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Speaker 2: So I didn't think we're going to be starting with
Speaker 2: this today. Didn't seem like it would be that big
Speaker 2: of a story. But how about this headline out of Georgia,
Speaker 2: the Atlantic Grand Jury releasing a twenty eight page document.
Speaker 2: This just made public today. I hold in my hands.
Speaker 2: This is the grand jury that, of course already indicted
Speaker 2: Donald Trump and eighteen others. Well, they had bigger plans.
Speaker 2: At one point, the grand jury also recommended indicting Senator
Speaker 2: Lindsey Graham. We have learned and former National Security Advisor
Speaker 2: Michael Flynn feel like if they were indicting Jake Sullivan
Speaker 2: here in the current administration. And that is not all.
Speaker 2: By the way, David Purdue and Kelly Leffler, former US
Speaker 2: Senators Republicans from Georgie, along with Cleta Mitchell, the former
Speaker 2: Trump lawyer, participated in his perfect phone call. So what
Speaker 2: happened to all of them? Are they talking with prosecutors?
Speaker 2: That's where we begin right now in a breaking news Friday.
Speaker 2: We also have news out of California that we'll get
Speaker 2: to with Wendy Benjamin Sin Nancy Pelosi is running again,
Speaker 2: who says there's no news in the dog days of
Speaker 2: summer in Washington. Wendy's with us right now, and Happy Friday, Wendy.
Speaker 2: I want to your insights. Let's pick through both of these.
Speaker 2: These names jumped off the terminal when we saw them,
Speaker 2: Senator Lindsey Graham. What does this suggest about their station
Speaker 2: in life right now? From a legal standpoint, if they
Speaker 2: were not indicted, what are they doing well?
Speaker 3: They certainly are celebrating that they dodged a legal bullet.
Speaker 3: Not a real bullet, obviously, but a legal bullet in
Speaker 3: escaping criminal charges. It could mean one of two things.
Speaker 3: And I just want to say off the top here,
Speaker 3: I am speculating. I haven't talked to anyone about this yet,
Speaker 3: but it's possible they were already cooperating and Fannie Willis,
Speaker 3: the prosecutor down there, decided not to indict. More likely,
Speaker 3: considering they were one is a sitting senator, the other
Speaker 3: one was a high ranking White House official, and the
Speaker 3: other two were senators that she just decided it wasn't
Speaker 3: worth the hassle, if you understand what I mean, because
Speaker 3: she would have if they were acting in their capacities
Speaker 3: as federal officers at the time, which is something that
Speaker 3: Mark Meadows, this former chief of staff is arguing right now,
Speaker 3: then the case would have to be moved to federal court.
Speaker 3: And once it's in federal court, there's you know, it's
Speaker 3: obviously more complicated for a Georgia prosecutor to do the case.
Speaker 3: And the other interesting point about this is that the
Speaker 3: special grand jury, That's what came out today, the report
Speaker 3: of the special grand Jury, which recommended charges. They also
Speaker 3: did not suggest that these should be charged under the
Speaker 3: Rico Racketeering Influence of Corrupt Organization Act that Fawnie Willis
Speaker 3: eventually did charge them under. That is a set of
Speaker 3: charges and approach to charges that she uses against gangsters,
Speaker 3: drug dealers, once against teachers, and now against Trump and
Speaker 3: his cohorts. So they were just thinking obstruction of justice
Speaker 3: or other related charges.
Speaker 2: Well, we haven't heard from Lindsay Graham or Michael Flinn yet.
Speaker 2: I suspect we will. I'm waiting for an emotional appearance
Speaker 2: potentially on cable news. But we'll let that breathe. It's
Speaker 2: just interesting, Wendy, because Fannie Willis was being accused or
Speaker 2: criticized maybe a better word of overreach, that this was
Speaker 2: not as an efficient approach to the case as special
Speaker 2: counsel Jack Smith had taken here in Washington. But we
Speaker 2: understand now she could have actually bitten off even more.
Speaker 2: The other big breaker I need to ask you about.
Speaker 2: Maybe you saw it coming, Wendy News from California. Nancy Pelosi,
Speaker 2: She's running.
Speaker 4: Well extremists push a national abortion band and undermine privacy rights.
Speaker 4: I'm fighting for reproductive freedom and marriage equality. I'm running
Speaker 4: for reelection to continue our fight to improve people of
Speaker 4: lives and defend our democracy. And I respectfully seek your voute.
Speaker 2: Thank you, I respectfully seek your vote, says the former speaker.
Speaker 2: That's from a video presentation that went up on her
Speaker 2: website a short time ago. Wendy, A lot of folks
Speaker 2: thought she was about to pack it up. A recent
Speaker 2: story from Jonathan Martin at Politico would suggest that they
Speaker 2: were just about done, that she and her husband were
Speaker 2: not interested in pursuing, for instance, an ambassadorship to the Vatican,
Speaker 2: which had been floated for her. Are you surprised by this?
Speaker 3: Not as much as I might have been a year
Speaker 3: or so ago. But remember her husband was viciously attacked
Speaker 3: in their home in San Francisco by a guy who
Speaker 3: was trying to you know, is a crazy ather guy
Speaker 3: trying to get to her and ended up beating her
Speaker 3: husband with the pipe or some large object. And you know,
Speaker 3: she's maybe three, he's in his eighties. So that wasn't
Speaker 3: that wasn't great. The other I think she also does
Speaker 3: feel like there's room for Democrats, although in her district
Speaker 3: there's no question another Democrat would have taken her place.
Speaker 3: But I also think this has to do with Dianne Feinstein,
Speaker 3: the eighty nine year old senator who is clearly having
Speaker 3: memory problems, who is clearly having trouble focusing on her job,
Speaker 3: and Nancy Pelosi's position through this whole will Dianne Feinstein
Speaker 3: retire business or not? Is that it was sexist to
Speaker 3: suggest that Dianne Feinstein should retire, even though she's eighty
Speaker 3: nine and clearly infirmentally. Nancy Pelosi said, you would never
Speaker 3: suggest that of a man, which was proven wrong last
Speaker 3: week by the FUREA around Mitch McConnell. But I think
Speaker 3: Nancy Pelosi is saying, yeah, I made, I'm a woman,
Speaker 3: and I'm running again because you know, look around, I'm
Speaker 3: in the mid range of age for members of Congress
Speaker 3: for these days.
Speaker 2: That's quite a statement. Wendy, this is great. Appreciate the
Speaker 2: clutch analysis here, Wendy Benjaminson, who we've turned to so
Speaker 2: frequently on this program for insights. Thank you, Wendy, and
Speaker 2: have a great weekend. Bloomberg Washington Senior editor. You know
Speaker 2: what else I've got my eyes on today is the
Speaker 2: price of oil, and you probably do too, as we
Speaker 2: inch ever closer back to ninety dollars a barrel, WTI.
Speaker 2: Charlie Pellett just told us eighty seven fifty roughly right now.
Speaker 2: And there are a lot of questions about what's going
Speaker 2: on here with supply and demand as Saudi Arabia starts
Speaker 2: to turn the screws here a little bit more to
Speaker 2: try to keep prices sustained, and maybe they're about to
Speaker 2: go higher. We know that we have a forty year
Speaker 2: low meantime on the Strategic Petroleum Reserve, and crude oil
Speaker 2: is at sixty something dollars a couple of months ago
Speaker 2: to we just miss a huge opportunity. You know who's
Speaker 2: back to talk is Bob McNally. Always love talking with Bob,
Speaker 2: the founder and president of Rapidan Energy, Former senior White
Speaker 2: House policy official. Bob, it's good to see you. Welcome
Speaker 2: back to reality post labor day. What are we in
Speaker 2: for here with crude prices in the weeks ahead?
Speaker 5: Hi Joe, you know, I think we're moving higher. We've
Speaker 5: been predicting that one.
Speaker 2: Set something on our end here. I can't hear.
Speaker 5: Bob testing one too.
Speaker 2: There we go, take it away, my friend.
Speaker 5: All right, Okay, yeah, Hi Joe, Yeah, we see prices
Speaker 5: going higher. I don't think we're the only ones. We
Speaker 5: see big deficits here. You don't need gangbuster. Demand is
Speaker 5: just resilient demand. China is pulling in oil to store it,
Speaker 5: and its demand isn't that bad. Sixteen plus million barrels today,
Speaker 5: US decent demand growth, gangbusters, No, India pretty strong. The
Speaker 5: monsoon's messing things up a little bit. So you got
Speaker 5: resilient demand, and then you have these these big cuts
Speaker 5: by Saudi Arabia, especially in Russia and OPEC plus Core
Speaker 5: OPEC plus, So we see deficits. Deficits are going to
Speaker 5: show up in inventory draws, and the markets see it
Speaker 5: to believe it mode right, They're like, now, we're not
Speaker 5: going for this. We got head fake last year with Russia.
Speaker 2: We're not buying it.
Speaker 5: There's a lot of China risk, macro risk.
Speaker 6: Fair enough.
Speaker 5: So the market wants to see the whites of the
Speaker 5: eyes of stock draws, and they are seeing those now.
Speaker 5: And so we're moving higher, and we think there's higher
Speaker 5: to go. Still, we'd be well into the nineties. Wouldn't
Speaker 5: be surprised at all if it touches one hundred, and
Speaker 5: if crude price at gasoline prices natural average, you know,
Speaker 5: get back to closer to four dollars than the three
Speaker 5: eighty they are now. And this is you know, Joe,
Speaker 5: this is double jeopardy for President Biden. I worked in
Speaker 5: a white House. No president, republican Democrat likes higher pump prices,
Speaker 5: and any president owns it and suffers from it.
Speaker 7: This is bad enough.
Speaker 5: Approval goes down, Consumers are angry. But now the price
Speaker 5: increase threatens to do rail the soft landing that everyone
Speaker 5: was hoping for this summer. So there's even bigger steaks
Speaker 5: than normal, So the stakes couldn't be higher from the
Speaker 5: for the White House.
Speaker 2: Here we're at eighty seven and a half today. This
Speaker 2: is doubdti crwed. We topped out just above ninety two
Speaker 2: dollars a barrel in October, and we had a low
Speaker 2: in the mid sixties that was in March sixty six
Speaker 2: dollars of barrel. Did we miss a huge opportunity to
Speaker 2: refill the SPR, Bob or is it not as simple
Speaker 2: as that. I know, we have to go through a
Speaker 2: bidding process and you can't just start buying barrels.
Speaker 7: Yeah.
Speaker 5: Unfortunately, the DOE was an apartment of energy, was limited
Speaker 5: somewhat logistically. They're working on caverns and they have to
Speaker 5: repair them and so forth, so there were limits on
Speaker 5: how much it could physically take in. And you got
Speaker 5: to remember Congress in its wisdom I say, you know,
Speaker 5: not too seriously, but in his wisdom was ordering stock draws.
Speaker 5: We were selling off the SPR, and you can't fill
Speaker 5: the SPR until you stopped selling the SPR. So look,
Speaker 5: I'm not a fan of the big one hundred and
Speaker 5: eighty million barrel draw that President Biden did. However, to
Speaker 5: be fair, they only really could start filling in the summer,
Speaker 5: they did so, so they did it on a limited basis,
Speaker 5: and then prices now got away from us and they've
Speaker 5: stopped the refilling. So we had our moment and unfortunately
Speaker 5: really couldn't fill faster.
Speaker 2: Jennifer Granholm told Congress, I believe it was back in March,
Speaker 2: if not April, that it would take years to refill
Speaker 2: and in fact wouldn't really be happening until a second
Speaker 2: Biden term. Is that how you see it?
Speaker 5: I think so, and I hope, who knows if we'll
Speaker 5: ever refill it. You got to remember, Congress, on a
Speaker 5: bipartisan basis, wanted to sell the thing off. We were
Speaker 5: drawing it down to pay for non energy expenses, and
Speaker 5: to really fill back up to the top, you'll need
Speaker 5: to appropriate new money. You have to ask Congress to
Speaker 5: actually vote on new funds, right, and that is very unlikely.
Speaker 2: I mean, there are a lot of other.
Speaker 5: Competing needs for that, and there's a lot of folks
Speaker 5: on the Republican side and the Democrat side who think
Speaker 5: we don't need such a big spr We don't need
Speaker 5: seven hundred million barrels. We're a net exporter now of
Speaker 5: total oil. We have for the largest producer of oil,
Speaker 5: So it's not like the eighties. I'll be surprised if
Speaker 5: we ever do refill it.
Speaker 8: I have to.
Speaker 2: Say, that's remarkable. You know, all the while Vladimir Putin
Speaker 2: and Crown Prince Mohammad Bill Salmon are praising joint efforts
Speaker 2: to stabilize the global oil market, are they laughing at
Speaker 2: us right now? No?
Speaker 5: I you know, I know there's this narrative out there that, oh,
Speaker 5: Saudi Arabia isn't like Biden, and you know, certainly Putin doesn't,
Speaker 5: and so they're going to jack up oil prices and
Speaker 5: kick them out of office. You know, I don't buy it.
Speaker 5: I don't think that's their motivation. I do think oil
Speaker 5: prices are moving higher. Look the Saudi's, you know, playing
Speaker 5: games with the market, trying to jack up the oil price,
Speaker 5: putting in a deficit just to you know, for political spie.
Speaker 5: If political reasons is very dangerous. It's sort of like
Speaker 5: you don't like the guy next door, so you start
Speaker 5: a fire in his apartment, but then the fire could
Speaker 5: burn your apartment down too. If they got an oil
Speaker 5: price spike, a sustained large spike above one hundred I
Speaker 5: don't think they want that, why because it would send
Speaker 5: then oil prices down, spikes lead to collapses and busts.
Speaker 5: The oil market is you know, they take it very seriously.
Speaker 5: I think the reason they're cutting is they're afraid of
Speaker 5: a repeat of two thousand and eight jo. They're afraid
Speaker 5: of like one day, we're a one hundred and forty
Speaker 5: dollars a barrel. Everything's fine, then a bank goes poof
Speaker 5: and suddenly we're at thirty dollars a barrel, and you know,
Speaker 5: there's a collapse, and a lot of folks are afraid
Speaker 5: about that. So I think they're taking out insurance against
Speaker 5: a sudden implosion in economic activity, probably due to financial contagent.
Speaker 5: They're going to wait to see these stock draws that'll
Speaker 5: show them that the market's not experiencing that demand to collapse,
Speaker 5: and then I think they're going to put the oil
Speaker 5: back in and prices should moderate. At that point, I
Speaker 5: think we go higher. But I don't think they're all about,
Speaker 5: you know, playing political games here. It's just too dangerous
Speaker 5: with the oil market. The Russians, if they could, they'd
Speaker 5: probably try and do it, but not the Saudiast.
Speaker 2: Yeah, sure, though you are suggesting that we could hit
Speaker 2: one hundred dollars a barrel, so that may be out
Speaker 2: of everyone's control. If that's the case. If we do
Speaker 2: hit one hundred, does that then lead to massive declines
Speaker 2: this year? Is that the rest of your forecast?
Speaker 5: Well, we do see it coming down a little bit
Speaker 5: into next year. So we think we're gonna we're gonna
Speaker 5: get to the mid nineties on a quarterly average for Brent,
Speaker 5: so easily to see one hundred, you know, print here
Speaker 5: and there right, and then we think OPEC plus will
Speaker 5: begin to add the supply back to the market, and
Speaker 5: assuming a healthy economy and so forth, and we're gonna
Speaker 5: get some more US supply. We're gonna get some more guyana,
Speaker 5: you know. We think the market could stabilize maybe in
Speaker 5: that eighty to ninety range next year if all goes well,
Speaker 5: but I think we're gonna have to go higher.
Speaker 2: First, fascinating news, always great analysis, Bob, Thank you so
Speaker 2: much for being with us, and don't be a stranger.
Speaker 2: Bob McNally at Rapidan says we could hit one hundred
Speaker 2: dollars a barrel again, gas prices could get closer to
Speaker 2: four dollars a gallon we'll keep tabs on these. Of course,
Speaker 2: as Joe Biden heads for the G twenty something, we'll
Speaker 2: talk about a bit later, the panels coming in next.
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Speaker 2: Eleven thirty So, the grand jury in Atlanta that initially
Speaker 2: investigated allegations of election interference by Donald Trump and those
Speaker 2: who became his co defendants, had recommended that it be
Speaker 2: made public, that their recommendations to the DA be made public,
Speaker 2: and it took a bunch of news organizations, including Bloomberg,
Speaker 2: to make it happen. It has been unsealed today, twenty
Speaker 2: eight pages made public, and by the way, as I
Speaker 2: hold them here in my hands, you can read the
Speaker 2: full unsealed grand jury report right on the terminal if
Speaker 2: you want to play along on your home game here.
Speaker 2: We weren't sure if this was going to be terribly new,
Speaker 2: but the names that we're reading certainly are. This is
Speaker 2: the first of two grand juries. They recommended indicting Senator
Speaker 2: Lindsey Graham and Michael Flynn, the former national security advisor
Speaker 2: to Donald Trump, along with others including two former US Senators,
Speaker 2: David Purdue and Kelly Leffler. This is where we start
Speaker 2: with our panel today. Very curious to hear from Jeanie Shanzano,
Speaker 2: Bloomberg Politics contributor, Democratic analyst, as well. Joined today by
Speaker 2: Mara Gillespie, the founder of Bluestack Strategies, former advisor to
Speaker 2: Speaker Bayner, and Congressman Adam Kinsinger. It's great to have
Speaker 2: you both here. Mara. I'm going to start with you
Speaker 2: on this one. I just wonder your thoughts when you
Speaker 2: see names of Republicans like Lindsey Graham coming off the
Speaker 2: page here and what this might mean for the way
Speaker 2: Americans and Republicans are looking at this indictment now.
Speaker 10: I truly do think that Republicans, especially some of those
Speaker 10: who support the former president, but even some who may
Speaker 10: not say it publicly, are a wondering, you know, is
Speaker 10: this pushing me on the bounds and wondering, you know,
Speaker 10: how far this, how far reaching this you know, indictment process,
Speaker 10: it's going to go because is it, you know, is
Speaker 10: the goal here to have accountability and hope people are responsible,
Speaker 10: or is the goal here to get to Trump and
Speaker 10: you know, kind of compel people to flip on him.
Speaker 10: I'm not sure, but I think that's Republicans will probably
Speaker 10: you know, see this and think that it's pushing, pushing
Speaker 10: a bit too far, because again, you know, with I
Speaker 10: believe an interview Lindsay Graham had, he talked about the
Speaker 10: questions he was asking, and I think people are going
Speaker 10: to remember when Stacy Abrams was asking similar questions about
Speaker 10: the election and should we be looking at, you know,
Speaker 10: the Georgia election system, so that the kind of objectively,
Speaker 10: I think people are going to be a little uh
Speaker 10: miffed about this.
Speaker 2: I would say, well, it's interesting, Genie, because Fannie Willis
Speaker 2: was accused of overreach or criticized of biting off more
Speaker 2: than she could chew. Apparently she could have bid off
Speaker 2: a lot more. Here is this going to end up
Speaker 2: being a story of judicial restraint.
Speaker 6: It's crazy to think that with nineteen people indicted, that
Speaker 6: she's going to be shown to be somebody who has
Speaker 6: restrained in her approach. But that is one of the
Speaker 6: stories out of this. And you know, I think it's
Speaker 6: also important to remember that in Lindsey Graham's case, he
Speaker 6: tried to say that he should not have to go
Speaker 6: before the grand jury because of the speech and debate clause.
Speaker 6: That argument was rejected by the Supreme Court, although they
Speaker 6: did say there were certain things he could not be
Speaker 6: questioned about. So I think for Fawnie Willis, as she
Speaker 6: looked at in terms of who they were going to indict,
Speaker 6: indicting somebody like Graham would have raised constitutional questions and
Speaker 6: to Wendy's point previously, it could have expanded this, it
Speaker 6: could have thrown this thing into the federal courts. That's
Speaker 6: not something that they want to see happen. And so
Speaker 6: I think she felt like she could get what she
Speaker 6: wanted with the nineteen and it is fascinating. I am
Speaker 6: just looking through this now. It is a fascinating read.
Speaker 6: Although I don't suspect it will have much impact for
Speaker 6: many people on the ground, because not many people are
Speaker 6: going to sit down and read these twenty nine pages.
Speaker 2: I have to get to the other breaker today that
Speaker 2: we did talk to Wendy about before, and would love
Speaker 2: your take on Nancy Pelosi's political future here more. Apparently
Speaker 2: you will have the former speaker to kick around for
Speaker 2: a little bit longer. A lot of folks thought this
Speaker 2: was it. I have to admit I'm still I'm not
Speaker 2: really clear on the motivation as a former speaker to
Speaker 2: join the rank and file. And of course she's got
Speaker 2: the ear of Hakim Jeffries, but she's getting in line
Speaker 2: at the cafeteria now like everybody else. Why would she
Speaker 2: do this again? And what does it mean for the
Speaker 2: balance of power on Capitol Hill.
Speaker 10: Well, I kind of think it prevents the Democratic leadership
Speaker 10: from really setting themselves up to be the new leadership.
Speaker 10: You know, when she stepped down and handed things over
Speaker 10: to Heckem Jeffries, you know she's still there. She's a
Speaker 10: looming presence, and I don't know to your point, I
Speaker 10: don't know the motivation. I can tell you that Speaker,
Speaker 10: former Speaker John Bayner certainly be doing so and is
Speaker 10: pretty happy to not be on Capitol Hill at this
Speaker 10: moment and pretty happy to be retired. So I don't
Speaker 10: know what the motivation is for for Nancy Pelosi. She's
Speaker 10: has an impressive career and I think it you know,
Speaker 10: in some of these cases, again, like a Diane Feinstein,
Speaker 10: you kind of wonder, why wouldn't you just take, you know,
Speaker 10: a step back and enjoy, you know, your retirement, enjoy
Speaker 10: your eighties and be you know, be be present in
Speaker 10: your life and not be at the forefront or trying
Speaker 10: to be at the forefront of this political sphere. You know,
Speaker 10: hang your hat on a good career and and bow gracefully.
Speaker 2: Yeah, I think I'd be buying the house in Italy
Speaker 2: if I were Nancy Pelosi. Right in this case, Genie,
Speaker 2: what do you think what's the motivation for her to
Speaker 2: run again and to endure the criticism that comes with
Speaker 2: the job. There's there's something that's keeping her in Washington here,
Speaker 2: I think so.
Speaker 6: I think part of it has to do with the
Speaker 6: fact that California has seen the shift of power to
Speaker 6: go to the Northeastern states. As you look at it now,
Speaker 6: I think, for the first time in modern history, if
Speaker 6: not American history, the Democratic Party in Congress is controlled
Speaker 6: by New Yorkers. And of course, if Nancy Pelosi was
Speaker 6: to retire and not seek another term, this would be
Speaker 6: an enormous loss for her city. They've already seen the
Speaker 6: loss of Barbara Boxer rather, Dianne Feinstein is not going
Speaker 6: to run again, and of course if Nancy Pelosi was
Speaker 6: to leave, that's a lot of clout for San Francisco
Speaker 6: in California to lose, and at a particularly difficult time
Speaker 6: for her city. I also think there are questions about
Speaker 6: succession in her own see. And then of course she's
Speaker 6: been intimately and personally involved in what is happening with
Speaker 6: the seat of Dianne Feinstein. So I think for a
Speaker 6: lot of those reasons, not to mention, she's doing this
Speaker 6: with the work of the current Minority leader in the House,
Speaker 6: Hakeem Jeffries, because she is still a prolific fundraiser for
Speaker 6: the Democrats, and they are going to need all of
Speaker 6: that money she brings if they hope to take back
Speaker 6: the House. So I think for all of those reasons,
Speaker 6: she is going to stick it out another year. She
Speaker 6: is putting off the move to Italy, as you say,
Speaker 6: even though that had to be a really hard decision
Speaker 6: on her part.
Speaker 2: Oh God, sign me up. I don't know, Morrig Gillespie.
Speaker 2: I'm just I'm struck by the irony here that your
Speaker 2: former boss, the Republican Speaker John Bayner sales off into
Speaker 2: the sunset promoting cannabis, and Nancy Pelosi still wants to
Speaker 2: show up for work every day. What's going on around here?
Speaker 10: I again, I think that when Bayner, when the forestier left,
Speaker 10: you know, he was proud of what he had accomplished.
Speaker 10: He ticked boxes that he had hoped to tick, and
Speaker 10: it was time to hand the gabble over, you know.
Speaker 10: And I think that he set up Paul Ryan by
Speaker 10: cleaning the slate for him and doing the tough things
Speaker 10: that Republicans didn't want to get done and that needed
Speaker 10: to get done for the go to the country. And
Speaker 10: you know, I personally am very proud of him for that.
Speaker 10: And he deserves to have his retirement and this set
Speaker 10: back from the political inviting on Capitol Hill. He deserves
Speaker 10: to have that break from it, truthfully, And I think
Speaker 10: Nancy Posi does too. I just wish she would take it,
Speaker 10: I bet you do.
Speaker 2: What does this mean for Hakim Jeffries Genie? Is this
Speaker 2: a plus or a minus for someone who's trying to
Speaker 2: make his own name here as a leader. She's actually
Speaker 2: done a lot to help him so far in his
Speaker 2: career leadership.
Speaker 6: Yeah, they work very closely together. I think this is
Speaker 6: a help to Hakim Jeffries. Again, she is a very
Speaker 6: prolific fundraiser. She is the most powerful woman elected in
Speaker 6: American history, certainly the most powerful speaker we have seen
Speaker 6: in the modern era in the Congress, and so she
Speaker 6: has been helpful to him. If she wasn't being helpful,
Speaker 6: and you'd got to give her credit for stepping out
Speaker 6: of leadership and helping the person after her. If it
Speaker 6: wasn't that way, she wouldn't be staying in this. Nancy
Speaker 6: Pelosi knows this game better than anybody else, and so
Speaker 6: so for Hakeem Jeffries, this is a benefit at a
Speaker 6: very tough time, by the way, in his own state.
Speaker 6: And I know we're going to talk about that, but
Speaker 6: it is a tough time for Democrats in New York,
Speaker 6: and so he needs all the assistance he can get.
Speaker 2: Well, there's a lot to consider there as we go
Speaker 2: into an election year that will apparently include Nancy Pelosi.
Speaker 2: I can only assume that she will be a strong
Speaker 2: surrogate for Joe Biden. Jeanie, that's your expectation, Yeah, that is.
Speaker 6: She is going to be out there, she is going
Speaker 6: to be fundraising they have been working together and she
Speaker 6: is going to be helping them hopefully for what they
Speaker 6: want to do is take back the House. There is
Speaker 6: a possibility they can do that. It's going to be
Speaker 6: very tight, but she is going to be there and
Speaker 6: trying to help the Democrats do that. They can't afford
Speaker 6: any missteps in California, because in my home state of
Speaker 6: New York, they had some last midterm and it cost
Speaker 6: the Democrats the House. They can't afford that again.
Speaker 2: Well, we're going to talk next about your home state
Speaker 2: of New York as Genian Morris stay with us here.
Speaker 2: Eric Adams, the mayor of New York City, of course,
Speaker 2: says the migrant situation that is currently gripping New York
Speaker 2: City will destroy the city if it doesn't change.
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Speaker 1: flagship New York station, Just Say Alexa played Bloomberg eleven thirty.
Speaker 2: With an eye on New York City, where they have
Speaker 2: spent one and a half billion dollars so far one
Speaker 2: point five billion in the last fiscal year on housing
Speaker 2: and services for migrants now one hundred ten thousand strong
Speaker 2: on Manhattan Island. How much has the city received in
Speaker 2: federal funds in that time? I'm one hundred and forty
Speaker 2: million dollars. And that is why Mayor Eric Adams is
Speaker 2: starting to question, literally question the future of New York
Speaker 2: City's economy, the city as we know it, with scores
Speaker 2: of migrants, their friends and family joining them there, and
Speaker 2: they're of course being held not only in shelters, but
Speaker 2: in hotels in downtown Manhattan. Eric Adams says he's not
Speaker 2: getting what he needs from the federal government or from
Speaker 2: the state government for that matter, and let his feelings
Speaker 2: be known in a town hall that was set up
Speaker 2: on the Upper West Side this week.
Speaker 11: We get in no support on this national crisis, and
Speaker 11: we're receiving no support. Never in my life have I
Speaker 11: had a problem that I did not see an end
Speaker 11: in two I don't see an ending to this. I
Speaker 11: don't see an ending to this. This issue will destroy
Speaker 11: New York City.
Speaker 2: Let that settle for a moment will destroy New York City,
Speaker 2: says the Mayor of New York City. We reassembled our
Speaker 2: panel with Genie Shanzano, Democratic analyst, Bloomberg Politics contributor. We
Speaker 2: also have Mari Gillespie with us today. Republican strategists found
Speaker 2: were blue stack strategies. Jenny, you're a New Yorker and
Speaker 2: you know Eric Adams. I'm wondering your thoughts on this
Speaker 2: right now because he's upset with Democrats and Republicans. What
Speaker 2: does it mean when the mayor predicts the end of
Speaker 2: New York City.
Speaker 6: Well, he is reflecting the views of most New Yorkers.
Speaker 6: A Siena poll just recently, eight out of ten New
Speaker 6: Yorkers said this is a crisis that must be handled.
Speaker 6: And that is not just in New York City. That
Speaker 6: is in the suburbs surrounding New York City, where Democrats
Speaker 6: suffered enormous losses in the last midterm on the issue
Speaker 6: of crime. They now have one hundred and ten thousand
Speaker 6: migrants who have fled to the city. Come to the city.
Speaker 6: They were either shipped or they came on their own.
Speaker 6: Because the city has a right to sh shelter provision,
Speaker 6: and that is what the mayor is rightly responding to
Speaker 6: the city does not have the money, it does not
Speaker 6: have the services in place to support this influx. And
Speaker 6: so what are they trying to do. They're trying to
Speaker 6: get help from the state, They're trying to get help
Speaker 6: from the federal government, rightly so, and they are saying
Speaker 6: this is a crisis, and he is right about that.
Speaker 6: You know, the school year here just started. You've got,
Speaker 6: by some counts, twenty thousand plus young children enrolled in
Speaker 6: these schools, and the schools were not equipped for these
Speaker 6: just a few weeks, if not months ago. So it
Speaker 6: is a crisis. It's something that has to be addressed.
Speaker 6: And every Democrat I have talked to here agrees that that,
Speaker 6: including people like AOC and others. So he is not alone.
Speaker 6: But of course he has been screaming this out to
Speaker 6: the government and at the state and federal level with
Speaker 6: very limited response at this point. And he's going to
Speaker 6: keep making this case because he's right to make it.
Speaker 2: We spoke yesterday on Balance of Power here on Bloomberg
Speaker 2: with Nicole Malia Takis, congresswoman from New York, a Republican,
Speaker 2: who dropped the statistic I had not heard, suggesting only
Speaker 2: thirteen percent of the migrants currently in New York City
Speaker 2: were actually sent there bust there by the likes of
Speaker 2: Greg Abbott and Texas Ron de Santis whatever he's up
Speaker 2: to in Florida here, and if the rest have simply
Speaker 2: followed them, friends, family, others looking for relief in New
Speaker 2: York and Malia Takis had some pretty strong thoughts on this.
Speaker 2: Here's what she told us.
Speaker 12: Chuck Schumer won't pass our border security bill, which we
Speaker 12: passed the House in May, that would actually resolve a
Speaker 12: majority of the problem and actually give the Customs and
Speaker 12: Border Patrol Agency exact tools that they said they need
Speaker 12: to do their job, both from a training perspective, from
Speaker 12: a technology perspective, and from a policy perspective. Just allowing
Speaker 12: them to do their job. And our mayor has exacerbated
Speaker 12: the problem, is incentivized people to come to New York
Speaker 12: City by misinterpreting New York City's right to shelter law.
Speaker 2: So, Mara, if you agree with the congress woman, this
Speaker 2: is a confluence of problems on both the state level,
Speaker 2: the city level well and all three the federal level.
Speaker 8: Here.
Speaker 2: If you think that this is in fact stemming from
Speaker 2: the administration's border policies, how do you fix all of
Speaker 2: that or is this just that I told you so
Speaker 2: moment for Republicans.
Speaker 10: You know, immigration has long been a wedge issue for
Speaker 10: both parties to scream out from the rooftops but not
Speaker 10: actually do anything about, right. I mean, we obviously see
Speaker 10: this as a crisis, and one of the number one
Speaker 10: concerns for the American families catching table issues is the
Speaker 10: economy and safety and security, and this really hits at
Speaker 10: both of those things, right, because you just laid it
Speaker 10: out the number of you know, the money that has
Speaker 10: been spent to accommodate this influx, and I think that
Speaker 10: Republicans are going to hit that obviously, not only the
Speaker 10: money being spent, but the lack of security now only
Speaker 10: on our southern border, but our northern border. They've been
Speaker 10: harping on that as well. But at the end of
Speaker 10: the day, like we have a great amount of jobs openings,
Speaker 10: but we need high skilled workers, so there has to
Speaker 10: be some sort of you know, how do we safely
Speaker 10: resolve this issue but also still keep you know, the
Speaker 10: land of the free and the land of hope and
Speaker 10: opportunity and what you know, my grandfather came here, Both
Speaker 10: my grandfathers came here as immigrants immigrated to America to
Speaker 10: seek a better life for themselves and for our family,
Speaker 10: and so, I you know, we want to still be
Speaker 10: that beacon on the hill, a shining city on the hill,
Speaker 10: but we want to have security and safety. So how
Speaker 10: do we we reconcile those two things? And it's a
Speaker 10: question that legislators and the president and beyond need to
Speaker 10: really actually do something about and not just talk about
Speaker 10: to get a few votes.
Speaker 2: I don't know where this is going here, Genie. This
Speaker 2: is not going to be fixed overnight. Obviously. Is it appropriate, though,
Speaker 2: for Eric Adams to be invoking the destruction of New
Speaker 2: York City on the eve of nine to eleven.
Speaker 6: Yeah, I mean, it's such a good question, and it is,
Speaker 6: you know, so devastating to think about what happened in
Speaker 6: nine to eleven and the idea that he is using
Speaker 6: such charge language today. Their reality is is this is
Speaker 6: what people in New York City today and New York
Speaker 6: State and the surrounding areas are really feeling. And as mayor,
Speaker 6: he does have an obligation to make that case. I
Speaker 6: do hope and I suspect he will also be holding
Speaker 6: memorials of what happened on nine to eleven, so I
Speaker 6: think he can do both at the same time. And
Speaker 6: to your point, what's going to happen. What's going to
Speaker 6: happen is what has always happened in election cycles. Nothing
Speaker 6: unfortunately on the immigration crisis on both sides of the isle,
Speaker 6: and that's the unfortunate situation we are in. It won't
Speaker 6: get past this year, and that's a devastating reality for
Speaker 6: all of us.
Speaker 2: With the question still where else will they go? You
Speaker 2: remember Eric Adams suggested Riker's Island. That didn't go over
Speaker 2: very well. So we'll keep you posted on what happens here.
Speaker 2: It's reaching a boiling point.
Speaker 1: You're listening to The Bloomberg Sound on podcast. Catch the
Speaker 1: program live weekdays at one Eastern.
Speaker 9: On Bloomberg Radio, the tune in app, Bloomberg dot Com, and.
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Speaker 1: flagship New York station, Just say Alexa play Bloomberg eleven thirty.
Speaker 2: It's great to see you, Kaylee. Happy Friday. As we
Speaker 2: look abroad this weekend, President Biden is touchdown in India,
Speaker 2: left late yesterday and I guess he's looming large over
Speaker 2: this g twenty. There's no she, no Putin, and it's
Speaker 2: open season for the American president.
Speaker 5: Huh Yeah.
Speaker 13: Trying to shore up alliances, talk about support for Ukraine
Speaker 13: climate as well, a lot of issues going to be
Speaker 13: on the agenda, and he really got right to it.
Speaker 13: He met with Prime Ministern RNDA rodri Modi of India. Yeah,
Speaker 13: pretty much immediately upon arriving. Of course, the India relationship
Speaker 13: also is one that has proven to be very important
Speaker 13: for this administration.
Speaker 2: It's been pretty remarkable. As we bring in John Sidlities
Speaker 2: in our conversation, a principle at Trilogy Advisors and a
Speaker 2: consultant diplomacy consultant at the State Department. John, great to
Speaker 2: have you with us. You have to smile for the
Speaker 2: camera now and sound on. Thank you, Thanks for being
Speaker 2: great to be here. Absolutely if you want to join us,
Speaker 2: by the way, on our YouTube simulcast, we invite you.
Speaker 2: Get to YouTube and search Bloomberg Global News. Join us
Speaker 2: here in studio, be part of the family. If you're
Speaker 2: listening on the radio or satellite radio for that matter,
Speaker 2: we welcome you. As always. There's been a lot of
Speaker 2: questions about the goals for Joe Biden, at this gathering here.
Speaker 2: All the while, India is advertising on billboards that hey,
Speaker 2: not only are we back, but we're stronger than ever.
Speaker 2: We're hosting the G twenty. We are something to be
Speaker 2: reckoned with. There's a huge opportunity here without Vladimir Putin
Speaker 2: or President she in the room for Joe Biden to
Speaker 2: embrace mody to Kayley's point, and get some traction here.
Speaker 2: Can you do it this week?
Speaker 7: Well, he's certainly going to give it his best.
Speaker 14: There are probably four larger goals here, I would say
Speaker 14: for President Biden on this trip. One is clearly to
Speaker 14: enhance the US India relationship. This is not going to
Speaker 14: be an alliance, but it's going to be one of
Speaker 14: the most important strategic partnerships for the United States on
Speaker 14: the global stage. And he received Prime Minister Narentomodi quite
Speaker 14: well here at the White House not too long ago
Speaker 14: and is being reciprocated now. I think also President Biden
Speaker 14: has to make sure that he's able to rebuild American
Speaker 14: relations with the so called Global Souths, especially after the
Speaker 14: COVID lockdowns. Many of these countries feel that they were
Speaker 14: marginalized by the US and the West, and these are
Speaker 14: countries that are going to be very important in multilateral institutions,
Speaker 14: especially the United Nations in dealing with the US China
Speaker 14: competition and the Russia Ukraine War. Third, obviously, President Biden
Speaker 14: wants to counter China's growing influence with the global South
Speaker 14: and look to present the US and the West as
Speaker 14: the viable alternative for technology, for infrastructure, and for a
Speaker 14: clean network, all at of the Trump administration's policies that
Speaker 14: have pretty much been carried over into the Biden administration.
Speaker 14: And fourth and lastly here I would say to try
Speaker 14: to expand the pro Ukraine coalition. Most of these countries
Speaker 14: outside of Europe and say Japan and South Korea and
Speaker 14: Asia have largely sat out the Ukraine War. They see
Speaker 14: it basically as an intra European Intraslavic war. They're indifferent
Speaker 14: to what's happening in Ukraine for the most part because
Speaker 14: they depend on Russia for oil, coal, gas, food, fertilizer.
Speaker 7: And frankly weapons.
Speaker 14: And remember, Russia has military cooperation agreements with twenty countries
Speaker 14: in Africa alone, So these countries are not going to
Speaker 14: risk this very valuable relationship with Russia over Americas and
Speaker 14: Europe's stents in Ukraine, so tall larder. He's got a
Speaker 14: number of objectives and we'll see what you can pull
Speaker 14: off in the next forty eight hours.
Speaker 13: Just on the subject of Ukraine, I have to wonder,
Speaker 13: as Biden is trying to talk to other countries, try
Speaker 13: to show up shore up arms, ammunition, just support in
Speaker 13: general funding, if his credibility is hit by the conversation
Speaker 13: around Ukraine funding that's happening domestically in the government that
Speaker 13: he sits at the helm of he sits in the
Speaker 13: Oval Office, obviously is asking for more support for Ukraine,
Speaker 13: north of twenty billion dollars in a supplemental and yet
Speaker 13: down the road on Capitol Hill, there's no guarantee that
Speaker 13: they're actually going to give that to him. What does
Speaker 13: all that noise mean and how does it influence his
Speaker 13: messaging to other countries.
Speaker 14: It's a tough one because he has to be able to,
Speaker 14: as you say, project power and decisiveness. But at the
Speaker 14: same time, the United States operates as a democracy, and
Speaker 14: so we have checks and balances, and the Republicans control
Speaker 14: the House, and a large part of the Republican base
Speaker 14: is concerned about additional aid to Ukraine. On the scale
Speaker 14: of hope we've done over the past year and a half,
Speaker 14: and I think actually you start to see this as
Speaker 14: some of the more sort of pro left media that
Speaker 14: they're also beginning to wonder how long this level of
Speaker 14: eight can be sustained. But right now it is mostly
Speaker 14: the Republican members of the House. So this is the
Speaker 14: upside and the downside of democracy at play. But it
Speaker 14: looks like most of the Republican leadership, especially in the Senate,
Speaker 14: from Mitch McConnel on down, are in favor of supporting
Speaker 14: the President's next trancha of Ukraine aid. But it's just
Speaker 14: the nature of the business. Is There really not much
Speaker 14: you can do to get around it, except to say
Speaker 14: that he's doing his best and if he prevails, it'll
Speaker 14: be a sign of strength in favor of the president.
Speaker 2: Part of our approach to Ukraine is of course starving Russia.
Speaker 2: So what extent can Joe Biden turn Mody away from
Speaker 2: Putin in the conversations that they'll have this weekend.
Speaker 14: My own sense, it's going to be extremely difficult. First
Speaker 14: of all, we not only are failing to starve Russia,
Speaker 14: but Russia's GDP will grow in twenty twenty three. They
Speaker 14: have figured out a way and they've dealt with other countries,
Speaker 14: rogue countries like Iran and Venezuela, how to circumvent American sanctions,
Speaker 14: financial sanctions, energy sanctions and the light. But I think
Speaker 14: also what you see happening right now is that a
Speaker 14: country like India has had long standing, decades long relations
Speaker 14: with the former Soviet Union now Russia again on energy, hydrocarbons.
Speaker 14: It's actually ramped up its oil and coal purchases more
Speaker 14: than almost any of the country in the world since
Speaker 14: the war began. Also long standing weapons relations. The Russians
Speaker 14: are exceptional arms merchants and the Indians have been one
Speaker 14: of their best clients. And I think also for India,
Speaker 14: it's important that they be seen and they want to
Speaker 14: be an independent party. They don't want to be a
Speaker 14: junior partner of the United States. They have to balance
Speaker 14: their relations with Russia with China, even though they have
Speaker 14: these very difficult tensions, border clashes, and India is very
Speaker 14: much concerned about the Chinese Navy's ability to project power
Speaker 14: in the Indian Ocean in the years to come. But
Speaker 14: they also do not see themselves as a junior partner
Speaker 14: the US, as would be say Japan or Germany. They
Speaker 14: want to assert their rise to regional powers status in
Speaker 14: the years ahead, so they're going to balance all of
Speaker 14: these interests and trade relationships very carefully.
Speaker 13: Just to your point on the Russian economy, within the
Speaker 13: last hour, we got their macroeconomic forecast from Russia. What
Speaker 13: they policymakers in the country think GDP is going to do.
Speaker 13: They think it's going to grow for the next three years,
Speaker 13: despite the sanctions, despite the war. So certainly interesting. I
Speaker 13: want to return to the point you were making earlier
Speaker 13: about the global South and how this is going to
Speaker 13: be a big effort on the part of the Biden
Speaker 13: administration at this summit, and a lot of this is
Speaker 13: related to financing, right, reforming the World Bank, the International
Speaker 13: Monetary Fund, providing sources of funding to these emerging economies
Speaker 13: that aren't belted road right, This is what that's about.
Speaker 13: How hard is that to accomplish?
Speaker 7: Well, First of all, this is long overdue.
Speaker 14: I mean, we're playing catch up with the People's Republic
Speaker 14: of China that has issued a better trillion dollars worth
Speaker 14: of loans and different forms of credit assistance to about
Speaker 14: one hundred and thirty countries for infrastructure projects worldwide. So
Speaker 14: we're talking now about I think two hundred billion dollars.
Speaker 14: Is that the figure that's being talked about in term
Speaker 14: of World Bank and IMF available additional funds. But it's
Speaker 14: also a matter of the kind of process that's used
Speaker 14: to help these countries develop. We actually have, we believe,
Speaker 14: higher quality infrastructure and telecommunications products and services in the
Speaker 14: West than what comes out of China. They tend to
Speaker 14: export their labor, they tend to extract natural resources. It's
Speaker 14: not really a beneficial arrangement for many of these countries.
Speaker 14: Besides many of these white elephants that are built. And
Speaker 14: so I think one of the difficult messages for President
Speaker 14: Biden to be able to sell to these countries is
Speaker 14: that you have higher quality, even if it's a little
Speaker 14: bit more expensive, higher quality, and it's less corruptive a process,
Speaker 14: so that you don't have the kind of corruption that
Speaker 14: China has fostered through the Belop Road initiative, because the
Speaker 14: Chinese money comes with no conditions, no pesky lectures about
Speaker 14: human rights or environmental or labor standards or anything along
Speaker 14: those lines. And it's not just the president, I think
Speaker 14: also our European and G seven partners have to promote
Speaker 14: this idea that long term trade and security in economic
Speaker 14: development will advance far more healthily in relations with the
Speaker 14: West than with the country like China, which is more
Speaker 14: of an extractive country than a cooperative country.
Speaker 2: I'm spending time with Johnson ladies from Trilogy Advisors. I'm
Speaker 2: not trying to provoke you here, but I will. If
Speaker 2: President She President Putin are not at the G twenty,
Speaker 2: what is the point exactly of the G twenty? Why
Speaker 2: not just have a NATO meeting?
Speaker 7: Well, because many of the countries that are there have
Speaker 7: nothing to.
Speaker 8: Tell me that.
Speaker 2: But if they're not moving a needle on these relationships,
Speaker 2: Joe Biden's going over to shore up support for Ukraine,
Speaker 2: isn't he That's really the primary goal here, which is
Speaker 2: something that he's done in any number of NATO meetings.
Speaker 2: But if the G twenty is not fully represented, does
Speaker 2: that weaken the body?
Speaker 7: It depends on what the outcome is here.
Speaker 14: And I think there's a lot of diplomatic energy that's
Speaker 14: being expended and trying to forge a joined communicay, especially
Speaker 14: on Ukraine, and they're finding great difficulty there because China
Speaker 14: will likely back Russia are most of the language debates,
Speaker 14: but there is still very much of an important global
Speaker 14: platform that's being played out here. And this really is,
Speaker 14: if not a merger, at least coming together of the
Speaker 14: advanced industrialized countries of the West and the global South
Speaker 14: is becoming more and more prominent as a player on
Speaker 14: the world stage.
Speaker 2: So this is more important than it was, not less.
Speaker 14: I would say, in many ways, the G twenty process
Speaker 14: is more important today than ever. These countries are where
Speaker 14: most of the population growth will take place, most of
Speaker 14: the energy demands will take place in the years to come,
Speaker 14: and where there's going to be tremendous economic development. I mean,
Speaker 14: there are emerging markets that are already at four or
Speaker 14: five six percent growth rates for the next half decade
Speaker 14: or so, far greater than anything in Europe to speak of.
Speaker 14: So I think we need to engage these countries well.
Speaker 14: We need to make sure that they do not become
Speaker 14: partners of China in ways that are inimical for their
Speaker 14: own development and for global diplomacy. And so I think
Speaker 14: it's very important that President Biden is there as many
Speaker 14: countries from the advanced industrial North or West are there,
Speaker 14: as well, and to look to see how they can
Speaker 14: come together are many of these issues, and to see
Speaker 14: where someone like Prime Minister Modi is able to serve
Speaker 14: or to position India as an effective bridge between the
Speaker 14: West and the South, which is where he's looking to
Speaker 14: position India again, to keep it independent, not be an
Speaker 14: alliance partner of the United States, but also not necessarily
Speaker 14: harm relations with China or Russia in any ways that
Speaker 14: are animmical to India's own tremendous growth potential. So a
Speaker 14: very very complex array of interest and objectives at play here.
Speaker 13: Well, and one of them is on climate. I mean,
Speaker 13: we talk about India and China, these are huge global emitters,
Speaker 13: and you were talking about the difficulty of finding agreement
Speaker 13: on the language and the Communica. Our understanding based on
Speaker 13: a reporting here at Bloomberg, is also that China has
Speaker 13: taken issue with some of the climate measures involved in that.
Speaker 13: I imagine this is going to feature pretty heavily at the
Speaker 13: summit as well. How hard is that climate issue for
Speaker 13: these countries to navigate, given that outsized roles are played
Speaker 13: by India and China, I.
Speaker 14: Think they are going to be far more difficult than
Speaker 14: we would like to see first of all, China I
Speaker 14: think talks a good talk, but doesn't really put up
Speaker 14: when it comes to climate I mean, right now, they
Speaker 14: were able to finagle for themselves a carbon emitting role
Speaker 14: where they're not going to peak until twenty thirty. And
Speaker 14: then we'll see to what extent they actually do begin
Speaker 14: to change their regulatory framework to bring carbon emissions down.
Speaker 14: But they're still a developing country into the World Trade Organization,
Speaker 14: and they claim this as a privilege to be able
Speaker 14: to grow their economy as they need to. And they're
Speaker 14: still putting out coal plants about an average of one
Speaker 14: a week, even as they continue to advance on electric
Speaker 14: vehicles and wind and solar power. And India also will
Speaker 14: likely become or remain very hydrocarbon dependent for as long
Speaker 14: as they feel it takes to get their economy to
Speaker 14: where it needs to be. New with the number of
Speaker 14: other countries around the world where they feel that their
Speaker 14: societies are being affected by climate change, there'll be a
Speaker 14: negotiation here. But how much capital is they're really available?
Speaker 14: In the United States, We're soon going to have trillion
Speaker 14: dollar debt pay every year, trillion dollars, So how much
Speaker 14: are American taxpayer is willing to transfer over to South
Speaker 14: America and Africa and South Asia for so called climate
Speaker 14: resolution policies that are completely untested. So I think it's
Speaker 14: going to be a very very difficult, tangible process. There's
Speaker 14: going to be a lot of great rhetoric here and
Speaker 14: a lot of shared goals. But again, I think India
Speaker 14: will play a very important role here because they need
Speaker 14: to be able to develop their economy as cleanly as
Speaker 14: possible given where they're starting from at this point, and
Speaker 14: if they can promote climate policies is part of a
Speaker 14: multilateral solution process, they'll have achieved a major victory here.
Speaker 2: Now we have less than a minute. It's interesting when
Speaker 2: you consider our trade relationship with China, the second largest
Speaker 2: economy in the world, as we're reminded, not our top
Speaker 2: trading partner. However, we do more business with Canada and Mexico.
Speaker 2: You look five years down the road, where will China
Speaker 2: be on the food chain there? In terms of trading partners.
Speaker 8: With the US.
Speaker 7: First of all, it depends I think that.
Speaker 2: Are lower than where it is now.
Speaker 14: I don't know I can forecast, and I'm not sure
Speaker 14: anyone safely can. I mean, there's already a lot of
Speaker 14: sort of long term gloomy prospecting about China's economy. I
Speaker 14: don't know how much of this is short term and
Speaker 14: how much of this is long term. We'll have to
Speaker 14: see what happens there figure this out right now. But
Speaker 14: the bottom line is I think the US, you know,
Speaker 14: most Americans undervalue the relationship that we have with Canada
Speaker 14: and Mexico. There are peaceful neighbors. They need to be
Speaker 14: as prosperous as possible. We need to ramp up those
Speaker 14: economic trade ties.
Speaker 2: I think that's the point that we take out of
Speaker 2: this conversation. John, thank you so much. He is a
Speaker 2: diplomacy consultant for the State Department, and he's all ours
Speaker 2: today on Sound On a conversation you won't hear anywhere
Speaker 2: else with John Siddalities alongside Kaylee Lines. I'm Joe Matthew
Speaker 2: in Washington. Thanks for being with us. Thanks for listening
Speaker 2: to the Sound on podcast. Make sure to subscribe if
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