1 00:00:00,880 --> 00:00:04,360 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us 2 00:00:04,400 --> 00:00:07,560 Speaker 1: live weekdays at one Eastern on Bloomberg dot com, the 3 00:00:07,640 --> 00:00:10,760 Speaker 1: iHeartRadio app and the Bloomberg Business app, or listen on 4 00:00:10,800 --> 00:00:12,800 Speaker 1: demand wherever you get your podcasts. 5 00:00:14,200 --> 00:00:15,680 Speaker 2: So I didn't think we're going to be starting with 6 00:00:15,720 --> 00:00:17,960 Speaker 2: this today. Didn't seem like it would be that big 7 00:00:18,000 --> 00:00:20,320 Speaker 2: of a story. But how about this headline out of Georgia, 8 00:00:21,000 --> 00:00:25,520 Speaker 2: the Atlantic Grand Jury releasing a twenty eight page document. 9 00:00:25,600 --> 00:00:29,480 Speaker 2: This just made public today. I hold in my hands. 10 00:00:30,160 --> 00:00:32,559 Speaker 2: This is the grand jury that, of course already indicted 11 00:00:32,560 --> 00:00:36,040 Speaker 2: Donald Trump and eighteen others. Well, they had bigger plans. 12 00:00:36,080 --> 00:00:40,000 Speaker 2: At one point, the grand jury also recommended indicting Senator 13 00:00:40,080 --> 00:00:45,000 Speaker 2: Lindsey Graham. We have learned and former National Security Advisor 14 00:00:45,080 --> 00:00:48,800 Speaker 2: Michael Flynn feel like if they were indicting Jake Sullivan 15 00:00:48,800 --> 00:00:51,720 Speaker 2: here in the current administration. And that is not all. 16 00:00:51,760 --> 00:00:57,640 Speaker 2: By the way, David Purdue and Kelly Leffler, former US 17 00:00:57,720 --> 00:01:01,639 Speaker 2: Senators Republicans from Georgie, along with Cleta Mitchell, the former 18 00:01:01,680 --> 00:01:07,600 Speaker 2: Trump lawyer, participated in his perfect phone call. So what 19 00:01:07,720 --> 00:01:10,440 Speaker 2: happened to all of them? Are they talking with prosecutors? 20 00:01:10,440 --> 00:01:12,760 Speaker 2: That's where we begin right now in a breaking news Friday. 21 00:01:12,760 --> 00:01:15,080 Speaker 2: We also have news out of California that we'll get 22 00:01:15,120 --> 00:01:17,679 Speaker 2: to with Wendy Benjamin Sin Nancy Pelosi is running again, 23 00:01:18,280 --> 00:01:22,280 Speaker 2: who says there's no news in the dog days of 24 00:01:22,319 --> 00:01:25,399 Speaker 2: summer in Washington. Wendy's with us right now, and Happy Friday, Wendy. 25 00:01:25,440 --> 00:01:27,399 Speaker 2: I want to your insights. Let's pick through both of these. 26 00:01:27,880 --> 00:01:30,200 Speaker 2: These names jumped off the terminal when we saw them, 27 00:01:30,280 --> 00:01:35,280 Speaker 2: Senator Lindsey Graham. What does this suggest about their station 28 00:01:35,560 --> 00:01:37,640 Speaker 2: in life right now? From a legal standpoint, if they 29 00:01:37,640 --> 00:01:40,080 Speaker 2: were not indicted, what are they doing well? 30 00:01:40,120 --> 00:01:43,960 Speaker 3: They certainly are celebrating that they dodged a legal bullet. 31 00:01:44,080 --> 00:01:46,679 Speaker 3: Not a real bullet, obviously, but a legal bullet in 32 00:01:47,840 --> 00:01:53,040 Speaker 3: escaping criminal charges. It could mean one of two things. 33 00:01:53,120 --> 00:01:55,320 Speaker 3: And I just want to say off the top here, 34 00:01:55,400 --> 00:01:58,920 Speaker 3: I am speculating. I haven't talked to anyone about this yet, 35 00:01:59,200 --> 00:02:05,920 Speaker 3: but it's possible they were already cooperating and Fannie Willis, 36 00:02:05,960 --> 00:02:10,480 Speaker 3: the prosecutor down there, decided not to indict. More likely, 37 00:02:11,440 --> 00:02:16,200 Speaker 3: considering they were one is a sitting senator, the other 38 00:02:16,240 --> 00:02:18,280 Speaker 3: one was a high ranking White House official, and the 39 00:02:18,320 --> 00:02:23,200 Speaker 3: other two were senators that she just decided it wasn't 40 00:02:23,240 --> 00:02:26,679 Speaker 3: worth the hassle, if you understand what I mean, because 41 00:02:27,440 --> 00:02:30,320 Speaker 3: she would have if they were acting in their capacities 42 00:02:30,400 --> 00:02:34,000 Speaker 3: as federal officers at the time, which is something that 43 00:02:34,040 --> 00:02:37,440 Speaker 3: Mark Meadows, this former chief of staff is arguing right now, 44 00:02:37,760 --> 00:02:40,200 Speaker 3: then the case would have to be moved to federal court. 45 00:02:40,560 --> 00:02:43,160 Speaker 3: And once it's in federal court, there's you know, it's 46 00:02:43,240 --> 00:02:48,640 Speaker 3: obviously more complicated for a Georgia prosecutor to do the case. 47 00:02:48,960 --> 00:02:51,840 Speaker 3: And the other interesting point about this is that the 48 00:02:51,919 --> 00:02:55,400 Speaker 3: special grand jury, That's what came out today, the report 49 00:02:55,440 --> 00:02:59,680 Speaker 3: of the special grand Jury, which recommended charges. They also 50 00:02:59,760 --> 00:03:04,160 Speaker 3: did not suggest that these should be charged under the 51 00:03:04,240 --> 00:03:08,639 Speaker 3: Rico Racketeering Influence of Corrupt Organization Act that Fawnie Willis 52 00:03:08,680 --> 00:03:13,040 Speaker 3: eventually did charge them under. That is a set of 53 00:03:13,200 --> 00:03:18,040 Speaker 3: charges and approach to charges that she uses against gangsters, 54 00:03:18,120 --> 00:03:21,920 Speaker 3: drug dealers, once against teachers, and now against Trump and 55 00:03:21,960 --> 00:03:26,160 Speaker 3: his cohorts. So they were just thinking obstruction of justice 56 00:03:26,240 --> 00:03:27,960 Speaker 3: or other related charges. 57 00:03:29,080 --> 00:03:31,680 Speaker 2: Well, we haven't heard from Lindsay Graham or Michael Flinn yet. 58 00:03:31,880 --> 00:03:35,480 Speaker 2: I suspect we will. I'm waiting for an emotional appearance 59 00:03:35,520 --> 00:03:38,320 Speaker 2: potentially on cable news. But we'll let that breathe. It's 60 00:03:38,360 --> 00:03:41,840 Speaker 2: just interesting, Wendy, because Fannie Willis was being accused or 61 00:03:41,880 --> 00:03:45,120 Speaker 2: criticized maybe a better word of overreach, that this was 62 00:03:45,160 --> 00:03:48,360 Speaker 2: not as an efficient approach to the case as special 63 00:03:48,400 --> 00:03:50,720 Speaker 2: counsel Jack Smith had taken here in Washington. But we 64 00:03:50,840 --> 00:03:53,960 Speaker 2: understand now she could have actually bitten off even more. 65 00:03:54,280 --> 00:03:56,280 Speaker 2: The other big breaker I need to ask you about. 66 00:03:56,400 --> 00:04:00,600 Speaker 2: Maybe you saw it coming, Wendy News from California. Nancy Pelosi, 67 00:04:00,960 --> 00:04:01,800 Speaker 2: She's running. 68 00:04:01,560 --> 00:04:05,840 Speaker 4: Well extremists push a national abortion band and undermine privacy rights. 69 00:04:06,000 --> 00:04:10,360 Speaker 4: I'm fighting for reproductive freedom and marriage equality. I'm running 70 00:04:10,360 --> 00:04:13,360 Speaker 4: for reelection to continue our fight to improve people of 71 00:04:13,520 --> 00:04:18,000 Speaker 4: lives and defend our democracy. And I respectfully seek your voute. 72 00:04:18,320 --> 00:04:22,120 Speaker 2: Thank you, I respectfully seek your vote, says the former speaker. 73 00:04:22,120 --> 00:04:24,800 Speaker 2: That's from a video presentation that went up on her 74 00:04:24,839 --> 00:04:27,560 Speaker 2: website a short time ago. Wendy, A lot of folks 75 00:04:27,600 --> 00:04:29,400 Speaker 2: thought she was about to pack it up. A recent 76 00:04:29,480 --> 00:04:33,800 Speaker 2: story from Jonathan Martin at Politico would suggest that they 77 00:04:33,839 --> 00:04:36,560 Speaker 2: were just about done, that she and her husband were 78 00:04:36,600 --> 00:04:40,279 Speaker 2: not interested in pursuing, for instance, an ambassadorship to the Vatican, 79 00:04:40,320 --> 00:04:42,320 Speaker 2: which had been floated for her. Are you surprised by this? 80 00:04:44,080 --> 00:04:46,160 Speaker 3: Not as much as I might have been a year 81 00:04:46,240 --> 00:04:49,880 Speaker 3: or so ago. But remember her husband was viciously attacked 82 00:04:49,880 --> 00:04:52,960 Speaker 3: in their home in San Francisco by a guy who 83 00:04:53,000 --> 00:04:55,279 Speaker 3: was trying to you know, is a crazy ather guy 84 00:04:55,279 --> 00:04:58,280 Speaker 3: trying to get to her and ended up beating her 85 00:04:58,360 --> 00:05:02,760 Speaker 3: husband with the pipe or some large object. And you know, 86 00:05:02,920 --> 00:05:06,440 Speaker 3: she's maybe three, he's in his eighties. So that wasn't 87 00:05:06,880 --> 00:05:10,839 Speaker 3: that wasn't great. The other I think she also does 88 00:05:10,920 --> 00:05:15,040 Speaker 3: feel like there's room for Democrats, although in her district 89 00:05:15,120 --> 00:05:18,160 Speaker 3: there's no question another Democrat would have taken her place. 90 00:05:19,200 --> 00:05:23,120 Speaker 3: But I also think this has to do with Dianne Feinstein, 91 00:05:23,600 --> 00:05:27,400 Speaker 3: the eighty nine year old senator who is clearly having 92 00:05:27,440 --> 00:05:30,960 Speaker 3: memory problems, who is clearly having trouble focusing on her job, 93 00:05:31,279 --> 00:05:35,839 Speaker 3: and Nancy Pelosi's position through this whole will Dianne Feinstein 94 00:05:35,920 --> 00:05:41,080 Speaker 3: retire business or not? Is that it was sexist to 95 00:05:41,240 --> 00:05:45,679 Speaker 3: suggest that Dianne Feinstein should retire, even though she's eighty 96 00:05:45,760 --> 00:05:51,560 Speaker 3: nine and clearly infirmentally. Nancy Pelosi said, you would never 97 00:05:51,640 --> 00:05:54,160 Speaker 3: suggest that of a man, which was proven wrong last 98 00:05:54,160 --> 00:05:57,560 Speaker 3: week by the FUREA around Mitch McConnell. But I think 99 00:05:57,640 --> 00:06:00,680 Speaker 3: Nancy Pelosi is saying, yeah, I made, I'm a woman, 100 00:06:00,720 --> 00:06:03,760 Speaker 3: and I'm running again because you know, look around, I'm 101 00:06:03,800 --> 00:06:07,200 Speaker 3: in the mid range of age for members of Congress 102 00:06:07,200 --> 00:06:09,440 Speaker 3: for these days. 103 00:06:09,680 --> 00:06:13,279 Speaker 2: That's quite a statement. Wendy, this is great. Appreciate the 104 00:06:13,320 --> 00:06:16,080 Speaker 2: clutch analysis here, Wendy Benjaminson, who we've turned to so 105 00:06:16,200 --> 00:06:18,800 Speaker 2: frequently on this program for insights. Thank you, Wendy, and 106 00:06:18,839 --> 00:06:21,839 Speaker 2: have a great weekend. Bloomberg Washington Senior editor. You know 107 00:06:21,880 --> 00:06:23,640 Speaker 2: what else I've got my eyes on today is the 108 00:06:23,640 --> 00:06:26,440 Speaker 2: price of oil, and you probably do too, as we 109 00:06:26,480 --> 00:06:29,960 Speaker 2: inch ever closer back to ninety dollars a barrel, WTI. 110 00:06:30,480 --> 00:06:34,040 Speaker 2: Charlie Pellett just told us eighty seven fifty roughly right now. 111 00:06:34,120 --> 00:06:36,159 Speaker 2: And there are a lot of questions about what's going 112 00:06:36,200 --> 00:06:39,719 Speaker 2: on here with supply and demand as Saudi Arabia starts 113 00:06:39,760 --> 00:06:41,520 Speaker 2: to turn the screws here a little bit more to 114 00:06:41,560 --> 00:06:44,919 Speaker 2: try to keep prices sustained, and maybe they're about to 115 00:06:44,960 --> 00:06:48,120 Speaker 2: go higher. We know that we have a forty year 116 00:06:48,240 --> 00:06:53,360 Speaker 2: low meantime on the Strategic Petroleum Reserve, and crude oil 117 00:06:53,440 --> 00:06:55,480 Speaker 2: is at sixty something dollars a couple of months ago 118 00:06:55,520 --> 00:06:57,800 Speaker 2: to we just miss a huge opportunity. You know who's 119 00:06:57,839 --> 00:07:01,160 Speaker 2: back to talk is Bob McNally. Always love talking with Bob, 120 00:07:01,200 --> 00:07:04,120 Speaker 2: the founder and president of Rapidan Energy, Former senior White 121 00:07:04,120 --> 00:07:07,560 Speaker 2: House policy official. Bob, it's good to see you. Welcome 122 00:07:07,600 --> 00:07:09,760 Speaker 2: back to reality post labor day. What are we in 123 00:07:09,800 --> 00:07:11,880 Speaker 2: for here with crude prices in the weeks ahead? 124 00:07:12,800 --> 00:07:16,160 Speaker 5: Hi Joe, you know, I think we're moving higher. We've 125 00:07:16,320 --> 00:07:18,800 Speaker 5: been predicting that one. 126 00:07:18,480 --> 00:07:20,640 Speaker 2: Set something on our end here. I can't hear. 127 00:07:20,440 --> 00:07:23,000 Speaker 5: Bob testing one too. 128 00:07:24,080 --> 00:07:25,720 Speaker 2: There we go, take it away, my friend. 129 00:07:25,960 --> 00:07:29,320 Speaker 5: All right, Okay, yeah, Hi Joe, Yeah, we see prices 130 00:07:29,320 --> 00:07:31,720 Speaker 5: going higher. I don't think we're the only ones. We 131 00:07:31,760 --> 00:07:34,920 Speaker 5: see big deficits here. You don't need gangbuster. Demand is 132 00:07:35,040 --> 00:07:39,600 Speaker 5: just resilient demand. China is pulling in oil to store it, 133 00:07:39,680 --> 00:07:43,240 Speaker 5: and its demand isn't that bad. Sixteen plus million barrels today, 134 00:07:43,600 --> 00:07:47,920 Speaker 5: US decent demand growth, gangbusters, No, India pretty strong. The 135 00:07:47,960 --> 00:07:50,000 Speaker 5: monsoon's messing things up a little bit. So you got 136 00:07:50,600 --> 00:07:53,720 Speaker 5: resilient demand, and then you have these these big cuts 137 00:07:53,760 --> 00:07:56,920 Speaker 5: by Saudi Arabia, especially in Russia and OPEC plus Core 138 00:07:56,920 --> 00:07:59,880 Speaker 5: OPEC plus, So we see deficits. Deficits are going to 139 00:07:59,920 --> 00:08:02,640 Speaker 5: show up in inventory draws, and the markets see it 140 00:08:02,680 --> 00:08:04,720 Speaker 5: to believe it mode right, They're like, now, we're not 141 00:08:04,760 --> 00:08:07,440 Speaker 5: going for this. We got head fake last year with Russia. 142 00:08:07,480 --> 00:08:08,200 Speaker 2: We're not buying it. 143 00:08:08,240 --> 00:08:10,480 Speaker 5: There's a lot of China risk, macro risk. 144 00:08:10,400 --> 00:08:10,920 Speaker 6: Fair enough. 145 00:08:11,240 --> 00:08:13,600 Speaker 5: So the market wants to see the whites of the 146 00:08:13,640 --> 00:08:17,440 Speaker 5: eyes of stock draws, and they are seeing those now. 147 00:08:17,520 --> 00:08:19,920 Speaker 5: And so we're moving higher, and we think there's higher 148 00:08:20,000 --> 00:08:22,760 Speaker 5: to go. Still, we'd be well into the nineties. Wouldn't 149 00:08:22,760 --> 00:08:25,280 Speaker 5: be surprised at all if it touches one hundred, and 150 00:08:25,400 --> 00:08:28,080 Speaker 5: if crude price at gasoline prices natural average, you know, 151 00:08:28,160 --> 00:08:30,640 Speaker 5: get back to closer to four dollars than the three 152 00:08:30,680 --> 00:08:32,880 Speaker 5: eighty they are now. And this is you know, Joe, 153 00:08:32,920 --> 00:08:34,920 Speaker 5: this is double jeopardy for President Biden. I worked in 154 00:08:34,920 --> 00:08:38,840 Speaker 5: a white House. No president, republican Democrat likes higher pump prices, 155 00:08:38,880 --> 00:08:41,439 Speaker 5: and any president owns it and suffers from it. 156 00:08:41,520 --> 00:08:42,280 Speaker 7: This is bad enough. 157 00:08:42,320 --> 00:08:46,280 Speaker 5: Approval goes down, Consumers are angry. But now the price 158 00:08:46,400 --> 00:08:49,680 Speaker 5: increase threatens to do rail the soft landing that everyone 159 00:08:49,800 --> 00:08:52,440 Speaker 5: was hoping for this summer. So there's even bigger steaks 160 00:08:52,480 --> 00:08:55,160 Speaker 5: than normal, So the stakes couldn't be higher from the 161 00:08:55,280 --> 00:08:55,960 Speaker 5: for the White House. 162 00:08:56,000 --> 00:08:59,080 Speaker 2: Here we're at eighty seven and a half today. This 163 00:08:59,160 --> 00:09:02,480 Speaker 2: is doubdti crwed. We topped out just above ninety two 164 00:09:02,520 --> 00:09:07,199 Speaker 2: dollars a barrel in October, and we had a low 165 00:09:07,320 --> 00:09:10,280 Speaker 2: in the mid sixties that was in March sixty six 166 00:09:10,440 --> 00:09:13,680 Speaker 2: dollars of barrel. Did we miss a huge opportunity to 167 00:09:13,679 --> 00:09:15,920 Speaker 2: refill the SPR, Bob or is it not as simple 168 00:09:15,920 --> 00:09:17,120 Speaker 2: as that. I know, we have to go through a 169 00:09:17,160 --> 00:09:19,960 Speaker 2: bidding process and you can't just start buying barrels. 170 00:09:20,640 --> 00:09:20,920 Speaker 7: Yeah. 171 00:09:21,320 --> 00:09:24,720 Speaker 5: Unfortunately, the DOE was an apartment of energy, was limited 172 00:09:25,400 --> 00:09:29,840 Speaker 5: somewhat logistically. They're working on caverns and they have to 173 00:09:29,880 --> 00:09:31,960 Speaker 5: repair them and so forth, so there were limits on 174 00:09:32,000 --> 00:09:34,400 Speaker 5: how much it could physically take in. And you got 175 00:09:34,400 --> 00:09:39,040 Speaker 5: to remember Congress in its wisdom I say, you know, 176 00:09:39,120 --> 00:09:43,400 Speaker 5: not too seriously, but in his wisdom was ordering stock draws. 177 00:09:44,160 --> 00:09:47,280 Speaker 5: We were selling off the SPR, and you can't fill 178 00:09:47,360 --> 00:09:50,560 Speaker 5: the SPR until you stopped selling the SPR. So look, 179 00:09:50,920 --> 00:09:52,360 Speaker 5: I'm not a fan of the big one hundred and 180 00:09:52,360 --> 00:09:55,360 Speaker 5: eighty million barrel draw that President Biden did. However, to 181 00:09:55,440 --> 00:09:59,000 Speaker 5: be fair, they only really could start filling in the summer, 182 00:09:59,280 --> 00:10:01,880 Speaker 5: they did so, so they did it on a limited basis, 183 00:10:01,960 --> 00:10:03,880 Speaker 5: and then prices now got away from us and they've 184 00:10:03,880 --> 00:10:06,720 Speaker 5: stopped the refilling. So we had our moment and unfortunately 185 00:10:06,800 --> 00:10:07,960 Speaker 5: really couldn't fill faster. 186 00:10:09,120 --> 00:10:12,840 Speaker 2: Jennifer Granholm told Congress, I believe it was back in March, 187 00:10:12,920 --> 00:10:16,600 Speaker 2: if not April, that it would take years to refill 188 00:10:16,640 --> 00:10:19,400 Speaker 2: and in fact wouldn't really be happening until a second 189 00:10:20,040 --> 00:10:22,040 Speaker 2: Biden term. Is that how you see it? 190 00:10:23,160 --> 00:10:25,319 Speaker 5: I think so, and I hope, who knows if we'll 191 00:10:25,320 --> 00:10:27,360 Speaker 5: ever refill it. You got to remember, Congress, on a 192 00:10:27,360 --> 00:10:30,080 Speaker 5: bipartisan basis, wanted to sell the thing off. We were 193 00:10:30,160 --> 00:10:34,200 Speaker 5: drawing it down to pay for non energy expenses, and 194 00:10:34,360 --> 00:10:36,959 Speaker 5: to really fill back up to the top, you'll need 195 00:10:37,000 --> 00:10:39,600 Speaker 5: to appropriate new money. You have to ask Congress to 196 00:10:39,600 --> 00:10:44,240 Speaker 5: actually vote on new funds, right, and that is very unlikely. 197 00:10:44,280 --> 00:10:45,280 Speaker 2: I mean, there are a lot of other. 198 00:10:45,120 --> 00:10:46,960 Speaker 5: Competing needs for that, and there's a lot of folks 199 00:10:47,000 --> 00:10:49,520 Speaker 5: on the Republican side and the Democrat side who think 200 00:10:49,960 --> 00:10:52,080 Speaker 5: we don't need such a big spr We don't need 201 00:10:52,080 --> 00:10:55,000 Speaker 5: seven hundred million barrels. We're a net exporter now of 202 00:10:55,040 --> 00:10:58,319 Speaker 5: total oil. We have for the largest producer of oil, 203 00:10:58,400 --> 00:11:01,360 Speaker 5: So it's not like the eighties. I'll be surprised if 204 00:11:01,360 --> 00:11:02,320 Speaker 5: we ever do refill it. 205 00:11:02,360 --> 00:11:02,720 Speaker 8: I have to. 206 00:11:02,720 --> 00:11:07,680 Speaker 2: Say, that's remarkable. You know, all the while Vladimir Putin 207 00:11:07,880 --> 00:11:12,319 Speaker 2: and Crown Prince Mohammad Bill Salmon are praising joint efforts 208 00:11:12,320 --> 00:11:14,760 Speaker 2: to stabilize the global oil market, are they laughing at 209 00:11:14,840 --> 00:11:17,199 Speaker 2: us right now? No? 210 00:11:17,400 --> 00:11:20,280 Speaker 5: I you know, I know there's this narrative out there that, oh, 211 00:11:20,280 --> 00:11:23,800 Speaker 5: Saudi Arabia isn't like Biden, and you know, certainly Putin doesn't, 212 00:11:23,840 --> 00:11:25,880 Speaker 5: and so they're going to jack up oil prices and 213 00:11:26,160 --> 00:11:28,800 Speaker 5: kick them out of office. You know, I don't buy it. 214 00:11:29,480 --> 00:11:31,720 Speaker 5: I don't think that's their motivation. I do think oil 215 00:11:31,720 --> 00:11:35,199 Speaker 5: prices are moving higher. Look the Saudi's, you know, playing 216 00:11:35,240 --> 00:11:38,200 Speaker 5: games with the market, trying to jack up the oil price, 217 00:11:39,000 --> 00:11:42,800 Speaker 5: putting in a deficit just to you know, for political spie. 218 00:11:42,800 --> 00:11:45,480 Speaker 5: If political reasons is very dangerous. It's sort of like 219 00:11:45,800 --> 00:11:47,680 Speaker 5: you don't like the guy next door, so you start 220 00:11:47,679 --> 00:11:50,520 Speaker 5: a fire in his apartment, but then the fire could 221 00:11:50,600 --> 00:11:53,280 Speaker 5: burn your apartment down too. If they got an oil 222 00:11:53,320 --> 00:11:56,280 Speaker 5: price spike, a sustained large spike above one hundred I 223 00:11:56,320 --> 00:11:58,520 Speaker 5: don't think they want that, why because it would send 224 00:11:58,559 --> 00:12:02,040 Speaker 5: then oil prices down, spikes lead to collapses and busts. 225 00:12:02,440 --> 00:12:05,320 Speaker 5: The oil market is you know, they take it very seriously. 226 00:12:05,440 --> 00:12:08,520 Speaker 5: I think the reason they're cutting is they're afraid of 227 00:12:08,559 --> 00:12:10,800 Speaker 5: a repeat of two thousand and eight jo. They're afraid 228 00:12:10,840 --> 00:12:12,760 Speaker 5: of like one day, we're a one hundred and forty 229 00:12:12,760 --> 00:12:15,480 Speaker 5: dollars a barrel. Everything's fine, then a bank goes poof 230 00:12:15,920 --> 00:12:17,920 Speaker 5: and suddenly we're at thirty dollars a barrel, and you know, 231 00:12:17,960 --> 00:12:20,000 Speaker 5: there's a collapse, and a lot of folks are afraid 232 00:12:20,040 --> 00:12:23,280 Speaker 5: about that. So I think they're taking out insurance against 233 00:12:23,320 --> 00:12:27,240 Speaker 5: a sudden implosion in economic activity, probably due to financial contagent. 234 00:12:27,559 --> 00:12:29,559 Speaker 5: They're going to wait to see these stock draws that'll 235 00:12:29,559 --> 00:12:32,800 Speaker 5: show them that the market's not experiencing that demand to collapse, 236 00:12:32,800 --> 00:12:34,120 Speaker 5: and then I think they're going to put the oil 237 00:12:34,160 --> 00:12:37,360 Speaker 5: back in and prices should moderate. At that point, I 238 00:12:37,400 --> 00:12:39,960 Speaker 5: think we go higher. But I don't think they're all about, 239 00:12:40,720 --> 00:12:43,000 Speaker 5: you know, playing political games here. It's just too dangerous 240 00:12:43,000 --> 00:12:44,920 Speaker 5: with the oil market. The Russians, if they could, they'd 241 00:12:44,920 --> 00:12:46,600 Speaker 5: probably try and do it, but not the Saudiast. 242 00:12:47,559 --> 00:12:50,280 Speaker 2: Yeah, sure, though you are suggesting that we could hit 243 00:12:50,280 --> 00:12:52,480 Speaker 2: one hundred dollars a barrel, so that may be out 244 00:12:52,480 --> 00:12:54,840 Speaker 2: of everyone's control. If that's the case. If we do 245 00:12:54,960 --> 00:12:58,840 Speaker 2: hit one hundred, does that then lead to massive declines 246 00:12:58,880 --> 00:13:00,600 Speaker 2: this year? Is that the rest of your forecast? 247 00:13:01,880 --> 00:13:04,079 Speaker 5: Well, we do see it coming down a little bit 248 00:13:04,120 --> 00:13:06,040 Speaker 5: into next year. So we think we're gonna we're gonna 249 00:13:06,040 --> 00:13:08,840 Speaker 5: get to the mid nineties on a quarterly average for Brent, 250 00:13:08,960 --> 00:13:11,719 Speaker 5: so easily to see one hundred, you know, print here 251 00:13:11,720 --> 00:13:14,520 Speaker 5: and there right, and then we think OPEC plus will 252 00:13:14,520 --> 00:13:17,040 Speaker 5: begin to add the supply back to the market, and 253 00:13:17,240 --> 00:13:19,640 Speaker 5: assuming a healthy economy and so forth, and we're gonna 254 00:13:19,679 --> 00:13:22,280 Speaker 5: get some more US supply. We're gonna get some more guyana, 255 00:13:23,080 --> 00:13:26,000 Speaker 5: you know. We think the market could stabilize maybe in 256 00:13:26,040 --> 00:13:29,560 Speaker 5: that eighty to ninety range next year if all goes well, 257 00:13:29,559 --> 00:13:31,160 Speaker 5: but I think we're gonna have to go higher. 258 00:13:31,600 --> 00:13:36,440 Speaker 2: First, fascinating news, always great analysis, Bob, Thank you so 259 00:13:36,559 --> 00:13:38,760 Speaker 2: much for being with us, and don't be a stranger. 260 00:13:38,800 --> 00:13:42,079 Speaker 2: Bob McNally at Rapidan says we could hit one hundred 261 00:13:42,120 --> 00:13:45,960 Speaker 2: dollars a barrel again, gas prices could get closer to 262 00:13:46,080 --> 00:13:50,680 Speaker 2: four dollars a gallon we'll keep tabs on these. Of course, 263 00:13:50,760 --> 00:13:53,240 Speaker 2: as Joe Biden heads for the G twenty something, we'll 264 00:13:53,240 --> 00:13:55,520 Speaker 2: talk about a bit later, the panels coming in next. 265 00:14:02,559 --> 00:14:05,920 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch the 266 00:14:05,960 --> 00:14:08,640 Speaker 1: program live weekdays at one Eastern. 267 00:14:08,520 --> 00:14:11,720 Speaker 9: On Bloomberg Radio, the tune in app, Bloomberg dot Com, 268 00:14:11,760 --> 00:14:12,079 Speaker 9: and the. 269 00:14:12,000 --> 00:14:13,240 Speaker 8: Bloomberg Business App. 270 00:14:13,400 --> 00:14:16,240 Speaker 1: You can also listen live on Amazon Alexa from our 271 00:14:16,240 --> 00:14:19,960 Speaker 1: flagship New York station, Just say Alexa play Bloomberg. 272 00:14:20,000 --> 00:14:25,280 Speaker 2: Eleven thirty So, the grand jury in Atlanta that initially 273 00:14:25,520 --> 00:14:32,120 Speaker 2: investigated allegations of election interference by Donald Trump and those 274 00:14:32,160 --> 00:14:36,480 Speaker 2: who became his co defendants, had recommended that it be 275 00:14:36,600 --> 00:14:39,960 Speaker 2: made public, that their recommendations to the DA be made public, 276 00:14:40,000 --> 00:14:43,400 Speaker 2: and it took a bunch of news organizations, including Bloomberg, 277 00:14:43,480 --> 00:14:47,080 Speaker 2: to make it happen. It has been unsealed today, twenty 278 00:14:47,120 --> 00:14:49,760 Speaker 2: eight pages made public, and by the way, as I 279 00:14:49,840 --> 00:14:51,560 Speaker 2: hold them here in my hands, you can read the 280 00:14:51,640 --> 00:14:55,080 Speaker 2: full unsealed grand jury report right on the terminal if 281 00:14:55,080 --> 00:14:56,920 Speaker 2: you want to play along on your home game here. 282 00:14:57,920 --> 00:15:00,000 Speaker 2: We weren't sure if this was going to be terribly new, 283 00:15:00,280 --> 00:15:04,400 Speaker 2: but the names that we're reading certainly are. This is 284 00:15:04,440 --> 00:15:08,680 Speaker 2: the first of two grand juries. They recommended indicting Senator 285 00:15:08,720 --> 00:15:13,200 Speaker 2: Lindsey Graham and Michael Flynn, the former national security advisor 286 00:15:13,200 --> 00:15:17,040 Speaker 2: to Donald Trump, along with others including two former US Senators, 287 00:15:17,200 --> 00:15:20,520 Speaker 2: David Purdue and Kelly Leffler. This is where we start 288 00:15:20,560 --> 00:15:24,240 Speaker 2: with our panel today. Very curious to hear from Jeanie Shanzano, 289 00:15:24,280 --> 00:15:27,520 Speaker 2: Bloomberg Politics contributor, Democratic analyst, as well. Joined today by 290 00:15:27,520 --> 00:15:31,440 Speaker 2: Mara Gillespie, the founder of Bluestack Strategies, former advisor to 291 00:15:31,480 --> 00:15:35,040 Speaker 2: Speaker Bayner, and Congressman Adam Kinsinger. It's great to have 292 00:15:35,120 --> 00:15:37,960 Speaker 2: you both here. Mara. I'm going to start with you 293 00:15:38,440 --> 00:15:40,560 Speaker 2: on this one. I just wonder your thoughts when you 294 00:15:40,600 --> 00:15:44,480 Speaker 2: see names of Republicans like Lindsey Graham coming off the 295 00:15:44,520 --> 00:15:47,120 Speaker 2: page here and what this might mean for the way 296 00:15:47,160 --> 00:15:49,680 Speaker 2: Americans and Republicans are looking at this indictment now. 297 00:15:51,400 --> 00:15:55,040 Speaker 10: I truly do think that Republicans, especially some of those 298 00:15:55,080 --> 00:15:59,000 Speaker 10: who support the former president, but even some who may 299 00:15:59,000 --> 00:16:01,440 Speaker 10: not say it publicly, are a wondering, you know, is 300 00:16:01,440 --> 00:16:04,360 Speaker 10: this pushing me on the bounds and wondering, you know, 301 00:16:04,400 --> 00:16:09,120 Speaker 10: how far this, how far reaching this you know, indictment process, 302 00:16:09,120 --> 00:16:11,080 Speaker 10: it's going to go because is it, you know, is 303 00:16:11,120 --> 00:16:15,080 Speaker 10: the goal here to have accountability and hope people are responsible, 304 00:16:15,200 --> 00:16:18,080 Speaker 10: or is the goal here to get to Trump and 305 00:16:18,440 --> 00:16:20,600 Speaker 10: you know, kind of compel people to flip on him. 306 00:16:20,880 --> 00:16:23,760 Speaker 10: I'm not sure, but I think that's Republicans will probably 307 00:16:24,120 --> 00:16:26,320 Speaker 10: you know, see this and think that it's pushing, pushing 308 00:16:26,320 --> 00:16:28,880 Speaker 10: a bit too far, because again, you know, with I 309 00:16:28,960 --> 00:16:31,440 Speaker 10: believe an interview Lindsay Graham had, he talked about the 310 00:16:31,520 --> 00:16:34,360 Speaker 10: questions he was asking, and I think people are going 311 00:16:34,400 --> 00:16:37,040 Speaker 10: to remember when Stacy Abrams was asking similar questions about 312 00:16:37,080 --> 00:16:39,920 Speaker 10: the election and should we be looking at, you know, 313 00:16:39,960 --> 00:16:43,320 Speaker 10: the Georgia election system, so that the kind of objectively, 314 00:16:43,320 --> 00:16:45,440 Speaker 10: I think people are going to be a little uh 315 00:16:45,600 --> 00:16:46,240 Speaker 10: miffed about this. 316 00:16:46,360 --> 00:16:49,960 Speaker 2: I would say, well, it's interesting, Genie, because Fannie Willis 317 00:16:50,000 --> 00:16:53,920 Speaker 2: was accused of overreach or criticized of biting off more 318 00:16:53,960 --> 00:16:56,040 Speaker 2: than she could chew. Apparently she could have bid off 319 00:16:56,080 --> 00:16:57,680 Speaker 2: a lot more. Here is this going to end up 320 00:16:57,720 --> 00:17:00,480 Speaker 2: being a story of judicial restraint. 321 00:17:02,240 --> 00:17:05,480 Speaker 6: It's crazy to think that with nineteen people indicted, that 322 00:17:05,520 --> 00:17:07,919 Speaker 6: she's going to be shown to be somebody who has 323 00:17:08,000 --> 00:17:10,960 Speaker 6: restrained in her approach. But that is one of the 324 00:17:11,000 --> 00:17:13,360 Speaker 6: stories out of this. And you know, I think it's 325 00:17:13,359 --> 00:17:16,800 Speaker 6: also important to remember that in Lindsey Graham's case, he 326 00:17:16,920 --> 00:17:19,280 Speaker 6: tried to say that he should not have to go 327 00:17:19,359 --> 00:17:22,240 Speaker 6: before the grand jury because of the speech and debate clause. 328 00:17:22,640 --> 00:17:25,960 Speaker 6: That argument was rejected by the Supreme Court, although they 329 00:17:26,000 --> 00:17:28,040 Speaker 6: did say there were certain things he could not be 330 00:17:28,200 --> 00:17:31,919 Speaker 6: questioned about. So I think for Fawnie Willis, as she 331 00:17:32,040 --> 00:17:34,440 Speaker 6: looked at in terms of who they were going to indict, 332 00:17:35,240 --> 00:17:39,320 Speaker 6: indicting somebody like Graham would have raised constitutional questions and 333 00:17:39,359 --> 00:17:43,119 Speaker 6: to Wendy's point previously, it could have expanded this, it 334 00:17:43,240 --> 00:17:46,080 Speaker 6: could have thrown this thing into the federal courts. That's 335 00:17:46,119 --> 00:17:48,879 Speaker 6: not something that they want to see happen. And so 336 00:17:49,040 --> 00:17:50,720 Speaker 6: I think she felt like she could get what she 337 00:17:50,840 --> 00:17:54,199 Speaker 6: wanted with the nineteen and it is fascinating. I am 338 00:17:54,320 --> 00:17:57,080 Speaker 6: just looking through this now. It is a fascinating read. 339 00:17:57,400 --> 00:18:00,199 Speaker 6: Although I don't suspect it will have much impact for 340 00:18:00,359 --> 00:18:03,040 Speaker 6: many people on the ground, because not many people are 341 00:18:03,040 --> 00:18:05,360 Speaker 6: going to sit down and read these twenty nine pages. 342 00:18:06,960 --> 00:18:08,560 Speaker 2: I have to get to the other breaker today that 343 00:18:08,600 --> 00:18:10,440 Speaker 2: we did talk to Wendy about before, and would love 344 00:18:10,440 --> 00:18:15,520 Speaker 2: your take on Nancy Pelosi's political future here more. Apparently 345 00:18:15,560 --> 00:18:18,159 Speaker 2: you will have the former speaker to kick around for 346 00:18:18,200 --> 00:18:20,000 Speaker 2: a little bit longer. A lot of folks thought this 347 00:18:20,200 --> 00:18:22,560 Speaker 2: was it. I have to admit I'm still I'm not 348 00:18:22,680 --> 00:18:26,840 Speaker 2: really clear on the motivation as a former speaker to 349 00:18:26,960 --> 00:18:29,360 Speaker 2: join the rank and file. And of course she's got 350 00:18:29,359 --> 00:18:31,920 Speaker 2: the ear of Hakim Jeffries, but she's getting in line 351 00:18:31,920 --> 00:18:34,240 Speaker 2: at the cafeteria now like everybody else. Why would she 352 00:18:34,280 --> 00:18:35,639 Speaker 2: do this again? And what does it mean for the 353 00:18:35,680 --> 00:18:38,480 Speaker 2: balance of power on Capitol Hill. 354 00:18:38,640 --> 00:18:42,240 Speaker 10: Well, I kind of think it prevents the Democratic leadership 355 00:18:42,240 --> 00:18:46,400 Speaker 10: from really setting themselves up to be the new leadership. 356 00:18:46,440 --> 00:18:50,160 Speaker 10: You know, when she stepped down and handed things over 357 00:18:50,200 --> 00:18:53,240 Speaker 10: to Heckem Jeffries, you know she's still there. She's a 358 00:18:53,280 --> 00:18:55,399 Speaker 10: looming presence, and I don't know to your point, I 359 00:18:55,400 --> 00:18:58,160 Speaker 10: don't know the motivation. I can tell you that Speaker, 360 00:18:58,240 --> 00:19:01,199 Speaker 10: former Speaker John Bayner certainly be doing so and is 361 00:19:01,240 --> 00:19:03,359 Speaker 10: pretty happy to not be on Capitol Hill at this 362 00:19:03,440 --> 00:19:07,359 Speaker 10: moment and pretty happy to be retired. So I don't 363 00:19:07,400 --> 00:19:10,600 Speaker 10: know what the motivation is for for Nancy Pelosi. She's 364 00:19:10,960 --> 00:19:13,439 Speaker 10: has an impressive career and I think it you know, 365 00:19:13,440 --> 00:19:15,440 Speaker 10: in some of these cases, again, like a Diane Feinstein, 366 00:19:15,680 --> 00:19:17,960 Speaker 10: you kind of wonder, why wouldn't you just take, you know, 367 00:19:18,000 --> 00:19:21,240 Speaker 10: a step back and enjoy, you know, your retirement, enjoy 368 00:19:21,320 --> 00:19:24,639 Speaker 10: your eighties and be you know, be be present in 369 00:19:24,640 --> 00:19:27,040 Speaker 10: your life and not be at the forefront or trying 370 00:19:27,080 --> 00:19:30,359 Speaker 10: to be at the forefront of this political sphere. You know, 371 00:19:30,480 --> 00:19:33,480 Speaker 10: hang your hat on a good career and and bow gracefully. 372 00:19:34,720 --> 00:19:36,520 Speaker 2: Yeah, I think I'd be buying the house in Italy 373 00:19:36,640 --> 00:19:40,359 Speaker 2: if I were Nancy Pelosi. Right in this case, Genie, 374 00:19:40,400 --> 00:19:43,760 Speaker 2: what do you think what's the motivation for her to 375 00:19:43,840 --> 00:19:46,320 Speaker 2: run again and to endure the criticism that comes with 376 00:19:46,359 --> 00:19:49,600 Speaker 2: the job. There's there's something that's keeping her in Washington here, 377 00:19:51,200 --> 00:19:52,040 Speaker 2: I think so. 378 00:19:52,200 --> 00:19:53,919 Speaker 6: I think part of it has to do with the 379 00:19:54,000 --> 00:19:58,640 Speaker 6: fact that California has seen the shift of power to 380 00:19:58,760 --> 00:20:02,840 Speaker 6: go to the Northeastern states. As you look at it now, 381 00:20:02,960 --> 00:20:05,280 Speaker 6: I think, for the first time in modern history, if 382 00:20:05,280 --> 00:20:09,200 Speaker 6: not American history, the Democratic Party in Congress is controlled 383 00:20:09,200 --> 00:20:12,800 Speaker 6: by New Yorkers. And of course, if Nancy Pelosi was 384 00:20:12,880 --> 00:20:16,919 Speaker 6: to retire and not seek another term, this would be 385 00:20:17,000 --> 00:20:20,080 Speaker 6: an enormous loss for her city. They've already seen the 386 00:20:20,119 --> 00:20:24,120 Speaker 6: loss of Barbara Boxer rather, Dianne Feinstein is not going 387 00:20:24,160 --> 00:20:27,119 Speaker 6: to run again, and of course if Nancy Pelosi was 388 00:20:27,160 --> 00:20:30,080 Speaker 6: to leave, that's a lot of clout for San Francisco 389 00:20:30,119 --> 00:20:33,800 Speaker 6: in California to lose, and at a particularly difficult time 390 00:20:33,920 --> 00:20:36,680 Speaker 6: for her city. I also think there are questions about 391 00:20:36,760 --> 00:20:40,560 Speaker 6: succession in her own see. And then of course she's 392 00:20:40,600 --> 00:20:44,000 Speaker 6: been intimately and personally involved in what is happening with 393 00:20:44,080 --> 00:20:46,679 Speaker 6: the seat of Dianne Feinstein. So I think for a 394 00:20:46,720 --> 00:20:50,000 Speaker 6: lot of those reasons, not to mention, she's doing this 395 00:20:50,240 --> 00:20:54,120 Speaker 6: with the work of the current Minority leader in the House, 396 00:20:54,160 --> 00:20:58,240 Speaker 6: Hakeem Jeffries, because she is still a prolific fundraiser for 397 00:20:58,280 --> 00:21:00,720 Speaker 6: the Democrats, and they are going to need all of 398 00:21:00,760 --> 00:21:03,080 Speaker 6: that money she brings if they hope to take back 399 00:21:03,080 --> 00:21:05,560 Speaker 6: the House. So I think for all of those reasons, 400 00:21:05,840 --> 00:21:08,399 Speaker 6: she is going to stick it out another year. She 401 00:21:08,560 --> 00:21:11,080 Speaker 6: is putting off the move to Italy, as you say, 402 00:21:11,359 --> 00:21:13,600 Speaker 6: even though that had to be a really hard decision 403 00:21:13,640 --> 00:21:14,240 Speaker 6: on her part. 404 00:21:14,800 --> 00:21:18,120 Speaker 2: Oh God, sign me up. I don't know, Morrig Gillespie. 405 00:21:18,160 --> 00:21:21,440 Speaker 2: I'm just I'm struck by the irony here that your 406 00:21:21,520 --> 00:21:24,840 Speaker 2: former boss, the Republican Speaker John Bayner sales off into 407 00:21:24,840 --> 00:21:28,399 Speaker 2: the sunset promoting cannabis, and Nancy Pelosi still wants to 408 00:21:28,440 --> 00:21:30,720 Speaker 2: show up for work every day. What's going on around here? 409 00:21:32,320 --> 00:21:36,400 Speaker 10: I again, I think that when Bayner, when the forestier left, 410 00:21:36,520 --> 00:21:39,240 Speaker 10: you know, he was proud of what he had accomplished. 411 00:21:39,240 --> 00:21:41,520 Speaker 10: He ticked boxes that he had hoped to tick, and 412 00:21:41,880 --> 00:21:43,879 Speaker 10: it was time to hand the gabble over, you know. 413 00:21:43,920 --> 00:21:47,120 Speaker 10: And I think that he set up Paul Ryan by 414 00:21:47,119 --> 00:21:49,440 Speaker 10: cleaning the slate for him and doing the tough things 415 00:21:49,480 --> 00:21:52,120 Speaker 10: that Republicans didn't want to get done and that needed 416 00:21:52,119 --> 00:21:53,879 Speaker 10: to get done for the go to the country. And 417 00:21:54,359 --> 00:21:56,320 Speaker 10: you know, I personally am very proud of him for that. 418 00:21:56,520 --> 00:21:59,520 Speaker 10: And he deserves to have his retirement and this set 419 00:21:59,560 --> 00:22:05,399 Speaker 10: back from the political inviting on Capitol Hill. He deserves 420 00:22:05,400 --> 00:22:07,240 Speaker 10: to have that break from it, truthfully, And I think 421 00:22:07,320 --> 00:22:09,199 Speaker 10: Nancy Posi does too. I just wish she would take it, 422 00:22:10,600 --> 00:22:11,480 Speaker 10: I bet you do. 423 00:22:12,359 --> 00:22:16,560 Speaker 2: What does this mean for Hakim Jeffries Genie? Is this 424 00:22:16,760 --> 00:22:18,840 Speaker 2: a plus or a minus for someone who's trying to 425 00:22:18,880 --> 00:22:20,959 Speaker 2: make his own name here as a leader. She's actually 426 00:22:21,520 --> 00:22:23,719 Speaker 2: done a lot to help him so far in his 427 00:22:23,800 --> 00:22:24,720 Speaker 2: career leadership. 428 00:22:25,960 --> 00:22:29,280 Speaker 6: Yeah, they work very closely together. I think this is 429 00:22:29,320 --> 00:22:32,680 Speaker 6: a help to Hakim Jeffries. Again, she is a very 430 00:22:32,720 --> 00:22:36,720 Speaker 6: prolific fundraiser. She is the most powerful woman elected in 431 00:22:36,800 --> 00:22:40,800 Speaker 6: American history, certainly the most powerful speaker we have seen 432 00:22:40,960 --> 00:22:44,399 Speaker 6: in the modern era in the Congress, and so she 433 00:22:44,600 --> 00:22:47,760 Speaker 6: has been helpful to him. If she wasn't being helpful, 434 00:22:47,760 --> 00:22:50,240 Speaker 6: and you'd got to give her credit for stepping out 435 00:22:50,280 --> 00:22:53,600 Speaker 6: of leadership and helping the person after her. If it 436 00:22:53,720 --> 00:22:56,879 Speaker 6: wasn't that way, she wouldn't be staying in this. Nancy 437 00:22:56,880 --> 00:22:59,879 Speaker 6: Pelosi knows this game better than anybody else, and so 438 00:23:00,000 --> 00:23:03,199 Speaker 6: so for Hakeem Jeffries, this is a benefit at a 439 00:23:03,359 --> 00:23:06,000 Speaker 6: very tough time, by the way, in his own state. 440 00:23:06,040 --> 00:23:07,919 Speaker 6: And I know we're going to talk about that, but 441 00:23:08,000 --> 00:23:10,720 Speaker 6: it is a tough time for Democrats in New York, 442 00:23:11,119 --> 00:23:13,880 Speaker 6: and so he needs all the assistance he can get. 443 00:23:16,000 --> 00:23:19,399 Speaker 2: Well, there's a lot to consider there as we go 444 00:23:19,480 --> 00:23:22,720 Speaker 2: into an election year that will apparently include Nancy Pelosi. 445 00:23:22,760 --> 00:23:24,600 Speaker 2: I can only assume that she will be a strong 446 00:23:24,640 --> 00:23:31,159 Speaker 2: surrogate for Joe Biden. Jeanie, that's your expectation, Yeah, that is. 447 00:23:31,480 --> 00:23:33,080 Speaker 6: She is going to be out there, she is going 448 00:23:33,119 --> 00:23:36,119 Speaker 6: to be fundraising they have been working together and she 449 00:23:36,280 --> 00:23:39,560 Speaker 6: is going to be helping them hopefully for what they 450 00:23:39,600 --> 00:23:42,000 Speaker 6: want to do is take back the House. There is 451 00:23:42,000 --> 00:23:45,000 Speaker 6: a possibility they can do that. It's going to be 452 00:23:45,200 --> 00:23:47,679 Speaker 6: very tight, but she is going to be there and 453 00:23:47,720 --> 00:23:50,840 Speaker 6: trying to help the Democrats do that. They can't afford 454 00:23:50,960 --> 00:23:54,359 Speaker 6: any missteps in California, because in my home state of 455 00:23:54,359 --> 00:23:57,679 Speaker 6: New York, they had some last midterm and it cost 456 00:23:57,800 --> 00:24:00,600 Speaker 6: the Democrats the House. They can't afford that again. 457 00:24:01,520 --> 00:24:03,480 Speaker 2: Well, we're going to talk next about your home state 458 00:24:03,560 --> 00:24:05,720 Speaker 2: of New York as Genian Morris stay with us here. 459 00:24:05,840 --> 00:24:08,080 Speaker 2: Eric Adams, the mayor of New York City, of course, 460 00:24:08,119 --> 00:24:13,360 Speaker 2: says the migrant situation that is currently gripping New York 461 00:24:13,400 --> 00:24:16,760 Speaker 2: City will destroy the city if it doesn't change. 462 00:24:17,760 --> 00:24:21,159 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch the 463 00:24:21,160 --> 00:24:23,840 Speaker 1: program live weekdays at one Eastern. 464 00:24:23,720 --> 00:24:27,120 Speaker 9: On Bloomberg Radio, the tune in app, Bloomberg dot Com, and. 465 00:24:27,119 --> 00:24:28,440 Speaker 8: The Bloomberg Business App. 466 00:24:28,600 --> 00:24:31,439 Speaker 1: You can also listen live on Amazon Alexa from our 467 00:24:31,480 --> 00:24:39,240 Speaker 1: flagship New York station, Just Say Alexa played Bloomberg eleven thirty. 468 00:24:37,840 --> 00:24:39,919 Speaker 2: With an eye on New York City, where they have 469 00:24:40,080 --> 00:24:44,560 Speaker 2: spent one and a half billion dollars so far one 470 00:24:44,600 --> 00:24:47,800 Speaker 2: point five billion in the last fiscal year on housing 471 00:24:47,920 --> 00:24:52,920 Speaker 2: and services for migrants now one hundred ten thousand strong 472 00:24:53,840 --> 00:24:58,720 Speaker 2: on Manhattan Island. How much has the city received in 473 00:24:58,800 --> 00:25:01,879 Speaker 2: federal funds in that time? I'm one hundred and forty 474 00:25:02,000 --> 00:25:06,480 Speaker 2: million dollars. And that is why Mayor Eric Adams is 475 00:25:06,520 --> 00:25:10,520 Speaker 2: starting to question, literally question the future of New York 476 00:25:10,520 --> 00:25:14,440 Speaker 2: City's economy, the city as we know it, with scores 477 00:25:14,840 --> 00:25:17,760 Speaker 2: of migrants, their friends and family joining them there, and 478 00:25:17,760 --> 00:25:20,240 Speaker 2: they're of course being held not only in shelters, but 479 00:25:20,280 --> 00:25:23,800 Speaker 2: in hotels in downtown Manhattan. Eric Adams says he's not 480 00:25:23,800 --> 00:25:26,040 Speaker 2: getting what he needs from the federal government or from 481 00:25:26,119 --> 00:25:30,000 Speaker 2: the state government for that matter, and let his feelings 482 00:25:30,040 --> 00:25:31,760 Speaker 2: be known in a town hall that was set up 483 00:25:31,760 --> 00:25:33,520 Speaker 2: on the Upper West Side this week. 484 00:25:33,400 --> 00:25:40,119 Speaker 11: We get in no support on this national crisis, and 485 00:25:40,200 --> 00:25:44,159 Speaker 11: we're receiving no support. Never in my life have I 486 00:25:44,200 --> 00:25:47,080 Speaker 11: had a problem that I did not see an end 487 00:25:47,119 --> 00:25:51,480 Speaker 11: in two I don't see an ending to this. I 488 00:25:51,480 --> 00:25:56,639 Speaker 11: don't see an ending to this. This issue will destroy 489 00:25:56,960 --> 00:25:59,320 Speaker 11: New York City. 490 00:26:00,080 --> 00:26:03,800 Speaker 2: Let that settle for a moment will destroy New York City, 491 00:26:03,840 --> 00:26:05,879 Speaker 2: says the Mayor of New York City. We reassembled our 492 00:26:05,920 --> 00:26:10,040 Speaker 2: panel with Genie Shanzano, Democratic analyst, Bloomberg Politics contributor. We 493 00:26:10,080 --> 00:26:13,160 Speaker 2: also have Mari Gillespie with us today. Republican strategists found 494 00:26:13,160 --> 00:26:16,320 Speaker 2: were blue stack strategies. Jenny, you're a New Yorker and 495 00:26:16,359 --> 00:26:19,120 Speaker 2: you know Eric Adams. I'm wondering your thoughts on this 496 00:26:19,200 --> 00:26:22,919 Speaker 2: right now because he's upset with Democrats and Republicans. What 497 00:26:22,960 --> 00:26:24,919 Speaker 2: does it mean when the mayor predicts the end of 498 00:26:24,920 --> 00:26:25,639 Speaker 2: New York City. 499 00:26:27,119 --> 00:26:30,320 Speaker 6: Well, he is reflecting the views of most New Yorkers. 500 00:26:30,359 --> 00:26:33,639 Speaker 6: A Siena poll just recently, eight out of ten New 501 00:26:33,720 --> 00:26:37,560 Speaker 6: Yorkers said this is a crisis that must be handled. 502 00:26:37,560 --> 00:26:40,040 Speaker 6: And that is not just in New York City. That 503 00:26:40,160 --> 00:26:43,920 Speaker 6: is in the suburbs surrounding New York City, where Democrats 504 00:26:43,960 --> 00:26:48,040 Speaker 6: suffered enormous losses in the last midterm on the issue 505 00:26:48,080 --> 00:26:52,840 Speaker 6: of crime. They now have one hundred and ten thousand 506 00:26:53,240 --> 00:26:56,080 Speaker 6: migrants who have fled to the city. Come to the city. 507 00:26:56,119 --> 00:26:58,160 Speaker 6: They were either shipped or they came on their own. 508 00:26:58,240 --> 00:27:01,080 Speaker 6: Because the city has a right to sh shelter provision, 509 00:27:01,640 --> 00:27:04,520 Speaker 6: and that is what the mayor is rightly responding to 510 00:27:05,080 --> 00:27:08,600 Speaker 6: the city does not have the money, it does not 511 00:27:08,760 --> 00:27:12,720 Speaker 6: have the services in place to support this influx. And 512 00:27:12,840 --> 00:27:15,159 Speaker 6: so what are they trying to do. They're trying to 513 00:27:15,160 --> 00:27:16,960 Speaker 6: get help from the state, They're trying to get help 514 00:27:16,960 --> 00:27:20,399 Speaker 6: from the federal government, rightly so, and they are saying 515 00:27:21,240 --> 00:27:23,719 Speaker 6: this is a crisis, and he is right about that. 516 00:27:23,760 --> 00:27:27,080 Speaker 6: You know, the school year here just started. You've got, 517 00:27:27,119 --> 00:27:32,240 Speaker 6: by some counts, twenty thousand plus young children enrolled in 518 00:27:32,320 --> 00:27:35,400 Speaker 6: these schools, and the schools were not equipped for these 519 00:27:35,520 --> 00:27:37,719 Speaker 6: just a few weeks, if not months ago. So it 520 00:27:37,800 --> 00:27:40,240 Speaker 6: is a crisis. It's something that has to be addressed. 521 00:27:40,560 --> 00:27:44,119 Speaker 6: And every Democrat I have talked to here agrees that that, 522 00:27:44,359 --> 00:27:47,840 Speaker 6: including people like AOC and others. So he is not alone. 523 00:27:48,440 --> 00:27:51,320 Speaker 6: But of course he has been screaming this out to 524 00:27:51,400 --> 00:27:54,000 Speaker 6: the government and at the state and federal level with 525 00:27:54,280 --> 00:27:57,000 Speaker 6: very limited response at this point. And he's going to 526 00:27:57,080 --> 00:27:59,480 Speaker 6: keep making this case because he's right to make it. 527 00:28:00,680 --> 00:28:03,959 Speaker 2: We spoke yesterday on Balance of Power here on Bloomberg 528 00:28:04,600 --> 00:28:07,800 Speaker 2: with Nicole Malia Takis, congresswoman from New York, a Republican, 529 00:28:08,640 --> 00:28:12,400 Speaker 2: who dropped the statistic I had not heard, suggesting only 530 00:28:12,560 --> 00:28:16,000 Speaker 2: thirteen percent of the migrants currently in New York City 531 00:28:16,000 --> 00:28:18,479 Speaker 2: were actually sent there bust there by the likes of 532 00:28:18,920 --> 00:28:22,640 Speaker 2: Greg Abbott and Texas Ron de Santis whatever he's up 533 00:28:22,640 --> 00:28:25,360 Speaker 2: to in Florida here, and if the rest have simply 534 00:28:25,480 --> 00:28:29,119 Speaker 2: followed them, friends, family, others looking for relief in New 535 00:28:29,200 --> 00:28:34,600 Speaker 2: York and Malia Takis had some pretty strong thoughts on this. 536 00:28:34,640 --> 00:28:35,800 Speaker 2: Here's what she told us. 537 00:28:35,840 --> 00:28:38,760 Speaker 12: Chuck Schumer won't pass our border security bill, which we 538 00:28:38,800 --> 00:28:41,400 Speaker 12: passed the House in May, that would actually resolve a 539 00:28:41,560 --> 00:28:43,880 Speaker 12: majority of the problem and actually give the Customs and 540 00:28:43,920 --> 00:28:47,120 Speaker 12: Border Patrol Agency exact tools that they said they need 541 00:28:47,120 --> 00:28:50,240 Speaker 12: to do their job, both from a training perspective, from 542 00:28:50,240 --> 00:28:54,040 Speaker 12: a technology perspective, and from a policy perspective. Just allowing 543 00:28:54,080 --> 00:28:58,120 Speaker 12: them to do their job. And our mayor has exacerbated 544 00:28:58,120 --> 00:29:02,120 Speaker 12: the problem, is incentivized people to come to New York 545 00:29:02,160 --> 00:29:05,200 Speaker 12: City by misinterpreting New York City's right to shelter law. 546 00:29:06,320 --> 00:29:08,440 Speaker 2: So, Mara, if you agree with the congress woman, this 547 00:29:08,480 --> 00:29:10,880 Speaker 2: is a confluence of problems on both the state level, 548 00:29:10,920 --> 00:29:14,040 Speaker 2: the city level well and all three the federal level. 549 00:29:14,040 --> 00:29:14,200 Speaker 8: Here. 550 00:29:14,200 --> 00:29:16,880 Speaker 2: If you think that this is in fact stemming from 551 00:29:17,040 --> 00:29:20,800 Speaker 2: the administration's border policies, how do you fix all of 552 00:29:20,840 --> 00:29:22,560 Speaker 2: that or is this just that I told you so 553 00:29:22,880 --> 00:29:24,080 Speaker 2: moment for Republicans. 554 00:29:26,000 --> 00:29:28,560 Speaker 10: You know, immigration has long been a wedge issue for 555 00:29:28,600 --> 00:29:31,479 Speaker 10: both parties to scream out from the rooftops but not 556 00:29:31,520 --> 00:29:35,040 Speaker 10: actually do anything about, right. I mean, we obviously see 557 00:29:35,040 --> 00:29:37,480 Speaker 10: this as a crisis, and one of the number one 558 00:29:37,480 --> 00:29:40,720 Speaker 10: concerns for the American families catching table issues is the 559 00:29:40,800 --> 00:29:43,840 Speaker 10: economy and safety and security, and this really hits at 560 00:29:43,880 --> 00:29:46,360 Speaker 10: both of those things, right, because you just laid it 561 00:29:46,360 --> 00:29:48,640 Speaker 10: out the number of you know, the money that has 562 00:29:48,680 --> 00:29:55,200 Speaker 10: been spent to accommodate this influx, and I think that 563 00:29:55,240 --> 00:29:57,760 Speaker 10: Republicans are going to hit that obviously, not only the 564 00:29:57,760 --> 00:30:00,240 Speaker 10: money being spent, but the lack of security now only 565 00:30:00,240 --> 00:30:02,400 Speaker 10: on our southern border, but our northern border. They've been 566 00:30:02,400 --> 00:30:04,840 Speaker 10: harping on that as well. But at the end of 567 00:30:04,840 --> 00:30:08,280 Speaker 10: the day, like we have a great amount of jobs openings, 568 00:30:08,320 --> 00:30:10,440 Speaker 10: but we need high skilled workers, so there has to 569 00:30:10,480 --> 00:30:12,320 Speaker 10: be some sort of you know, how do we safely 570 00:30:12,320 --> 00:30:15,440 Speaker 10: resolve this issue but also still keep you know, the 571 00:30:15,520 --> 00:30:17,120 Speaker 10: land of the free and the land of hope and 572 00:30:17,160 --> 00:30:20,920 Speaker 10: opportunity and what you know, my grandfather came here, Both 573 00:30:20,960 --> 00:30:24,080 Speaker 10: my grandfathers came here as immigrants immigrated to America to 574 00:30:24,600 --> 00:30:26,680 Speaker 10: seek a better life for themselves and for our family, 575 00:30:27,080 --> 00:30:28,680 Speaker 10: and so, I you know, we want to still be 576 00:30:28,760 --> 00:30:31,520 Speaker 10: that beacon on the hill, a shining city on the hill, 577 00:30:32,240 --> 00:30:33,959 Speaker 10: but we want to have security and safety. So how 578 00:30:33,960 --> 00:30:36,120 Speaker 10: do we we reconcile those two things? And it's a 579 00:30:36,200 --> 00:30:40,240 Speaker 10: question that legislators and the president and beyond need to 580 00:30:40,280 --> 00:30:42,840 Speaker 10: really actually do something about and not just talk about 581 00:30:42,920 --> 00:30:44,280 Speaker 10: to get a few votes. 582 00:30:45,680 --> 00:30:47,720 Speaker 2: I don't know where this is going here, Genie. This 583 00:30:47,800 --> 00:30:52,880 Speaker 2: is not going to be fixed overnight. Obviously. Is it appropriate, though, 584 00:30:52,880 --> 00:30:56,080 Speaker 2: for Eric Adams to be invoking the destruction of New 585 00:30:56,160 --> 00:30:57,680 Speaker 2: York City on the eve of nine to eleven. 586 00:30:59,600 --> 00:31:02,719 Speaker 6: Yeah, I mean, it's such a good question, and it is, 587 00:31:03,440 --> 00:31:06,640 Speaker 6: you know, so devastating to think about what happened in 588 00:31:06,720 --> 00:31:09,280 Speaker 6: nine to eleven and the idea that he is using 589 00:31:09,400 --> 00:31:13,920 Speaker 6: such charge language today. Their reality is is this is 590 00:31:13,960 --> 00:31:16,760 Speaker 6: what people in New York City today and New York 591 00:31:16,840 --> 00:31:20,880 Speaker 6: State and the surrounding areas are really feeling. And as mayor, 592 00:31:21,000 --> 00:31:24,280 Speaker 6: he does have an obligation to make that case. I 593 00:31:24,400 --> 00:31:28,280 Speaker 6: do hope and I suspect he will also be holding 594 00:31:28,360 --> 00:31:31,360 Speaker 6: memorials of what happened on nine to eleven, so I 595 00:31:31,360 --> 00:31:34,120 Speaker 6: think he can do both at the same time. And 596 00:31:34,160 --> 00:31:36,480 Speaker 6: to your point, what's going to happen. What's going to 597 00:31:36,560 --> 00:31:40,240 Speaker 6: happen is what has always happened in election cycles. Nothing 598 00:31:40,400 --> 00:31:44,600 Speaker 6: unfortunately on the immigration crisis on both sides of the isle, 599 00:31:44,640 --> 00:31:48,240 Speaker 6: and that's the unfortunate situation we are in. It won't 600 00:31:48,280 --> 00:31:51,880 Speaker 6: get past this year, and that's a devastating reality for 601 00:31:51,960 --> 00:31:52,400 Speaker 6: all of us. 602 00:31:53,560 --> 00:31:55,880 Speaker 2: With the question still where else will they go? You 603 00:31:55,920 --> 00:31:59,440 Speaker 2: remember Eric Adams suggested Riker's Island. That didn't go over 604 00:31:59,560 --> 00:32:01,800 Speaker 2: very well. So we'll keep you posted on what happens here. 605 00:32:01,840 --> 00:32:03,520 Speaker 2: It's reaching a boiling point. 606 00:32:09,920 --> 00:32:13,280 Speaker 1: You're listening to The Bloomberg Sound on podcast. Catch the 607 00:32:13,320 --> 00:32:16,000 Speaker 1: program live weekdays at one Eastern. 608 00:32:15,880 --> 00:32:19,280 Speaker 9: On Bloomberg Radio, the tune in app, Bloomberg dot Com, and. 609 00:32:19,280 --> 00:32:20,600 Speaker 8: The Bloomberg Business App. 610 00:32:20,760 --> 00:32:23,600 Speaker 1: You can also listen live on Amazon Alexa from our 611 00:32:23,640 --> 00:32:28,080 Speaker 1: flagship New York station, Just say Alexa play Bloomberg eleven thirty. 612 00:32:29,600 --> 00:32:31,960 Speaker 2: It's great to see you, Kaylee. Happy Friday. As we 613 00:32:32,720 --> 00:32:37,080 Speaker 2: look abroad this weekend, President Biden is touchdown in India, 614 00:32:37,160 --> 00:32:40,360 Speaker 2: left late yesterday and I guess he's looming large over 615 00:32:40,400 --> 00:32:43,600 Speaker 2: this g twenty. There's no she, no Putin, and it's 616 00:32:43,600 --> 00:32:46,080 Speaker 2: open season for the American president. 617 00:32:46,160 --> 00:32:46,880 Speaker 5: Huh Yeah. 618 00:32:46,920 --> 00:32:50,880 Speaker 13: Trying to shore up alliances, talk about support for Ukraine 619 00:32:51,160 --> 00:32:53,240 Speaker 13: climate as well, a lot of issues going to be 620 00:32:53,280 --> 00:32:54,960 Speaker 13: on the agenda, and he really got right to it. 621 00:32:55,320 --> 00:32:58,600 Speaker 13: He met with Prime Ministern RNDA rodri Modi of India. Yeah, 622 00:32:58,640 --> 00:33:01,920 Speaker 13: pretty much immediately upon arriving. Of course, the India relationship 623 00:33:01,920 --> 00:33:04,160 Speaker 13: also is one that has proven to be very important 624 00:33:04,640 --> 00:33:05,600 Speaker 13: for this administration. 625 00:33:05,800 --> 00:33:08,320 Speaker 2: It's been pretty remarkable. As we bring in John Sidlities 626 00:33:08,560 --> 00:33:12,320 Speaker 2: in our conversation, a principle at Trilogy Advisors and a 627 00:33:12,360 --> 00:33:15,400 Speaker 2: consultant diplomacy consultant at the State Department. John, great to 628 00:33:15,400 --> 00:33:16,640 Speaker 2: have you with us. You have to smile for the 629 00:33:16,680 --> 00:33:19,640 Speaker 2: camera now and sound on. Thank you, Thanks for being 630 00:33:19,640 --> 00:33:21,880 Speaker 2: great to be here. Absolutely if you want to join us, 631 00:33:21,880 --> 00:33:24,000 Speaker 2: by the way, on our YouTube simulcast, we invite you. 632 00:33:24,040 --> 00:33:26,840 Speaker 2: Get to YouTube and search Bloomberg Global News. Join us 633 00:33:26,880 --> 00:33:29,600 Speaker 2: here in studio, be part of the family. If you're 634 00:33:29,600 --> 00:33:31,960 Speaker 2: listening on the radio or satellite radio for that matter, 635 00:33:31,960 --> 00:33:34,480 Speaker 2: we welcome you. As always. There's been a lot of 636 00:33:34,560 --> 00:33:39,640 Speaker 2: questions about the goals for Joe Biden, at this gathering here. 637 00:33:39,680 --> 00:33:42,800 Speaker 2: All the while, India is advertising on billboards that hey, 638 00:33:43,920 --> 00:33:45,880 Speaker 2: not only are we back, but we're stronger than ever. 639 00:33:45,880 --> 00:33:47,920 Speaker 2: We're hosting the G twenty. We are something to be 640 00:33:48,000 --> 00:33:51,560 Speaker 2: reckoned with. There's a huge opportunity here without Vladimir Putin 641 00:33:51,840 --> 00:33:54,800 Speaker 2: or President she in the room for Joe Biden to 642 00:33:54,880 --> 00:33:59,000 Speaker 2: embrace mody to Kayley's point, and get some traction here. 643 00:33:59,000 --> 00:34:00,000 Speaker 2: Can you do it this week? 644 00:34:01,040 --> 00:34:02,600 Speaker 7: Well, he's certainly going to give it his best. 645 00:34:03,240 --> 00:34:05,640 Speaker 14: There are probably four larger goals here, I would say 646 00:34:05,680 --> 00:34:09,080 Speaker 14: for President Biden on this trip. One is clearly to 647 00:34:09,200 --> 00:34:12,160 Speaker 14: enhance the US India relationship. This is not going to 648 00:34:12,200 --> 00:34:13,840 Speaker 14: be an alliance, but it's going to be one of 649 00:34:13,880 --> 00:34:17,320 Speaker 14: the most important strategic partnerships for the United States on 650 00:34:17,360 --> 00:34:22,040 Speaker 14: the global stage. And he received Prime Minister Narentomodi quite 651 00:34:22,080 --> 00:34:23,920 Speaker 14: well here at the White House not too long ago 652 00:34:24,160 --> 00:34:28,080 Speaker 14: and is being reciprocated now. I think also President Biden 653 00:34:28,120 --> 00:34:30,880 Speaker 14: has to make sure that he's able to rebuild American 654 00:34:30,920 --> 00:34:34,279 Speaker 14: relations with the so called Global Souths, especially after the 655 00:34:34,320 --> 00:34:36,640 Speaker 14: COVID lockdowns. Many of these countries feel that they were 656 00:34:36,680 --> 00:34:40,400 Speaker 14: marginalized by the US and the West, and these are 657 00:34:40,440 --> 00:34:43,600 Speaker 14: countries that are going to be very important in multilateral institutions, 658 00:34:43,640 --> 00:34:46,759 Speaker 14: especially the United Nations in dealing with the US China 659 00:34:46,800 --> 00:34:51,240 Speaker 14: competition and the Russia Ukraine War. Third, obviously, President Biden 660 00:34:51,280 --> 00:34:54,880 Speaker 14: wants to counter China's growing influence with the global South 661 00:34:55,239 --> 00:34:57,560 Speaker 14: and look to present the US and the West as 662 00:34:57,600 --> 00:35:02,480 Speaker 14: the viable alternative for technology, for infrastructure, and for a 663 00:35:02,560 --> 00:35:05,440 Speaker 14: clean network, all at of the Trump administration's policies that 664 00:35:05,440 --> 00:35:07,759 Speaker 14: have pretty much been carried over into the Biden administration. 665 00:35:08,160 --> 00:35:11,239 Speaker 14: And fourth and lastly here I would say to try 666 00:35:11,239 --> 00:35:15,320 Speaker 14: to expand the pro Ukraine coalition. Most of these countries 667 00:35:15,480 --> 00:35:18,799 Speaker 14: outside of Europe and say Japan and South Korea and 668 00:35:18,880 --> 00:35:22,319 Speaker 14: Asia have largely sat out the Ukraine War. They see 669 00:35:22,360 --> 00:35:26,920 Speaker 14: it basically as an intra European Intraslavic war. They're indifferent 670 00:35:26,960 --> 00:35:29,120 Speaker 14: to what's happening in Ukraine for the most part because 671 00:35:29,160 --> 00:35:35,040 Speaker 14: they depend on Russia for oil, coal, gas, food, fertilizer. 672 00:35:34,800 --> 00:35:36,480 Speaker 7: And frankly weapons. 673 00:35:37,160 --> 00:35:41,280 Speaker 14: And remember, Russia has military cooperation agreements with twenty countries 674 00:35:41,320 --> 00:35:44,160 Speaker 14: in Africa alone, So these countries are not going to 675 00:35:44,239 --> 00:35:47,960 Speaker 14: risk this very valuable relationship with Russia over Americas and 676 00:35:48,000 --> 00:35:51,120 Speaker 14: Europe's stents in Ukraine, so tall larder. He's got a 677 00:35:51,160 --> 00:35:52,879 Speaker 14: number of objectives and we'll see what you can pull 678 00:35:52,880 --> 00:35:54,080 Speaker 14: off in the next forty eight hours. 679 00:35:54,239 --> 00:35:56,360 Speaker 13: Just on the subject of Ukraine, I have to wonder, 680 00:35:56,760 --> 00:35:59,359 Speaker 13: as Biden is trying to talk to other countries, try 681 00:35:59,400 --> 00:36:02,680 Speaker 13: to show up shore up arms, ammunition, just support in 682 00:36:02,760 --> 00:36:06,320 Speaker 13: general funding, if his credibility is hit by the conversation 683 00:36:06,360 --> 00:36:10,000 Speaker 13: around Ukraine funding that's happening domestically in the government that 684 00:36:10,280 --> 00:36:12,799 Speaker 13: he sits at the helm of he sits in the 685 00:36:12,800 --> 00:36:16,000 Speaker 13: Oval Office, obviously is asking for more support for Ukraine, 686 00:36:16,320 --> 00:36:18,600 Speaker 13: north of twenty billion dollars in a supplemental and yet 687 00:36:18,600 --> 00:36:21,000 Speaker 13: down the road on Capitol Hill, there's no guarantee that 688 00:36:21,040 --> 00:36:23,040 Speaker 13: they're actually going to give that to him. What does 689 00:36:23,080 --> 00:36:27,080 Speaker 13: all that noise mean and how does it influence his 690 00:36:27,239 --> 00:36:28,840 Speaker 13: messaging to other countries. 691 00:36:29,680 --> 00:36:32,480 Speaker 14: It's a tough one because he has to be able to, 692 00:36:33,280 --> 00:36:36,040 Speaker 14: as you say, project power and decisiveness. But at the 693 00:36:36,040 --> 00:36:40,359 Speaker 14: same time, the United States operates as a democracy, and 694 00:36:40,440 --> 00:36:43,640 Speaker 14: so we have checks and balances, and the Republicans control 695 00:36:43,680 --> 00:36:46,120 Speaker 14: the House, and a large part of the Republican base 696 00:36:46,800 --> 00:36:50,239 Speaker 14: is concerned about additional aid to Ukraine. On the scale 697 00:36:50,280 --> 00:36:52,000 Speaker 14: of hope we've done over the past year and a half, 698 00:36:52,160 --> 00:36:53,839 Speaker 14: and I think actually you start to see this as 699 00:36:53,880 --> 00:36:56,319 Speaker 14: some of the more sort of pro left media that 700 00:36:56,320 --> 00:36:59,200 Speaker 14: they're also beginning to wonder how long this level of 701 00:36:59,239 --> 00:37:01,640 Speaker 14: eight can be sustained. But right now it is mostly 702 00:37:01,680 --> 00:37:04,839 Speaker 14: the Republican members of the House. So this is the 703 00:37:05,120 --> 00:37:09,160 Speaker 14: upside and the downside of democracy at play. But it 704 00:37:09,200 --> 00:37:11,960 Speaker 14: looks like most of the Republican leadership, especially in the Senate, 705 00:37:11,960 --> 00:37:14,600 Speaker 14: from Mitch McConnel on down, are in favor of supporting 706 00:37:14,600 --> 00:37:18,600 Speaker 14: the President's next trancha of Ukraine aid. But it's just 707 00:37:18,640 --> 00:37:20,520 Speaker 14: the nature of the business. Is There really not much 708 00:37:20,520 --> 00:37:22,120 Speaker 14: you can do to get around it, except to say 709 00:37:22,120 --> 00:37:24,640 Speaker 14: that he's doing his best and if he prevails, it'll 710 00:37:24,640 --> 00:37:26,800 Speaker 14: be a sign of strength in favor of the president. 711 00:37:27,360 --> 00:37:30,160 Speaker 2: Part of our approach to Ukraine is of course starving Russia. 712 00:37:30,760 --> 00:37:35,439 Speaker 2: So what extent can Joe Biden turn Mody away from 713 00:37:35,480 --> 00:37:38,320 Speaker 2: Putin in the conversations that they'll have this weekend. 714 00:37:38,680 --> 00:37:41,520 Speaker 14: My own sense, it's going to be extremely difficult. First 715 00:37:41,520 --> 00:37:44,120 Speaker 14: of all, we not only are failing to starve Russia, 716 00:37:44,200 --> 00:37:46,960 Speaker 14: but Russia's GDP will grow in twenty twenty three. They 717 00:37:47,000 --> 00:37:49,800 Speaker 14: have figured out a way and they've dealt with other countries, 718 00:37:50,000 --> 00:37:54,600 Speaker 14: rogue countries like Iran and Venezuela, how to circumvent American sanctions, 719 00:37:54,840 --> 00:37:58,640 Speaker 14: financial sanctions, energy sanctions and the light. But I think 720 00:37:58,680 --> 00:38:02,080 Speaker 14: also what you see happening right now is that a 721 00:38:02,160 --> 00:38:05,719 Speaker 14: country like India has had long standing, decades long relations 722 00:38:05,760 --> 00:38:10,880 Speaker 14: with the former Soviet Union now Russia again on energy, hydrocarbons. 723 00:38:10,960 --> 00:38:13,879 Speaker 14: It's actually ramped up its oil and coal purchases more 724 00:38:13,880 --> 00:38:16,440 Speaker 14: than almost any of the country in the world since 725 00:38:17,040 --> 00:38:22,360 Speaker 14: the war began. Also long standing weapons relations. The Russians 726 00:38:22,440 --> 00:38:25,719 Speaker 14: are exceptional arms merchants and the Indians have been one 727 00:38:25,760 --> 00:38:28,600 Speaker 14: of their best clients. And I think also for India, 728 00:38:28,640 --> 00:38:31,640 Speaker 14: it's important that they be seen and they want to 729 00:38:31,680 --> 00:38:34,400 Speaker 14: be an independent party. They don't want to be a 730 00:38:34,520 --> 00:38:37,640 Speaker 14: junior partner of the United States. They have to balance 731 00:38:37,680 --> 00:38:40,880 Speaker 14: their relations with Russia with China, even though they have 732 00:38:40,960 --> 00:38:45,160 Speaker 14: these very difficult tensions, border clashes, and India is very 733 00:38:45,200 --> 00:38:48,120 Speaker 14: much concerned about the Chinese Navy's ability to project power 734 00:38:48,160 --> 00:38:50,520 Speaker 14: in the Indian Ocean in the years to come. But 735 00:38:50,600 --> 00:38:53,160 Speaker 14: they also do not see themselves as a junior partner 736 00:38:53,239 --> 00:38:57,319 Speaker 14: the US, as would be say Japan or Germany. They 737 00:38:57,360 --> 00:39:00,560 Speaker 14: want to assert their rise to regional powers status in 738 00:39:00,600 --> 00:39:02,960 Speaker 14: the years ahead, so they're going to balance all of 739 00:39:03,000 --> 00:39:05,560 Speaker 14: these interests and trade relationships very carefully. 740 00:39:06,400 --> 00:39:08,440 Speaker 13: Just to your point on the Russian economy, within the 741 00:39:08,480 --> 00:39:11,560 Speaker 13: last hour, we got their macroeconomic forecast from Russia. What 742 00:39:12,360 --> 00:39:15,279 Speaker 13: they policymakers in the country think GDP is going to do. 743 00:39:15,320 --> 00:39:17,320 Speaker 13: They think it's going to grow for the next three years, 744 00:39:17,920 --> 00:39:21,759 Speaker 13: despite the sanctions, despite the war. So certainly interesting. I 745 00:39:21,800 --> 00:39:23,520 Speaker 13: want to return to the point you were making earlier 746 00:39:23,560 --> 00:39:25,520 Speaker 13: about the global South and how this is going to 747 00:39:25,520 --> 00:39:26,879 Speaker 13: be a big effort on the part of the Biden 748 00:39:26,880 --> 00:39:29,360 Speaker 13: administration at this summit, and a lot of this is 749 00:39:29,400 --> 00:39:32,520 Speaker 13: related to financing, right, reforming the World Bank, the International 750 00:39:32,600 --> 00:39:35,920 Speaker 13: Monetary Fund, providing sources of funding to these emerging economies 751 00:39:35,920 --> 00:39:38,480 Speaker 13: that aren't belted road right, This is what that's about. 752 00:39:38,480 --> 00:39:41,000 Speaker 13: How hard is that to accomplish? 753 00:39:41,520 --> 00:39:43,280 Speaker 7: Well, First of all, this is long overdue. 754 00:39:43,440 --> 00:39:46,000 Speaker 14: I mean, we're playing catch up with the People's Republic 755 00:39:46,040 --> 00:39:49,239 Speaker 14: of China that has issued a better trillion dollars worth 756 00:39:49,280 --> 00:39:51,799 Speaker 14: of loans and different forms of credit assistance to about 757 00:39:51,800 --> 00:39:56,040 Speaker 14: one hundred and thirty countries for infrastructure projects worldwide. So 758 00:39:56,120 --> 00:39:58,320 Speaker 14: we're talking now about I think two hundred billion dollars. 759 00:39:58,360 --> 00:39:59,920 Speaker 14: Is that the figure that's being talked about in term 760 00:40:00,120 --> 00:40:03,879 Speaker 14: of World Bank and IMF available additional funds. But it's 761 00:40:03,880 --> 00:40:06,040 Speaker 14: also a matter of the kind of process that's used 762 00:40:06,040 --> 00:40:10,240 Speaker 14: to help these countries develop. We actually have, we believe, 763 00:40:10,320 --> 00:40:14,160 Speaker 14: higher quality infrastructure and telecommunications products and services in the 764 00:40:14,160 --> 00:40:17,200 Speaker 14: West than what comes out of China. They tend to 765 00:40:17,239 --> 00:40:20,839 Speaker 14: export their labor, they tend to extract natural resources. It's 766 00:40:20,880 --> 00:40:24,160 Speaker 14: not really a beneficial arrangement for many of these countries. 767 00:40:24,200 --> 00:40:26,799 Speaker 14: Besides many of these white elephants that are built. And 768 00:40:26,880 --> 00:40:29,200 Speaker 14: so I think one of the difficult messages for President 769 00:40:29,239 --> 00:40:32,560 Speaker 14: Biden to be able to sell to these countries is 770 00:40:32,600 --> 00:40:35,080 Speaker 14: that you have higher quality, even if it's a little 771 00:40:35,120 --> 00:40:39,600 Speaker 14: bit more expensive, higher quality, and it's less corruptive a process, 772 00:40:39,760 --> 00:40:41,360 Speaker 14: so that you don't have the kind of corruption that 773 00:40:41,480 --> 00:40:44,799 Speaker 14: China has fostered through the Belop Road initiative, because the 774 00:40:44,920 --> 00:40:49,680 Speaker 14: Chinese money comes with no conditions, no pesky lectures about 775 00:40:49,760 --> 00:40:53,239 Speaker 14: human rights or environmental or labor standards or anything along 776 00:40:53,280 --> 00:40:55,839 Speaker 14: those lines. And it's not just the president, I think 777 00:40:55,880 --> 00:40:58,520 Speaker 14: also our European and G seven partners have to promote 778 00:40:58,560 --> 00:41:02,560 Speaker 14: this idea that long term trade and security in economic 779 00:41:02,600 --> 00:41:06,480 Speaker 14: development will advance far more healthily in relations with the 780 00:41:06,480 --> 00:41:08,719 Speaker 14: West than with the country like China, which is more 781 00:41:08,760 --> 00:41:11,320 Speaker 14: of an extractive country than a cooperative country. 782 00:41:11,360 --> 00:41:14,839 Speaker 2: I'm spending time with Johnson ladies from Trilogy Advisors. I'm 783 00:41:14,840 --> 00:41:17,440 Speaker 2: not trying to provoke you here, but I will. If 784 00:41:17,480 --> 00:41:19,960 Speaker 2: President She President Putin are not at the G twenty, 785 00:41:20,360 --> 00:41:23,160 Speaker 2: what is the point exactly of the G twenty? Why 786 00:41:23,200 --> 00:41:24,320 Speaker 2: not just have a NATO meeting? 787 00:41:25,600 --> 00:41:27,360 Speaker 7: Well, because many of the countries that are there have 788 00:41:27,440 --> 00:41:27,759 Speaker 7: nothing to. 789 00:41:28,400 --> 00:41:28,799 Speaker 8: Tell me that. 790 00:41:28,840 --> 00:41:30,840 Speaker 2: But if they're not moving a needle on these relationships, 791 00:41:30,960 --> 00:41:33,640 Speaker 2: Joe Biden's going over to shore up support for Ukraine, 792 00:41:33,680 --> 00:41:36,960 Speaker 2: isn't he That's really the primary goal here, which is 793 00:41:37,000 --> 00:41:39,640 Speaker 2: something that he's done in any number of NATO meetings. 794 00:41:40,600 --> 00:41:43,680 Speaker 2: But if the G twenty is not fully represented, does 795 00:41:43,719 --> 00:41:45,480 Speaker 2: that weaken the body? 796 00:41:45,719 --> 00:41:47,359 Speaker 7: It depends on what the outcome is here. 797 00:41:47,400 --> 00:41:49,560 Speaker 14: And I think there's a lot of diplomatic energy that's 798 00:41:49,600 --> 00:41:53,320 Speaker 14: being expended and trying to forge a joined communicay, especially 799 00:41:53,400 --> 00:41:56,760 Speaker 14: on Ukraine, and they're finding great difficulty there because China 800 00:41:56,760 --> 00:41:59,719 Speaker 14: will likely back Russia are most of the language debates, 801 00:42:00,320 --> 00:42:03,120 Speaker 14: but there is still very much of an important global 802 00:42:03,160 --> 00:42:05,960 Speaker 14: platform that's being played out here. And this really is, 803 00:42:06,080 --> 00:42:09,200 Speaker 14: if not a merger, at least coming together of the 804 00:42:09,239 --> 00:42:12,759 Speaker 14: advanced industrialized countries of the West and the global South 805 00:42:12,880 --> 00:42:15,120 Speaker 14: is becoming more and more prominent as a player on 806 00:42:15,160 --> 00:42:15,920 Speaker 14: the world stage. 807 00:42:15,960 --> 00:42:18,120 Speaker 2: So this is more important than it was, not less. 808 00:42:18,520 --> 00:42:21,240 Speaker 14: I would say, in many ways, the G twenty process 809 00:42:21,320 --> 00:42:24,279 Speaker 14: is more important today than ever. These countries are where 810 00:42:24,320 --> 00:42:26,719 Speaker 14: most of the population growth will take place, most of 811 00:42:26,760 --> 00:42:29,200 Speaker 14: the energy demands will take place in the years to come, 812 00:42:29,520 --> 00:42:32,000 Speaker 14: and where there's going to be tremendous economic development. I mean, 813 00:42:32,040 --> 00:42:34,680 Speaker 14: there are emerging markets that are already at four or 814 00:42:34,760 --> 00:42:37,520 Speaker 14: five six percent growth rates for the next half decade 815 00:42:37,600 --> 00:42:40,759 Speaker 14: or so, far greater than anything in Europe to speak of. 816 00:42:41,280 --> 00:42:43,520 Speaker 14: So I think we need to engage these countries well. 817 00:42:43,560 --> 00:42:45,240 Speaker 14: We need to make sure that they do not become 818 00:42:45,280 --> 00:42:47,960 Speaker 14: partners of China in ways that are inimical for their 819 00:42:48,000 --> 00:42:51,359 Speaker 14: own development and for global diplomacy. And so I think 820 00:42:51,360 --> 00:42:53,839 Speaker 14: it's very important that President Biden is there as many 821 00:42:53,880 --> 00:42:57,520 Speaker 14: countries from the advanced industrial North or West are there, 822 00:42:57,560 --> 00:42:59,480 Speaker 14: as well, and to look to see how they can 823 00:42:59,480 --> 00:43:01,960 Speaker 14: come together are many of these issues, and to see 824 00:43:02,000 --> 00:43:05,560 Speaker 14: where someone like Prime Minister Modi is able to serve 825 00:43:05,800 --> 00:43:09,799 Speaker 14: or to position India as an effective bridge between the 826 00:43:09,840 --> 00:43:12,080 Speaker 14: West and the South, which is where he's looking to 827 00:43:12,120 --> 00:43:16,200 Speaker 14: position India again, to keep it independent, not be an 828 00:43:16,239 --> 00:43:20,080 Speaker 14: alliance partner of the United States, but also not necessarily 829 00:43:20,120 --> 00:43:22,840 Speaker 14: harm relations with China or Russia in any ways that 830 00:43:22,880 --> 00:43:26,279 Speaker 14: are animmical to India's own tremendous growth potential. So a 831 00:43:26,400 --> 00:43:29,600 Speaker 14: very very complex array of interest and objectives at play here. 832 00:43:29,920 --> 00:43:31,440 Speaker 13: Well, and one of them is on climate. I mean, 833 00:43:31,440 --> 00:43:34,960 Speaker 13: we talk about India and China, these are huge global emitters, 834 00:43:35,040 --> 00:43:37,480 Speaker 13: and you were talking about the difficulty of finding agreement 835 00:43:37,520 --> 00:43:40,319 Speaker 13: on the language and the Communica. Our understanding based on 836 00:43:40,320 --> 00:43:42,480 Speaker 13: a reporting here at Bloomberg, is also that China has 837 00:43:42,520 --> 00:43:45,560 Speaker 13: taken issue with some of the climate measures involved in that. 838 00:43:45,840 --> 00:43:48,160 Speaker 13: I imagine this is going to feature pretty heavily at the 839 00:43:48,239 --> 00:43:51,319 Speaker 13: summit as well. How hard is that climate issue for 840 00:43:51,400 --> 00:43:55,400 Speaker 13: these countries to navigate, given that outsized roles are played 841 00:43:55,400 --> 00:43:58,440 Speaker 13: by India and China, I. 842 00:43:58,400 --> 00:44:00,680 Speaker 14: Think they are going to be far more difficult than 843 00:44:00,719 --> 00:44:03,480 Speaker 14: we would like to see first of all, China I 844 00:44:03,520 --> 00:44:06,440 Speaker 14: think talks a good talk, but doesn't really put up 845 00:44:06,440 --> 00:44:08,440 Speaker 14: when it comes to climate I mean, right now, they 846 00:44:08,480 --> 00:44:12,560 Speaker 14: were able to finagle for themselves a carbon emitting role 847 00:44:12,920 --> 00:44:15,440 Speaker 14: where they're not going to peak until twenty thirty. And 848 00:44:15,480 --> 00:44:17,319 Speaker 14: then we'll see to what extent they actually do begin 849 00:44:17,400 --> 00:44:21,080 Speaker 14: to change their regulatory framework to bring carbon emissions down. 850 00:44:21,360 --> 00:44:24,400 Speaker 14: But they're still a developing country into the World Trade Organization, 851 00:44:24,480 --> 00:44:26,879 Speaker 14: and they claim this as a privilege to be able 852 00:44:26,920 --> 00:44:29,239 Speaker 14: to grow their economy as they need to. And they're 853 00:44:29,280 --> 00:44:31,839 Speaker 14: still putting out coal plants about an average of one 854 00:44:31,880 --> 00:44:34,520 Speaker 14: a week, even as they continue to advance on electric 855 00:44:34,640 --> 00:44:38,239 Speaker 14: vehicles and wind and solar power. And India also will 856 00:44:38,280 --> 00:44:42,359 Speaker 14: likely become or remain very hydrocarbon dependent for as long 857 00:44:42,400 --> 00:44:44,560 Speaker 14: as they feel it takes to get their economy to 858 00:44:44,560 --> 00:44:46,520 Speaker 14: where it needs to be. New with the number of 859 00:44:46,560 --> 00:44:48,680 Speaker 14: other countries around the world where they feel that their 860 00:44:48,960 --> 00:44:52,080 Speaker 14: societies are being affected by climate change, there'll be a 861 00:44:52,120 --> 00:44:55,880 Speaker 14: negotiation here. But how much capital is they're really available? 862 00:44:55,920 --> 00:44:59,120 Speaker 14: In the United States, We're soon going to have trillion 863 00:44:59,200 --> 00:45:03,080 Speaker 14: dollar debt pay every year, trillion dollars, So how much 864 00:45:03,080 --> 00:45:06,120 Speaker 14: are American taxpayer is willing to transfer over to South 865 00:45:06,160 --> 00:45:10,160 Speaker 14: America and Africa and South Asia for so called climate 866 00:45:10,400 --> 00:45:14,440 Speaker 14: resolution policies that are completely untested. So I think it's 867 00:45:14,480 --> 00:45:17,680 Speaker 14: going to be a very very difficult, tangible process. There's 868 00:45:17,719 --> 00:45:19,560 Speaker 14: going to be a lot of great rhetoric here and 869 00:45:19,600 --> 00:45:22,080 Speaker 14: a lot of shared goals. But again, I think India 870 00:45:22,080 --> 00:45:24,120 Speaker 14: will play a very important role here because they need 871 00:45:24,160 --> 00:45:27,160 Speaker 14: to be able to develop their economy as cleanly as 872 00:45:27,160 --> 00:45:30,040 Speaker 14: possible given where they're starting from at this point, and 873 00:45:30,120 --> 00:45:32,799 Speaker 14: if they can promote climate policies is part of a 874 00:45:32,920 --> 00:45:36,600 Speaker 14: multilateral solution process, they'll have achieved a major victory here. 875 00:45:36,760 --> 00:45:38,960 Speaker 2: Now we have less than a minute. It's interesting when 876 00:45:38,960 --> 00:45:41,800 Speaker 2: you consider our trade relationship with China, the second largest 877 00:45:41,800 --> 00:45:44,520 Speaker 2: economy in the world, as we're reminded, not our top 878 00:45:44,640 --> 00:45:48,160 Speaker 2: trading partner. However, we do more business with Canada and Mexico. 879 00:45:48,520 --> 00:45:50,600 Speaker 2: You look five years down the road, where will China 880 00:45:50,640 --> 00:45:53,520 Speaker 2: be on the food chain there? In terms of trading partners. 881 00:45:53,120 --> 00:45:53,680 Speaker 8: With the US. 882 00:45:55,120 --> 00:45:56,360 Speaker 7: First of all, it depends I think that. 883 00:45:56,440 --> 00:45:58,160 Speaker 2: Are lower than where it is now. 884 00:45:58,320 --> 00:46:00,719 Speaker 14: I don't know I can forecast, and I'm not sure 885 00:46:00,719 --> 00:46:02,719 Speaker 14: anyone safely can. I mean, there's already a lot of 886 00:46:03,080 --> 00:46:07,040 Speaker 14: sort of long term gloomy prospecting about China's economy. I 887 00:46:07,040 --> 00:46:08,560 Speaker 14: don't know how much of this is short term and 888 00:46:08,560 --> 00:46:11,080 Speaker 14: how much of this is long term. We'll have to 889 00:46:11,120 --> 00:46:13,080 Speaker 14: see what happens there figure this out right now. But 890 00:46:13,160 --> 00:46:15,239 Speaker 14: the bottom line is I think the US, you know, 891 00:46:15,320 --> 00:46:18,400 Speaker 14: most Americans undervalue the relationship that we have with Canada 892 00:46:18,440 --> 00:46:20,759 Speaker 14: and Mexico. There are peaceful neighbors. They need to be 893 00:46:20,840 --> 00:46:23,479 Speaker 14: as prosperous as possible. We need to ramp up those 894 00:46:23,480 --> 00:46:24,520 Speaker 14: economic trade ties. 895 00:46:24,640 --> 00:46:26,279 Speaker 2: I think that's the point that we take out of 896 00:46:26,320 --> 00:46:29,200 Speaker 2: this conversation. John, thank you so much. He is a 897 00:46:29,239 --> 00:46:32,080 Speaker 2: diplomacy consultant for the State Department, and he's all ours 898 00:46:32,120 --> 00:46:34,720 Speaker 2: today on Sound On a conversation you won't hear anywhere 899 00:46:34,760 --> 00:46:38,960 Speaker 2: else with John Siddalities alongside Kaylee Lines. I'm Joe Matthew 900 00:46:39,000 --> 00:46:47,439 Speaker 2: in Washington. Thanks for being with us. Thanks for listening 901 00:46:47,520 --> 00:46:49,839 Speaker 2: to the Sound on podcast. Make sure to subscribe if 902 00:46:49,880 --> 00:46:52,680 Speaker 2: you haven't already, at Apple, Spotify, and anywhere else you 903 00:46:52,719 --> 00:46:55,439 Speaker 2: get your podcasts. And you can find us live every 904 00:46:55,480 --> 00:46:58,839 Speaker 2: weekday from Washington, DC at one pm Eastern Time at 905 00:46:58,840 --> 00:47:00,080 Speaker 2: Bloomberg dot com and