1 00:00:01,720 --> 00:00:06,240 Speaker 1: Now from our nation's capital. This is Bloomberg Sound on 2 00:00:07,120 --> 00:00:12,200 Speaker 1: January six. Was the culmination of an attempted coup motivated 3 00:00:12,440 --> 00:00:14,840 Speaker 1: by what President Trump had told them. I know why 4 00:00:14,880 --> 00:00:18,159 Speaker 1: I was there, and that's because you called me there. 5 00:00:20,520 --> 00:00:25,599 Speaker 1: Floomberg Sound on Politics, Policy and Perspective from DC's top name. 6 00:00:26,000 --> 00:00:28,520 Speaker 1: We've forgotten what it looks like to see that attack. 7 00:00:28,560 --> 00:00:30,560 Speaker 1: It was gut wrenching at the time. This is not 8 00:00:30,600 --> 00:00:33,120 Speaker 1: just for history's sake. They're talking about this as an 9 00:00:33,120 --> 00:00:37,839 Speaker 1: ongoing threat to democracy. Bloomberg Sound On with Joe Matthew 10 00:00:38,240 --> 00:00:43,960 Speaker 1: on Bloomberg Radio. Inflation hits a new forty year high, 11 00:00:44,159 --> 00:00:47,519 Speaker 1: just as President Biden touts progress at the Port of 12 00:00:47,760 --> 00:00:51,440 Speaker 1: l A. Welcome to the fastest hour in politics. Welcome 13 00:00:51,479 --> 00:00:54,400 Speaker 1: to Friday, with a strong reaction to the CPI dated today. 14 00:00:54,440 --> 00:00:57,240 Speaker 1: My goodness from the markets and from Washington, and we'll 15 00:00:57,240 --> 00:00:59,840 Speaker 1: have details ahead from Bloomberg's Eric Weiner, and we'll talk 16 00:01:00,000 --> 00:01:03,560 Speaker 1: out unwinding the kinks in the supply chain. Was someone 17 00:01:03,600 --> 00:01:07,080 Speaker 1: who knows a lot about it, Gene Sikora, executive director 18 00:01:07,520 --> 00:01:11,039 Speaker 1: of the Port of l A, the busiest port in America. Later, 19 00:01:11,080 --> 00:01:15,440 Speaker 1: the January six Committee gets inside Americans living rooms at last, 20 00:01:15,480 --> 00:01:17,760 Speaker 1: did they make a difference? What happens next week? You know, 21 00:01:17,760 --> 00:01:20,360 Speaker 1: we're not done. We have several more to go, and 22 00:01:20,360 --> 00:01:23,600 Speaker 1: we'll have an update from Bloomberg Government's Jack Fitzpatrick, who 23 00:01:23,640 --> 00:01:27,000 Speaker 1: was in the Capitol last night for some pretty dramatic moments. 24 00:01:27,040 --> 00:01:30,720 Speaker 1: Analysis from the panel. Bloomberg Politics contributors Jeannie Chanzano and 25 00:01:30,800 --> 00:01:33,200 Speaker 1: Rick Davis are with us for the hour. The markets 26 00:01:33,200 --> 00:01:35,240 Speaker 1: say at all, I guess the hunter than expected CPI 27 00:01:35,360 --> 00:01:38,600 Speaker 1: report not what anyone wanted or was apparently prepared for. 28 00:01:39,280 --> 00:01:42,200 Speaker 1: And we wanted to take a deeper dive with Eric Weener, 29 00:01:42,200 --> 00:01:45,120 Speaker 1: who leads Bloomberg's North American market coverage, author of What 30 00:01:45,240 --> 00:01:48,240 Speaker 1: Goes Up and the Shadow Market. And it's great to 31 00:01:48,240 --> 00:01:50,000 Speaker 1: have you, Eric. Are we now were in a new 32 00:01:50,000 --> 00:01:52,040 Speaker 1: world at this point. A lot of people who called 33 00:01:52,040 --> 00:01:54,640 Speaker 1: a peak for inflation a couple of weeks ago or 34 00:01:54,720 --> 00:01:57,880 Speaker 1: throwing out their forecast right now, that's pretty much what's 35 00:01:57,920 --> 00:01:59,960 Speaker 1: going on. I don't know if it's a new world 36 00:02:00,320 --> 00:02:02,240 Speaker 1: or we're just figuring out what the old one. I 37 00:02:02,280 --> 00:02:08,880 Speaker 1: understand American. Yeah, uh, you got consumer discretionary stocks that 38 00:02:09,000 --> 00:02:11,520 Speaker 1: really got killed today, and that means that people are 39 00:02:11,560 --> 00:02:14,480 Speaker 1: afraid that or the market is afraid that people aren't 40 00:02:14,480 --> 00:02:17,000 Speaker 1: going to be able to spend uh and technology got 41 00:02:17,080 --> 00:02:19,520 Speaker 1: hit hard, same sort of thing where people are just 42 00:02:19,680 --> 00:02:21,640 Speaker 1: not going to have the amount of money that it 43 00:02:21,680 --> 00:02:25,480 Speaker 1: takes to spend on goods. This recalibrates the forecast for 44 00:02:25,520 --> 00:02:31,160 Speaker 1: the FED. It could. I mean, they're traders are betting 45 00:02:31,480 --> 00:02:34,440 Speaker 1: that you're going to see fifty basis point hikes or 46 00:02:34,520 --> 00:02:38,760 Speaker 1: half an interest rate, half an interest um basis point 47 00:02:39,160 --> 00:02:42,920 Speaker 1: hike over the next three months, so through September. But 48 00:02:43,000 --> 00:02:46,280 Speaker 1: they had to raise that a little bit to seventy 49 00:02:46,360 --> 00:02:50,240 Speaker 1: five basis points for one of the meetings because traders 50 00:02:50,240 --> 00:02:52,600 Speaker 1: are starting to expect that the Fed's going to have 51 00:02:52,639 --> 00:02:55,320 Speaker 1: to get a little bit more aggressive. That's the scary part. 52 00:02:55,400 --> 00:02:57,639 Speaker 1: I guess we did here. You'd here Joe Biden try 53 00:02:57,680 --> 00:03:00,560 Speaker 1: to interrupt us. Just now, the President that the Port 54 00:03:00,560 --> 00:03:02,520 Speaker 1: of l A today talking about this. Let's hear what 55 00:03:02,520 --> 00:03:05,679 Speaker 1: he actually said. I understand Americans are anxious, and the 56 00:03:05,800 --> 00:03:08,840 Speaker 1: anxious a good reason. I was raising a household when 57 00:03:08,880 --> 00:03:12,480 Speaker 1: the price of gasolane rose precipitously, it was the discussion 58 00:03:12,480 --> 00:03:15,120 Speaker 1: at the table. It made a difference when food prices 59 00:03:15,120 --> 00:03:18,440 Speaker 1: went up. That's the word anxious, right for investors as 60 00:03:18,480 --> 00:03:23,640 Speaker 1: well as consumers, that's exactly the word, and really uncertain 61 00:03:23,840 --> 00:03:26,560 Speaker 1: because people thought that this was going to be over 62 00:03:26,600 --> 00:03:29,799 Speaker 1: by now, or at least we'd start seeing some improvement 63 00:03:29,840 --> 00:03:33,880 Speaker 1: by now, and it just keeps getting worse. Today's cp 64 00:03:34,000 --> 00:03:37,080 Speaker 1: I print, as you guys pointed out, was just you know, 65 00:03:37,160 --> 00:03:41,000 Speaker 1: as bad as it could possibly be. So everybody was hoping, 66 00:03:41,000 --> 00:03:42,680 Speaker 1: you know, by the time we get the summer, maybe 67 00:03:42,680 --> 00:03:45,440 Speaker 1: we'll start seeing some normalcy and doesn't really look that 68 00:03:45,480 --> 00:03:48,800 Speaker 1: way right now. This plays into earnings of course, right 69 00:03:48,880 --> 00:03:51,440 Speaker 1: that's the that's the concern right now, is that companies 70 00:03:51,840 --> 00:03:53,480 Speaker 1: are not going to be able to earn as much 71 00:03:53,560 --> 00:03:57,119 Speaker 1: in a higher inflationary environment that these tech companies, even 72 00:03:57,160 --> 00:03:58,760 Speaker 1: though they have a lot of cash. It just it's 73 00:03:58,760 --> 00:04:01,520 Speaker 1: going to cost them more to do business. But they're 74 00:04:01,520 --> 00:04:03,680 Speaker 1: taking down the whole market, right, you know, people are 75 00:04:03,680 --> 00:04:07,400 Speaker 1: throwing out good companies with bad companies. At some point, Eric, 76 00:04:07,880 --> 00:04:12,440 Speaker 1: do we start to tell the difference. That's ultimately what happens. 77 00:04:12,520 --> 00:04:15,360 Speaker 1: That there's a pattern to this to a certain extent. 78 00:04:15,520 --> 00:04:18,760 Speaker 1: It never is exactly the same, but there there are 79 00:04:19,040 --> 00:04:21,839 Speaker 1: threads that you can see. Basically what you're looking for 80 00:04:21,960 --> 00:04:25,680 Speaker 1: is what they call capitulation, where the market just basically 81 00:04:25,880 --> 00:04:30,040 Speaker 1: sort of throws up. And once that happens, and we're 82 00:04:30,080 --> 00:04:33,080 Speaker 1: getting close to that, it would appear. Once that happens, 83 00:04:33,200 --> 00:04:36,920 Speaker 1: you start looking at things like, well, is apple really 84 00:04:37,080 --> 00:04:41,760 Speaker 1: worth you know, less than it was a few weeks ago, 85 00:04:42,279 --> 00:04:45,440 Speaker 1: and then people step in and start buying uh. And 86 00:04:45,600 --> 00:04:48,839 Speaker 1: it's eventually what happens is it's the quality that people 87 00:04:49,240 --> 00:04:52,440 Speaker 1: look at and value that people look at, and you 88 00:04:52,520 --> 00:04:54,920 Speaker 1: start going again. But there was a lot of euphoria. 89 00:04:54,960 --> 00:04:57,320 Speaker 1: I mean there there is no mistaking that there was 90 00:04:57,360 --> 00:05:00,440 Speaker 1: a lot of euphore you going on, and some of 91 00:05:00,440 --> 00:05:03,160 Speaker 1: that has to come out and people have It's this 92 00:05:03,240 --> 00:05:05,360 Speaker 1: is no surprise. People have been talking about this for 93 00:05:05,400 --> 00:05:08,080 Speaker 1: a year, the idea that this has to happen. It's 94 00:05:08,120 --> 00:05:11,360 Speaker 1: just now what's happening. And it's not fun when it does. 95 00:05:12,279 --> 00:05:15,000 Speaker 1: Perfect voice on a daylight today. Eric quener I really 96 00:05:15,040 --> 00:05:19,800 Speaker 1: appreciate it. He leads Bloomberg's North American market coverage team 97 00:05:19,839 --> 00:05:21,800 Speaker 1: and the man behind the books. What goes up in 98 00:05:21,839 --> 00:05:24,760 Speaker 1: the shadow market getting things rolling on the fastest hour 99 00:05:24,839 --> 00:05:28,279 Speaker 1: in politics. There's the market, then there's the port that 100 00:05:28,400 --> 00:05:31,040 Speaker 1: data that CPI reported just a couple of hours before, 101 00:05:31,040 --> 00:05:33,640 Speaker 1: President Biden spoke at the Port of l A talking 102 00:05:33,680 --> 00:05:37,320 Speaker 1: about strides made at America's busiest port. Remembering images last 103 00:05:37,400 --> 00:05:41,119 Speaker 1: year of ships lined up to the horizon, President says, 104 00:05:41,120 --> 00:05:43,400 Speaker 1: no more, but the port, all the ports on the 105 00:05:43,400 --> 00:05:46,560 Speaker 1: West Coast are bracing for some new challenges here in 106 00:05:46,600 --> 00:05:48,400 Speaker 1: the second half of the year. And we're joined by 107 00:05:48,400 --> 00:05:50,680 Speaker 1: the man who runs the Port of l A right now, 108 00:05:51,000 --> 00:05:56,840 Speaker 1: Director Jean Soroka. Welcome, Geen, Welcome back to big day 109 00:05:56,839 --> 00:05:59,000 Speaker 1: with the President today. Do you feel like you've got 110 00:05:59,040 --> 00:06:02,480 Speaker 1: this licked. It's almost a victory sounding speech, even as 111 00:06:02,520 --> 00:06:05,520 Speaker 1: we got some tough inflation data this morning. From the 112 00:06:05,560 --> 00:06:09,000 Speaker 1: supply chain standpoint, Joe, I'd say we're in the bottom 113 00:06:09,000 --> 00:06:11,880 Speaker 1: of the fifth inning. We're past the worst, but there 114 00:06:11,920 --> 00:06:14,560 Speaker 1: still is much more to do. We're focused today on 115 00:06:14,960 --> 00:06:17,679 Speaker 1: getting our rail cargo moved to the interior of the country, 116 00:06:17,720 --> 00:06:21,560 Speaker 1: building up our agricultural exports, and really making sure that 117 00:06:21,600 --> 00:06:25,160 Speaker 1: we have certainty in this American supply chain. You're preparing 118 00:06:25,200 --> 00:06:28,440 Speaker 1: for an early peak season this year, retailers stocking up 119 00:06:28,440 --> 00:06:31,360 Speaker 1: on back to school other seasonal goods coming from overseas. 120 00:06:31,800 --> 00:06:34,520 Speaker 1: Will that create a new batch of bottlenecks in the fall, 121 00:06:35,279 --> 00:06:37,599 Speaker 1: I don't think so. We've done a lot of work 122 00:06:37,640 --> 00:06:40,760 Speaker 1: here this year on bringing that backlog down. At its 123 00:06:40,800 --> 00:06:44,479 Speaker 1: worst point back in January, a hundred and nine vessels 124 00:06:44,520 --> 00:06:47,919 Speaker 1: were waiting outside the twin ports of southern California to 125 00:06:48,000 --> 00:06:51,839 Speaker 1: begin work. Today, that's under twenty. The cargo is sitting 126 00:06:51,880 --> 00:06:55,040 Speaker 1: for less time than normal, and we're pushing the cargo 127 00:06:55,160 --> 00:06:59,280 Speaker 1: up quicker to the interior of the country. The landings 128 00:06:59,320 --> 00:07:02,520 Speaker 1: for peaks eason will begin at the end of this month. 129 00:07:02,600 --> 00:07:04,599 Speaker 1: We're already seeing a little bit of an uptick in 130 00:07:04,600 --> 00:07:08,280 Speaker 1: the vessels leaving Asia coming our way. So everything is 131 00:07:08,400 --> 00:07:11,720 Speaker 1: happening as we had stated it would. Why is it 132 00:07:11,760 --> 00:07:15,480 Speaker 1: early this year? Folks are trying to make sure they 133 00:07:15,520 --> 00:07:19,440 Speaker 1: don't get caught behind when it comes to inventory seasonal goods. 134 00:07:19,720 --> 00:07:22,640 Speaker 1: They know that the transit times might need a little 135 00:07:22,840 --> 00:07:26,520 Speaker 1: extra time to get to their warehouse store floors, so 136 00:07:26,560 --> 00:07:28,600 Speaker 1: they're not going to take any chances. The majority of 137 00:07:28,640 --> 00:07:32,920 Speaker 1: retailers have told me not only the year and holiday goods, 138 00:07:32,960 --> 00:07:37,280 Speaker 1: but the back to school products, seasonal goods as well 139 00:07:37,320 --> 00:07:40,160 Speaker 1: as those four fall will all be coming at the 140 00:07:40,160 --> 00:07:42,120 Speaker 1: same time. So let's stretch this out a little bit 141 00:07:42,160 --> 00:07:44,680 Speaker 1: and have a better line of sight on the shipment's 142 00:07:44,720 --> 00:07:46,600 Speaker 1: coming in. Way. Doesn't that say you something, Gene, When 143 00:07:46,600 --> 00:07:49,200 Speaker 1: the average American consumer has become an expert on the 144 00:07:49,200 --> 00:07:52,840 Speaker 1: supply chain, Oh, it's like it's never been before. The 145 00:07:52,880 --> 00:07:55,360 Speaker 1: spotlight is on us. But it can never be too brave. 146 00:07:55,640 --> 00:07:59,160 Speaker 1: We've got to continue to approve delivery to the American consumer. Well, 147 00:07:59,200 --> 00:08:02,360 Speaker 1: you know, to speak about that that leg that comes 148 00:08:02,480 --> 00:08:04,920 Speaker 1: from the port. There was a lot of talk last year. 149 00:08:04,920 --> 00:08:07,440 Speaker 1: One of the most concrete things the Biden administration did 150 00:08:07,880 --> 00:08:10,880 Speaker 1: to unclogged supply chain issues was was make the ports 151 00:08:10,960 --> 00:08:13,760 Speaker 1: of l A and Long Beach seven. Not that it 152 00:08:13,840 --> 00:08:15,840 Speaker 1: was in order, but he worked with you on doing that. 153 00:08:16,080 --> 00:08:19,960 Speaker 1: I wonder, Jeane, how close are you at this point? Well, 154 00:08:20,000 --> 00:08:22,920 Speaker 1: we're prepared, we're open all the time, our dock workers 155 00:08:22,960 --> 00:08:25,000 Speaker 1: are ready to go to work. We've had very few 156 00:08:25,080 --> 00:08:29,320 Speaker 1: takers this largely private sector supply chain, and rightly so, 157 00:08:29,560 --> 00:08:31,880 Speaker 1: it doesn't work the same hours that the ports do. 158 00:08:32,400 --> 00:08:34,559 Speaker 1: We need more truckers on the ground to be able 159 00:08:34,600 --> 00:08:38,080 Speaker 1: to work around the clock, and we still have a 160 00:08:38,360 --> 00:08:42,400 Speaker 1: lower level of employment and our warehousing system that we 161 00:08:42,440 --> 00:08:45,720 Speaker 1: would like. Please remember, they're about two billion square feet 162 00:08:45,760 --> 00:08:48,719 Speaker 1: of warehousing from the shores of the Pacific out to 163 00:08:48,800 --> 00:08:52,360 Speaker 1: the desert region of southern California, and they accommodate about 164 00:08:52,440 --> 00:08:55,640 Speaker 1: one third of all of our imports here from the 165 00:08:55,679 --> 00:08:57,800 Speaker 1: ports of l A and Long Beach. We've got to 166 00:08:57,840 --> 00:09:00,360 Speaker 1: beat the talent up in that area, so the worker 167 00:09:00,440 --> 00:09:02,439 Speaker 1: shortage remains an issue. You've got a lot of jobs 168 00:09:02,440 --> 00:09:06,640 Speaker 1: to fill, and we're not immune. Nationwide, eleven point four 169 00:09:06,679 --> 00:09:10,120 Speaker 1: million jobs open, even here in our supply chain and 170 00:09:10,240 --> 00:09:13,640 Speaker 1: around the port. It's Adjacency's same story. We've got to 171 00:09:13,640 --> 00:09:17,640 Speaker 1: do a better job to attract, recruit, and retain workers 172 00:09:17,640 --> 00:09:21,079 Speaker 1: in these areas. Make it a profession once again. One 173 00:09:21,080 --> 00:09:23,520 Speaker 1: of the other challenges on your horizon and all of 174 00:09:23,520 --> 00:09:26,960 Speaker 1: our horizons as consumers a possible dock workers strike. Geene, 175 00:09:26,960 --> 00:09:29,600 Speaker 1: Do you see that happening next month? I do not. 176 00:09:30,080 --> 00:09:33,400 Speaker 1: The longshore dock workers have not gone on strike since 177 00:09:33,559 --> 00:09:39,319 Speaker 1: nineteen seventy two. Yes, at this time, we've got seasoned 178 00:09:39,400 --> 00:09:42,560 Speaker 1: negotiators on both sides of the table, from the Employers 179 00:09:42,600 --> 00:09:48,560 Speaker 1: Association and the Longshore Union. Each understands how important these 180 00:09:48,559 --> 00:09:51,760 Speaker 1: twenty nine West Coast ports are to the American economy. 181 00:09:51,920 --> 00:09:54,800 Speaker 1: They account for about nine per cent of our nation's 182 00:09:54,880 --> 00:09:58,160 Speaker 1: g d P. The President himself was here today, as 183 00:09:58,320 --> 00:10:02,120 Speaker 1: was Labor Secretary Marty Walsh. The administration is keeping a 184 00:10:02,200 --> 00:10:05,920 Speaker 1: very close watch while being so respectful of the collective 185 00:10:05,920 --> 00:10:09,679 Speaker 1: bargaining process between both sides. Would like to see the 186 00:10:09,720 --> 00:10:12,640 Speaker 1: Labor Secretary get involved in those negotiations, or is it 187 00:10:12,679 --> 00:10:15,200 Speaker 1: not at that point. It's not at that point. But 188 00:10:15,240 --> 00:10:19,240 Speaker 1: he's created some very strong relationships early on in his tenure. 189 00:10:19,400 --> 00:10:22,679 Speaker 1: He started talking to both sides just after taking office. 190 00:10:23,080 --> 00:10:25,559 Speaker 1: He's a well known commodity on the ground to the 191 00:10:25,640 --> 00:10:28,400 Speaker 1: labor movement as well as a fairman to the employers 192 00:10:28,400 --> 00:10:31,760 Speaker 1: associations that he's dealt with in the past. The right 193 00:10:31,800 --> 00:10:34,199 Speaker 1: guy on the case. But they're going to give these 194 00:10:34,240 --> 00:10:38,320 Speaker 1: two sides room to negotiate through the collective bargaining process. 195 00:10:38,480 --> 00:10:41,400 Speaker 1: Jean Sioko, you sound energized from a day outside with 196 00:10:41,480 --> 00:10:44,920 Speaker 1: the President. You've had the cameras and microphones pointed your way, 197 00:10:44,960 --> 00:10:48,560 Speaker 1: but there's a storm coming from overseas. I understand what 198 00:10:48,720 --> 00:10:51,800 Speaker 1: is a reopening China, a post COVID China mean for 199 00:10:51,880 --> 00:10:54,600 Speaker 1: the port of l a you'll see a consistent blow 200 00:10:54,640 --> 00:10:58,559 Speaker 1: of goods Joe, And unlike what some observers have reported, 201 00:10:58,920 --> 00:11:02,320 Speaker 1: the central government China and the ports specifically have really 202 00:11:02,400 --> 00:11:05,680 Speaker 1: prioritized that long haul cargo that which comes here to 203 00:11:05,760 --> 00:11:10,360 Speaker 1: Los Angeles. We never saw the precipitous drop in goods 204 00:11:10,440 --> 00:11:14,240 Speaker 1: as some had predicted. Now as we moved towards a 205 00:11:14,360 --> 00:11:18,320 Speaker 1: reopening of Shanghai, it's been interesting because the port of 206 00:11:18,480 --> 00:11:23,400 Speaker 1: Ningbo and neighboring Jong Sue Province is up twenty per 207 00:11:23,480 --> 00:11:27,719 Speaker 1: cent stance the lockdowns winning place eleven weeks ago, and 208 00:11:27,800 --> 00:11:30,680 Speaker 1: the young Shaun Deep Seaport in Shanghai is operating at 209 00:11:30,600 --> 00:11:34,000 Speaker 1: about an eighty five to nine clip. Right now, the 210 00:11:34,120 --> 00:11:36,920 Speaker 1: goods continue to move and we'll start to see those 211 00:11:36,920 --> 00:11:40,240 Speaker 1: seasonal and year end products hitting our docks by the 212 00:11:40,360 --> 00:11:44,160 Speaker 1: end of this month. As we look forward, not every 213 00:11:44,200 --> 00:11:47,240 Speaker 1: factory was closed, not every trucking firm had to stop 214 00:11:47,280 --> 00:11:50,640 Speaker 1: doing business. But the reopening is a positive sign, and 215 00:11:50,640 --> 00:11:52,800 Speaker 1: we'll see a little bit of an uptick to catch up, 216 00:11:53,000 --> 00:11:56,080 Speaker 1: but nothing that will overwhelm us. Well, he's on the 217 00:11:56,120 --> 00:11:59,480 Speaker 1: front lines of the supply chain crisis. Jean Siroca, director 218 00:11:59,559 --> 00:12:03,040 Speaker 1: of AMOR Erica's biggest port, the Port of l A. Jean, 219 00:12:03,120 --> 00:12:05,839 Speaker 1: thank you for your time as always on Bloomberg. Always 220 00:12:05,880 --> 00:12:08,320 Speaker 1: could talking with you. Joe, thank you. Coming up, we 221 00:12:08,320 --> 00:12:10,840 Speaker 1: assemble the panel. Rick and Jeannie are here. Rick Davis 222 00:12:10,840 --> 00:12:13,480 Speaker 1: and Jeannie Chanzano help us make sense of things on 223 00:12:13,480 --> 00:12:16,200 Speaker 1: a Friday. We'll check markets and traffic on the way. 224 00:12:16,360 --> 00:12:22,040 Speaker 1: Joe Matthew, this is Bloomberg. You're listening to Bloomberg. You 225 00:12:22,160 --> 00:12:28,360 Speaker 1: sound on with Joe Matthew on Bloomberg Radio. So President 226 00:12:28,400 --> 00:12:31,000 Speaker 1: Biden is still not making any friends on the issue 227 00:12:31,040 --> 00:12:33,640 Speaker 1: of inflation, even as he discussed progress today at the 228 00:12:33,640 --> 00:12:36,640 Speaker 1: Port of l A. Just echoed by Jeans Siroka right 229 00:12:36,640 --> 00:12:41,400 Speaker 1: here on sound on the Larry Summers is talking a 230 00:12:41,559 --> 00:12:44,440 Speaker 1: very different tune, not just about the administration but the 231 00:12:44,480 --> 00:12:47,120 Speaker 1: Federal Reserve. Of course, he's been kind of ahead of 232 00:12:47,160 --> 00:12:50,240 Speaker 1: the curve on this whole matter for some time, and 233 00:12:50,320 --> 00:12:53,440 Speaker 1: he talked about it with David Weston on Bloomberg Wall 234 00:12:53,440 --> 00:12:56,720 Speaker 1: Street Week. Listen to Larry Summers. I think the FEDS 235 00:12:56,800 --> 00:13:00,840 Speaker 1: forecast from March saying that in play would be coming 236 00:13:00,880 --> 00:13:04,160 Speaker 1: down to the twos by the end of the year 237 00:13:04,400 --> 00:13:10,920 Speaker 1: was frankly delusional. When issued and looks even more ridiculous today. 238 00:13:10,960 --> 00:13:13,360 Speaker 1: And that's the Fed that this administration is deferring to, 239 00:13:13,440 --> 00:13:17,600 Speaker 1: of course, even while talking about its own attempts to 240 00:13:17,880 --> 00:13:23,040 Speaker 1: lower prices, delineating evermore between the two. Let's assemble the 241 00:13:23,040 --> 00:13:25,200 Speaker 1: panel on a Friday afternoon. It's always great to have 242 00:13:25,320 --> 00:13:29,240 Speaker 1: Rick Davis and Jeannie Chanzano help us make sense of things. 243 00:13:29,280 --> 00:13:31,640 Speaker 1: As I say, Genie, this was kind of a tough 244 00:13:31,720 --> 00:13:34,720 Speaker 1: day for this White House. A lighter than expected report 245 00:13:34,760 --> 00:13:37,120 Speaker 1: would have been well received. This blew the doors off 246 00:13:37,880 --> 00:13:42,480 Speaker 1: right as the President was trying to execute a presidential 247 00:13:42,480 --> 00:13:46,000 Speaker 1: events on inflation. Yeah, that's right, you know the emoji 248 00:13:46,040 --> 00:13:49,440 Speaker 1: where the person's head pops off. Hearing Larry Summers say 249 00:13:49,520 --> 00:13:53,000 Speaker 1: that they were, you know, forecasting two percent and describing 250 00:13:53,120 --> 00:13:57,800 Speaker 1: as delusional and probably an understatement, and we should underscore 251 00:13:57,840 --> 00:14:00,760 Speaker 1: that horrible day for this White House. This, after all, 252 00:14:00,880 --> 00:14:03,839 Speaker 1: is inflation month. Let's not forget we are ten days 253 00:14:03,880 --> 00:14:06,360 Speaker 1: into it. We had, you know, Jerome Powell at the 254 00:14:06,400 --> 00:14:09,280 Speaker 1: White House on the hot seat, and this comes out, 255 00:14:09,360 --> 00:14:11,960 Speaker 1: and the President is trying to talk about the progress 256 00:14:11,960 --> 00:14:15,040 Speaker 1: they've made at the ports, but everything is up. I mean, 257 00:14:15,080 --> 00:14:19,600 Speaker 1: somebody was just telling me, soup is up four, So yeah, 258 00:14:19,680 --> 00:14:21,520 Speaker 1: soup Joe, do you eat a lot of soup? Soups? 259 00:14:21,520 --> 00:14:24,840 Speaker 1: Apparently up? So you know, it is bad and it's 260 00:14:24,840 --> 00:14:27,320 Speaker 1: getting worse for this White House. And quite frankly, the 261 00:14:27,320 --> 00:14:30,080 Speaker 1: President is race right that there's a lot of anxiety. 262 00:14:30,120 --> 00:14:33,080 Speaker 1: People are anxious, but that is not enough to hear 263 00:14:33,120 --> 00:14:36,440 Speaker 1: from the White House, particularly in inflation month. I thought 264 00:14:36,480 --> 00:14:40,840 Speaker 1: that that he was Mr. Feel your pain, Rick Davis, 265 00:14:40,880 --> 00:14:42,560 Speaker 1: that he was just the man for this job. He 266 00:14:42,560 --> 00:14:45,720 Speaker 1: talks about growing up in a household where gas prices 267 00:14:45,760 --> 00:14:48,120 Speaker 1: were talked about at the kitchen table, as dad's up 268 00:14:48,160 --> 00:14:50,440 Speaker 1: at night for crying out loud, staring at the ceiling 269 00:14:50,480 --> 00:14:53,840 Speaker 1: every night. How come it's not resonating with anyone. Well, 270 00:14:53,840 --> 00:14:56,280 Speaker 1: I think he's sitting at the kitchen table and he's 271 00:14:56,320 --> 00:15:00,200 Speaker 1: having the same complaints that uh, you know, most family have. 272 00:15:00,360 --> 00:15:03,760 Speaker 1: All gas prices are out of sorts. You know, chicken up, 273 00:15:05,000 --> 00:15:08,480 Speaker 1: if you have chicken soup, it's really expensive. Um apparently so. 274 00:15:08,760 --> 00:15:10,440 Speaker 1: But but I think one of the things he's not 275 00:15:10,560 --> 00:15:13,160 Speaker 1: doing is saying, and here's how we're gonna fix it. 276 00:15:13,200 --> 00:15:15,560 Speaker 1: We're gonna pull together as a country. You know, we're 277 00:15:15,600 --> 00:15:19,560 Speaker 1: gonna see this through. Here's my five point plan to 278 00:15:19,720 --> 00:15:23,080 Speaker 1: defeat you know, and and help defeat inflation and help 279 00:15:23,120 --> 00:15:26,760 Speaker 1: the American economy and help the American consumer. And and 280 00:15:26,880 --> 00:15:29,600 Speaker 1: that's the part that's missing. I mean, where's the beef? 281 00:15:30,000 --> 00:15:32,600 Speaker 1: I mean, you're sitting at the table, you're having that conversation. 282 00:15:32,640 --> 00:15:35,480 Speaker 1: You feel bad for, you know, for people. So what 283 00:15:35,960 --> 00:15:38,400 Speaker 1: you're the president, You're supposed to actually been doing something 284 00:15:38,440 --> 00:15:41,760 Speaker 1: about it. The beef is even more expensive, Genie, You're 285 00:15:41,760 --> 00:15:43,920 Speaker 1: gonna be stuck with the chicken soup this weekend. That's 286 00:15:43,960 --> 00:15:46,960 Speaker 1: the that's the economy that we're in here. Uh so, 287 00:15:46,960 --> 00:15:48,680 Speaker 1: so what do you do about it? Then we're coming 288 00:15:48,720 --> 00:15:52,680 Speaker 1: off another big night of primaries this week in which crime, 289 00:15:53,160 --> 00:15:55,640 Speaker 1: gun violence took a lot of the attention. Then we 290 00:15:55,680 --> 00:15:59,400 Speaker 1: went to this January sixth mode with the hearing reminding 291 00:15:59,480 --> 00:16:02,320 Speaker 1: us of our darkest moment. How does the president get 292 00:16:02,360 --> 00:16:05,400 Speaker 1: out of this hole? Yeah, don't eat the beef. Apparently 293 00:16:05,480 --> 00:16:08,720 Speaker 1: eggs up, it's just fat out there. He's at the 294 00:16:08,760 --> 00:16:11,120 Speaker 1: kitchen table, as Rick says, but apparently he's not eating 295 00:16:11,160 --> 00:16:14,600 Speaker 1: that much. Um, you know, I think Rick Rick is 296 00:16:14,600 --> 00:16:17,360 Speaker 1: absolutely right. You know the problem is, it feels to 297 00:16:17,400 --> 00:16:19,360 Speaker 1: me a bit like the president. The White House has 298 00:16:19,400 --> 00:16:23,080 Speaker 1: internalized this idea, which you know, I understand, but there's 299 00:16:23,120 --> 00:16:25,920 Speaker 1: not a lot they can do about this. We heard 300 00:16:25,960 --> 00:16:27,840 Speaker 1: this in the context when he was on Jimmy Kimmel 301 00:16:27,880 --> 00:16:30,600 Speaker 1: about gun violence. You know, Jimmy Kimmel asked him, you know, 302 00:16:30,760 --> 00:16:34,520 Speaker 1: can you do anything visa via executive order? And he's explaining, no, 303 00:16:34,720 --> 00:16:37,560 Speaker 1: that probably won't work. Well, the President has got to 304 00:16:37,600 --> 00:16:40,320 Speaker 1: have a better message than there's not a lot I 305 00:16:40,360 --> 00:16:43,440 Speaker 1: can do. I understand your anxious but and you know, 306 00:16:43,560 --> 00:16:46,480 Speaker 1: one thing we need to underscore is a big problem 307 00:16:46,520 --> 00:16:48,960 Speaker 1: for this Democratic Party and for the White House right 308 00:16:48,960 --> 00:16:52,440 Speaker 1: now is was Joe Mansion right when he said, don't 309 00:16:52,480 --> 00:16:55,280 Speaker 1: pass that build back Better? Could you imagine had they 310 00:16:55,320 --> 00:16:57,760 Speaker 1: passed that at you know, two trillion whatever it was 311 00:16:57,800 --> 00:17:01,040 Speaker 1: gonna be, how much worse the situation could be. And 312 00:17:01,120 --> 00:17:03,680 Speaker 1: you look at the President's answer to inflation, beyond putting 313 00:17:03,720 --> 00:17:07,080 Speaker 1: Jerome Powell on the hot seat, he's talking about fundamental 314 00:17:07,119 --> 00:17:10,760 Speaker 1: aspects of build back Better under another name, and that 315 00:17:10,880 --> 00:17:13,000 Speaker 1: is where people have to go back and scratch their head. 316 00:17:13,280 --> 00:17:15,200 Speaker 1: Does he have a plan here and is it one 317 00:17:15,240 --> 00:17:18,840 Speaker 1: that's going to lower inflation or address it? Versus increase 318 00:17:18,880 --> 00:17:23,040 Speaker 1: it that Jimmy Kimmel appearance, the talking about inflation the 319 00:17:23,080 --> 00:17:26,800 Speaker 1: bane of our existence. Rick Davis, you questioned the choice 320 00:17:26,840 --> 00:17:31,120 Speaker 1: of doing that before he went was that or could 321 00:17:31,200 --> 00:17:35,080 Speaker 1: it end up going down as Joe Biden's malaise speech. 322 00:17:35,920 --> 00:17:38,040 Speaker 1: You know, I think it has some potential. He's he's 323 00:17:38,160 --> 00:17:41,719 Speaker 1: he's a little you know, uh sad these days as 324 00:17:41,720 --> 00:17:44,320 Speaker 1: president United States. I mean, he's trying to feel everybody's pain, 325 00:17:45,160 --> 00:17:47,240 Speaker 1: but he's not given him an aspirin in the process. 326 00:17:47,280 --> 00:17:49,280 Speaker 1: And and and I guess the point I was trying 327 00:17:49,320 --> 00:17:51,560 Speaker 1: to make about the Jimmy Kimmel thing. He hasn't talked 328 00:17:51,600 --> 00:17:55,040 Speaker 1: to the American press, he hasn't had a national interview 329 00:17:55,200 --> 00:17:58,600 Speaker 1: in hundred and almost twenty days, and yet his one 330 00:17:58,800 --> 00:18:01,240 Speaker 1: I'm going to relieve the pressure by going on Jimmy Kimmel. 331 00:18:01,440 --> 00:18:04,719 Speaker 1: That's not news, it's entertainment. Give me a break. I mean, like, 332 00:18:04,840 --> 00:18:08,120 Speaker 1: you know, if I was handling this candidate, uh and 333 00:18:08,119 --> 00:18:10,359 Speaker 1: and and been that long since we talked to the press, 334 00:18:10,400 --> 00:18:12,840 Speaker 1: we'd be getting killed. And this guy seems to we're 335 00:18:12,840 --> 00:18:15,040 Speaker 1: getting away with it. And I would say to you know, 336 00:18:15,080 --> 00:18:17,560 Speaker 1: we started this segment by talking about Larry Summers. Larry 337 00:18:17,640 --> 00:18:21,400 Speaker 1: Summers has been all over this administration for their lackluster 338 00:18:21,560 --> 00:18:25,640 Speaker 1: handling of inflation, and he's one of them. I mean, 339 00:18:25,680 --> 00:18:28,320 Speaker 1: you can't have your anti trust chief going out to 340 00:18:28,480 --> 00:18:32,359 Speaker 1: break up meat fact, you know, meat distributors and and 341 00:18:32,359 --> 00:18:35,080 Speaker 1: and people like that, at the same time you're trying 342 00:18:35,080 --> 00:18:38,000 Speaker 1: to actually create a better supply chain of that product. 343 00:18:38,480 --> 00:18:40,919 Speaker 1: And so like the right hand doesn't know what the 344 00:18:41,000 --> 00:18:43,760 Speaker 1: left hands doing in this administration. Here the full interview 345 00:18:43,960 --> 00:18:46,080 Speaker 1: with Larry Summers, by the way, coming up in the 346 00:18:46,200 --> 00:18:49,119 Speaker 1: very next hour on Bloomberg Wall Street Week with David West, 347 00:18:49,119 --> 00:18:50,399 Speaker 1: and he had a lot more to say than that. 348 00:18:50,520 --> 00:18:52,400 Speaker 1: Rick and Genie have a lot more to say as well, 349 00:18:52,400 --> 00:18:53,800 Speaker 1: and they're going to stay with us for the hour 350 00:18:54,680 --> 00:18:57,440 Speaker 1: as we turned to January six and the primetime hearing. 351 00:18:57,480 --> 00:19:03,600 Speaker 1: Next time, Joe Matthew, this is Bloomberg broadcasting live from 352 00:19:03,600 --> 00:19:08,760 Speaker 1: our nation's capital, Bloomberg to New York, Bloomberg eleven, Trio 353 00:19:09,119 --> 00:19:12,639 Speaker 1: to Boston, Bloomberg one oh six one to San Francisco, 354 00:19:12,760 --> 00:19:17,520 Speaker 1: Bloomberg nine six to the country, Serious x M General one, 355 00:19:17,800 --> 00:19:20,920 Speaker 1: and around the globe, the Bloomberg Business app and Bloomberg 356 00:19:21,040 --> 00:19:26,120 Speaker 1: Radio dot Com This is Bloomberg Sound On with Joe Matthew. 357 00:19:27,520 --> 00:19:30,560 Speaker 1: The headline on the terminal jan six panel weaves tale 358 00:19:30,560 --> 00:19:35,760 Speaker 1: of lying Trump, raging mob, cops, valor. It also brought 359 00:19:35,800 --> 00:19:38,119 Speaker 1: back a lot of tough memories through that new video. 360 00:19:38,320 --> 00:19:41,720 Speaker 1: Through the testimony, we're gonna talk about the January six 361 00:19:41,720 --> 00:19:44,720 Speaker 1: committees first night in prime time. It was quite a 362 00:19:44,760 --> 00:19:47,119 Speaker 1: show last night went a lot longer than ninety minutes, 363 00:19:47,160 --> 00:19:50,760 Speaker 1: as it turned out. My goodness, the opening statements took 364 00:19:50,800 --> 00:19:53,360 Speaker 1: almost an hour by the time Benny Thompson and Liz 365 00:19:53,440 --> 00:19:57,000 Speaker 1: Janey were done. We're looking at nine o'clock, and I'll 366 00:19:57,040 --> 00:19:59,760 Speaker 1: be deeply curious if we get ratings on this kind 367 00:19:59,760 --> 00:20:02,560 Speaker 1: of thing. It's They're gonna be another several hearings and 368 00:20:02,600 --> 00:20:04,399 Speaker 1: then the final one they say will be in prime 369 00:20:04,440 --> 00:20:08,080 Speaker 1: time as well. But quite a quite a moment right 370 00:20:08,200 --> 00:20:12,120 Speaker 1: up front to hear the chairman, Congressman Benny Thompson, lay 371 00:20:12,160 --> 00:20:16,000 Speaker 1: it down here he is January six was the culmination 372 00:20:16,240 --> 00:20:21,000 Speaker 1: of an attempted coup, a brazen attempt, as one riot 373 00:20:21,080 --> 00:20:26,480 Speaker 1: to put it shortly after January six, to overthrow the government. 374 00:20:27,200 --> 00:20:32,520 Speaker 1: Also incredible to hear from not just Liz Cheney's opening statement. 375 00:20:32,560 --> 00:20:34,239 Speaker 1: But they were doing this, you know, kind of like 376 00:20:34,320 --> 00:20:38,040 Speaker 1: I do here with playing cuts of people talking interspersed. 377 00:20:38,080 --> 00:20:41,639 Speaker 1: You heard Ivanka Trump, you heard Bill Barr, the former 378 00:20:41,680 --> 00:20:45,440 Speaker 1: attorney general. Hearing these former high ranking officials in the 379 00:20:45,480 --> 00:20:49,520 Speaker 1: Trump administration testifying their own words was impactful, as were 380 00:20:49,560 --> 00:20:54,880 Speaker 1: the witnesses. Bloomberg Government's Jack Fitzpatrick was at the Capitol 381 00:20:54,960 --> 00:20:57,679 Speaker 1: last night, had a late night as all this unfolded 382 00:20:57,680 --> 00:21:00,280 Speaker 1: in We're lucky to have him with this right now. 383 00:21:00,359 --> 00:21:03,919 Speaker 1: Jacket was the first outing here and we don't need 384 00:21:03,960 --> 00:21:07,600 Speaker 1: to necessarily review everything that happened, but significant, as lisz 385 00:21:07,680 --> 00:21:09,840 Speaker 1: Cheney pointed out, a meeting in the White House on 386 00:21:09,920 --> 00:21:15,159 Speaker 1: December in which Donald Trump got together with former General 387 00:21:15,200 --> 00:21:19,680 Speaker 1: Michael Flynn, Rudy Giuliani, Sydney Powell, and they talked about 388 00:21:19,720 --> 00:21:22,840 Speaker 1: the idea of martial law, having the military sees voting 389 00:21:22,880 --> 00:21:27,160 Speaker 1: machines before they were joined by other members of the staff. 390 00:21:27,480 --> 00:21:29,840 Speaker 1: And it was about an hour later that the come 391 00:21:29,880 --> 00:21:32,640 Speaker 1: to d C January six, It's going to get wild, 392 00:21:33,560 --> 00:21:37,720 Speaker 1: uh tweet went out. Can this committee connect the dots 393 00:21:38,400 --> 00:21:42,200 Speaker 1: between that meeting, that tweet and groups like the Proud 394 00:21:42,240 --> 00:21:46,560 Speaker 1: Boys and the Oath Keepers that is exactly what they're 395 00:21:46,560 --> 00:21:49,840 Speaker 1: gonna try to do. It was really interesting that moment 396 00:21:49,880 --> 00:21:54,119 Speaker 1: because we knew there were theories being proposed by people 397 00:21:54,240 --> 00:21:57,840 Speaker 1: like Mike Flynn, uh, that that were a little bit 398 00:21:57,880 --> 00:22:01,560 Speaker 1: out there in terms of sees in voting machines or 399 00:22:01,560 --> 00:22:04,359 Speaker 1: something along those lines. But the committee really described that. 400 00:22:04,440 --> 00:22:07,400 Speaker 1: Liz Cheney described that as a pivotal point in everything 401 00:22:07,440 --> 00:22:11,520 Speaker 1: they're laying out, uh, and it ties in then to 402 00:22:12,040 --> 00:22:15,200 Speaker 1: the far right groups, the Proud Boys and oath Keepers 403 00:22:15,640 --> 00:22:19,240 Speaker 1: that they're they're clearly going to follow through on in 404 00:22:19,240 --> 00:22:23,480 Speaker 1: in subsequent meetings, in subsequent hearings. So I yeah, I 405 00:22:23,480 --> 00:22:26,400 Speaker 1: mean that was that was one point of I think 406 00:22:26,440 --> 00:22:30,720 Speaker 1: basically a three pronged approach, saying making the argument that 407 00:22:31,200 --> 00:22:34,960 Speaker 1: the then President Trump absolutely must have known that these 408 00:22:35,040 --> 00:22:39,320 Speaker 1: legal theories were without merit, that his own attorney general 409 00:22:39,440 --> 00:22:43,600 Speaker 1: was arguing against them directly to him, that through those 410 00:22:43,680 --> 00:22:46,880 Speaker 1: kinds of meetings with Flynn and others, he was pushing 411 00:22:46,920 --> 00:22:50,200 Speaker 1: the envelope further and further, got to the point where 412 00:22:50,240 --> 00:22:53,359 Speaker 1: he probably knew there would be violence at the Capitol 413 00:22:53,400 --> 00:22:55,919 Speaker 1: on January six, and then when it happened, did nothing 414 00:22:56,000 --> 00:22:59,680 Speaker 1: despite the calls from people like Kevin McCarthy for help. 415 00:22:59,720 --> 00:23:02,600 Speaker 1: So that that needing that you just described is essentially 416 00:23:02,600 --> 00:23:07,159 Speaker 1: at the center of this whole narrative, uh, chronologically that 417 00:23:07,200 --> 00:23:08,920 Speaker 1: they're going to lay out that they laid out and 418 00:23:08,920 --> 00:23:10,760 Speaker 1: will continue to lay out over the course of we 419 00:23:10,800 --> 00:23:14,320 Speaker 1: think six hearings overall. Annie Thompson says there will be 420 00:23:14,720 --> 00:23:18,120 Speaker 1: actual evidence of conversations. He told CNN with those groups 421 00:23:18,200 --> 00:23:22,520 Speaker 1: and people in Trump's so called orbit. We wonder how 422 00:23:22,560 --> 00:23:25,760 Speaker 1: close to the sun this whole thing gets. But really 423 00:23:25,800 --> 00:23:32,040 Speaker 1: interesting to hear when when these these uh testimony were delivered. 424 00:23:32,080 --> 00:23:36,120 Speaker 1: Bill Barr, for instance, the former Attorney General, speaking very 425 00:23:36,200 --> 00:23:38,240 Speaker 1: bluntly in this video, is one of the first things 426 00:23:38,320 --> 00:23:40,960 Speaker 1: that we saw when he told Donald Trump that there 427 00:23:41,040 --> 00:23:44,040 Speaker 1: was there was no significant election for that it had 428 00:23:44,080 --> 00:23:46,439 Speaker 1: not been stolen. Here's what he said. I did not 429 00:23:46,560 --> 00:23:50,200 Speaker 1: agree with the idea of saying the election was stolen 430 00:23:50,240 --> 00:23:52,400 Speaker 1: and putting out this stuff, which I told the president 431 00:23:52,440 --> 00:23:57,320 Speaker 1: was both and uh, you know, I didn't want to 432 00:23:57,359 --> 00:23:58,879 Speaker 1: be a part of it, and that's one of the 433 00:23:58,920 --> 00:24:01,480 Speaker 1: reasons that went into me deciding to leave. When I did, 434 00:24:01,920 --> 00:24:06,439 Speaker 1: I observed, I think it was on December first, that 435 00:24:06,640 --> 00:24:08,080 Speaker 1: you know, how can we you can't live in a 436 00:24:08,200 --> 00:24:12,439 Speaker 1: world where where the incumbent administration stays in power based 437 00:24:12,480 --> 00:24:17,720 Speaker 1: on its view unsupported by specific evidence that the election, 438 00:24:17,840 --> 00:24:20,159 Speaker 1: that there was fraud in the election. You gotta love 439 00:24:20,200 --> 00:24:23,640 Speaker 1: when you have to bleep the the attorney general. Uh. 440 00:24:23,800 --> 00:24:26,200 Speaker 1: Then we heard from Ivanka Trump who said, yeah, I 441 00:24:26,480 --> 00:24:29,159 Speaker 1: I took him at his word. Essentially, I had respect 442 00:24:29,240 --> 00:24:33,479 Speaker 1: for Bill Barr's view. President Trump. Former President Trump has 443 00:24:33,520 --> 00:24:37,480 Speaker 1: since sent out a a statement on his own truth 444 00:24:37,600 --> 00:24:41,720 Speaker 1: social saying that Ivanka was was it disconnected or had 445 00:24:41,800 --> 00:24:44,200 Speaker 1: checked out? He said by that there was thrower under 446 00:24:44,240 --> 00:24:46,720 Speaker 1: the bus. I guess Jack a little bit. But Uh, 447 00:24:46,760 --> 00:24:49,320 Speaker 1: the idea that he was being told on a daily 448 00:24:49,359 --> 00:24:52,479 Speaker 1: basis by people he trusted that there was there was 449 00:24:52,560 --> 00:24:54,639 Speaker 1: no theft, there was no fraud that would change the 450 00:24:54,640 --> 00:24:57,440 Speaker 1: outcome of the election really makes it amazing when you 451 00:24:57,520 --> 00:25:00,520 Speaker 1: consider what he was saying publicly. Yeah, and that's going 452 00:25:00,560 --> 00:25:03,080 Speaker 1: to be key to their argument that he knew what 453 00:25:03,119 --> 00:25:06,639 Speaker 1: he was doing. And the the implication, or even something 454 00:25:06,680 --> 00:25:10,000 Speaker 1: more direct than than implying that the committee is making 455 00:25:10,800 --> 00:25:13,760 Speaker 1: is that, Okay, if he knew that there was no 456 00:25:13,880 --> 00:25:17,040 Speaker 1: legal merit to these claims he was making, he was 457 00:25:17,080 --> 00:25:21,200 Speaker 1: doing something extra judicial. He must have essentially been calling 458 00:25:21,240 --> 00:25:24,359 Speaker 1: on people to go to the capital not to conduct 459 00:25:24,640 --> 00:25:29,280 Speaker 1: a legal argument, but through violence or or some extra 460 00:25:29,359 --> 00:25:33,280 Speaker 1: judicial means to overturn the election in ways that a 461 00:25:33,320 --> 00:25:36,880 Speaker 1: court would not side with. That's the the early part 462 00:25:36,920 --> 00:25:40,879 Speaker 1: of the chronology and really pivotal part of what the 463 00:25:40,920 --> 00:25:43,800 Speaker 1: committee is laying out and on on that. You know, 464 00:25:43,880 --> 00:25:47,440 Speaker 1: it was very interesting the Ivanka Trump clip, but also 465 00:25:47,640 --> 00:25:53,199 Speaker 1: Jared Kushner then downplaying the threats of legal advisors to 466 00:25:53,280 --> 00:25:56,359 Speaker 1: the president of they threatened to resign. They showed a 467 00:25:56,400 --> 00:25:59,920 Speaker 1: clip from Kushner saying he chucked that up to whining 468 00:26:00,040 --> 00:26:02,840 Speaker 1: in his words. So on one hand, the president had 469 00:26:02,840 --> 00:26:05,919 Speaker 1: people very close to him saying there's no legal merit, 470 00:26:06,119 --> 00:26:09,080 Speaker 1: and yet potentially there are other people like Jared Kushner 471 00:26:09,240 --> 00:26:13,080 Speaker 1: who nudged him along or or downplayed all of these complaints. 472 00:26:13,320 --> 00:26:16,359 Speaker 1: Everyone's asking the same question here in our last minute, Jack, 473 00:26:16,400 --> 00:26:18,040 Speaker 1: you know, what does this lead to? Is it going 474 00:26:18,080 --> 00:26:20,040 Speaker 1: to be up to the Department of Justice to decide 475 00:26:20,080 --> 00:26:22,520 Speaker 1: if they pursue charges that you know, the committee's work 476 00:26:22,520 --> 00:26:27,320 Speaker 1: can only go so far. Yeah, legally you would expect 477 00:26:27,640 --> 00:26:31,080 Speaker 1: this to be essentially handed off to the Justice Department 478 00:26:31,359 --> 00:26:33,480 Speaker 1: in the sense that they already have handed some of 479 00:26:33,520 --> 00:26:37,800 Speaker 1: that off when people have not complied with subpoenas. But politically, 480 00:26:38,040 --> 00:26:40,320 Speaker 1: they're making their case to the American people. It plays 481 00:26:40,320 --> 00:26:42,720 Speaker 1: into the mid terms, it plays into our longer term 482 00:26:42,840 --> 00:26:46,760 Speaker 1: understanding of our own history. Uh. And so the importance 483 00:26:46,800 --> 00:26:49,720 Speaker 1: of this kind of seems to go beyond Okay, what 484 00:26:49,800 --> 00:26:51,960 Speaker 1: do they do. It doesn't come down to a vote 485 00:26:51,960 --> 00:26:55,320 Speaker 1: in committee. It's a much broader issue and argument that 486 00:26:55,359 --> 00:26:58,120 Speaker 1: they're making men that More hearings ahead next week. Great 487 00:26:58,160 --> 00:27:01,320 Speaker 1: work is always with our colleague Jack sitz Patrick Bloomberg, 488 00:27:01,359 --> 00:27:04,680 Speaker 1: Government's Congress reporter, will reassemble the panel next for more. 489 00:27:04,800 --> 00:27:10,720 Speaker 1: This is Bloomberg. Any legal jargon you hear about, seditious, conspiracy, 490 00:27:11,359 --> 00:27:16,399 Speaker 1: obstruction of an official proceeding, conspiracy to the fraud the 491 00:27:16,520 --> 00:27:21,760 Speaker 1: United States boils down to this. January six was the 492 00:27:21,880 --> 00:27:28,840 Speaker 1: culmination of an attempted coup, a brazen attempt, as one 493 00:27:28,960 --> 00:27:33,680 Speaker 1: ride to put it shortly after January six, to overthrow 494 00:27:34,000 --> 00:27:37,679 Speaker 1: the government. What I saw was just a war seene. 495 00:27:39,880 --> 00:27:43,040 Speaker 1: It was something like I had seen out of the movies. 496 00:27:44,000 --> 00:27:48,320 Speaker 1: I couldn't believe my eyes. There were officers on the 497 00:27:48,359 --> 00:27:53,440 Speaker 1: ground I mean I saw friends with blood all over 498 00:27:53,480 --> 00:27:59,440 Speaker 1: their faces. I was slipping in people's blood. They are 499 00:27:59,480 --> 00:28:03,040 Speaker 1: scrambling to change the headlines, praying that the nation will 500 00:28:03,080 --> 00:28:06,720 Speaker 1: focus on their partisan witch hunt instead of our pocketbooks. 501 00:28:06,800 --> 00:28:09,879 Speaker 1: It will not work, and aware of the rioters chance 502 00:28:10,040 --> 00:28:14,960 Speaker 1: to hang Mike Pence, the President responded with this sentiment, quote, 503 00:28:15,520 --> 00:28:20,480 Speaker 1: maybe our supporters have the right idea Mike Pence quote 504 00:28:20,840 --> 00:28:39,800 Speaker 1: deserves it. Just this week, Nancy Pelosi's illegitimate January six 505 00:28:39,800 --> 00:28:44,000 Speaker 1: committee secretly hired the former president of ABC News to 506 00:28:44,160 --> 00:28:48,360 Speaker 1: produce these shameless primetime show. This was the same producer 507 00:28:48,480 --> 00:28:54,880 Speaker 1: that covered up victims of Jeff Epstein. I did not 508 00:28:55,000 --> 00:28:58,640 Speaker 1: agree with the idea of saying the election was stolen 509 00:28:58,680 --> 00:29:00,840 Speaker 1: and putting out this stuff, which I told the President 510 00:29:00,920 --> 00:29:05,120 Speaker 1: was both. President Trump sent the tweet on the screen 511 00:29:05,200 --> 00:29:09,720 Speaker 1: now telling people to come to Washington on January six. 512 00:29:10,600 --> 00:29:14,479 Speaker 1: Be there, He instructed them, will be wild. Trump has 513 00:29:14,520 --> 00:29:16,840 Speaker 1: only asked me for two things. He asked me for 514 00:29:16,960 --> 00:29:20,280 Speaker 1: my vote, and he asked me to come on January six. 515 00:29:20,800 --> 00:29:22,920 Speaker 1: I know why I was there, and that's because we 516 00:29:23,080 --> 00:29:26,200 Speaker 1: called me there. I did believe, you know that the 517 00:29:26,240 --> 00:29:32,440 Speaker 1: election was being stolen. Um and Trump asked us, this 518 00:29:32,480 --> 00:29:35,080 Speaker 1: committee is not about seeking the truth. It is a 519 00:29:35,120 --> 00:29:40,560 Speaker 1: smear campaign against President Donald Trump, against Republican members of Congress, 520 00:29:40,840 --> 00:29:46,080 Speaker 1: and against Trump voters across this country. This committee is unconstitutional, 521 00:29:46,320 --> 00:29:49,760 Speaker 1: it is illegitimate. I say this to my Republican colleagues 522 00:29:50,080 --> 00:29:53,680 Speaker 1: who are defending the indefensible. There will come a day 523 00:29:53,880 --> 00:29:57,960 Speaker 1: when Donald Trump is gone, but your dishonor will remain. 524 00:29:59,120 --> 00:30:01,720 Speaker 1: In a hearing person by Benny Thompson, the chair of 525 00:30:01,760 --> 00:30:05,120 Speaker 1: Congresswoman Liz Cheney, who you heard, and criticism as you 526 00:30:05,200 --> 00:30:09,200 Speaker 1: also heard by Representative at least Defanek, who did not 527 00:30:09,280 --> 00:30:11,800 Speaker 1: like what she saw or heard last night. How about 528 00:30:11,800 --> 00:30:14,320 Speaker 1: the panel? Rick Davis and Jeanie Schanzano are with us 529 00:30:14,760 --> 00:30:18,640 Speaker 1: Bloomberg Politics contributors. I was thinking about you guys last night. 530 00:30:18,680 --> 00:30:22,240 Speaker 1: We talked about it coming up into this, uh Rick 531 00:30:22,320 --> 00:30:25,959 Speaker 1: Davis from a production standpoint, I remember you wanted them 532 00:30:26,000 --> 00:30:27,920 Speaker 1: to get into this a little bit quicker than they did. 533 00:30:27,960 --> 00:30:31,560 Speaker 1: We had extended opening statements that lasted the better part 534 00:30:31,560 --> 00:30:33,560 Speaker 1: of an hour, but they were also very well written 535 00:30:33,560 --> 00:30:35,240 Speaker 1: and very poignant for a lot of people. As I 536 00:30:35,280 --> 00:30:37,560 Speaker 1: heard throughout the day to day, how did they do Joe, 537 00:30:37,600 --> 00:30:39,520 Speaker 1: I totally agree with you, longer than I would have 538 00:30:39,560 --> 00:30:41,960 Speaker 1: put them out, But they were really good opening statements. 539 00:30:41,960 --> 00:30:44,920 Speaker 1: They laid out the whole thing in a comprehensive way. 540 00:30:45,040 --> 00:30:47,560 Speaker 1: So if all you saw or the opening statements, you 541 00:30:47,680 --> 00:30:49,520 Speaker 1: pretty much knew what the rest of the hearings were 542 00:30:49,520 --> 00:30:52,400 Speaker 1: going to be about. Uh. But I would have gotten 543 00:30:52,440 --> 00:30:56,600 Speaker 1: to the video earlier because that was really compelling stuff, 544 00:30:57,160 --> 00:30:59,560 Speaker 1: things that I had not seen before. And I must 545 00:30:59,600 --> 00:31:01,520 Speaker 1: say the way this has did a great job, so 546 00:31:01,800 --> 00:31:04,560 Speaker 1: um sure I watched whole two hours of it. I 547 00:31:04,600 --> 00:31:08,360 Speaker 1: thought it was compelling. Twenty million people joined me. But 548 00:31:08,680 --> 00:31:11,320 Speaker 1: I think that, uh, we'll see where it goes from here. 549 00:31:11,440 --> 00:31:14,040 Speaker 1: And they have oft to a good start. You brought 550 00:31:14,040 --> 00:31:17,240 Speaker 1: back some really tough memories, Uh, Genie, what sort of 551 00:31:17,280 --> 00:31:19,320 Speaker 1: surprise myself. And that was the whole point of putting 552 00:31:19,320 --> 00:31:21,360 Speaker 1: this video together. But some of that footage, the first 553 00:31:21,400 --> 00:31:24,240 Speaker 1: hand stuff, the p o V stuff from the police, 554 00:31:24,360 --> 00:31:29,000 Speaker 1: especially from law enforcement, just taking enormous amounts of abuse 555 00:31:29,080 --> 00:31:32,440 Speaker 1: for such an extended period of time. Of course, we 556 00:31:32,520 --> 00:31:37,240 Speaker 1: heard from the Capitol police officer who experienced brain brain injury, 557 00:31:37,520 --> 00:31:40,600 Speaker 1: was trampled and knocked unconscious, and we've heard a lot 558 00:31:40,600 --> 00:31:44,200 Speaker 1: of scary stories like that. Before we get into some 559 00:31:44,480 --> 00:31:46,960 Speaker 1: of the details, Genie, what was your sort of top line. 560 00:31:46,960 --> 00:31:50,760 Speaker 1: How did they do as you sat there with high expectations. Well, 561 00:31:50,800 --> 00:31:52,480 Speaker 1: first of all, Joe, I think they should have hired 562 00:31:52,520 --> 00:31:54,720 Speaker 1: you to do the best recap ever with the best 563 00:31:54,800 --> 00:31:56,800 Speaker 1: music and put that out for the young people. That's 564 00:31:56,840 --> 00:32:00,160 Speaker 1: only our Yeah, that'll reach the young people. Um, you know, 565 00:32:00,320 --> 00:32:02,680 Speaker 1: I I think they did a fairly good job. You 566 00:32:02,760 --> 00:32:06,560 Speaker 1: compare it to other, you know, congressional hearings. This was 567 00:32:06,680 --> 00:32:10,280 Speaker 1: you know, far and away, um, very well done. But 568 00:32:10,400 --> 00:32:13,000 Speaker 1: of course it's a difficult thing to do. And so 569 00:32:13,160 --> 00:32:15,760 Speaker 1: I think they did reach the point of giving some 570 00:32:15,840 --> 00:32:19,479 Speaker 1: new information. And I agree that the video was, you know, 571 00:32:19,560 --> 00:32:23,040 Speaker 1: startling something we hadn't seen before. We did get some 572 00:32:23,160 --> 00:32:26,080 Speaker 1: new information. I think the most startling thing for me 573 00:32:26,240 --> 00:32:29,240 Speaker 1: was the idea that Donald Trump had essentially abdicated his 574 00:32:29,320 --> 00:32:33,120 Speaker 1: responsibility as president during those hours. Um, you know the 575 00:32:33,160 --> 00:32:37,000 Speaker 1: comments about Mike Penn's maybe he deserves it. But one 576 00:32:37,120 --> 00:32:39,720 Speaker 1: thing that I was looking for that they did not 577 00:32:39,880 --> 00:32:42,600 Speaker 1: get to. And they're promising and Jack talked about this 578 00:32:42,680 --> 00:32:45,280 Speaker 1: to get to future hearings, but I think they should 579 00:32:45,280 --> 00:32:48,400 Speaker 1: have last night was the connection between the Proud Boys 580 00:32:48,400 --> 00:32:51,320 Speaker 1: and the oath Keepers and the White House and the President. 581 00:32:51,640 --> 00:32:54,440 Speaker 1: You know, Bennie Thompson goes on TV after the hearing 582 00:32:54,520 --> 00:32:57,239 Speaker 1: and says, they're going to connect those dots. I'm not 583 00:32:57,360 --> 00:33:00,480 Speaker 1: sure why they're waiting on that. They should have connected 584 00:33:00,520 --> 00:33:03,080 Speaker 1: that last night. In my lot of this, especially Liz 585 00:33:03,120 --> 00:33:06,880 Speaker 1: Cheney's opening statement was really a preview as well. Off, Hey, listen, 586 00:33:06,920 --> 00:33:09,240 Speaker 1: you're you're gonna hear and see evidence of this. We're 587 00:33:09,240 --> 00:33:11,480 Speaker 1: also going to show you how this happened. So I'm 588 00:33:11,520 --> 00:33:14,040 Speaker 1: deeply curious to see how they roll things out in 589 00:33:14,040 --> 00:33:15,600 Speaker 1: the next couple of days. We've got a couple more 590 00:33:15,600 --> 00:33:17,520 Speaker 1: hearings next week, and then you know, there'll be another 591 00:33:17,520 --> 00:33:19,320 Speaker 1: one on TV at the end of this. But I'm 592 00:33:19,320 --> 00:33:22,080 Speaker 1: glad you mentioned Mike Pence. I want to bring us 593 00:33:22,080 --> 00:33:24,960 Speaker 1: back to a moment in that video where they actually 594 00:33:25,000 --> 00:33:29,600 Speaker 1: show talking about connecting the dots. Here, Jennie, they show UH, 595 00:33:29,600 --> 00:33:33,600 Speaker 1: with almost no time to spare. President Trump sends a 596 00:33:33,640 --> 00:33:36,479 Speaker 1: tweet about Mike Pence. You know, shame on Mike Pence, 597 00:33:36,960 --> 00:33:40,800 Speaker 1: and it's being UH for not standing up for whatever 598 00:33:40,840 --> 00:33:43,520 Speaker 1: they were planning to do, and it's being read by 599 00:33:43,600 --> 00:33:46,920 Speaker 1: one of the protesters, one of the rioters over a 600 00:33:46,960 --> 00:33:51,360 Speaker 1: megaphone almost you know, a radio from Donald Trump here 601 00:33:51,360 --> 00:34:09,040 Speaker 1: and it's getting the crowd in a froth listen succurate 602 00:34:09,120 --> 00:34:17,799 Speaker 1: one which they were asked to previously. He's reading that 603 00:34:17,880 --> 00:34:20,480 Speaker 1: directly from the Trump tweet. And now you here bring 604 00:34:20,520 --> 00:34:23,520 Speaker 1: out Pence and they go into the hang Mike Pence 605 00:34:23,680 --> 00:34:29,600 Speaker 1: chance that we've heard before. Absolutely shocking just to relive that, 606 00:34:30,480 --> 00:34:33,040 Speaker 1: Rick Davis, and then to hear that it was Mike 607 00:34:33,080 --> 00:34:37,560 Speaker 1: Pence who was making the phone calls to General Mark Milly, 608 00:34:37,680 --> 00:34:40,960 Speaker 1: to the leadership at the Pentagon asking for help, and 609 00:34:41,040 --> 00:34:44,719 Speaker 1: not a single call came from Donald Trump. Yeah. I 610 00:34:44,760 --> 00:34:47,040 Speaker 1: thought it was really a compelling part of the video. 611 00:34:47,320 --> 00:34:51,160 Speaker 1: And you have to keep reminding yourself that Donald Trump 612 00:34:51,200 --> 00:34:54,279 Speaker 1: is sitting in the White House watching the riot unfold, 613 00:34:55,200 --> 00:34:59,320 Speaker 1: breaking through barriers and barriers heading into the capital to 614 00:34:59,480 --> 00:35:05,000 Speaker 1: disrupt the election certification, and he writes that tweet. I 615 00:35:05,040 --> 00:35:09,720 Speaker 1: mean is it's literally a madman reacting to what should 616 00:35:09,719 --> 00:35:11,680 Speaker 1: be the opposite, which is trying to get people to 617 00:35:11,719 --> 00:35:16,400 Speaker 1: calm down and read out by a bull horn to 618 00:35:16,640 --> 00:35:19,000 Speaker 1: juice the crowd up that then immediately turn on Mike 619 00:35:19,040 --> 00:35:21,719 Speaker 1: Pens and start talking about hanging him. I mean when 620 00:35:21,760 --> 00:35:23,840 Speaker 1: you see that, you're reminded of the day, right, the 621 00:35:24,200 --> 00:35:26,680 Speaker 1: shock of the day. You didn't you didn't have that 622 00:35:26,760 --> 00:35:30,439 Speaker 1: much detailed information or how it all fit into what 623 00:35:30,520 --> 00:35:32,399 Speaker 1: was happening in the Oval office. And I think that's 624 00:35:32,440 --> 00:35:36,080 Speaker 1: why they're gonna need seven sessions to outline all the 625 00:35:36,160 --> 00:35:39,760 Speaker 1: level of detail and and to this point about putting 626 00:35:39,760 --> 00:35:45,600 Speaker 1: together these these uh extremist groups who really helped manage 627 00:35:45,640 --> 00:35:50,399 Speaker 1: the violence. Uh, that is the entire sixth and seventh tiering, right, 628 00:35:50,560 --> 00:35:53,640 Speaker 1: is the connection between them? And the key thing isn't 629 00:35:53,680 --> 00:35:56,560 Speaker 1: that they have a connection between the Proud Boys and 630 00:35:56,560 --> 00:35:59,960 Speaker 1: the Oathkeepers. It's what's the connection between the Proud Boy, 631 00:36:00,160 --> 00:36:03,480 Speaker 1: the Oathkeepers and Donald Trump? And how far out of 632 00:36:03,480 --> 00:36:06,640 Speaker 1: the orbit is? How close did they get to the sun? 633 00:36:06,680 --> 00:36:09,880 Speaker 1: As I said earlier, Genie, how about Trump asked me 634 00:36:09,960 --> 00:36:13,280 Speaker 1: to come. You know, we saw the video of members 635 00:36:13,320 --> 00:36:19,000 Speaker 1: of those groups and other other insurrectionists telling uh this 636 00:36:19,120 --> 00:36:22,880 Speaker 1: documentary maker who testified why they decided to show up. 637 00:36:22,960 --> 00:36:25,480 Speaker 1: Let's listen to a little bit of that. Trump has 638 00:36:25,520 --> 00:36:27,840 Speaker 1: only asked me for two things. He asked me for 639 00:36:28,000 --> 00:36:31,320 Speaker 1: my vote and he asked me to come on January six. 640 00:36:31,840 --> 00:36:33,960 Speaker 1: I know why I was there, and that's because he 641 00:36:34,120 --> 00:36:38,760 Speaker 1: called me there and he laid out what is happening 642 00:36:38,760 --> 00:36:42,080 Speaker 1: in our government. He laid it out. What really made 643 00:36:42,120 --> 00:36:44,680 Speaker 1: me want to come was the fact that, you know, 644 00:36:44,719 --> 00:36:48,360 Speaker 1: I had supported Trump all that time. I did believe, 645 00:36:48,840 --> 00:36:52,839 Speaker 1: you know, that the election was being stolen um and 646 00:36:52,880 --> 00:36:56,239 Speaker 1: Trump asked us to come, asked us to come. We 647 00:36:56,360 --> 00:36:58,400 Speaker 1: heard that a lot of times in that video, Genie. 648 00:36:58,440 --> 00:37:01,200 Speaker 1: It's not just connecting dots between the White House and 649 00:37:01,280 --> 00:37:05,200 Speaker 1: those who who attacked the capital. These groups were hearing about, 650 00:37:05,520 --> 00:37:08,640 Speaker 1: but also how he instigated a crowd. Does that count? 651 00:37:09,200 --> 00:37:12,399 Speaker 1: It does count? I mean it is. Liz Cheney talked 652 00:37:12,440 --> 00:37:15,200 Speaker 1: about he summoned them, he assembled them, and he lit 653 00:37:15,280 --> 00:37:19,359 Speaker 1: the flame. And after that flame was lit again, he 654 00:37:19,520 --> 00:37:24,200 Speaker 1: abdicated his responsibility as president. He did nothing. His chief 655 00:37:24,239 --> 00:37:28,880 Speaker 1: of staff was calling about how he looked politically. Donald 656 00:37:28,920 --> 00:37:32,200 Speaker 1: Trump didn't call Mike Pence under attack, was trying to 657 00:37:32,280 --> 00:37:36,279 Speaker 1: handle it. It's constitutionally a stunning revelation to have a 658 00:37:36,320 --> 00:37:39,560 Speaker 1: president in office not doing anything. And the other part, 659 00:37:39,640 --> 00:37:41,640 Speaker 1: you know, we should just mention that. Liz Janey also 660 00:37:41,680 --> 00:37:46,200 Speaker 1: talked about was you had GOP members of Congress who 661 00:37:46,320 --> 00:37:48,799 Speaker 1: tried to help the president steal the election, and then 662 00:37:48,800 --> 00:37:53,000 Speaker 1: they appealed for pardons. She named Representative Scott Perry last night. 663 00:37:53,120 --> 00:37:56,319 Speaker 1: Now he has subsequently said that's not true because more 664 00:37:56,400 --> 00:37:59,320 Speaker 1: names are coming. More names are coming either talking Andy Biggs, 665 00:37:59,320 --> 00:38:01,759 Speaker 1: Moe Brooks all ghost er. But you know, he says, 666 00:38:01,920 --> 00:38:04,319 Speaker 1: we should say that that's not true. But there's got 667 00:38:04,320 --> 00:38:06,680 Speaker 1: to be some documentation of that, and we're gonna the 668 00:38:06,680 --> 00:38:08,799 Speaker 1: truth will come out, but that would be a you know, 669 00:38:08,960 --> 00:38:13,320 Speaker 1: real stark revelation. Genie Chanzano, Rick Davis. The more charges 670 00:38:13,400 --> 00:38:17,160 Speaker 1: come from these hearings, It's too early to tell, but 671 00:38:17,200 --> 00:38:19,400 Speaker 1: the Justice Department is going to have a hot POTATA. 672 00:38:19,560 --> 00:38:21,840 Speaker 1: Let's get back here next week. I'm Joe Matthew. This 673 00:38:21,960 --> 00:38:22,600 Speaker 1: is Bloomberg.