1 00:00:00,880 --> 00:00:04,360 Speaker 1: You're listening to the Bloomberg Sound on podcast. Catch us 2 00:00:04,400 --> 00:00:07,560 Speaker 1: live weekdays at one Eastern on Bloomberg dot com, the 3 00:00:07,680 --> 00:00:10,760 Speaker 1: iHeartRadio app, and the Bloomberg Business App, or listen on 4 00:00:10,800 --> 00:00:12,800 Speaker 1: demand wherever you get your podcasts. 5 00:00:13,840 --> 00:00:17,040 Speaker 2: The Biden Administration is preparing for another surge at our 6 00:00:17,079 --> 00:00:20,279 Speaker 2: southern border here and it was it was predicted a 7 00:00:20,280 --> 00:00:23,280 Speaker 2: long time ago, now with plans to deploy fifteen hundred 8 00:00:23,320 --> 00:00:26,479 Speaker 2: members of the US military ahead of the lifting of 9 00:00:26,560 --> 00:00:29,760 Speaker 2: Title forty two COVID restrictions. To remind you that's coming up, 10 00:00:29,800 --> 00:00:33,640 Speaker 2: it's May eleventh, and joining us as Congressman Henry Quaar, 11 00:00:33,720 --> 00:00:37,440 Speaker 2: the Democrat from Texas whose district runs from San Antonio 12 00:00:37,479 --> 00:00:39,440 Speaker 2: down to the Rio gram This issue is a local 13 00:00:39,479 --> 00:00:42,959 Speaker 2: one for him, and Congressman, we welcome you back to Bloomberg. 14 00:00:43,720 --> 00:00:45,320 Speaker 3: It's a pleasure being with you again. 15 00:00:45,440 --> 00:00:46,400 Speaker 1: Thank you well, thank you. So. 16 00:00:46,479 --> 00:00:49,159 Speaker 2: The Biden Administration is making some news here, sending fifteen 17 00:00:49,200 --> 00:00:52,319 Speaker 2: hundred troops to the border ahead of Title forty two 18 00:00:52,400 --> 00:00:55,320 Speaker 2: restrictions coming down next week. Is this the right move? 19 00:00:56,720 --> 00:00:59,840 Speaker 3: Well, you know it's tarnay. Bringing in fifteen hundred additional 20 00:01:00,040 --> 00:01:03,480 Speaker 3: personnel for ninety days will help CBP, the men and 21 00:01:03,520 --> 00:01:06,720 Speaker 3: women in Green and Blue on the ground. This fifteen 22 00:01:06,800 --> 00:01:12,319 Speaker 3: hundred additional Department of Defense personnel is in addition to 23 00:01:12,520 --> 00:01:15,000 Speaker 3: the two thousand and five hundred that we have on 24 00:01:15,040 --> 00:01:18,800 Speaker 3: the ground already. And keep in mind that this active 25 00:01:18,880 --> 00:01:22,080 Speaker 3: members that are coming in they do not have law 26 00:01:22,160 --> 00:01:27,319 Speaker 3: enforcement authority, so they are more here to support the 27 00:01:27,400 --> 00:01:31,360 Speaker 3: other twenty five hundred military personnel that are supporting. He says, 28 00:01:31,480 --> 00:01:34,200 Speaker 3: that is, they're there to support so you can have 29 00:01:34,319 --> 00:01:37,080 Speaker 3: the men and women in Green and Blue go out 30 00:01:37,200 --> 00:01:40,880 Speaker 3: and do their work and that's where they belong, you know, 31 00:01:40,959 --> 00:01:42,080 Speaker 3: securing the border. 32 00:01:42,200 --> 00:01:43,880 Speaker 2: Is it the right number? Is this enough? 33 00:01:45,160 --> 00:01:48,840 Speaker 3: Well, you know, it depends on both the Secretary. I 34 00:01:48,840 --> 00:01:51,800 Speaker 3: will support them, you know, both the Homeland Secretary and 35 00:01:51,800 --> 00:01:55,160 Speaker 3: the Defense Secretary. I do want to say that having 36 00:01:55,920 --> 00:02:00,320 Speaker 3: military personnel, the twenty five hundred, the additional fifth teen 37 00:02:00,680 --> 00:02:03,200 Speaker 3: one hundred, I think there's fifteen hundred or many from 38 00:02:03,800 --> 00:02:06,960 Speaker 3: army units. And again they will not participate in law 39 00:02:07,040 --> 00:02:11,799 Speaker 3: enforcement activity, but it they're there to support. They're there 40 00:02:11,880 --> 00:02:17,320 Speaker 3: to support the homeland security agents that we have on 41 00:02:17,360 --> 00:02:17,960 Speaker 3: the border. 42 00:02:18,200 --> 00:02:20,239 Speaker 2: You said at the end of last year, Congressman, that 43 00:02:20,320 --> 00:02:23,760 Speaker 2: the Border Patrol does not think the Biden administration has 44 00:02:23,800 --> 00:02:25,720 Speaker 2: their back. Do you also feel that. 45 00:02:25,680 --> 00:02:32,000 Speaker 3: Way, Well, you know, I think there's policy differences, but 46 00:02:32,120 --> 00:02:35,440 Speaker 3: I think now the administration is starting to do things 47 00:02:35,480 --> 00:02:38,680 Speaker 3: that some of us have pushed for a long time. Look, 48 00:02:38,720 --> 00:02:41,280 Speaker 3: I've always said that money is important when it comes 49 00:02:41,280 --> 00:02:43,920 Speaker 3: to homeland security, and I do want to emphasize that 50 00:02:44,320 --> 00:02:46,280 Speaker 3: in the last two years. If you look at the 51 00:02:46,320 --> 00:02:49,440 Speaker 3: Trump administration as a point, the last year of Trump 52 00:02:49,480 --> 00:02:53,720 Speaker 3: administration to now, we actually have added two point four 53 00:02:54,040 --> 00:02:58,239 Speaker 3: billion dollars more to the CBP budget. That's a fifteen 54 00:02:58,320 --> 00:03:02,720 Speaker 3: percent increase. So money it's important to put on border security, 55 00:03:02,880 --> 00:03:05,680 Speaker 3: but you've got to have the right policies. You've got 56 00:03:05,720 --> 00:03:08,840 Speaker 3: to have consequences. If people come to the border and 57 00:03:08,880 --> 00:03:11,600 Speaker 3: they think that the border is a speed bump and 58 00:03:11,800 --> 00:03:14,880 Speaker 3: they'll be there, held temporarily and then moved into the US, 59 00:03:15,120 --> 00:03:18,000 Speaker 3: you're going to have more and more and more people 60 00:03:18,040 --> 00:03:20,360 Speaker 3: come in. You've got to be able to stay at 61 00:03:20,400 --> 00:03:23,440 Speaker 3: the border, who stays and who gets returned, and the 62 00:03:23,560 --> 00:03:28,239 Speaker 3: consequences are you've got to return people that don't belong here. 63 00:03:28,720 --> 00:03:31,880 Speaker 3: And that's what's important. It's not only the funding, but 64 00:03:31,960 --> 00:03:34,320 Speaker 3: it's also the right policy at the border, and I 65 00:03:34,360 --> 00:03:38,600 Speaker 3: think the Biden administration is without due respect, is finally 66 00:03:38,640 --> 00:03:40,360 Speaker 3: doing the right thing after two years. 67 00:03:40,440 --> 00:03:43,400 Speaker 2: Wow, this is a very different conversation than we had 68 00:03:43,520 --> 00:03:45,560 Speaker 2: last time you were with us. As you know, the 69 00:03:45,600 --> 00:03:49,280 Speaker 2: administration is put in place exceptions for Cuba, Haiti and 70 00:03:49,360 --> 00:03:53,120 Speaker 2: Nicaragua like we have for Venezuela. Is that helping or 71 00:03:53,160 --> 00:03:55,040 Speaker 2: creating more problems at the border? 72 00:03:55,960 --> 00:03:59,400 Speaker 3: You know, I understand why they're doing that because we 73 00:03:59,440 --> 00:04:05,640 Speaker 3: don't have the best relationships with Nicotaua, with Cuba Venezuela. 74 00:04:05,680 --> 00:04:08,280 Speaker 3: But I do want to say that now it's his 75 00:04:08,320 --> 00:04:14,040 Speaker 3: storying to return people to Cuba and to Nicaragua Venezuela 76 00:04:14,120 --> 00:04:17,800 Speaker 3: that still hasn't happened because it's a very difficult country 77 00:04:17,839 --> 00:04:22,880 Speaker 3: to work with. So that does provide a magnet in 78 00:04:22,960 --> 00:04:27,040 Speaker 3: many ways to get more people coming in from those countries. 79 00:04:27,080 --> 00:04:29,839 Speaker 3: And as you know, if you go to Bronxville, what 80 00:04:30,080 --> 00:04:33,880 Speaker 3: is the number one group that's coming in, It's people 81 00:04:33,880 --> 00:04:38,320 Speaker 3: from Venezuela. So the work gets out there that you 82 00:04:38,440 --> 00:04:40,279 Speaker 3: will be parole one way or the other. 83 00:04:40,839 --> 00:04:44,640 Speaker 2: It's pretty remarkable, Congressman Quaar when you see politicians from 84 00:04:44,760 --> 00:04:47,000 Speaker 2: Washington make the nine hour trip to the border and 85 00:04:47,040 --> 00:04:50,000 Speaker 2: the amount of coverage that they get on cable news 86 00:04:50,040 --> 00:04:52,479 Speaker 2: and the sort of photo opportunities that happen. But you're 87 00:04:52,520 --> 00:04:55,440 Speaker 2: there all the time. This is home for you. And 88 00:04:55,480 --> 00:04:57,599 Speaker 2: I wonder if you feel like you have the ears 89 00:04:57,839 --> 00:04:59,839 Speaker 2: of your colleagues on Capitol Hill, then at the White 90 00:04:59,880 --> 00:05:02,880 Speaker 2: ho do they want to know your first and experience. 91 00:05:03,560 --> 00:05:05,440 Speaker 3: And you're right, I always say, you know, I have 92 00:05:05,520 --> 00:05:07,080 Speaker 3: a lot of my colleagues. So I went down to 93 00:05:07,120 --> 00:05:09,080 Speaker 3: the border. It's been a couple hours out there, and 94 00:05:09,120 --> 00:05:11,560 Speaker 3: I always say, well, you know, I live there. You 95 00:05:11,600 --> 00:05:15,920 Speaker 3: know I live there, And actually when I go to 96 00:05:16,040 --> 00:05:18,680 Speaker 3: Washington is when I leave the border. I think there 97 00:05:18,680 --> 00:05:21,200 Speaker 3: are some people, there are some people that are listening. 98 00:05:22,400 --> 00:05:26,200 Speaker 3: I think Homeland has been very good. You know, again, 99 00:05:26,240 --> 00:05:28,320 Speaker 3: without due respect to the White House, there's still some 100 00:05:28,400 --> 00:05:32,320 Speaker 3: White House staffers there that think very differently. They think 101 00:05:32,600 --> 00:05:35,479 Speaker 3: letting people in manage people at the border and bring 102 00:05:35,560 --> 00:05:38,400 Speaker 3: him in is the right thing. And I disagree with 103 00:05:38,440 --> 00:05:42,440 Speaker 3: that unless if it's a legitimate claim. But I think 104 00:05:42,480 --> 00:05:45,800 Speaker 3: there's a lot of career people at Homeland that want 105 00:05:45,800 --> 00:05:47,839 Speaker 3: to do the right thing. And I always said, you know, 106 00:05:47,920 --> 00:05:51,680 Speaker 3: for Homeland, you got to do appointments. Appoint people, don't 107 00:05:51,680 --> 00:05:54,520 Speaker 3: make it a political pointee. There are all political pointees, 108 00:05:54,520 --> 00:05:58,600 Speaker 3: but you know, make sure it's a career person that understands, 109 00:05:58,640 --> 00:06:01,560 Speaker 3: that wants to do the right thing. Consequences. If you 110 00:06:01,600 --> 00:06:04,920 Speaker 3: don't have consequences at the border, then the border becomes 111 00:06:04,920 --> 00:06:07,760 Speaker 3: a speed bump. And therefore you're going to have record 112 00:06:07,839 --> 00:06:12,000 Speaker 3: numbers like the first two years four point three million individuals, 113 00:06:12,080 --> 00:06:14,920 Speaker 3: and that doesn't even include getaways. 114 00:06:15,440 --> 00:06:17,760 Speaker 2: Well, so what are Americans going to see on their 115 00:06:17,800 --> 00:06:20,080 Speaker 2: TV screens, on their phones? What stories are they going 116 00:06:20,120 --> 00:06:23,159 Speaker 2: to hear? Me tell? Come May eleventh, when Title forty 117 00:06:23,200 --> 00:06:25,520 Speaker 2: two comes down, what are these images going to look like? 118 00:06:26,240 --> 00:06:28,119 Speaker 3: You know, I think they're going to see people coming 119 00:06:28,160 --> 00:06:32,640 Speaker 3: to the border in large amounts. And again, the administration, finally, 120 00:06:32,760 --> 00:06:38,040 Speaker 3: after two years, it's finally putting some policies in place 121 00:06:38,560 --> 00:06:41,640 Speaker 3: that I think will have an impact, But I wish 122 00:06:41,720 --> 00:06:46,960 Speaker 3: they would implemented that earlier. You will see it impact 123 00:06:47,000 --> 00:06:50,039 Speaker 3: after May eleventh, I don't know by when if they 124 00:06:50,240 --> 00:06:52,600 Speaker 3: implement it correctly. For example, let me go over it 125 00:06:52,680 --> 00:06:56,880 Speaker 3: thinks real quickly. Number one, there's an agreement between Panama, 126 00:06:56,960 --> 00:07:01,719 Speaker 3: Columbia the US to slow down people at the Darien Gap. 127 00:07:01,800 --> 00:07:04,800 Speaker 3: That's the part of Panama where they're coming in in 128 00:07:04,920 --> 00:07:08,359 Speaker 3: large numbers. They slow those people. You play defense on 129 00:07:08,400 --> 00:07:10,640 Speaker 3: the twenty yard line instead of the one yard line 130 00:07:10,680 --> 00:07:11,480 Speaker 3: called the US border. 131 00:07:11,560 --> 00:07:12,360 Speaker 1: That's number one. 132 00:07:12,600 --> 00:07:15,640 Speaker 3: That agreement is good. The second thing is that there 133 00:07:15,640 --> 00:07:21,080 Speaker 3: are some processing centers in Columbia and Panama, which is good. 134 00:07:21,160 --> 00:07:24,200 Speaker 3: You know, screen those people before they come in. Who 135 00:07:24,240 --> 00:07:27,760 Speaker 3: has a legitimate right to come into the US because 136 00:07:27,800 --> 00:07:30,880 Speaker 3: if you look at it, depending the country, there are 137 00:07:31,520 --> 00:07:34,360 Speaker 3: you know, there are times where eighty eight to ninety 138 00:07:34,360 --> 00:07:36,440 Speaker 3: percent of the people are going to be rejected by 139 00:07:36,520 --> 00:07:39,880 Speaker 3: immigration judge. So why are we allowing one hundred percent 140 00:07:40,040 --> 00:07:43,480 Speaker 3: when we should be allowing ten to twelve percent. There 141 00:07:43,520 --> 00:07:48,920 Speaker 3: are some exceptions. For example, China gets fifty three percent 142 00:07:49,160 --> 00:07:54,760 Speaker 3: of its asylum cases. Granted, that's enough, you know, that's 143 00:07:54,960 --> 00:07:57,720 Speaker 3: one of the main countries that get into asylumn cases 144 00:07:57,760 --> 00:08:00,840 Speaker 3: coming in, but a lot of the countries that's lower number. 145 00:08:01,200 --> 00:08:06,120 Speaker 3: So that will help. Then there are asylum officers for 146 00:08:06,160 --> 00:08:10,280 Speaker 3: the first time in border patrol facility, not in ice, 147 00:08:10,680 --> 00:08:14,160 Speaker 3: but in border patrol facilities, and they will make some 148 00:08:14,280 --> 00:08:18,840 Speaker 3: quick decisions. So should somebody stay or come if they 149 00:08:18,920 --> 00:08:22,080 Speaker 3: implement that correctly, we can return a lot of the 150 00:08:22,160 --> 00:08:27,920 Speaker 3: cases that don't have a legitimate of credibility to that situation. 151 00:08:28,120 --> 00:08:31,160 Speaker 3: And then finally there's a new rule, and we're waiting 152 00:08:31,200 --> 00:08:33,440 Speaker 3: for this new rule that says a couple of things. 153 00:08:33,679 --> 00:08:36,440 Speaker 3: Somebody comes in between a port of entry, we're going 154 00:08:36,520 --> 00:08:39,920 Speaker 3: to return you. That is correct. Now, the progressives are 155 00:08:39,960 --> 00:08:42,480 Speaker 3: going to fight that. Certain groups are going to fight 156 00:08:42,520 --> 00:08:45,880 Speaker 3: that because they think they should come in anyway through 157 00:08:45,920 --> 00:08:48,680 Speaker 3: ports of entry, in between ports. But I always say this, 158 00:08:49,240 --> 00:08:52,319 Speaker 3: if I invite you to dinner and I say I'll 159 00:08:52,320 --> 00:08:55,040 Speaker 3: see you at six o'clock at dinner, but you decide 160 00:08:55,040 --> 00:08:57,079 Speaker 3: to come through the back door, you decide to come 161 00:08:57,120 --> 00:08:59,679 Speaker 3: through a window, you decide to come at you know, 162 00:09:00,000 --> 00:09:02,719 Speaker 3: at three o'clock instead of six o'clock. First thing I 163 00:09:02,840 --> 00:09:05,319 Speaker 3: would say, whoa, whoa, whoa, go back, go back. You 164 00:09:05,360 --> 00:09:07,240 Speaker 3: know I told you six o'clock, and this is the 165 00:09:07,280 --> 00:09:09,720 Speaker 3: way to come in. Well, that's the way I see 166 00:09:09,760 --> 00:09:11,640 Speaker 3: a lot of this. The people are coming in the 167 00:09:11,760 --> 00:09:16,200 Speaker 3: windows back doors. Yeah, they're bringing a lot of people. 168 00:09:16,240 --> 00:09:18,199 Speaker 3: It's like, Hey, I'll see you at dinner, but I've 169 00:09:18,200 --> 00:09:20,760 Speaker 3: decided to bring twenty of my cousins what are you 170 00:09:20,800 --> 00:09:23,000 Speaker 3: going to say if I decided to do that. So 171 00:09:23,480 --> 00:09:26,520 Speaker 3: that rule is going to be important if they implement it. 172 00:09:26,559 --> 00:09:29,480 Speaker 3: And the second thing is which I've been asking for 173 00:09:29,520 --> 00:09:31,960 Speaker 3: a long time, is if somebody's come in to ask 174 00:09:32,000 --> 00:09:35,240 Speaker 3: for asylum, they're leaving their country because they have fear. 175 00:09:35,679 --> 00:09:38,760 Speaker 3: So if they come through another country where their fear 176 00:09:38,880 --> 00:09:41,560 Speaker 3: is taken away they could have asked the asylum, then 177 00:09:41,559 --> 00:09:44,559 Speaker 3: that's a rebuttable presumption that that person should not get 178 00:09:44,559 --> 00:09:49,000 Speaker 3: asylum here because their fear is gone is gone. So 179 00:09:49,679 --> 00:09:55,080 Speaker 3: if the administration implements all those things correctly, we're going 180 00:09:55,160 --> 00:09:58,680 Speaker 3: to see some progress after May eleventh. But I think 181 00:09:58,720 --> 00:10:02,440 Speaker 3: May eleventh wish they would have done this way before 182 00:10:02,760 --> 00:10:05,040 Speaker 3: so we would have been ready. But they're doing this 183 00:10:05,640 --> 00:10:08,240 Speaker 3: at the at the twelfth hour, and I think we're 184 00:10:08,240 --> 00:10:09,680 Speaker 3: going to see a lot of people are trying to 185 00:10:09,720 --> 00:10:12,520 Speaker 3: cross over at the beginning, but we got to have 186 00:10:12,600 --> 00:10:13,680 Speaker 3: those consequences. 187 00:10:13,760 --> 00:10:15,439 Speaker 2: I just wonder if we're going to see these images 188 00:10:15,440 --> 00:10:18,240 Speaker 2: of thousands of people, you know, living under a bridge 189 00:10:18,240 --> 00:10:20,560 Speaker 2: with helicopters in the air. I'll tell you, Congressman, I 190 00:10:20,559 --> 00:10:22,719 Speaker 2: really hope that you can come talk to us a 191 00:10:22,760 --> 00:10:24,319 Speaker 2: little later on in the month of made to see 192 00:10:24,360 --> 00:10:26,000 Speaker 2: where we are. But I feel like I have to 193 00:10:26,040 --> 00:10:28,360 Speaker 2: ask you about the debate surrounding the debt ceiling while 194 00:10:28,360 --> 00:10:30,600 Speaker 2: we're talking just quickly. Do you want to see a 195 00:10:30,640 --> 00:10:33,679 Speaker 2: clean debt limit bill or should President Biden also be 196 00:10:33,800 --> 00:10:36,360 Speaker 2: negotiating spending levels with Speaker McCarthy. 197 00:10:35,920 --> 00:10:39,560 Speaker 3: At this point, Well, you know, I want to see 198 00:10:39,559 --> 00:10:43,200 Speaker 3: a clean debt ceiling. We've seen this before, you know, 199 00:10:43,280 --> 00:10:46,520 Speaker 3: I think under Trump we've raced it three times. I 200 00:10:46,600 --> 00:10:49,719 Speaker 3: always smiled because I knew them when I was going 201 00:10:49,760 --> 00:10:52,680 Speaker 3: to get elected. You know, some of the you know, 202 00:10:52,760 --> 00:10:54,720 Speaker 3: the other party was going to wake up and oh, 203 00:10:54,880 --> 00:10:58,520 Speaker 3: there's there's all this spending. When Trump spent I think 204 00:10:58,559 --> 00:11:02,400 Speaker 3: in four years, I've added the seven point three trillion 205 00:11:02,520 --> 00:11:05,600 Speaker 3: dollars in four years, so by my added nine point 206 00:11:05,640 --> 00:11:10,160 Speaker 3: three in eight years. So I always see this. You know, 207 00:11:10,440 --> 00:11:12,880 Speaker 3: depending who the president is, the other party is going 208 00:11:12,920 --> 00:11:16,320 Speaker 3: to say something. And I'm talking about our Republican friends, 209 00:11:16,320 --> 00:11:19,240 Speaker 3: but you know, I want to see a debt ceiling 210 00:11:19,679 --> 00:11:23,880 Speaker 3: race suspended clean. But if not, let's sit down negotiate 211 00:11:23,960 --> 00:11:26,440 Speaker 3: because the last thing we want, and I say this 212 00:11:26,559 --> 00:11:30,080 Speaker 3: to the other side, we cannot have We cannot have 213 00:11:30,440 --> 00:11:33,840 Speaker 3: a default, because that's going to cost the US. We 214 00:11:33,880 --> 00:11:36,600 Speaker 3: saw that in twenty eleven. We did it at the 215 00:11:36,800 --> 00:11:41,120 Speaker 3: very end and what happened. The US credit was downgraded 216 00:11:41,240 --> 00:11:44,520 Speaker 3: and that costs a lot of more money where we're 217 00:11:44,520 --> 00:11:49,120 Speaker 3: paying out billions of dollars on interest because of the downgrade. 218 00:11:49,200 --> 00:11:52,280 Speaker 3: So I want to sit down and work down. I'm 219 00:11:52,320 --> 00:11:54,640 Speaker 3: over here in Oklahoma. I was with my good friend 220 00:11:55,880 --> 00:11:59,440 Speaker 3: Tom cod which is an appropriator, and we need folks 221 00:11:59,480 --> 00:12:02,080 Speaker 3: like Tom Hold myself and other folks that were willing 222 00:12:02,440 --> 00:12:05,640 Speaker 3: to put political affiliations and let's do the right thing 223 00:12:05,720 --> 00:12:06,240 Speaker 3: for America. 224 00:12:06,280 --> 00:12:08,720 Speaker 2: I'll tell you what all roads lead to Tom Cole's office. 225 00:12:08,920 --> 00:12:12,040 Speaker 2: It's really quite remarkable. But we do have to note 226 00:12:12,320 --> 00:12:14,520 Speaker 2: just getting back to where we started here, Congressman, in 227 00:12:14,559 --> 00:12:17,800 Speaker 2: the world of a default that would have major implications 228 00:12:17,800 --> 00:12:20,040 Speaker 2: for the border in terms of funding. 229 00:12:20,960 --> 00:12:24,080 Speaker 3: Oh absolutely absolutely. I mean if we would have a 230 00:12:24,120 --> 00:12:28,319 Speaker 3: difficult to imagine what would happen. And again it's one 231 00:12:28,320 --> 00:12:31,240 Speaker 3: of those things that you know, we got to do 232 00:12:31,320 --> 00:12:33,800 Speaker 3: the right thing. You know, we might be Democrats, we 233 00:12:33,880 --> 00:12:36,080 Speaker 3: might be Republicans, but at the end of the day, 234 00:12:36,160 --> 00:12:41,280 Speaker 3: we follow we should follow the words of President LBJ 235 00:12:41,440 --> 00:12:44,520 Speaker 3: when he said many years ago. He says, I'm an American, 236 00:12:45,000 --> 00:12:48,560 Speaker 3: I'm a Texan, and I'm a Democrat, all in that order, 237 00:12:48,600 --> 00:12:50,920 Speaker 3: and I don't care if you're a Democrat or Republican. 238 00:12:51,360 --> 00:12:54,480 Speaker 3: We are to put America first before we put a 239 00:12:54,520 --> 00:12:56,560 Speaker 3: political party up there. 240 00:12:56,720 --> 00:12:58,440 Speaker 2: Well, listen, it's great to talk to you, and you're 241 00:12:58,559 --> 00:13:01,520 Speaker 2: very generous with your time. Always. We'd love to come back, 242 00:13:01,640 --> 00:13:03,800 Speaker 2: and as I mentioned, see how things are going toward 243 00:13:03,840 --> 00:13:05,920 Speaker 2: the end of the month. Congressman Henry quay Are we 244 00:13:05,920 --> 00:13:06,880 Speaker 2: thank you for the time. 245 00:13:07,120 --> 00:13:09,120 Speaker 3: Thank you, and God bless you. Have a wonderful day. 246 00:13:09,480 --> 00:13:13,160 Speaker 2: Let's assemble the panel. Bloomberg Politics contributors Rick Davis and 247 00:13:13,280 --> 00:13:16,960 Speaker 2: Jeanie Shanzana with us here on sound on twelve Hour 248 00:13:17,120 --> 00:13:20,360 Speaker 2: or Not. Genie. Congressman Quaar's feelings about the Biden administration, 249 00:13:20,400 --> 00:13:22,360 Speaker 2: and he had been very critical when he joined us 250 00:13:22,520 --> 00:13:24,400 Speaker 2: toward the end of last year about this. It's handling 251 00:13:24,440 --> 00:13:27,480 Speaker 2: of the border has evolved a lot. What does that 252 00:13:27,520 --> 00:13:30,600 Speaker 2: tell you about this recent wrinkle from the White House 253 00:13:30,640 --> 00:13:33,280 Speaker 2: sending more troops of course more money to the border. 254 00:13:34,040 --> 00:13:37,680 Speaker 4: Yeah, I was surprised. He did seem far more positive 255 00:13:37,720 --> 00:13:41,480 Speaker 4: about what they're doing, albeit in the twelfth hour, and 256 00:13:41,559 --> 00:13:43,320 Speaker 4: so I think it shows that they are on the 257 00:13:43,440 --> 00:13:46,520 Speaker 4: right track. I am not sure anything any White House, 258 00:13:46,559 --> 00:13:50,480 Speaker 4: Republican or Democrat could do would address this completely, but 259 00:13:50,559 --> 00:13:52,200 Speaker 4: I do think they are on the right track with 260 00:13:52,240 --> 00:13:55,120 Speaker 4: everything from the regional processing centers to the troops on 261 00:13:55,200 --> 00:13:57,760 Speaker 4: the border. The reality is I mean, I've been listening 262 00:13:57,840 --> 00:14:00,360 Speaker 4: to the mayor of El Paso. He thinks there are 263 00:14:00,400 --> 00:14:03,880 Speaker 4: ten to twelve thousand migrants on the border getting ready 264 00:14:03,920 --> 00:14:06,200 Speaker 4: to come in, sometimes as high as forty four thousand, 265 00:14:06,559 --> 00:14:09,360 Speaker 4: and in speaking to people who have come over, they 266 00:14:09,360 --> 00:14:12,840 Speaker 4: are telling officials that everybody is under the impression that 267 00:14:12,880 --> 00:14:15,719 Speaker 4: as of May twelfth, we are open. So that is 268 00:14:15,760 --> 00:14:17,800 Speaker 4: a huge problem and those troops are going to be 269 00:14:17,840 --> 00:14:21,160 Speaker 4: needed to address that, but it's a short term band aid. 270 00:14:21,160 --> 00:14:22,920 Speaker 4: We still need a legislative solution. 271 00:14:23,480 --> 00:14:25,480 Speaker 2: Rick, I know there's a big difference between Laredo, where 272 00:14:25,560 --> 00:14:29,560 Speaker 2: Congressman Quaar's district is an al Tasso, which Genie refers 273 00:14:29,600 --> 00:14:32,800 Speaker 2: to here. How much does this White House, this president 274 00:14:32,840 --> 00:14:35,200 Speaker 2: need to worry about the optics that will emerge after 275 00:14:35,320 --> 00:14:36,520 Speaker 2: these restrictions are lifted. 276 00:14:37,480 --> 00:14:40,960 Speaker 5: Well, I must say I'm in Joe Arizona today and 277 00:14:41,080 --> 00:14:43,880 Speaker 5: last night on the news they were interviewing mayors on 278 00:14:43,920 --> 00:14:48,320 Speaker 5: the border towns of Arizona and uniformly Republicans and Democrats alike. 279 00:14:48,360 --> 00:14:52,640 Speaker 5: We're lauding the administration for the extra resources of the military. 280 00:14:53,440 --> 00:14:57,600 Speaker 5: These are cities that cannot support this kind of influx 281 00:14:57,640 --> 00:15:02,000 Speaker 5: of illegal immigration and see this as a real positive 282 00:15:02,040 --> 00:15:04,640 Speaker 5: compared to anything else they've seen from this administration for 283 00:15:04,720 --> 00:15:06,840 Speaker 5: some time. So I do think they are getting some 284 00:15:06,920 --> 00:15:10,760 Speaker 5: goodwill out of that, as Congressman Quayer had mentioned, But 285 00:15:10,880 --> 00:15:13,720 Speaker 5: at the end of the day, it's not a comprehensive solution, 286 00:15:13,960 --> 00:15:16,720 Speaker 5: so I think that this is still a problem. 287 00:15:17,360 --> 00:15:19,640 Speaker 2: A lot more on this with Rick Davis and Jeanie 288 00:15:19,680 --> 00:15:22,800 Speaker 2: Shanzano as we walk up on special coverage on this 289 00:15:22,920 --> 00:15:25,960 Speaker 2: FED day here on Bloomberg. We'll hand things over coming 290 00:15:26,040 --> 00:15:30,560 Speaker 2: up at one thirty pm Washington Time with a looming 291 00:15:30,640 --> 00:15:33,840 Speaker 2: FED decision here and a lot more with our signature 292 00:15:33,880 --> 00:15:37,200 Speaker 2: panels straight ahead. It's Sound on the Wednesday edition. I'm 293 00:15:37,280 --> 00:15:41,960 Speaker 2: Joe Matthew. This is Bloomberg. You're listening to the Bloomberg 294 00:15:42,080 --> 00:15:46,760 Speaker 2: Sound on podcast. Catch the program live weekdays at one Eastern. 295 00:15:46,560 --> 00:15:50,160 Speaker 1: On Bloomberg Radio, the tune in app, Bloomberg dot Com. 296 00:15:49,800 --> 00:15:51,320 Speaker 2: And the Bloomberg Business app. 297 00:15:51,440 --> 00:15:54,280 Speaker 1: You can also listen live on Amazon Alexa from our 298 00:15:54,320 --> 00:15:58,800 Speaker 1: flagship New York station. Just say Alexa, play Bloomberg eleven thirty. 299 00:16:00,120 --> 00:16:02,640 Speaker 2: So it's a quarter point hike today, that's the expectation, 300 00:16:02,760 --> 00:16:05,840 Speaker 2: at least, even as a group of Democratic lawmakers here 301 00:16:06,120 --> 00:16:10,280 Speaker 2: sign a letter to j Powell asking him to just 302 00:16:10,520 --> 00:16:13,760 Speaker 2: stop in light of what we've seen in the banking 303 00:16:13,840 --> 00:16:16,520 Speaker 2: sector here and a lot of uncertainty that remains even 304 00:16:16,520 --> 00:16:20,160 Speaker 2: in the wake of the forced acquisition of First Republic. 305 00:16:20,160 --> 00:16:23,400 Speaker 2: You saw what happened to regional banking shares yesterday, and 306 00:16:23,440 --> 00:16:26,040 Speaker 2: they're asking that the FED just take a breather and 307 00:16:26,120 --> 00:16:28,520 Speaker 2: see what the lag effect of these rate hikes is, 308 00:16:28,560 --> 00:16:31,840 Speaker 2: as no one can exactly quantify the impact of what 309 00:16:32,000 --> 00:16:35,440 Speaker 2: is already broken down in the banking sector, and we're 310 00:16:35,520 --> 00:16:39,120 Speaker 2: just a short time away from hearing from the Fed 311 00:16:39,240 --> 00:16:41,200 Speaker 2: and Jay Powell's answers to it. I'm sure will be 312 00:16:41,240 --> 00:16:43,880 Speaker 2: a lot of questions about this in the news conference. 313 00:16:43,960 --> 00:16:46,080 Speaker 2: None of it adds up to anything very good for 314 00:16:46,200 --> 00:16:49,080 Speaker 2: this White House going into an election year. We reassemble 315 00:16:49,080 --> 00:16:52,200 Speaker 2: our panel as we wait to hear from J Powell. 316 00:16:52,240 --> 00:16:55,480 Speaker 2: Rick Davis and Jeanie Shanzino are here. Rick is in 317 00:16:55,640 --> 00:16:58,600 Speaker 2: Arizona today as they get ready for the big conference 318 00:16:58,600 --> 00:17:01,640 Speaker 2: in Sedona. And I'll tell you, another rate hike, according 319 00:17:01,640 --> 00:17:05,680 Speaker 2: to some lawmakers, could be enough to force another bank failure, 320 00:17:05,760 --> 00:17:09,200 Speaker 2: or at least spook investors into acting like there's another 321 00:17:09,240 --> 00:17:14,760 Speaker 2: one coming. The liability for the administration could be pretty high. 322 00:17:14,760 --> 00:17:19,720 Speaker 5: No, yeah, Joe, Regional bank stocks just got hammered yesterday. 323 00:17:20,040 --> 00:17:24,080 Speaker 5: Raises new concerns about contagion. This is a problem that 324 00:17:24,119 --> 00:17:26,920 Speaker 5: the administration just hasn't been able to shrug off. And 325 00:17:27,920 --> 00:17:31,840 Speaker 5: it's got to play into the FED decision. So we'll 326 00:17:31,880 --> 00:17:34,480 Speaker 5: see whether or not the Fed does employ additional rate 327 00:17:34,560 --> 00:17:39,800 Speaker 5: hike today. But regardless, this kind of instability in the 328 00:17:39,800 --> 00:17:43,879 Speaker 5: financial markets creates even more instability in the political world 329 00:17:43,880 --> 00:17:49,560 Speaker 5: that Joe Biden's trying to mount a brand new reelection campaign. 330 00:17:49,880 --> 00:17:53,119 Speaker 2: That's right. And then the question becomes, Genie, what's the 331 00:17:53,119 --> 00:17:55,800 Speaker 2: greater threat? Is it inflation or is it an actual 332 00:17:55,880 --> 00:17:59,360 Speaker 2: recession or a potential banking crisis? And I'm not sure 333 00:17:59,400 --> 00:18:01,560 Speaker 2: the White House wants the answer to that right now. 334 00:18:02,359 --> 00:18:04,960 Speaker 4: That's right. I mean, that's quite a choice that they're facing. 335 00:18:05,000 --> 00:18:07,480 Speaker 4: And you know, you were just talking about an immigration 336 00:18:07,560 --> 00:18:10,600 Speaker 4: crisis as the border. We're talking about, you know, inflation 337 00:18:10,800 --> 00:18:13,800 Speaker 4: running them up. We're talking about bank failures and a 338 00:18:13,880 --> 00:18:18,240 Speaker 4: debt ceiling battle that like one we've never seen, all 339 00:18:18,240 --> 00:18:20,960 Speaker 4: on the heels as Rich just mentioned of Biden announcing, 340 00:18:21,160 --> 00:18:23,919 Speaker 4: So we're sort of coming to head with all of 341 00:18:23,960 --> 00:18:27,199 Speaker 4: these major crisses that they've got a combat. And the 342 00:18:27,320 --> 00:18:30,280 Speaker 4: challenge for Biden, amongst other things, is his numbers on 343 00:18:30,359 --> 00:18:33,560 Speaker 4: the economy have never been strong. In fact, they've been 344 00:18:33,640 --> 00:18:37,560 Speaker 4: underwater his entire administration. So this is really the last 345 00:18:37,560 --> 00:18:39,840 Speaker 4: thing they need. They wanted to say for a long 346 00:18:39,880 --> 00:18:42,479 Speaker 4: time not to worry about inflation. In fact it didn't exist. 347 00:18:42,600 --> 00:18:45,240 Speaker 4: That came back to haunt them. So this is really 348 00:18:45,359 --> 00:18:47,919 Speaker 4: a challenge for them as they go forward. And you 349 00:18:47,960 --> 00:18:52,199 Speaker 4: mentioned Democrats saying please please, yes, Fed Chair stop, and 350 00:18:52,480 --> 00:18:54,639 Speaker 4: it looks like he may not stop today, but maybe 351 00:18:54,640 --> 00:18:55,760 Speaker 4: he'll pause it after this. 352 00:18:56,160 --> 00:18:58,280 Speaker 2: There could well be a pause. The market seems to 353 00:18:58,320 --> 00:19:00,199 Speaker 2: expect that as well, and again the market's all have 354 00:19:00,200 --> 00:19:03,159 Speaker 2: been pricing in cuts. Leader in the year, Rick J. 355 00:19:03,280 --> 00:19:05,400 Speaker 2: Powell doesn't care what lawmakers say, right if the White 356 00:19:05,440 --> 00:19:09,159 Speaker 2: House is deferring to the Fed certainly Congress doesn't have 357 00:19:09,240 --> 00:19:10,040 Speaker 2: much say in the matter. 358 00:19:10,960 --> 00:19:13,520 Speaker 5: Yeah, I don't think it's so much that he ignores them, 359 00:19:13,520 --> 00:19:16,439 Speaker 5: but because they are part of a constituency that he 360 00:19:16,520 --> 00:19:19,080 Speaker 5: has too, right, he'll have to testify, he'll have to 361 00:19:19,119 --> 00:19:22,560 Speaker 5: explain the policy, and so it's a bit of the 362 00:19:22,640 --> 00:19:25,560 Speaker 5: echo chamber that he uses to sort of gauge how 363 00:19:25,640 --> 00:19:27,760 Speaker 5: far the Fed can go out there to be able 364 00:19:27,800 --> 00:19:30,399 Speaker 5: to try and manage this inflation. And it doesn't happen 365 00:19:30,440 --> 00:19:33,800 Speaker 5: in a vacuum, right, It affects everything else, the jobs market, 366 00:19:34,440 --> 00:19:38,760 Speaker 5: home ownership and whatnot. So I think it's a very 367 00:19:38,800 --> 00:19:39,640 Speaker 5: tenuous position. 368 00:19:39,680 --> 00:19:40,680 Speaker 3: I think Joe. 369 00:19:40,440 --> 00:19:43,680 Speaker 5: Biden probably will be looking back on this week and thinking, 370 00:19:43,760 --> 00:19:46,560 Speaker 5: you know what else could possibly become wrong? He wants 371 00:19:46,600 --> 00:19:49,080 Speaker 5: to go out and talk about roads, bridges and tunnels 372 00:19:49,080 --> 00:19:51,200 Speaker 5: and not all the other things that you just pointed out. 373 00:19:51,880 --> 00:19:54,440 Speaker 2: Well, you know, Genie, that's still a good economic story 374 00:19:54,440 --> 00:19:56,159 Speaker 2: to tell, is it not. If we go into an 375 00:19:56,200 --> 00:19:59,480 Speaker 2: economic downturn this year, that infrastructure money could actually be 376 00:20:00,359 --> 00:20:02,640 Speaker 2: preserving or creating jobs that wouldn't be there otherwise. 377 00:20:03,080 --> 00:20:05,960 Speaker 4: Yeah, critically important, and that's what he wants to talk about. 378 00:20:06,040 --> 00:20:10,040 Speaker 4: It was a major success of his administration. He wants 379 00:20:10,080 --> 00:20:12,520 Speaker 4: to get out there and he wants to start using 380 00:20:12,520 --> 00:20:17,520 Speaker 4: that money to fix our badly falling infrastructure. So that 381 00:20:17,680 --> 00:20:19,439 Speaker 4: is something that he can take on the road and 382 00:20:19,480 --> 00:20:22,199 Speaker 4: talk about. But it's awfully hard for him to be 383 00:20:22,280 --> 00:20:26,119 Speaker 4: both empathetic to people facing financial stress and then to 384 00:20:26,160 --> 00:20:28,639 Speaker 4: go try to give a positive message. So that's been 385 00:20:28,680 --> 00:20:32,200 Speaker 4: the tightrope that they've always been walking throughout this administration, 386 00:20:32,560 --> 00:20:34,560 Speaker 4: and I don't think it's going to get easier as 387 00:20:34,600 --> 00:20:35,520 Speaker 4: we move forward. 388 00:20:35,760 --> 00:20:38,720 Speaker 2: So let's talk about Jay Powell's tightrope that he needs 389 00:20:38,760 --> 00:20:41,120 Speaker 2: to walk. Today we were about a half an hour 390 00:20:41,160 --> 00:20:43,400 Speaker 2: away from the announcement on rates, and then of course 391 00:20:43,440 --> 00:20:47,640 Speaker 2: the news conference follows. He must be envious of his predecessors. 392 00:20:47,640 --> 00:20:51,080 Speaker 2: He didn't have to do a news conference after every meeting. Here, Rick, 393 00:20:51,760 --> 00:20:54,160 Speaker 2: it's a political exercise. No matter what you say, people 394 00:20:54,200 --> 00:20:56,160 Speaker 2: are going to be showing up today with questions about 395 00:20:56,200 --> 00:21:00,320 Speaker 2: the banking sector, likely about the political backdrop up here, 396 00:21:00,359 --> 00:21:02,399 Speaker 2: the debt ceiling. These are all questions he's going to 397 00:21:02,440 --> 00:21:06,800 Speaker 2: have to field along with justifying what the FOMC decides today. 398 00:21:07,640 --> 00:21:10,239 Speaker 2: It's really changing the contours of the job, isn't it. 399 00:21:11,359 --> 00:21:14,080 Speaker 5: Yeah, no question and frankly, the FED is lucky to 400 00:21:14,119 --> 00:21:17,400 Speaker 5: have a seasoned hand like j Palell at the leadership 401 00:21:17,480 --> 00:21:20,240 Speaker 5: right now. This is not a time to be breaking 402 00:21:20,280 --> 00:21:22,480 Speaker 5: in a new team. And the fact is, you know, 403 00:21:22,520 --> 00:21:26,480 Speaker 5: there were a lot of complaints from the Democrats about 404 00:21:27,040 --> 00:21:30,600 Speaker 5: the appointment of j. Pal and frankly, a lot of 405 00:21:30,600 --> 00:21:33,200 Speaker 5: people are now thanking they're lucky stars that we've got 406 00:21:33,200 --> 00:21:35,600 Speaker 5: somebody who actually really has a good handle on what 407 00:21:35,640 --> 00:21:39,600 Speaker 5: the FED can and can't accomplish with their policies. It's 408 00:21:39,760 --> 00:21:43,160 Speaker 5: it's it's it's there are limits and and his ability 409 00:21:43,200 --> 00:21:47,040 Speaker 5: to articulate that will be on full display today, as 410 00:21:47,080 --> 00:21:49,600 Speaker 5: you say, when he addresses the public on why and 411 00:21:49,640 --> 00:21:50,720 Speaker 5: what he's accomplished. 412 00:21:50,880 --> 00:21:53,399 Speaker 2: Yeah, of course there's a lot of scrutiny on the 413 00:21:53,400 --> 00:21:59,200 Speaker 2: FED right now, Genie, because SVB failed, Signature Bank failed, 414 00:21:59,640 --> 00:22:02,639 Speaker 2: even as the FED was looking and maybe should have 415 00:22:02,720 --> 00:22:04,560 Speaker 2: been more aware that. There's been a lot of questions 416 00:22:04,600 --> 00:22:07,879 Speaker 2: about FED supervision here and I wonder how much that 417 00:22:08,000 --> 00:22:09,160 Speaker 2: keeps him on his heels today. 418 00:22:09,760 --> 00:22:11,600 Speaker 4: I think he's going to get a number of questions. 419 00:22:11,680 --> 00:22:15,320 Speaker 4: He came out really quickly and endorsed what Michael Barr recommended, 420 00:22:15,320 --> 00:22:17,920 Speaker 4: and it was a pretty tough report, so I think 421 00:22:17,920 --> 00:22:19,720 Speaker 4: he's going to get an awful lot of questions. I 422 00:22:19,800 --> 00:22:22,040 Speaker 4: have to say, I think Jerome Powell must be scratching 423 00:22:22,080 --> 00:22:23,840 Speaker 4: his head and saying, why am I speaking to the 424 00:22:23,840 --> 00:22:27,119 Speaker 4: press more than Joe Biden these days? Which is precisely 425 00:22:27,160 --> 00:22:29,560 Speaker 4: what seems to be happening and didn't used to happen. 426 00:22:29,600 --> 00:22:32,840 Speaker 4: But it's critically important that he does. He's good at it, 427 00:22:32,920 --> 00:22:35,360 Speaker 4: he has the knowledge to do it, but it's not 428 00:22:35,400 --> 00:22:38,440 Speaker 4: going to be easy with the number of issues he's facing. 429 00:22:38,480 --> 00:22:41,000 Speaker 4: I mean, he probably is just hoping it's about interest rates, 430 00:22:41,000 --> 00:22:43,440 Speaker 4: but it's about the bank failures, the debt signing, and 431 00:22:43,560 --> 00:22:44,680 Speaker 4: so much more. 432 00:22:45,080 --> 00:22:47,399 Speaker 2: What a great point, though, Rick. This is kind of 433 00:22:47,440 --> 00:22:49,560 Speaker 2: the news conference that the President's supposed to be having, 434 00:22:49,600 --> 00:22:49,879 Speaker 2: isn't it. 435 00:22:51,040 --> 00:22:54,840 Speaker 5: Yeah, But the reality is he's basically thrown all this 436 00:22:54,960 --> 00:22:58,280 Speaker 5: into Jay Powell's lap. Remember wasn't that long ago where 437 00:22:58,280 --> 00:23:00,439 Speaker 5: he held a press conferenceat hey, don't talk to me 438 00:23:00,480 --> 00:23:06,160 Speaker 5: about inflation. That's Chairman Pal's job. In the minute that deferred. 439 00:23:07,080 --> 00:23:09,880 Speaker 2: And here we are, you know who. We haven't seen 440 00:23:09,920 --> 00:23:12,240 Speaker 2: a lot of Genie and I don't really know what 441 00:23:12,280 --> 00:23:14,560 Speaker 2: the strategy is here, but Layel BRAINERD. Since she went 442 00:23:14,600 --> 00:23:17,080 Speaker 2: into the White House, when does she start showing up 443 00:23:17,119 --> 00:23:20,160 Speaker 2: more to make the case herself for the White House's 444 00:23:20,680 --> 00:23:21,680 Speaker 2: economic policy. 445 00:23:22,280 --> 00:23:24,280 Speaker 4: Yeah, you know, she seems to be taking a page 446 00:23:24,280 --> 00:23:26,880 Speaker 4: out of Joe Biden's book. She's laying back for right now, 447 00:23:27,000 --> 00:23:29,520 Speaker 4: letting the Fed handle it. You know, I do think 448 00:23:29,520 --> 00:23:31,800 Speaker 4: that this is such a challenge for the White House, 449 00:23:31,840 --> 00:23:34,520 Speaker 4: so she probably does need to get out there. Certainly 450 00:23:34,600 --> 00:23:36,920 Speaker 4: she needs to be a surrogate for the president on 451 00:23:36,960 --> 00:23:39,600 Speaker 4: this issue. You're right, we haven't seen her much, and 452 00:23:39,640 --> 00:23:42,560 Speaker 4: there is so much for her to address, and they 453 00:23:42,600 --> 00:23:45,960 Speaker 4: do have some important and positive things to talk about. 454 00:23:45,960 --> 00:23:48,639 Speaker 4: We can't forget that. But the issue has been in 455 00:23:48,680 --> 00:23:50,919 Speaker 4: the the you know, the sort of frustration with the 456 00:23:50,960 --> 00:23:54,080 Speaker 4: press is that the president has not been there to 457 00:23:54,119 --> 00:23:57,080 Speaker 4: answer those questions. But in his mind, he got this 458 00:23:57,200 --> 00:23:59,480 Speaker 4: far without you know, being you know, close to the 459 00:23:59,520 --> 00:24:01,199 Speaker 4: press and with alad answering a lot of questions. So 460 00:24:01,240 --> 00:24:03,480 Speaker 4: why start now. He's going to let Donald Trump go 461 00:24:03,520 --> 00:24:05,720 Speaker 4: on CNN next week and he's going to go back 462 00:24:05,720 --> 00:24:07,040 Speaker 4: to his Rose Garden strategy. 463 00:24:07,119 --> 00:24:08,960 Speaker 2: Yeah, the three of us still need to talk about that. 464 00:24:09,320 --> 00:24:11,440 Speaker 2: We have less than one minute. Rick, How important will 465 00:24:11,440 --> 00:24:14,400 Speaker 2: it be today for j Powell to soothe the markets 466 00:24:14,440 --> 00:24:17,960 Speaker 2: and tell us that the system is sound and resilient. 467 00:24:18,880 --> 00:24:21,360 Speaker 5: Yeah, he needs to get everybody to the point where 468 00:24:21,440 --> 00:24:23,439 Speaker 5: we can, you know, sort of cyb relief in the 469 00:24:23,480 --> 00:24:26,160 Speaker 5: sense that there's a plan, that his plan can work, 470 00:24:26,320 --> 00:24:29,520 Speaker 5: and that they're going to implement it effectively. But I 471 00:24:29,560 --> 00:24:32,120 Speaker 5: would say, where is Joe Biden. I mean, he's got 472 00:24:32,119 --> 00:24:35,520 Speaker 5: the worst economic numbers of ivan president in the modern history. Well, 473 00:24:35,520 --> 00:24:37,000 Speaker 5: and he is the one who should be talking to 474 00:24:37,000 --> 00:24:37,879 Speaker 5: in the American public. 475 00:24:38,560 --> 00:24:41,720 Speaker 2: Great chat with our signature panel, Rick Davis and Genie Shanzano. 476 00:24:41,800 --> 00:24:44,560 Speaker 2: Thank you guys. We'll do this again here tomorrow on 477 00:24:44,720 --> 00:24:47,680 Speaker 2: the fastest show in politics, Faster than usual today, Thanks 478 00:24:47,680 --> 00:24:55,240 Speaker 2: again to Congressman Henry Quaar as well. Thanks for listening 479 00:24:55,240 --> 00:24:57,600 Speaker 2: to the Sound On podcast. 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