1 00:00:01,680 --> 00:00:06,200 Speaker 1: Now from our nation's capital. This is Bloomberg's sound on. 2 00:00:07,360 --> 00:00:10,719 Speaker 1: We will not we say it again, we will not 3 00:00:11,240 --> 00:00:16,119 Speaker 1: allow Ran to acquiring nuclear weapers. Words will not stopped it, 4 00:00:16,280 --> 00:00:20,520 Speaker 1: Mr President, Diplomacy will not stop. President Biden is doing 5 00:00:20,640 --> 00:00:24,239 Speaker 1: really the unthinkable. He's going to talk to Mohammed Ben 6 00:00:24,320 --> 00:00:29,120 Speaker 1: Solomon Bloomberg sound on Politics, Policy and perspective from DC's 7 00:00:29,200 --> 00:00:32,440 Speaker 1: top name. Our nation was richly blessed by the life 8 00:00:32,479 --> 00:00:36,560 Speaker 1: of Body Williams. In vital link to our nation's greatest generation. 9 00:00:36,680 --> 00:00:42,280 Speaker 1: Sloomberg Sound On with Joe Matthew on Bloomberg Radio. On 10 00:00:42,360 --> 00:00:45,200 Speaker 1: the eve of his visit to Saudi Arabia, President Biden 11 00:00:45,280 --> 00:00:48,880 Speaker 1: pledges to never allow Iran to get a nuclear weapon. 12 00:00:48,920 --> 00:00:52,200 Speaker 1: Welcome to the fastest hour in politics, as we follow 13 00:00:52,240 --> 00:00:54,400 Speaker 1: the President on the high wire act from Tel Aviv 14 00:00:54,440 --> 00:00:59,200 Speaker 1: to Jetta with security, military alliances, and energy all on 15 00:00:59,240 --> 00:01:02,120 Speaker 1: the line. Will be joined by Hillary Man Leverett, CEO 16 00:01:02,360 --> 00:01:06,679 Speaker 1: of stratega consulting, former White House Middle East advisor for 17 00:01:06,720 --> 00:01:09,759 Speaker 1: both the Clinton and Bush administrations. There's a new effort 18 00:01:10,040 --> 00:01:12,440 Speaker 1: in Washington to save the Chip Acts. Just as demand 19 00:01:12,520 --> 00:01:14,640 Speaker 1: for chips begins to pull back. We'll have the latest 20 00:01:15,000 --> 00:01:17,360 Speaker 1: in a conversation with Bloomberg's Eric Wasson. Will be with 21 00:01:17,440 --> 00:01:20,240 Speaker 1: us from the Halls of Congress. Analysis today from our 22 00:01:20,280 --> 00:01:23,320 Speaker 1: signature panel. Bloomberg Politics contributors Rick Davis and g. D. 23 00:01:23,440 --> 00:01:26,520 Speaker 1: Chanzano with us for the hour. President Biden takes aim 24 00:01:26,600 --> 00:01:30,000 Speaker 1: at Iran at a news conference in Jerusalem today, saying 25 00:01:30,040 --> 00:01:32,680 Speaker 1: that the US, as he put it, will not wait 26 00:01:32,720 --> 00:01:35,160 Speaker 1: forever for Iran to agree to a new nuclear deal, 27 00:01:35,200 --> 00:01:39,400 Speaker 1: adding this message as Israeli Prime Minister Lapide stood at 28 00:01:39,400 --> 00:01:42,600 Speaker 1: his side, we mean what we say. They have an 29 00:01:42,600 --> 00:01:46,679 Speaker 1: opportunity to accept disagreement has been laid down. If they don't, 30 00:01:47,400 --> 00:01:51,280 Speaker 1: made it absolutely clear, we will not say it again. 31 00:01:51,960 --> 00:01:56,200 Speaker 1: We will not allow Ran to acquire a nuclear weapon. 32 00:01:56,480 --> 00:01:59,200 Speaker 1: Some tough talk on the eve of President Biden's visits, 33 00:01:59,280 --> 00:02:01,960 Speaker 1: as I mentioned to Saudi Arabia, the Prime Minister Lapide 34 00:02:01,960 --> 00:02:06,480 Speaker 1: made clear that controlling Iran requires more than talk. Words 35 00:02:07,000 --> 00:02:12,560 Speaker 1: will not stop them, Mr President, Diplomacy will not stop them. 36 00:02:12,600 --> 00:02:15,880 Speaker 1: The only thing that will stop Iran is knowing that 37 00:02:16,280 --> 00:02:20,800 Speaker 1: if they continue to develop their nuclear program, the free 38 00:02:20,840 --> 00:02:27,760 Speaker 1: world will use force. Some pretty interesting conversations happening on 39 00:02:27,800 --> 00:02:31,360 Speaker 1: this trip that, of course many saw coming here with 40 00:02:31,440 --> 00:02:34,200 Speaker 1: the headline on the terminal U S signals military backing 41 00:02:34,200 --> 00:02:37,080 Speaker 1: to Israel with joint declaration the President committing to extending 42 00:02:37,080 --> 00:02:40,200 Speaker 1: this agreement. It gives billions of dollars for the Israeli military. 43 00:02:40,240 --> 00:02:43,640 Speaker 1: In the meeting today with Prime Minister Lapide a caretaker 44 00:02:43,680 --> 00:02:46,560 Speaker 1: prime minister remembering that things were influxed their politically, which 45 00:02:46,600 --> 00:02:49,560 Speaker 1: makes this all the more fascinating. Hillary Man Leverett is 46 00:02:49,600 --> 00:02:52,440 Speaker 1: with US, the CEO of Strategic Consulting and former White 47 00:02:52,440 --> 00:02:56,320 Speaker 1: House Middle East Advisor for the Clinton and w. Bush 48 00:02:56,360 --> 00:02:59,760 Speaker 1: Administration's author of the landmark text on US Iran relations 49 00:02:59,760 --> 00:03:03,320 Speaker 1: go into Tehran, Why America must accept the Islamic Republic 50 00:03:03,919 --> 00:03:07,160 Speaker 1: of Iran. What do you make of the messaging for 51 00:03:07,280 --> 00:03:10,200 Speaker 1: starters here, Hillary, That that we're hearing with so much 52 00:03:10,240 --> 00:03:13,520 Speaker 1: talk about Iran as the President straddles his trip between 53 00:03:13,600 --> 00:03:18,680 Speaker 1: Israel and Saudi Arabia, It's really fascinating. You know, Today 54 00:03:18,919 --> 00:03:23,240 Speaker 1: is the seventh anniversary of the signing of the Iran 55 00:03:23,320 --> 00:03:27,000 Speaker 1: Nuclear Deal, the famous Joint uh Joined joined UM the 56 00:03:27,120 --> 00:03:29,359 Speaker 1: j c p o A with the Iran Nucular Deal 57 00:03:29,880 --> 00:03:34,080 Speaker 1: seven years ago today. This was the signature achievement, signature 58 00:03:34,160 --> 00:03:37,320 Speaker 1: foreign policy achievement of the Obama Biden administration. It was 59 00:03:37,400 --> 00:03:41,960 Speaker 1: signed today, and that deal lifted sanctions on Iran, allowed 60 00:03:42,000 --> 00:03:45,640 Speaker 1: Iranian oil to flow, all sorts of things that at 61 00:03:45,680 --> 00:03:49,240 Speaker 1: the time Vice President Biden was very happy with. But 62 00:03:49,360 --> 00:03:51,920 Speaker 1: here we are seven seven years later and he is 63 00:03:52,160 --> 00:03:56,600 Speaker 1: going to Israel and signing a basically an official declaration 64 00:03:56,720 --> 00:03:59,920 Speaker 1: with the Israelis to use force against Iran for something 65 00:04:00,000 --> 00:04:03,240 Speaker 1: thing that when he was vice president he was happy 66 00:04:03,280 --> 00:04:07,400 Speaker 1: to use diplomacy for it. He spoke on television in Israel. 67 00:04:07,480 --> 00:04:09,120 Speaker 1: I'm sure you saw this, that he would not rule 68 00:04:09,120 --> 00:04:12,520 Speaker 1: out military action to prevent Iran from getting a nuclear weapon. 69 00:04:12,600 --> 00:04:15,720 Speaker 1: Is he sounding more like Donald Trump or Barack Obama? 70 00:04:16,240 --> 00:04:18,800 Speaker 1: He's sounding more like Donald Trump. I mean, there's not 71 00:04:18,880 --> 00:04:22,040 Speaker 1: much of a much difference between the policy at this 72 00:04:22,160 --> 00:04:26,640 Speaker 1: point um that the Biden administration is pursuing. They I 73 00:04:26,720 --> 00:04:29,000 Speaker 1: did not think that they want a war with Iran, 74 00:04:29,120 --> 00:04:31,600 Speaker 1: as I don't think that that Trump and his maybe 75 00:04:31,600 --> 00:04:35,240 Speaker 1: more more rational sounding moments didn't really want a war 76 00:04:35,279 --> 00:04:40,560 Speaker 1: with Iran either. But both of them have this almost 77 00:04:40,600 --> 00:04:44,280 Speaker 1: one could say, almost reckless disregard for that happening. And 78 00:04:44,360 --> 00:04:48,600 Speaker 1: here too, the motivation for this trip to Israel and 79 00:04:48,600 --> 00:04:54,119 Speaker 1: Saudi Arabia was not originally Iran. Iran comes up really 80 00:04:54,160 --> 00:04:58,440 Speaker 1: as the rationale to make this trip palatable. This was 81 00:04:58,480 --> 00:05:00,200 Speaker 1: supposed to be a trip to Saudi arabi Be a 82 00:05:00,200 --> 00:05:02,159 Speaker 1: couple of months ago. Right then we had, of course 83 00:05:02,240 --> 00:05:05,680 Speaker 1: an important additive here we put the the initial days 84 00:05:05,720 --> 00:05:08,480 Speaker 1: of the journey into Israel, despite the fact that they're 85 00:05:08,480 --> 00:05:12,320 Speaker 1: in the midst of solving their politics there. But I 86 00:05:12,360 --> 00:05:15,960 Speaker 1: wonder if if you see this Hillary as a change 87 00:05:15,960 --> 00:05:19,320 Speaker 1: in policy for this administration or Joe Biden trying to 88 00:05:19,320 --> 00:05:21,360 Speaker 1: grease the skids on his way to Saudi Arabia to 89 00:05:21,400 --> 00:05:24,600 Speaker 1: say things that they want to hear. Well, it's probably 90 00:05:24,640 --> 00:05:27,599 Speaker 1: a little bit of both, and it's really part of 91 00:05:27,600 --> 00:05:30,520 Speaker 1: a bigger picture or at this point larger concerns that 92 00:05:30,560 --> 00:05:32,880 Speaker 1: the administration has had to grapple with over the past 93 00:05:32,880 --> 00:05:36,520 Speaker 1: few months, and that that really comes from Russia's invasion 94 00:05:36,600 --> 00:05:40,880 Speaker 1: of Ukraine and it's almost out of control um competition 95 00:05:41,120 --> 00:05:44,240 Speaker 1: between the United States, Russia, and China, which the Biden 96 00:05:44,240 --> 00:05:47,440 Speaker 1: administration just does not have a handle on. And why 97 00:05:47,520 --> 00:05:50,080 Speaker 1: that's important to the Middle East is that from what 98 00:05:50,120 --> 00:05:53,560 Speaker 1: I understand, folks within the Biden administration were shocked that 99 00:05:53,600 --> 00:05:56,680 Speaker 1: when Russia invaded Ukraine and the United States wanted to 100 00:05:56,720 --> 00:06:01,200 Speaker 1: impose sanctions or at least have rhetorical condom name of Russia. 101 00:06:01,240 --> 00:06:04,880 Speaker 1: At the United Nations, our most are stalwart allies in 102 00:06:04,920 --> 00:06:07,920 Speaker 1: the Middle East, Israel, Saudi Arabia, the U a E. 103 00:06:08,360 --> 00:06:11,560 Speaker 1: All of them not only refused to join sanctions, but 104 00:06:11,600 --> 00:06:14,840 Speaker 1: they refused to even condemn Russia's action. And what that 105 00:06:15,000 --> 00:06:18,480 Speaker 1: told folks in the Body administration was we are losing 106 00:06:18,640 --> 00:06:23,279 Speaker 1: influence in the Middle East rapidly in an uncontrollable way, 107 00:06:23,320 --> 00:06:25,440 Speaker 1: and that must be stepped well. This trip takes on 108 00:06:25,520 --> 00:06:29,400 Speaker 1: new urgency against that backdrop. With with that framing that 109 00:06:29,760 --> 00:06:31,920 Speaker 1: you just gave us here, Hilary, and people have been 110 00:06:31,920 --> 00:06:33,960 Speaker 1: talking a lot about oil, This sounds like a lot 111 00:06:34,000 --> 00:06:37,760 Speaker 1: more than oil. This sounds like preventing a power vacuum 112 00:06:37,960 --> 00:06:42,040 Speaker 1: for for for Russia, for China. But I also wonder, 113 00:06:42,400 --> 00:06:44,680 Speaker 1: you know how much of this has to do with 114 00:06:44,720 --> 00:06:49,719 Speaker 1: our military alliances and our military support for both Israel 115 00:06:49,920 --> 00:06:54,159 Speaker 1: and Saudi Arabia. We're talking about billions of dollars in 116 00:06:54,240 --> 00:06:57,800 Speaker 1: weapons that we're providing both nations, and we're going to 117 00:06:57,880 --> 00:07:00,360 Speaker 1: be providing a lot more. Part of what was agreed 118 00:07:00,560 --> 00:07:03,479 Speaker 1: in um in Jerusalem today and what will be agreed 119 00:07:03,520 --> 00:07:06,680 Speaker 1: over the next day or so in Saudi Arabia are 120 00:07:06,880 --> 00:07:09,680 Speaker 1: from what I understand, will be even more weapons sales 121 00:07:09,800 --> 00:07:13,240 Speaker 1: and the lifting of the the embargo essentially on some 122 00:07:13,360 --> 00:07:16,680 Speaker 1: kind of offensive weapon. Is that the big news offensive 123 00:07:16,720 --> 00:07:19,480 Speaker 1: weapons from the United States as opposed to, Hey, I've 124 00:07:19,480 --> 00:07:21,600 Speaker 1: got three million barrels of oil in the back of 125 00:07:21,640 --> 00:07:25,600 Speaker 1: Air Force one. Yeah. I don't think that there's any 126 00:07:25,640 --> 00:07:28,200 Speaker 1: real expectation that the Saudis are going to do anything 127 00:07:28,480 --> 00:07:31,920 Speaker 1: so decisive on oil that's really going to help us, 128 00:07:32,160 --> 00:07:34,560 Speaker 1: you know, s gasoline prices or the U s economy 129 00:07:34,640 --> 00:07:37,160 Speaker 1: in the near future. And if that were really the 130 00:07:37,240 --> 00:07:40,200 Speaker 1: priority of the Biding administration, they could go back into 131 00:07:40,200 --> 00:07:43,880 Speaker 1: the Iran nuclear deal tomorrow and let a million barrows 132 00:07:43,880 --> 00:07:47,239 Speaker 1: of oil out of Iran tomorrow. So they really wanted 133 00:07:47,280 --> 00:07:50,680 Speaker 1: more oil on the market, There's a much easier way 134 00:07:50,720 --> 00:07:53,080 Speaker 1: to do that than to press the Saudis, who may 135 00:07:53,080 --> 00:07:56,400 Speaker 1: not even have the capacity to do this. Has this 136 00:07:56,480 --> 00:07:58,440 Speaker 1: been a failure in messaging by the White House, because 137 00:07:58,520 --> 00:08:00,280 Speaker 1: I mean half of America thinks he's going on over 138 00:08:00,280 --> 00:08:04,160 Speaker 1: there to lower gas prices. It's a. It's a failure 139 00:08:04,200 --> 00:08:07,280 Speaker 1: of messaging, and it really, I think in a deeper way, 140 00:08:07,800 --> 00:08:11,640 Speaker 1: shows an incoherence in policy, incoherence and what the goals 141 00:08:11,680 --> 00:08:15,480 Speaker 1: are um and an administration that's really struggling to catch 142 00:08:15,560 --> 00:08:20,600 Speaker 1: up with with really important, almost seismic developments in geopolitics 143 00:08:20,640 --> 00:08:23,760 Speaker 1: that either they didn't anticipate or just weren't prepared to 144 00:08:23,800 --> 00:08:28,360 Speaker 1: deal with, including Russia's invasion of Ukraine, including China's continuing 145 00:08:28,400 --> 00:08:32,480 Speaker 1: competition with the United States, and these pro Americans forwards 146 00:08:32,480 --> 00:08:36,000 Speaker 1: Saudi Arabia, the UAE, Israel basically turning their back on 147 00:08:36,040 --> 00:08:38,360 Speaker 1: the United States and saying, you know, we're happy to 148 00:08:38,400 --> 00:08:41,559 Speaker 1: be you know, uh somewhat allies with you, but we're 149 00:08:41,559 --> 00:08:43,640 Speaker 1: not going to put all of our eggs in your bathness. Right, 150 00:08:44,080 --> 00:08:47,320 Speaker 1: we're spending time with Hillary Man Leverett, CEO of Strtiga Consulting. 151 00:08:47,960 --> 00:08:49,920 Speaker 1: You were in your time as a White House Middle 152 00:08:49,920 --> 00:08:52,600 Speaker 1: East advisor, you were a director for Iran, Afghanistan and 153 00:08:52,679 --> 00:08:56,439 Speaker 1: Persian Gulf Affairs at the National Security Council. Hillary, at 154 00:08:56,480 --> 00:08:59,520 Speaker 1: that time, what would you have thought as you projected 155 00:08:59,559 --> 00:09:01,199 Speaker 1: and I know this was part of your job to 156 00:09:01,320 --> 00:09:04,760 Speaker 1: project ten twenty years out here, we are in two. 157 00:09:05,320 --> 00:09:08,000 Speaker 1: What did you think this region, this relationship between the 158 00:09:08,080 --> 00:09:11,280 Speaker 1: US and this region would look like. One of the 159 00:09:11,360 --> 00:09:15,520 Speaker 1: things that I learned uh in the Bush administration, particular, 160 00:09:16,120 --> 00:09:20,240 Speaker 1: right after nine eleven, some of our most important allies, 161 00:09:20,320 --> 00:09:22,360 Speaker 1: all of a sudden had a big question mark over them, 162 00:09:22,559 --> 00:09:25,800 Speaker 1: Saudi Arabia with fifteen and the nineteen hijackers and nine 163 00:09:25,800 --> 00:09:30,080 Speaker 1: eleven being from Saudi Arabia. Pakistan, our longtime ally was 164 00:09:30,160 --> 00:09:33,480 Speaker 1: harboring m not only the Taliban, but Al Qayeda. At 165 00:09:33,480 --> 00:09:36,199 Speaker 1: the time, there was this huge question mark all of 166 00:09:36,240 --> 00:09:39,520 Speaker 1: a sudden, put over our long time allies, and a 167 00:09:39,640 --> 00:09:42,600 Speaker 1: question mark put over some of our erstwhile enemies, like 168 00:09:42,760 --> 00:09:46,640 Speaker 1: the Islamic Republic of Iran. After nine eleven, one of 169 00:09:46,679 --> 00:09:50,560 Speaker 1: the most helpful countries to US was Iran, not Saudi Arabia, 170 00:09:50,760 --> 00:09:54,400 Speaker 1: not Pakistan. And this doesn't mean that that Iran is 171 00:09:54,520 --> 00:09:57,439 Speaker 1: a good country, that the government is good. What it 172 00:09:57,559 --> 00:10:01,960 Speaker 1: showed me and others, even within the Bush administration, was 173 00:10:02,000 --> 00:10:04,959 Speaker 1: that Iran, in some ways, like China, even if you 174 00:10:05,000 --> 00:10:10,040 Speaker 1: don't like their policies, they are critically important civilizational states. 175 00:10:10,400 --> 00:10:13,400 Speaker 1: They're not going anywhere. So this has been a reversal 176 00:10:13,480 --> 00:10:16,160 Speaker 1: from where you were to whom do you how do 177 00:10:16,160 --> 00:10:19,080 Speaker 1: you peg the blame is that the outcome of the 178 00:10:19,120 --> 00:10:22,800 Speaker 1: Obama years the Trump years are both both. I mean, 179 00:10:22,840 --> 00:10:26,840 Speaker 1: there's always What my book really was about going to 180 00:10:26,920 --> 00:10:30,120 Speaker 1: Tehran is that there's an inevitability that the United States 181 00:10:30,400 --> 00:10:33,680 Speaker 1: has to deal with Iran. Like with China. We're not there, 182 00:10:33,720 --> 00:10:36,199 Speaker 1: we can't wish them away. There has to be diplomatic 183 00:10:36,240 --> 00:10:38,960 Speaker 1: engagement with them. We have some common interests, we have 184 00:10:39,120 --> 00:10:42,640 Speaker 1: some big differences, but there's always going to be engagement. 185 00:10:43,200 --> 00:10:47,559 Speaker 1: And so both the Obama administration and the Trump administration 186 00:10:47,760 --> 00:10:52,280 Speaker 1: understood that, but they try to really get to get everything, 187 00:10:52,360 --> 00:10:54,640 Speaker 1: to have their cake and eat it too. They were 188 00:10:54,679 --> 00:10:57,600 Speaker 1: not willing to really look at what are others interests, 189 00:10:57,640 --> 00:11:00,319 Speaker 1: what are Iran's interests, and how can we work together 190 00:11:00,760 --> 00:11:03,880 Speaker 1: on common interests in a sense bracket where we have 191 00:11:04,400 --> 00:11:06,160 Speaker 1: the President do the right thing this week saying that 192 00:11:06,200 --> 00:11:12,600 Speaker 1: he would keep the Iranian Revolutionary Guards on the terror lists. Essentially, uh, 193 00:11:12,679 --> 00:11:16,480 Speaker 1: no matter what, even if it meant killing this deal. Again, 194 00:11:16,520 --> 00:11:19,840 Speaker 1: this is another thing that makes no sense. The Revolutionary 195 00:11:19,880 --> 00:11:23,720 Speaker 1: Guard are sanctioned fifty different ways in American law. If 196 00:11:23,760 --> 00:11:25,920 Speaker 1: you take them off of one of the lists. It 197 00:11:26,040 --> 00:11:29,800 Speaker 1: really makes no difference. It is a symbolic designation, but 198 00:11:29,880 --> 00:11:32,719 Speaker 1: it just shows that the Biden administration is at this 199 00:11:32,800 --> 00:11:38,360 Speaker 1: point willing to sacrifice a diplomatic a diplomatic deal with 200 00:11:38,480 --> 00:11:41,480 Speaker 1: Iran that could bring more oil and gas onto the market. 201 00:11:41,600 --> 00:11:44,120 Speaker 1: They just don't want that headline. Yeah, they just don't 202 00:11:44,120 --> 00:11:46,280 Speaker 1: want that. It's bad politics for them, especially in the 203 00:11:46,320 --> 00:11:48,600 Speaker 1: lead up to No FA. Fascinating conversation. Hillary, I'm so 204 00:11:48,600 --> 00:11:50,720 Speaker 1: glad you could join us. Hillary Man Leverett, CEO of 205 00:11:50,760 --> 00:11:53,480 Speaker 1: Strategic Consulting and clearly spent some time in the White 206 00:11:53,480 --> 00:11:57,600 Speaker 1: House the Clinton and w Bush administrations as the White 207 00:11:57,640 --> 00:12:00,760 Speaker 1: House Middle East Advisor. Today, she's your advisor here on 208 00:12:00,880 --> 00:12:04,320 Speaker 1: sound on the Fastest hour in Politics. Will assemble the 209 00:12:04,320 --> 00:12:07,080 Speaker 1: panel next. Rick Davis and Jennie Chanzana are up. This 210 00:12:07,320 --> 00:12:17,120 Speaker 1: is Bloomberg. This is Bloomberg Sound on on Bloomberg Radio. 211 00:12:20,000 --> 00:12:23,640 Speaker 1: Everyone thinks that President Biden is overseas just to get oil. 212 00:12:23,920 --> 00:12:26,760 Speaker 1: Maybe he will get some oil. I'm sure he wants 213 00:12:26,920 --> 00:12:29,920 Speaker 1: extra oil. But as you heard from our conversation with 214 00:12:30,000 --> 00:12:32,439 Speaker 1: Hillary Man Leverett, there's so much more on the table here. 215 00:12:32,520 --> 00:12:35,720 Speaker 1: So much of it has to do with not only security, 216 00:12:35,800 --> 00:12:39,880 Speaker 1: in the region, but our stake in it, preventing the 217 00:12:39,920 --> 00:12:42,680 Speaker 1: power vacuum for Russia and China to move in. Here 218 00:12:42,679 --> 00:12:46,160 Speaker 1: in a fascinating day for Joe Biden as he made 219 00:12:46,200 --> 00:12:49,560 Speaker 1: his way through Israel, as we mentioned, not only warning 220 00:12:49,559 --> 00:12:52,160 Speaker 1: on the nuclear deal with Iran, but actually making some 221 00:12:52,280 --> 00:12:57,760 Speaker 1: news here and signing this defense cooperation agreement with the Israelis, 222 00:12:58,679 --> 00:13:02,040 Speaker 1: including billions into enside for Israel. We assembled our panel. 223 00:13:02,120 --> 00:13:05,480 Speaker 1: Now Genie Chantano and Rick Davis are with us Bloomberg 224 00:13:05,520 --> 00:13:08,439 Speaker 1: Politics contributors. I want you both to hear what Senator 225 00:13:08,520 --> 00:13:11,800 Speaker 1: John Cornyn said today. This is basically proves the point 226 00:13:12,520 --> 00:13:15,400 Speaker 1: that not not just half of America, probably more than that, 227 00:13:15,440 --> 00:13:17,880 Speaker 1: think that Joe Biden is on a shopping trip to 228 00:13:17,920 --> 00:13:20,760 Speaker 1: go to the oil store. Here's Senator Cornin of Texas. 229 00:13:20,880 --> 00:13:25,040 Speaker 1: Rather than have domestic producers in places like Texas and 230 00:13:25,480 --> 00:13:30,600 Speaker 1: elsewhere produced more oil and gas here in America, President 231 00:13:30,640 --> 00:13:34,640 Speaker 1: Biden is doing really the unthinkable. He's going to talk 232 00:13:34,679 --> 00:13:38,319 Speaker 1: to Mohammed Ben Solomon in Saudi Arabia. He is going 233 00:13:38,360 --> 00:13:41,400 Speaker 1: to talk to him. Rick Davis. Uh. It sounds to 234 00:13:41,440 --> 00:13:43,280 Speaker 1: me though, like there's a lot more than oil to 235 00:13:43,320 --> 00:13:45,680 Speaker 1: talk about. Oh, there is a lot more than oil 236 00:13:45,760 --> 00:13:47,640 Speaker 1: to talk about. And you know, this is pretty late 237 00:13:47,679 --> 00:13:50,800 Speaker 1: in the game in his administration to be making this trip. 238 00:13:51,280 --> 00:13:54,080 Speaker 1: He's traveled extensively all over the world, and this is 239 00:13:54,120 --> 00:13:57,480 Speaker 1: his first visit to um, the Middle East and the Kingdom, 240 00:13:57,679 --> 00:14:00,040 Speaker 1: and so, uh, it's a long time in coming. And 241 00:14:00,200 --> 00:14:02,880 Speaker 1: in in that period of time, there is a vacuum, 242 00:14:02,880 --> 00:14:06,199 Speaker 1: and we've seen it growing over time. Russian and Chinese 243 00:14:06,320 --> 00:14:11,000 Speaker 1: are lobbying hard throughout the g c C to find 244 00:14:11,040 --> 00:14:13,800 Speaker 1: friends and and extend their influence. I mean, remember it 245 00:14:13,840 --> 00:14:16,800 Speaker 1: was only a few years ago we had to insist 246 00:14:16,920 --> 00:14:19,600 Speaker 1: the U a E. Not allow China to build a 247 00:14:19,640 --> 00:14:22,840 Speaker 1: strategic port in the region. I mean like this. You know, 248 00:14:22,880 --> 00:14:25,880 Speaker 1: they were going to put a naval vessel in you know, 249 00:14:26,120 --> 00:14:29,320 Speaker 1: not far from where we keep the fifth Fleet in Bahrain. 250 00:14:29,600 --> 00:14:33,920 Speaker 1: So these are important places to consider. The security that 251 00:14:33,960 --> 00:14:38,720 Speaker 1: region is important, and our leadership is tantamount to keeping 252 00:14:38,760 --> 00:14:42,000 Speaker 1: things from boiling over. And so this is an important trip. 253 00:14:42,280 --> 00:14:45,040 Speaker 1: It started well in in Israel and we'll see how 254 00:14:45,040 --> 00:14:47,800 Speaker 1: it finishes up on Friday in Saudi Arabia. The way 255 00:14:47,800 --> 00:14:49,600 Speaker 1: that Rick just put that you need to keep things 256 00:14:49,600 --> 00:14:53,160 Speaker 1: from boiling over, you actually can connect that to energy prices. 257 00:14:53,200 --> 00:14:56,440 Speaker 1: If there was a disruption, if there was let's say, 258 00:14:57,200 --> 00:15:01,560 Speaker 1: a military incursion from either China or Russia, if the 259 00:15:01,640 --> 00:15:03,840 Speaker 1: stakes changed, or even there was a whiff of that, 260 00:15:04,160 --> 00:15:07,800 Speaker 1: the oil market would respond and things would likely be 261 00:15:07,840 --> 00:15:10,320 Speaker 1: more expensive than they are now. How important is that 262 00:15:10,600 --> 00:15:13,080 Speaker 1: part of this trip? That part of this trip is 263 00:15:13,200 --> 00:15:16,640 Speaker 1: very important. It's critically important for domestic politics. But I 264 00:15:16,680 --> 00:15:18,880 Speaker 1: think what we saw on display today for the for 265 00:15:18,920 --> 00:15:21,960 Speaker 1: the Biden administration was all the niceties between the Biden 266 00:15:21,960 --> 00:15:25,080 Speaker 1: and administration and Israel in terms of their approach to 267 00:15:25,120 --> 00:15:28,640 Speaker 1: Iran went by the wayside because they became very clear 268 00:15:29,040 --> 00:15:31,760 Speaker 1: how different their approaches are. And you know, I thought 269 00:15:31,760 --> 00:15:34,680 Speaker 1: it was very interesting what Hillary was talking about, you know, 270 00:15:34,840 --> 00:15:38,200 Speaker 1: us losing influence. Some people talked about it as us 271 00:15:38,200 --> 00:15:40,760 Speaker 1: potentially if we don't get this deal on Iran, which 272 00:15:40,800 --> 00:15:45,280 Speaker 1: it looks like we won't, subcontracting Middle Eastern security to Israel, 273 00:15:45,600 --> 00:15:47,600 Speaker 1: and that is something Nixon did with the Shah of 274 00:15:47,600 --> 00:15:50,400 Speaker 1: Iran in the nineteen seventies. Is a very dangerous game 275 00:15:50,440 --> 00:15:52,640 Speaker 1: for the United States to play for the very reasons 276 00:15:52,720 --> 00:15:55,520 Speaker 1: Rick was just talking about, which is the the real 277 00:15:56,040 --> 00:15:59,360 Speaker 1: power vacuum that you create over there not to mention 278 00:15:59,720 --> 00:16:03,320 Speaker 1: these security the security threats, So that I think is 279 00:16:03,360 --> 00:16:06,000 Speaker 1: a real challenge that the Biden administration is trying to 280 00:16:06,040 --> 00:16:09,000 Speaker 1: grapple with, and they don't seem to have many answers. 281 00:16:09,080 --> 00:16:11,120 Speaker 1: If not a nuclear agreement which is not going to 282 00:16:11,200 --> 00:16:14,560 Speaker 1: satisfy Israel, then what then? Why not in Iran deal? Here? Rick, 283 00:16:14,640 --> 00:16:17,240 Speaker 1: if it does both put oil back on the market 284 00:16:17,280 --> 00:16:20,880 Speaker 1: and prevent Iran from obtaining a nuclear weapon? Are we 285 00:16:20,960 --> 00:16:25,240 Speaker 1: are we afraid to to upset Israel? And Nossaudis. I 286 00:16:25,280 --> 00:16:28,360 Speaker 1: don't think it's a matter of upsetting Israel Nessaudis. Uh, 287 00:16:28,400 --> 00:16:31,880 Speaker 1: they've been upset before with the original JP so Um. 288 00:16:32,080 --> 00:16:33,840 Speaker 1: But Joe Biden wasn't the president then. I just I 289 00:16:33,840 --> 00:16:36,080 Speaker 1: don't know how sensitive he's trying to be to these partners. 290 00:16:36,120 --> 00:16:38,040 Speaker 1: He wasn't the president then. But but also what has 291 00:16:38,160 --> 00:16:42,040 Speaker 1: changed is the pernicious influence of Russian China in the region. Remember, 292 00:16:42,160 --> 00:16:44,800 Speaker 1: Russian scientists are the ones who helped build the nuclear 293 00:16:44,800 --> 00:16:48,240 Speaker 1: program in Iran, and and so you know they've been 294 00:16:48,320 --> 00:16:52,480 Speaker 1: Russia has been supplying Iran with materials and equipment in 295 00:16:52,600 --> 00:16:56,160 Speaker 1: order to facilitate you know, their nuclear program. So it's 296 00:16:56,200 --> 00:16:59,840 Speaker 1: not just Iran on its own doing this. Our enemies 297 00:17:00,080 --> 00:17:03,480 Speaker 1: of our enemies are not our friends, and and and 298 00:17:03,560 --> 00:17:06,320 Speaker 1: Russia and Iran have to be seen in a very 299 00:17:06,320 --> 00:17:10,040 Speaker 1: similar picture now, and that changes a dynamic for for 300 00:17:10,040 --> 00:17:12,480 Speaker 1: for the President Nited States, you know, while he's in 301 00:17:12,640 --> 00:17:15,120 Speaker 1: Israel to sharpen his tongue a little bit on what 302 00:17:15,160 --> 00:17:17,480 Speaker 1: he's prepared to accept out of Iran. But does that 303 00:17:17,520 --> 00:17:19,439 Speaker 1: create a greater need for this deal, Rick, or does 304 00:17:19,480 --> 00:17:21,840 Speaker 1: it make it more toxic for the US? Well? I 305 00:17:21,840 --> 00:17:24,200 Speaker 1: think I think you have to remember there's a counterparty, 306 00:17:24,240 --> 00:17:26,600 Speaker 1: and Iran is the one who's not dealing in a 307 00:17:26,840 --> 00:17:29,800 Speaker 1: in a realistic fashion with a with a deal here. Now. 308 00:17:29,840 --> 00:17:32,240 Speaker 1: You could argue that that's because they were kicked out 309 00:17:32,240 --> 00:17:34,560 Speaker 1: of the agreement by Donald Trump and things like that, 310 00:17:34,600 --> 00:17:37,199 Speaker 1: but if they wanted an agreement, they'd be at the 311 00:17:37,240 --> 00:17:40,840 Speaker 1: table today. He says he's not gonna wait forever, Joe Biden, Jeannie, 312 00:17:41,080 --> 00:17:44,639 Speaker 1: how long does that mean we have to figure this out? Well, 313 00:17:44,680 --> 00:17:47,360 Speaker 1: you know, I'm not sure, and he didn't answer that question. 314 00:17:47,440 --> 00:17:50,040 Speaker 1: And you know what it sounds like is again we 315 00:17:50,119 --> 00:17:53,160 Speaker 1: are going to be turning over the security to Israel 316 00:17:53,320 --> 00:17:57,639 Speaker 1: because if not an agreement then what is We have 317 00:17:57,720 --> 00:17:59,840 Speaker 1: no answer to the what. And the other thing he's 318 00:18:00,080 --> 00:18:02,280 Speaker 1: at the presser was about not committing when he meets 319 00:18:02,280 --> 00:18:05,800 Speaker 1: with the Saudi Prince to bringing up the human rights record. Well, 320 00:18:05,840 --> 00:18:08,080 Speaker 1: there's a big reason not to bring it up, because 321 00:18:08,119 --> 00:18:10,960 Speaker 1: we need Saudi Arabia to help us isolate Russian China. 322 00:18:11,240 --> 00:18:14,000 Speaker 1: If not, if they turned to somebody like a Pakistan, 323 00:18:14,080 --> 00:18:17,240 Speaker 1: for instance, they too could be in the nuclear business. 324 00:18:17,320 --> 00:18:20,000 Speaker 1: So there's a lot of challenges here, and I think 325 00:18:20,080 --> 00:18:23,280 Speaker 1: Joe Biden is showcasing all of those in this in 326 00:18:23,320 --> 00:18:26,120 Speaker 1: this very short presser today, and none of it left 327 00:18:26,119 --> 00:18:29,439 Speaker 1: anybody feeling very comfortable. I wondered if the window for 328 00:18:29,440 --> 00:18:32,040 Speaker 1: for a deal closes when Vladimir Putin shows up in 329 00:18:32,080 --> 00:18:35,080 Speaker 1: Tehran next week, Rick, to you, you know, I think 330 00:18:35,200 --> 00:18:36,960 Speaker 1: I think that this is the whole point I was 331 00:18:37,000 --> 00:18:39,000 Speaker 1: trying to make earlier, is I don't think Vladimir Putin 332 00:18:39,040 --> 00:18:40,480 Speaker 1: wants her to be a deal, and we'll know it'll 333 00:18:40,480 --> 00:18:42,760 Speaker 1: only get worse, not better. So there it is. This 334 00:18:42,840 --> 00:18:44,840 Speaker 1: might be over already. It sounds like it if I'm 335 00:18:44,840 --> 00:18:48,119 Speaker 1: reading you, guys, Rick Davis, Jennie Schanzano, our panel, not 336 00:18:48,280 --> 00:18:50,560 Speaker 1: just our panel, the signature panel and for the hour. 337 00:18:50,600 --> 00:18:53,000 Speaker 1: They'll be back after we check in with Eric Wasson, 338 00:18:53,040 --> 00:18:56,640 Speaker 1: Bloomberg's reporter on Capitol Hill. As now we're looking at 339 00:18:56,640 --> 00:18:59,399 Speaker 1: a Chip Act that could pass. Will tell you what 340 00:18:59,440 --> 00:19:03,119 Speaker 1: we mean. Come ing up. This is Bloomberg. It's been 341 00:19:03,119 --> 00:19:07,040 Speaker 1: built as the golden ticket for computer chip makers, the 342 00:19:07,119 --> 00:19:09,879 Speaker 1: Chip Act. Do I need to remind you fifty two 343 00:19:09,920 --> 00:19:14,600 Speaker 1: billion dollars in incentives for chip makers to make chips 344 00:19:14,680 --> 00:19:17,240 Speaker 1: here instead of there, to do it in the United 345 00:19:17,280 --> 00:19:22,239 Speaker 1: States instead of somewhere like Taiwan. It's been locked up 346 00:19:22,240 --> 00:19:25,280 Speaker 1: in a bigger piece of legislation named at better competing 347 00:19:25,320 --> 00:19:27,760 Speaker 1: with China. They called it Yuseka. They chilled it to 348 00:19:27,760 --> 00:19:29,719 Speaker 1: call it the China Competes Act. Has been about ten 349 00:19:29,760 --> 00:19:32,439 Speaker 1: different names for this thing. But Bloomberg is reporting a 350 00:19:32,480 --> 00:19:35,639 Speaker 1: break here. Senator Chuck Schumer is planning to move ahead 351 00:19:35,720 --> 00:19:39,160 Speaker 1: with well a new plan to vote on a skinny 352 00:19:40,280 --> 00:19:42,760 Speaker 1: Chip Act, if I can call it that without the 353 00:19:42,800 --> 00:19:46,240 Speaker 1: broader bill. Now. Senator John Corn of Texas that we 354 00:19:46,280 --> 00:19:48,440 Speaker 1: heard from earlier this hour on Energy says this is 355 00:19:48,480 --> 00:19:51,320 Speaker 1: all a big bluff because Democrats know they don't have 356 00:19:51,400 --> 00:19:53,600 Speaker 1: the votes. Remember this was gonna be like a slam 357 00:19:53,680 --> 00:19:57,000 Speaker 1: dunk nine months ago. We're joined now by Eric Wasson, 358 00:19:57,000 --> 00:20:00,119 Speaker 1: Bloomberg reporter on Capitol Hill, who shares the byline, and 359 00:20:00,160 --> 00:20:02,640 Speaker 1: it's great to have you back. Eric. Does this actually 360 00:20:02,920 --> 00:20:05,480 Speaker 1: end up seeing the light of day. I think it 361 00:20:05,960 --> 00:20:08,680 Speaker 1: may well do so. I think a key break came 362 00:20:09,040 --> 00:20:12,439 Speaker 1: yesterday when Junior Romando, the Commerce Secretary, came up to 363 00:20:12,480 --> 00:20:15,720 Speaker 1: Capitol Hill and said the administration would support this, which 364 00:20:15,760 --> 00:20:18,840 Speaker 1: is going a Chips plus bill the way chips Yeah. 365 00:20:18,880 --> 00:20:21,640 Speaker 1: So Chips plus basically is looking like it's the Chip's Bill, 366 00:20:21,680 --> 00:20:24,280 Speaker 1: which is grant some subsidies for chip makers sixty two 367 00:20:24,280 --> 00:20:27,440 Speaker 1: billion dollars plus eight what's called the FABS Act, which 368 00:20:27,480 --> 00:20:31,120 Speaker 1: is basically an investment tax credit for chip manufacturing, maybe 369 00:20:31,160 --> 00:20:35,359 Speaker 1: about two billion dollars and five g rollout support and 370 00:20:35,440 --> 00:20:38,320 Speaker 1: basically a couple other odds and them to just get 371 00:20:38,359 --> 00:20:40,520 Speaker 1: that through. And the reason there's an impast now is 372 00:20:40,520 --> 00:20:43,960 Speaker 1: because Mitch McConnell, he's trying to use this Chip's Bill, 373 00:20:44,000 --> 00:20:49,560 Speaker 1: has leveraged to stop. Democrats are doing this wider bill, yes, 374 00:20:50,040 --> 00:20:53,280 Speaker 1: which is a code word for a tax and climate 375 00:20:53,440 --> 00:20:57,000 Speaker 1: and potentially Obamacare bill that they're working on. We have 376 00:20:57,000 --> 00:20:59,159 Speaker 1: a separate story just out on the terminal now, but 377 00:20:59,200 --> 00:21:00,680 Speaker 1: how that's been to it. They were going to try 378 00:21:00,720 --> 00:21:04,000 Speaker 1: to release the tax and energy parts of that this week. 379 00:21:04,000 --> 00:21:06,320 Speaker 1: It did not come out. Uh. You know, they're trying 380 00:21:06,320 --> 00:21:08,080 Speaker 1: to get everything done by August, but this is this 381 00:21:08,160 --> 00:21:11,320 Speaker 1: deadline is really in jeopardy now. Um, there really was 382 00:21:11,400 --> 00:21:14,320 Speaker 1: McConnell who put the latest French and that they're trying 383 00:21:14,359 --> 00:21:17,320 Speaker 1: to slim this down. I asked Nancy Pelosi to a 384 00:21:17,320 --> 00:21:19,880 Speaker 1: press conference today, would she go along with this because 385 00:21:19,880 --> 00:21:22,080 Speaker 1: the House has really been pushing a bunch of trade benefits, 386 00:21:22,080 --> 00:21:25,679 Speaker 1: including payment the workers who were displaced by trade, and 387 00:21:25,760 --> 00:21:27,640 Speaker 1: she seems open to it. So I think there are 388 00:21:27,640 --> 00:21:30,159 Speaker 1: people that are signs. Now. Cornyn did come out and 389 00:21:30,160 --> 00:21:31,639 Speaker 1: say he's not going to go along with it, but 390 00:21:31,720 --> 00:21:35,119 Speaker 1: others like Capito, this is the Republican senator from West 391 00:21:35,200 --> 00:21:37,600 Speaker 1: Virginia said she would vote to get on this chip's 392 00:21:37,960 --> 00:21:41,040 Speaker 1: Skinney Chips spill. So I think there's some division over 393 00:21:41,119 --> 00:21:43,760 Speaker 1: among Republicans. Maybe it will work. We could see a 394 00:21:43,880 --> 00:21:45,760 Speaker 1: vote on Tuesday. Well you should know, and you'd be 395 00:21:45,760 --> 00:21:48,280 Speaker 1: proud of us. Eric. We've been walking out hard on 396 00:21:48,040 --> 00:21:51,680 Speaker 1: on the relationship between these two bills, and of course 397 00:21:51,760 --> 00:21:54,120 Speaker 1: the lack of time that lawmakers have knowing that they're 398 00:21:54,119 --> 00:21:55,960 Speaker 1: going to be out for the better part of August. 399 00:21:56,560 --> 00:21:59,160 Speaker 1: What's realistic here? If this goes through, does that mean 400 00:21:59,280 --> 00:22:02,480 Speaker 1: reconciliation is a non starter, because I can't imagine how 401 00:22:02,560 --> 00:22:06,080 Speaker 1: that happens when they come back from August. Well, I mean, 402 00:22:06,240 --> 00:22:10,560 Speaker 1: you know, I think the reconciliation could still happen. It's basically, uh, 403 00:22:10,640 --> 00:22:13,760 Speaker 1: there's there's there's some technical reasons why they can't put 404 00:22:13,800 --> 00:22:16,280 Speaker 1: it like let's say, mansion center Joe Manager West doing 405 00:22:16,320 --> 00:22:19,760 Speaker 1: you on section deal with pump out legislation. You know 406 00:22:19,960 --> 00:22:21,960 Speaker 1: at the beginning next week. They can't go right to 407 00:22:22,040 --> 00:22:24,680 Speaker 1: the floor because there's a lot of Senate rules issues. 408 00:22:24,720 --> 00:22:28,440 Speaker 1: They're trying to this very arcane process to get by Republicans. 409 00:22:28,760 --> 00:22:31,800 Speaker 1: Basically Democrats alone can do a budget bill and what 410 00:22:31,920 --> 00:22:34,560 Speaker 1: qualifies as a budget bill that's up to this obscure 411 00:22:34,640 --> 00:22:36,920 Speaker 1: rules officials to Parliament and they do it in three weeks. 412 00:22:36,920 --> 00:22:40,119 Speaker 1: Though they could, I'm told by the one of the 413 00:22:40,160 --> 00:22:43,000 Speaker 1: foremost experts and reconciliation, if they got out the end 414 00:22:43,000 --> 00:22:45,560 Speaker 1: of next week, they could still possibly make this August 415 00:22:45,560 --> 00:22:48,119 Speaker 1: for a deadline but it would be very tight after that. 416 00:22:48,160 --> 00:22:51,760 Speaker 1: We're really talking about either suspending August. Re says, working 417 00:22:51,760 --> 00:22:53,600 Speaker 1: in September when they've got to try to fund the 418 00:22:53,640 --> 00:22:56,280 Speaker 1: government by the end of the month. You know. And 419 00:22:56,160 --> 00:22:58,920 Speaker 1: and plus there's tax increases in this now. They are 420 00:22:59,040 --> 00:23:01,560 Speaker 1: designed to be taxes if on the wealthy and and 421 00:23:01,600 --> 00:23:04,399 Speaker 1: you know, billionaire warriors and other businesses. But you know, 422 00:23:04,440 --> 00:23:06,240 Speaker 1: if you do that right before election, is gonna be 423 00:23:06,280 --> 00:23:08,680 Speaker 1: hard for those vulnerable Democrats to go out and explain 424 00:23:08,720 --> 00:23:12,120 Speaker 1: these devoters, and easy for opponents to say, Look, they're 425 00:23:12,200 --> 00:23:15,120 Speaker 1: raising taxes. They're making people who have to pay more 426 00:23:15,160 --> 00:23:18,080 Speaker 1: for bread and gas pay more in taxes. You know, 427 00:23:18,080 --> 00:23:20,240 Speaker 1: we've been, as I mentioned, talking about the chip back 428 00:23:20,359 --> 00:23:23,560 Speaker 1: since the last calendar year. Uh and and Gina Romando 429 00:23:23,640 --> 00:23:25,600 Speaker 1: has turned this into a full time job. We heard 430 00:23:25,600 --> 00:23:29,040 Speaker 1: from Taiwan Semiconductor though, on the other side of the 431 00:23:29,119 --> 00:23:31,879 Speaker 1: terminal here on the corporate side, Eric and they're talking 432 00:23:31,920 --> 00:23:35,600 Speaker 1: about slowing demand because well, everything is slowing. We're going 433 00:23:35,640 --> 00:23:38,800 Speaker 1: into an economic period here of slower growth, if not 434 00:23:38,880 --> 00:23:41,399 Speaker 1: a recession. A lot of people are pulling back, a 435 00:23:41,400 --> 00:23:44,199 Speaker 1: lot of companies are pulling back on things. Is this 436 00:23:44,240 --> 00:23:49,000 Speaker 1: gonna end up passing just as we don't need it. Oh, 437 00:23:49,040 --> 00:23:50,760 Speaker 1: I don't know. I think it's I think it's necessary 438 00:23:50,760 --> 00:23:53,400 Speaker 1: for a bunch of reasons. We've had briefings here what's 439 00:23:53,480 --> 00:23:57,600 Speaker 1: necessary for national security reasons to have domestic manufacture of 440 00:23:57,680 --> 00:24:00,280 Speaker 1: this And what Mark Warner came out and when the 441 00:24:00,520 --> 00:24:03,960 Speaker 1: senators from Virginia said, you know, look, the Intel and 442 00:24:04,000 --> 00:24:07,160 Speaker 1: others are getting subside agreements from Britain, from Germany. They're 443 00:24:07,200 --> 00:24:11,000 Speaker 1: gonna lure manufactured offshore. It's gonna lose jobs in the 444 00:24:11,080 --> 00:24:12,760 Speaker 1: end of the day and threatened national security because we 445 00:24:12,760 --> 00:24:14,520 Speaker 1: don't have control over So this has to happen for 446 00:24:14,560 --> 00:24:17,159 Speaker 1: the long term. As the answer, that's the answer that 447 00:24:17,200 --> 00:24:19,440 Speaker 1: I'm hearing now. You know, at the end of the day, 448 00:24:19,440 --> 00:24:21,880 Speaker 1: even if there's this continues to be a Bileneck. Now, 449 00:24:22,119 --> 00:24:24,240 Speaker 1: it could come back and do it in December on 450 00:24:24,280 --> 00:24:27,280 Speaker 1: the National Defense Bill. But again what Warner said is 451 00:24:27,320 --> 00:24:30,040 Speaker 1: you do a delay of months, could be a delay 452 00:24:30,080 --> 00:24:33,960 Speaker 1: of years because Intel other manufactors will get subsidies and 453 00:24:34,000 --> 00:24:36,320 Speaker 1: they'll go elsewhere. Well, we already know they delayed the 454 00:24:36,320 --> 00:24:39,600 Speaker 1: groundbreaking on this massive campus in Ohio. Right We talked 455 00:24:39,640 --> 00:24:42,560 Speaker 1: to the Senator Rob Portman about that, and I'm sure 456 00:24:42,600 --> 00:24:44,480 Speaker 1: he didn't like getting that phone call. I don't know 457 00:24:44,560 --> 00:24:47,800 Speaker 1: if they're talking to other countries, because I know there's 458 00:24:47,840 --> 00:24:49,440 Speaker 1: there are a lot of incentives out there. It's quite 459 00:24:49,480 --> 00:24:51,920 Speaker 1: a buffet for these chip makers here. But I suspect 460 00:24:51,920 --> 00:24:53,919 Speaker 1: there will be more of those. Gina Romando told us 461 00:24:53,960 --> 00:24:56,520 Speaker 1: there would be. Eric, if this fifty two billion dollars 462 00:24:56,520 --> 00:24:59,800 Speaker 1: doesn't show up, they're going to go somewhere else. Well, 463 00:25:00,000 --> 00:25:02,480 Speaker 1: that's that's the ironic thing is that they forecast that 464 00:25:02,560 --> 00:25:05,400 Speaker 1: the Congress would do this, so other countries rushed out 465 00:25:05,840 --> 00:25:07,760 Speaker 1: through their own program, and then we don't, and they 466 00:25:07,760 --> 00:25:13,360 Speaker 1: beat us to it. We made the competition more fierce unbelievable. 467 00:25:13,680 --> 00:25:17,080 Speaker 1: If that's the case, then you've got a busy three weeks, 468 00:25:17,119 --> 00:25:21,359 Speaker 1: so chips in reconciliation could in fact pass through Congress 469 00:25:21,520 --> 00:25:25,720 Speaker 1: before the August recesses. The takeaway from Eric Wasson is 470 00:25:25,760 --> 00:25:28,359 Speaker 1: that fair? Eric? It could be, but it's always safety 471 00:25:28,400 --> 00:25:32,200 Speaker 1: bet against because that's a man who's there every day. 472 00:25:32,240 --> 00:25:34,359 Speaker 1: There is a chance, right that none of them happened, 473 00:25:34,359 --> 00:25:36,080 Speaker 1: that this is it. Nothing else comes out of this 474 00:25:36,119 --> 00:25:41,480 Speaker 1: Congress until it's appropriations. That's also true. Yes, Well that's 475 00:25:41,480 --> 00:25:44,159 Speaker 1: why you're there, Eric, thank you, hasn't been with us 476 00:25:44,160 --> 00:25:46,399 Speaker 1: for a while. And one of our best reporters on 477 00:25:46,440 --> 00:25:50,840 Speaker 1: Capitol Hill, Bloomberg's Eric Wasson on the Fastest Hour in Politics, 478 00:25:50,840 --> 00:25:52,560 Speaker 1: will add the panel to this because they know what's 479 00:25:52,560 --> 00:25:55,320 Speaker 1: coming as well. Rick Davis, Genie Schanzano on the Chip Act. 480 00:25:55,600 --> 00:25:58,199 Speaker 1: And by the way, something wonderful that happened today on 481 00:25:58,320 --> 00:26:02,200 Speaker 1: Capitol Hill that you'll want to you're about I hope 482 00:26:02,240 --> 00:26:05,280 Speaker 1: not only here. Well, let's hear it for Woody Williams. 483 00:26:05,480 --> 00:26:08,560 Speaker 1: I'm Joe Matthew at World Headquarters in New York, and 484 00:26:08,720 --> 00:26:20,480 Speaker 1: this is Bloomberg. This is Bloomberg sound on on Bloomberg Radio. 485 00:26:21,880 --> 00:26:25,800 Speaker 1: People in Washington are talking about the skinny chips. Sounds 486 00:26:25,840 --> 00:26:28,680 Speaker 1: like something in the diet foods aisle, but it's actually 487 00:26:28,800 --> 00:26:32,359 Speaker 1: computer chips in a skinny version of the bill that 488 00:26:32,480 --> 00:26:36,119 Speaker 1: Chuck Schumer thinks she might be able to get past. 489 00:26:36,560 --> 00:26:39,639 Speaker 1: John Cornyn says it's all a big bluff. Let's reassemble 490 00:26:39,680 --> 00:26:43,880 Speaker 1: our panel. Rick Davis and Jeanie Schanzano Bloomberg Politics contributors 491 00:26:43,880 --> 00:26:46,240 Speaker 1: are with us to add some sense to this. Gennie, 492 00:26:46,280 --> 00:26:48,879 Speaker 1: I feel almost ridiculous bringing this up because we've been 493 00:26:48,920 --> 00:26:51,440 Speaker 1: talking about it for a year now, and uh, it's 494 00:26:51,480 --> 00:26:55,080 Speaker 1: been locked up in this conference committee, well gosh, for months, 495 00:26:55,600 --> 00:26:57,719 Speaker 1: and so I guess who can blame? Chuck Schumer? Just 496 00:26:57,760 --> 00:26:59,920 Speaker 1: break this thing apart. The Chips Act is the piece 497 00:27:00,000 --> 00:27:02,879 Speaker 1: that everybody seems to agree on. Right, that's right, And 498 00:27:03,200 --> 00:27:05,399 Speaker 1: you know, I think this is sort of the path 499 00:27:05,600 --> 00:27:08,720 Speaker 1: that they can pull together in the Senate, at least 500 00:27:08,800 --> 00:27:11,600 Speaker 1: the sixty votes they need, and I do think that's 501 00:27:11,600 --> 00:27:14,320 Speaker 1: more than possible. There is some resistance there, but they 502 00:27:14,320 --> 00:27:17,000 Speaker 1: can pull that together. And the big question is, of 503 00:27:17,040 --> 00:27:19,879 Speaker 1: course the House. But as you were just discussing, Pelosi 504 00:27:19,960 --> 00:27:21,800 Speaker 1: seems open to it. So this is a way to 505 00:27:21,800 --> 00:27:24,480 Speaker 1: break that stalemate that's been going on in the conference 506 00:27:24,480 --> 00:27:26,879 Speaker 1: for so long, and the House is refusal to just 507 00:27:26,960 --> 00:27:29,240 Speaker 1: pass the Senate bill, which is obviously a no go. 508 00:27:29,400 --> 00:27:32,080 Speaker 1: After a year, I thought this is bipartisan, Wrick. What happened? 509 00:27:32,640 --> 00:27:35,040 Speaker 1: You know, Look, it's more bipartisan than it that it 510 00:27:35,080 --> 00:27:37,199 Speaker 1: appears today. I mean, you know, it got passed in 511 00:27:37,240 --> 00:27:39,760 Speaker 1: a biparson fashion of the House and Senate, and it's 512 00:27:39,800 --> 00:27:41,879 Speaker 1: in a in a conference. But this is a different 513 00:27:41,880 --> 00:27:45,320 Speaker 1: bill than the skinny Chips bill you're discussed and and 514 00:27:45,440 --> 00:27:48,360 Speaker 1: it's falling prey right now to a power struggle. It's 515 00:27:48,359 --> 00:27:50,960 Speaker 1: got nothing to do with the legislation or who's voted 516 00:27:51,000 --> 00:27:54,280 Speaker 1: for it in the pass. McConnell, I think smartly, So 517 00:27:54,480 --> 00:27:57,600 Speaker 1: is trying to keep the Senate from passing a reconciliation bill, 518 00:27:57,600 --> 00:28:00,800 Speaker 1: which will spend another trillion dollars in and have a 519 00:28:00,880 --> 00:28:03,520 Speaker 1: bunch of talking points for Democrats to go into November with, 520 00:28:04,040 --> 00:28:06,520 Speaker 1: and he sees the potential for that, and this is 521 00:28:06,560 --> 00:28:09,040 Speaker 1: the one thing he's got a card to play now. 522 00:28:09,080 --> 00:28:11,359 Speaker 1: We've seen him cave and negotiate in the past on 523 00:28:11,400 --> 00:28:14,200 Speaker 1: similar items, and so that's a possibility. But the clock 524 00:28:14,280 --> 00:28:17,520 Speaker 1: is ticking. I mean, you know, uh, Eric was saying 525 00:28:17,600 --> 00:28:19,880 Speaker 1: that this all has to be wrapped up by August four, 526 00:28:19,960 --> 00:28:23,040 Speaker 1: when recess started, and they take recess seriously in an 527 00:28:23,040 --> 00:28:24,840 Speaker 1: election year. I mean, this is when they want to 528 00:28:24,840 --> 00:28:29,600 Speaker 1: go back and see the constituents. So forget reconciliation Genie right, 529 00:28:29,640 --> 00:28:31,640 Speaker 1: How how could that possibly happen? I know, Eric said 530 00:28:31,640 --> 00:28:33,320 Speaker 1: they could figure this out in the next three weeks, 531 00:28:33,320 --> 00:28:35,399 Speaker 1: but I mean that would that would end up in 532 00:28:35,440 --> 00:28:38,640 Speaker 1: the Guinness Book. With this Congress. You know, I'm not 533 00:28:38,760 --> 00:28:41,480 Speaker 1: predicting it will happen. I think the path forward would 534 00:28:41,480 --> 00:28:44,240 Speaker 1: be something like the skinny Chips. You'd have a skinny 535 00:28:44,280 --> 00:28:47,240 Speaker 1: reconciliation bill which you know is paired down enough that 536 00:28:47,320 --> 00:28:51,640 Speaker 1: it focuses just say on Medicare you know something that 537 00:28:51,720 --> 00:28:55,200 Speaker 1: you know most people, in particular Joe Mantion can agree on, 538 00:28:55,360 --> 00:28:57,160 Speaker 1: and they can move that forward. I don't know if 539 00:28:57,200 --> 00:28:59,720 Speaker 1: it will happen. You know, if we were to see 540 00:29:00,280 --> 00:29:03,520 Speaker 1: and reconciliation, even skinny versions of both, that would be 541 00:29:03,560 --> 00:29:07,479 Speaker 1: an astonishing summer. I can't imagine we'd see both, but 542 00:29:07,840 --> 00:29:10,640 Speaker 1: you know, I guess it is possible at this point. 543 00:29:10,920 --> 00:29:13,760 Speaker 1: I know the Chips Act is very popular, Rick, but 544 00:29:13,880 --> 00:29:18,960 Speaker 1: is it in Mitch McConnell's best interest to make sure 545 00:29:19,000 --> 00:29:21,960 Speaker 1: that that reconciliation bill does not pass? I mean, he 546 00:29:22,000 --> 00:29:23,880 Speaker 1: could throw up a lot of other obstacles in the 547 00:29:23,920 --> 00:29:26,760 Speaker 1: next three weeks. He could. I'm not sure he would 548 00:29:26,760 --> 00:29:29,680 Speaker 1: agree with Eric's analysis that you know, these chip companies 549 00:29:29,680 --> 00:29:32,880 Speaker 1: could potentially flee the United States for greener past years abroad. 550 00:29:33,280 --> 00:29:35,360 Speaker 1: I don't think he would give up. McConnell on the 551 00:29:35,440 --> 00:29:39,040 Speaker 1: idea that, um uh, that we're gonna at some point 552 00:29:39,080 --> 00:29:41,600 Speaker 1: incentivize this industry. He just does want to do it 553 00:29:41,640 --> 00:29:45,160 Speaker 1: between now and a reconciliation bill, and he's got a 554 00:29:45,160 --> 00:29:48,600 Speaker 1: week to kill so um, I think he's playing a 555 00:29:48,680 --> 00:29:52,800 Speaker 1: hard card. Uh, Schumer's not in the Senate right now 556 00:29:52,840 --> 00:29:56,680 Speaker 1: to sort of personally lobby and and and Democrats are 557 00:29:56,680 --> 00:29:59,800 Speaker 1: gonna have a hard time keeping their caucus together, worn 558 00:29:59,840 --> 00:30:01,959 Speaker 1: and bluffing by calling this a big bluff though, Rick, 559 00:30:02,000 --> 00:30:04,400 Speaker 1: where the votes on it? I think everybody right now 560 00:30:04,440 --> 00:30:07,280 Speaker 1: is bluffing and the votes that you have enough votes 561 00:30:07,360 --> 00:30:12,240 Speaker 1: for anything and no votes for everything. God, you must 562 00:30:12,320 --> 00:30:15,840 Speaker 1: miss this stuff being in the throes of all of it. Uh. 563 00:30:15,960 --> 00:30:18,480 Speaker 1: Jennie Rick made a great point. Everybody's got to get 564 00:30:18,480 --> 00:30:20,400 Speaker 1: home for August, and that's going to change a lot 565 00:30:20,440 --> 00:30:24,880 Speaker 1: of the conversations when when their campaigning, holding town hall meetings, 566 00:30:24,960 --> 00:30:27,080 Speaker 1: you know, going out and shaking hands. Everybody gets in 567 00:30:27,160 --> 00:30:29,960 Speaker 1: earful and they come back thinking a little bit differently 568 00:30:30,000 --> 00:30:34,840 Speaker 1: about some things. What's this gonna feel like in September? Well? Absolutely, 569 00:30:34,880 --> 00:30:36,800 Speaker 1: I mean, you know they are going to have an 570 00:30:36,840 --> 00:30:39,720 Speaker 1: earful from their constituents and their voters, and you know, 571 00:30:39,920 --> 00:30:43,120 Speaker 1: things like you know tain you know, tax increases are 572 00:30:43,120 --> 00:30:46,280 Speaker 1: probably going to be a no go at this point. So, yeah, 573 00:30:46,440 --> 00:30:48,840 Speaker 1: we heard this. You know the famous cases on the 574 00:30:48,840 --> 00:30:51,320 Speaker 1: the Obamacare. You go home with one idea in mind, 575 00:30:51,360 --> 00:30:53,520 Speaker 1: and you go to these town halls and you hear 576 00:30:53,560 --> 00:30:55,880 Speaker 1: something else and they'll return. So you know, I do 577 00:30:55,960 --> 00:30:58,120 Speaker 1: think there's a short calendar here. This has to be 578 00:30:58,160 --> 00:31:01,240 Speaker 1: done in the next fourteen sixteen day ease. Otherwise it's 579 00:31:01,280 --> 00:31:04,640 Speaker 1: hard to imagine they would have the energy and the 580 00:31:04,720 --> 00:31:07,120 Speaker 1: votes importantly to do it. Then again, Rick either going 581 00:31:07,200 --> 00:31:09,200 Speaker 1: to hear about inflation when they go home, and that 582 00:31:09,320 --> 00:31:11,680 Speaker 1: was supposed to be the idea behind this chip backed right, 583 00:31:11,720 --> 00:31:14,479 Speaker 1: so that could prompt chips to pass. I guess maybe, 584 00:31:14,640 --> 00:31:16,560 Speaker 1: or or maybe they want to go home and say, hey, 585 00:31:16,560 --> 00:31:19,680 Speaker 1: at least we got this done, but the reconciliation plan, 586 00:31:20,400 --> 00:31:23,000 Speaker 1: uh could be out of reach. What do you think? Yeah, 587 00:31:23,000 --> 00:31:25,720 Speaker 1: I think we're We've got a lot of time to go, 588 00:31:26,080 --> 00:31:28,040 Speaker 1: even though it doesn't seem like it is. And and 589 00:31:28,080 --> 00:31:30,240 Speaker 1: you could get a chip steal done if that's the 590 00:31:30,280 --> 00:31:32,000 Speaker 1: only thing that they can agree to do, and it 591 00:31:32,040 --> 00:31:35,480 Speaker 1: could go fast because again everyone's already voted on this. 592 00:31:35,680 --> 00:31:38,080 Speaker 1: Every single component of what they would include in a 593 00:31:38,160 --> 00:31:41,120 Speaker 1: slim down version has already been voted on and past. 594 00:31:41,200 --> 00:31:43,960 Speaker 1: So it's just a manner of making something smaller that 595 00:31:44,040 --> 00:31:47,280 Speaker 1: everybody agrees on that makes it more manageable. And they've 596 00:31:47,320 --> 00:31:49,640 Speaker 1: got time left on the calendar to get that done. 597 00:31:50,120 --> 00:31:52,360 Speaker 1: I see this happening in a lot of parallel tracks, 598 00:31:52,400 --> 00:31:54,000 Speaker 1: and at the end of the day, it's like, you know, 599 00:31:54,040 --> 00:31:56,560 Speaker 1: the sort of the Mexican standoff. I mean, who blinks 600 00:31:56,600 --> 00:31:59,840 Speaker 1: first and who gets to vote? And if there's a reconciliation, 601 00:32:00,240 --> 00:32:02,160 Speaker 1: you're not going to get a chips vote. If there's 602 00:32:02,200 --> 00:32:04,440 Speaker 1: a chips vote, it means you've already cut a deal 603 00:32:04,440 --> 00:32:06,360 Speaker 1: where there won't be reconciled. Is that a blessing in 604 00:32:06,400 --> 00:32:08,760 Speaker 1: disguise for Democrats? Genie? So they don't have to answer 605 00:32:08,880 --> 00:32:11,680 Speaker 1: for spending another trillion dollars on the eve of the election. 606 00:32:12,000 --> 00:32:15,240 Speaker 1: It's a blessing for Democrats, particularly in purple districts. That's 607 00:32:15,360 --> 00:32:18,000 Speaker 1: that's for sure. There's going to be some pushback on that, 608 00:32:18,120 --> 00:32:20,680 Speaker 1: of course, but that may be the play here, right, 609 00:32:20,760 --> 00:32:22,920 Speaker 1: is that they do the chips, they're able to deliver that. 610 00:32:22,960 --> 00:32:25,800 Speaker 1: It's a win for Biden and then they don't have 611 00:32:25,880 --> 00:32:27,600 Speaker 1: to take the hard vote and it wouldn't be the 612 00:32:27,640 --> 00:32:30,000 Speaker 1: first time Congress has wanted to avoid a hard vote. 613 00:32:30,080 --> 00:32:33,160 Speaker 1: Joe Biden taking phone calls on this from overseas, You think, 614 00:32:33,240 --> 00:32:34,920 Speaker 1: Rick is, it does feel like we're getting to a 615 00:32:34,960 --> 00:32:37,000 Speaker 1: bit of a crescendo here. Well, the question is is 616 00:32:37,120 --> 00:32:41,560 Speaker 1: Joe Biden making phone calls because because no one really 617 00:32:41,600 --> 00:32:44,000 Speaker 1: cares about him if they can't get a bill pass. 618 00:32:44,160 --> 00:32:46,960 Speaker 1: And what he should care about is doing exactly what 619 00:32:47,200 --> 00:32:49,320 Speaker 1: Genie was saying, which is, I've got to have that 620 00:32:49,400 --> 00:32:52,600 Speaker 1: Chips Act before you guys, lady. And and by the way, 621 00:32:52,280 --> 00:32:55,200 Speaker 1: I think the Democrats are in a tight bind because 622 00:32:55,440 --> 00:32:57,840 Speaker 1: you know, they've got these subsidies on our but that 623 00:32:58,000 --> 00:33:00,640 Speaker 1: you know, aren't you know in the m care that 624 00:33:00,920 --> 00:33:04,280 Speaker 1: that they have promised the thirteen million people that they're 625 00:33:04,280 --> 00:33:07,000 Speaker 1: going to fulfill and they don't have those deals done yet, 626 00:33:07,040 --> 00:33:09,160 Speaker 1: And so it's gonna they're gonna have a lot of 627 00:33:09,160 --> 00:33:11,520 Speaker 1: egg on their face if they don't get this reconciliation 628 00:33:11,560 --> 00:33:14,240 Speaker 1: buil done before election day. We'll tell you Chuck Shumer 629 00:33:14,320 --> 00:33:17,800 Speaker 1: must be burning the phones right now, reminding everyone listening 630 00:33:17,800 --> 00:33:20,880 Speaker 1: that he's been out with COVID, which does not make 631 00:33:20,920 --> 00:33:23,280 Speaker 1: any of this any easier. But I will tell you 632 00:33:23,320 --> 00:33:27,160 Speaker 1: before we go away today about something that, something wonderful 633 00:33:27,200 --> 00:33:29,040 Speaker 1: that happened in the Capitol today, and it had nothing 634 00:33:29,080 --> 00:33:34,400 Speaker 1: to do with legislation. Bring us inside the Capitol rotunda, justin. 635 00:33:34,680 --> 00:33:38,720 Speaker 1: Our nation was richly blessed by the life Boody Williams, 636 00:33:39,640 --> 00:33:43,000 Speaker 1: and we trust he now rests with his father, from 637 00:33:43,000 --> 00:33:47,320 Speaker 1: whom all blessings. What is passing? We have lost a 638 00:33:47,480 --> 00:33:52,280 Speaker 1: deeply selfless American and a vital link to our nation's 639 00:33:52,320 --> 00:33:56,440 Speaker 1: greatest generation. How about that Nancy Pelosi and Mitch McConnell 640 00:33:56,480 --> 00:34:02,200 Speaker 1: agree on this, And of course, well couldn't they. Woody Williams. 641 00:34:02,240 --> 00:34:04,120 Speaker 1: You might have seen a story about him in the 642 00:34:04,160 --> 00:34:07,440 Speaker 1: last couple of weeks, the last surviving World War Two 643 00:34:07,480 --> 00:34:11,360 Speaker 1: Medal of Honor recipient in honor today laying an honor 644 00:34:11,400 --> 00:34:13,680 Speaker 1: in the U. S Capitol Rotunda. He died the end 645 00:34:13,680 --> 00:34:18,759 Speaker 1: of June, June eight years old. Presented it was just 646 00:34:18,880 --> 00:34:21,800 Speaker 1: an incredible story, presented with the Congressional Medal of Honor 647 00:34:22,160 --> 00:34:26,600 Speaker 1: by President Truman in ve he had just gotten back, 648 00:34:26,880 --> 00:34:30,560 Speaker 1: somehow survived the Battle of io Jima, where he took 649 00:34:30,600 --> 00:34:33,080 Speaker 1: out a couple of Japanese pill boxes by putting his 650 00:34:33,160 --> 00:34:34,839 Speaker 1: life on the line. He was one of these guys 651 00:34:34,880 --> 00:34:37,359 Speaker 1: with a flame thrower. I used to hear about those 652 00:34:37,400 --> 00:34:40,760 Speaker 1: guys from my grandfather, the late Joe Matthew, who also 653 00:34:40,880 --> 00:34:44,400 Speaker 1: fought on Ewo Jima. He was in the fifth Marine Division, 654 00:34:44,800 --> 00:34:47,279 Speaker 1: and I'd hear stories about those guys with the flamethrowers. 655 00:34:47,800 --> 00:34:49,640 Speaker 1: Not to mention these guys who were taking out the 656 00:34:49,680 --> 00:34:52,240 Speaker 1: pill boxes and putting their lives on the line, like Woody. 657 00:34:53,080 --> 00:34:56,160 Speaker 1: He served as a member of the Marine Corps with 658 00:34:56,200 --> 00:34:59,920 Speaker 1: the twenty first Marines, third Marine Division. And pretty great today, 659 00:35:00,080 --> 00:35:03,759 Speaker 1: Rick to see this incredible at the same time, the 660 00:35:03,880 --> 00:35:07,319 Speaker 1: last surviving World War Two Medal of Honor recipient as 661 00:35:07,320 --> 00:35:10,480 Speaker 1: certainly the end of an era. It's an incredible story 662 00:35:10,600 --> 00:35:13,640 Speaker 1: his life. Diminutive guy, I don't think you ever weighed 663 00:35:13,640 --> 00:35:16,279 Speaker 1: more than about a hundred forty pounds. And and and 664 00:35:16,360 --> 00:35:20,200 Speaker 1: yet he was a leader. Uh. He established himself early 665 00:35:20,200 --> 00:35:22,200 Speaker 1: in his life as someone who's willing to give back 666 00:35:22,239 --> 00:35:25,120 Speaker 1: to the community. Uh. He's just been a beacon of 667 00:35:25,200 --> 00:35:28,880 Speaker 1: hope and and inspiration and and and it was wonderful 668 00:35:28,920 --> 00:35:32,680 Speaker 1: to see, even though it's a solemn event at the Capitol, 669 00:35:33,040 --> 00:35:36,399 Speaker 1: all the Republicans and Democrats together that's honoring this man 670 00:35:36,440 --> 00:35:38,440 Speaker 1: who gave so much to his country. He spent a 671 00:35:38,440 --> 00:35:41,200 Speaker 1: lot of time working with the Department of Veterans Affairs, 672 00:35:41,239 --> 00:35:44,240 Speaker 1: thirty years of of giving back and traveling around talking 673 00:35:44,239 --> 00:35:46,560 Speaker 1: to veterans and trying to make their lives better. Genie, 674 00:35:46,560 --> 00:35:49,400 Speaker 1: to see all those d's and ours in that room today, 675 00:35:49,560 --> 00:35:53,080 Speaker 1: it's a pretty major statement on what a wonderful contribution 676 00:35:53,120 --> 00:35:56,080 Speaker 1: he made. It was in the Marine Corps band playing 677 00:35:56,080 --> 00:35:58,040 Speaker 1: while they were walking around the casket. It was a 678 00:35:58,080 --> 00:36:01,360 Speaker 1: beautiful picture and to see. And of course there is 679 00:36:01,400 --> 00:36:04,040 Speaker 1: still a lot to be done for veterans in this country. 680 00:36:04,040 --> 00:36:06,719 Speaker 1: There's been bills just this week that people have been 681 00:36:06,760 --> 00:36:09,600 Speaker 1: talking about and so you know, Woody would probably be 682 00:36:09,600 --> 00:36:12,800 Speaker 1: the first one to advocate on behalf of the veterans 683 00:36:12,800 --> 00:36:17,239 Speaker 1: in that regard. His valor in combat enshrined, as Mitch 684 00:36:17,320 --> 00:36:20,440 Speaker 1: McConnell reminded us today aboard the u S. S Hershall Williams, 685 00:36:20,440 --> 00:36:23,360 Speaker 1: the Hershall Williams Armed Forces Reserve Center. His commitment to 686 00:36:23,440 --> 00:36:26,719 Speaker 1: his fellow veterans inspires care givers and I wonder if 687 00:36:26,719 --> 00:36:28,799 Speaker 1: they could do something to help the v A right 688 00:36:28,840 --> 00:36:30,520 Speaker 1: now in his name, Rick, what is the v A 689 00:36:30,640 --> 00:36:33,279 Speaker 1: need right now. You know, I think that it's this 690 00:36:33,360 --> 00:36:36,319 Speaker 1: kind of inspiration that the VA should go out and 691 00:36:36,320 --> 00:36:38,759 Speaker 1: be able to talk about how um, you know, the 692 00:36:38,880 --> 00:36:42,000 Speaker 1: network of veterans, regardless of what war they served in, 693 00:36:42,160 --> 00:36:44,000 Speaker 1: you know, as a tight knit community and one that 694 00:36:44,040 --> 00:36:46,480 Speaker 1: holds together. Um, you know, they've been under a lot 695 00:36:46,480 --> 00:36:50,279 Speaker 1: of pressure over the last decade and and you know, uh, 696 00:36:50,360 --> 00:36:53,640 Speaker 1: Woody Williams, is is something that I think they should 697 00:36:53,680 --> 00:36:56,239 Speaker 1: be talking about for the rest of our lives. Here here, 698 00:36:56,760 --> 00:36:59,359 Speaker 1: Rick Davis and Jeannie Chanzano. Thanks so much to both 699 00:36:59,400 --> 00:37:02,279 Speaker 1: of you for another great conversation. We dig into some 700 00:37:02,320 --> 00:37:04,600 Speaker 1: pretty heavy stuff on this program, and that's why we 701 00:37:04,640 --> 00:37:07,400 Speaker 1: need Rick and Jeanie to show us the way. Sometimes 702 00:37:07,760 --> 00:37:11,120 Speaker 1: on the fastest hour in politics, I'm Joe Matthew at 703 00:37:11,160 --> 00:37:13,440 Speaker 1: World Headquarters in New York. I'll meet you back here 704 00:37:13,440 --> 00:37:16,320 Speaker 1: tomorrow and also meet you at high noon Wall Street 705 00:37:16,360 --> 00:37:18,640 Speaker 1: time on Balance of Power. If you showed up late, 706 00:37:18,960 --> 00:37:22,759 Speaker 1: subscribe to the podcast and I'll see you here on 707 00:37:22,800 --> 00:37:26,560 Speaker 1: the Friday edition. I'm Joe Matthew, and this is Bloomberg