1 00:00:01,639 --> 00:00:06,200 Speaker 1: Now from our nation's capital. This is Bloomberg Sound on 2 00:00:07,240 --> 00:00:10,480 Speaker 1: People's Republic of China launched in estimated eleven ballistic missiles 3 00:00:10,680 --> 00:00:14,920 Speaker 1: towards Taiwan. Russia is wrongfully detaining Brittany. I've never met 4 00:00:15,440 --> 00:00:20,400 Speaker 1: any lab here honestly today Bloomberg Sound on politics, policy 5 00:00:20,440 --> 00:00:24,200 Speaker 1: and perspective. From DC's top names on this vote, they 6 00:00:24,200 --> 00:00:27,920 Speaker 1: are the nays are one and one. Senator responded to President, 7 00:00:28,040 --> 00:00:30,160 Speaker 1: this is coming after the families and the farmers and 8 00:00:30,200 --> 00:00:33,519 Speaker 1: the small businesses of America. Your attorney's messed up in 9 00:00:33,640 --> 00:00:37,960 Speaker 1: sitting an entire digital com of your entire self from 10 00:00:38,000 --> 00:00:43,720 Speaker 1: Bloomberg sund On with Joe Matthew on Bloomberg Radio. China 11 00:00:43,840 --> 00:00:48,680 Speaker 1: reportedly fires missiles over Taiwan. Brittany Grinder gets nine and 12 00:00:48,720 --> 00:00:51,400 Speaker 1: a half years of the Senator proved Sweden and Finland 13 00:00:51,440 --> 00:00:54,920 Speaker 1: to join NATO with a single vote against. Welcome to 14 00:00:54,960 --> 00:00:57,840 Speaker 1: the fastest hour in politics. As we gauge the fallout 15 00:00:57,840 --> 00:01:00,880 Speaker 1: from Nancy Pelosi's trip to Asia with At Bruin, former 16 00:01:00,920 --> 00:01:04,640 Speaker 1: White House Director of Global Engagement, and the impact of 17 00:01:04,680 --> 00:01:08,480 Speaker 1: the Grinder sentencing with Thomas Firestone, former assistant U S 18 00:01:08,520 --> 00:01:12,440 Speaker 1: attorney worked as a lawyer in Moscow. Later, reconciliation gets 19 00:01:12,440 --> 00:01:15,559 Speaker 1: more complicated for Democrats. We'll get a behind the scenes 20 00:01:15,640 --> 00:01:18,800 Speaker 1: view from Jim Kessler, a Third Way former legislative policy 21 00:01:18,800 --> 00:01:23,000 Speaker 1: director for Senator Chuck Schumer. China ups the anti after 22 00:01:23,080 --> 00:01:28,040 Speaker 1: Speaker Nancy Pelosi's trip this week to Taiwan. Retired Admiral 23 00:01:28,120 --> 00:01:31,000 Speaker 1: John Kirby, speaking for the National Security Council today at 24 00:01:31,000 --> 00:01:34,160 Speaker 1: the White House. Overnight, People's Republic of China launched in 25 00:01:34,280 --> 00:01:39,440 Speaker 1: estimated eleven ballistic missiles towards Taiwan, which impacted to the northeast, 26 00:01:40,000 --> 00:01:45,120 Speaker 1: the east, and southeast of the island. We condemned these actions, 27 00:01:45,360 --> 00:01:48,640 Speaker 1: which are irresponsible and at odds with our long standing 28 00:01:48,720 --> 00:01:52,320 Speaker 1: goal of maintaining peace and stability across the Taiwan Street 29 00:01:52,960 --> 00:01:56,120 Speaker 1: and in the region. In Japan says five of those 30 00:01:56,160 --> 00:02:01,000 Speaker 1: eleven ballistic missiles landed in its exclusive of Economic zone 31 00:02:01,720 --> 00:02:05,760 Speaker 1: and four likely flew over Taiwan itself, a major escalation 32 00:02:06,480 --> 00:02:09,920 Speaker 1: if confirmed. Kirby says, the US is not standing down 33 00:02:09,960 --> 00:02:12,400 Speaker 1: in the region. We will not be deterred from operating 34 00:02:12,400 --> 00:02:14,919 Speaker 1: in the seas and the skies of the Western Pacific 35 00:02:15,160 --> 00:02:19,240 Speaker 1: consistent with international law, as we have for decades supporting 36 00:02:19,280 --> 00:02:24,440 Speaker 1: Taiwan and defending a free and open indoor Pacific. To 37 00:02:24,600 --> 00:02:28,519 Speaker 1: that end, Secretary Austin today is directed that the aircraft 38 00:02:28,560 --> 00:02:31,840 Speaker 1: carrier USS Ronald Reagan and the ships in her strike 39 00:02:31,880 --> 00:02:35,440 Speaker 1: group will remain on station in the general area to 40 00:02:35,560 --> 00:02:40,240 Speaker 1: monitor the situation, but he says the US is also 41 00:02:40,320 --> 00:02:44,040 Speaker 1: postponing a planned minute Man three I CBM tests so 42 00:02:44,800 --> 00:02:48,800 Speaker 1: as to not further in flame tensions. Is that the 43 00:02:48,800 --> 00:02:51,840 Speaker 1: price of the trip. Let's get into it now with 44 00:02:51,960 --> 00:02:54,840 Speaker 1: ret ruined president of the Global Situation Room, former Director 45 00:02:54,880 --> 00:02:57,680 Speaker 1: of Global Engagement in the Obama White House, Brett welcome back. 46 00:02:58,040 --> 00:03:00,680 Speaker 1: Was at the right move now to postpone a planned 47 00:03:00,760 --> 00:03:04,160 Speaker 1: US missile test. I think so you don't want to 48 00:03:04,200 --> 00:03:08,920 Speaker 1: create a situation where we're in an escalatory pattern. Instead, 49 00:03:09,520 --> 00:03:14,200 Speaker 1: the US needs to be a responsible party here trying 50 00:03:14,360 --> 00:03:19,480 Speaker 1: to de escalate this situation, show that we are not 51 00:03:19,639 --> 00:03:22,640 Speaker 1: giving ground, but at the same time we're not going 52 00:03:22,800 --> 00:03:28,040 Speaker 1: to give Beijing an excuse to up their aggression. And 53 00:03:28,080 --> 00:03:30,600 Speaker 1: I think that's what you saw come out of the 54 00:03:30,680 --> 00:03:34,960 Speaker 1: decision by the Defense Department today. Uh seeing the reports 55 00:03:34,960 --> 00:03:38,400 Speaker 1: that I'm assuming that the the reports from Japan are correct, 56 00:03:38,480 --> 00:03:41,680 Speaker 1: that several of these missiles went over Taiwan. Is a 57 00:03:41,720 --> 00:03:47,080 Speaker 1: new level? Does it require a response? Again? I think 58 00:03:47,120 --> 00:03:52,680 Speaker 1: we should um be much more careful in how we respond. 59 00:03:53,480 --> 00:03:58,839 Speaker 1: Beijing is looking to show strength after Secretary or rather 60 00:03:58,840 --> 00:04:03,120 Speaker 1: Speaker Pelosi's visit, and and this was their attempt at that. 61 00:04:03,240 --> 00:04:07,240 Speaker 1: Obviously it breaks with some past precedent UH and it 62 00:04:07,240 --> 00:04:12,640 Speaker 1: it takes the efforts by I think the United States 63 00:04:12,640 --> 00:04:16,080 Speaker 1: and our allies to show restraint in this moment and 64 00:04:16,160 --> 00:04:19,960 Speaker 1: to show that this kind of force. And let's not 65 00:04:20,040 --> 00:04:26,120 Speaker 1: forget Russia was also engaged in quote unquote training exercises 66 00:04:26,480 --> 00:04:31,440 Speaker 1: that preceded their invasion of Ukraine, and so these kinds 67 00:04:31,560 --> 00:04:36,400 Speaker 1: of exercises can be a prelude to further action. One 68 00:04:36,440 --> 00:04:40,000 Speaker 1: of the concerns that I've been speaking with experts about 69 00:04:40,240 --> 00:04:45,800 Speaker 1: is if China should occupy islands off of Taiwan's coast 70 00:04:45,839 --> 00:04:49,839 Speaker 1: that are are part of UH Taiwan, what is our reaction? 71 00:04:49,880 --> 00:04:52,720 Speaker 1: Do we call that an invasion? Do we respond? Right? 72 00:04:52,880 --> 00:04:57,200 Speaker 1: Is that the same as invading UH Taipei. Look, we've 73 00:04:57,240 --> 00:05:00,159 Speaker 1: got some some tough decisions to make here, potential Lee 74 00:05:00,720 --> 00:05:02,719 Speaker 1: and I don't know where this is going, Brett, but 75 00:05:02,880 --> 00:05:06,680 Speaker 1: China has essentially created a blockade around Taiwan. Over the 76 00:05:06,680 --> 00:05:11,080 Speaker 1: coming days, as these exercises encircle the island UH, Taiwan 77 00:05:11,279 --> 00:05:15,599 Speaker 1: is at the mercy of Beijing. How dangerous does this get? 78 00:05:15,600 --> 00:05:17,680 Speaker 1: Are we're gonna be talking about this week's down the road? 79 00:05:18,040 --> 00:05:20,000 Speaker 1: Or does China pack up its toys when this is 80 00:05:20,040 --> 00:05:23,920 Speaker 1: over and go home? Well, I think most observers would 81 00:05:24,000 --> 00:05:28,120 Speaker 1: see them packing up their toys for now and going home. 82 00:05:28,200 --> 00:05:30,799 Speaker 1: This was a show of strength. It was an attempt 83 00:05:31,040 --> 00:05:35,000 Speaker 1: to send a message. Should they stay there, the United 84 00:05:35,080 --> 00:05:41,320 Speaker 1: States are allies, would need to challenge that presence, and 85 00:05:41,440 --> 00:05:44,240 Speaker 1: you know we have a model for doing so. China 86 00:05:44,400 --> 00:05:48,600 Speaker 1: has made claims to other parts of the Pacific Ocean, 87 00:05:48,680 --> 00:05:51,880 Speaker 1: the South China Sea, and we have freedom of navigation 88 00:05:51,960 --> 00:05:54,800 Speaker 1: movement similarly, So I think you would see a situation 89 00:05:54,839 --> 00:05:59,640 Speaker 1: in which the United States would attempt to break that 90 00:06:00,080 --> 00:06:04,640 Speaker 1: um UH blockade of the island of Taiwan. So what's 91 00:06:04,680 --> 00:06:06,559 Speaker 1: going to happen the next time we send the Ronald 92 00:06:06,560 --> 00:06:10,719 Speaker 1: Reagan up the Taiwan straight Well, I think what we've 93 00:06:10,760 --> 00:06:13,440 Speaker 1: seen in the past is that China will engage, whether 94 00:06:13,480 --> 00:06:17,719 Speaker 1: it's UH on the the ocean, in the Sky in 95 00:06:17,720 --> 00:06:21,600 Speaker 1: a series of aggressive maneuvers. But let's not forget that 96 00:06:21,720 --> 00:06:24,920 Speaker 1: Chusing Ping is in a very difficult position right now. 97 00:06:25,040 --> 00:06:29,640 Speaker 1: The economy back home in China has been suffering, showing 98 00:06:29,800 --> 00:06:33,920 Speaker 1: anemic growth, and also, obviously his crackdown over the last 99 00:06:33,960 --> 00:06:38,919 Speaker 1: several years has created a whole host of enemies animosity. 100 00:06:39,520 --> 00:06:42,000 Speaker 1: He's got to be careful how he plays his cards here, 101 00:06:42,600 --> 00:06:46,039 Speaker 1: and I think at the same time, the US is 102 00:06:46,080 --> 00:06:50,479 Speaker 1: in a stronger position after Russia's invasion of Ukraine, with 103 00:06:50,560 --> 00:06:54,040 Speaker 1: a united West with a playbook for how we handle 104 00:06:54,080 --> 00:06:58,120 Speaker 1: these kinds of situations brewing Global Situation Room Presidents, the 105 00:06:58,120 --> 00:07:01,359 Speaker 1: former director of Global Engagement at the White House in 106 00:07:01,360 --> 00:07:04,080 Speaker 1: the Obama administration. We appreciate it as always, Brett, thank 107 00:07:04,080 --> 00:07:06,359 Speaker 1: you for the insights. As we we've turned to the 108 00:07:06,360 --> 00:07:11,400 Speaker 1: Brittany Grinder sentencing today and boy nine and a half years. 109 00:07:11,440 --> 00:07:14,000 Speaker 1: I guess no one's surprised, right They had asked for 110 00:07:14,080 --> 00:07:16,280 Speaker 1: nine and a half, people thought you might get ten, 111 00:07:16,320 --> 00:07:20,080 Speaker 1: And there it is. She spoke before the sentence came down. 112 00:07:20,080 --> 00:07:24,000 Speaker 1: I've never met hurt anybody. I never meant to put 113 00:07:24,120 --> 00:07:27,680 Speaker 1: in jeopardy the rest of population. I've never met any 114 00:07:27,760 --> 00:07:31,280 Speaker 1: laws here I made an honestly state and I hope 115 00:07:31,800 --> 00:07:35,880 Speaker 1: that and you're brewing that it doesn't end my life here. 116 00:07:36,440 --> 00:07:38,840 Speaker 1: Reaction from the White House was swift. We got a 117 00:07:38,840 --> 00:07:41,600 Speaker 1: statement from President Biden, came up in the briefing with 118 00:07:41,920 --> 00:07:45,880 Speaker 1: Press Secretary Karine Sean Pierre. So today's sentencing is a 119 00:07:45,960 --> 00:07:51,240 Speaker 1: reminder of what the world already knew. Russia is wrongfully 120 00:07:51,280 --> 00:07:55,920 Speaker 1: detaining Brittany. She never should have had to endure a 121 00:07:56,040 --> 00:08:00,640 Speaker 1: trial in the first place. Here's and else. The world 122 00:08:00,640 --> 00:08:05,800 Speaker 1: already knew this likely ends with a prisoner swap. So 123 00:08:05,880 --> 00:08:09,280 Speaker 1: did Russia just get more leverage? We bring in Thomas Firestone, 124 00:08:09,320 --> 00:08:11,920 Speaker 1: partner at Struck and Struke and Lavan, former assistant U 125 00:08:11,960 --> 00:08:14,800 Speaker 1: S attorney who actually worked in Moscow for some time 126 00:08:14,800 --> 00:08:17,920 Speaker 1: as a lawyer. Thomas, thank you for being here. This 127 00:08:17,920 --> 00:08:20,640 Speaker 1: seemed inevitable to most people watching it. Did you expect 128 00:08:20,760 --> 00:08:25,080 Speaker 1: such a harsh sentence? I did expect a harsh sentence. 129 00:08:25,120 --> 00:08:28,040 Speaker 1: You know, on the one hand, the typical sentences in 130 00:08:28,200 --> 00:08:32,000 Speaker 1: Russian ordinary cases like this or about five years probation. 131 00:08:32,120 --> 00:08:35,959 Speaker 1: Her lawyers made that point in recent cases involving Americans 132 00:08:36,200 --> 00:08:38,480 Speaker 1: caught at the airport. The sentence has been much higher. 133 00:08:38,480 --> 00:08:41,240 Speaker 1: Mark Fogel was sixty one year old school teacher got 134 00:08:41,280 --> 00:08:45,280 Speaker 1: fourteen years for seventeen grahams Nami Soccer got seven and 135 00:08:45,320 --> 00:08:47,880 Speaker 1: a half years for nine grams. This is one gram, right, 136 00:08:49,160 --> 00:08:52,000 Speaker 1: this is less than one gram is less than one 137 00:08:52,400 --> 00:08:55,000 Speaker 1: So she got nine years for less than one graham? 138 00:08:55,320 --> 00:08:58,440 Speaker 1: In what world? Is not a reasonable sentence. There's no 139 00:08:58,520 --> 00:09:01,280 Speaker 1: such thing as an appeal for an American or I'm 140 00:09:01,320 --> 00:09:04,400 Speaker 1: assuming anyone in Russia. How does this work? No, there 141 00:09:04,480 --> 00:09:07,360 Speaker 1: is an appeal. Her lawyers were file will file an appeal? 142 00:09:08,880 --> 00:09:11,640 Speaker 1: Is it? Is it a sham appel? I wouldn't. I 143 00:09:11,640 --> 00:09:14,200 Speaker 1: wouldn't bet on it succeeding. Put it that way, I 144 00:09:14,240 --> 00:09:17,080 Speaker 1: think it's I think it's a long shot. She's got 145 00:09:17,160 --> 00:09:20,480 Speaker 1: some other angles that she can pursue legally, but again 146 00:09:20,760 --> 00:09:24,920 Speaker 1: I would not expect a positive result. So that said, well, 147 00:09:25,000 --> 00:09:27,280 Speaker 1: we'll spend time I guess on that, or do we 148 00:09:27,320 --> 00:09:29,800 Speaker 1: move ahead with the idea of the prisoner swap? And 149 00:09:29,840 --> 00:09:32,560 Speaker 1: I know you're not uh an expert on that, But 150 00:09:32,640 --> 00:09:37,080 Speaker 1: the analysis Thomas today was that this sentence was was 151 00:09:38,200 --> 00:09:41,800 Speaker 1: the message from Moscow saying no, no, you know, we 152 00:09:41,880 --> 00:09:44,839 Speaker 1: expect someone back for her and it might be more 153 00:09:44,880 --> 00:09:47,080 Speaker 1: than one person. At this point, did they gain leverage 154 00:09:47,120 --> 00:09:49,040 Speaker 1: along the way? Is that where we're going? I think 155 00:09:49,440 --> 00:09:52,200 Speaker 1: I think they definitely gained leverage. I mean you said 156 00:09:52,240 --> 00:09:54,920 Speaker 1: that at the beginning that where this ends, it's no 157 00:09:55,000 --> 00:09:56,959 Speaker 1: surprise it will end with a prisoner exchange. I think 158 00:09:56,960 --> 00:10:00,520 Speaker 1: that's the best case scenario. Let's not forget that. Already. 159 00:10:00,559 --> 00:10:04,000 Speaker 1: The US already offered Victor Boot, our big trump card, 160 00:10:04,080 --> 00:10:08,040 Speaker 1: all of this, doing twenty five years for Wheeling and Grinder, 161 00:10:08,080 --> 00:10:11,040 Speaker 1: and the Russians apparently said no. So where does that 162 00:10:11,160 --> 00:10:13,360 Speaker 1: leave us? Well, that's why I ask if it's gonna 163 00:10:13,400 --> 00:10:15,520 Speaker 1: be both Wheelan and Grinder, we're gonna have to get 164 00:10:15,520 --> 00:10:19,760 Speaker 1: to Russians back to Moscow, right right? And they've asked 165 00:10:19,800 --> 00:10:21,960 Speaker 1: for I mean, they've really up the anty on this, 166 00:10:22,040 --> 00:10:24,200 Speaker 1: and there you know, the State form said it's not 167 00:10:24,200 --> 00:10:26,840 Speaker 1: a serious offer. They really up the anny and they 168 00:10:26,840 --> 00:10:30,120 Speaker 1: said we don't we want Boot plus Vadim Krassokov, a 169 00:10:30,240 --> 00:10:35,160 Speaker 1: convicted murderer in German custody. So talk about difficulties, but 170 00:10:35,360 --> 00:10:37,840 Speaker 1: enough to give some you know from US custom. But 171 00:10:37,920 --> 00:10:41,720 Speaker 1: here's a murderer got life in in in Germany. Are 172 00:10:41,720 --> 00:10:44,079 Speaker 1: we gonna work that. So call your friend Sheelz and 173 00:10:44,120 --> 00:10:47,439 Speaker 1: work it out. Thomas. I whenever I see images of 174 00:10:47,800 --> 00:10:50,800 Speaker 1: Brittaney Grinder, she's wearing her own clothing. I've seen her wearing, 175 00:10:51,240 --> 00:10:53,960 Speaker 1: you know, sports jerseys and so forth. At this point, now, 176 00:10:54,040 --> 00:10:57,240 Speaker 1: is she in a jumpsuit in uh? In a prison? 177 00:10:57,280 --> 00:11:00,320 Speaker 1: What what's happening with her? No, she's in a pre 178 00:11:00,400 --> 00:11:03,880 Speaker 1: trial detention facility on the outskirts of Moscow, near the 179 00:11:03,920 --> 00:11:07,959 Speaker 1: airport where she was arrested. Um, she's got she'll file 180 00:11:08,040 --> 00:11:11,720 Speaker 1: the appeal and then it's only in most cases it's 181 00:11:11,760 --> 00:11:15,960 Speaker 1: only after the appeal is rejected that the conviction becomes 182 00:11:16,000 --> 00:11:18,880 Speaker 1: final and she gets sent to a penal colony that'll 183 00:11:18,920 --> 00:11:22,800 Speaker 1: be god knows where in Russia. But she colony. So 184 00:11:22,840 --> 00:11:25,800 Speaker 1: this is like hard labor we're talking. I don't know 185 00:11:25,840 --> 00:11:29,160 Speaker 1: that it's gonna be hard labor. It's not a labor camp, 186 00:11:29,200 --> 00:11:32,000 Speaker 1: thats necessarily, but it's not a pleasant place to be. 187 00:11:32,080 --> 00:11:34,000 Speaker 1: Where she is right now is not a good place 188 00:11:34,040 --> 00:11:36,600 Speaker 1: to be. The penal colonies are generally worse than the 189 00:11:36,600 --> 00:11:40,360 Speaker 1: three trial facilities. Good lord, how long would the appeal take? Thomas? 190 00:11:40,400 --> 00:11:41,520 Speaker 1: Do you have a sense of that or can you 191 00:11:41,520 --> 00:11:44,720 Speaker 1: not predict with the Russian court. It's hard. It'll probably 192 00:11:44,720 --> 00:11:47,520 Speaker 1: take several months. I mean there's a strategic choice here. 193 00:11:47,600 --> 00:11:50,040 Speaker 1: Does she want to accelerate the appeal because if you 194 00:11:50,080 --> 00:11:52,360 Speaker 1: assume the appeal is going to be unsuccessful, does she 195 00:11:52,440 --> 00:11:54,600 Speaker 1: really wanted to decide it quickly and get sent to 196 00:11:54,640 --> 00:11:59,959 Speaker 1: the colony? More fascter, So it'll probably take several months. 197 00:12:00,000 --> 00:12:04,040 Speaker 1: Thomas Firestone fascinating and appreciate the insights here. We had 198 00:12:04,080 --> 00:12:05,720 Speaker 1: to talk with an expert about that, so we can 199 00:12:05,760 --> 00:12:07,719 Speaker 1: all have a better sense of what's actually going on 200 00:12:08,640 --> 00:12:11,040 Speaker 1: before we assemble our panel. And we'll do that next 201 00:12:11,280 --> 00:12:14,360 Speaker 1: after Traffic and Markets. Jeanie Schanzano and Doug high Or 202 00:12:14,400 --> 00:12:17,640 Speaker 1: with us on the Fastest Hour in Politics. I'm Joe Matthew. 203 00:12:17,720 --> 00:12:24,040 Speaker 1: This is Bloomberg. You're listening to Bloomberg. You sound on 204 00:12:24,559 --> 00:12:31,439 Speaker 1: with Joe Matthew on Bloomberg Radio. Missiles over Taiwan Brittney 205 00:12:31,480 --> 00:12:36,120 Speaker 1: Griner nine and a half years Geo politics not getting 206 00:12:36,120 --> 00:12:39,599 Speaker 1: any easier for the Biden administration as a war continues 207 00:12:39,679 --> 00:12:43,400 Speaker 1: in Ukraine and of course China is its own thing. 208 00:12:43,440 --> 00:12:46,599 Speaker 1: Here is we assemble the panel with Bloomberg Politics contributor 209 00:12:46,640 --> 00:12:50,160 Speaker 1: Democratic analyst Jennie Schanzano and Doug High is back with 210 00:12:50,240 --> 00:12:55,000 Speaker 1: US today. Republican strategist former communications director at the r 211 00:12:55,200 --> 00:12:59,360 Speaker 1: n C, Genie, let's start with the Taiwan here. As 212 00:12:59,400 --> 00:13:03,040 Speaker 1: I asked Brett Bruin earlier, does this require a response 213 00:13:03,120 --> 00:13:06,400 Speaker 1: of some sort? If it's confirmed that these four these 214 00:13:06,440 --> 00:13:10,320 Speaker 1: ballistic missiles were shot over the island, an incredibly dangerous 215 00:13:10,320 --> 00:13:13,840 Speaker 1: prospect as they were on their way to Japan, you 216 00:13:13,840 --> 00:13:16,920 Speaker 1: know it is going to require a response of some kind. 217 00:13:17,120 --> 00:13:19,720 Speaker 1: And I think that that's part of what Nancy Pelosi's 218 00:13:19,720 --> 00:13:23,080 Speaker 1: trip did. Is it you know, invited if you will, 219 00:13:23,160 --> 00:13:25,440 Speaker 1: This is the price of admission. This is the price, 220 00:13:25,520 --> 00:13:27,400 Speaker 1: and we are now going to have to respond. Now 221 00:13:27,440 --> 00:13:29,599 Speaker 1: I'm not saying we're going to have to respond militarily, 222 00:13:29,960 --> 00:13:33,240 Speaker 1: but as she comes back, the question is what's next? Um, 223 00:13:33,280 --> 00:13:35,320 Speaker 1: are we going to beef up our military? Are we 224 00:13:35,360 --> 00:13:39,840 Speaker 1: going to take steps to help Taiwan defend itself? Possibly? Um? 225 00:13:39,920 --> 00:13:42,360 Speaker 1: What is it due to our military budget? So I 226 00:13:42,360 --> 00:13:44,480 Speaker 1: think those are the kinds of responses. And I think 227 00:13:44,480 --> 00:13:47,720 Speaker 1: we're already seeing Blinkin over in Cambodia today as he's 228 00:13:47,720 --> 00:13:50,080 Speaker 1: been trying to make the case that China is the 229 00:13:50,120 --> 00:13:52,839 Speaker 1: aggressor here. We did nothing to change the status quo 230 00:13:52,920 --> 00:13:55,960 Speaker 1: with this visit. They did that seems to be falling 231 00:13:55,960 --> 00:13:58,200 Speaker 1: on deaf ears. However, Doug High, I wonder what you 232 00:13:58,280 --> 00:14:02,199 Speaker 1: make of this decision to postpone the US missile tests 233 00:14:02,240 --> 00:14:04,560 Speaker 1: in the region. Here's John Kirby today at the White House. 234 00:14:04,640 --> 00:14:08,199 Speaker 1: We do not believe it is in our interest, Taiwan's interest, 235 00:14:08,280 --> 00:14:15,640 Speaker 1: the region's interests to allow tensions to escalate further, which 236 00:14:15,679 --> 00:14:18,960 Speaker 1: is why a long planned minute Man three I CBM 237 00:14:19,040 --> 00:14:23,040 Speaker 1: test scheduled for this week has been rescheduled for the 238 00:14:23,080 --> 00:14:26,000 Speaker 1: near future. You wouldn't say when that might happen, Doug, 239 00:14:26,080 --> 00:14:29,520 Speaker 1: just soon? Is it the right thing to do? Well? 240 00:14:29,640 --> 00:14:31,720 Speaker 1: My concern is, and and it's part of the only 241 00:14:31,720 --> 00:14:34,480 Speaker 1: real criticism I would have for Pelosi's visit is we 242 00:14:34,520 --> 00:14:36,920 Speaker 1: don't really know what the strategy behind it was. We 243 00:14:36,960 --> 00:14:39,840 Speaker 1: know the why now you know she's potentially wrapping up 244 00:14:39,840 --> 00:14:42,240 Speaker 1: a speakership in a career in politics, and this has 245 00:14:42,280 --> 00:14:44,320 Speaker 1: been a priority for a while, but we don't know 246 00:14:44,360 --> 00:14:47,440 Speaker 1: what the strategy behind and what necessarily was going to 247 00:14:47,480 --> 00:14:50,720 Speaker 1: be accomplished by going, and so unfortunately what we see 248 00:14:50,800 --> 00:14:53,960 Speaker 1: time and time again, and reactions to China is when 249 00:14:53,960 --> 00:14:56,440 Speaker 1: we hear we don't want things to escalate, that means 250 00:14:56,440 --> 00:14:59,400 Speaker 1: that we're going to change our behavior. China doesn't necessarily 251 00:14:59,400 --> 00:15:03,280 Speaker 1: have to depend changed their behavior. And we see that politically, 252 00:15:03,320 --> 00:15:05,920 Speaker 1: we see it culturally, economically. You know, all down the 253 00:15:05,960 --> 00:15:10,200 Speaker 1: line Brittney Grinder sentencing, what what timing here, Genie on 254 00:15:10,200 --> 00:15:12,680 Speaker 1: on the same day that we're reading headlines of missiles 255 00:15:12,720 --> 00:15:15,120 Speaker 1: over at Taiwan nine and a half years I think 256 00:15:15,160 --> 00:15:18,560 Speaker 1: you said it would be ten Uh, basically no matter 257 00:15:18,640 --> 00:15:24,960 Speaker 1: what after the guilty verdict came in here. But my goodness, Uh, 258 00:15:25,120 --> 00:15:29,000 Speaker 1: a prisoner swap has already been rejected by Russia. Do 259 00:15:29,040 --> 00:15:32,480 Speaker 1: we offer more people? Where's this going? Yeah? This was 260 00:15:32,800 --> 00:15:35,960 Speaker 1: a show trial. This is exactly what Vladimir Putin wanted. 261 00:15:36,040 --> 00:15:38,960 Speaker 1: This is exactly what the Kremlin wanted. And even the 262 00:15:39,040 --> 00:15:42,440 Speaker 1: language that you were using in your discussion with with 263 00:15:42,440 --> 00:15:45,400 Speaker 1: with Thomas, this idea that she is eventually going to 264 00:15:45,480 --> 00:15:48,840 Speaker 1: be sent to a penal colony. You know, Putin realizes 265 00:15:48,920 --> 00:15:51,360 Speaker 1: that when the American public looks at a superstar like 266 00:15:51,440 --> 00:15:55,080 Speaker 1: Brittney Grinner and they hear her heartbreaking statements, it's outrageous 267 00:15:55,120 --> 00:15:57,840 Speaker 1: that she's gotten you know, even a day, let alone 268 00:15:57,920 --> 00:16:00,440 Speaker 1: nine plus years there. They are going to push the 269 00:16:00,480 --> 00:16:03,000 Speaker 1: administration to make a deal and this is going to 270 00:16:03,040 --> 00:16:05,200 Speaker 1: in your words, or is the word you used, I 271 00:16:05,200 --> 00:16:07,720 Speaker 1: think was leverage. It's absolutely right. Give Puttin the leverage 272 00:16:07,760 --> 00:16:09,600 Speaker 1: he needs to get a two for two swap or 273 00:16:09,640 --> 00:16:12,120 Speaker 1: whatever it is he's looking for, or she'll sit there 274 00:16:12,160 --> 00:16:15,360 Speaker 1: and it's an absolute atrocity. This is high stakes dug 275 00:16:15,520 --> 00:16:18,960 Speaker 1: certainly politically. How does the White House make this a win? 276 00:16:19,040 --> 00:16:21,120 Speaker 1: Does it? Does it matter who they trade? I'm assuming 277 00:16:21,120 --> 00:16:23,760 Speaker 1: that's where this is going, is getting her home under 278 00:16:23,800 --> 00:16:26,840 Speaker 1: any circumstances of win. Well, I think you've got two 279 00:16:26,840 --> 00:16:30,960 Speaker 1: different scenarios potentially playing out on how we define a win. Obviously, 280 00:16:31,520 --> 00:16:33,720 Speaker 1: if she comes home and not, there are other Americans 281 00:16:33,760 --> 00:16:35,840 Speaker 1: who are you know, they're not prisoners, their hostages at 282 00:16:35,840 --> 00:16:38,800 Speaker 1: this point, you know, the footage of that will be warm, 283 00:16:38,840 --> 00:16:41,920 Speaker 1: will all feel good about it, um and and it 284 00:16:41,960 --> 00:16:44,680 Speaker 1: will be you know, a good moment, good visuals for 285 00:16:44,680 --> 00:16:47,600 Speaker 1: the White House, But at what costs because you know, 286 00:16:47,640 --> 00:16:50,480 Speaker 1: the prisoners swaps that we would be doing, you know, 287 00:16:50,560 --> 00:16:53,920 Speaker 1: are not Russian basketball players who might have inadvertently made 288 00:16:53,960 --> 00:16:57,880 Speaker 1: a mistake. Um. These are going to be hardened killers. Um. 289 00:16:57,920 --> 00:17:01,240 Speaker 1: And so is the price worth it a B. But 290 00:17:01,280 --> 00:17:04,040 Speaker 1: it's something this administration has to think carefully. Few you 291 00:17:04,040 --> 00:17:06,760 Speaker 1: do wonder what kind of analysis it becomes subject to, 292 00:17:06,960 --> 00:17:10,520 Speaker 1: just just in the you know, the general um consciousness 293 00:17:10,640 --> 00:17:12,640 Speaker 1: here because so many people want her to come home. 294 00:17:12,680 --> 00:17:15,560 Speaker 1: But when you see the victory parade that takes place 295 00:17:15,560 --> 00:17:18,000 Speaker 1: in in Russia, you know that's gonna happen in Moscow. 296 00:17:18,040 --> 00:17:20,000 Speaker 1: He's gonna be out there. My god, they'll they'll all 297 00:17:20,000 --> 00:17:22,200 Speaker 1: have their shirts off. Genie. It's going to be a 298 00:17:22,240 --> 00:17:27,600 Speaker 1: big arm wrestling contest or something. Yes, that's correct, very cold, 299 00:17:27,600 --> 00:17:31,440 Speaker 1: thank you in apologies. So I have to ask you 300 00:17:31,480 --> 00:17:34,439 Speaker 1: about one more here as while we're in the foreign 301 00:17:34,640 --> 00:17:40,000 Speaker 1: policy sphere, an important vote yesterday in the US Senate 302 00:17:40,160 --> 00:17:43,720 Speaker 1: to say yes to welcoming Sweden and Finland Tornato. On 303 00:17:43,760 --> 00:17:47,240 Speaker 1: this vote, the the nays are one and one senator 304 00:17:47,280 --> 00:17:50,879 Speaker 1: responded present two thirds of a senator's present, a quorum 305 00:17:50,920 --> 00:17:53,879 Speaker 1: being present. Having voted in the affirmative, the resolution of 306 00:17:54,000 --> 00:17:57,560 Speaker 1: ratification is agreed to. There it is that's Senator John 307 00:17:57,600 --> 00:18:01,720 Speaker 1: ass Off Doug one man one voted against his name 308 00:18:01,760 --> 00:18:04,959 Speaker 1: is Josh Holly have to do less in Europe in 309 00:18:05,080 --> 00:18:09,760 Speaker 1: order to prioritize America's most pressing national security interest, which 310 00:18:09,800 --> 00:18:13,560 Speaker 1: is in Asia with regard to China. So don't let 311 00:18:13,560 --> 00:18:15,720 Speaker 1: Sweden and Finland in the NATO because we need to 312 00:18:15,720 --> 00:18:18,120 Speaker 1: invent that would that would draw more investment. I guess 313 00:18:18,119 --> 00:18:20,000 Speaker 1: in Europe's saying, Doug, is that going to become a 314 00:18:20,040 --> 00:18:23,560 Speaker 1: more popular idea in the Republican Party or does he 315 00:18:23,600 --> 00:18:27,320 Speaker 1: stand alone? Right now? He stands alone. That's one vote, right, 316 00:18:27,400 --> 00:18:30,199 Speaker 1: It's not that core group of eight or ten. You know, 317 00:18:30,240 --> 00:18:32,320 Speaker 1: the trumpiest of the trump he he's on his own. 318 00:18:32,440 --> 00:18:35,520 Speaker 1: He clearly sees some kind of a political advantage on 319 00:18:35,520 --> 00:18:37,359 Speaker 1: on this, but you know he's going to have to 320 00:18:37,440 --> 00:18:41,119 Speaker 1: potentially on a debate stage defend his vote against the 321 00:18:41,200 --> 00:18:44,840 Speaker 1: real other trumpy candidates say it Ted Cruz who voted 322 00:18:45,119 --> 00:18:48,040 Speaker 1: for this, And that's you know, that's the political box 323 00:18:48,040 --> 00:18:51,400 Speaker 1: that he's put himself in. But he sees as an opportunity. 324 00:18:51,880 --> 00:18:56,560 Speaker 1: Doug High Genie Chanzano are sound on panel today. I'm 325 00:18:56,640 --> 00:19:03,080 Speaker 1: Joe Matthew. This is Bloombird broadcasting live from our nation's capital, 326 00:19:03,160 --> 00:19:09,080 Speaker 1: Bloomberg to New York Bloomberg eleven trio to Boston, Bloomberg 327 00:19:09,119 --> 00:19:12,760 Speaker 1: one of six, one to San Francisco, Bloomberg nine sixty 328 00:19:13,000 --> 00:19:16,320 Speaker 1: to the country, Serious x M General one nine and 329 00:19:16,359 --> 00:19:19,720 Speaker 1: around the globe, the Bloomberg Business app and Bloomberg Radio 330 00:19:19,880 --> 00:19:24,600 Speaker 1: dot Com. This is Bloomberg Sound On with Joe Matthew. 331 00:19:26,800 --> 00:19:29,920 Speaker 1: So a working weekend, it will be for the Senate's 332 00:19:30,320 --> 00:19:34,760 Speaker 1: as the path to Democrats Climate and Tax bill gets 333 00:19:34,760 --> 00:19:38,359 Speaker 1: a little bit longer as Senator Kirston Cinema pushes for changes. 334 00:19:38,400 --> 00:19:40,480 Speaker 1: Now we'll talk about what's going on behind the scenes 335 00:19:40,480 --> 00:19:43,600 Speaker 1: coming up with Jim Kessler of Third Way spent time 336 00:19:43,640 --> 00:19:47,120 Speaker 1: as the legislative policy director for Senator Schumer. He's been there. 337 00:19:47,119 --> 00:19:49,560 Speaker 1: If you you have to wonder what Senator Chuck Schumer 338 00:19:49,720 --> 00:19:53,240 Speaker 1: is thinking right now as he looks ahead of this weekend, 339 00:19:53,240 --> 00:19:56,000 Speaker 1: waiting for the parliamentary and to rule and a relatively 340 00:19:56,040 --> 00:19:58,960 Speaker 1: short window of time left to work on the Climate 341 00:19:59,040 --> 00:20:01,840 Speaker 1: and Tax bill. Having already learned and we talked about 342 00:20:01,880 --> 00:20:05,040 Speaker 1: it at this time yesterday that Senator Kirston Cinema does 343 00:20:05,359 --> 00:20:10,000 Speaker 1: have some issues with the deal that Schumer struck with 344 00:20:10,119 --> 00:20:13,120 Speaker 1: Joe Manchin. Wants to drop carried interest for instance, wants 345 00:20:13,200 --> 00:20:18,159 Speaker 1: to narrow the scope of the corporate minimum tax. But 346 00:20:18,200 --> 00:20:19,840 Speaker 1: if you listen to Chuck Schumer on the floor of 347 00:20:19,880 --> 00:20:22,800 Speaker 1: the Senate today, you wouldn't know about it. Democrats are 348 00:20:22,800 --> 00:20:25,320 Speaker 1: going to deliver on all these things and more when 349 00:20:25,320 --> 00:20:29,399 Speaker 1: we passed the Inflation Reduction Act in coming days, coming days, 350 00:20:29,480 --> 00:20:32,800 Speaker 1: the same exact language that he used on the floor yesterday. 351 00:20:32,880 --> 00:20:36,679 Speaker 1: So is he whistling past the graveyard? Does he know 352 00:20:36,800 --> 00:20:39,119 Speaker 1: something we don't know? We bring in Jim Kessler, co 353 00:20:39,200 --> 00:20:42,880 Speaker 1: founder of Third Way, Democratic strategist, former legislative policy director 354 00:20:42,960 --> 00:20:46,280 Speaker 1: for Senator Chuck Schumer. Jim, it's great to have you back. 355 00:20:46,320 --> 00:20:49,200 Speaker 1: What's going on in the office at this point? Here 356 00:20:49,280 --> 00:20:53,080 Speaker 1: is do you suspect Chuck Schumer directly involved with Senator 357 00:20:53,160 --> 00:20:55,960 Speaker 1: kirston cinema on on changes that she wants to see? 358 00:20:56,000 --> 00:21:00,359 Speaker 1: What's this conversation? Like he's always directly involve, Didn't I 359 00:21:00,400 --> 00:21:04,040 Speaker 1: expect he's directly involved in this? Look, this was a 360 00:21:04,080 --> 00:21:06,280 Speaker 1: confident Chuck Schumer who went to the floor and said, 361 00:21:06,359 --> 00:21:08,320 Speaker 1: this is going to happen, you know, in the next 362 00:21:08,359 --> 00:21:11,320 Speaker 1: few days. My guess is this time next week a 363 00:21:11,400 --> 00:21:14,280 Speaker 1: bill will be through the Senate. There are a couple 364 00:21:14,280 --> 00:21:18,320 Speaker 1: of hurdles. Some are procedural. The parliamentarian is looking at 365 00:21:18,320 --> 00:21:22,240 Speaker 1: this bill. There's always things that don't pass what's called 366 00:21:22,280 --> 00:21:26,080 Speaker 1: the bird bath, some of the procedural rules with reconciliation, 367 00:21:26,119 --> 00:21:28,760 Speaker 1: which means language will need to be tweaked. And then 368 00:21:28,800 --> 00:21:32,359 Speaker 1: there are whatever demands that Kyrsten Cinema has and whether 369 00:21:32,400 --> 00:21:34,320 Speaker 1: they can be a commodating or the best way they 370 00:21:34,440 --> 00:21:37,800 Speaker 1: can be accommodated. But this feels like we're getting close. 371 00:21:37,880 --> 00:21:40,000 Speaker 1: It feels like we're getting to the finish line. What 372 00:21:40,119 --> 00:21:42,400 Speaker 1: doesn't make it out of the bird bath? And if 373 00:21:42,440 --> 00:21:44,560 Speaker 1: it were in the bill now, would it include this 374 00:21:44,680 --> 00:21:50,040 Speaker 1: drought protection money that cinema is asking for. Well, you know, 375 00:21:50,240 --> 00:21:54,040 Speaker 1: the parliamentarian, you know, ultimately has the final call. But 376 00:21:54,520 --> 00:21:59,440 Speaker 1: generally anything that is that is dealing with with revenue 377 00:21:59,600 --> 00:22:03,280 Speaker 1: and epics of reductions and those sort of things, um 378 00:22:03,560 --> 00:22:06,639 Speaker 1: can make it through the parliamentarian. Certain things that have 379 00:22:06,840 --> 00:22:10,560 Speaker 1: to do with policy but don't have a real revenue 380 00:22:10,600 --> 00:22:14,399 Speaker 1: components sometimes get struck down. But there's always ways that 381 00:22:14,520 --> 00:22:18,080 Speaker 1: you can craft the language to the parliamentarian says, well 382 00:22:18,280 --> 00:22:20,800 Speaker 1: it works this way, it doesn't work that way. What 383 00:22:20,920 --> 00:22:23,119 Speaker 1: we don't know is what's going to happen with carried interest, 384 00:22:23,200 --> 00:22:26,600 Speaker 1: which news reports say that he's in Cinema would like 385 00:22:26,640 --> 00:22:29,840 Speaker 1: to strip out. And there are some reports that some 386 00:22:29,880 --> 00:22:32,480 Speaker 1: of the corporate tax piece she doesn't like, but there's 387 00:22:32,480 --> 00:22:35,879 Speaker 1: other reports to say that she's fine and she carried 388 00:22:35,920 --> 00:22:38,200 Speaker 1: interest out. It doesn't really put that big of a 389 00:22:38,280 --> 00:22:41,320 Speaker 1: dent in the bill. Should Chuck Schumer be open to that? 390 00:22:42,560 --> 00:22:45,240 Speaker 1: I mean, it is a very tiny amount. It's fourteen 391 00:22:45,680 --> 00:22:48,960 Speaker 1: billion dollars over ten years. It's about two percent of 392 00:22:49,000 --> 00:22:51,320 Speaker 1: the size of the bill. Look, it's one of those 393 00:22:51,320 --> 00:22:53,680 Speaker 1: things that Democrats have been trying to do for a long, long, 394 00:22:53,760 --> 00:22:56,080 Speaker 1: long long time. It would be great if it could 395 00:22:56,080 --> 00:22:58,720 Speaker 1: stay in there. It's not going to be the thing 396 00:22:58,800 --> 00:23:02,120 Speaker 1: that since the bill or makes it swim. Okay, there 397 00:23:02,160 --> 00:23:04,240 Speaker 1: you go. Why are you so confident this gets done 398 00:23:04,960 --> 00:23:07,760 Speaker 1: next week? Is it because of how close they are? Because, boy, 399 00:23:07,800 --> 00:23:12,359 Speaker 1: this kind of feels familiar. It does feel familiar, but 400 00:23:12,800 --> 00:23:16,560 Speaker 1: you know, look, Joe Mansion was a huge hurdle. It 401 00:23:16,720 --> 00:23:20,600 Speaker 1: got through that the things that Kirsten Cinema are raising 402 00:23:21,240 --> 00:23:25,000 Speaker 1: really seemed like mostly minor issues, particularly if it's just 403 00:23:25,160 --> 00:23:28,159 Speaker 1: carried interest piece, and she really does care about the 404 00:23:28,160 --> 00:23:31,639 Speaker 1: climate pieces and the deficit reduction pieces. You know, how 405 00:23:31,720 --> 00:23:35,639 Speaker 1: Republicans are playing this as we're talking taxes is in 406 00:23:35,760 --> 00:23:39,680 Speaker 1: terms of hikes. Joe Mansion keeps making the point there's 407 00:23:39,680 --> 00:23:43,560 Speaker 1: no tax increases in the bill. We're simply closing tax loopholes. 408 00:23:43,600 --> 00:23:45,120 Speaker 1: But this is how it's playing on the other side 409 00:23:45,119 --> 00:23:47,639 Speaker 1: of the aisle. Mitch McConnell on the floor today, not 410 00:23:47,800 --> 00:23:50,440 Speaker 1: much later than Chuck Schumer was talking they want to 411 00:23:50,520 --> 00:23:57,320 Speaker 1: ram through giant new Cox socks in the middle of 412 00:23:57,440 --> 00:24:02,760 Speaker 1: the recession, new multi hundred dollar talk talks on American 413 00:24:02,880 --> 00:24:09,119 Speaker 1: jobs that especially target the manufacturing sector, leaving Americans with 414 00:24:09,240 --> 00:24:14,240 Speaker 1: your jobs. And Laura wagers Jim that the whole deal 415 00:24:14,359 --> 00:24:16,760 Speaker 1: is being framed as a win for Democrats, a win 416 00:24:16,920 --> 00:24:19,840 Speaker 1: for Joe Biden, something to crow about on the campaign trail. 417 00:24:19,880 --> 00:24:22,560 Speaker 1: But how do you get around that narrative before November? 418 00:24:24,200 --> 00:24:27,439 Speaker 1: You know, I think if Republicans were being really honest 419 00:24:27,480 --> 00:24:29,679 Speaker 1: in the Senate, if it was a secret ballot, I 420 00:24:29,760 --> 00:24:32,680 Speaker 1: bet about fifteen or twenty Republicans would vote for this bill. 421 00:24:33,359 --> 00:24:36,040 Speaker 1: That it really is closing a tax to the poll 422 00:24:36,119 --> 00:24:40,760 Speaker 1: in which very large corporations that report huge profits. But 423 00:24:40,840 --> 00:24:44,359 Speaker 1: then for tax purposes say they have ritually no profits 424 00:24:44,520 --> 00:24:47,679 Speaker 1: will actually be taxed on those profits. It is, It 425 00:24:47,800 --> 00:24:51,440 Speaker 1: is very minor in terms of the revenue increases in there. 426 00:24:51,520 --> 00:24:54,160 Speaker 1: I think this is a little bit of the partisanship 427 00:24:54,280 --> 00:24:57,000 Speaker 1: that you've just seen in Washington. So when you look 428 00:24:57,040 --> 00:25:00,160 Speaker 1: back on this period of time, whether they get at 429 00:25:00,200 --> 00:25:02,119 Speaker 1: this done or not, and this would be a huge 430 00:25:02,320 --> 00:25:06,280 Speaker 1: piece of legislation, Chuck Schumer looks back to November and 431 00:25:06,320 --> 00:25:08,920 Speaker 1: he says, we got the gun safety bill, We've got 432 00:25:08,920 --> 00:25:13,080 Speaker 1: the Chips Act passed, that the Pact Act passed, and 433 00:25:13,160 --> 00:25:16,440 Speaker 1: they got NATO done for Sweden and Finland yesterday. How 434 00:25:16,440 --> 00:25:22,360 Speaker 1: does that compare in terms of productivity to a typical session. Well, 435 00:25:22,359 --> 00:25:26,360 Speaker 1: and don't forget the bipartisan infrastructure build the past. Sure 436 00:25:26,400 --> 00:25:29,200 Speaker 1: if you want to go back last year, sure, Yeah. 437 00:25:29,200 --> 00:25:33,000 Speaker 1: So if you look at this entire Congress, I think 438 00:25:33,040 --> 00:25:38,080 Speaker 1: this is the most consequential Congress for legislation since Ronald 439 00:25:38,119 --> 00:25:42,400 Speaker 1: Reagan in his first term. That's quite a statement. I mean, 440 00:25:42,440 --> 00:25:44,919 Speaker 1: after build back better blew up. But in terms of 441 00:25:44,960 --> 00:25:49,160 Speaker 1: actual pieces of legislation and and in in scope, can 442 00:25:49,200 --> 00:25:51,280 Speaker 1: you compare that? Is that what you're looking back to, 443 00:25:51,359 --> 00:25:56,120 Speaker 1: then that's the that's the best comparison. I mean, there's 444 00:25:56,160 --> 00:26:01,439 Speaker 1: this has been. The Infrastructure Bill was enormous. This um 445 00:26:01,680 --> 00:26:05,600 Speaker 1: UH Infliction Reduction Act is a very significant piece of legislation. 446 00:26:05,920 --> 00:26:11,240 Speaker 1: CHIPS is major, The Russia sanctions legislation was major, The 447 00:26:11,359 --> 00:26:16,960 Speaker 1: NATO expansion, if you add domestic and foreign policy together, 448 00:26:17,720 --> 00:26:21,240 Speaker 1: really one of the most significant two year periods of 449 00:26:21,240 --> 00:26:25,640 Speaker 1: the presidency since Ronald Reagan. I mean, look, Barack Obama's 450 00:26:25,680 --> 00:26:29,320 Speaker 1: first two years, a lot happened. George W. Bush's first 451 00:26:29,320 --> 00:26:33,119 Speaker 1: two years, a lot happened, saming Bill Clins, and it 452 00:26:33,160 --> 00:26:36,800 Speaker 1: will soon be compared to to Joe Biden's first two years. 453 00:26:37,480 --> 00:26:40,360 Speaker 1: Jim Kessler A third way, We thank you so much 454 00:26:40,359 --> 00:26:42,600 Speaker 1: for the insights. You know, you wonder how much could 455 00:26:42,640 --> 00:26:45,560 Speaker 1: be undone as well by a Republican majority. Quick on 456 00:26:45,560 --> 00:26:48,960 Speaker 1: the heels of this Congress, we reassemble the panel next 457 00:26:48,960 --> 00:26:54,920 Speaker 1: and we go to school. Uncarried interests right here on 458 00:26:55,040 --> 00:27:00,359 Speaker 1: sound on This is Bloomberg. You're listening to blue Berg. 459 00:27:00,440 --> 00:27:06,440 Speaker 1: You sound on with Joe Matthew on Bloomberg Radio. Well, 460 00:27:06,440 --> 00:27:10,119 Speaker 1: it sounds like the carried interests tax blophole in the 461 00:27:10,160 --> 00:27:14,440 Speaker 1: Democrats Reconciliation Bill may not make the cut, which would 462 00:27:14,440 --> 00:27:17,240 Speaker 1: not be a deal breaker. As Jim Kessler just told us, 463 00:27:18,400 --> 00:27:21,040 Speaker 1: we're talking about what fourteen billion dollars in more than 464 00:27:21,119 --> 00:27:24,040 Speaker 1: seven hundred billion dollar bills. So what's all the fuss 465 00:27:24,080 --> 00:27:27,760 Speaker 1: about Kirsten Cinema's subjection of the carried interests been hearing 466 00:27:27,800 --> 00:27:31,000 Speaker 1: about it for days now. So before we reassemble the 467 00:27:31,000 --> 00:27:32,720 Speaker 1: panel for their take on this, we thought we would 468 00:27:32,720 --> 00:27:34,439 Speaker 1: go to school for a moment and get smart with 469 00:27:34,480 --> 00:27:41,040 Speaker 1: Bloomberg's Shini bus. So if the carried interest tax break 470 00:27:41,080 --> 00:27:43,919 Speaker 1: went away, what would it mean for investment managers? What 471 00:27:43,920 --> 00:27:46,080 Speaker 1: would it actually mean? Some of them would have to 472 00:27:46,080 --> 00:27:48,679 Speaker 1: pay a lot more taxes. Of course, they are very wealthy. 473 00:27:48,720 --> 00:27:51,760 Speaker 1: Remember these are the wealthiest of most of Wall Street. 474 00:27:51,840 --> 00:27:54,880 Speaker 1: These are private equity professionals. These are hedge fund professionals. 475 00:27:54,880 --> 00:27:57,600 Speaker 1: So yes, this would eat into their own profits and 476 00:27:57,640 --> 00:28:01,360 Speaker 1: their own earnings. However, there are a lot of firms 477 00:28:01,400 --> 00:28:04,080 Speaker 1: that have already started to move away from this model 478 00:28:04,440 --> 00:28:06,639 Speaker 1: and start to pay people based on the stocks of 479 00:28:06,680 --> 00:28:09,440 Speaker 1: their own companies instead. There's also a question I look 480 00:28:09,480 --> 00:28:12,320 Speaker 1: at what the Americans for a financial reform is calculated. 481 00:28:12,320 --> 00:28:15,919 Speaker 1: For example, how much does this raise in terms of 482 00:28:16,040 --> 00:28:18,879 Speaker 1: tax income, right, how much? It's a pretty small chunk 483 00:28:18,880 --> 00:28:20,960 Speaker 1: of what we're talking about here. Remember these are large 484 00:28:20,960 --> 00:28:23,919 Speaker 1: political donors as well, so there is a sense that 485 00:28:23,960 --> 00:28:27,720 Speaker 1: a lot of lawmakers do not want to frustrate them. 486 00:28:27,760 --> 00:28:30,800 Speaker 1: Now we're getting closer to the Chewy center. Yeah, and 487 00:28:31,160 --> 00:28:32,800 Speaker 1: so you know, if you go to lunch in New 488 00:28:32,880 --> 00:28:34,840 Speaker 1: York with any of these private equity firms, they crap 489 00:28:34,880 --> 00:28:38,200 Speaker 1: about it absolutely. Okay, Professor Bostick, thanks for the lesson. 490 00:28:38,520 --> 00:28:41,520 Speaker 1: Oh any time. I feel so much smarter now, don't you. 491 00:28:42,520 --> 00:28:45,040 Speaker 1: It's because of the donations, right, Isn't that where we're 492 00:28:45,040 --> 00:28:48,640 Speaker 1: going here? Follow the money. We reassemble the panel Genie 493 00:28:48,680 --> 00:28:52,040 Speaker 1: chanzy O Boomberg, politics contributor, Democratic Analysts to Day, along 494 00:28:52,040 --> 00:28:56,440 Speaker 1: with Doug High, Republican strategist former communications director for the 495 00:28:56,560 --> 00:28:58,960 Speaker 1: r n C. What do you think about that? Doug 496 00:28:59,000 --> 00:29:02,240 Speaker 1: is show only on is something? I mean, why even 497 00:29:02,280 --> 00:29:04,600 Speaker 1: bring it up? Is there are other items that that 498 00:29:04,640 --> 00:29:07,920 Speaker 1: would be uh, the same fourteen billion dollar value in 499 00:29:07,960 --> 00:29:11,440 Speaker 1: this legislation that people would never hear about whether they 500 00:29:11,440 --> 00:29:15,160 Speaker 1: were in or out. Well, first off, Sonali is literally 501 00:29:15,200 --> 00:29:17,160 Speaker 1: on my TV right now, So how you got her 502 00:29:17,160 --> 00:29:19,959 Speaker 1: to these three places at once is just man magic 503 00:29:20,000 --> 00:29:23,360 Speaker 1: of Bloomberg. Um, No, it's you know, it's interesting that 504 00:29:23,400 --> 00:29:24,960 Speaker 1: it came up and was one of the first things 505 00:29:24,960 --> 00:29:27,120 Speaker 1: to be removed. And you know, one of the things 506 00:29:27,120 --> 00:29:30,160 Speaker 1: that that always happens with legislation like this is as 507 00:29:30,200 --> 00:29:32,640 Speaker 1: you get closer to it, it's not about what you 508 00:29:32,680 --> 00:29:35,280 Speaker 1: can put into incentivize people to vote for it. It's 509 00:29:35,280 --> 00:29:37,840 Speaker 1: about what you take out. And clearly there was an 510 00:29:37,880 --> 00:29:39,520 Speaker 1: issue with Cinema. It's one of the things that she 511 00:29:39,560 --> 00:29:42,240 Speaker 1: wanted to see out of this bill. And when you're 512 00:29:42,240 --> 00:29:46,400 Speaker 1: at a fifty Senate you know, fifty Senate vote majority, um, 513 00:29:46,440 --> 00:29:49,240 Speaker 1: with only fifty members of your party either way, every 514 00:29:49,320 --> 00:29:51,360 Speaker 1: vote really counts on this one. And that's why she 515 00:29:51,880 --> 00:29:54,040 Speaker 1: and as we've so often seen what Joe Manchin have 516 00:29:54,120 --> 00:29:56,360 Speaker 1: a lot of leverage. Does this not smack though, of 517 00:29:56,440 --> 00:29:58,880 Speaker 1: lawmakers trying to make Wall Street happy, even though it 518 00:29:58,960 --> 00:30:01,360 Speaker 1: might be just a little thing her But remember me 519 00:30:01,480 --> 00:30:05,200 Speaker 1: in the full gie. Yeah, And that's essentially what Dick 520 00:30:05,280 --> 00:30:09,120 Speaker 1: Durbin said when he said she should support this absolutely. Um. 521 00:30:09,320 --> 00:30:11,080 Speaker 1: And I would just ask you to play that music 522 00:30:11,120 --> 00:30:16,320 Speaker 1: again when I talked Joe, because it sounds so much better. Yeah, Dog, 523 00:30:16,320 --> 00:30:19,200 Speaker 1: don't you want to? Um, But you know the thing 524 00:30:19,360 --> 00:30:21,640 Speaker 1: is is that they are you know, they were not 525 00:30:21,720 --> 00:30:25,120 Speaker 1: even talking really about closing this essentially, but narrowing it 526 00:30:25,160 --> 00:30:27,080 Speaker 1: to your point. They could take it out. It's a 527 00:30:27,120 --> 00:30:30,440 Speaker 1: relatively small part of a seven forty billion dollar bill. 528 00:30:30,760 --> 00:30:33,200 Speaker 1: But again, as Doug was just saying, they can't lose 529 00:30:33,240 --> 00:30:36,360 Speaker 1: one of these people. And I mentioned yesterday Bernie Sanders 530 00:30:36,520 --> 00:30:41,120 Speaker 1: who described this bill as doing virtually nothing. He's going 531 00:30:41,160 --> 00:30:43,120 Speaker 1: to vote for it. He's not happy, but you know, 532 00:30:43,400 --> 00:30:46,880 Speaker 1: you lose one of these people, and that raises big questions. 533 00:30:47,000 --> 00:30:50,160 Speaker 1: Are Democrats gonna once again be you know, promising they 534 00:30:50,160 --> 00:30:52,320 Speaker 1: got this over the line and then get it pulled back? 535 00:30:52,360 --> 00:30:54,760 Speaker 1: And I would just say briefly, I was listening to 536 00:30:54,840 --> 00:30:58,360 Speaker 1: Megan McCain talk about what's happening in Arizona, and it 537 00:30:58,480 --> 00:31:01,600 Speaker 1: made you know, whereas I think, you know, certain cinema 538 00:31:01,640 --> 00:31:03,520 Speaker 1: will go along with this, when you listen to the 539 00:31:03,560 --> 00:31:07,080 Speaker 1: politics out in Arizona, it can't be a huge shock 540 00:31:07,240 --> 00:31:09,960 Speaker 1: if she doesn't go along with this either. They really 541 00:31:10,040 --> 00:31:13,719 Speaker 1: like their Mavericks, well, yes they do. Um. I I 542 00:31:13,800 --> 00:31:17,440 Speaker 1: just I wonder why we're why we're spinning wheels on 543 00:31:17,560 --> 00:31:20,080 Speaker 1: this dug I guess that was the exercise with Shinali 544 00:31:20,160 --> 00:31:24,520 Speaker 1: to understand, uh, what the actual context is here, and 545 00:31:24,520 --> 00:31:26,200 Speaker 1: it put it in some perspective with the rest of 546 00:31:26,200 --> 00:31:29,040 Speaker 1: the bill. Chuck Schumer gets this done, right? Are we 547 00:31:29,080 --> 00:31:32,360 Speaker 1: assuming carried interest is out? Kirston Cinema get what you want? 548 00:31:32,560 --> 00:31:37,320 Speaker 1: Or should kirston Cinema be careful here? A no vote 549 00:31:37,360 --> 00:31:40,440 Speaker 1: on this bill, especially being a loan no vote on 550 00:31:40,480 --> 00:31:45,080 Speaker 1: this bill could mean her political career. Well, you know, absolutely, 551 00:31:45,120 --> 00:31:47,760 Speaker 1: and if you talk to Arizona Democrats, they're not happy 552 00:31:47,800 --> 00:31:49,640 Speaker 1: with her, and they haven't been for a while. She's 553 00:31:49,680 --> 00:31:52,760 Speaker 1: certain to face, you know, a primary regardless. This would 554 00:31:52,800 --> 00:31:54,719 Speaker 1: just put that in a little bit more of an 555 00:31:54,760 --> 00:31:58,040 Speaker 1: overdrive context. For it's why she's trying to get to yes. 556 00:31:58,120 --> 00:32:00,719 Speaker 1: And again, we see this so often and Washington. It's 557 00:32:00,760 --> 00:32:03,920 Speaker 1: when things get removed from legislation that you actually see 558 00:32:03,960 --> 00:32:06,520 Speaker 1: the wheels of government working or not working as the 559 00:32:06,520 --> 00:32:09,080 Speaker 1: case maybe it's not as things get added to it. 560 00:32:09,200 --> 00:32:11,719 Speaker 1: That's fascinating. Though you don't see her as an obstruction. 561 00:32:11,760 --> 00:32:14,080 Speaker 1: You see her as trying to get to yes. Genie, 562 00:32:14,120 --> 00:32:16,960 Speaker 1: did Democrats see it that way? I think they're frustrated. 563 00:32:17,000 --> 00:32:19,440 Speaker 1: They see her as an obstruction and yes, what do 564 00:32:19,520 --> 00:32:20,960 Speaker 1: I have to do to get you in this car? 565 00:32:21,360 --> 00:32:23,800 Speaker 1: That's right? And you know she's talking also about the 566 00:32:23,840 --> 00:32:27,200 Speaker 1: minimum corporate tax, even though a while back she said 567 00:32:27,240 --> 00:32:30,120 Speaker 1: that was common sense. So you know, they've got to 568 00:32:30,160 --> 00:32:33,080 Speaker 1: be incredibly frustrated and we're hearing that now. And to 569 00:32:33,160 --> 00:32:35,880 Speaker 1: Doug's point, she is going to face a primary. But again, 570 00:32:35,960 --> 00:32:41,320 Speaker 1: Arizona politics today, it's really really fraught out there. I 571 00:32:41,320 --> 00:32:45,000 Speaker 1: would never ask you guys about Alex Jones in any 572 00:32:45,040 --> 00:32:48,320 Speaker 1: other world, but there's a screamer headline on Bloomberg law 573 00:32:49,000 --> 00:32:53,480 Speaker 1: Info wars Alex Jones must pay four million dollars in 574 00:32:53,600 --> 00:32:56,959 Speaker 1: Sandy Hook case. This is a lawsuit brought by the 575 00:32:57,040 --> 00:33:00,720 Speaker 1: parents of victims in the Sandy Hook shing. They sought 576 00:33:00,720 --> 00:33:05,160 Speaker 1: a hundred and fifty million dollars in defamation charges damages. 577 00:33:05,240 --> 00:33:08,320 Speaker 1: I should say, uh, and and it has been a 578 00:33:08,480 --> 00:33:11,320 Speaker 1: very dramatic trial here. It's one that we've all been 579 00:33:11,400 --> 00:33:14,800 Speaker 1: kind of watching with one eye, but became much bigger 580 00:33:14,840 --> 00:33:18,280 Speaker 1: today and not because of this fine. I'll walk you 581 00:33:18,360 --> 00:33:21,000 Speaker 1: through this for a moment. This is Alex Jones, the 582 00:33:21,040 --> 00:33:24,280 Speaker 1: conspiracy theorist. Talk show hosts and I don't know what 583 00:33:24,320 --> 00:33:26,560 Speaker 1: other qualifier you want me to give him, but he 584 00:33:26,640 --> 00:33:29,400 Speaker 1: was on the stand and uh, a lawyer by the 585 00:33:29,480 --> 00:33:33,280 Speaker 1: name of Mark Bangston, who represents the parents here who 586 00:33:33,320 --> 00:33:37,920 Speaker 1: brought the suit just dropped a bombshell in the middle 587 00:33:37,960 --> 00:33:42,080 Speaker 1: of the courtroom yesterday. Imagine Alex Jones's face becoming very 588 00:33:42,160 --> 00:33:49,680 Speaker 1: red while this happens. Let me start this series. I've 589 00:33:49,720 --> 00:33:53,600 Speaker 1: been generously submitte. All right, I'll have to find this 590 00:33:53,680 --> 00:33:55,280 Speaker 1: for you because this is not the one I was 591 00:33:55,320 --> 00:34:00,440 Speaker 1: looking for. Fast forward to today. The January six Committee 592 00:34:00,440 --> 00:34:02,200 Speaker 1: gets involved, and that's why I wanted to talk to 593 00:34:02,200 --> 00:34:05,840 Speaker 1: you guys about this. It's it's awfully important stuff if 594 00:34:05,880 --> 00:34:10,719 Speaker 1: you're concerned about the future of the committee. Here now, 595 00:34:10,960 --> 00:34:14,600 Speaker 1: I'll bring it back to again. This involves Alex jones 596 00:34:14,760 --> 00:34:19,279 Speaker 1: cell phone with the lawyer from yesterday. Mr Jones, did 597 00:34:19,280 --> 00:34:23,160 Speaker 1: you know that twelve days ago, twelve days ago, your 598 00:34:23,200 --> 00:34:27,799 Speaker 1: attorney's messed up and sitting an entire digital copy of 599 00:34:27,920 --> 00:34:31,720 Speaker 1: your entire cell phone with every text message you've sent 600 00:34:32,160 --> 00:34:35,560 Speaker 1: for the past two years, and when informed, did not 601 00:34:35,719 --> 00:34:38,880 Speaker 1: take any steps to identify it as privilege or protected 602 00:34:38,880 --> 00:34:41,320 Speaker 1: in any way, And as of two days ago, it 603 00:34:41,440 --> 00:34:44,000 Speaker 1: fell free and clear into my possession. And that is 604 00:34:44,000 --> 00:34:46,399 Speaker 1: how I know you lied to me when you said 605 00:34:46,400 --> 00:34:49,080 Speaker 1: you didn't have text message about saying did you know that? 606 00:34:49,640 --> 00:34:51,719 Speaker 1: I see? I told you the truth. This is your 607 00:34:51,800 --> 00:34:56,080 Speaker 1: Perrymason moment I gave my phone. And then Mr Jones, 608 00:34:56,120 --> 00:34:59,520 Speaker 1: you need to answer the question, No, I don't know 609 00:34:59,600 --> 00:35:02,640 Speaker 1: this that didn't know that happen. They sent Jeannie the 610 00:35:03,000 --> 00:35:07,160 Speaker 1: entire cell phone. They've got the contents every text he 611 00:35:07,239 --> 00:35:12,240 Speaker 1: ever sent or received. Presumably now the January six Committee 612 00:35:12,239 --> 00:35:14,359 Speaker 1: has asked for that information and they have it. That 613 00:35:14,400 --> 00:35:17,719 Speaker 1: means they could see all the texts between potentially here 614 00:35:17,760 --> 00:35:21,560 Speaker 1: Alex Jones, Roger Stone and Company on the day's leading 615 00:35:21,640 --> 00:35:24,440 Speaker 1: up to and including January six. Did the trial just 616 00:35:24,560 --> 00:35:28,080 Speaker 1: change to the January six committee just changed because of 617 00:35:28,080 --> 00:35:31,239 Speaker 1: this trial? It could have. I mean, he testified before 618 00:35:31,320 --> 00:35:34,040 Speaker 1: January six. He pleaded the fifth over I guess a 619 00:35:34,160 --> 00:35:37,759 Speaker 1: hundred times. And you know, I was just riveted by 620 00:35:37,840 --> 00:35:41,080 Speaker 1: this this attorney yesterday as he made this case and 621 00:35:41,160 --> 00:35:44,319 Speaker 1: he said Alex Jones' lawyers didn't even even a few 622 00:35:44,400 --> 00:35:47,520 Speaker 1: days in say that this information was privileged. So it's 623 00:35:47,560 --> 00:35:50,120 Speaker 1: all out there. And as they said in their closing 624 00:35:50,280 --> 00:35:52,279 Speaker 1: speech is free, but lies you're going to pay for, 625 00:35:52,440 --> 00:35:54,279 Speaker 1: and he is going to pay big for this. This 626 00:35:54,320 --> 00:35:56,560 Speaker 1: is the first of three big trials and it very 627 00:35:56,600 --> 00:35:59,799 Speaker 1: well could change the January six Committee. At least much 628 00:35:59,800 --> 00:36:02,319 Speaker 1: of the information that they have could be enhanced by 629 00:36:02,360 --> 00:36:05,759 Speaker 1: what they get by these texts from that country song, Doug, 630 00:36:05,760 --> 00:36:08,040 Speaker 1: what do you make of this? Uh, not the future 631 00:36:08,040 --> 00:36:10,440 Speaker 1: of Alex Jones, but what these texts could mean for 632 00:36:10,520 --> 00:36:14,600 Speaker 1: the committee and for the outcome of this investigation. Yeah, 633 00:36:14,640 --> 00:36:17,320 Speaker 1: I mean, in full disclosure, I've watched none of this trial. 634 00:36:17,360 --> 00:36:19,880 Speaker 1: When I see kind of the Adams family esque characters, 635 00:36:19,880 --> 00:36:23,000 Speaker 1: that's kind of orbit around Trump World changed the channel. 636 00:36:23,000 --> 00:36:25,000 Speaker 1: That's why I was watching. So now just a few 637 00:36:25,000 --> 00:36:29,160 Speaker 1: minutes probably why. But clearly what we see the committee 638 00:36:29,200 --> 00:36:32,600 Speaker 1: doing is they're going wider to go narrower. They're casting 639 00:36:32,600 --> 00:36:35,359 Speaker 1: their net wider to see how much further up the 640 00:36:35,360 --> 00:36:37,640 Speaker 1: pyramid they can get. Does that include a White House 641 00:36:37,680 --> 00:36:40,600 Speaker 1: Chief of staff, does that include a National Security advisor 642 00:36:40,640 --> 00:36:43,920 Speaker 1: and ultimately the president itself. They're going to continue to 643 00:36:44,080 --> 00:36:47,239 Speaker 1: cast that net as wide as possible in directions we 644 00:36:47,280 --> 00:36:49,759 Speaker 1: may not see coming, to get as high up as 645 00:36:49,760 --> 00:36:52,600 Speaker 1: they can do You start wondering if the do O 646 00:36:52,719 --> 00:36:55,520 Speaker 1: J is getting busy here, Jeanie, when do we hear 647 00:36:55,560 --> 00:36:58,239 Speaker 1: from the Attorney General about all this? You know, it 648 00:36:58,360 --> 00:37:00,680 Speaker 1: sounds what we're hearing is they have been very, very busy. 649 00:37:00,800 --> 00:37:03,160 Speaker 1: I think we will hear. I mean, the tough thing 650 00:37:03,239 --> 00:37:05,640 Speaker 1: for them is the closer you get to say a 651 00:37:05,719 --> 00:37:08,960 Speaker 1: potential Trump announcement he is going to run, and the 652 00:37:09,000 --> 00:37:11,400 Speaker 1: more he is likely a candidate, that makes it a 653 00:37:11,440 --> 00:37:14,080 Speaker 1: little bit tougher for them. So I think they're working 654 00:37:14,120 --> 00:37:16,080 Speaker 1: diligently and we don't know if it will reach up 655 00:37:16,120 --> 00:37:18,200 Speaker 1: to him, but they certainly seem like the news is 656 00:37:18,200 --> 00:37:21,120 Speaker 1: closing around some of the upper echelons of the Trump administration. 657 00:37:21,400 --> 00:37:23,040 Speaker 1: All right, you two less than a minute left. We've 658 00:37:23,040 --> 00:37:25,600 Speaker 1: got the jobs report tomorrow. Doug. Is this gonna be 659 00:37:25,640 --> 00:37:28,520 Speaker 1: good news for Joe Biden? Well, if we you know, 660 00:37:28,560 --> 00:37:31,239 Speaker 1: what we've seen in past months is most of the 661 00:37:31,400 --> 00:37:33,640 Speaker 1: of the news we see economically is rocky. You know, 662 00:37:33,760 --> 00:37:36,879 Speaker 1: the jobs numbers are good, everything else seems to be bad. 663 00:37:36,920 --> 00:37:39,360 Speaker 1: So you'll see potentially, you know, depending on where it 664 00:37:39,400 --> 00:37:42,959 Speaker 1: falls with expectations, you'll see the Biden administration talking about 665 00:37:43,040 --> 00:37:46,680 Speaker 1: jobs that doesn't address where everybody really is in the country. 666 00:37:46,719 --> 00:37:49,560 Speaker 1: Does it has that this is not a recession Genie, 667 00:37:50,320 --> 00:37:52,480 Speaker 1: It does as long as they stay solid, and they 668 00:37:52,520 --> 00:37:55,279 Speaker 1: have been for a while now. Forty year highs meet 669 00:37:55,320 --> 00:37:57,160 Speaker 1: you this time tomorrow to talk about it on the 670 00:37:57,200 --> 00:38:00,719 Speaker 1: fastest hour in politics. I'm Joe Matthew. This is Bloomberg.