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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Balance of Power podcast.

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Speaker 2: Catch Just Live weekdays at noon Eastern on Applecarplay.

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Speaker 1: And then roudo with the Bloomberg Business App. Listen on

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Speaker 1: demand wherever you get your podcasts, or watch us live

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Speaker 1: on YouTube.

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Speaker 2: As we asked, the question today, is Mike Johnson the

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Speaker 2: kind of guy who can break the rules because the

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Speaker 2: Speaker of the House is looking at a schedule that's

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Speaker 2: not going to cooperate. Not that anything seems to be

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Speaker 2: cooperating right now. We thought we had a deal Monday,

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Speaker 2: a deal to avert a government shut down midnight Friday.

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Speaker 2: They had to get through all this wrangling over border

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Speaker 2: funding and DHS.

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Speaker 1: They got it done.

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Speaker 2: It was just a matter of producing the text so

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Speaker 2: the seventy two hour rule could begin in the House,

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Speaker 2: right gets seventy two hours to read the bill. They

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Speaker 2: are pretty long, after all, you can rest assured most

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Speaker 2: lawmakers still don't read them. But that's what he's dealing

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Speaker 2: with here, and that's why it would be too late

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Speaker 2: to get through the Senate to hit the deadline Friday night.

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Speaker 2: So the question is Mike Johnson going to break the

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Speaker 2: seventy two hour rule, knowing that the very same members

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Speaker 2: of the Freedom Caucus who demand seventy two hours are

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Speaker 2: the same people who are going to vote against this bill.

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Speaker 2: So maybe there's no point in waiting. Let's s get

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Speaker 2: with Jonathan Samari and see what the hold up is,

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Speaker 2: reporting for Bloomberg Government live from Capitol Hill. Jonathan is

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Speaker 2: great to see you.

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Speaker 1: How come no text? I thought we had a deal

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Speaker 1: a couple days ago.

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Speaker 3: Yeah.

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Speaker 4: I mean, you wonder how solid or how worked out

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Speaker 4: the deal was when they first announced it, because it

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Speaker 4: is certainly taking a long time for them to put

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Speaker 4: that deal into actual text, and so I don't think

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Speaker 4: that there's a threat that they don't have a deal,

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Speaker 4: but clearly there's a lot of details that are still

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Speaker 4: being worked out behind the scenes, given the fact that

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Speaker 4: it's taken so long to actually put put a bill

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Speaker 4: out for folks to read. And so we still don't

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Speaker 4: have it here as of noon on Wednesday, and it's

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Speaker 4: going to be hours at best before we see anything.

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Speaker 2: Bob Good of the Freedom Caucus aforementioned talking about this

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Speaker 2: with The Daily Beast, Jonathan maybe said the same thing

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Speaker 2: to you. I think it's fair to say, most of

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Speaker 2: us who have an issue with the seventy two hour

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Speaker 2: rule weren't going to vote for this bill anyways.

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Speaker 1: Why wait when this is done, why not bring it

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Speaker 1: to the floor.

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Speaker 4: Yeah, I mean I think they'll wait at least a

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Speaker 4: little bit. I don't think they'll want to go from

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Speaker 4: seventy two hours to one hour, but I think they'll probably.

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Speaker 3: I think there's a.

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Speaker 4: Decent chance that they'll go less than seventy two hours,

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Speaker 4: considering that technically the rule doesn't apply. That rule doesn't

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Speaker 4: apply when they're bringing up a bill that they're going

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Speaker 4: to try to pass with on suspension, which basically means

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Speaker 4: two thirds of the vote of the House instead of

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Speaker 4: the bear majority. And we're looking at nobody wants to

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Speaker 4: shut down for one thing, and just about everybody in

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Speaker 4: Congress is looking ahead to a two week recess and

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Speaker 4: they're gonna have plans and gonna want to be out

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Speaker 4: of Washington. So I think the odds are they shorten

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Speaker 4: that window, but they probably don't shorten it to zero.

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Speaker 2: There's word we may not see actual legislation until Thursday. Jonathan,

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Speaker 2: I know this is the question everybody's asking, but do

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Speaker 2: you have a sense of when they might finish their work.

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Speaker 4: That is the big thing. I mean, we were thinking

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Speaker 4: we were gonna get a bill Sunday, and then Monday

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Speaker 4: and then Tuesday. Here we are Wednesday, and you're saying Thursday.

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Speaker 4: So whatever you hear, you know, it's kind of doesn't

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Speaker 4: carry it doesn't carry a lot of weight at this

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Speaker 4: point because they've been missed so many deadlines so far.

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Speaker 4: So I think it's quite possible that we don't see

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Speaker 4: it until Thursday. Maybe we get it very late tonight.

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Speaker 4: But you know, whatever deadline they put out, don't put

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Speaker 4: a ton of stock in it at this point.

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Speaker 2: Got it spoken from the man who knows Jonathan Ell.

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Speaker 2: I'll tell you one thing is Mike Johnson's job quickly

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Speaker 2: here is not about to get any easier after what

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Speaker 2: happened last night in California. It was a special election

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Speaker 2: for Kevin McCarthy's old seat, and it's going to a runoff.

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Speaker 2: Despite a Trump endorsement and a McCarthy endorsement, this is

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Speaker 2: going to be a May runoff, which means Johnson gets

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Speaker 2: a couple more months of that seat being vacant, and

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Speaker 2: what a two seat majority.

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Speaker 4: That's right, if the candidate who had been endorsed by

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Speaker 4: McCarthy and Trump Fin's fong. If he had won I

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Speaker 4: believe a majority, he could have won the seat wrapped

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Speaker 4: it up last night instead, as you point out, got

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Speaker 4: to go to a runoff. So a month and more,

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Speaker 4: a month and change of having this two seat majority,

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Speaker 4: and so that means one person's flight delay, a person's

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Speaker 4: personal obligation and illness really gives Republicans just about no

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Speaker 4: room to maneuver, which is why we've seen so little

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Speaker 4: of substance actually have been in so much of what

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Speaker 4: has passed the House has had to rely on Democratic

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Speaker 4: votes because the Republican majority is just too thin.

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Speaker 1: Yeah, ask Al Green.

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Speaker 2: Jonathan good to see it, Jonathan Tomorroy reporting for Bloomberg

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Speaker 2: Government on the Hill. When news breaks, Jonathan's going to

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Speaker 2: be among those writing the headlines on the terminal and

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Speaker 2: at Bloomberg dot Com.

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Speaker 1: So when he knows, will know.

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Speaker 2: As we pick through the ashes of another primary night

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Speaker 2: here looking for trends, of course, that's our job, and

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Speaker 2: they're not always there, but the Trump trend does seem

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Speaker 2: to be one that is worth examining after last evening,

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Speaker 2: not even for his own performance at the top of

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Speaker 2: the ticket in states like Ohio and Illinois that we're voting.

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Speaker 2: This was about Trump endorsements down ballot that could resonate

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Speaker 2: through the campaign cycle, and wanted to connect with Don

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Speaker 2: Levy at Siena College, the Research Institute, director of the

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Speaker 2: pollster who helped us make our way through the special

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Speaker 2: in New York and again on Super Tuesdays.

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Speaker 1: Back with us now, Donn, it's great to see you.

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Speaker 2: I'd love to hear if you have any trends on

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Speaker 2: your radar and whether you see this as a mostly

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Speaker 2: good night as I put it for Donald Trump in

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Speaker 2: his record of endorsements.

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Speaker 5: I was a good night for Donald Trump, with Marino

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Speaker 5: winning out performing a little bit relative to how some

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Speaker 5: folks felt he would taking down a candidate in Dolan

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Speaker 5: who had been strongly endorsed by Mike DeWine, an extremely

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Speaker 5: popular governor. Still, I think you have to come away

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Speaker 5: with saying that it was a victory for a Donald

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Speaker 5: Trump endorsed candidate, someone who was completely on board with

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Speaker 5: Donald Trump. However, it still displays that Trump does not

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Speaker 5: have He has control of the Republican Party, but not

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Speaker 5: a vice like control. Because it was still close to

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Speaker 5: fifty percent of the vote that went to these two

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Speaker 5: other non Trump endorsed candidates.

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Speaker 2: You wonder if Marino would have made it if Democrats

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Speaker 2: hadn't spent hundreds of thousands of dollars on ads to

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Speaker 2: boost his profile as they're so called preferred candidate.

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Speaker 1: Do you think they chose wisely?

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Speaker 5: Well, time will tell whether it be careful what you

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Speaker 5: wish for. You know, we saw a very difficult.

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Speaker 3: Race in Ohio last time, Tim Ryan against jd. Vance.

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Speaker 5: The Democrats had high hopes for Tim Ryan, a well

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Speaker 5: known Democratic challenger in that state.

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Speaker 3: But he fell eight points short.

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Speaker 5: And right now you're looking at Ard Brown again, been

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Speaker 5: representing now Ohio for three terms.

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Speaker 3: His feet are.

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Speaker 5: Firmly on the ground in Ohio, but he's going to

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Speaker 5: face a very difficult challenge from Bernie Marino in this

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Speaker 5: upcoming race in a state that has really gone a

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Speaker 5: long way from having any sort of blue tinge to

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Speaker 5: it at all.

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Speaker 2: Now you mentioned a pretty good night in Ohio. There

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Speaker 2: was another race that we were watching closely, and that

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Speaker 2: was to figure out who would face Democrat Marcy cap

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Speaker 2: Republicans would love to kick this veteran Democrat out of

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Speaker 2: the House, and the Trump favorite one, Derek Merrin, and

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Speaker 2: did pretty well here. When you back off and look

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Speaker 2: at Ohio, Don it's amazing how the state has changed politically.

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Speaker 2: Here you made the point, Mike DeWine endorsing Matt Dolan

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Speaker 2: an establishment Republican is the transition complete in Ohio to MAGA.

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Speaker 5: You know, I think that the Democrats are still going

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Speaker 5: to look at it as a potential battleground.

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Speaker 3: They have to, after all.

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Speaker 5: I mean, they're on defense almost across the entire map

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Speaker 5: of the United States as they approach the Senate where

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Speaker 5: they only have a very very razor thin majority really

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Speaker 5: because they've got three independents caucusing with them. Right now,

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Speaker 5: West Virginia appears to be headed to the Republican column,

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Speaker 5: so they can't lose a single seat, and this one

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Speaker 5: shared brown seed is going to be all important for

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Speaker 5: the Democrats.

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Speaker 3: They have a very good candidate.

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Speaker 5: It's going to shape up as a progressive Democrat who

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Speaker 5: understands Ohio against someone that is a Trump candidate in

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Speaker 5: Bernie Marino. And I think all the issues that we're

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Speaker 5: going to hear on the top of the ticket are

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Speaker 5: going to get repeated in this campaign. The economy, the border,

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Speaker 5: and those issues are going to be very difficult for

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Speaker 5: Biden at the top of the ticket and Shared Brown

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Speaker 5: at this point in the ticket to defense. But this race,

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Speaker 5: make no mistake about it, is all important to the Democrats.

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Speaker 5: They have to hold Ohio if they're going to have

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Speaker 5: any chance at all of keeping Chuck Schumer as Senate

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Speaker 5: majority leader.

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Speaker 2: Well, so with that in mind, we talked a couple

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Speaker 2: of days ago Don about the idea of reverse coattails,

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Speaker 2: that in a state like Ohio, Shared Brown's popularity might

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Speaker 2: help Joe Biden at the top of the ticket. We

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Speaker 2: even saw in some Emerson pulling a different firm of course,

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Speaker 2: that I think it was eight percent of Trump voters

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Speaker 2: would vote for Shared Brown their own senator. I wonder

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Speaker 2: who helps who in this campaign.

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Speaker 5: But we saw a little bit of that in the

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Speaker 5: you know, Tim Ryan, there were certainly some Mike DeWine

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Speaker 5: Tim Ryan.

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Speaker 3: Voters in the last selection.

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Speaker 5: Chary Brown may very well help Joe Biden, and he's

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Speaker 5: going to have to, But I don't think the Democrats

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Speaker 5: really are thinking that Joe Biden has a very strong

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Speaker 5: chance of carrying Ohio. Perhaps they're looking for Biden not

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Speaker 5: to hurt shred Brown in this particular, in this match

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Speaker 5: with Marino. I mean, we're still going to argue over

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Speaker 5: the economy. We're going to argue over, you know, whether

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Speaker 5: each of the two top of the ticket candidates are

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Speaker 5: suitable to hold the presidency, and unfortunately or fortunately, whichever

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Speaker 5: the case may be, the Senate candidates are going to

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Speaker 5: be forced to defend and speak for the top of

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Speaker 5: the ticket at the same time. I don't think Marino

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Speaker 5: is going to have any trouble with that, and really

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Speaker 5: I think Sheret Brown is going to be all in

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Speaker 5: on defending Biden's record and trying to put it on

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Speaker 5: the round in Ohio where he's going to talk about jobs,

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Speaker 5: He's going to talk about economic opportunity, and he's going

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Speaker 5: to try to tell Ohioans that despite the fact that

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Speaker 5: the rate of about fifty percent who say the economy

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Speaker 5: is poor, that it's not really poor. They just have

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Speaker 5: to pay more attention to what Biden and in this

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Speaker 5: case Sheriff Brown are telling them are happening in their state.

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Speaker 1: Amazing.

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Speaker 2: As we spent time with Don Levy, director of the

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Speaker 2: Siena College Research Institute, on this day after primary night,

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Speaker 2: Mike Bost Republican congressman from Illinois Don One and a squeaker.

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Speaker 1: This is another win for Trump.

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Speaker 2: He beat Darren Bailey, who is endorsed strangely by Matt

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Speaker 2: Gets another strange contest in this case. This is a

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Speaker 2: pretty tight one though, And I wonder if that's more

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Speaker 2: of what you had in mind with the caveat to

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Speaker 2: Trump's success last night.

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Speaker 1: He's still one, but not by a lot.

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Speaker 5: Well, I mean, we're going to see that play out

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Speaker 5: in house race after house race across the United States.

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Speaker 5: And we talked a little bit about Senate control that

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Speaker 5: at this point the map favors the Republicans regaining the

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Speaker 5: upper House the lower House. It looks like a lot

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Speaker 5: of these races where you get down into district by district,

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Speaker 5: that Trump's endorsement a Trump candidate may not carry the day.

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Speaker 3: We saw that, for example in New York three.

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Speaker 5: You know, although they was not a full throated endorsement

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Speaker 5: from Trump, but still these house races and the Democrats

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Speaker 5: across the entire country are going to put tremendous energy

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Speaker 5: into trying to regain the House. And we're looking not

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Speaker 5: just at New York, California, a race in Alabama but

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Speaker 5: as you point out, a race here and there across

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Speaker 5: virtually all the states in the Midwest that the Democrats

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Speaker 5: see as essential to trying to.

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Speaker 3: Regain control of the House.

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Speaker 5: If you know, their doomsday scenario obviously is they lose

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Speaker 5: the White House, the Senate, and the House. So they're

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Speaker 5: going to be working, you know, as hard as they

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Speaker 5: can on each and every one of the House races.

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Speaker 1: It's interesting.

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Speaker 2: The other one that's going to go to a runoff

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Speaker 2: is in California. That's a Trump endorsed candidate, Vince Fong.

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Speaker 2: Trump and McCarthy endorse not enough to put him over

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Speaker 2: the edge there with less than a minute done. Is

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Speaker 2: that the tough spot of the night for Donald Trump?

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Speaker 2: That they couldn't get that done?

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Speaker 3: That is surprising. It's a little bit of a tough spot.

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Speaker 5: I don't think that Trump's people are going to pay

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Speaker 5: a great deal of attention to that at this point

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Speaker 5: in time, because we've seen candidate after candidate when they're

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Speaker 5: in either when they win their primary or even if

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Speaker 5: they're not running for reelection buying larger falling in line.

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Speaker 5: The question is the overall question of these double haters

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Speaker 5: of the folks who were the Hailey supporters, to what

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Speaker 5: degree are they going to fall in line and support

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Speaker 5: Donald Trump? Could be doing it the way Matt Dolan

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Speaker 5: did it in Ohio, where they say that ideologically I'm

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Speaker 5: aligned with Donald Trump, even if I have some problems

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Speaker 5: with his style. But we're going to see the Republicans

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Speaker 5: who win the nominations, whether it be House Senate, by

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Speaker 5: the time we get around to the convention are pretty

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Speaker 5: much going to be nearly one hundred percent in line,

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Speaker 5: are going to try to bring that soft Republican support

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Speaker 5: with them.

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Speaker 2: He runs the Siena College Research Institute. Don Levy, it's

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Speaker 2: great to have you back on Bloomberg.

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Speaker 1: You're listening to the Bloomberg Balance of Power podcast kens

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Speaker 1: just live weekdays at noon Eastern on Appo CarPlay and

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Speaker 1: then roud Oro with the Bloomberg Business app. You can

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Speaker 1: also listen live on Amazon Alexa from our flagship New

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Speaker 1: York station, Just say Alexa, play Bloomberg eleven thirty.

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Speaker 6: But of course, as we're thinking about the election and

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Speaker 6: how the economy and interest rate outlook could change in

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Speaker 6: the interim, of course, we have a better idea of

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Speaker 6: who's going to be on the ballot in November down

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Speaker 6: the ballot, not just at the presidential level, with Trump

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Speaker 6: in Biden set to lead their respective tickets. But we

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Speaker 6: had some primaries in a number of states, including Ohio yesterday,

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Speaker 6: and we now know who's going to be up against

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Speaker 6: the Democratic incumbent and chair of the Senate Banking Committee,

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Speaker 6: Shared Brown. And that's where we'd like to begin now

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Speaker 6: with our signature of political panel. Rick Davis and Jeanie

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Speaker 6: Shanzino are joining us. So in Ohio, it was Bernie Marino,

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Speaker 6: a Trump back backed candidate, that ultimately pulled off the victory.

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Speaker 6: And Rick, I guess my question is is this a

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Speaker 6: signal about the power of a Trump endorsement broadly or

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Speaker 6: a signal about the power of a Trump endorsement in Ohio?

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Speaker 6: Is Ohio unique or a tell?

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Speaker 3: Well?

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Speaker 7: I think Ohio is a tell I think that Donald

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Speaker 7: Trump has had for quite some time since becoming the

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Speaker 7: Republican nominee, since twenty sixteen, a ability to influence these primaries.

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Speaker 7: We've seen it time and time again. People have questioned

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Speaker 7: whether or not Donald Trump was going to have impact

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Speaker 7: in these off year elections, and here we are in

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Speaker 7: a presidential year. He's the nominee and he's still having

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Speaker 7: an impact. I mean, Moreno was, you know, trailing Dolan

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Speaker 7: two weeks ago and Donald Trump came into Ohio and

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Speaker 7: flipped the script. And at first we saw Poles you know,

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Speaker 7: change in almost ten percent in a week, and we thought, wow,

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Speaker 7: that's phenomenal, that's a lot. Well, this was a twenty

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Speaker 7: point race win. I mean, this was not close at

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Speaker 7: the end. And so even though he squeaked it out

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Speaker 7: with fifty point five percent, that's a big win over

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Speaker 7: a short period of time for Donald Trump. So he'll

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Speaker 7: be able to herald this. The downside is that now

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Speaker 7: they've got to devote resources to Moreno's campaign because it

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Speaker 7: is a must win state and there's already over one

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Speaker 7: hundred and forty million dollars in television place by campaign

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Speaker 7: committees for this Senate race. This is going to be

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Speaker 7: probably the most, if not one of the most expensive

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Speaker 7: races in America outside the presidential race.

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Speaker 2: So Genie Democrats got what they asked for last night.

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Speaker 1: In Ohio.

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Speaker 2: They get a race against Bernie Moreno, aforementioned for Senate

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Speaker 2: and for the House in Ohio nine, they get a

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Speaker 2: Trump candidate named Derek Meren a Congressman, Derek marro is

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Speaker 2: going to run against Marcy Captor. Is Donald Trump going

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Speaker 2: to be the best thing that happened to Democrats in Ohio?

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Speaker 8: You know, first of all, we should say the headline

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Speaker 8: here is that Donald Trump and Chuck Schumer both got

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Speaker 8: their guy. Now that's an unusual thing, right, and so

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Speaker 8: that's really what you know, you look at this race

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Speaker 8: and you think, wow, they both won, and you know,

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Speaker 8: I think Democrats have to be really, really careful what

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Speaker 8: they wish for here. We had some dropping of oppo

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Speaker 8: research on Moreno that obviously did not move the needle

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Speaker 8: at all except in his favor. You know, maybe there

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Speaker 8: is more of that to come, But I think Democrats

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Speaker 8: have to be very careful here. It is not clear

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Speaker 8: to me that Bernie Moreno is somebody who is going

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Speaker 8: to take a big loss like we've seen in some

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Speaker 8: of these past races, say in Georgia or Pennsylvania in

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Speaker 8: the past, with Donald Trump endorsed candidates. So either Donald

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Speaker 8: Trump is getting better at his picks or you know,

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Speaker 8: the candidates themselves are wising up. He's really untested in

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Speaker 8: this regard, you know, But I think Donald Trump had

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Speaker 8: a very good day yesterday in terms of his endorsements,

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Speaker 8: and I would say the losers here are number one

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Speaker 8: the polls, which really showed a much tighter race than

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Speaker 8: we got, and number two moderates in the Republican Party.

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Speaker 8: I mean, if anything is clear that they cannot make

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Speaker 8: it in the current MAGA controlled Republican Party, and that's

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Speaker 8: really where the party is headed for the next at

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Speaker 8: least several months, if not year.

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Speaker 6: Well, Rick, we were discussing the idea of the Trump

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Speaker 6: endorsement and Trump backed candidates and how they perform in

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Speaker 6: general contests versus primary on the evening edition of Balance

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Speaker 6: of Power last night, and something that was brought up

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Speaker 6: was we saw what happened to a number of Trump

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Speaker 6: supportive candidates in the midterms in twenty twenty two. But

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Speaker 6: a difference that was reased is that Trump wasn't at

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Speaker 6: the top of the ticket in twenty twenty two. He

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Speaker 6: will be in twenty twenty four, together with all of

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Speaker 6: these down ballot candidates. How does that make a difference

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Speaker 6: in this cycle?

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Speaker 7: And I think that we're in an era right now

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Speaker 7: where all politics is national. You know, we used to say, oh,

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Speaker 7: all politics is local, and how you vote for your

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Speaker 7: member of Congress is different than how you would pick

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Speaker 7: a president, and that doesn't exist anymore. I mean that,

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Speaker 7: just practically speaking, was yesterday's news. Today Donald Trump is

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Speaker 7: at the top of the ticket and he will drive

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Speaker 7: the Republican ballot all the way down to sheriff. And

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Speaker 7: so I think that what we're going to see is

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Speaker 7: in states where Donald Trump wins, and Ohio is certainly

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Speaker 7: a good example, he's going to drive down ballot races

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Speaker 7: and they're going to get pretty much what we think

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Speaker 7: Donald Trump's going to get. And so that actually helps

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Speaker 7: his down ticket candidates because he will actually drive turnout.

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Speaker 7: I think that. And this is another good example the

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Speaker 7: race you were just talking about, Marcy Captor. That's a

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Speaker 7: district that Donald Trump won and you got a Democrat

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Speaker 7: sitting on the House seat there. So is Marcy Captor

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Speaker 7: going to be able to get enough ticket splitters who

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Speaker 7: are going to definitely vote for Donald Trump and that

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Speaker 7: district's not going to change again, It's not going to

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Speaker 7: be a Biden district. And is she going to get

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Speaker 7: enough to be able to outweigh that influence from the top.

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Speaker 7: If O were betting man, I'd say in districts that

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Speaker 7: that that that Trump are going to win, the House

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Speaker 7: member is going to win too, and that puts her in.

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Speaker 2: Jeopardy trying to figure out who is going to replace

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Speaker 2: Kevin McCarthy in California. And last night did not go

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Speaker 2: very far to helping us understand that. This was I

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Speaker 2: guess the tough spot of the night for Donald Trump.

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Speaker 2: Genie Representative Vince Fong, state representative not only endorsed by Trump,

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Speaker 2: but also McCarthy himself is going to a runoff.

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Speaker 1: What does that tell us about that district? Is it

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Speaker 1: just too crowded? Is there more at work here?

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Speaker 3: Yeah?

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Speaker 8: Yeah, I mean he lived to fight another day. It's

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Speaker 8: obviously not the outcome they wanted. You know, I think

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Speaker 8: in the end he probably does come out in the

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Speaker 8: okay in this, but you know, I think it does

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Speaker 8: show that there are some limits to these endorsements. And

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Speaker 8: you know, in that case, as you mentioned, you had

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Speaker 8: the presidential nominee and you also had the previous seat

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Speaker 8: holder in Kevin McCarthy, and so between the two of those,

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Speaker 8: you would think they cover all the basis. It didn't

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Speaker 8: happen in this case, and so he's gonna have to

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Speaker 8: fight this for the next you know, a few weeks

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Speaker 8: or months as it is to take that seat.

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Speaker 6: I know, to this point we've largely talked about the primaries.

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Speaker 6: Yesterday is only being significant for what it told us

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Speaker 6: about all these different down ballot races. But it's also

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Speaker 6: worth noting that we'll Trump and Biden when all of

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Speaker 6: their respective primaries, Trump was pulling seventy to eighty percent

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Speaker 6: of the vote, Genie, people were still out there voting

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Speaker 6: for Nicki Haley and Ron DeSantis, who have suspended their

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Speaker 6: presidential campaigns. How significant is that?

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Speaker 8: You know, it is significant, and I'm so glad you

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Speaker 8: raised it because it doesn't get talked about enough. You know,

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Speaker 8: one of the questions we hear was how many of

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Speaker 8: these votes were early? Well, increasingly fewer, and so what

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Speaker 8: we are seeing is there is in the Republican Party

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Speaker 8: a never Trump or Trump alternative voters. You know, the

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Speaker 8: question now is do they come home again in the

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Speaker 8: end in November. But so far they do want to

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Speaker 8: have these protest votes because they are supporting people who

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Speaker 8: simply are not on the ballot. And you look at

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Speaker 8: the Democratic side and Joe Biden is you know, pulling

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Speaker 8: eighty ninety percent, so nine out of ten voters in

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Speaker 8: many cases, so he is not getting that similar anti

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Speaker 8: Biden vote that we have been worried about as it

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Speaker 8: pertains to issues like Israel and Palestine.

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Speaker 4: For instance.

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Speaker 2: Rick, We're going to be hearing from j Powell a

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Speaker 2: short time from now. Our special fed coverage starts in

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Speaker 2: about fifteen minutes here on Bloomberg TV and radio.

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Speaker 1: Of course, the announcement.

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Speaker 2: Will come at the top of the hour, and then

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Speaker 2: there's going to be a conversation with reporters that will

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Speaker 2: generate the headlines that produce the stories that Americans are

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Speaker 2: going to be reading at Bloomberg dot Com, on the

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Speaker 2: terminal and elsewhere. This is key to Joe Biden's potential

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Speaker 2: success his success or failure on the campaign trail coming

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Speaker 2: up here, What are you going to be listening for

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Speaker 2: from a political standpoint when Jay Powell talks a short

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Speaker 2: time from now.

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Speaker 7: Yeah, I mean, obviously, if you're sitting in the Biden campaign,

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Speaker 7: you're looking for, what is the quote that I want

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Speaker 7: to retweet that's going to make it sound like the

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Speaker 7: economy is out of dainger of a recession or coming

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Speaker 7: out of a recession, or the rates are going to

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Speaker 7: come down to the point where you can make some

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Speaker 7: kind of political hay with it. I mean, so much

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Speaker 7: of FED speak gets lost in the political rhetoric that

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Speaker 7: it's sometimes very hard to find anything that you would

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Speaker 7: point to that would be sellable politically.

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Speaker 1: And and and and you.

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Speaker 7: Know, Powell has an incredible uncanny ability to not make news.

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Speaker 7: And so I think that's going to be the challenge

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Speaker 7: for the Democrats. They desperately want to continue to convince

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Speaker 7: voters in America that Biden's stewardship of the economy has

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Speaker 7: been effective and that the FED is going to start to,

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Speaker 7: you know, lower rates based on the success of the

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Speaker 7: Biden fiscal plan. And there may not be anything that

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Speaker 7: they can really tout today, and that'll be a disappointment

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Speaker 7: for the Biden campaign.

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Speaker 2: Rick Davis and Jeanie Schanzo our signature panel here on

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Speaker 2: Balance of Power. Great conversation. Thanks to both of you.

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Speaker 2: Thanks for listening to the Balance of Power podcast. Make

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00:25:01,600 --> 00:25:04,560
Speaker 2: sure to subscribe if you haven't already, at Apple, Spotify,

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00:25:07,280 --> 00:25:11,000
Speaker 2: us live every weekday from Washington, DC at Noontimeeastern at

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Speaker 2: bloomberg dot com,