pass a 80 00:05:06,080 --> 00:05:09,400 Speaker 1: a loophole bill, a background check bill. UM, but if 81 00:05:09,400 --> 00:05:11,360 Speaker 1: you could get three or four and that those votes 82 00:05:11,400 --> 00:05:14,240 Speaker 1: are probably available in the United States Senate for for 83 00:05:14,320 --> 00:05:17,719 Speaker 1: closing this this Charleston loophole. One of those Senators, no 84 00:05:17,800 --> 00:05:20,160 Speaker 1: doubt will be Senator Pat to Me, a Republican from 85 00:05:20,160 --> 00:05:23,880 Speaker 1: Pennsylvania who is not seeking re election. After the Sandy 86 00:05:23,880 --> 00:05:28,400 Speaker 1: Hook shooting, he along with centrist Democrat Joe Manchin, passed 87 00:05:28,520 --> 00:05:32,440 Speaker 1: a bipartisan piece of legislation that ultimately was not able 88 00:05:32,480 --> 00:05:35,559 Speaker 1: to end up now on former President Barack Obama's desk. 89 00:05:36,000 --> 00:05:40,560 Speaker 1: Jennie Monday's attack was the seventh mass killing this year 90 00:05:41,000 --> 00:05:44,320 Speaker 1: in the United States, according to a database compiled by 91 00:05:44,360 --> 00:05:49,359 Speaker 1: a p USA today in Northeastern University. Practically, in addition 92 00:05:49,400 --> 00:05:52,200 Speaker 1: to Senator to Me, who are some of the other 93 00:05:52,360 --> 00:05:56,440 Speaker 1: swing votes in the Senate? UM, I think we may 94 00:05:56,480 --> 00:05:59,920 Speaker 1: see swing votes on some measure, as you know, Rick 95 00:06:00,040 --> 00:06:02,320 Speaker 1: and you were just talking about in terms of something 96 00:06:02,480 --> 00:06:06,480 Speaker 1: like loopholes um. So we may see some ground there 97 00:06:06,560 --> 00:06:10,159 Speaker 1: to maneuver, but I think we have to be realistic, 98 00:06:10,200 --> 00:06:13,279 Speaker 1: and I I don't I hate to be very pessimistic, 99 00:06:13,400 --> 00:06:15,440 Speaker 1: but having done this and been on the air so 100 00:06:15,480 --> 00:06:17,960 Speaker 1: many times as you and Rick have, and I think 101 00:06:17,960 --> 00:06:22,240 Speaker 1: in particular you just mentioned Obama, you know, after Sandy Hook, 102 00:06:22,279 --> 00:06:26,800 Speaker 1: when those babies were killed with their teachers and nothing 103 00:06:27,040 --> 00:06:30,040 Speaker 1: was done, And so I feel like it's a horrible 104 00:06:30,080 --> 00:06:32,920 Speaker 1: case of deja vu all over again. We always feel 105 00:06:33,600 --> 00:06:37,000 Speaker 1: mildly optimistic that something's got to happen after these two 106 00:06:37,000 --> 00:06:40,200 Speaker 1: horrific killings in a matter of a week in Georgia 107 00:06:40,320 --> 00:06:43,479 Speaker 1: and then in Colorado. And yet I'm not confident we're 108 00:06:43,480 --> 00:06:45,839 Speaker 1: going to get much of anything out of a Senate 109 00:06:45,880 --> 00:06:48,480 Speaker 1: that split fifty fifty, because of course you're going to 110 00:06:48,600 --> 00:06:51,120 Speaker 1: need the ten votes that Rick is talking about, and 111 00:06:51,400 --> 00:06:55,200 Speaker 1: I struggle to find where those would come from. You know, 112 00:06:55,240 --> 00:06:59,039 Speaker 1: Mitch McConnell saying he is open to something. I think 113 00:06:59,120 --> 00:07:02,160 Speaker 1: that the politics of this are so difficult that I'm 114 00:07:02,160 --> 00:07:04,839 Speaker 1: not sure we get a bill. So I'm not optimistic. 115 00:07:05,000 --> 00:07:08,760 Speaker 1: I recognize that this is a very heated conversation. I 116 00:07:08,800 --> 00:07:13,800 Speaker 1: do want to contribute to what I feel could be 117 00:07:14,040 --> 00:07:18,440 Speaker 1: a direction this discussion in Washington takes that has further 118 00:07:18,520 --> 00:07:21,880 Speaker 1: reaching implications beyond just this subject material, and that is 119 00:07:21,920 --> 00:07:24,960 Speaker 1: the filibuster. You mentioned, Jennie that that there would need 120 00:07:25,040 --> 00:07:27,320 Speaker 1: to be a significant number of Democrats in order to 121 00:07:27,400 --> 00:07:30,840 Speaker 1: get UH beyond the filibuster and that that ap appears 122 00:07:30,880 --> 00:07:35,880 Speaker 1: to be an uphill battle given the current political UH 123 00:07:36,200 --> 00:07:40,040 Speaker 1: math in the Senate. In the upper chamber, however, that 124 00:07:40,240 --> 00:07:43,520 Speaker 1: this could amplify calls as as President Biden said in 125 00:07:43,600 --> 00:07:46,680 Speaker 1: his recent interview to ABC News on to George Stephanopolis 126 00:07:46,800 --> 00:07:49,600 Speaker 1: Rick Uh that that he wants to bring back some 127 00:07:49,680 --> 00:07:54,760 Speaker 1: type of old school filibuster reform without injecting opinion, do 128 00:07:54,840 --> 00:07:57,280 Speaker 1: you agree that this could bring back up the topic 129 00:07:57,320 --> 00:07:59,880 Speaker 1: for filibuster reform and that that could have far re 130 00:08:00,040 --> 00:08:03,880 Speaker 1: changing implications on other policy areas. No doubt that we're 131 00:08:03,920 --> 00:08:07,360 Speaker 1: seeing a pinch in the legislative calendar where the filibuster 132 00:08:07,440 --> 00:08:10,880 Speaker 1: will start to affect legislation, and and it's going to 133 00:08:10,920 --> 00:08:15,560 Speaker 1: be incumbent upon um Chuck Schumer, the majority leader, to 134 00:08:15,560 --> 00:08:18,400 Speaker 1: to broker that opening because he's the one who has 135 00:08:18,440 --> 00:08:23,440 Speaker 1: already agreed with Minority Leader Mitch McConnell for a continuation 136 00:08:23,440 --> 00:08:25,920 Speaker 1: of the filibuster rule. So if anybody's going to put 137 00:08:25,960 --> 00:08:28,040 Speaker 1: it on the table, it's going to have to be Schumer. 138 00:08:28,480 --> 00:08:30,880 Speaker 1: And I can't imagine a scenario where he could get 139 00:08:30,880 --> 00:08:33,840 Speaker 1: a deal, UH to move forward on this with Mitch 140 00:08:33,920 --> 00:08:38,400 Speaker 1: McConnell under any circumstance. And Genie, and we should note 141 00:08:38,440 --> 00:08:43,360 Speaker 1: that former President Trump actually did enact some UH changes 142 00:08:43,480 --> 00:08:47,920 Speaker 1: to its current gun control laws UH and was criticized 143 00:08:47,920 --> 00:08:49,600 Speaker 1: for it. In fact, he was on the opposite side 144 00:08:49,600 --> 00:08:51,559 Speaker 1: of the n r A, which is we should also note, 145 00:08:51,840 --> 00:08:55,360 Speaker 1: in a very different economics footing, on very different economic 146 00:08:55,360 --> 00:08:58,720 Speaker 1: footing than it was even just a couple of years ago, 147 00:08:59,640 --> 00:09:02,560 Speaker 1: keep did and and of course he remained by the 148 00:09:02,640 --> 00:09:06,120 Speaker 1: same token close to the n r A, and um, 149 00:09:06,200 --> 00:09:08,040 Speaker 1: you know, and obviously the n r A has its 150 00:09:08,080 --> 00:09:11,440 Speaker 1: own issues apart from this at this point, you know, 151 00:09:11,720 --> 00:09:15,160 Speaker 1: just back to the filibuster issue for a minute. One 152 00:09:15,200 --> 00:09:17,760 Speaker 1: of the problems I think here is that, you know, 153 00:09:18,080 --> 00:09:20,880 Speaker 1: Joe Mansion I don't think has been particularly clear, at 154 00:09:20,960 --> 00:09:22,760 Speaker 1: least in my reading of what he's saying on what 155 00:09:22,800 --> 00:09:27,480 Speaker 1: he would like to do visa visa filibuster. Similarly, Joe Biden, Um, 156 00:09:27,520 --> 00:09:31,080 Speaker 1: you know, he's expressed as more support for moving forward, 157 00:09:31,080 --> 00:09:34,680 Speaker 1: but I'm not so sure it's it's enough. And I 158 00:09:34,720 --> 00:09:37,160 Speaker 1: am not comfortable at all with the idea that we 159 00:09:37,160 --> 00:09:40,640 Speaker 1: would have any sort of major filibuster reform, unless it's 160 00:09:40,800 --> 00:09:42,840 Speaker 1: maybe a carve out, which I can't imagine they have 161 00:09:42,920 --> 00:09:45,720 Speaker 1: the votes for. So I don't see filibuster reform in 162 00:09:45,720 --> 00:09:49,080 Speaker 1: a fifty fifty split Senate myself. And just back to 163 00:09:49,160 --> 00:09:53,760 Speaker 1: the shootings. Let's not forget we have had nine of 164 00:09:53,800 --> 00:09:56,880 Speaker 1: the ten deadliest shootings in American history since the early 165 00:09:56,960 --> 00:10:00,480 Speaker 1: nineteen eighties. The crisis has gotten worse and Chriss has 166 00:10:00,520 --> 00:10:03,720 Speaker 1: been unable to act to pass any kind of sustainable, meaningful, 167 00:10:03,880 --> 00:10:07,160 Speaker 1: common sense gun control. I'm not sure what happened yesterday, unfortunately, 168 00:10:07,200 --> 00:10:10,400 Speaker 1: is going to change that. Again, just the seventh mass 169 00:10:10,440 --> 00:10:14,280 Speaker 1: killing this year in the United States. I do think, folks, 170 00:10:14,280 --> 00:10:16,400 Speaker 1: that we're going to be hearing a lot more about filibuster. 171 00:10:16,440 --> 00:10:18,760 Speaker 1: I think Democrats are going to come out particularly strong 172 00:10:19,400 --> 00:10:21,920 Speaker 1: progressives in particular, and trying to get rid of the filibuster, 173 00:10:22,040 --> 00:10:25,120 Speaker 1: and that will ignite a very partisan debate um one 174 00:10:25,120 --> 00:10:28,680 Speaker 1: that Republicans are adamantly against. They feel that the filibuster 175 00:10:28,800 --> 00:10:31,400 Speaker 1: provides a check in a balance uh and keeps the 176 00:10:31,440 --> 00:10:35,600 Speaker 1: Senate um, keeps the Senate moving at a slower pace, 177 00:10:35,679 --> 00:10:38,880 Speaker 1: and and and more seniority than the than the House 178 00:10:38,880 --> 00:10:42,240 Speaker 1: of Representatives. So definitely something that I will be keeping 179 00:10:42,240 --> 00:10:45,160 Speaker 1: my eye on. And just as a disclaimer, Michael Bloomberg, 180 00:10:45,200 --> 00:10:48,040 Speaker 1: owner of Bloomberg LP, the parent company of Bloomberg News, 181 00:10:48,120 --> 00:10:50,960 Speaker 1: is a founder of and helps fund every Town for 182 00:10:51,040 --> 00:10:54,559 Speaker 1: Gun Safety, and nonprofit that advocates for gun violence prevention 183 00:10:54,640 --> 00:10:58,240 Speaker 1: and other gun safety measures. Coming up, we pivot back 184 00:10:58,240 --> 00:11:02,360 Speaker 1: to financial policy. Congressman Friendship, member of Financial Services Committee, 185 00:11:02,440 --> 00:11:07,160 Speaker 1: joins us is from Arkansas. He heard from the top 186 00:11:07,240 --> 00:11:11,160 Speaker 1: people today on economics. I'm Kevin Surley. This is Bloomley. 187 00:11:30,240 --> 00:11:35,280 Speaker 1: This is Bloomberg Sound On with Kevin Surreley on Bloomberg Radio. 188 00:11:36,400 --> 00:11:40,400 Speaker 1: My name is Kevin Sirelli. I'm the chief Washington correspondent 189 00:11:40,520 --> 00:11:44,240 Speaker 1: for Bloomberg Television and for Bloomberg Radio. Accompanied by the 190 00:11:44,320 --> 00:11:49,240 Speaker 1: all star policy team, Rick Davis and Jennie Shanzano Bloomberg 191 00:11:49,280 --> 00:11:52,240 Speaker 1: Politics contributors. You know what my favorite question to ask 192 00:11:52,280 --> 00:11:54,400 Speaker 1: people is when I'm when I'm getting miked up in 193 00:11:54,440 --> 00:11:57,920 Speaker 1: the Russell Rotunda or the Cannon Rotunda where we do 194 00:11:57,960 --> 00:12:00,079 Speaker 1: all of our live shots on Capitol Hill. Rick, you 195 00:12:00,080 --> 00:12:02,800 Speaker 1: know what I asked people? No, what do you ask 196 00:12:02,840 --> 00:12:05,400 Speaker 1: people that? That was an easy question? Right there we go? 197 00:12:05,920 --> 00:12:08,600 Speaker 1: What are you streaming on Netflix? You know what Senator 198 00:12:08,679 --> 00:12:11,080 Speaker 1: Warren told me? Once you're ready for this? What do 199 00:12:11,120 --> 00:12:16,200 Speaker 1: you think she streams on Netflix? Any guesses, Jennie Rick Bueller? Oh, 200 00:12:16,240 --> 00:12:19,920 Speaker 1: this is a hard one, Kevin s Really, Elizabeth Warren, 201 00:12:19,960 --> 00:12:23,640 Speaker 1: I have no good quick answer for bawlers. She watches ballers, 202 00:12:23,880 --> 00:12:30,839 Speaker 1: kid you not. She's obsessed with ballers. I was watching. 203 00:12:28,520 --> 00:12:37,200 Speaker 1: I would have never picked up. Oh my gosh, keV, 204 00:12:37,320 --> 00:12:42,240 Speaker 1: keep it together, buddy, all right? Uh Rick. Over the weekend, 205 00:12:42,280 --> 00:12:46,400 Speaker 1: I was watching The Last Blockbuster, which I cannot recommend enough. 206 00:12:46,480 --> 00:12:51,320 Speaker 1: I texted our indefatigable executive producer and our other producer 207 00:12:51,440 --> 00:12:55,560 Speaker 1: Matt Shirley and Christine Rata first order there, and I said, 208 00:12:55,600 --> 00:12:58,120 Speaker 1: you have to watch this. It's incredible. It's about economics 209 00:12:58,600 --> 00:13:02,520 Speaker 1: and how technico logical access and five G access and 210 00:13:02,880 --> 00:13:06,880 Speaker 1: internet access passed over. Uh. This rural community in an 211 00:13:06,920 --> 00:13:11,760 Speaker 1: Oregon called Bend, Oregon. And UH, and next thing I know, 212 00:13:11,800 --> 00:13:16,040 Speaker 1: We've got the manager of the last ever existing brick 213 00:13:16,080 --> 00:13:18,400 Speaker 1: and mortar Blockbuster video on our show. At the end, 214 00:13:18,640 --> 00:13:20,480 Speaker 1: I'm so excited for this interview, and I can't wait 215 00:13:20,520 --> 00:13:24,400 Speaker 1: to hear it. Uh. It's an example of American capitalism 216 00:13:24,440 --> 00:13:28,120 Speaker 1: and hustle and this weird loophole that happens when access 217 00:13:28,200 --> 00:13:32,240 Speaker 1: to technology development passes over a small town. So I'm 218 00:13:32,240 --> 00:13:34,240 Speaker 1: excited for that interview. I've been really looking forward to 219 00:13:34,280 --> 00:13:38,080 Speaker 1: it all day. Another interview that I have to look 220 00:13:38,080 --> 00:13:41,439 Speaker 1: forward to. As Congressman french Hill, he is a Republican 221 00:13:41,440 --> 00:13:44,199 Speaker 1: from Arkansas. He is a member of the House Financial 222 00:13:44,240 --> 00:13:49,000 Speaker 1: Services Committee, where, of course, UH Treasury Secretary Janet Yellen 223 00:13:49,400 --> 00:13:54,080 Speaker 1: UH testified earlier today. And let's first, Congressman gets your 224 00:13:54,120 --> 00:13:57,240 Speaker 1: assessment on how the hearing went and what information you 225 00:13:57,360 --> 00:14:02,839 Speaker 1: gleaned UH for the direction of the economy. Well, Kevin, 226 00:14:02,840 --> 00:14:05,080 Speaker 1: it's good to be with you. That was quite a segue. 227 00:14:05,320 --> 00:14:09,160 Speaker 1: Happy to do with Riddick and j as well. Uh. 228 00:14:09,200 --> 00:14:12,000 Speaker 1: We were glad to have j. Powell and Janet Yelling 229 00:14:12,080 --> 00:14:15,640 Speaker 1: come to House Financial Services today to talk about oversight 230 00:14:15,800 --> 00:14:21,160 Speaker 1: of the Cares Act. Both were encouraging about the economy reopening. 231 00:14:21,200 --> 00:14:25,040 Speaker 1: That's something that all Americans share. I spent my time 232 00:14:25,120 --> 00:14:29,600 Speaker 1: talking to Janet Yelling about FLY. The Biden administration is 233 00:14:29,680 --> 00:14:34,040 Speaker 1: pushing to send forty billion dollars to China, seventeen billion 234 00:14:34,080 --> 00:14:38,440 Speaker 1: dollars to Russia, five billion dollars each to Venezuela and Iran, 235 00:14:39,120 --> 00:14:42,760 Speaker 1: and even three and ninety million to Syria. This is 236 00:14:42,840 --> 00:14:47,840 Speaker 1: Janet Yelling's strategy to supposedly helping the pandemic, but instead 237 00:14:47,920 --> 00:14:52,040 Speaker 1: they're shipping i m S International Monetary Fund resources to 238 00:14:52,160 --> 00:14:55,400 Speaker 1: some of the worst rogue state in the world. So 239 00:14:55,440 --> 00:14:59,080 Speaker 1: what did she say? She said, well, you know, we 240 00:14:59,160 --> 00:15:01,480 Speaker 1: need to have ru rules around that, we want to 241 00:15:01,520 --> 00:15:04,160 Speaker 1: work on that we want to limit their ability. But 242 00:15:04,480 --> 00:15:06,760 Speaker 1: my reading of how the i m F works, Kevin, 243 00:15:06,880 --> 00:15:09,080 Speaker 1: is you don't get to put any rules. If you 244 00:15:09,160 --> 00:15:13,960 Speaker 1: do what's called a allocation of special drawing rights SDRs, 245 00:15:14,080 --> 00:15:18,240 Speaker 1: it goes to every country just across the allocation on 246 00:15:18,280 --> 00:15:21,560 Speaker 1: a pro rada basis. You don't get to have strings attached. 247 00:15:21,880 --> 00:15:24,720 Speaker 1: And I don't think we should be giving hard currency 248 00:15:24,840 --> 00:15:30,160 Speaker 1: to big creditor countries or to rogue states without strings attached. 249 00:15:30,320 --> 00:15:33,880 Speaker 1: It's definitely a different direction from the previous administration, especially 250 00:15:33,920 --> 00:15:37,120 Speaker 1: in terms of international allocation. Let's take a listen to 251 00:15:37,160 --> 00:15:41,040 Speaker 1: some sound on the broader state of implementing at one 252 00:15:41,040 --> 00:15:44,800 Speaker 1: point nine trillion dollar COVID relief package from Secretary Yell, 253 00:15:44,840 --> 00:15:47,480 Speaker 1: and take a listen to the sound on that. With 254 00:15:47,600 --> 00:15:50,640 Speaker 1: the passage to the rescue plan, I'm confident that people 255 00:15:50,680 --> 00:15:54,200 Speaker 1: will reach the other side of this pandemic with the 256 00:15:54,240 --> 00:15:58,200 Speaker 1: foundations if their lives intact, and I believe they'll be 257 00:15:58,320 --> 00:16:01,560 Speaker 1: missed there by your growing a utomy. In fact, I 258 00:16:01,600 --> 00:16:04,920 Speaker 1: think we may see a return to full employment next year. 259 00:16:05,400 --> 00:16:08,400 Speaker 1: Congressman Hill, you, of course, we're one of the bipartisan 260 00:16:08,440 --> 00:16:12,040 Speaker 1: group of lawmakers who helped provide oversight over the previous 261 00:16:12,400 --> 00:16:14,640 Speaker 1: round of economic stimulus. I can remember talking to you 262 00:16:14,720 --> 00:16:18,720 Speaker 1: both on and offline about that. Are you confident that 263 00:16:18,800 --> 00:16:22,880 Speaker 1: there's enough oversight, that there's enough transparency on this round 264 00:16:22,920 --> 00:16:26,280 Speaker 1: of massive amount of money, nearly two trillion dollars to 265 00:16:26,320 --> 00:16:30,440 Speaker 1: make sure the taxpayers money is being well allocated. I 266 00:16:30,480 --> 00:16:34,520 Speaker 1: would say no, there's no oversight of wow trillion compared 267 00:16:34,560 --> 00:16:38,240 Speaker 1: to the cares at where there were built and suspender 268 00:16:38,400 --> 00:16:42,520 Speaker 1: oversights we had New g a O reports. We had 269 00:16:42,520 --> 00:16:45,800 Speaker 1: more Inspectors General, we had the CARES Oversight Commission, which 270 00:16:45,840 --> 00:16:49,400 Speaker 1: I still serve on. We had the oversight committees of Congress, 271 00:16:49,440 --> 00:16:55,400 Speaker 1: all carefully stewarding that UH narrowly three point eight trillion 272 00:16:55,440 --> 00:17:00,760 Speaker 1: dollars of spending. In Amazingly, this one one point trillion 273 00:17:00,920 --> 00:17:05,480 Speaker 1: doesn't have the same UH scrutiny that the CARES that does. 274 00:17:05,560 --> 00:17:08,520 Speaker 1: House Republicans are going to be pushing for scrutiny, but 275 00:17:08,600 --> 00:17:11,040 Speaker 1: we won't have some of the levers that we had 276 00:17:11,160 --> 00:17:14,200 Speaker 1: in the Tears Act. Congressman, this is Rick Davis. Thanks 277 00:17:14,200 --> 00:17:16,439 Speaker 1: for being on and UH you must have been a 278 00:17:16,560 --> 00:17:20,399 Speaker 1: fascinating day today with both the first time Chairman Powell 279 00:17:20,400 --> 00:17:23,320 Speaker 1: and Secretary Yellen. UH. We're seated together in front of 280 00:17:23,320 --> 00:17:27,440 Speaker 1: your committee. I'm curious your reaction to UH Secretary Yellen's 281 00:17:27,520 --> 00:17:30,560 Speaker 1: comments about the deficit UM. I know that there were 282 00:17:30,560 --> 00:17:33,360 Speaker 1: a lot of questions about whether or not we're creating 283 00:17:33,480 --> 00:17:35,800 Speaker 1: a hole we can't dig out of, and I think 284 00:17:35,840 --> 00:17:38,840 Speaker 1: her comments were basically, hey, look, you know, the service 285 00:17:38,880 --> 00:17:40,600 Speaker 1: cost of this is no worse than it was in 286 00:17:40,640 --> 00:17:43,520 Speaker 1: two thousand seven, so why not spend What's your reaction 287 00:17:43,560 --> 00:17:48,480 Speaker 1: to that? Well, I think she Sometimes you stand where 288 00:17:48,560 --> 00:17:51,000 Speaker 1: you stand depends on where you sit. And now she 289 00:17:51,280 --> 00:17:54,800 Speaker 1: is a political appointee inside the Biden administration, not the 290 00:17:54,880 --> 00:17:57,600 Speaker 1: chairman of the Federal Reserve or the president of San 291 00:17:57,640 --> 00:18:03,280 Speaker 1: Francisco Bank. She's suddenly hey with massive deficit spending just 292 00:18:03,359 --> 00:18:07,000 Speaker 1: because the Fed has driven the price signal and pricing 293 00:18:07,160 --> 00:18:11,080 Speaker 1: in interest rates to zero. I'm concerned because you have 294 00:18:11,200 --> 00:18:15,320 Speaker 1: to always plan financially for things reverting to what the meme, 295 00:18:15,440 --> 00:18:19,080 Speaker 1: reverting to the norm, and a four point five percent 296 00:18:19,600 --> 00:18:23,080 Speaker 1: is the ten year average Treasury costs four and a 297 00:18:23,119 --> 00:18:26,479 Speaker 1: half percent of past fifty sixty years. So that's what 298 00:18:26,520 --> 00:18:29,040 Speaker 1: we ought to be concerned about, not the fact that 299 00:18:29,080 --> 00:18:32,639 Speaker 1: it's one point six or one point seven today. So 300 00:18:32,680 --> 00:18:37,600 Speaker 1: I believe she's naive on that point. She's representing her administration, 301 00:18:38,000 --> 00:18:41,240 Speaker 1: and I'd finally say, look, this one point nine trillion 302 00:18:41,480 --> 00:18:45,000 Speaker 1: was not targeted, and I can tell you it's way 303 00:18:45,040 --> 00:18:48,840 Speaker 1: too much uh in the economy and runs the risk 304 00:18:49,000 --> 00:18:53,920 Speaker 1: is Larry Summers, said, a former Treasury secretary, of overheating 305 00:18:53,960 --> 00:18:56,960 Speaker 1: and overshooting, it's targeting. Let me play for you a 306 00:18:57,000 --> 00:18:59,440 Speaker 1: little bit of sound on that regarding inflation, because we 307 00:18:59,480 --> 00:19:03,000 Speaker 1: actually have of that bite from uh FED Chairman J. 308 00:19:03,119 --> 00:19:05,280 Speaker 1: Powell on inflation. Take a listen to the sound on 309 00:19:05,320 --> 00:19:10,359 Speaker 1: inflation inflation from FED chair J. Powell. Our best view 310 00:19:11,119 --> 00:19:14,800 Speaker 1: is that these effect on inflation will be neither particularly 311 00:19:14,880 --> 00:19:17,919 Speaker 1: large nor persistent. And part of that just is that 312 00:19:17,960 --> 00:19:21,760 Speaker 1: we've been living in a world of strong disinflationary pressures 313 00:19:21,760 --> 00:19:24,360 Speaker 1: around the world really for a quarter of a century, 314 00:19:24,400 --> 00:19:29,160 Speaker 1: and we don't think that a one time surgeons depending 315 00:19:29,240 --> 00:19:32,560 Speaker 1: leading to temporary price increases would disrupt that. However, we 316 00:19:32,680 --> 00:19:36,520 Speaker 1: have the tools to deal with that. So Representative Hill, 317 00:19:36,560 --> 00:19:38,720 Speaker 1: it's so good to talk to you. It's geniez you know, 318 00:19:38,920 --> 00:19:41,359 Speaker 1: in New York, and I'm so glad keV you just 319 00:19:41,400 --> 00:19:43,679 Speaker 1: played that because that was one thing I wanted to 320 00:19:43,680 --> 00:19:47,280 Speaker 1: ask Representative Hill about, which is this argument that that 321 00:19:47,400 --> 00:19:51,960 Speaker 1: Secretary Powell keeps making or Powell keeps making um that 322 00:19:52,160 --> 00:19:55,639 Speaker 1: inflation while it may rise, he said today in the hearing, 323 00:19:55,760 --> 00:19:58,919 Speaker 1: over the next year, it won't stay and we have 324 00:19:59,000 --> 00:20:01,720 Speaker 1: the tools to handle And as you mentioned, Larry Summers, 325 00:20:01,760 --> 00:20:05,679 Speaker 1: amongst others, has said there's about one third chance of 326 00:20:05,720 --> 00:20:08,600 Speaker 1: significant inflation over the next few years. So when you 327 00:20:09,040 --> 00:20:12,040 Speaker 1: hear Paul talk about these tools we have to handle it. 328 00:20:12,400 --> 00:20:15,439 Speaker 1: What are those tools and how confident are you that 329 00:20:15,480 --> 00:20:18,480 Speaker 1: we can handle it? Well, if you were the FED 330 00:20:18,600 --> 00:20:21,440 Speaker 1: chairman in the late or mid nineteen sixties, you might 331 00:20:21,520 --> 00:20:24,119 Speaker 1: look back over the previous thirty years and say, gosh, 332 00:20:24,160 --> 00:20:28,920 Speaker 1: I think inflation is under control except for episodic periods, 333 00:20:29,000 --> 00:20:31,119 Speaker 1: and we have the tools. And then we had the 334 00:20:31,200 --> 00:20:35,800 Speaker 1: debilitating inflation of the nineteen seventies that was brought to 335 00:20:35,840 --> 00:20:40,520 Speaker 1: an abrupt end by Paul Boker's shocking increase in interest rates, 336 00:20:40,800 --> 00:20:43,679 Speaker 1: which threw the country into at the time, the sharpest 337 00:20:43,720 --> 00:20:47,639 Speaker 1: economic downturn since the Great Depression, which was the recession 338 00:20:47,680 --> 00:20:50,840 Speaker 1: we had in the two D three times. Right. So 339 00:20:50,920 --> 00:20:53,480 Speaker 1: the tools are to raise interest rates, the tools are 340 00:20:53,520 --> 00:20:59,160 Speaker 1: to sell bond, the tools are to contract contract monetary policy, 341 00:20:59,680 --> 00:21:02,000 Speaker 1: and I think we need to make sure that market 342 00:21:02,040 --> 00:21:06,280 Speaker 1: participants understand what those are. I recognized j Pal says 343 00:21:06,359 --> 00:21:11,080 Speaker 1: that it could be transitory and not result in high 344 00:21:11,400 --> 00:21:16,320 Speaker 1: inflation expectations. But I'm concerned about it, and I think 345 00:21:16,320 --> 00:21:19,000 Speaker 1: we ought to have an open dialogue about it. We've 346 00:21:19,080 --> 00:21:25,119 Speaker 1: never had the tenure uh not yield about the nominal GDP. Well, 347 00:21:25,200 --> 00:21:27,880 Speaker 1: the nominal GDP is Kevin just points might be six 348 00:21:27,960 --> 00:21:30,480 Speaker 1: or seven percent. This year, we have a tenure at 349 00:21:30,480 --> 00:21:35,440 Speaker 1: one point seven. Traditionally, Uh, you have a two real 350 00:21:35,520 --> 00:21:38,240 Speaker 1: return on the tenure. Well, you have a negative return 351 00:21:38,320 --> 00:21:41,800 Speaker 1: today on the tenure. So these are warning signs that 352 00:21:41,960 --> 00:21:45,080 Speaker 1: we need to be very conscious about as we began 353 00:21:45,119 --> 00:21:48,399 Speaker 1: to deal with the fiscal and monetary policy impacts of 354 00:21:48,440 --> 00:21:50,840 Speaker 1: the pandemic. Well, it's so fascinating you say that. I 355 00:21:50,880 --> 00:21:53,680 Speaker 1: was just talking to my father who's retired over the weekend. 356 00:21:53,720 --> 00:21:55,720 Speaker 1: He was an attorney, and he was reminding me that 357 00:21:55,720 --> 00:21:57,760 Speaker 1: when he used to do a lot of house closings 358 00:21:57,760 --> 00:22:00,679 Speaker 1: in like the sixties and the seventies, you sometimes have 359 00:22:00,800 --> 00:22:04,680 Speaker 1: interest rates, you know, around twenty percent, which was debilitating 360 00:22:04,720 --> 00:22:07,600 Speaker 1: for people. Do you think part of the problem here 361 00:22:07,720 --> 00:22:11,600 Speaker 1: is that this generation we haven't lived through that many 362 00:22:11,720 --> 00:22:16,640 Speaker 1: the my students for instance, and this big generation. Um, 363 00:22:16,800 --> 00:22:19,439 Speaker 1: do you think that there's a problem because we don't 364 00:22:19,480 --> 00:22:23,800 Speaker 1: remember quite clearly what that how debilitating that inflation can be. 365 00:22:25,080 --> 00:22:27,920 Speaker 1: It's possible and I don't remember. Let me just before 366 00:22:27,920 --> 00:22:30,399 Speaker 1: you answer that, that's a great point, because you know, 367 00:22:30,520 --> 00:22:33,120 Speaker 1: you think of we've had two economic collapses of pandemic 368 00:22:33,200 --> 00:22:35,960 Speaker 1: nine eleven, and whatnot. But you're absolutely correct. I don't think, 369 00:22:36,240 --> 00:22:38,879 Speaker 1: not that I'm speaking for an entire generation, but I 370 00:22:38,920 --> 00:22:41,720 Speaker 1: don't think that people understand the risks of inflation. Go ahead, Congressman. 371 00:22:41,720 --> 00:22:44,760 Speaker 1: I didn't mean to interrupt a great point. Professors ain't. No, No, 372 00:22:45,160 --> 00:22:48,840 Speaker 1: the professor is right, because that is J. Pal's point 373 00:22:49,000 --> 00:22:54,119 Speaker 1: about embedded high inflation expectations. We've have been in a 374 00:22:54,400 --> 00:22:58,439 Speaker 1: falling bond plight, I mean a rising bond price falling 375 00:22:58,560 --> 00:23:03,000 Speaker 1: yield since so essentially almost forty years. Essentially, the direction 376 00:23:03,040 --> 00:23:06,679 Speaker 1: of bond prices has been higher, yields has been lower, 377 00:23:07,240 --> 00:23:10,879 Speaker 1: and so there's this, and we've seen controlled inflation for 378 00:23:10,920 --> 00:23:14,600 Speaker 1: the most part, uh since the nineteen eighties. So I 379 00:23:14,880 --> 00:23:17,320 Speaker 1: agree that that's one of the things in J. Pale's 380 00:23:17,400 --> 00:23:21,879 Speaker 1: argument favor. But I would simply argue, history can can 381 00:23:22,080 --> 00:23:24,320 Speaker 1: make a fool out of all of us. And when 382 00:23:24,359 --> 00:23:28,560 Speaker 1: you have a increase in the end to money supply, 383 00:23:28,960 --> 00:23:33,040 Speaker 1: commodity prices rising the ten year yield out of sync 384 00:23:33,080 --> 00:23:37,600 Speaker 1: with its historic norms, you have market signals that tell 385 00:23:37,680 --> 00:23:42,159 Speaker 1: me that you know, inflation expectations are are increasing, and 386 00:23:42,240 --> 00:23:44,280 Speaker 1: we ought to just be aware of that. And also 387 00:23:44,359 --> 00:23:47,119 Speaker 1: people should be aware of what the Fed's reaction to 388 00:23:47,280 --> 00:23:51,320 Speaker 1: it if we did have, say, in a few years, 389 00:23:51,640 --> 00:23:56,040 Speaker 1: sustained inflation well above their two percent targets. Front show 390 00:23:56,160 --> 00:23:59,719 Speaker 1: is with us. He is a Republican from Arkansas. UH. 391 00:23:59,800 --> 00:24:04,840 Speaker 1: He also was the Executive Secretary to President George H. W. 392 00:24:05,000 --> 00:24:10,520 Speaker 1: Bush's Economic Policy Council between and nine, as well as 393 00:24:10,920 --> 00:24:14,600 Speaker 1: as well as the Deputy Assistant Secretary of the Treasury 394 00:24:14,640 --> 00:24:19,440 Speaker 1: for Corporate Finance UH and the and and has served 395 00:24:20,880 --> 00:24:23,360 Speaker 1: as the at the in the Budget Office as well. 396 00:24:23,400 --> 00:24:27,159 Speaker 1: So he has a widespread, uh, plethora of experience and 397 00:24:27,280 --> 00:24:31,439 Speaker 1: someone who I've interviewed now for many many years. I feel, uh, Congressman, 398 00:24:31,680 --> 00:24:33,800 Speaker 1: I want to talk about the salt cap because that 399 00:24:33,960 --> 00:24:35,800 Speaker 1: also came up, and I know a lot of folks 400 00:24:35,840 --> 00:24:39,480 Speaker 1: in our audience are interested in that. US Treasury Secretary 401 00:24:39,560 --> 00:24:42,200 Speaker 1: Janet Yellen pledged to work with Congress to ease the 402 00:24:42,359 --> 00:24:45,840 Speaker 1: ten thousand dollar cap on state and local tax deductions, 403 00:24:45,920 --> 00:24:47,959 Speaker 1: and that's been a key area of focus for New 404 00:24:48,040 --> 00:24:50,600 Speaker 1: York and New Jersey lawmakers in recent years. What do 405 00:24:50,680 --> 00:24:52,880 Speaker 1: we glean from that. I know that's not your neck 406 00:24:52,880 --> 00:24:55,879 Speaker 1: of the woods, but but but from from the salt 407 00:24:55,920 --> 00:25:00,359 Speaker 1: cap perspective. Well, when the tax shot, tax cuts and 408 00:25:00,440 --> 00:25:02,520 Speaker 1: jobs at went into play son in the law by 409 00:25:02,560 --> 00:25:04,919 Speaker 1: President Trump. The idea was that you would try to 410 00:25:05,000 --> 00:25:08,480 Speaker 1: make as many taxpayers as possible better off. They take 411 00:25:08,520 --> 00:25:12,399 Speaker 1: the standard deduction, they would have a lower rate or 412 00:25:12,440 --> 00:25:16,159 Speaker 1: some combination there. Up, child tax credit was expanded. Every 413 00:25:16,200 --> 00:25:20,640 Speaker 1: income bracket benefited from that. The tax code was more progressive. 414 00:25:21,560 --> 00:25:24,320 Speaker 1: One of the nuances and that was a high tax 415 00:25:24,400 --> 00:25:27,720 Speaker 1: state where you have high state income taxes and high 416 00:25:27,720 --> 00:25:32,879 Speaker 1: property taxes which are normally deducted from your federal income taxes. 417 00:25:33,400 --> 00:25:37,560 Speaker 1: That was capped, and of course that penalizes very high 418 00:25:37,640 --> 00:25:41,160 Speaker 1: tax states like New York or New Jersey. And yet 419 00:25:41,359 --> 00:25:46,080 Speaker 1: many many other Americans benefited. And you know, hard working, uh, 420 00:25:46,160 --> 00:25:48,959 Speaker 1: some hard working people not at the higher income levels 421 00:25:48,960 --> 00:25:52,040 Speaker 1: in New York and New Jersey were okay, not great, 422 00:25:52,080 --> 00:25:56,960 Speaker 1: but okay. So Ever, since that time, Speaker Pelosi representing California, 423 00:25:57,040 --> 00:26:00,000 Speaker 1: Chuck Schumer representing New York have been trying to reverse 424 00:26:00,320 --> 00:26:03,520 Speaker 1: this and get their high income tax players in New 425 00:26:03,600 --> 00:26:06,440 Speaker 1: York and California essentially subsidius by the rest of the 426 00:26:06,520 --> 00:26:09,320 Speaker 1: tax players in the country. Let's talk about taxes. Let's 427 00:26:09,359 --> 00:26:12,680 Speaker 1: keep it on taxes and broaden this conversation with Genie 428 00:26:12,680 --> 00:26:15,080 Speaker 1: and Wreck on infrastructure and the way that we're going 429 00:26:15,119 --> 00:26:18,040 Speaker 1: to pay for infrastructure. And that's what really so much 430 00:26:18,080 --> 00:26:21,400 Speaker 1: divide is Democrats, as you know, congressmen have had proposed 431 00:26:21,480 --> 00:26:25,080 Speaker 1: raising taxes not just on billionaires and ultra millionaires, but 432 00:26:25,320 --> 00:26:28,160 Speaker 1: also on high income earners who earn more than four 433 00:26:28,200 --> 00:26:32,679 Speaker 1: hundred thousand dollars annually to pay for a three trillion 434 00:26:32,760 --> 00:26:37,199 Speaker 1: dollar infrastructure package. Now, when I talk to folks like yourself, 435 00:26:37,320 --> 00:26:41,040 Speaker 1: both on and offline, that is I don't want to 436 00:26:41,160 --> 00:26:46,280 Speaker 1: I mean, is that a nonstarter. Well, it's a good question. 437 00:26:46,320 --> 00:26:49,200 Speaker 1: We've seen no plans on this. We don't know if 438 00:26:49,280 --> 00:26:53,440 Speaker 1: infrastructure for the Democrats means urban mass transit and green 439 00:26:53,520 --> 00:26:57,080 Speaker 1: new deal or if it really is an enhanced highway 440 00:26:57,080 --> 00:26:59,760 Speaker 1: and road package that benefits the whole country. That's a 441 00:27:00,400 --> 00:27:03,520 Speaker 1: that's a mystery. On the tax raising, there seems to 442 00:27:03,560 --> 00:27:06,919 Speaker 1: be no limit of ideas on raising revenue on the 443 00:27:06,960 --> 00:27:09,040 Speaker 1: part of the Democrats. You have the two percent wealth 444 00:27:09,119 --> 00:27:12,679 Speaker 1: tax promoted by a Senator Warren. You have a securities 445 00:27:12,720 --> 00:27:17,000 Speaker 1: transaction tax being proposed. You have moving the corporate rate 446 00:27:17,040 --> 00:27:21,960 Speaker 1: closer from the tax cuts and jobs at competitive level. 447 00:27:22,440 --> 00:27:25,320 Speaker 1: You have moving the personal income tax rate up for 448 00:27:25,960 --> 00:27:29,520 Speaker 1: incomes over four hundred dollars. You have a tax on 449 00:27:29,720 --> 00:27:32,400 Speaker 1: I ras that are over a million dollars. A lot 450 00:27:32,400 --> 00:27:36,160 Speaker 1: of taxes. Yeah, and a carbon tax. We can keep 451 00:27:36,160 --> 00:27:38,240 Speaker 1: going on. We have a we have a mileage tax 452 00:27:38,359 --> 00:27:40,880 Speaker 1: so that you electric car. I don't want to drive 453 00:27:40,920 --> 00:27:44,119 Speaker 1: anybody off the road. Go ahead, Congressman. No, No, I 454 00:27:44,119 --> 00:27:46,840 Speaker 1: mean people are people are parking now and they're trying 455 00:27:46,880 --> 00:27:50,320 Speaker 1: to find a local pub to go into. That sounds 456 00:27:50,359 --> 00:27:53,960 Speaker 1: like they'll probably tax that too soon. Congressman. I know, 457 00:27:54,160 --> 00:27:57,479 Speaker 1: I know there was actually conversation even today from Janet 458 00:27:57,520 --> 00:28:01,040 Speaker 1: Yelling your committee in response to some questions whether or 459 00:28:01,080 --> 00:28:03,800 Speaker 1: not these stimulus funds could be used offset tax cuts 460 00:28:03,920 --> 00:28:06,200 Speaker 1: at the state level. And I know that a lot 461 00:28:06,200 --> 00:28:08,480 Speaker 1: of the conversation with fat as tax increases. But I'm 462 00:28:08,520 --> 00:28:11,320 Speaker 1: curious whether you were convinced that the administration is going 463 00:28:11,359 --> 00:28:13,040 Speaker 1: to come up with a plan that gives so many 464 00:28:13,119 --> 00:28:15,720 Speaker 1: states relief to be able to use the funds that 465 00:28:15,760 --> 00:28:17,920 Speaker 1: they've received in the stimulus bill to be able to 466 00:28:17,960 --> 00:28:21,320 Speaker 1: cut some taxes. Well, that's a that's an important point 467 00:28:21,359 --> 00:28:24,240 Speaker 1: here in Arkansas. Our General Assembly is meeting right now, 468 00:28:24,280 --> 00:28:27,920 Speaker 1: and they're proposing to drop the personal rate a couple 469 00:28:27,960 --> 00:28:30,879 Speaker 1: of tempts to percent. This has been a phazing decline 470 00:28:30,880 --> 00:28:35,280 Speaker 1: of our personal income tax rate down significantly over Governor 471 00:28:35,359 --> 00:28:39,600 Speaker 1: Hutchinson's leadership. He was shot to lead reports that the 472 00:28:39,720 --> 00:28:45,040 Speaker 1: quote American Rescue Package closed quote prohibits him from making 473 00:28:45,560 --> 00:28:49,040 Speaker 1: uh tax cuts for Arkansas families. This is a statement 474 00:28:49,080 --> 00:28:51,400 Speaker 1: has a balanced budget. This is a state whose tax 475 00:28:51,440 --> 00:28:55,000 Speaker 1: revenues are up over the past year, not down. And 476 00:28:55,080 --> 00:28:59,480 Speaker 1: so he found that insulting and ridiculous. So we'll see 477 00:28:59,480 --> 00:29:03,400 Speaker 1: what and at Yellen's responses on helping states that want 478 00:29:03,440 --> 00:29:06,880 Speaker 1: to lower tax burdens for their citizens are not prohibited 479 00:29:06,920 --> 00:29:09,960 Speaker 1: from doing so. Representative Hell, let me just ask you 480 00:29:09,960 --> 00:29:13,040 Speaker 1: about the politics of this infrastructure bill as we look 481 00:29:13,080 --> 00:29:15,720 Speaker 1: at it. One thing we've heard is that there is 482 00:29:15,760 --> 00:29:18,760 Speaker 1: a suggestion by Ron Clean and some others that this 483 00:29:18,800 --> 00:29:20,720 Speaker 1: may need to be split in many bills. And we 484 00:29:20,840 --> 00:29:23,520 Speaker 1: know that they only have one more shot at reconciliation 485 00:29:23,640 --> 00:29:27,000 Speaker 1: this year. So do you see any way in which 486 00:29:27,040 --> 00:29:31,080 Speaker 1: Republicans cooperate on a portion that they can agree on 487 00:29:31,400 --> 00:29:33,560 Speaker 1: when they know coming down the pike would be on 488 00:29:33,640 --> 00:29:37,880 Speaker 1: reconciliation potentially other parts in including social welfare that they 489 00:29:37,920 --> 00:29:40,200 Speaker 1: couldn't agree on. Or do you think this thing is 490 00:29:40,240 --> 00:29:42,800 Speaker 1: going to be dead on arrival for Republicans because they 491 00:29:42,840 --> 00:29:47,720 Speaker 1: know that reconciliation is coming down the pike at some point. Well, Jina, 492 00:29:47,840 --> 00:29:49,600 Speaker 1: you know, I don't know, because I don't know what 493 00:29:49,720 --> 00:29:54,680 Speaker 1: Speaker Pelosi's ultimate strategy is. If you said, could there 494 00:29:54,720 --> 00:29:59,440 Speaker 1: be bob artisans support for uh, the five year reauthorization 495 00:29:59,480 --> 00:30:03,040 Speaker 1: of the high Way Bill with some additional uh, you know, 496 00:30:03,840 --> 00:30:08,800 Speaker 1: broadband and other infrastructure type policies, they're potentially could be. 497 00:30:08,960 --> 00:30:11,400 Speaker 1: But if you're going to do a partisan approach with 498 00:30:11,440 --> 00:30:16,760 Speaker 1: no Republican amendments, raised taxes across the board on corporations 499 00:30:16,840 --> 00:30:22,040 Speaker 1: and entrepreneurs and in other ways, UH and impose essentially 500 00:30:22,120 --> 00:30:25,880 Speaker 1: a social Green New Deal compact under the guise of 501 00:30:25,920 --> 00:30:28,480 Speaker 1: an infrastructure bill, I think it will be tough to 502 00:30:28,520 --> 00:30:31,920 Speaker 1: get strong nompartisan support for that, which is a nice 503 00:30:31,920 --> 00:30:34,760 Speaker 1: way of saying it's going nowhere. Congressman Friendshill, all right, 504 00:30:34,840 --> 00:30:39,440 Speaker 1: so what are you watching on Netflix? I am watching 505 00:30:39,640 --> 00:30:43,040 Speaker 1: Turn because I'm a history nerd. What's a history? No? Wait, 506 00:30:43,080 --> 00:30:48,760 Speaker 1: what's turn? Turn is the Washington Spy ring from the 507 00:30:48,800 --> 00:30:53,680 Speaker 1: Revolutionary War in New York. And and you know, I've 508 00:30:53,680 --> 00:30:55,880 Speaker 1: had so much fun. I'm the only member of my 509 00:30:55,960 --> 00:30:59,040 Speaker 1: family to do so there. Otherwise I'm most competing last 510 00:30:59,120 --> 00:31:05,440 Speaker 1: night with a repo fankling around my Wait, this looks great. 511 00:31:05,480 --> 00:31:07,719 Speaker 1: I just pulled it up on the not on the terminal, 512 00:31:07,760 --> 00:31:11,920 Speaker 1: but on the on the on the browser. Turn Washington Spies. 513 00:31:12,000 --> 00:31:15,080 Speaker 1: Set in seventeen seventy eight, this period drama recounts the 514 00:31:15,080 --> 00:31:19,040 Speaker 1: story of Abe Woodhole, an American cabbage farmer obliged to 515 00:31:19,040 --> 00:31:22,240 Speaker 1: begin spying on the British enemy. I just finished McCullough's 516 00:31:22,600 --> 00:31:27,120 Speaker 1: seventeen seventy six Congressman A rereading them. Yeah, I feel 517 00:31:27,120 --> 00:31:30,200 Speaker 1: like I'm now ready. Congressman, it's always a pleasure. Thank 518 00:31:30,240 --> 00:31:32,920 Speaker 1: you so much for making the time for us. Appreciate it. 519 00:31:33,800 --> 00:31:37,520 Speaker 1: That was Congressman french Hill. He's a Republican from Arkansas wreck. 520 00:31:38,000 --> 00:31:40,640 Speaker 1: You know you hear that. And I don't know. My 521 00:31:40,720 --> 00:31:43,800 Speaker 1: assessment now is that infrastructure it's even more. It's not 522 00:31:43,840 --> 00:31:47,160 Speaker 1: just an uphill climb, it's like an uphill trek on 523 00:31:47,280 --> 00:31:50,719 Speaker 1: Mount Everest. To get a three trillion dollar stimulus on 524 00:31:50,760 --> 00:31:54,160 Speaker 1: an or three trillion dollar on infrastructure through Yeah, Kevin, 525 00:31:54,200 --> 00:31:58,280 Speaker 1: I think you you mentioned it. Um, the administration, chief staff, 526 00:31:58,320 --> 00:32:02,080 Speaker 1: Ron client. They're all trying to figure out what pieces 527 00:32:02,120 --> 00:32:06,920 Speaker 1: of the Build Back Better plan that President Biden has 528 00:32:07,040 --> 00:32:10,840 Speaker 1: might fit into getting some Republican votes. All right, coming up, 529 00:32:11,440 --> 00:32:14,000 Speaker 1: we head out to Oregon. I'm kept on the Oregon Trail. 530 00:32:14,080 --> 00:32:17,640 Speaker 1: I'm Kevin CURRELLI, but the all Star policy panel, Rick 531 00:32:17,680 --> 00:32:35,640 Speaker 1: and Jennie. This is Bloomberg. This is Bloomberg. Sound On 532 00:32:35,960 --> 00:32:41,200 Speaker 1: with Kevin Surrel on Bloomberg Radio. I'm Kevin CURRELLI, Chief 533 00:32:41,200 --> 00:32:45,520 Speaker 1: Washington correspondent for Bloomberg Television and for Bloomberg Radio, accompanied 534 00:32:45,520 --> 00:32:49,240 Speaker 1: by the Bloomberg Politics contributor Rick Davis and Jeannie seawan 535 00:32:49,480 --> 00:32:52,360 Speaker 1: Z No. Tom Keene, my friend and mentor who's on 536 00:32:52,440 --> 00:32:55,520 Speaker 1: vacation this week. He always tells me to read everything. 537 00:32:55,560 --> 00:32:58,760 Speaker 1: I go, Tom, that's impossible, he goes read everything. Well, 538 00:32:58,800 --> 00:33:01,440 Speaker 1: I watch everything to Tom m In this weekend, I 539 00:33:01,480 --> 00:33:05,520 Speaker 1: was watching Netflix and it's one of the most view 540 00:33:05,720 --> 00:33:10,120 Speaker 1: documentaries in the country. It's called The Last Blockbuster, and 541 00:33:10,160 --> 00:33:12,920 Speaker 1: I got all nostalgic, you know, I was thinking of 542 00:33:12,960 --> 00:33:15,640 Speaker 1: my grant, my late grandmother, Mimi grew up in Scranton, 543 00:33:15,680 --> 00:33:19,000 Speaker 1: Pennsylvania before she moved to Delco, and she would take 544 00:33:19,000 --> 00:33:23,360 Speaker 1: me to Blockbuster, Remember Blockbuster and the blue and the Yellow, 545 00:33:24,160 --> 00:33:28,440 Speaker 1: and they always had the popcorn and the soda. So 546 00:33:28,480 --> 00:33:31,040 Speaker 1: then I watched this It's so well done, and uh 547 00:33:31,600 --> 00:33:34,400 Speaker 1: we got We have our next guest, who is now 548 00:33:34,480 --> 00:33:38,080 Speaker 1: the owner of the Last Blockbuster, the general manager. I 549 00:33:38,120 --> 00:33:42,120 Speaker 1: apologize that the general manager of the last Blockbuster in 550 00:33:42,200 --> 00:33:46,120 Speaker 1: the country in the world. At their peak, they had 551 00:33:46,200 --> 00:33:51,280 Speaker 1: nine thousand stores. Now they just have one in Bend, Oregon. 552 00:33:51,400 --> 00:33:54,520 Speaker 1: Take a listen to a sound on this incredible documentary. 553 00:33:54,560 --> 00:33:58,080 Speaker 1: I cannot recommend it enough called The Last Blockbuster from Netflix. 554 00:33:58,160 --> 00:34:01,000 Speaker 1: Here's a little bit about our next guest. Sandy is 555 00:34:01,040 --> 00:34:03,640 Speaker 1: an amazing human being. Like the second or third time 556 00:34:03,680 --> 00:34:05,760 Speaker 1: I ever met her in my life, she started treating 557 00:34:05,760 --> 00:34:09,120 Speaker 1: me like family. Um, if you go to this Blockbuster 558 00:34:09,520 --> 00:34:12,200 Speaker 1: and they don't have the movie you want, Sandy will 559 00:34:12,280 --> 00:34:14,759 Speaker 1: literally just go and buy it and then they will 560 00:34:14,800 --> 00:34:17,960 Speaker 1: have it from then on. Sandy has absolutely been keen 561 00:34:18,000 --> 00:34:20,279 Speaker 1: in the last few years that she has been there 562 00:34:20,320 --> 00:34:23,240 Speaker 1: because she's taken it to heart. She likes it, and 563 00:34:24,160 --> 00:34:28,680 Speaker 1: the people like her and and as the Oregonian, the 564 00:34:28,800 --> 00:34:32,560 Speaker 1: local newspaper in Oregon, puts it about this documentary, one 565 00:34:32,560 --> 00:34:36,439 Speaker 1: of the most intriguing aspects of the Last Blockbuster, which 566 00:34:36,480 --> 00:34:40,000 Speaker 1: is a UH, is that it is how well the 567 00:34:40,080 --> 00:34:44,680 Speaker 1: filmmakers explained the economic factors that ultimately spelled doom for 568 00:34:44,840 --> 00:34:48,799 Speaker 1: video stores. It's more complicated, it turns out, than Netflix 569 00:34:48,960 --> 00:34:52,280 Speaker 1: big footing video stores and driving them out of business. 570 00:34:52,719 --> 00:34:56,920 Speaker 1: Corporate greed, bad management decisions, and one major missed opportunity 571 00:34:56,920 --> 00:35:00,239 Speaker 1: are all involved. For Sandy, you have hung on. Thank 572 00:35:00,280 --> 00:35:02,520 Speaker 1: you so much for joining our program. How have you 573 00:35:02,600 --> 00:35:06,160 Speaker 1: been able to do it as a small business? Well, 574 00:35:06,160 --> 00:35:09,080 Speaker 1: thank you for quite an introduction there that was fantastic 575 00:35:09,200 --> 00:35:12,000 Speaker 1: and and it's it's just so sweet. Um, all the 576 00:35:12,120 --> 00:35:15,400 Speaker 1: wonderful feedback I've been getting, so thank you. UM. You know, 577 00:35:15,680 --> 00:35:17,560 Speaker 1: I think a lot of it is hard work. UM. 578 00:35:17,560 --> 00:35:19,200 Speaker 1: I wish I could say I was a one woman show. 579 00:35:19,280 --> 00:35:21,960 Speaker 1: I am not. Have an amazing team of people working 580 00:35:22,000 --> 00:35:25,120 Speaker 1: with me, um, and great owners that support all the 581 00:35:25,160 --> 00:35:28,839 Speaker 1: decisions that I make. UM, and wonderful community support too. 582 00:35:29,239 --> 00:35:31,360 Speaker 1: You know, at the end of the day, if customers 583 00:35:31,400 --> 00:35:33,839 Speaker 1: aren't coming into rent, no matter how hard I work, 584 00:35:33,920 --> 00:35:36,040 Speaker 1: no matter how many times I run out and buy movies, 585 00:35:36,280 --> 00:35:38,040 Speaker 1: it is not going to make a difference. We have 586 00:35:38,160 --> 00:35:40,200 Speaker 1: to have the community support. So I think that's a 587 00:35:40,200 --> 00:35:42,279 Speaker 1: big key in it. And then of course some some 588 00:35:42,400 --> 00:35:44,320 Speaker 1: pure dumb luck too. I mean, who thought that we 589 00:35:44,320 --> 00:35:48,560 Speaker 1: would ever outlast the Alaska stores? Um? I certainly didn't. 590 00:35:48,880 --> 00:35:50,880 Speaker 1: And so I think, um, it has a little bit 591 00:35:50,880 --> 00:35:53,520 Speaker 1: of luck in there too. Well, it's also fascinating just 592 00:35:53,600 --> 00:35:56,200 Speaker 1: as as we talk frequently on the show about globalism, 593 00:35:56,239 --> 00:36:00,160 Speaker 1: about capitalism and just the dynamics. You call it luck, 594 00:36:00,239 --> 00:36:03,400 Speaker 1: but there also are some economic currents here in which 595 00:36:03,760 --> 00:36:08,560 Speaker 1: what do you think makes Bend, Oregon economically uh possible 596 00:36:08,640 --> 00:36:12,600 Speaker 1: for it to have the last Blockbuster? Well, I think 597 00:36:12,680 --> 00:36:15,319 Speaker 1: that the tourism helps. I mean, we definitely have. I mean, 598 00:36:15,400 --> 00:36:17,040 Speaker 1: it's a beautiful place. If you've never been to Bend, 599 00:36:17,080 --> 00:36:20,239 Speaker 1: it's just an absolutely beautiful place. Um. But you know, 600 00:36:20,719 --> 00:36:24,920 Speaker 1: we really do support local here. It's really important to 601 00:36:25,160 --> 00:36:28,000 Speaker 1: our um, I don't know, to our day to day lives. 602 00:36:28,040 --> 00:36:30,359 Speaker 1: We have a lot of small local businesses and we 603 00:36:30,400 --> 00:36:33,200 Speaker 1: really rally behind them and try to keep them open. 604 00:36:33,200 --> 00:36:35,439 Speaker 1: And that's something I'm very proud to be a part 605 00:36:35,480 --> 00:36:38,920 Speaker 1: of the Bend community for that reason, Um that you're right. 606 00:36:38,960 --> 00:36:41,360 Speaker 1: I mean, things always ebb and flow. And you know, 607 00:36:41,400 --> 00:36:43,880 Speaker 1: I know we was talking earlier to somebody about final 608 00:36:43,920 --> 00:36:46,000 Speaker 1: records and how they're kind of coming, you know, having 609 00:36:46,040 --> 00:36:47,799 Speaker 1: a little bit of a nostalgic come back as well. 610 00:36:47,840 --> 00:36:51,160 Speaker 1: And and I think that you know, people, especially during COVID, 611 00:36:51,760 --> 00:36:54,600 Speaker 1: really got tired of sitting at home. And I think 612 00:36:54,640 --> 00:36:56,520 Speaker 1: that you know, the last year, you know, it was 613 00:36:56,560 --> 00:36:59,720 Speaker 1: really challenging for small businesses, and and we certainly felt 614 00:36:59,719 --> 00:37:03,560 Speaker 1: those um challenges, especially when movies weren't being produced in 615 00:37:03,920 --> 00:37:05,520 Speaker 1: and being put into the theater. I mean, that's a 616 00:37:05,600 --> 00:37:07,480 Speaker 1: huge thing for us. And if there's no movies coming out, 617 00:37:07,600 --> 00:37:09,600 Speaker 1: we don't have movies to buy on Tuesday to bring 618 00:37:09,600 --> 00:37:12,120 Speaker 1: in here for our customers. So we had to adapt 619 00:37:12,160 --> 00:37:14,560 Speaker 1: and change and and come with some different game plans 620 00:37:14,560 --> 00:37:17,040 Speaker 1: for what we're going to offer, you know, our customers. 621 00:37:17,080 --> 00:37:21,719 Speaker 1: And and you know, it definitely comes and goes and 622 00:37:21,719 --> 00:37:24,880 Speaker 1: and everything. We're very grateful for the amount of nostalgia 623 00:37:24,920 --> 00:37:27,799 Speaker 1: that people feel for Blockbuster and the coverage that we 624 00:37:27,840 --> 00:37:31,239 Speaker 1: get from news outlets and you know, um, different people 625 00:37:31,320 --> 00:37:33,160 Speaker 1: like you that that really care enough to have us 626 00:37:33,200 --> 00:37:35,960 Speaker 1: on your program, and you know, those kind of things 627 00:37:36,000 --> 00:37:38,680 Speaker 1: definitely help, but but it's it's people are tired of 628 00:37:38,680 --> 00:37:41,040 Speaker 1: sitting at home. People are tired of those algorithms and 629 00:37:41,080 --> 00:37:43,520 Speaker 1: going through Netflix for the you know, hundreds of time 630 00:37:43,600 --> 00:37:46,200 Speaker 1: or Prime video or whatever you have, and people want 631 00:37:46,239 --> 00:37:48,440 Speaker 1: that social interaction. So I think that that's something that 632 00:37:48,480 --> 00:37:51,360 Speaker 1: we still offer. Sandy, it's so good to talk to you. 633 00:37:51,400 --> 00:37:54,080 Speaker 1: This is Jeanie Schanzano in New York and I too 634 00:37:54,200 --> 00:37:58,040 Speaker 1: worked at a Blockbuster. So I when Kevin cur really 635 00:37:58,080 --> 00:38:00,560 Speaker 1: said you must see this. I I've watched it was 636 00:38:00,560 --> 00:38:04,840 Speaker 1: actually my first job ever. Um and when I watched 637 00:38:04,880 --> 00:38:08,759 Speaker 1: it incredibly nostalgic and you were so moving in it, 638 00:38:08,800 --> 00:38:12,160 Speaker 1: and I just wanted to ask you. Um. You mentioned 639 00:38:12,600 --> 00:38:16,200 Speaker 1: the difficulties, um, that small businesses have faced. We've heard 640 00:38:16,239 --> 00:38:19,600 Speaker 1: statistics four hundred thousands shut down during COVID, and you 641 00:38:19,680 --> 00:38:23,040 Speaker 1: mentioned what a small business community there is in Bend. 642 00:38:23,440 --> 00:38:26,919 Speaker 1: How have you guys worked together to get through this 643 00:38:27,440 --> 00:38:30,920 Speaker 1: uh difficult time and how do you see coming out 644 00:38:30,920 --> 00:38:34,480 Speaker 1: of it, particularly if for instance, you stopped being able 645 00:38:34,520 --> 00:38:37,279 Speaker 1: to you know, buy DVDs and videos if they're not 646 00:38:37,400 --> 00:38:39,799 Speaker 1: made going forward, are you going to diversify or how 647 00:38:39,840 --> 00:38:42,520 Speaker 1: is this going to work. You know, I really don't 648 00:38:42,520 --> 00:38:44,720 Speaker 1: know the answer to that. I wish that I had. 649 00:38:44,480 --> 00:38:47,359 Speaker 1: I knew what was going to happen, And I think 650 00:38:47,400 --> 00:38:51,040 Speaker 1: it's all about just adjusting. You know, we didn't know 651 00:38:51,080 --> 00:38:53,160 Speaker 1: what was going to happen after the Red Box game. 652 00:38:53,680 --> 00:38:55,320 Speaker 1: We didn't know what was going to happen after Serving 653 00:38:55,400 --> 00:38:59,359 Speaker 1: Services took you know, took over in the entertainment world. Um. 654 00:38:59,400 --> 00:39:01,399 Speaker 1: And it's just all about adapting. You know. We knew 655 00:39:01,440 --> 00:39:04,640 Speaker 1: we couldn't compete with those things. We know that we can't. 656 00:39:04,760 --> 00:39:07,080 Speaker 1: We have no control over what's happening in Hollywood. We 657 00:39:07,080 --> 00:39:09,600 Speaker 1: have no control over, you know, the decisions that they 658 00:39:09,640 --> 00:39:11,799 Speaker 1: make as far as how they're you know, getting the 659 00:39:11,800 --> 00:39:14,480 Speaker 1: movies out to customers. Um. So we just have to 660 00:39:14,560 --> 00:39:17,840 Speaker 1: kind of roll with the punches. And I'm not really sure, 661 00:39:18,280 --> 00:39:20,280 Speaker 1: um what we do we would do if they stopped 662 00:39:20,280 --> 00:39:23,040 Speaker 1: making DVDs altogether. I really have a hard time believing 663 00:39:23,080 --> 00:39:25,839 Speaker 1: that that's going to happen anytime soon. I definitely think 664 00:39:25,880 --> 00:39:28,759 Speaker 1: it's probably going to be down the road. Um. But 665 00:39:28,960 --> 00:39:30,880 Speaker 1: we're just going to keep doing what we're doing for 666 00:39:31,000 --> 00:39:33,080 Speaker 1: now and and just kind of you know, feel it 667 00:39:33,120 --> 00:39:36,120 Speaker 1: out and see what happens. Hey, this is Rick Davis 668 00:39:36,200 --> 00:39:38,320 Speaker 1: and Washington. Thanks so much for being on and I 669 00:39:38,520 --> 00:39:41,400 Speaker 1: I too enjoyed the documentary and I spent a lot 670 00:39:41,480 --> 00:39:43,600 Speaker 1: of time. I didn't ever work in a Blockbuster, but 671 00:39:43,680 --> 00:39:46,320 Speaker 1: my kids spent a lot of time browsing the aisles. 672 00:39:47,040 --> 00:39:49,920 Speaker 1: And I'm sure, like like everyone I've ever been in, 673 00:39:50,040 --> 00:39:52,960 Speaker 1: it's a very family friendly place. I saw how you 674 00:39:53,800 --> 00:39:57,120 Speaker 1: became just an institution in the community, and I think 675 00:39:57,160 --> 00:39:59,839 Speaker 1: that's great. And as part of my question is up, 676 00:40:00,280 --> 00:40:03,040 Speaker 1: how have you seen the customer choices over time? I 677 00:40:03,120 --> 00:40:07,120 Speaker 1: mean you've gone through different technologies, you know, the vhs 678 00:40:07,239 --> 00:40:10,760 Speaker 1: and the the DVDs, but have you seen customer choices 679 00:40:10,840 --> 00:40:13,719 Speaker 1: changed significantly? I mean, I assume it's a you're you're 680 00:40:13,719 --> 00:40:15,799 Speaker 1: like a psychologist. You probably sit there and think every 681 00:40:15,840 --> 00:40:18,439 Speaker 1: time someone walks in, I wonder what movie that person 682 00:40:18,560 --> 00:40:20,600 Speaker 1: is going to come up with. You know, I learned 683 00:40:20,640 --> 00:40:22,480 Speaker 1: a long time ago not to do that because I'm 684 00:40:22,480 --> 00:40:25,000 Speaker 1: almost always wrong. Um. You know, when you have the 685 00:40:25,400 --> 00:40:28,440 Speaker 1: sweet little lady Grandma coming in and renting ted, You're 686 00:40:28,520 --> 00:40:33,040 Speaker 1: kind of like, not what you want and she's like, oh, no, 687 00:40:33,120 --> 00:40:35,399 Speaker 1: I know exactly what it is. So no, I learned 688 00:40:35,440 --> 00:40:37,680 Speaker 1: a long time ago not to do that. Um, you know, 689 00:40:38,040 --> 00:40:41,360 Speaker 1: it does with everything, it ebbs and flows. But I 690 00:40:41,480 --> 00:40:45,120 Speaker 1: think that especially right now, people are really just going 691 00:40:45,200 --> 00:40:48,360 Speaker 1: for those comedies. They're really wanting those lighthearted things that 692 00:40:48,520 --> 00:40:50,640 Speaker 1: make them feel good. And I mean, we all know, 693 00:40:50,760 --> 00:40:52,640 Speaker 1: we all love movies, and you guys have fond memories 694 00:40:52,680 --> 00:40:55,080 Speaker 1: of going to Blockbuster or you know, Family Home Video 695 00:40:55,160 --> 00:40:58,520 Speaker 1: or whatever your video store was in your community. Movies 696 00:40:58,520 --> 00:41:02,040 Speaker 1: are an escape and right now there's so many crazy things. 697 00:41:02,120 --> 00:41:04,360 Speaker 1: I mean, we had the stuff yesterday in Colorado, and 698 00:41:04,840 --> 00:41:06,600 Speaker 1: you know, there's so much craziness going on in the 699 00:41:06,640 --> 00:41:09,879 Speaker 1: world that movies are a wonderful escape. And I think that, um, 700 00:41:10,200 --> 00:41:12,320 Speaker 1: it's amazing and great that we still have the opportunity 701 00:41:12,360 --> 00:41:14,560 Speaker 1: to bring that to people and bring a smile. So 702 00:41:14,840 --> 00:41:18,320 Speaker 1: comedies are definitely out there. But it's also Academy Awards season, 703 00:41:18,440 --> 00:41:21,360 Speaker 1: So we have a section dedicated right now to the 704 00:41:21,719 --> 00:41:25,000 Speaker 1: old classic Academy Award winners and the Oscar winners and 705 00:41:25,320 --> 00:41:27,160 Speaker 1: and different things, you know, all the actors and and 706 00:41:27,239 --> 00:41:29,279 Speaker 1: different things out on the floor. And people love that. 707 00:41:29,640 --> 00:41:31,480 Speaker 1: And I think that those are the kind of things 708 00:41:31,520 --> 00:41:34,480 Speaker 1: that we try to do to remind people, Hey, we're 709 00:41:34,480 --> 00:41:36,359 Speaker 1: not getting a new releases in but don't forget these 710 00:41:36,400 --> 00:41:38,960 Speaker 1: wonderful movies are out there. So um, those are just 711 00:41:39,080 --> 00:41:41,239 Speaker 1: things that that we do. You know, I think you're 712 00:41:41,480 --> 00:41:46,520 Speaker 1: really onto something about comparing Blockbuster to uh TO to 713 00:41:47,239 --> 00:41:49,759 Speaker 1: Vinyl records, because I go into a Vinyl record store 714 00:41:49,920 --> 00:41:53,319 Speaker 1: downtown and you know, and it's an escape. It's an experience, right, 715 00:41:53,400 --> 00:41:57,880 Speaker 1: And I think that experience of just going in and 716 00:41:58,040 --> 00:42:00,960 Speaker 1: it's like going into a library or a museum in 717 00:42:01,160 --> 00:42:03,800 Speaker 1: in some ways different feel. But you know, in Asia, 718 00:42:03,880 --> 00:42:05,719 Speaker 1: I was talking with a friend out on the West 719 00:42:05,760 --> 00:42:09,600 Speaker 1: Coast recently, and in Asia they have these virtual reality houses. 720 00:42:10,280 --> 00:42:12,480 Speaker 1: And in d C they just launched art Tech house. 721 00:42:12,520 --> 00:42:15,520 Speaker 1: It's called and it's immersive journalism. It's a buzzword that 722 00:42:15,560 --> 00:42:19,040 Speaker 1: we hear about in my industry, immersive experiences. And I 723 00:42:19,160 --> 00:42:23,800 Speaker 1: think there's something there, Sandy about going to a place 724 00:42:23,920 --> 00:42:29,200 Speaker 1: where storytelling is both nostalgic and accessible in order to 725 00:42:29,920 --> 00:42:33,160 Speaker 1: access that. Would you agree? No, I do agree, and 726 00:42:33,680 --> 00:42:35,520 Speaker 1: and it's just I mean, it's been a part of 727 00:42:35,560 --> 00:42:38,440 Speaker 1: our culture for as long as we've been around. Storytelling 728 00:42:38,640 --> 00:42:40,239 Speaker 1: is the most important part and that's the thing that 729 00:42:40,320 --> 00:42:43,239 Speaker 1: people gravitate towards I mean, it doesn't matter what the 730 00:42:43,320 --> 00:42:45,320 Speaker 1: story is. I mean, you could be listening to your grandparents, 731 00:42:45,400 --> 00:42:47,040 Speaker 1: you could be listening to your best friend. You could 732 00:42:47,040 --> 00:42:49,640 Speaker 1: be listening to, you know, a stranger talking about something 733 00:42:49,719 --> 00:42:52,399 Speaker 1: that they're passionate about. And that's something that people really 734 00:42:52,800 --> 00:42:56,640 Speaker 1: enjoy and love. And yeah, I I'm a good storyteller. 735 00:42:57,280 --> 00:43:00,920 Speaker 1: Sandy Harding, you are an amazing storyteller and I deeply, 736 00:43:01,040 --> 00:43:04,320 Speaker 1: deeply appreciate you coming on to take the time today. 737 00:43:04,360 --> 00:43:06,880 Speaker 1: I know you've had a ton of interviews, but truly 738 00:43:06,920 --> 00:43:10,239 Speaker 1: a treat for me. What's your favorite movie? Quickly The 739 00:43:10,360 --> 00:43:13,120 Speaker 1: Shining And that's funny because I always tot rege the 740 00:43:13,160 --> 00:43:14,960 Speaker 1: same thing, but the kids will tell you I have 741 00:43:15,040 --> 00:43:17,960 Speaker 1: it on VHS in my office. Good for you. I'm 742 00:43:18,040 --> 00:43:21,239 Speaker 1: Kevin CURRELLI mine's Rudy. This is Bloomberg