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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Balance of Power podcast.

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Speaker 2: Catch Just Live weekdays at noon Eastern on Applecarplay and

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Speaker 2: then Roun Auto with the Bloomberg Business app. Listen on

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Speaker 2: demand wherever you get your podcasts, or watch us live

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Speaker 2: on YouTube.

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Speaker 3: I hope you're looking forward to a long weekend wherever

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Speaker 3: you're joining us here on the radio, on the satellite,

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Speaker 3: and on YouTube. This is Ballance of Power, the Friday edition.

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Speaker 3: Doesn't it feel good to say that? And I'll tell

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Speaker 3: you what Washington has already cleared out. My ninety minute

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Speaker 3: commute on Tuesday, same exact drive took me nineteen minutes today,

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Speaker 3: which gives you a sense of where we are here

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Speaker 3: inside the bubble. Good luck finding anyone, but you can

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Speaker 3: find a table at the restaurant of your choice, So

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Speaker 3: good luck. If you're a weekend warrior here heading out

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Speaker 3: on the roads or the airlines. By God, it's going

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Speaker 3: to be an interesting one as the candidates try to

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Speaker 3: put themselves in the best position they can on this

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Speaker 3: holiday weekend. Donald Trump in the Bronx last night, What

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Speaker 3: do we think of this? The headline in the New

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Speaker 3: York Times and a Trump rally in the Bronx, chance

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Speaker 3: of build that wall and great color from the scene

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Speaker 3: in front of him. A more diverse crowd, as I read,

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Speaker 3: than typical of his rallies, with many black and Hispanic

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Speaker 3: voters wearing Maga hats in New York City last night.

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Speaker 3: Donald Trump says he can win it. Most people don't

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Speaker 3: think that is possible. We'll talk to it about it

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Speaker 3: now with Gregory Cordy, who's of course always got his

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Speaker 3: eyes on the campaign trail, Bloomberg News, White House and

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Speaker 3: Politics for Porter. Great to see the Bronx. Huh yeah,

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Speaker 3: felt like Friday last night for Donald Trump. I guess

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Speaker 3: he's not serious, right? Is he a contender in New York?

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Speaker 3: For starters? Is that in an alternate universe.

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Speaker 4: He's talking a big game. But I will believe it

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Speaker 4: the moment that the Trump campaign spends a dime on

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Speaker 4: television advertising in the New York market. It's a very

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Speaker 4: expensive market to advertise in. It's a huge state. It's

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Speaker 4: a tough state to win. It would be delusional to

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Speaker 4: think that he could win it. But he's He's there

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Speaker 4: for two reasons. One is that he's there anyway, because

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Speaker 4: he's on trial in New York, so he's on a

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Speaker 4: pretty short leash. And while he's there, he's decided to

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Speaker 4: make some lemonade out of the lemons that the Manhattan

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Speaker 4: District Attorney has given him. And also because being in

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Speaker 4: New York is a good foil for his audience, right

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Speaker 4: he can campaign against New York to the rest of

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Speaker 4: the country, which is popular in a lot of parts of.

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Speaker 3: The clean up this mess in the city, he says,

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Speaker 3: we'll clean up the subways.

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Speaker 4: Do you think he's ever been on the New York subway?

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Speaker 4: You know, you would have to think in his entire

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Speaker 4: life he would have had to. But I've been looking

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Speaker 4: for a photograph preckory. I can't find one.

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Speaker 3: Seventies, eighties, ninety Yeah, okay, so a couple of questions here.

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Speaker 3: Then that's New York. How about the demographics we saw

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Speaker 3: at this rally last night. Are we to believe that

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Speaker 3: Donald Trump, and we have polling on this, is in

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Speaker 3: fact pulling black and Latino voters into the fold in

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Speaker 3: this campaign and away from Joe Biden.

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Speaker 4: You know that remains to be seen right now. If

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Speaker 4: you look at the polling, he does seem to be

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Speaker 4: making inroads. But remember that we're six months out, and

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Speaker 4: what we see from you know, a lot of voters,

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Speaker 4: not just Black and Hispanic voters, but a lot of

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Speaker 4: voters like to talk about being undecided. They like to

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Speaker 4: say tell posters that are keeping an open mind. And

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Speaker 4: particularly among black voters who really want you to earn

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Speaker 4: their vote year after year, a lot of them have

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Speaker 4: been sitting on the sidelines. Much higher numbers of undecided

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Speaker 4: voters in that community, and that's what's been depressing Joe

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Speaker 4: Biden's numbers there. But look, you have to give him credit.

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Speaker 4: Trump himself is seeing numbers in the two ease among

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Speaker 4: Black voters, even higher among Hispanic voters. As the Hispanic

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Speaker 4: population in this country begins to mature, right where you

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Speaker 4: have first and second generation families now becoming third and

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Speaker 4: fourth generation families, as they become more integrated into parts

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Speaker 4: of American society and lose some of maybe that the

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Speaker 4: Hispanic identity that yes they have becoming more Republican, and

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Speaker 4: that is a generational thing. It's a long term thing,

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Speaker 4: and Trump is taking advantage of it.

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Speaker 3: This really interesting moment, and we're told that the commander

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Speaker 3: in chief was sort of employing the powers of incumbency

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Speaker 3: here with the state visit this week with the Kenyan president.

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Speaker 3: It was interesting when you look at the guest list

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Speaker 3: for that state dinner last night, to what extent was

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Speaker 3: that messaging to the demographic we're describing.

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Speaker 4: You know, I'm not sure. Look, it is, as we've

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Speaker 4: been reporting, the first state dinner to honor an African

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Speaker 4: head of state.

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Speaker 3: In sixteen years.

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Speaker 4: Remarkable to me looking back on it. I covered the

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Speaker 4: Obama administration that President Obama, who has ancestry in Kenya,

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Speaker 4: would not have done this.

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Speaker 3: It's he unlike Joe Biden, visited Africa, which is something

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Speaker 3: that this president has promised to do.

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Speaker 4: Yes, and Africa always gets talked about, but almost as

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Speaker 4: an afterthought in foreign policy. It's becoming increasingly important, as

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Speaker 4: is much of the global South with the rivalry with China,

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Speaker 4: and we may be entering a new sort of soft

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Speaker 4: Cold War here. But in terms of US voters domestic politics, look,

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Speaker 4: there are a lot of constituencies, especially democratic constituencies, who

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Speaker 4: think that Joe Biden is maybe spending too much time

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Speaker 4: on foreign policy, and he has had some foreign policy

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Speaker 4: issues to deal with, not just China, but talk about Israel,

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Speaker 4: and you talk about Ukraine, and given where we are

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Speaker 4: with the given where we are with the economy, there

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Speaker 4: is a strong feeling in many parts of even the

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Speaker 4: Biden coalition that he needs to spend more time at home.

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Speaker 4: And that's going to be challenging because he's about to

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Speaker 4: go off to the G seven and in France and Normandy,

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Speaker 4: all very important parts of what a president does. But

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Speaker 4: it's an election year and that's why you know there's

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Speaker 4: going to continue to be this tension.

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Speaker 3: Greg Ricordi, thank you as always for stopping by reporting

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Speaker 3: for Bloomberg from Washington. I'm Joe Matthew. This is balance

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Speaker 3: of power, and I'm glad you're with us here on the radio,

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Speaker 3: on the satellite, and on YouTube. It was at the

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Speaker 3: bilateral news conference that Joe Biden held with the President

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Speaker 3: of Kenya yesterday that the matter of Israel came up.

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Speaker 3: We expected this would be the case. Of course, the

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Speaker 3: Biden Whitehouse wanted to talk about investments in Kenya and

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Speaker 3: throughout the continent, but reporters are going to ask what

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Speaker 3: they want to ask about, and the matter of the

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Speaker 3: ICC came up. These arrest warrants that we're understanding are

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Speaker 3: being pursued for Israeli leaders, including Prime Minister Benjamin Ettnya,

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Speaker 3: who himself right alongside leaders of Hamas. Joe Biden, responding

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Speaker 3: to a question about this yesterday in the East Room,

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Speaker 3: let's listen.

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Speaker 5: Made our position clear on the icc We don't think,

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Speaker 5: we don't recognize the jurisdiction hi ic C, the ways

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Speaker 5: being exercised, and it's that simple. We don't think there's

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Speaker 5: an equivalence between what Israel Mohammasti.

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Speaker 3: Fast forward to news today the UN's top court ordering

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Speaker 3: Israel to immediately halt its military operations in Rafa, partially

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Speaker 3: granting a request by South Africa in a case over

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Speaker 3: genocide allegations. This is where we start our conversation with

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Speaker 3: Hidar Suskan. He is now president CEO of Americans for Peace,

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Speaker 3: served as sergeant first class in the IDF and it's

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Speaker 3: great to have you back. Kadar, your thoughts first on

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Speaker 3: this latest development from the International Court of Justice, which

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Speaker 3: I am sure frankly most Americans have never heard of.

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Speaker 3: This is unenforceable, but it's an important message. How will

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Speaker 3: Israel respond well?

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Speaker 6: Israeli political leaders, starting with President, with Prime Minister NITTANYAHUO.

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Speaker 6: But going frankly all the way through, the opposition are

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Speaker 6: of course opposed to this. They believe that, you know,

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Speaker 6: that the International Criminal Court, that the ICJ, that these

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Speaker 6: institutions don't have jurisdiction and frankly don't have Israel's interests

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Speaker 6: at heart. So that's the broad response of the Israeli government.

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Speaker 6: I will say, there is a range of different views

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Speaker 6: within the Israeli population, and many of those believe that,

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Speaker 6: you know, these things are reflective of the politics, but

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Speaker 6: in a way where we shouldn't look at them as

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Speaker 6: scoring a goal for one team or the other. So

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Speaker 6: it's not good, it's not bad. It is a tragic

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Speaker 6: reflection of the reality that Israelis and Palestinians find themselves

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Speaker 6: in of months and months and months of ongoing war

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Speaker 6: that is again only tragic for both sides.

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Speaker 3: Well, as I mentioned, South Africa is alleging genocide. The

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Speaker 3: language here becomes important. Israel of course denies that how

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Speaker 3: should this be described?

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Speaker 6: You know, one of the things, and you know, I

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Speaker 6: apologize to going back to the same frame so often,

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Speaker 6: but it continues to be true that so often folks

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Speaker 6: on both sides are pushing to the extremes, using straw

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Speaker 6: man arguments, using the most extreme language. So you know,

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Speaker 6: whether this is genocide or not, whether that's you know,

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Speaker 6: simply in all of Gaza and Rapha can be argued.

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Speaker 6: I am not an international law expert to give a

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Speaker 6: definition of that, but there's no question that it's horrific,

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Speaker 6: and there's no question that it's tragic. So it doesn't

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Speaker 6: need to be genocide in order to be horrible and

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Speaker 6: to be opposed. And likewise, I heard, you know, in

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Speaker 6: your earlier conversation the questions coming up about, you know,

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Speaker 6: is there equivalency or is the is the International Court

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Speaker 6: trying to create an equivalency between Kamas and the Israeli leadership,

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Speaker 6: which again is a straw man argument. The International Court

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Speaker 6: has brought these charges against or all for these warrants

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Speaker 6: against both Prime Mister Natanyahu and Defense Minister Galan and

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Speaker 6: against COMMAS leaders. They didn't say their equivalent, they didn't

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Speaker 6: say they did the same thing. Frankly, the charges are

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Speaker 6: many of them different. So the equivalency argument is again

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Speaker 6: just people falling back trying to use these straw man

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Speaker 6: arguments as opposed to really dealing with the facts. What's

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Speaker 6: happening on the ground. Tens of thousands of people have

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Speaker 6: been killed in Gaza. That's a fact, no one in question.

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Speaker 6: People still argue about the exact number and argue about

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Speaker 6: how many are compatants, but there's no question that tens

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Speaker 6: of thousands of people have died, that people are suffering

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Speaker 6: from hunger if not found, and thousands and thousands of

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Speaker 6: homes and buildings have been destroyed. It's horrific. And again,

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Speaker 6: going back to the Hama side, October seventh is unquestionably

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Speaker 6: war crimes. They killed twelve hundred people, they took hostage

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Speaker 6: as civilians. So all of these things candy and should

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Speaker 6: be strongly opposed without fighting over whether or not it

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Speaker 6: is equivalent. It doesn't have to be equivalent to all

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Speaker 6: be wrong.

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Speaker 3: Well, we get lost in the language here, very often

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Speaker 3: lost in the jargon for sure, and I'd like to

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Speaker 3: talk to you a lot of what is happening on

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Speaker 3: the ground. You're absolutely right. It's one thing that we

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Speaker 3: specialize in here and we waste a lot of time

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Speaker 3: doing it. Haadar. One thing that has been accomplished is

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Speaker 3: the construction of this temporary peer with tens of millions

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Speaker 3: of dollars and a lot of effort by the US military.

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Speaker 3: It's barely being used, is what we understand. How would

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Speaker 3: you describe the current state on the ground when it

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Speaker 3: comes to delivering humanitarian aid, Well, that.

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Speaker 6: Is extremely, extremely problematic for sure. The state of delivering

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Speaker 6: aid overall, it changes very regularly with announcements by the

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Speaker 6: Israeli government that they've opened or closed a specific crossing. Also,

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Speaker 6: those announcements are not always met by reality on the ground,

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Speaker 6: but actually have been a lot of questions as to

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Speaker 6: whether any aid that has come in through this US

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Speaker 6: funded peer has actually reached people in Gaza. It's unclear,

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Speaker 6: but there have been claims both ways. What I think

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Speaker 6: is clear is that it is just a reflection of

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Speaker 6: how broken the politics is that this peer is necessary

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Speaker 6: at all. Right, it is not physically necessary to build

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Speaker 6: this peer in order to bring in more aid. All

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Speaker 6: that was necessary is opening the crossings. There's no question

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Speaker 6: that bringing it in by truck through Israel, through the

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Speaker 6: crossings in both the north and the south of Gaza

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Speaker 6: is by far more effective. The US did this, built

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Speaker 6: this peer, spent I think hundreds of millions of dollars,

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Speaker 6: not tens of millions because they couldn't get the Israeli

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Speaker 6: government to agree to open those crossings, and so this

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Speaker 6: was a workaround the fact that the US government felt

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Speaker 6: it necessary, work around the obstruction of Prime Minister Natanyahu.

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Speaker 6: I think speaks for itself.

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Speaker 3: Speaks for itself. Where are we going to be a

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Speaker 3: couple of weeks from now, because the White House is

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Speaker 3: trying to walk a line on Rafa, a red line?

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Speaker 3: Dare i say? As President Biden articulated a couple of

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Speaker 3: weeks ago. The fact of the matter is we haven't

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Speaker 3: seen the full on invasion and occupation of Rafa that

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Speaker 3: some expected. It's been referred to as a limited incursion

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Speaker 3: and therefore not a violation of the red line. When

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Speaker 3: you put your IDF hat back on headar what's going

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Speaker 3: on in Rafa And is this the extent to which

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Speaker 3: we're going to see the military involved?

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Speaker 6: Well, I think if you look at reporting limited though

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Speaker 6: it is coming out of Rawa, people don't consider this

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Speaker 6: a targeted invasion. Again, Initially, the Israeli response was that

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Speaker 6: they were not invading and certainly not occupying the city

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Speaker 6: of Raffa, but rather just the crossing between Gaza and Egypt.

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Speaker 6: They did that, they then did move forward. They have

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Speaker 6: increasingly bombed and taken taken military further and further in.

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Speaker 6: They are doing it in a slow, specific way. I mean,

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Speaker 6: it's pretty clear. It's one of these here's the line. Okay,

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Speaker 6: is my toe over the line?

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Speaker 7: Now?

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Speaker 6: Okay? What about now?

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Speaker 3: What about now?

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Speaker 6: And again President Biden said, a full invasion of Rafa

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Speaker 6: is the red line, but that hasn't been defined what

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Speaker 6: exactly that means. And so that's what the dance is

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Speaker 6: right now. Whether this will continue in this way, I

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Speaker 6: don't know, you know, I hope that what we're going

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Speaker 6: to see is an end to this, an end to

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Speaker 6: this war, which.

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Speaker 3: Is what I want you to come back and talk

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Speaker 3: to us as we feel our way through this. Sidar,

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Speaker 3: I wish we had more time. As always, Adar Suskan

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Speaker 3: with the Mayor Frickins for Peace. I'm Joe Matthew in Washington,

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Speaker 3: will continue our conversation ahead with an eye on the

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Speaker 3: campaign trail and Governor Chris Sanunu. This is Bloomberg.

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Speaker 1: You're listening to the Bloomberg Balance of Power podcast.

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Speaker 2: Can just live weekdays at noon Eastern on Applecarplay and

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Speaker 2: Enroun oo with a Bloomberg Business ad. You can also

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Speaker 2: listen live on Amazon Alexa from our flagship New York station,

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Speaker 2: Just say Alexa play Bloomberg eleven thirty.

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Speaker 3: Welcome to the Friday edition of Ballots of Power on

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Speaker 3: Bloomberg TV and Radio. I'm Joe Matthew. Just a couple

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Speaker 3: days ago, Nikki Haley made big news here in Washington

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Speaker 3: announcing her intention to vote for Donald Trump. A lot

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Speaker 3: of questions about whether that was in fact a real

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Speaker 3: endorsement of the former president, as she did not tell

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Speaker 3: her supporters to do the same. She in fact encouraged

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Speaker 3: Donald Trump to work for their support, something I discussed

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Speaker 3: yesterday in a wide ranging conversation about the presidential camp

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Speaker 3: with the Governor of New Hampshire, Chris Sanunu, of course,

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Speaker 3: an ardent supporter of Nicki Haley when she was on

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Speaker 3: the campaign trail. Here's what he said.

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Speaker 8: People will say, well, if you're if you're voting for them,

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Speaker 8: are you endorsing them, supporting them? Are you campaigning with

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Speaker 8: I think I would never speak for Nicki Haley, but

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Speaker 8: like myself, I'm gonna We're gonna vote for Obviously, we

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Speaker 8: have a lot of complaints about Donald Trump, as a

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Speaker 8: lot of folks do. But elections are about choices, they

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Speaker 8: really are. It's A or B. You don't have to

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Speaker 8: be all or one in extreme one way or the other.

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Speaker 8: But if you want democracy to work, you got to

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Speaker 8: get out there and vote in a lot of folks say, gee,

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Speaker 8: we don't like the bombastic style of Trump, we don't

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Speaker 8: like the chaos, but we need a change, We need results.

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Speaker 8: We need somebody to do something about inflation, about the border.

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Speaker 8: Those are the top issues. And I think Nikki did

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Speaker 8: a great job kind of pointing that out that look,

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Speaker 8: people care about issues. You have to talk about these issues.

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Speaker 8: You have to. You can't just kind of say, we

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Speaker 8: know you have record credit card debt, but ignore that.

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Speaker 8: You're all fine. Bi nomics is working. It's not right,

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Speaker 8: and so we call that gas lighting, right, you know,

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Speaker 8: basically not validating the reality that a lot of us

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Speaker 8: are a lot of individuals are feeling right now. And

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Speaker 8: if anything, that's where I think Biden has really kind

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Speaker 8: of screwed this thing up. Well, so to say it's

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Speaker 8: telling people that it's working when it's clearly understood.

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Speaker 3: Some would say as well, with Donald Trump's association with

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Speaker 3: the economy that we see bearing out in the polls,

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Speaker 3: that that doesn't match with his record on the deficit,

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Speaker 3: for instance, Sider, which I know is a big issue

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Speaker 3: for you and a big issue for Nikki Hailey. Did

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Speaker 3: you help her work through this? Did you arrive at

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Speaker 3: this decision together?

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Speaker 8: No?

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Speaker 7: No.

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Speaker 8: I love Nikki. I think she's the best I wanted

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Speaker 8: since she got out of the race. I wanted her

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Speaker 8: to be nothing but happy spending some time with her,

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Speaker 8: her family. Her husband finally got home after nearly a

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Speaker 8: year long deployment, so I know she's spending a lot

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Speaker 8: of time with him and that that's been wonderful. She

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Speaker 8: came out and you know, she had an event yesterday,

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Speaker 8: was asked and she said she was going to vote

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Speaker 8: for Trump. But I think she also made a really

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Speaker 8: critical point, which was there's a lot of voters out

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Speaker 8: there that have to be earned and Trump has to

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Speaker 8: do some work. He's got to do some work on

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Speaker 8: the issues. He's got to do some work to make

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Speaker 8: sure that all those folks that may not voted for

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Speaker 8: him in the primary on the Republican side are going

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Speaker 8: to come home and they're not going to do it

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Speaker 8: just because he's got to go earn him. But there's

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Speaker 8: time for him to do that. Biden has a bigger

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Speaker 8: challenge on his hands, I think, and that I think

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Speaker 8: Biden's base has walked from him more than the Trump

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Speaker 8: base has walked from Trump. I think independents are walking

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Speaker 8: away from Biden. I think the younger voters that really

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Speaker 8: should be all with Biden right now a lot of

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Speaker 8: them which won't vote. So Biden has his own set

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Speaker 8: of chores in the next.

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Speaker 3: Well, that's clear, and it's bearing out on our own

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Speaker 3: polling here at Bloomberg and my god, the Trump base

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Speaker 3: won't budge even as he sits in criminal court. But

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Speaker 3: she said more than as you point out, more than

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Speaker 3: just that she was going to vote for him. There

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Speaker 3: was one particular line that stuck out to me, a

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Speaker 3: loud part She said, of each party wants us to

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Speaker 3: abandon our allies, appease our enemies, and focus only on

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Speaker 3: the problems we have at home. She said, this worldview

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Speaker 3: has already put America in great danger, and the threat

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Speaker 3: is mounting by the day. That sounds like she's speaking

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Speaker 3: to Donald Trump, who's the audience there.

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Speaker 8: Well, So a couple of things when it comes to

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Speaker 8: foreign po policy, appreciating that you get world peace through

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Speaker 8: America's strength. I think there's no one better in understanding

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Speaker 8: those issues than Nikki Haley. So I think she's just spotted.

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Speaker 3: She worried about protectionists bent in the Republican Party.

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Speaker 8: It's not just the Republican Party. Look, when you look

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Speaker 8: at folks that say international issues are the most important,

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Speaker 8: it's about US fifty to fifty split those who think Trump. Look,

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Speaker 8: Trump portrays an image of strength that Biden doesn't portray.

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Speaker 8: I think, but some of Biden's policies were more in

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Speaker 8: line with with where we should be, but he doesn't

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Speaker 8: portray the strength. He's kind of gone back and forth

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Speaker 8: on Israel, right, I'm a big supporter of Israel. Got

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Speaker 8: to stand with him unquestionably. He was unquestionably with him

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Speaker 8: on May seventh, and on May eighth, He's like, by

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Speaker 8: the way, we're gonna withhold weapons, so you can't have

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Speaker 8: your foot half in and half out. That kind of

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Speaker 8: inconsistency is a problem for Biden. I think some of

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Speaker 8: Trump's statements, you know, quasi supportive of Putin and you know,

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Speaker 8: calling him this smart guy and all of that, that

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Speaker 8: sort of thing that stuff scares people as well, So

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Speaker 8: I think they're both have a lot of problems on

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Speaker 8: the international front.

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Speaker 3: Well, this is an interesting view to hear from you

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Speaker 3: on both these because you know, it's supposed to be

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Speaker 3: my job to try to make you turn into a

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Speaker 3: pretzel to explain to me why you want to vote

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Speaker 3: for Donald Trump or plan to vote for Donald trup.

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Speaker 3: Of course, after effectively mounting a strong campaign against him

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Speaker 3: and helping Nicki Haley, you've already done that interview. I

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Speaker 3: want to bring it back to the Snowshoe Club conquered

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Speaker 3: the night before the primary, and there was hope inside

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Speaker 3: the barn that night that something different, that there was

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Speaker 3: an alternative, and this person, Nicki Haley, had everybody talking

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Speaker 3: as they were drinking by the fire and wondering what

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Speaker 3: might happen the next day after you did a lot

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Speaker 3: of work in the state for her. What happens to

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Speaker 3: those old line Reagan Republicans. What happens to the donors

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Speaker 3: who followed Nicki Haley or the suburban women who support

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Speaker 3: still and by the way, some early primaries that we've seen,

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Speaker 3: they're still showing up in primaries for Nicki Haley. Did

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Speaker 3: they stay home.

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Speaker 8: What do you tell them to I think, look, the

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Speaker 8: majority of them will come over and vote for Trump.

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Speaker 8: But I think NICKI made a great point. There's still

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Speaker 8: a lot of them and that have to be earned.

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Speaker 8: And I go back to that point, it's not that

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Speaker 8: they can't be earned. Well, then the base come over

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Speaker 8: Trump man, Probably not not like you know, not like

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Speaker 8: they had in the past. I don't think so. I

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Speaker 8: think a lot of the significant Republican donor base is

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Speaker 8: going to put their money into the Senate seats, the governorships,

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Speaker 8: the congressional race is really trying to you know, drive

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Speaker 8: that home there. Trump has kind of co opted a

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Speaker 8: bit the RNC to be his his kind of donor

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Speaker 8: feeder system. But they're having a they've had some success.

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Speaker 8: I don't think it's going to be like it was

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Speaker 8: back in twenty sixteen and even in twenty twenty. The

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Speaker 8: voter that the voters themselves, though, those are the ones

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Speaker 8: that have to be spoken to, and there's plenty of

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Speaker 8: time for Trump to do that if he wants to

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Speaker 8: earn them. On the Republican side, Like I said, I

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Speaker 8: don't think there's any policy changes Biden could implement today

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Speaker 8: to get an appreciable different result that would drive people

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Speaker 8: back over to him. So Biden's in a tougher position

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Speaker 8: right now where it goes with everyone's looking at the trials,

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Speaker 8: right Sure, I don't think the trials have an appreciable

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Speaker 8: difference in this in this campaign.

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Speaker 3: Conviction does that feel different?

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Speaker 9: No?

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Speaker 8: No, Look, I'll say this, three things are going to happen.

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Speaker 8: He's either innocent, and that's a big win for Trump

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Speaker 8: because not only would he be off on this one,

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Speaker 8: but he would then claim that all the others are

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Speaker 8: politically motivated and it would put a shadow of a

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Speaker 8: doubt on all of them. Same with a hung jury,

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Speaker 8: he probably gets the same result a conviction. People say, yeah, well,

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Speaker 8: you know, uh, I just don't think it's going to

435
00:22:14,840 --> 00:22:17,680
Speaker 8: drive people away from him. And if you are driven

436
00:22:17,680 --> 00:22:20,080
Speaker 8: away by that, I respect you're right to say that

437
00:22:20,080 --> 00:22:23,159
Speaker 8: that's a line too far. If he's convicted, keeping Penance

438
00:22:23,200 --> 00:22:26,240
Speaker 8: away from him, I don't think so, because independence is

439
00:22:26,520 --> 00:22:28,520
Speaker 8: Trump even with a conviction. If they've already broken away

440
00:22:28,520 --> 00:22:31,479
Speaker 8: from Biden, it's because they don't like the convictions. They

441
00:22:31,480 --> 00:22:33,960
Speaker 8: don't like January sixth, they don't like election Nile. But

442
00:22:34,040 --> 00:22:37,240
Speaker 8: they are getting crushed by inflation. Inflation is the issue

443
00:22:37,280 --> 00:22:39,080
Speaker 8: of the day, there's no question about it. And and

444
00:22:39,160 --> 00:22:41,119
Speaker 8: the border. Those are the still remain to be the

445
00:22:41,160 --> 00:22:44,560
Speaker 8: top two issues, and those are really bad when Biden

446
00:22:44,600 --> 00:22:46,560
Speaker 8: doesn't do well with those at all.

447
00:22:46,680 --> 00:22:49,480
Speaker 3: And that's driving the Republican convention in Milwaukee. Will you

448
00:22:49,520 --> 00:22:50,640
Speaker 3: have a message for delegates?

449
00:22:50,760 --> 00:22:52,919
Speaker 8: No, not really. No. I look at the convention. It's

450
00:22:52,960 --> 00:22:54,639
Speaker 8: going to be a fade of complete Trump's going to

451
00:22:54,640 --> 00:22:56,879
Speaker 8: be the nominated. It'll be kind of Trump Trumpville Convention.

452
00:22:57,560 --> 00:22:59,159
Speaker 8: I don't if I go out there? Maybell go?

453
00:22:59,359 --> 00:22:59,560
Speaker 7: Do so?

454
00:23:00,240 --> 00:23:02,920
Speaker 3: Corn in the Republican Party? Shouldn't he invite Chris Snunu.

455
00:23:04,760 --> 00:23:08,840
Speaker 8: No, I've been invited. I've been invited, and yeah, I

456
00:23:08,880 --> 00:23:10,240
Speaker 8: mean I don't know to speak. I don't know if

457
00:23:10,240 --> 00:23:12,479
Speaker 8: they've settled all that, but I've been invited. I may

458
00:23:12,480 --> 00:23:14,480
Speaker 8: go out. I may not. It really depends on the schedule.

459
00:23:14,480 --> 00:23:18,680
Speaker 8: But if anything, it's a logistics Nightmare's like a lot

460
00:23:18,680 --> 00:23:20,320
Speaker 8: of travel. You gotta stay like an hour or even

461
00:23:20,320 --> 00:23:23,160
Speaker 8: I think avengers are a big, a big logistics mess. Well, yeah,

462
00:23:25,240 --> 00:23:26,520
Speaker 8: it's got to like go to the super Bowl. I

463
00:23:26,520 --> 00:23:27,880
Speaker 8: think I'd rather just watch it from home.

464
00:23:28,440 --> 00:23:31,399
Speaker 3: Donald Trump has found religion on early voting, which I

465
00:23:31,440 --> 00:23:34,440
Speaker 3: find fascinating. He's encouraging people to embrace this now after

466
00:23:34,480 --> 00:23:39,879
Speaker 3: demonizing it for years. This requires a re education, some

467
00:23:39,920 --> 00:23:42,440
Speaker 3: would argue of a Republican electorate who now think early

468
00:23:42,520 --> 00:23:43,240
Speaker 3: voting is evil.

469
00:23:43,359 --> 00:23:45,639
Speaker 8: Yeah, I will say this. I don't like early voting either.

470
00:23:45,680 --> 00:23:48,320
Speaker 8: I don't think Trump likes early voting. But I think

471
00:23:48,320 --> 00:23:50,320
Speaker 8: with the Republican parties are saying, if the rules in

472
00:23:50,359 --> 00:23:52,600
Speaker 8: your state allow for early voting, then get out and

473
00:23:52,640 --> 00:23:54,680
Speaker 8: do early voting. Play by the rules. Don't just sit

474
00:23:54,720 --> 00:23:57,240
Speaker 8: there and don't do absentee or don't do early voting.

475
00:23:57,480 --> 00:23:58,879
Speaker 8: You got to play by the rules to make sure

476
00:23:58,920 --> 00:24:00,399
Speaker 8: you're getting out the vote, because that's what this is

477
00:24:00,400 --> 00:24:00,800
Speaker 8: all about.

478
00:24:00,960 --> 00:24:01,240
Speaker 1: The cards.

479
00:24:01,520 --> 00:24:01,680
Speaker 10: Yeah.

480
00:24:01,720 --> 00:24:03,359
Speaker 8: So I don't think any of us like early voting.

481
00:24:03,400 --> 00:24:05,520
Speaker 8: I think there's a lot of problems with it. But

482
00:24:05,600 --> 00:24:07,760
Speaker 8: in the states where it's allowed, you better play by

483
00:24:07,760 --> 00:24:10,160
Speaker 8: those rules, and Republicans better go out there and work

484
00:24:10,200 --> 00:24:10,760
Speaker 8: hard at.

485
00:24:10,680 --> 00:24:14,240
Speaker 3: We saw something very troubling in our latest Bloomberg Swing

486
00:24:14,280 --> 00:24:16,919
Speaker 3: State pole. It came out just yesterday. Half of the

487
00:24:16,960 --> 00:24:19,119
Speaker 3: electorate in the swing states that are going to decide

488
00:24:19,119 --> 00:24:23,600
Speaker 3: the selection are fearing violence. They fear an outbreak of

489
00:24:23,680 --> 00:24:27,560
Speaker 3: violence surrounding this selection, the conventions we just mentioned around

490
00:24:27,600 --> 00:24:30,840
Speaker 3: the election itself. If it's undecided for days, people have

491
00:24:30,960 --> 00:24:34,200
Speaker 3: shades of January sixth still, of course in their memories,

492
00:24:34,320 --> 00:24:38,040
Speaker 3: but it was equal shares. Democrats and Republicans had this

493
00:24:38,280 --> 00:24:41,040
Speaker 3: same fear. What are governors like you going to have

494
00:24:41,119 --> 00:24:42,080
Speaker 3: to do to keep this.

495
00:24:42,119 --> 00:24:44,080
Speaker 8: Well, let's understand why that is. You're seeing what's happening

496
00:24:44,119 --> 00:24:47,680
Speaker 8: on college campuses right now, the protest, the violence. It's

497
00:24:47,680 --> 00:24:51,040
Speaker 8: not peaceful protests. They think as long as it's in

498
00:24:51,080 --> 00:24:52,840
Speaker 8: the name of social justice, it's okay to break the

499
00:24:52,920 --> 00:24:54,919
Speaker 8: rules and break the law. It's not. It's absolutely not.

500
00:24:54,920 --> 00:24:56,600
Speaker 8: We are a nation of laws and you have to

501
00:24:56,720 --> 00:24:59,200
Speaker 8: nip it. So as governors, for example, you know, when

502
00:24:59,240 --> 00:25:02,239
Speaker 8: we looked at what was happening in the universities, we

503
00:25:02,280 --> 00:25:04,840
Speaker 8: were very proactive. We talked to them. We're transparent. What

504
00:25:04,960 --> 00:25:06,760
Speaker 8: are the rules, where are the guidelines? Where will you

505
00:25:06,800 --> 00:25:09,480
Speaker 8: make arrest hold folks accountable? If you kind of nip

506
00:25:09,480 --> 00:25:12,080
Speaker 8: it in the butt early, you can really make sure

507
00:25:12,080 --> 00:25:14,960
Speaker 8: that it doesn't fester to something. Bigger states that didn't

508
00:25:15,000 --> 00:25:18,040
Speaker 8: handle it earlier, university systems that didn't handle it early,

509
00:25:18,280 --> 00:25:20,359
Speaker 8: bring in law enforcement, do the right thing. They're the

510
00:25:20,359 --> 00:25:22,360
Speaker 8: ones that are suffering the most. On the other side

511
00:25:22,400 --> 00:25:24,320
Speaker 8: of things, you have the election denial and all that

512
00:25:24,359 --> 00:25:26,879
Speaker 8: sort of thing, the fears of January sixth, that's legitimate.

513
00:25:26,920 --> 00:25:29,720
Speaker 8: We've seen it sprout up in January sixth, and so

514
00:25:29,800 --> 00:25:33,439
Speaker 8: obviously there's concerns on the other side there. The one

515
00:25:33,520 --> 00:25:35,840
Speaker 8: thing I try to encourage folks is to be optimistic.

516
00:25:36,200 --> 00:25:38,960
Speaker 8: All the election denial. Guess what, Biden won the election

517
00:25:39,040 --> 00:25:40,760
Speaker 8: and he was deemed the winner, and there was a

518
00:25:40,760 --> 00:25:44,800
Speaker 8: smooth transition of power post January sixth. But on January twentieth, yes,

519
00:25:44,880 --> 00:25:47,760
Speaker 8: Fiden slept at the White House, right, so it worked out.

520
00:25:47,960 --> 00:25:49,520
Speaker 8: And so I've had volks say, yeah, but I was

521
00:25:49,520 --> 00:25:52,040
Speaker 8: from Arizona and they said my vote didn't count. But

522
00:25:52,160 --> 00:25:54,520
Speaker 8: it did count, and even though they challenged it, the

523
00:25:54,600 --> 00:25:57,960
Speaker 8: system worked right. The institution stood strong through all those

524
00:25:58,000 --> 00:26:01,200
Speaker 8: wins and all those pressures are instances.

525
00:26:00,480 --> 00:26:01,560
Speaker 3: And you believe they will again.

526
00:26:01,800 --> 00:26:04,040
Speaker 8: I do. I believe in the institutions that Look, our

527
00:26:04,080 --> 00:26:07,600
Speaker 8: institutions have stood strong through everything from Civil Wars, World Wars,

528
00:26:07,680 --> 00:26:13,240
Speaker 8: Pandemics nine to eleven. January sixth. It's they're tough times,

529
00:26:13,240 --> 00:26:15,600
Speaker 8: they're big bumps in the road, but man our founding

530
00:26:15,600 --> 00:26:18,400
Speaker 8: fathers really designed the system well and believe in it

531
00:26:18,600 --> 00:26:21,119
Speaker 8: because it has worked up until now. And I'm so

532
00:26:21,240 --> 00:26:23,760
Speaker 8: I'm very optimistic about even though there may be bumps

533
00:26:23,760 --> 00:26:26,119
Speaker 8: in the road and complaints on both sides or whatever

534
00:26:26,200 --> 00:26:28,719
Speaker 8: might come, America is going to be okay. Son's going

535
00:26:28,760 --> 00:26:29,160
Speaker 8: to come up.

536
00:26:30,320 --> 00:26:32,159
Speaker 3: You love being in Washington. I know you want to

537
00:26:32,200 --> 00:26:34,360
Speaker 3: stay here as long as he can. But when you're

538
00:26:34,400 --> 00:26:36,560
Speaker 3: back home and you're walking down Elm Street in Manchester

539
00:26:36,600 --> 00:26:38,200
Speaker 3: and you're talking to people, what is it that gives

540
00:26:38,200 --> 00:26:40,040
Speaker 3: you hope? What are we missing here in the Capitol?

541
00:26:42,080 --> 00:26:44,360
Speaker 8: Look, I would say this, there's a lot of talk

542
00:26:44,359 --> 00:26:46,879
Speaker 8: about democracy being eroded, and I go back to that,

543
00:26:47,240 --> 00:26:48,840
Speaker 8: and if anything, I tell people, I'm not trying to

544
00:26:48,840 --> 00:26:50,240
Speaker 8: tell you how to vote. I'm not trying you vote

545
00:26:50,280 --> 00:26:51,800
Speaker 8: for Trump, vote for Trump, vote for Biden, and vo

546
00:26:51,840 --> 00:26:54,600
Speaker 8: for Biden. Do whatever you want, but vote. Do not

547
00:26:54,760 --> 00:26:58,119
Speaker 8: let anyone tell you, well, just don't vote. That's the

548
00:26:58,119 --> 00:27:00,960
Speaker 8: most Unamerican thing you can do, because so many people

549
00:27:00,960 --> 00:27:02,840
Speaker 8: on this planet don't have the ability to vote and

550
00:27:02,880 --> 00:27:05,159
Speaker 8: choose their leadership. And at the heart of it. You

551
00:27:05,200 --> 00:27:08,480
Speaker 8: can't say democracies being eroded, democracy is being threatened, But

552
00:27:08,520 --> 00:27:12,199
Speaker 8: I won't participate in democracy. That's crazy, right. Your vote

553
00:27:12,320 --> 00:27:15,280
Speaker 8: is all that will decide who leads this country, who

554
00:27:15,359 --> 00:27:17,879
Speaker 8: leads your school board, who leads in your governorships or

555
00:27:17,920 --> 00:27:20,639
Speaker 8: your mayor. Your vote is everything to that process. So

556
00:27:21,000 --> 00:27:24,439
Speaker 8: don't waste the opportunity to make sure your voice is here.

557
00:27:24,520 --> 00:27:27,240
Speaker 8: Your voice is as valid it has merit. I mean,

558
00:27:27,320 --> 00:27:29,879
Speaker 8: we've had presidential elections go back to two thousand that

559
00:27:29,920 --> 00:27:31,880
Speaker 8: have come down to a couple hundred votes here or there.

560
00:27:32,040 --> 00:27:33,680
Speaker 8: You never know where it's going to be in all

561
00:27:33,720 --> 00:27:36,280
Speaker 8: of these toss up states. As you pointed out, even

562
00:27:36,280 --> 00:27:39,199
Speaker 8: New Hampshire now is a toss up. Holy smokes, that

563
00:27:39,200 --> 00:27:42,080
Speaker 8: hasn't happened in twenty years. It's always been Democrats on

564
00:27:42,520 --> 00:27:45,160
Speaker 8: the presidential side have always won. They have this really

565
00:27:45,200 --> 00:27:48,240
Speaker 8: awesome Republican governor, but the Democrats on the presidential side

566
00:27:48,280 --> 00:27:51,119
Speaker 8: of one for quite a while. But again, you just

567
00:27:51,119 --> 00:27:52,800
Speaker 8: don't know what's going to happen. So I think you're

568
00:27:52,840 --> 00:27:55,400
Speaker 8: going to see a higher voter turnout than most people think.

569
00:27:55,480 --> 00:27:58,240
Speaker 8: I think what gives me hope is that the institution

570
00:27:58,359 --> 00:28:00,840
Speaker 8: stands strong. Your vote does matter, and I have a

571
00:28:00,880 --> 00:28:03,360
Speaker 8: lot of confidence that, regardless of the outcome, we are

572
00:28:03,359 --> 00:28:05,000
Speaker 8: going to have a peaceful transition of power.

573
00:28:06,400 --> 00:28:08,919
Speaker 3: The Governor of New Hampshire, Chris Sanunu, many thanks for

574
00:28:08,960 --> 00:28:12,480
Speaker 3: sitting down with us and being so generous with his time.

575
00:28:12,480 --> 00:28:19,240
Speaker 3: I'm Joe Matthew in Washington. You're listening to the Bloomberg

576
00:28:19,320 --> 00:28:22,840
Speaker 3: Balance of Power podcast. Catch us live weekdays at noon

577
00:28:22,840 --> 00:28:26,560
Speaker 3: Eastern on Apocarplay and Android outo with the Bloomberg Business App.

578
00:28:26,640 --> 00:28:29,800
Speaker 2: Listen on demand wherever you get your podcasts, or watch

579
00:28:29,880 --> 00:28:32,440
Speaker 2: us live on YouTube.

580
00:28:33,760 --> 00:28:36,680
Speaker 3: Welcome to the Friday edition of Balance of Power. I'm

581
00:28:36,720 --> 00:28:39,800
Speaker 3: Joe Matthew on Bloomberg TV and Radio. On the week

582
00:28:40,200 --> 00:28:43,320
Speaker 3: that crypto grew up in Washington, That's what I keep hearing.

583
00:28:43,320 --> 00:28:46,800
Speaker 3: At least we've talked about this each step of the way,

584
00:28:46,800 --> 00:28:49,200
Speaker 3: and House passage of the FIT twenty one Market Structure

585
00:28:49,200 --> 00:28:52,320
Speaker 3: Bill this week was the moment, and the cherry on

586
00:28:52,360 --> 00:28:55,200
Speaker 3: top might have been the Ethereum ETFs being approved by

587
00:28:55,240 --> 00:28:58,480
Speaker 3: the SEC. This has all been driven in part with

588
00:28:58,560 --> 00:29:01,320
Speaker 3: the help of Congressman French Hill, Republican from Arkansas and

589
00:29:01,320 --> 00:29:04,320
Speaker 3: only serves on the House Financial Services Committee. It's important.

590
00:29:04,360 --> 00:29:09,240
Speaker 3: He is chair of the subcommittee on Digital Assets, Financial Technology,

591
00:29:09,280 --> 00:29:11,680
Speaker 3: and Inclusion, and he's with us at the table on

592
00:29:11,720 --> 00:29:13,440
Speaker 3: this Friday. What a treat to see you in studios.

593
00:29:13,480 --> 00:29:16,239
Speaker 3: They're welcome, great to be with you. So are you

594
00:29:16,360 --> 00:29:18,280
Speaker 3: taking a victory lap here? This is something that a

595
00:29:18,280 --> 00:29:20,720
Speaker 3: lot of people didn't think could happen in this Congress.

596
00:29:20,800 --> 00:29:23,360
Speaker 9: It's a big issue and I'm so glad to see

597
00:29:23,640 --> 00:29:26,760
Speaker 9: such a strong bipartisan vote. Two hundred and seventy nine

598
00:29:26,800 --> 00:29:30,120
Speaker 9: members of the House voted for our Market Structure Bill,

599
00:29:30,240 --> 00:29:33,440
Speaker 9: which gives clarity for the first time in a roadmap

600
00:29:33,520 --> 00:29:37,240
Speaker 9: for digital assets, how to offer them where they trade,

601
00:29:37,280 --> 00:29:41,120
Speaker 9: whether it's under SEC rules or the CFTC rules, how

602
00:29:41,120 --> 00:29:42,680
Speaker 9: to be a dealer, how to be a broker, how

603
00:29:42,720 --> 00:29:46,680
Speaker 9: to doodan be a custodian. So this was a big

604
00:29:46,720 --> 00:29:47,920
Speaker 9: bipartisan success.

605
00:29:48,640 --> 00:29:50,360
Speaker 3: It needs to go to the Senate now, where I'm

606
00:29:50,360 --> 00:29:53,600
Speaker 3: told it's a steeper client. We've had some tell us

607
00:29:53,640 --> 00:29:55,840
Speaker 3: that it does not have the votes to pass the Senate.

608
00:29:55,840 --> 00:29:58,240
Speaker 9: What are you hearing, well, what's interesting Over the past

609
00:29:58,280 --> 00:30:02,120
Speaker 9: two years working for Payment Stay legislation, which is a

610
00:30:02,240 --> 00:30:05,440
Speaker 9: dollar backed private stable coin issued by the private sector,

611
00:30:05,480 --> 00:30:09,600
Speaker 9: not a central bank digital currency. That work has bipartisan support.

612
00:30:09,680 --> 00:30:13,240
Speaker 9: I've seen leaders in the Senate speak out in favor

613
00:30:13,360 --> 00:30:16,880
Speaker 9: of that, and on the Market Structure bill, We've had

614
00:30:16,920 --> 00:30:20,920
Speaker 9: Senate interest for years on that. Senators Loomis and Jilliran,

615
00:30:21,040 --> 00:30:25,560
Speaker 9: for example, have been working on ideas there. Senator's Stabinaw

616
00:30:25,600 --> 00:30:28,320
Speaker 9: and Bozeman had been working on ideas. So I think

617
00:30:28,360 --> 00:30:31,360
Speaker 9: we're listening to senators. I think our big vote two

618
00:30:31,440 --> 00:30:35,200
Speaker 9: hundred and seventy nine votes in favor seventy one Democrat

619
00:30:35,280 --> 00:30:38,520
Speaker 9: votes in favor, will help send a message that we've

620
00:30:38,560 --> 00:30:41,720
Speaker 9: got text on market structure in a pretty good place

621
00:30:41,760 --> 00:30:43,160
Speaker 9: to start working with the Senator.

622
00:30:43,240 --> 00:30:49,040
Speaker 3: The alternative is come on down and register. Would this

623
00:30:49,080 --> 00:30:52,520
Speaker 3: have happened without the approach that Gary Gensler has taken

624
00:30:52,520 --> 00:30:53,800
Speaker 3: from the SEC.

625
00:30:54,120 --> 00:30:58,080
Speaker 9: Well Chair Clayton under the Trump administration, Chair Gensler here

626
00:30:58,120 --> 00:31:00,680
Speaker 9: in the Bide administration could have used eempt of relief

627
00:31:00,720 --> 00:31:04,680
Speaker 9: along the way to narrow some of these regulatory gaps.

628
00:31:04,760 --> 00:31:08,440
Speaker 9: But President Biden himself in their Executive Order and in

629
00:31:08,480 --> 00:31:13,760
Speaker 9: the Financial Stability Oversight Council's report says there's a regulatory

630
00:31:13,840 --> 00:31:16,800
Speaker 9: gap between commodities, securities and how to do this in

631
00:31:16,800 --> 00:31:18,480
Speaker 9: the right way, and they argued that it should have

632
00:31:18,520 --> 00:31:21,600
Speaker 9: been a legislative solution. So I do think we've taken

633
00:31:21,640 --> 00:31:24,480
Speaker 9: the right direction to have a legislated solution, and that

634
00:31:24,600 --> 00:31:28,440
Speaker 9: perhaps neither Chairman Gensler at the SEC and certainly Chairman

635
00:31:28,560 --> 00:31:31,160
Speaker 9: Venom at the CFTC could not really do it in

636
00:31:31,200 --> 00:31:34,160
Speaker 9: a full effective way without legislation.

637
00:31:34,200 --> 00:31:36,840
Speaker 3: Well, a lot of as you know, crypto executives felt

638
00:31:36,840 --> 00:31:38,560
Speaker 3: like they were being set up, that there was no

639
00:31:38,640 --> 00:31:42,400
Speaker 3: real way to navigate because there were no rules to

640
00:31:42,440 --> 00:31:45,479
Speaker 3: the road and just coming in to quote unquote register

641
00:31:45,600 --> 00:31:47,680
Speaker 3: might cost you a quarter of a million dollars in

642
00:31:47,840 --> 00:31:50,360
Speaker 3: attorney's fees in dealing with the SEC.

643
00:31:50,120 --> 00:31:52,560
Speaker 9: Or more I mean or more or effectively, that just

644
00:31:52,680 --> 00:31:55,640
Speaker 9: wasn't happening. Coming in register was just a black hole.

645
00:31:55,760 --> 00:32:00,160
Speaker 9: There was no exit. It was the original Hotel California.

646
00:32:00,280 --> 00:32:02,560
Speaker 9: You could check in, but you couldn't check out on

647
00:32:02,600 --> 00:32:04,720
Speaker 9: that process. And so that's why again I think a

648
00:32:04,800 --> 00:32:07,960
Speaker 9: legislative solution is the best way to go, and it'll

649
00:32:08,000 --> 00:32:11,440
Speaker 9: be more effective for everybody in the space, innovators, venture capitalists,

650
00:32:11,680 --> 00:32:13,440
Speaker 9: consumer protection investors.

651
00:32:13,680 --> 00:32:16,800
Speaker 3: I mentioned the ethereum ETFs. Of course, now on the

652
00:32:16,800 --> 00:32:21,479
Speaker 3: heels of the Bitcoin ETFs is the institutional involvement that

653
00:32:21,920 --> 00:32:26,760
Speaker 3: is predicted to follow here. Really what helps crypto mature?

654
00:32:26,760 --> 00:32:28,800
Speaker 3: It helps your argument in Washington.

655
00:32:28,840 --> 00:32:29,280
Speaker 7: I think so.

656
00:32:29,560 --> 00:32:34,040
Speaker 9: I think look, Chairman Clayton and Chairman Genslert didn't feel

657
00:32:34,040 --> 00:32:37,080
Speaker 9: like they had the right analytical framework to approve an

658
00:32:37,080 --> 00:32:41,840
Speaker 9: exchange traded product for bitcoin, But after analysis and the

659
00:32:41,880 --> 00:32:45,320
Speaker 9: work of Commissioner Perse, they found that the cash market

660
00:32:45,960 --> 00:32:48,280
Speaker 9: and the analytics around that looks stable, and so they

661
00:32:48,320 --> 00:32:52,920
Speaker 9: approve bitcoin. The Federal court said they should approve bitcoin ETP,

662
00:32:53,160 --> 00:32:56,920
Speaker 9: and I think that federal court litigation and the analytic

663
00:32:57,040 --> 00:33:01,200
Speaker 9: work done by the Commission staff pave the way for

664
00:33:01,280 --> 00:33:03,400
Speaker 9: this ethereum decision.

665
00:33:03,440 --> 00:33:06,360
Speaker 3: This week? Is stable coin next? Then you mentioned that

666
00:33:06,520 --> 00:33:09,720
Speaker 3: there was talk about that maybe being put together with

667
00:33:09,840 --> 00:33:13,920
Speaker 3: safe banking during the FAA extension. None of them happened, right,

668
00:33:13,920 --> 00:33:14,760
Speaker 3: what's the way forward?

669
00:33:15,200 --> 00:33:19,520
Speaker 9: Well, I think a payment's dollar back payment stable coin

670
00:33:19,880 --> 00:33:24,200
Speaker 9: under US law with US oversight is a real critical

671
00:33:24,320 --> 00:33:28,200
Speaker 9: need for this ecosystem, and so I do expect it

672
00:33:28,240 --> 00:33:31,560
Speaker 9: to be next. I think Ranking Member Maxine Waters on

673
00:33:31,600 --> 00:33:34,560
Speaker 9: the Financial Services Committee, Chairman Patrick McHenry have done a

674
00:33:34,560 --> 00:33:38,959
Speaker 9: great job working on this. We've had tremendous engagement from

675
00:33:39,000 --> 00:33:41,080
Speaker 9: the US Treasury and the Federal Reserve. So I think

676
00:33:41,080 --> 00:33:44,640
Speaker 9: we're close. But you're right, we're looking for that legislative

677
00:33:44,720 --> 00:33:48,000
Speaker 9: vehicle for payment stable coins. But to your point a

678
00:33:48,040 --> 00:33:51,320
Speaker 9: few minutes ago about the Senate, I think there's solid

679
00:33:51,440 --> 00:33:54,520
Speaker 9: Senate and House support to move that as well. We

680
00:33:54,600 --> 00:33:55,840
Speaker 9: just have to find the right approach.

681
00:33:55,840 --> 00:33:58,000
Speaker 3: Maybe post election on the edge.

682
00:33:57,960 --> 00:34:00,160
Speaker 9: Could be I mean we're going to wait, and a

683
00:34:00,200 --> 00:34:00,440
Speaker 9: lot of.

684
00:34:00,880 --> 00:34:02,840
Speaker 3: Money and floating around in his campaign all of a sudden,

685
00:34:02,840 --> 00:34:03,120
Speaker 3: isn't there.

686
00:34:04,120 --> 00:34:05,680
Speaker 9: I've seen that you have.

687
00:34:06,320 --> 00:34:10,520
Speaker 3: Yeah, and and it's impacting some races in a big way.

688
00:34:10,960 --> 00:34:13,080
Speaker 3: As we spend time with Congressman french Hill, I want

689
00:34:13,080 --> 00:34:15,839
Speaker 3: you to put your hat on another committee, and that's

690
00:34:15,840 --> 00:34:20,000
Speaker 3: Foreign Affairs. This has been a very busy week from

691
00:34:20,080 --> 00:34:22,200
Speaker 3: China to Israel, and i'd like to ask you about both.

692
00:34:22,239 --> 00:34:24,560
Speaker 3: You may be preparing a codel right now and to

693
00:34:24,600 --> 00:34:26,879
Speaker 3: go somewhere interesting in the world that you can tell

694
00:34:26,960 --> 00:34:29,040
Speaker 3: us about. But the drills that we're seeing around Taiwan,

695
00:34:29,040 --> 00:34:32,239
Speaker 3: i'd love to hear you speak to because this has

696
00:34:32,280 --> 00:34:35,520
Speaker 3: been framed the biggest drills we've seen in some time

697
00:34:35,719 --> 00:34:39,040
Speaker 3: by Beijing and the Taiwan Straight framed his punishment for

698
00:34:39,160 --> 00:34:42,320
Speaker 3: swearing in their new president. I spoke yesterday with the

699
00:34:42,400 --> 00:34:45,279
Speaker 3: ranking member on the China Selectivity, the House China Selectivity,

700
00:34:45,520 --> 00:34:47,439
Speaker 3: of course, Roger christ the Morphy. Here's what he said

701
00:34:47,480 --> 00:34:51,080
Speaker 3: about what appears to be a deteriorating relationship once again, Congressman,

702
00:34:51,160 --> 00:34:51,600
Speaker 3: let's listen.

703
00:34:52,320 --> 00:34:55,080
Speaker 11: I don't think it's maybe deteriorating as much as it's

704
00:34:56,080 --> 00:34:59,600
Speaker 11: continuing to be maybe unresolved.

705
00:35:00,239 --> 00:35:03,440
Speaker 3: I think that it's really up to Chizing Ping Joe.

706
00:35:03,520 --> 00:35:05,480
Speaker 11: I think that he needs to make a decision, which

707
00:35:05,520 --> 00:35:10,480
Speaker 11: is does he continue with this policy of aggression and

708
00:35:10,840 --> 00:35:15,160
Speaker 11: provocative behavior which could potentially lead to dangerous and catastrophic

709
00:35:15,200 --> 00:35:18,920
Speaker 11: consequences and the Taiwan Straight and the South China Sea.

710
00:35:21,120 --> 00:35:24,479
Speaker 3: How much of this is a danger an increasing level

711
00:35:24,480 --> 00:35:26,600
Speaker 3: of danger versus you know what we see this movie

712
00:35:26,600 --> 00:35:28,520
Speaker 3: every time Taiwan makes noise.

713
00:35:29,200 --> 00:35:32,080
Speaker 9: Well, it is it is a pattern of the Shi

714
00:35:32,360 --> 00:35:37,480
Speaker 9: regime to intensify their military drills and be in a

715
00:35:37,600 --> 00:35:42,279
Speaker 9: menacing and threatening away across the narrow Taiwan Straight Whenever

716
00:35:42,400 --> 00:35:47,080
Speaker 9: there appears to be progress towards supporting democracy on the island.

717
00:35:47,760 --> 00:35:52,400
Speaker 9: Here we have the inauguration of a new democratically elected

718
00:35:52,520 --> 00:35:56,400
Speaker 9: leader of Taiwan. Chairman Mike McCall, the Foreign Affairs Committee,

719
00:35:56,480 --> 00:36:01,279
Speaker 9: is lead leading our delegation to that inaugura. But you

720
00:36:01,320 --> 00:36:03,840
Speaker 9: saw the same kind of behavior when Nancy Pelosi visited

721
00:36:03,880 --> 00:36:06,319
Speaker 9: the island. When Chairman McCall and I were on the

722
00:36:06,360 --> 00:36:10,080
Speaker 9: island last April, yes, we had the exact same greeting.

723
00:36:10,120 --> 00:36:11,680
Speaker 3: They want to remind you that they could do a

724
00:36:11,719 --> 00:36:14,520
Speaker 3: blockade in about five minutes if they wanted.

725
00:36:14,800 --> 00:36:15,000
Speaker 10: They do.

726
00:36:15,239 --> 00:36:20,719
Speaker 9: Look, I think fundamentally Taiwan is a great democratic, economic,

727
00:36:20,840 --> 00:36:25,120
Speaker 9: free market success story. They're big investors in China. The

728
00:36:25,160 --> 00:36:28,360
Speaker 9: people of Taiwan want the status quo. They want to

729
00:36:28,400 --> 00:36:32,040
Speaker 9: maintain their democracy, free and open navigation of the Taiwan straight.

730
00:36:32,120 --> 00:36:36,719
Speaker 9: They don't want to be, by warfare or force or coercion,

731
00:36:37,360 --> 00:36:41,200
Speaker 9: compelled to join the communist regime in Beijing.

732
00:36:41,960 --> 00:36:44,440
Speaker 7: She knows this, but this is.

733
00:36:44,400 --> 00:36:48,280
Speaker 9: How he tries to pull the string of his long

734
00:36:48,280 --> 00:36:51,160
Speaker 9: standing policy. Our policy here in the United States was

735
00:36:51,200 --> 00:36:55,000
Speaker 9: founded back in nineteen seventy nine, where we committed that

736
00:36:55,080 --> 00:36:58,680
Speaker 9: while we recognized China and Beijing is the capital of

737
00:36:59,600 --> 00:37:03,360
Speaker 9: China formally that we would maintain our economic policy and

738
00:37:03,400 --> 00:37:05,799
Speaker 9: our defense policy of the people of Taiwan and let

739
00:37:05,840 --> 00:37:08,560
Speaker 9: them build their democracy and by GWI, over the last

740
00:37:08,560 --> 00:37:10,600
Speaker 9: forty years, have they been successful in doing that?

741
00:37:10,600 --> 00:37:13,400
Speaker 3: That's something. Would you go back to Taiwan knowing all

742
00:37:13,440 --> 00:37:13,600
Speaker 3: of this.

743
00:37:14,120 --> 00:37:14,879
Speaker 7: I would? I think.

744
00:37:15,239 --> 00:37:20,839
Speaker 9: I think it's a magnificent, generous, innovative, amazing spark.

745
00:37:20,600 --> 00:37:22,680
Speaker 3: More drills for them to deal with after you left.

746
00:37:22,840 --> 00:37:27,120
Speaker 9: Well, look, I think they want America, Japan, South Korea,

747
00:37:27,160 --> 00:37:32,040
Speaker 9: the Philippines, Vietnam, regional players supporting them in their interest

748
00:37:32,120 --> 00:37:36,800
Speaker 9: to pursue freedom. But status quo, not independence of China.

749
00:37:36,960 --> 00:37:40,520
Speaker 9: Just let's keep the status quo which allows our system

750
00:37:40,760 --> 00:37:44,040
Speaker 9: to thrive. But the fear on the island is China

751
00:37:44,120 --> 00:37:46,919
Speaker 9: turn their back on Hong Kong. They broke their word

752
00:37:47,000 --> 00:37:49,239
Speaker 9: to the United Kingdom and the people of Hong Kong,

753
00:37:49,280 --> 00:37:54,000
Speaker 9: and that's what's caused tensions in the region to remain high.

754
00:37:54,239 --> 00:37:59,359
Speaker 3: The UN's top courts, the International Court of Justice, am

755
00:37:59,360 --> 00:38:01,600
Speaker 3: I saying it. I don't think most people have ever

756
00:38:01,640 --> 00:38:04,080
Speaker 3: heard of this before, to be honest with you, While

757
00:38:04,120 --> 00:38:06,799
Speaker 3: it is of course very real, The International Court of

758
00:38:06,920 --> 00:38:10,520
Speaker 3: Justice says that Israel needs to pull military operations from

759
00:38:10,600 --> 00:38:13,840
Speaker 3: Rafa now, and this GEME as part of a complaint

760
00:38:14,560 --> 00:38:19,600
Speaker 3: by South Africa that alleged genocide in Gaza. We've got

761
00:38:19,640 --> 00:38:21,719
Speaker 3: a new temporary peer that we just spent a lot

762
00:38:21,760 --> 00:38:23,520
Speaker 3: of money on that doesn't seem to be bringing much

763
00:38:23,520 --> 00:38:25,200
Speaker 3: aid into Gaza. What needs to happen.

764
00:38:26,160 --> 00:38:28,560
Speaker 9: I think we need to stand with Israel and let

765
00:38:28,719 --> 00:38:33,160
Speaker 9: Israel use their best judgment on clearing the Hamas terror

766
00:38:33,200 --> 00:38:34,719
Speaker 9: group out of Gaza.

767
00:38:35,160 --> 00:38:36,400
Speaker 3: Are they still in Rafa?

768
00:38:36,400 --> 00:38:40,799
Speaker 9: Do we know there are elements still in Rafa? They

769
00:38:40,880 --> 00:38:44,080
Speaker 9: still are in a position to attack. We have more

770
00:38:44,600 --> 00:38:49,680
Speaker 9: dead bodies of hostages announced today. This is a terrible situation.

771
00:38:50,040 --> 00:38:53,320
Speaker 9: And remember that Israel has suffered an attack on the

772
00:38:53,400 --> 00:38:57,600
Speaker 9: scale larger than our attack of nine to eleven from

773
00:38:57,640 --> 00:38:59,759
Speaker 9: their point of view, by a terror group back by

774
00:39:00,120 --> 00:39:04,080
Speaker 9: financed by Iran, an enemy of the United States. So

775
00:39:04,160 --> 00:39:07,120
Speaker 9: I think we should stand by our ally and let

776
00:39:07,160 --> 00:39:09,359
Speaker 9: them take the actions that they need to take to

777
00:39:09,360 --> 00:39:10,040
Speaker 9: defend their.

778
00:39:09,880 --> 00:39:12,960
Speaker 3: Own You don't believe it's genocide, obviously I don't.

779
00:39:12,800 --> 00:39:16,120
Speaker 9: And I think that the International Court in this instance

780
00:39:16,239 --> 00:39:19,000
Speaker 9: is wrong. We're not a party to that treaty, so

781
00:39:19,040 --> 00:39:21,920
Speaker 9: we don't even think highly enough of that organization to

782
00:39:22,040 --> 00:39:25,520
Speaker 9: be a subscriber to it. And I think what we

783
00:39:25,560 --> 00:39:28,040
Speaker 9: ought to recognize is that we don't want this conflict

784
00:39:28,040 --> 00:39:31,400
Speaker 9: to get broader. We need humanitarian aid there, and we

785
00:39:31,440 --> 00:39:35,680
Speaker 9: need to recognize that Hamas is a political organization and

786
00:39:35,719 --> 00:39:39,560
Speaker 9: a terror group back by their allies like those in

787
00:39:39,600 --> 00:39:47,000
Speaker 9: Turkey and Tehran have facilitated this kind of behavior through

788
00:39:47,239 --> 00:39:50,160
Speaker 9: their financing and their tolerance. And for twenty years Hamas

789
00:39:50,239 --> 00:39:53,680
Speaker 9: is controlled Gaza. A lot of Americans don't know this.

790
00:39:54,520 --> 00:39:59,200
Speaker 9: The Israeli government, the West Bank government, Fata Mamuda Boss Americans,

791
00:39:59,280 --> 00:40:02,360
Speaker 9: the Egyptians. They allowed Hamas, they won an election in

792
00:40:02,360 --> 00:40:04,640
Speaker 9: two thousand and six. They've had complete control of Godsma.

793
00:40:04,880 --> 00:40:07,600
Speaker 9: Are the people better off under Gods? What about the

794
00:40:07,680 --> 00:40:10,480
Speaker 9: billions of dollars from the United Nations and donor countries.

795
00:40:11,000 --> 00:40:13,280
Speaker 9: Do you see better schools? Do you see better nutrition?

796
00:40:13,360 --> 00:40:16,040
Speaker 9: Do you see better jobs under the Hamas leadership?

797
00:40:16,120 --> 00:40:18,759
Speaker 3: So should Benjaminett? Yeah, who come here to speak to

798
00:40:18,800 --> 00:40:22,160
Speaker 3: a joint session of Congress because the speaker is reportedly

799
00:40:22,160 --> 00:40:23,319
Speaker 3: on the verge of inviting him.

800
00:40:23,560 --> 00:40:26,200
Speaker 9: I think he should. I think outlli of the United

801
00:40:26,239 --> 00:40:28,960
Speaker 9: States under attack by a group of people that we

802
00:40:29,080 --> 00:40:32,520
Speaker 9: recognize as a global terror organization backed by the number

803
00:40:32,520 --> 00:40:37,279
Speaker 9: one state sponsor of Iran, deserves to be heard in

804
00:40:37,320 --> 00:40:38,040
Speaker 9: the United States.

805
00:40:38,120 --> 00:40:40,120
Speaker 3: What if Chuck Schumer says no, does he come speak

806
00:40:40,120 --> 00:40:43,160
Speaker 3: to the House alone? I would think that would be

807
00:40:43,320 --> 00:40:45,040
Speaker 3: quite out of optics.

808
00:40:45,239 --> 00:40:47,239
Speaker 9: I don't think that that's the way it would work.

809
00:40:47,280 --> 00:40:49,520
Speaker 9: I believe that the Majority leader would think long and

810
00:40:49,560 --> 00:40:50,080
Speaker 9: hard about that.

811
00:40:50,360 --> 00:40:52,440
Speaker 3: What are you planning? Probably not allowed to answer this

812
00:40:53,400 --> 00:40:57,200
Speaker 3: for your next trip abroad. You've been conducting some pretty

813
00:40:57,239 --> 00:41:00,840
Speaker 3: heady codels, including one recently to Syria. What's next on

814
00:41:00,920 --> 00:41:01,280
Speaker 3: the list?

815
00:41:01,440 --> 00:41:06,360
Speaker 9: Well, I'm still concerned about countering the Assad regime and

816
00:41:06,760 --> 00:41:12,000
Speaker 9: turning a terror state like Syria into a regional drug

817
00:41:12,120 --> 00:41:17,720
Speaker 9: proliferation state in narco terrorism that is poisoning young people

818
00:41:17,719 --> 00:41:20,239
Speaker 9: across the Gulf and into Europe. So that's certainly something

819
00:41:20,280 --> 00:41:23,520
Speaker 9: I'll remain committed to working on. Not going to Lower

820
00:41:23,600 --> 00:41:26,960
Speaker 9: Manhattan anytime, Not anytime. So Tom Emmer was on there.

821
00:41:26,960 --> 00:41:29,280
Speaker 3: I tell you he's struggling to keep the schedule working

822
00:41:29,280 --> 00:41:31,399
Speaker 3: correctly because so many people are going to New York to.

823
00:41:31,640 --> 00:41:35,279
Speaker 9: We need all of our members available for voting. We

824
00:41:35,320 --> 00:41:37,839
Speaker 9: have a two seat majority. Now we're delighted to have

825
00:41:37,880 --> 00:41:39,880
Speaker 9: the new gentleman from Bakersfield, California.

826
00:41:39,880 --> 00:41:41,600
Speaker 3: Has Vince Fon come by the office yet.

827
00:41:41,600 --> 00:41:43,600
Speaker 9: He has, and he'll be sworn in and we look

828
00:41:43,640 --> 00:41:45,600
Speaker 9: forward to his addition to our team.

829
00:41:45,680 --> 00:41:47,320
Speaker 3: Well, we always look forward to spending time with you.

830
00:41:47,400 --> 00:41:49,279
Speaker 3: Thank you for coming, Thank you, Thanks you last out

831
00:41:49,320 --> 00:41:52,200
Speaker 3: of town. I hope you have a great holiday, happy Memorial.

832
00:41:53,200 --> 00:41:55,799
Speaker 3: Thank you very much. I'm Joe Matthew and Washington. That's

833
00:41:55,840 --> 00:41:57,920
Speaker 3: Congressman french Hill. As we assembled our panel for a

834
00:41:57,960 --> 00:42:00,520
Speaker 3: quick hit on the issue that we were just talking about,

835
00:42:00,520 --> 00:42:03,200
Speaker 3: the invitation of Benjamin Netanya, who that appears to be looming.

836
00:42:03,600 --> 00:42:07,320
Speaker 3: Gidi Schanzeno is with us today, of course, Bloomberg Politics

837
00:42:07,400 --> 00:42:10,920
Speaker 3: contributor and senior Democracy Fellow with the Center for the

838
00:42:10,960 --> 00:42:15,560
Speaker 3: Study of the Presidency in Congress, alongside Marigillespie, Republican strategist,

839
00:42:15,600 --> 00:42:18,520
Speaker 3: founder of Blue Stack Strategies. Jinny, is this going to happen?

840
00:42:18,560 --> 00:42:20,440
Speaker 3: And if so, does Chuck Schumer need to get on

841
00:42:20,480 --> 00:42:23,279
Speaker 3: board and invite Benjamin Neettanya how to speak to a

842
00:42:23,360 --> 00:42:24,720
Speaker 3: joint session of Congress?

843
00:42:26,000 --> 00:42:29,520
Speaker 12: Yeah, I think he should. I think he will. It

844
00:42:29,719 --> 00:42:34,040
Speaker 12: certainly is an example of Johnson taking it to the Democrats.

845
00:42:34,080 --> 00:42:37,000
Speaker 12: This is a tough one for the Democrats, but I think,

846
00:42:37,200 --> 00:42:41,120
Speaker 12: you know, the Majority leader needs to make the case

847
00:42:41,280 --> 00:42:44,600
Speaker 12: that he is supportive as Chuck Schumer always has been

848
00:42:44,719 --> 00:42:49,440
Speaker 12: of Israel. It is this policies of net Nyahu that

849
00:42:49,480 --> 00:42:52,040
Speaker 12: he has an issue with and that that invitation should

850
00:42:52,040 --> 00:42:55,160
Speaker 12: be forthcoming. So I think he will do that, but

851
00:42:55,280 --> 00:42:57,600
Speaker 12: it's not going to be easy for the Democrats. This

852
00:42:57,760 --> 00:42:59,640
Speaker 12: is Johnson has done a good one.

853
00:42:59,680 --> 00:43:03,040
Speaker 3: Here more of your thoughts on this. You worked for

854
00:43:03,080 --> 00:43:05,880
Speaker 3: a speaker. What would it say if that invitation went

855
00:43:05,920 --> 00:43:08,200
Speaker 3: out without the cooperation of the Senate leader?

856
00:43:09,440 --> 00:43:11,279
Speaker 10: You know, I was there with a Speaker Brainer when

857
00:43:11,440 --> 00:43:15,840
Speaker 10: naw who came to Congress previously under Speaker Brainer's invitation.

858
00:43:16,000 --> 00:43:19,719
Speaker 10: And yes, it's preferred that it's a unified invitation, that

859
00:43:19,719 --> 00:43:22,799
Speaker 10: that goes out in good faith by the Majority Leader

860
00:43:22,840 --> 00:43:24,680
Speaker 10: as well as the Speaker of the House. But you know,

861
00:43:24,719 --> 00:43:26,839
Speaker 10: the Speaker is the speaker of the whole House, and

862
00:43:26,920 --> 00:43:29,680
Speaker 10: it's his opportunity to do so. And I think, you know,

863
00:43:29,760 --> 00:43:33,080
Speaker 10: for the American people, it'll be an important opportunity to

864
00:43:33,160 --> 00:43:35,839
Speaker 10: hear from net Yahoo to support Israel, to Genie's point

865
00:43:35,920 --> 00:43:39,080
Speaker 10: is not necessarily to say that you support NAT and Yahoo,

866
00:43:39,120 --> 00:43:41,839
Speaker 10: but we as an ally of Israel, need to hear

867
00:43:41,880 --> 00:43:44,760
Speaker 10: about what's going on there directly from the sources.

868
00:43:45,360 --> 00:43:47,799
Speaker 3: Well, we'll discuss it a lot more as we learn more

869
00:43:47,800 --> 00:43:49,960
Speaker 3: about this invitation. Our panel is going to stick with us, though,

870
00:43:50,040 --> 00:43:54,440
Speaker 3: Genie and Mora. As Donald Trump makes tracks to the

871
00:43:54,480 --> 00:43:57,120
Speaker 3: Bronx Big Rally last night, it looked a lot different

872
00:43:57,160 --> 00:43:59,920
Speaker 3: than the traditional Maga rally. We'll get into that next

873
00:44:00,320 --> 00:44:03,680
Speaker 3: to the campaign trail on Balance of Power. This is Bloomberg.

874
00:44:07,080 --> 00:44:10,040
Speaker 1: You're listening to the Bloomberg Balance of Power podcast.

875
00:44:10,239 --> 00:44:13,400
Speaker 2: Can just live weekdays at noon Eastern on Applecarplay and

876
00:44:13,480 --> 00:44:16,280
Speaker 2: then Ronoo with the Bloomberg Business app. You can also

877
00:44:16,320 --> 00:44:19,840
Speaker 2: listen live on Amazon Alexa from our flagship New York station,

878
00:44:20,239 --> 00:44:22,839
Speaker 2: Just say Alexa play Bloomberg eleven.

879
00:44:22,640 --> 00:44:28,000
Speaker 3: Thirty on a quiet day in the nation's capital. Not

880
00:44:28,120 --> 00:44:30,759
Speaker 3: at all on the campaign trail, certainly not last night

881
00:44:30,800 --> 00:44:33,719
Speaker 3: in New York, as Donald Trump made his way to

882
00:44:33,840 --> 00:44:38,359
Speaker 3: the Bronx and pretty fascinating to see a much more

883
00:44:38,440 --> 00:44:43,040
Speaker 3: diverse crowd then tends to gather for a Trump rally,

884
00:44:43,120 --> 00:44:46,640
Speaker 3: But the color of the hats was the same in

885
00:44:46,760 --> 00:44:51,160
Speaker 3: deep blue New York. MAGA has its moment. Donald Trump

886
00:44:51,160 --> 00:44:53,719
Speaker 3: even seems to think he could win the state of

887
00:44:53,800 --> 00:44:57,360
Speaker 3: New York in this selection, though many wonder what world

888
00:44:57,400 --> 00:44:59,399
Speaker 3: in which that could happen. The fact of the matter

889
00:44:59,560 --> 00:45:03,880
Speaker 3: is both of these candidates are making a concerted effort

890
00:45:04,160 --> 00:45:07,520
Speaker 3: to win the support of black and Hispanic voters, and

891
00:45:07,560 --> 00:45:09,799
Speaker 3: that probably would not be happening if we hadn't seen

892
00:45:09,840 --> 00:45:12,439
Speaker 3: the deficit in recent polling that Joe Biden is showing.

893
00:45:12,520 --> 00:45:15,759
Speaker 3: Let's assemble our panel for their take on all of it.

894
00:45:16,320 --> 00:45:20,560
Speaker 3: Jenny shanz Know is with US Bloomberg Politics contributor and

895
00:45:20,600 --> 00:45:23,080
Speaker 3: now Senior Democracy Fellow with the Center for the Study

896
00:45:23,080 --> 00:45:25,440
Speaker 3: of the Presidency in Congress. More Gillespie here as well,

897
00:45:25,480 --> 00:45:28,920
Speaker 3: Republican strategist founder Blue Stack Strategies, spent many years working

898
00:45:29,360 --> 00:45:31,440
Speaker 3: for the Speaker of the House, Speaker Bayiner. Great to

899
00:45:31,440 --> 00:45:35,040
Speaker 3: have you both with us here. More I'll start with you.

900
00:45:35,040 --> 00:45:39,200
Speaker 3: You know New York, you know the Republican Party. Where's

901
00:45:39,239 --> 00:45:43,480
Speaker 3: Donald Trump looking here? What's the purpose of this exercise

902
00:45:43,520 --> 00:45:45,279
Speaker 3: when no one seems to think he could win that

903
00:45:45,280 --> 00:45:45,800
Speaker 3: blue state?

904
00:45:47,320 --> 00:45:50,880
Speaker 10: He sees and Republicancy a real opportunity to get the

905
00:45:50,880 --> 00:45:53,800
Speaker 10: black vote. You know, I think it's something that I

906
00:45:54,200 --> 00:45:58,200
Speaker 10: don't know, we talk enough about the problems people are

907
00:45:58,239 --> 00:46:01,120
Speaker 10: having with what's currently going on, and you know, liberal

908
00:46:01,360 --> 00:46:04,759
Speaker 10: more liberal run cities and states. You know, you saw

909
00:46:04,800 --> 00:46:09,279
Speaker 10: the results from Oregon's primary this this week. Not great

910
00:46:09,320 --> 00:46:11,880
Speaker 10: for progressives. You know, I think that the progressive policies

911
00:46:11,920 --> 00:46:14,600
Speaker 10: haven't benefited people. They're not feeling in their pockets, and

912
00:46:14,640 --> 00:46:17,760
Speaker 10: so the reflection of that is looking for somebody else's

913
00:46:17,760 --> 00:46:20,520
Speaker 10: support where they felt like maybe times were better. I

914
00:46:20,560 --> 00:46:23,800
Speaker 10: know that feels kind of you know, hard to imagine,

915
00:46:23,800 --> 00:46:26,640
Speaker 10: given that during Donald Trump's presidency we were in COVID times.

916
00:46:26,640 --> 00:46:28,759
Speaker 10: But prior to COVID, you know, people felt like the

917
00:46:28,800 --> 00:46:32,960
Speaker 10: economy was doing better. So, yes, they are. You could

918
00:46:33,000 --> 00:46:36,680
Speaker 10: be frustrated by Donald Trump, you could be. You don't

919
00:46:36,680 --> 00:46:37,880
Speaker 10: have to like them to vote for them. And I

920
00:46:37,880 --> 00:46:40,560
Speaker 10: think that we forget that as we talk about politics

921
00:46:40,560 --> 00:46:43,280
Speaker 10: and talk about these choices. It's not binary to choose

922
00:46:43,760 --> 00:46:46,359
Speaker 10: between the two as far as who you like better,

923
00:46:46,400 --> 00:46:49,080
Speaker 10: It's about where do you personally feel you'll be doing

924
00:46:49,120 --> 00:46:50,440
Speaker 10: better in four years from now.

925
00:46:51,360 --> 00:46:53,560
Speaker 3: Well, that's an important line, Genie. Don't have to like

926
00:46:53,600 --> 00:46:56,120
Speaker 3: them to vote for them. What do you make of

927
00:46:56,160 --> 00:46:58,520
Speaker 3: the crowd that showed up in New York? What does

928
00:46:58,560 --> 00:47:00,360
Speaker 3: it say about New York and the canidate.

929
00:47:01,920 --> 00:47:05,000
Speaker 12: Yeah, there's nothing like a summer in the Bronx Joe,

930
00:47:05,760 --> 00:47:08,880
Speaker 12: and that's where Donald Trump was yesterday. And I have

931
00:47:08,960 --> 00:47:11,399
Speaker 12: to say, and I say this reluctantly, it was a

932
00:47:11,520 --> 00:47:15,600
Speaker 12: very smart move. You know, he is doing what campaign

933
00:47:15,719 --> 00:47:19,480
Speaker 12: should be doing. We've often criticized I have I shouldn't

934
00:47:19,520 --> 00:47:21,960
Speaker 12: say you have, you have not. I have often criticized

935
00:47:22,000 --> 00:47:25,680
Speaker 12: Donald Trump for not reaching out beyond his base. You know,

936
00:47:25,760 --> 00:47:28,719
Speaker 12: we traditionally say he doubles down on his base. Well,

937
00:47:28,719 --> 00:47:32,520
Speaker 12: this is an example of a truly smart campaign strategy

938
00:47:32,920 --> 00:47:36,759
Speaker 12: of reaching out and taking it to the base of

939
00:47:36,800 --> 00:47:40,080
Speaker 12: your opponent and saying, don't take this base for granted,

940
00:47:40,160 --> 00:47:43,480
Speaker 12: Joe Biden and Democrats, because I you know, the fact

941
00:47:43,520 --> 00:47:46,440
Speaker 12: is he doesn't have to win New York. No, no

942
00:47:46,520 --> 00:47:50,120
Speaker 12: Republican Hansince, Ronald Reagan. But what he can do is

943
00:47:50,200 --> 00:47:53,200
Speaker 12: he can take it to Joe Biden, make Joe Biden

944
00:47:53,320 --> 00:47:57,000
Speaker 12: spend money, make Joe Biden fight for those those voters.

945
00:47:57,200 --> 00:48:01,200
Speaker 12: And that is a brilliant strategy that Democrats should be

946
00:48:01,239 --> 00:48:05,279
Speaker 12: doing the same with Donald Trump's base. That's what you

947
00:48:05,360 --> 00:48:08,359
Speaker 12: do so very reluctantly, I say, for all the talk

948
00:48:08,400 --> 00:48:11,280
Speaker 12: about you know things thirty forty years ago with Woolman

949
00:48:11,400 --> 00:48:14,440
Speaker 12: Park and stuff, this was a very smart strategy on

950
00:48:14,480 --> 00:48:15,799
Speaker 12: the Trump campaign's part.

951
00:48:16,920 --> 00:48:19,160
Speaker 3: Well, it's interesting more, I keep here in that only

952
00:48:19,200 --> 00:48:21,520
Speaker 3: six or seven states are going to decide this whole election.

953
00:48:21,600 --> 00:48:23,680
Speaker 3: So why would either candidate go to a place like

954
00:48:23,760 --> 00:48:26,759
Speaker 3: New York or California where it seems predetermined.

955
00:48:28,120 --> 00:48:30,040
Speaker 10: It may seem predetermined, but I do think that in

956
00:48:30,040 --> 00:48:32,840
Speaker 10: both New York and California you're starting to see some

957
00:48:33,040 --> 00:48:35,400
Speaker 10: areas of those states where it's getting a little purple,

958
00:48:35,880 --> 00:48:40,440
Speaker 10: and as an opportunity to capitalize on those who are

959
00:48:40,560 --> 00:48:44,160
Speaker 10: disillusioned by you know, government right now. They're not happy

960
00:48:44,160 --> 00:48:47,279
Speaker 10: with the choices they have. And we've long said that

961
00:48:47,360 --> 00:48:49,239
Speaker 10: it's not up to us as voters, or maybe I've

962
00:48:49,239 --> 00:48:50,800
Speaker 10: long said it, it's not up to us as voters

963
00:48:50,840 --> 00:48:52,480
Speaker 10: to choose between the two, but it's up to those

964
00:48:52,520 --> 00:48:55,719
Speaker 10: two candidates to convince us to vote for them. And so,

965
00:48:55,920 --> 00:48:58,680
Speaker 10: to Genie's point, Donald Trump going out and making his

966
00:48:58,760 --> 00:49:01,719
Speaker 10: case to people who maybe aren't happy with how things

967
00:49:01,719 --> 00:49:04,000
Speaker 10: are well, he can make a case that he'll make

968
00:49:04,040 --> 00:49:06,000
Speaker 10: it better. You know, that's what canad is supposed to

969
00:49:06,040 --> 00:49:09,640
Speaker 10: be doing. And coming to the Bronx and going directly

970
00:49:10,160 --> 00:49:12,080
Speaker 10: to them. I think one of the people who' said there,

971
00:49:12,120 --> 00:49:15,160
Speaker 10: you know, we have a president here, We're going to

972
00:49:15,200 --> 00:49:18,239
Speaker 10: listen at least, so I think that, yeah, making that

973
00:49:18,280 --> 00:49:20,880
Speaker 10: effort really does make an impact. Whether you think you're

974
00:49:20,920 --> 00:49:23,120
Speaker 10: gonna win that state or not, you're showing up.

975
00:49:24,200 --> 00:49:26,319
Speaker 3: Well, let's follow the money for a moment here, because

976
00:49:26,320 --> 00:49:28,319
Speaker 3: one of the big headlines this week was Donald Trump

977
00:49:28,440 --> 00:49:31,600
Speaker 3: and the RNC out raising Joe Biden and the DNC

978
00:49:31,840 --> 00:49:34,560
Speaker 3: for the first time this cycle. And it's only one month,

979
00:49:35,120 --> 00:49:38,200
Speaker 3: but they're hoping for a lot more, as Axios reports

980
00:49:38,239 --> 00:49:42,319
Speaker 3: today that jd Vance Senator jd Vance, supposedly on the

981
00:49:42,400 --> 00:49:45,640
Speaker 3: list of potential vice presidential picks for Trump and very

982
00:49:45,640 --> 00:49:49,919
Speaker 3: close to Peter Thiel, is putting together a massive fundraiser

983
00:49:50,080 --> 00:49:54,520
Speaker 3: with heavy hitters from Silicon Valley. It'll take place in,

984
00:49:54,600 --> 00:49:59,000
Speaker 3: of all places, San Francisco, on the sixth of June.

985
00:49:59,760 --> 00:50:02,680
Speaker 3: G how much does Joe Biden need to worry about

986
00:50:02,719 --> 00:50:06,240
Speaker 3: the mega donors turning away from him and towards Trump.

987
00:50:07,760 --> 00:50:10,520
Speaker 12: Yeah, it is a concern. And again talk about going

988
00:50:10,560 --> 00:50:13,239
Speaker 12: to a blue area. You know, there they go again.

989
00:50:13,280 --> 00:50:16,680
Speaker 12: More just mentioned California. This will be in San Francisco.

990
00:50:17,080 --> 00:50:20,200
Speaker 12: I think jd Vance has gotten the memo that if

991
00:50:20,200 --> 00:50:21,960
Speaker 12: you want to be on the short list for VP,

992
00:50:22,440 --> 00:50:25,120
Speaker 12: it is all about well, first of all playing amid

993
00:50:25,280 --> 00:50:27,879
Speaker 12: paying rather onorge to Donald Trump, and second of all

994
00:50:28,239 --> 00:50:31,240
Speaker 12: raising money. So he doesn't want to let Doug Burghum,

995
00:50:31,480 --> 00:50:34,120
Speaker 12: you know, win the game there. So he is doing

996
00:50:34,160 --> 00:50:37,000
Speaker 12: this and it's a smart strategy. They want to try

997
00:50:37,040 --> 00:50:39,920
Speaker 12: to make what was the last month's numbers a trend.

998
00:50:40,320 --> 00:50:42,040
Speaker 12: We don't know if we will see that at this

999
00:50:42,160 --> 00:50:45,440
Speaker 12: point because we can't forget Donald Trump just became the

1000
00:50:45,480 --> 00:50:48,040
Speaker 12: presumptive nominee, so that was a benefit and a boon

1001
00:50:48,120 --> 00:50:50,680
Speaker 12: for the April numbers. But yeah, they're going out there

1002
00:50:50,719 --> 00:50:52,520
Speaker 12: and they're going to try to make the case. And

1003
00:50:52,560 --> 00:50:54,600
Speaker 12: you you know, you've talked a lot about Crypto on

1004
00:50:54,640 --> 00:50:55,000
Speaker 12: this show.

1005
00:50:55,080 --> 00:50:55,440
Speaker 6: Joe.

1006
00:50:55,600 --> 00:50:58,200
Speaker 12: Crypto has about eighty million to spend in this campaign

1007
00:50:58,280 --> 00:51:00,960
Speaker 12: as well at this well, but there's a lot of

1008
00:51:01,000 --> 00:51:01,520
Speaker 12: money there.

1009
00:51:03,200 --> 00:51:06,320
Speaker 3: That's a huge part of the story. As we discussed

1010
00:51:06,360 --> 00:51:10,000
Speaker 3: with Congressman Frenshill earlier, Genie. Then you've got Big Oil,

1011
00:51:10,560 --> 00:51:13,560
Speaker 3: Mora and a fascinating story on the Bloomberg Here Donald

1012
00:51:13,600 --> 00:51:19,680
Speaker 3: Trump raised forty million dollars in one day cash events

1013
00:51:19,680 --> 00:51:24,120
Speaker 3: in Houston and Dallas, described by people familiar with the events,

1014
00:51:24,960 --> 00:51:29,080
Speaker 3: forty million dollars in oil money, remembering he was looking

1015
00:51:29,120 --> 00:51:31,320
Speaker 3: for a billion. It was a story in the Washington

1016
00:51:31,360 --> 00:51:33,879
Speaker 3: Post that he asked for a billion dollars collectively from

1017
00:51:33,920 --> 00:51:38,279
Speaker 3: Big Oil to rescind all of the climate initiatives of

1018
00:51:38,320 --> 00:51:41,880
Speaker 3: the Biden administration. Maybe not a billion, but this is

1019
00:51:41,920 --> 00:51:45,319
Speaker 3: one of the highest single day hauls for a presidential

1020
00:51:45,400 --> 00:51:50,320
Speaker 3: candidate ever Mora and Big Oil has more money to spend, right.

1021
00:51:51,239 --> 00:51:55,200
Speaker 10: Absolutely, And again the policies of the Biden administration, but

1022
00:51:55,760 --> 00:52:00,680
Speaker 10: progressives around the country has not been seen as successful.

1023
00:52:00,719 --> 00:52:03,520
Speaker 10: So you're seeing a big push in Texas for energy.

1024
00:52:03,960 --> 00:52:06,000
Speaker 10: It's a huge issue there and there's a lot of

1025
00:52:06,040 --> 00:52:07,719
Speaker 10: money there. I mean, there's a lot of money to

1026
00:52:07,760 --> 00:52:11,799
Speaker 10: be gleaned from donors there and so it's maybe not

1027
00:52:11,840 --> 00:52:13,720
Speaker 10: a billion, but there's more to go, as you mentioned,

1028
00:52:13,719 --> 00:52:16,480
Speaker 10: and I think that's an opportunity to get in places

1029
00:52:16,640 --> 00:52:20,000
Speaker 10: where the policies or failed policies of the progressives are

1030
00:52:20,120 --> 00:52:23,800
Speaker 10: being reflected in communities like San Francisco, like in Austin,

1031
00:52:24,840 --> 00:52:27,279
Speaker 10: and in New York City. So it's definitely starting to

1032
00:52:27,280 --> 00:52:30,400
Speaker 10: get to people. And again, you know, there is a

1033
00:52:30,400 --> 00:52:32,319
Speaker 10: lot of donors who have been sitting on the sidelines

1034
00:52:32,760 --> 00:52:34,560
Speaker 10: that maybe are now taking a more active role.

1035
00:52:36,200 --> 00:52:38,840
Speaker 3: At the same time, though, we must acknowledge that the

1036
00:52:38,920 --> 00:52:41,200
Speaker 3: United States is cranking out more oil than ever. We

1037
00:52:41,239 --> 00:52:45,080
Speaker 3: are pumping more oil than any time in our history. Genie,

1038
00:52:45,440 --> 00:52:50,000
Speaker 3: does Joe Biden actually have to start saying that out loud?

1039
00:52:51,600 --> 00:52:55,040
Speaker 12: He absolutely should, and I think he should also stand

1040
00:52:55,160 --> 00:52:59,520
Speaker 12: up and say, look, people across the Democratic and Republican

1041
00:52:59,600 --> 00:53:03,920
Speaker 12: Party realize that when Donald Trump rather made that promise,

1042
00:53:04,480 --> 00:53:06,800
Speaker 12: you know, give me a billion and I will push

1043
00:53:06,880 --> 00:53:10,040
Speaker 12: back on all the steps that Biden administration has made

1044
00:53:10,400 --> 00:53:14,880
Speaker 12: as it pertains to our environment that impacts our children

1045
00:53:15,000 --> 00:53:18,520
Speaker 12: and our grandchildren. You want to get support from young people.

1046
00:53:18,840 --> 00:53:22,920
Speaker 12: The environment is critically important to how so many of

1047
00:53:22,920 --> 00:53:25,440
Speaker 12: them think because they are worried about the future. So

1048
00:53:25,480 --> 00:53:27,239
Speaker 12: I think the Biden team needs to put this in

1049
00:53:27,360 --> 00:53:30,840
Speaker 12: stark terms. Joe Biden understands you. To your point, we

1050
00:53:30,880 --> 00:53:34,560
Speaker 12: are pumping more oil. But we all have an interest

1051
00:53:34,640 --> 00:53:37,480
Speaker 12: in and deep concern about the impact of the environment.

1052
00:53:37,760 --> 00:53:40,440
Speaker 12: Donald Trump is interested in himself, and he's willing to

1053
00:53:40,520 --> 00:53:43,920
Speaker 12: trade all of that for a billion dollars for himself

1054
00:53:43,960 --> 00:53:46,440
Speaker 12: to pay off his lawyers. So that is something they

1055
00:53:46,480 --> 00:53:49,120
Speaker 12: should be saying. They haven't said it yet, but who knows,

1056
00:53:49,200 --> 00:53:50,839
Speaker 12: they may once they hear your show.

1057
00:53:50,920 --> 00:53:57,160
Speaker 3: Joe, Yeah, well I got knows. Today's by the way,

1058
00:53:57,239 --> 00:54:00,880
Speaker 3: the big gas price. The average today trip a national

1059
00:54:00,880 --> 00:54:06,520
Speaker 3: average going into Memorial Day weekend, three dollars sixty cents

1060
00:54:06,520 --> 00:54:08,680
Speaker 3: a gallon. When you look to New York, it's three

1061
00:54:08,840 --> 00:54:12,759
Speaker 3: sixty eight. Look to Illinois, where Democrats are going to

1062
00:54:12,840 --> 00:54:16,520
Speaker 3: have their convention this summer, four dollars, there's a four handle.

1063
00:54:16,560 --> 00:54:18,879
Speaker 3: And in California the aforementioned. I just I know it's

1064
00:54:18,920 --> 00:54:22,400
Speaker 3: not like the rest of the world, but five dollars

1065
00:54:22,480 --> 00:54:27,279
Speaker 3: fourteen cents. Great panel, great conversation. Love spending time with

1066
00:54:27,320 --> 00:54:29,800
Speaker 3: Genie Shanzano and Morag Gillespie. We thank you both.

1067
00:54:33,520 --> 00:54:36,480
Speaker 1: You're listening to the Bloomberg Balance of Power podcast.

1068
00:54:36,800 --> 00:54:40,040
Speaker 2: Catch us live weekdays at noon Eastern on Applecarplay and

1069
00:54:40,040 --> 00:54:42,759
Speaker 2: then Proud Otto with the Bloomberg Business app listen on

1070
00:54:42,840 --> 00:54:46,040
Speaker 2: demand wherever you get your podcasts, or watch us live

1071
00:54:46,160 --> 00:54:47,800
Speaker 2: on YouTube.

1072
00:54:49,320 --> 00:54:52,279
Speaker 3: They worked until the wee hours in the House of

1073
00:54:52,320 --> 00:54:56,399
Speaker 3: Representatives of late night for lawmakers with the knockdown, drag

1074
00:54:56,400 --> 00:55:00,799
Speaker 3: out markup session on the Farmville. This is now the

1075
00:55:00,840 --> 00:55:04,640
Speaker 3: newest controversy in Washington. When I say farm Bill, I'm

1076
00:55:04,640 --> 00:55:07,920
Speaker 3: not only talking about farmers. I'm talking about food stamps.

1077
00:55:08,640 --> 00:55:11,080
Speaker 3: This is going to expire in September. Lawmakers are trying

1078
00:55:11,080 --> 00:55:13,880
Speaker 3: to get their arms around it right now, and the

1079
00:55:14,000 --> 00:55:17,040
Speaker 3: debate in the markup session went on for some time.

1080
00:55:17,120 --> 00:55:21,960
Speaker 3: Congressman Jonathan Jackson speaking passionately about this in the process,

1081
00:55:22,000 --> 00:55:25,359
Speaker 3: the Democrat from Illinois First District, let's listen to.

1082
00:55:25,320 --> 00:55:28,200
Speaker 7: Be sure, this bill compels us to move beyond the

1083
00:55:28,200 --> 00:55:30,839
Speaker 7: politics of Blaine so that we might embrace a more

1084
00:55:30,880 --> 00:55:33,879
Speaker 7: excellent way. In fact, I would go far so far

1085
00:55:33,920 --> 00:55:36,080
Speaker 7: as to saying that the farm Bill is one of

1086
00:55:36,120 --> 00:55:40,600
Speaker 7: the few manifestations of the social contract this government makes

1087
00:55:40,640 --> 00:55:43,600
Speaker 7: with the American people. The SNAP program, I would like

1088
00:55:43,640 --> 00:55:47,160
Speaker 7: to focus in on more singularly, is a moral achievement.

1089
00:55:49,000 --> 00:55:51,720
Speaker 3: And he's now with us at the table. Congressman Jonathan Jackson,

1090
00:55:51,719 --> 00:55:53,280
Speaker 3: thank you for coming to see us today of Bloomberg.

1091
00:55:53,280 --> 00:55:54,840
Speaker 3: It's good to see you, great to see you. It's

1092
00:55:54,960 --> 00:55:55,799
Speaker 3: best after all that.

1093
00:55:56,080 --> 00:55:57,360
Speaker 7: Yes, it's funny.

1094
00:55:57,400 --> 00:55:59,480
Speaker 3: People say there's nothing left on Capitol Hill, but there's

1095
00:55:59,480 --> 00:56:01,399
Speaker 3: one big one and left it's called the Farm Bill.

1096
00:56:01,760 --> 00:56:05,239
Speaker 3: So what did food stamps get to be so controversial?

1097
00:56:05,280 --> 00:56:09,040
Speaker 3: I heard Republicans in that markup session talking about robbing

1098
00:56:09,040 --> 00:56:09,960
Speaker 3: Peter to pay.

1099
00:56:09,719 --> 00:56:12,040
Speaker 7: Paul right, And it seems like in this one hundred

1100
00:56:12,080 --> 00:56:14,600
Speaker 7: and eighteenth Congress has a lot of unique things. But

1101
00:56:14,960 --> 00:56:18,040
Speaker 7: essentially we're talking about one point five trillion trillion with

1102
00:56:18,120 --> 00:56:20,960
Speaker 7: the TEA budget that's looking out over a five year

1103
00:56:21,040 --> 00:56:24,719
Speaker 7: reauthorization over a ten year horizon, and the one point

1104
00:56:24,760 --> 00:56:27,720
Speaker 7: five trillion dollars eighty percent of that fund are going

1105
00:56:27,760 --> 00:56:31,640
Speaker 7: towards the snap the supplemental nutritional assistance program. That's right,

1106
00:56:31,680 --> 00:56:34,360
Speaker 7: and I have to put the focus on supplemental nutrition

1107
00:56:34,560 --> 00:56:37,000
Speaker 7: and assistance. The other side of that coin is dealing

1108
00:56:37,000 --> 00:56:40,960
Speaker 7: with malnutrition. There is rising malnutrition. If you did not

1109
00:56:41,120 --> 00:56:44,000
Speaker 7: have this part of the budget focused on the farming,

1110
00:56:44,280 --> 00:56:48,080
Speaker 7: you'd be talking about almost fifteen billion dollars in increasing

1111
00:56:48,120 --> 00:56:53,160
Speaker 7: malnutrition amongst American citizens. Forty two million Americans qualified for

1112
00:56:53,239 --> 00:56:56,719
Speaker 7: supplemental nutritional assistance. Roughly one hundred and eighty dollars a

1113
00:56:56,800 --> 00:57:00,000
Speaker 7: month would go to these persons two dollars per monk.

1114
00:57:00,760 --> 00:57:03,200
Speaker 7: This is the eighty percent of the farm bill. So

1115
00:57:03,239 --> 00:57:05,600
Speaker 7: it goes to show you that there's food insecurity in

1116
00:57:05,640 --> 00:57:07,080
Speaker 7: America that we have to deal with.

1117
00:57:07,440 --> 00:57:10,360
Speaker 3: Jony Ernst joined us. Just the other day. The senator

1118
00:57:10,360 --> 00:57:13,560
Speaker 3: from Iowa said there will be no new farm bill.

1119
00:57:14,000 --> 00:57:15,759
Speaker 3: We're going to have to extend the one we have

1120
00:57:15,840 --> 00:57:17,600
Speaker 3: and come up with a new product. Are you hearing

1121
00:57:17,760 --> 00:57:18,800
Speaker 3: talk like that as well?

1122
00:57:18,920 --> 00:57:22,000
Speaker 7: I'm not, but that very well could be the case.

1123
00:57:22,040 --> 00:57:24,600
Speaker 7: I'm more optimistic. We have a great chairman and a

1124
00:57:24,600 --> 00:57:28,800
Speaker 7: great ranking member, Chairman Thompson, ranking member Scott. So I'm

1125
00:57:29,120 --> 00:57:32,040
Speaker 7: very confident, or feel highly confident, or shall I say

1126
00:57:32,120 --> 00:57:33,760
Speaker 7: very hopeful who we'll get through this.

1127
00:57:34,360 --> 00:57:36,800
Speaker 3: Congressman. Tomorrow, we're going to mark four years since the death,

1128
00:57:36,840 --> 00:57:40,320
Speaker 3: the murder of George Floyd. This is going to be

1129
00:57:40,360 --> 00:57:44,600
Speaker 3: a moment for our country. You were at George Floyd's funeral,

1130
00:57:45,680 --> 00:57:47,880
Speaker 3: and there was a thought at that time that there

1131
00:57:47,920 --> 00:57:50,240
Speaker 3: was great change coming, and in some cases we saw it,

1132
00:57:50,360 --> 00:57:54,600
Speaker 3: particularly at the local level, in new laws and regulations

1133
00:57:55,280 --> 00:58:00,360
Speaker 3: for policing on the state level primarily, but there was

1134
00:58:00,360 --> 00:58:03,360
Speaker 3: something called the George Floyd Justice and Policing Act that

1135
00:58:03,400 --> 00:58:08,080
Speaker 3: passed the House some time ago. It went nowhere from there,

1136
00:58:08,120 --> 00:58:12,560
Speaker 3: and Shila Jackson Lee reintroduced it this week. What's different

1137
00:58:12,720 --> 00:58:15,640
Speaker 3: now when it comes to that legislation? Could it pass again?

1138
00:58:17,080 --> 00:58:19,360
Speaker 7: It seems like everything has changed. It seems to be

1139
00:58:19,440 --> 00:58:22,720
Speaker 7: a complete reversal, if you will, a retreatment and a

1140
00:58:22,760 --> 00:58:28,000
Speaker 7: retrenchment on corporate America's commitment to racial, social and justice equity.

1141
00:58:28,880 --> 00:58:31,800
Speaker 7: We've seen in the extension of our annual budget, of

1142
00:58:32,640 --> 00:58:36,120
Speaker 7: the budget that passed the DEI, the Diversity Equity and

1143
00:58:36,240 --> 00:58:39,480
Speaker 7: Inclusion Office on Capitol Hill was removed from out of

1144
00:58:39,520 --> 00:58:44,240
Speaker 7: the building. Now people are being sued after the overturn

1145
00:58:44,440 --> 00:58:48,200
Speaker 7: of the affirmative action ruling. If you will that thirteen

1146
00:58:48,240 --> 00:58:51,840
Speaker 7: attorney attorney generals from each state sent letters to the

1147
00:58:51,840 --> 00:58:55,040
Speaker 7: fortune one hundred corporations saying, if you have a diversity

1148
00:58:55,080 --> 00:58:58,320
Speaker 7: equity inclusion program in place, that that is subject to

1149
00:58:58,400 --> 00:58:59,640
Speaker 7: be challenged and sued.

1150
00:59:00,120 --> 00:59:01,440
Speaker 3: DEI become a swear word.

1151
00:59:01,920 --> 00:59:04,240
Speaker 7: I don't know, I mean just as the most bizarre things.

1152
00:59:04,280 --> 00:59:05,880
Speaker 7: But then again, there are a lot of things that

1153
00:59:05,920 --> 00:59:07,800
Speaker 7: are nominally here that have happened. How do we have

1154
00:59:08,200 --> 00:59:12,280
Speaker 7: a president if you will on trial for prostitution if

1155
00:59:12,320 --> 00:59:15,120
Speaker 7: you will, And I don't know what hush money payments are,

1156
00:59:15,360 --> 00:59:17,880
Speaker 7: that's actually bribery. I mean, like a lot of things

1157
00:59:17,920 --> 00:59:19,760
Speaker 7: have happened. We used to say look up to the president.

1158
00:59:20,040 --> 00:59:22,360
Speaker 7: And if you're talking about looking up to what's happened

1159
00:59:22,400 --> 00:59:25,840
Speaker 7: in food, how do we become mean towards women and children? Well,

1160
00:59:25,840 --> 00:59:28,040
Speaker 7: we should be talking about as a war on poverty,

1161
00:59:28,120 --> 00:59:30,160
Speaker 7: not a war on the poor. These are the most

1162
00:59:30,280 --> 00:59:34,400
Speaker 7: vulnerable people in our society that qualify for SNAP. People

1163
00:59:34,400 --> 00:59:38,360
Speaker 7: don't want to have this supplemental nutritional assistance. So therefore,

1164
00:59:38,400 --> 00:59:42,920
Speaker 7: if you've got crop insurance, meaning that there's climate issues

1165
00:59:42,920 --> 00:59:45,320
Speaker 7: that are out of our control that are going through

1166
00:59:45,360 --> 00:59:49,000
Speaker 7: Iowa and Oklahoma and Kansas and devastating the land and

1167
00:59:49,040 --> 00:59:52,200
Speaker 7: the farmers, that's a subsidized program that the federal government

1168
00:59:52,240 --> 00:59:55,720
Speaker 7: has for farm insurance. I've come to look at SNAP

1169
00:59:56,040 --> 00:59:59,600
Speaker 7: as food insurance and family insurance that the government uses

1170
01:00:00,040 --> 01:00:02,480
Speaker 7: when people cannot do for themselves. I think the government

1171
01:00:02,480 --> 01:00:04,760
Speaker 7: should help them. When the people can do for themselves,

1172
01:00:04,840 --> 01:00:07,920
Speaker 7: the government needs to step back right now, people are aching.

1173
01:00:08,200 --> 01:00:11,920
Speaker 7: There's been autoinflation, there's been housing inflation. There's education, if

1174
01:00:11,960 --> 01:00:15,040
Speaker 7: you will, the cost of education inflation. But this Farm

1175
01:00:15,120 --> 01:00:17,800
Speaker 7: bill doesn't even address to deal with food inflation. And

1176
01:00:17,880 --> 01:00:20,400
Speaker 7: so to think that we could talk about taking thirty

1177
01:00:20,440 --> 01:00:23,840
Speaker 7: billion dollars off of the out of the budget to

1178
01:00:24,080 --> 01:00:26,560
Speaker 7: attack women and children, We're going to take a stand

1179
01:00:26,600 --> 01:00:28,000
Speaker 7: and we're not going to concede an inch.

1180
01:00:28,480 --> 01:00:30,520
Speaker 3: You just set a lot. And I don't know anything

1181
01:00:30,520 --> 01:00:33,280
Speaker 3: about any prostitution charges in this case, but when we

1182
01:00:33,320 --> 01:00:34,160
Speaker 3: talk about well.

1183
01:00:34,040 --> 01:00:36,040
Speaker 7: It's called pornography, but well, I'd like to call it

1184
01:00:36,040 --> 01:00:36,680
Speaker 7: what I think it.

1185
01:00:36,600 --> 01:00:41,200
Speaker 3: Is understood where you're what you're referring to, Congressman, what

1186
01:00:41,240 --> 01:00:43,640
Speaker 3: can you do in the rest of this Congress? Then

1187
01:00:43,680 --> 01:00:47,200
Speaker 3: it sounds like your focus is on the farm bill,

1188
01:00:47,640 --> 01:00:51,200
Speaker 3: it's on food stamps as your answer to what you

1189
01:00:51,320 --> 01:00:53,480
Speaker 3: see as this cultural reversal, Am I.

1190
01:00:53,480 --> 01:00:57,800
Speaker 7: Right, Yes, it's a war on the poor that people,

1191
01:00:57,920 --> 01:01:01,320
Speaker 7: the American people, have a housing issue that's becoming fifty

1192
01:01:01,320 --> 01:01:05,360
Speaker 7: percent of the average consumer's income. We're talking about the

1193
01:01:05,400 --> 01:01:09,040
Speaker 7: average car is now forty thousand dollars. That's going beyond

1194
01:01:09,240 --> 01:01:13,920
Speaker 7: people's reach. Student debt is now shaping an entire generation

1195
01:01:14,240 --> 01:01:15,960
Speaker 7: where they're having to make a decision.

1196
01:01:15,600 --> 01:01:18,200
Speaker 3: Between While a lot of people are criticizing Joe Biden

1197
01:01:18,240 --> 01:01:20,160
Speaker 3: for higher prices, does he deserve it?

1198
01:01:20,600 --> 01:01:23,040
Speaker 7: No, I think there was a supply chain issue. I

1199
01:01:23,080 --> 01:01:26,920
Speaker 7: think we're going through a structural readjustment that the American

1200
01:01:26,920 --> 01:01:30,640
Speaker 7: people deserve. If you will an FDR moment or Franklin

1201
01:01:30,640 --> 01:01:34,760
Speaker 7: Delmore Roosevelt moment by President Biden to come and talk

1202
01:01:34,800 --> 01:01:37,120
Speaker 7: to the American people, do the White House to the

1203
01:01:37,160 --> 01:01:41,520
Speaker 7: fireside chat. This is our money, it's going abroad for wars.

1204
01:01:41,800 --> 01:01:44,360
Speaker 7: Here's what our benefit is and the peace dividend that

1205
01:01:44,400 --> 01:01:47,200
Speaker 7: we can expect after we define the victory. Here's what

1206
01:01:47,280 --> 01:01:49,400
Speaker 7: our money is going for defense. Here's where our money's

1207
01:01:49,440 --> 01:01:52,600
Speaker 7: going for allies abroad, and for this generation. Here's what's

1208
01:01:52,640 --> 01:01:55,120
Speaker 7: going to be your big deal. And then the student

1209
01:01:55,200 --> 01:01:57,880
Speaker 7: loan debt relief is good and great, but we've got

1210
01:01:57,880 --> 01:02:00,440
Speaker 7: to do more than that. What's the investment that enhances

1211
01:02:00,480 --> 01:02:03,080
Speaker 7: their life and that's what they're being hopeful and waiting for.

1212
01:02:03,440 --> 01:02:05,040
Speaker 3: I hope you have a great Memorial Day week, and

1213
01:02:05,120 --> 01:02:06,520
Speaker 3: I want you to come back and talk to us

1214
01:02:06,560 --> 01:02:09,360
Speaker 3: about the campaign and whether the black vote will be

1215
01:02:09,400 --> 01:02:11,440
Speaker 3: there for Joe Biden. Would you do that for us,

1216
01:02:11,520 --> 01:02:14,400
Speaker 3: I'd be honest to do. Thank you, Congress Jonathan Jackson,

1217
01:02:14,560 --> 01:02:17,760
Speaker 3: Thank you, Sir Than On Bloomberg TV and Radio Live

1218
01:02:17,760 --> 01:02:23,920
Speaker 3: from Washington, This is Ballance of Power. Thanks for listening

1219
01:02:24,000 --> 01:02:27,280
Speaker 3: to the Balance of Power podcast. Make sure to subscribe

1220
01:02:27,360 --> 01:02:30,040
Speaker 3: if you haven't already, at Apple, Spotify, or wherever you

1221
01:02:30,080 --> 01:02:32,840
Speaker 3: get your podcasts, and you can find us live every

1222
01:02:32,880 --> 01:02:37,120
Speaker 3: weekday from Washington, DC at noontime Eastern at Bloomberg dot com.