WEBVTT - Remembering Joe Lieberman; Baltimore Bridge Latest

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Amy

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<v Speaker 1>Morris and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today.

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<v Speaker 2>Karen, we begin looking at the life and legacy of

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<v Speaker 2>Joe Lieberman. The former senator and vice presidential candidate, has

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<v Speaker 2>passed away at the age of eighty two. His family

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<v Speaker 2>says he died from complications after a fall. There has

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<v Speaker 2>been an outpouring of praise from those he worked with

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<v Speaker 2>in politics, from both sides of the political aisle, a

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<v Speaker 2>rarity in politics. Republican Lindsay Graham honored him with a

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<v Speaker 2>lengthy post on X, calling him his dear friend with

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<v Speaker 2>whom he had traveled the world. Former Speaker Nancy Pelosi

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<v Speaker 2>said Joe Lieberman helped pave the way for Jewish Americans

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<v Speaker 2>in public service, and Republican Senator Susan Collins of Maine

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<v Speaker 2>just yesterday afternoon at a middle school event, was asked

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<v Speaker 2>who her favorite person was to work with.

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<v Speaker 3>I have been fortunate to work with an a lot

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<v Speaker 3>of people that I really liked, but if I had

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<v Speaker 3>to pick one person, it would be former Senator Joe Lieberman.

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<v Speaker 2>In Lieberman's home state, Connecticut, Senator Richard Blumenthal said Lieberman

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<v Speaker 2>was a courageous leader who worked to bridge gaps and

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<v Speaker 2>unite people. Al Gore also issued a lengthy statement calling

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<v Speaker 2>Liberman a man of deep integrity who dedicated his life

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<v Speaker 2>to his country Milami.

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<v Speaker 1>In two thousand, Liberman made history as the first Jewish

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<v Speaker 1>American nominated on a major party ticket when al Gore

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<v Speaker 1>chose him to be his running made.

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<v Speaker 4>There are some people who might actually call Al's selection

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<v Speaker 4>of me an act of Kutzbach.

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<v Speaker 1>Umberman saw himself as a centrist Democrat, supporting abortion rights,

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<v Speaker 1>environmental protections, gun control, and gay rights. But he was

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<v Speaker 1>also a foreign policy hawk, with full throateded support at

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<v Speaker 1>the two thousand and three invasion of a Rock, which

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<v Speaker 1>made him less popular with Democratic voters.

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<v Speaker 4>There is no more faithful, important, or difficult responsibility that

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<v Speaker 4>the Constitution gives members of Congress than to decide when

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<v Speaker 4>whether and how to authorize the President and his commander

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<v Speaker 4>in chief to go to war.

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<v Speaker 1>Five years later, Lieberman came close to joining the GOP

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<v Speaker 1>ticket as John McCain's running mate. He eventually left the

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<v Speaker 1>Democratic Party and finished his career as an independent.

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<v Speaker 2>Joe Lieberman was also the founding member of the third

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<v Speaker 2>party group No Labels, and he was a guest on

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<v Speaker 2>Bloomberg's Balance of Power one week ago today explaining how

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<v Speaker 2>Americans are in favor of a third party, this whole.

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<v Speaker 5>Movement and No Labels to run a third choice Bipartisian unity.

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<v Speaker 5>Tickets started because our members saw another Trump Biden race

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<v Speaker 5>coming and thought the country could do better.

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<v Speaker 2>Former Senator Joe Lieberman.

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<v Speaker 1>We want to turn now though, to the latest on

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<v Speaker 1>the deadly Baltimore A bridge collapse. The Coastguard says the

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<v Speaker 1>salvage firm resolved Marine is heading to Baltimore begin recovery efforts.

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<v Speaker 1>It's mobilizing to refloat and remove the ship that hit

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<v Speaker 1>the bridge, and it comes as surch and recovery efforts continue,

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<v Speaker 1>with officials saying six are presumed dead. Maryland State Plice

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<v Speaker 1>Superintendent Colonel Roland Butler Junior says divers found two of

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<v Speaker 1>the victims who lost their lives.

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<v Speaker 6>Divers located red pickup truck submerged in approximately twenty five

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<v Speaker 6>feet of water in the area of the middle span

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<v Speaker 6>of the bridge. Divers recovered two victims of this tragedy

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<v Speaker 6>trap within the vehicle.

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<v Speaker 1>Maryland State Elie Superintendent Colonel Roland Butler Juniors says operations

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<v Speaker 1>change to a search and recovery effort, with records becoming

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<v Speaker 1>too dangerous for divers to operate.

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<v Speaker 2>Transportation Secretary Pete boodhage Edge says funding the reconstruction of

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<v Speaker 2>the Francis Scott Key Bridge in Baltimore is not a

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<v Speaker 2>political issue. He says the project should not be delayed.

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<v Speaker 7>This isn't going to happen overnight.

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<v Speaker 8>The original bridge took about five years to put up,

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<v Speaker 8>and this isn't going to be cheap either. But we

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<v Speaker 8>do have emergency relief funds to help in these situations.

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<v Speaker 8>We really cannot yet say what the total price tag

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<v Speaker 8>will be.

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<v Speaker 2>Transportation Secretary Pete budaj Edge made those comments in an

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<v Speaker 2>interview with Bloomberg's Joe Matthew in Washington.

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<v Speaker 1>Melami another major story we're following this morning. New York

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<v Speaker 1>is on track to become the first US city with

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<v Speaker 1>congestion tolls on drivers. Members of the Metropolitan Transportation Authority

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<v Speaker 1>Board have voted to greenlight the congestion pricing plan, expected

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<v Speaker 1>to go into effect in June. And here's MTA Chairman

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<v Speaker 1>General liber New.

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<v Speaker 4>York has the more traffic than any place in the

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<v Speaker 4>United States, and now we're doing something about it.

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<v Speaker 1>MTA Chairman General liber says the plan will charge most

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<v Speaker 1>cars fifteen dollars for entering the borough south of sixtieth

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<v Speaker 1>Street during peak times. It still faces lawsuits from small

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<v Speaker 1>business owners and the state of New Jersey.

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<v Speaker 2>The US government had its credit score affirmed by S

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<v Speaker 2>and P Global Ratings at double A plus. It is

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<v Speaker 2>the credit assessor's second highest ranking, even as the country

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<v Speaker 2>continues to face fiscal challenges.

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<v Speaker 1>Well, we turned to the markets now, Amy wall Street

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<v Speaker 1>enters the final day of the first quarter in record territory.

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<v Speaker 1>The S and P five hundred closed at an all

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<v Speaker 1>time high yesterday. The indexes up ten percent so far

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<v Speaker 1>this year and about twenty five percent since late October.

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<v Speaker 2>And Karen that rally has been fueled in large part

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<v Speaker 2>by artificial intelligence mania and the optimism the Fed will

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<v Speaker 2>be cutting rates. One prominent FED official this morning is

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<v Speaker 2>pushing back on that rates narrative. Reserve Governor Christopher Waller

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<v Speaker 2>says there's no rush to move on monetary policy.

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<v Speaker 8>In my view, it is appropriate to reduce the overall

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<v Speaker 8>number of rate cuts or push them further into the

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<v Speaker 8>future into response to the recent data.

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<v Speaker 2>Federal Reserve Governor Christopher used the term no rush four

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<v Speaker 2>times in his remarks to the Economic Club of New York.

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<v Speaker 1>Well Amy, the Fed and investors will get a slew

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<v Speaker 1>of data today ahead of the holiday shortened training week,

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<v Speaker 1>and we get a preview from Bloomberg's Michael McKee.

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<v Speaker 9>Initial jobless claims have been running around two hundred and

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<v Speaker 9>ten thousand or so per week, suggesting companies are not

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<v Speaker 9>getting rid of workers, a good sign for employment. The

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<v Speaker 9>University of Michigan Sentiment Index, meanwhile, has seen a bit

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<v Speaker 9>of a decline in consumer attitudes. It doesn't necessarily mean

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<v Speaker 9>we stop spending, but another decline would be something to watch.

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<v Speaker 9>More important is the survey's view of inflation, both in

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<v Speaker 9>the next year and over the next five years. Consumers

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<v Speaker 9>haven't seen inflation rising in recent months. That's a good

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<v Speaker 9>sign for the Fed and the economic outlook. Michael McKee, Bloomberg.

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<v Speaker 1>Radio Ry Mike, Thanks, and the most important data of

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<v Speaker 1>the week comes tomorrow when the market's closed. It's the

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<v Speaker 1>Fed's preferred gauge of inflation, the PCE deflator. Time now

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<v Speaker 1>for a look at some of the other stories making

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<v Speaker 1>news in New York and around the world. For that,

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<v Speaker 1>we're joined by Bloomberg's Michael Barr Michael, good Morning, Good

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<v Speaker 1>Morning Karen.

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<v Speaker 10>President Biden will be joined by two former presidents in

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<v Speaker 10>New York today for a big campaign fundraiser. The President

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<v Speaker 10>will share a stage with former President Obama and former

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<v Speaker 10>President Clinton. White House Press Secretary Karine Jean Pierre says,

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<v Speaker 10>this is a one of a kind gathering.

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<v Speaker 1>These are presidents to former president the current president that

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<v Speaker 1>believe in what we're trying to do in the Bien

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<v Speaker 1>Harris administration, trying to move this country forward.

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<v Speaker 10>The event will be at Radio City Music Hall. Awake

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<v Speaker 10>will be held today for fall in New York City

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<v Speaker 10>police officer Jonathan Diller. Last night, vigils were held in

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<v Speaker 10>Queen's and on Long Island for Diller, who was shot

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<v Speaker 10>and killed during a traffic stop in Queen's on Monday.

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<v Speaker 10>Family and friends of Diller, who was thirty one years old,

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<v Speaker 10>gathered at Brady Park in Massapequa Park, where he lived.

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<v Speaker 10>Diller's brother in law, Joseph.

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<v Speaker 7>Leinout family was number one in his life.

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<v Speaker 8>His sister, his brother, his mother, his wife, and his

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<v Speaker 8>son Ryan.

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<v Speaker 7>He taught me how to be a better person.

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<v Speaker 10>Courtesy of ABC seven. Funeral services for Dillar are on Saturday. Meanwhile,

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<v Speaker 10>the first of two suspects in Dillar's death has been

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<v Speaker 10>charged and held without bail. Police say Lindy Jones, who

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<v Speaker 10>is forty one, was behind the wheel at the time

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<v Speaker 10>at the deadly shooting. Authority saved the suspected shooter. Thirty

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<v Speaker 10>four year old Guy Rivera remains in the hospital after

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<v Speaker 10>he was shot by Diller's partner. Both Rivera and Jones

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<v Speaker 10>have lengthy criminal records. A California judge says John Eastman

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<v Speaker 10>should be disbarred for knowingly making bogus, unfounded arguments that

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<v Speaker 10>alleged election irregularities cost Donald Trump the White House, undermining

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<v Speaker 10>the constitution and faith in the electoral process. California State

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<v Speaker 10>Bar Court Judge Evett Roland rejected Eastman's contentions that he

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<v Speaker 10>was acting in good faith in advising a client and

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<v Speaker 10>was exercising his First Amendment rights in the comments he

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<v Speaker 10>made at the January sixth, twenty twenty one rally at

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<v Speaker 10>the National Mall just before the sold upon the US

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<v Speaker 10>Capitol this morning in Manhattan. Sam Bankman Freed will be

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<v Speaker 10>sentenced for what's been called one of the biggest financial

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<v Speaker 10>frauds in US history. Global news twenty four hours a

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<v Speaker 10>day and whenever you want it with Bloomberg News Now.

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<v Speaker 10>Michael barrb this is Bloomberg Hern.

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<v Speaker 1>All right, Michael Barr, thank you. It's time now for

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<v Speaker 1>the Bloomberg Sports Update, brought to you by Tri State Audie,

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<v Speaker 1>and here's John Stenshower.

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<v Speaker 7>John, Thanks Karin.

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<v Speaker 11>It's Opening day. All thirty teams were scheduled to play.

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<v Speaker 11>The Mets game at City Field with Milwaukee was to

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<v Speaker 11>be the first game of the day, but the decision

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<v Speaker 11>made yesterday to rein it out. It's why they make

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<v Speaker 11>Friday an off days. So the met opener first game

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<v Speaker 11>for new manager Carlos Mendozo will be tomorrow. Yankees will

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<v Speaker 11>play four o'clock in Houston. With the Garrett Cole injury,

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<v Speaker 11>it's Nestor Cortes on the map. DJ LeMay, who also

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<v Speaker 11>starting the season on the injured list of the Yanks

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<v Speaker 11>just acquired and infielder johns Bertie from Miami Shoeotani's first

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<v Speaker 11>Dodger home game. His deal is for seven hundred million dollars.

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<v Speaker 11>The Dodgers made deals with four others, the total seven

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<v Speaker 11>hundred million more. They just extended catcher Will Smith for

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<v Speaker 11>ten more seasons. NCAA tournament back tonight with double headers

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<v Speaker 11>in Boston and La. Yukon takes on San Diego State.

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<v Speaker 11>That's the team they beat in last year's championship game.

0:10:15.040 --> 0:10:18.200
<v Speaker 11>Iowa State meets Illinois. That's a game between the winners

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<v Speaker 11>of the recent Big Twelve and Big Ten tourneys. Arizona

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<v Speaker 11>takes on Clemson. North Carolina meets Alabama. Seaton Hall got

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<v Speaker 11>snubbed by the NCUBA, settle for the NIT and now

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<v Speaker 11>headed to Indianapolis for next week's Final four. The Pirates

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<v Speaker 11>blew out UNLV by twenty three, also a blowout in Toronto.

0:10:35.280 --> 0:10:37.880
<v Speaker 11>Knicks put up forty five points in the first quarter

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<v Speaker 11>eighty in the first half. They beat the Raptors, who've

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<v Speaker 11>lost twelve in a row, one forty five to one

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<v Speaker 11>oh one. Nick shot fifty nine percent. They made half

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<v Speaker 11>their three pointers next one in overtime. In Washington. John

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<v Speaker 11>Stshower Bloomberg.

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<v Speaker 12>Sports Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 12>and around the world on Bloomberg dot Com and the

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<v Speaker 12>Bloomberg Business. This is Bloomberg Daybreak.

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<v Speaker 2>And we continue our coverage off the Baltimore Bridge collapse,

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<v Speaker 2>our conversation with Transportation Secretary Pete Boodhage Edge. He joined

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<v Speaker 2>Bloomberg's Joe Matthew to talk about the timetable for rebuilding

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<v Speaker 2>the bridge, engaging lawmakers on the emergency funding request, and

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<v Speaker 2>freeing those ships still trapped in the Baltimore Port. Let's

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<v Speaker 2>go here part of that discussion.

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<v Speaker 8>Unfortunately, recovery is not easy. There is poor visibility, there

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<v Speaker 8>are tides in and out. But I'll tell you, having

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<v Speaker 8>met some of the divers yesterday as they came out

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<v Speaker 8>of the water for what was at that time still

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<v Speaker 8>a search and rescue mission, the best people are working

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<v Speaker 8>on this. I talked to the fire chief. His only

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<v Speaker 8>concern was that his people weren't necessarily inclined to pace themselves.

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<v Speaker 8>They came off a shift or out of the water,

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<v Speaker 8>and we're already thinking about going back in. People are

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<v Speaker 8>moving heaven and earth on that. And in the meantime,

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<v Speaker 8>what we know is that there are six families that

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<v Speaker 8>everything was normal for them two days ago, and now

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<v Speaker 8>their lives are never going to be the same seventh

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<v Speaker 8>who was very seriously injured and were waiting for word

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<v Speaker 8>on their condition as well.

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<v Speaker 13>You have now received an emergency funding request, Secretary from

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<v Speaker 13>authorities in Maryland. How much is the state asking for

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<v Speaker 13>and how quickly will the administration act on that.

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<v Speaker 8>We're going to process this request immediately. We've got to

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<v Speaker 8>make sure that funding is not a source of delay

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<v Speaker 8>in getting to work. And our Federal Highways Administration team

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<v Speaker 8>already sitting down with the Maryland dot to talk design, procurement,

0:12:30.640 --> 0:12:33.240
<v Speaker 8>and what it's going to take to scope and launch

0:12:33.320 --> 0:12:35.680
<v Speaker 8>that project of getting a new bridge built. This isn't

0:12:35.679 --> 0:12:37.960
<v Speaker 8>going to happen overnight. The original bridge took about five

0:12:38.040 --> 0:12:40.760
<v Speaker 8>years to put up, and this isn't going to be

0:12:40.840 --> 0:12:43.640
<v Speaker 8>cheap either. But we do have emergency relief funds to

0:12:43.760 --> 0:12:47.800
<v Speaker 8>help in these kinds of situations. We really cannot yet

0:12:47.840 --> 0:12:51.000
<v Speaker 8>say what the total price tag will be. One thing

0:12:51.040 --> 0:12:52.800
<v Speaker 8>I would point to is in two thousand and seven

0:12:52.840 --> 0:12:55.920
<v Speaker 8>that Minnesota bridge collapse. It was a different situation, but

0:12:55.960 --> 0:12:58.120
<v Speaker 8>it was another time when the federal government came in

0:12:58.400 --> 0:13:01.480
<v Speaker 8>to help Minnesota rebuild that costs about two hundred and

0:13:01.480 --> 0:13:05.640
<v Speaker 8>sixty million dollars. This is a larger span of a bridge,

0:13:05.960 --> 0:13:07.760
<v Speaker 8>likely in many ways more complex project.

0:13:07.880 --> 0:13:10.360
<v Speaker 13>This may not go easily on Capitol Hill. Have you

0:13:10.400 --> 0:13:13.880
<v Speaker 13>begun engaging lawmakers already on what will be your emergency

0:13:13.880 --> 0:13:14.640
<v Speaker 13>funding request.

0:13:15.120 --> 0:13:15.360
<v Speaker 7>Yes.

0:13:15.400 --> 0:13:18.960
<v Speaker 8>We had a conversation yesterday with members of the Maryland delegation,

0:13:19.440 --> 0:13:25.200
<v Speaker 8>Senators Cardon and Van holland several House members, including the

0:13:25.240 --> 0:13:29.840
<v Speaker 8>representators who look after the area most directly impacted. I

0:13:29.880 --> 0:13:32.000
<v Speaker 8>know they're going to leave nothing to chance in terms

0:13:32.000 --> 0:13:35.560
<v Speaker 8>of making sure the resources are there. Look, I know

0:13:35.600 --> 0:13:38.280
<v Speaker 8>that politics are divisive right now, but this can't be

0:13:38.320 --> 0:13:39.120
<v Speaker 8>a political issue.

0:13:39.120 --> 0:13:40.560
<v Speaker 7>This can be a part of an issue.

0:13:40.880 --> 0:13:43.520
<v Speaker 8>And to anybody who's on the fence on that, when

0:13:43.559 --> 0:13:45.680
<v Speaker 8>the time comes, I would just say, you know, this

0:13:45.760 --> 0:13:48.280
<v Speaker 8>is happening in Baltimore today, it could be your district next,

0:13:48.320 --> 0:13:50.680
<v Speaker 8>and we always do best when we pulled together and

0:13:50.720 --> 0:13:52.720
<v Speaker 8>support any one part of our country that's hurting.

0:13:53.080 --> 0:13:54.960
<v Speaker 13>You said earlier in the White House briefing, the most

0:13:54.960 --> 0:13:57.840
<v Speaker 13>immediate jobs are channel cleanup and reopening. Part of that,

0:13:57.880 --> 0:13:59.680
<v Speaker 13>of course, is going to be moving the Dolly itself,

0:13:59.679 --> 0:14:01.760
<v Speaker 13>which I know is a very delicate matter. Do you

0:14:01.800 --> 0:14:03.440
<v Speaker 13>have any sense though, of how long it will take

0:14:03.760 --> 0:14:06.560
<v Speaker 13>to free the forty sum ships we understand are trapped

0:14:06.720 --> 0:14:07.240
<v Speaker 13>in the port.

0:14:07.679 --> 0:14:09.559
<v Speaker 8>I think it will take a while. And those are

0:14:10.160 --> 0:14:13.280
<v Speaker 8>ships that were obviously concerned about. They even include vessels

0:14:13.280 --> 0:14:17.120
<v Speaker 8>that are overseen by the Department of Transportation, though those

0:14:17.160 --> 0:14:20.440
<v Speaker 8>ships are not currently actively tasked. There are vessels that

0:14:20.520 --> 0:14:22.880
<v Speaker 8>had cargo loads on them. They are being offloaded. And

0:14:22.960 --> 0:14:25.080
<v Speaker 8>also cruise ships that were planning to head to Baltimore

0:14:25.080 --> 0:14:28.280
<v Speaker 8>are no longer obviously going to be able to birth

0:14:28.280 --> 0:14:31.560
<v Speaker 8>where they had planned to. We just don't know yet

0:14:31.640 --> 0:14:33.640
<v Speaker 8>how long it's going to take to clear that channel.

0:14:34.040 --> 0:14:35.920
<v Speaker 8>We do know that there are other ports that are

0:14:35.960 --> 0:14:38.480
<v Speaker 8>preparing to absorb some of the traffic that's been diverted.

0:14:38.640 --> 0:14:40.360
<v Speaker 13>You talk to the about the Freight office that you

0:14:40.440 --> 0:14:43.720
<v Speaker 13>created during the pandemic and the supply chain crisis that

0:14:43.760 --> 0:14:45.720
<v Speaker 13>I know the administration has spent a lot of time

0:14:45.760 --> 0:14:48.920
<v Speaker 13>on that office has been busy working with supply chain

0:14:49.040 --> 0:14:55.080
<v Speaker 13>stakeholders in this case to reappropriate I presume routes and destinations.

0:14:55.160 --> 0:14:57.520
<v Speaker 13>Do you have a plan now for cars for coal

0:14:57.920 --> 0:14:59.960
<v Speaker 13>to land in other ports on the East Coast.

0:15:00.240 --> 0:15:00.440
<v Speaker 7>Yeah.

0:15:00.440 --> 0:15:02.480
<v Speaker 8>What we're seeing right now is other ports are preparing

0:15:02.520 --> 0:15:05.400
<v Speaker 8>to absorb some of those shipments. It really depends though,

0:15:05.480 --> 0:15:08.920
<v Speaker 8>on the type of shipment containers obviously pretty standardized. A

0:15:08.960 --> 0:15:11.680
<v Speaker 8>lot of places are equipped to handle shipping containers, but

0:15:12.080 --> 0:15:14.320
<v Speaker 8>this is also a significant port for sugar. There are

0:15:14.320 --> 0:15:17.160
<v Speaker 8>only so many places that can handle that particular type

0:15:17.160 --> 0:15:20.160
<v Speaker 8>of shipment. There are other specific types of shipments that

0:15:20.200 --> 0:15:23.080
<v Speaker 8>we're tracking to. That's exactly why we're so glad that

0:15:23.120 --> 0:15:25.360
<v Speaker 8>this freight office is up and running. This was created

0:15:25.400 --> 0:15:28.400
<v Speaker 8>by the President's by PARS and Infrastructure package. We stood

0:15:28.400 --> 0:15:31.840
<v Speaker 8>it up in accordance with that legislation, and it is

0:15:31.880 --> 0:15:34.760
<v Speaker 8>coming in handy. It's already been helpful navigating some of

0:15:34.800 --> 0:15:37.240
<v Speaker 8>the disruptions on the Red Sea due to HOOKI attacks,

0:15:37.440 --> 0:15:39.360
<v Speaker 8>and this is just one more case where it's showing

0:15:39.400 --> 0:15:40.960
<v Speaker 8>the value of that coordination.

0:15:41.080 --> 0:15:42.880
<v Speaker 13>You said earlier, this is not going to be simple,

0:15:42.960 --> 0:15:45.400
<v Speaker 13>quick or easy. Do you have any idea how many

0:15:45.440 --> 0:15:48.240
<v Speaker 13>years it will be before vehicles are crossing a new

0:15:48.240 --> 0:15:49.560
<v Speaker 13>bridge in Baltimore.

0:15:49.680 --> 0:15:51.600
<v Speaker 7>It's simply too soon to say. But what I will

0:15:51.600 --> 0:15:52.160
<v Speaker 7>say is.

0:15:52.560 --> 0:15:55.400
<v Speaker 8>We are going to work aggressively to support Maryland doing

0:15:55.480 --> 0:15:58.880
<v Speaker 8>that as quickly as they safely and responsibly can. We

0:15:58.880 --> 0:16:01.200
<v Speaker 8>should learn more very soon about the condition of the

0:16:01.200 --> 0:16:03.440
<v Speaker 8>portions of the bridge that did not collapse, and the

0:16:03.480 --> 0:16:05.560
<v Speaker 8>condition of some of the infrastructure.

0:16:04.920 --> 0:16:06.160
<v Speaker 7>That is below the waterline.

0:16:06.520 --> 0:16:08.480
<v Speaker 8>That will help to inform an estimate of what it's

0:16:08.520 --> 0:16:10.720
<v Speaker 8>going to take, but just too soon to put a

0:16:10.760 --> 0:16:11.200
<v Speaker 8>date on it.

0:16:12.640 --> 0:16:16.040
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